Rebirth of the investment era

“The Shanghai Stock Exchange is still opening at the limit!”

Seeing the initial call auction results of the two cities, Li Meng said with some surprise in the trading room of Yuhang Investment: "Yesterday, all the funds for censoring and following the trend were buried. After the stock price peaked... the trend of falling to the limit, it still It’s really rare that some of the funds held on the market were stampede and sold like crazy.”

"When this check peaked last Friday, the amount of energy released was too great. After that, the active funds in the entire market completely ebbed on the main line of speculation of the 'Shanghai Free Trade Zone', which was combined with the 'oversold rebound' in late yesterday's trading. 'The differentiation of this hype concept's hot spots..." Su Yu replied, "It's normal for it to be stepped on and sold off one after another."

"However... after yesterday's large-scale prying, this check and its intraday selling pressure chips have been loosened a lot."

"According to the still good investment sentiment in the two cities, and everyone's expectations for the index to continue to rebound."

"The check should rebound from the limit today."

"It's just that the hot spots in the entire market and the areas where funds are concentrated are no longer on the line of the 'Shanghai Free Trade Zone'. Even if this check opens the limit again today, the extent of the final rebound will be very limited. Even as a Ultra-short-term strategy for bargain hunting...the profit-loss ratio is actually not high."

"alright……"

After Su Yu finished analyzing the stock of Shanghai Stock Exchange, he paused and then said: "The current time and space adjustment of the 'Shanghai Free Trade Zone' line is far from enough. In addition, the market is in this main line direction. There are no new big news coming out, so there is no need to pay too much attention.”

"Let's focus on the line of 'restructuring and backdooring' and the line of GEM's 'pan-mobile Internet' field."

"There should be significant divergence in the market today."

"Whether it is the concept of 'restructuring and backdooring' or the concept of 'pan-mobile Internet', they will enter the knockout stage of hype. The trend of the strong getting stronger will be reflected today."

"Yeah!" Li Meng responded, "At the end of yesterday's trading, the market showed signs of differentiation."

"When the trend enters this stage..." Wang Can also added next to him, "We should enter the concentration of positions and remove the weak and strengthen, right?"

Su Yu nodded and replied with a smile: "That's more or less the meaning. Currently, our fund holds a total of 46 stocks. Relatively speaking, it is relatively scattered. Of course... this dispersion is also because we cannot instantly switch between two stocks. On one stock, too many chips were concentrated to build a position, which was forced. "

"But now, when the market has its first divergence in sentiment and market divergence."

"You have to adjust."

For a mainline concept speculation market, usually in the initial stage, it is driven by a few two or three leading stocks, and then ushered in a general rise.

In this situation, in fact, the difference between the gains of ordinary concept stocks and leading stocks is not big.

But when funds are fully involved in this hype market, everyone is aware of this opportunity, and the market begins to discuss the specific stock expectations and fundamentals under this hype market, emotional differentiation and market differentiation trends will naturally appear.

And at this stage...

Under the same hot concept, the trends of concept stocks with different textures and different expectations will be quite different.

Often, the speculation expectations are still very strong, the popularity is extremely high, and the main funds are deeply involved in the core concept stocks. After clearing a wave of profits, the chip structure will be re-established, getting stronger and stronger, and reaching new highs; but often the speculation expectations are not Stocks with such a strong concept will gradually fall back during this stage of emotional differentiation, or even quickly fall back to their original point as the hype of hot concepts fades.

Therefore, once the concept is hyped, when the market reaches a different node.

You have to make reasonable adjustments to positions, remove the weak and retain the strong, so that you can better gain more profits and take more initiative in the main line of speculation.

"Okay!" Wang Can responded, "We should be able to handle the situation of five stocks each."

Among all the stocks held by the 'Yuhang No. 1' fund, except for the core 15 stocks, there are not many other stock positions.

Su Yu's request to remove the weak and retain the strong is mainly aimed at these concept stocks with a small number of positions.

Therefore, when the number of chips held is very small compared to the stock market value and market liquidity, it is not difficult for the trading team to keep an eye on the market of five stocks.

And with the brief discussion among everyone.

The time has come to 9:20, and the two cities have entered the real collective bidding stage where orders cannot be cancelled.

