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In 2024, the trend of the A-share market is quite different from that of previous years.

At least in the past 30 years, there have been very few situations like the current one, where the market is moving in a somewhat strange way.

Of course, this strangeness is not a derogatory term, but refers to some phenomena that are emerging for the first time.

Times have changed, and so has the market, coupled with some impacts from the macroeconomy, which has led to some new changes in the current market, which is actually normal.

The laws of history do repeat themselves, but each time they are only similar, not identical, and cannot be replicated.

Next, let's list the strange points of this year.

First, large-cap stocks bottomed before small-cap stocks and then strengthened.

It is not uncommon for large-cap stocks to bottom before small-cap stocks.

However, it is quite strange for large-cap stocks to strengthen before small-cap stocks.

Especially in the index, the bottom of the Shanghai Composite at 2635 is still very solid.In the previous bull markets, it was the Science and Technology Innovation Board that stealthily started to rise first, and then the market unfolded the trend.

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But in the most recent period, not only did the Growth Enterprise Market choose to lie flat, even the Science and Technology Innovation Board also showed a rebound that could not surpass the previous high, with very limited strength.

In the early stage of the bull market, capital also considers the issue of growth, not the current performance issue.

Although the relationship between large-cap stocks and small-cap stocks is interdependent, both are important.

But the priority of capital is definitely on the side of small-cap stocks, because small-cap stocks have a larger space, and the profit effect is better.

This time, it is a very big change to first hold the blue-chip stocks in an abnormal way.

Of course, the need to clear the guidance of "junk stocks" is the main reason for the blue-chip craze in 2024 and the Waterloo of small and medium-sized stocks.

Second, the index volatility is very low, far lower than in previous years.

In fact, the index volatility this year is extremely low.

Apart from the sharp drop in January, after the market returned to above 3000 at the end of February, it began to fluctuate narrowly.From 2984 to 3174, it's just 190 points, yet the market has been going back and forth for over three months, more than 70 trading days.

This volatility is really quite surprising.

Of course, don't think that a narrow fluctuation is a good thing. It may be considered good from a certain perspective, but it is actually not friendly to investors.

The smaller the fluctuation range, the greater the difficulty of trading.

The index is controlled so well, but it does not mean that there are fewer fluctuations in other directions, and retail investors can make money.

On the contrary, the narrower the fluctuation range, the greater the difficulty of trading for investors.

Speculating on the index can no longer make money, so it is necessary to carefully select individual stocks with high volatility.

But if you are not careful, it is easy to fall into the "enemy's" trap. As long as you are a little greedy, you will eventually lose money.

Ups and downs are not only exciting, but also more cost-effective for ordinary people to buy low and sell high.

Third, the trading volume has shrunk, but the market is still "vibrant and colorful".To be honest, in 2024, the market turnover was quite disappointing.

This is mainly because the market is still in a state of stock game.

In theory, if the market volume shrinks, the whole market may be quite desolate, and it may be difficult to start a decent market.

But at the beginning of February, the market did start, and the level was not too small.

The whole market, the hotspots are endless, but the persistence is relatively poor.

The theoretical stock game, the theoretical volume shrinkage, corresponds to the capital group.

Either the market has no hot spots and main lines, or the market is a group of main lines.

In 2024, a new main line emerged, which is the low-altitude economy, but it is not the only main line, and the capital group is not particularly close.

In this regard, there is still a certain difference from the market in previous years, which is somewhat strange.

Of course, the main line of the market in May and June has also changed, and the electric fan market is still continuing.Fourthly, the index rises, but individual stocks experience a large-scale decline.

The market often sees more than 4,000 stocks falling, and there have even been instances where more than 5,000 stocks have declined.

However, looking at the current trend of the index, there seems to have been no major collapse in the index.

That is to say, there are many times when the index rises, but the phenomenon of fewer stocks rising and more falling occurs.

The reason for this phenomenon is actually quite strange.

When the market rises, there should be a general increase, at least with more than half of the stocks going up.

Nowadays, when the market index rises, more than half of the stocks are falling, sometimes even emitting a series of wails.

The essence of this situation is also due to the accelerated clearing of the market.

It is the market-guided style that is more inclined towards large-cap value, rather than small-cap growth, and certainly not speculative stocks.

This style will not change in the short term, which will also lead to the normalization of the phenomenon of general decline.The widespread rise did not arrive as expected, but the widespread fall did not miss out.

The bad news is that this phenomenon may occur frequently in the future, as the market's weathervane has changed.

Fifth, the game of existing volume has taken on the flavor of the bull market's departure.

The market in 2024 is a bit like the early stage of a bull market.

The only strange thing is that no incremental funds have been seen.

Apart from the end of January and the beginning of February, the market received an increase in national team funds, taking over a large number of explosive plates, and no more funds have entered the market.

Some people may say that some large funds entering the market are not perceived by us.

But looking at the market's capital side from the first quarter report of shareholders' disclosure, there is no obvious situation of incremental funds entering the market.

At the beginning of a bull market, especially in the bottom area of the market, there should be a lot of funds entering the market in theory.

Although it is also quiet when entering the market, it will be quickly discovered from the list of shareholders.This time, however, there was no such phenomenon, indicating that the market still tends to be a game of existing shares, rather than an incremental market.

Without an increase, it seems like a bull market, which is indeed a bit strange.

The only way to explain this is that the market chips have become relatively concentrated, and the existing shares have been positioned during the long-term adjustment.

This statement can also explain why the market did not return to below 3000 to pick up the bottom chips.

Because the bottom chips have basically been controlled by the main capital, and there are not so many remaining scattered parts.

The economic environment in which the market itself is located is different, the players in the market are different, and the methods of investment are becoming more and more differentiated.

A bunch of program trading, AI stock trading, is on the way.

But in essence, the market should be similar.

The market will always be a large amount of chips at the bottom, and distribute them at a relatively high position, this will not change.The translation of the provided text into English is as follows:

However, there are still obvious differences in the direction of funds, the way funds are arranged, and the layout points.

Survival of the fittest is absolutely correct.

No matter how the market changes, the underlying logic of investment remains unchanged; it is a game of chips.

The strangeness is just a facade; behind it, there has already been an undercurrent, and the funds have already entered the game and started to make moves.

Here's a breakdown of the translation:

- "只不过" translates to "However".

- "资金的去向" is translated as "the direction of funds".

- "资金的布局方式" is "the way funds are arranged".

- "布局点位" is "the layout points".

- "还是有明显差异的" is "there are still obvious differences".

- "适者生存" translates to "Survival of the fittest".

- "这句话一点都没错" is "is absolutely correct".

- "任凭市场怎么去变化" is "No matter how the market changes".

- "投资的底层逻辑还是不会变的" is "the underlying logic of investment remains unchanged".

- "是筹码的游戏" is "it is a game of chips".

- "诡异只是表象" is "The strangeness is just a facade".

- "在这背后其实早就已经暗流涌动了" is "behind it, there has already been an undercurrent".

- "资金早已入局" is "the funds have already entered the game".

- "并且开始做局了" is "and started to make moves".