?The sad journey of a share老板白小姐祺袍a s continues, with the Shanghai Stock Index closing at its lowest level in four years again on Wednesday. At present, the total market value of the two cities is about $5.45 trillion, ranking the third in the world, only equivalent to six apple companies on the other side of the ocean. As of Wednesday's close, the Shanghai stock index fell to 2555.22, the lowest level in nearly four years; the turnover was 23.45 billion yuan, continuing to break a 32 month low. The Shenzhen composite index fell to 3222.25, with a turnover of 224.3 billion. Gem closed down at 2335.31, with a turnover of 42.2 billion yuan. Over the past few months, reports of "bottom grinding" and "bottom copying" have frequently appeared in the newspapers. Instead of alleviating investors' pessimism, the stock market has gone to a "lower" level. The good news is that more and more institutions think that the current A-share market is indeed in the bottom grinding period of the fifth big bottom. Haitong Securities pointed out that the market is waiting for two signals of the turning point on the right: one is to confirm the low position of the second bottom of profits, and the other is that the turning point of deleveraging brings the turning point of capital. Before that, MSCI's second adjustment and Shanghai Luntong seemed to have little effect. The downturn in the stock market has brought a wave of buybacks and a "dark moment" for securities companies. Wind data shows that since this year, a total of 412 listed companies have disclosed buyback announcements, 421 of which have implemented buyback, with a total buyback fund of 24.2 billion yuan. Even Tencent bought back for three consecutive days. Yesterday, the commission income of securities companies was only 240 million yuan, 33% less than the daily average in March. In March, the net income of securities companies fell, and there were four rumors of "layoffs" and "pay cuts".