I saw that the previous situation where most stocks in the two cities opened unanimously higher has clearly diverged in the 5-minute time change.

In the main line of the "Shanghai Free Trade Zone" concept, oversold core stocks, such as Waigaoqiao, Anxin Trust, Shanghai Stock Exchange, etc., have rebounded slightly compared with the beginning of the call auction at 9:15, especially the Shanghai Stock Exchange. The trade limit has been opened again, with a lower opening range of around 8%.

In the main line of the concept of 'reorganization and backdoor', the seven or eight concept stocks that have opened their daily limit have opened at the daily limit. At this moment, except for Far East Holdings, Rongshun Software, and Xinwei Group, they have also maintained their daily limit. The others have opened their daily limit, and their stock prices have dropped to 5 to 5. 9 points ranging from positions.

‘Pan-Mobile Internet’ field.

In the 'mobile game' concept section, Hua Qingbao and Changqu Technology's gains dropped from close to the daily limit at 9:15 to around 5%; in the 'Apple industry chain' concept section, Fenda Technology, Anjie Technology, OFILM Technology, etc. In terms of votes, the increase has also dropped from the highest 7 or 8 points at the beginning of the call auction to less than 5 points; in the 'film and television media' concept sector, Huayi Brothers still maintains a flat board due to the favorable acquisition, while LeTV, Guangdong For stocks such as Xie Media and Wasu Media, the increase has dropped from the initial 6 or 7 points to an increase of 2 or 3 points.

For others, such as the 'Internet finance' concept sector, the 'mobile payment' concept sector, the 'electronic information' concept sector, and the '4G network construction, network security' concept sector, only a few of their related concept stocks can maintain their gains. On top of the red plate, the rest... have begun to turn green.

Then, 9:21, 9:22, 9:23...

As the call auction time went on, the differentiation of related concept stocks in the two cities further intensified.

Finally, when the call auction in the two cities ended at 9:25, except for the popular stocks related to core concept hot spots, they still maintained their usual high opening trend. For others, the expectations were not very strong and they had rebounded sharply for two days. Many concept stocks have opened lower.

At the same time, the three major indexes are affected by the trend of market conditions.

In the end, the expected overall high opening trend ended up with a slightly lower opening.

"The market continues to diverge..."

Seeing such opening results, Xie Wanting frowned slightly in the trading room of Yanjing and Anlan Funds: "The market has changed too fast, right? It only took two trading days from a full-scale outbreak to emotional differentiation. I originally thought that' The line of restructuring and backdooring should continue for a while, but looking at it now... it is estimated that the height is very limited."

"The core point is still on the hot concepts related to the GEM." Zhou Guohua, who was standing behind her, pondered for a moment and said, "And after yesterday's guidance on the movements of the main funds related to the Dragon and Tiger List, during the call auction today, the funds have exceeded There are signs of a growing convergence of hot concepts related to GEM.”

"Then let's..." Xie Wanting paused and asked.

Zhou Guohua didn't wait for her to speak, and continued: "Taking advantage of the divergence in market sentiment, continue to increase the weight of positions in popular GEM-related stocks!"

"Since the market trend is continuing to converge towards the GEM."

"The so-called divergence point is not a point of reducing positions, but a point of increasing positions."

"Of course, the current expectations for the 'restructuring and backdoor' line have begun to decline. As you said... the space for speculation in this line is probably very limited. After a round of disagreements, even if the market can continue, then It’s also a matter of leading stocks that are the core of related concepts.”

"And the real core leading stocks..."

"Today's collective bidding stage is still in the form of a daily limit, and we have no chance to intervene."

"Therefore, the investment performance-price ratio of this line is not very cost-effective for us. I think... in terms of opportunity selection, we can abandon the continued investment in the 'restructuring backdoor' line and focus our main investment on It’s more appropriate to put it on the GEM.”

"Yes!" Xie Wanting responded, "The teacher and I have the same idea."

In the current market, there are three main lines of concept speculation.

The main line of speculation on the 'Shanghai Free Trade Zone' has insufficient time and space adjustments, a loose chip structure, and no new favorable support. Under such circumstances, it is simply impossible to attract major funds to continue speculation in this direction;' Although the expectations and imagination of the main line of speculation of "restructuring and backdooring" are not bad, after two consecutive days of sharp rises and no improvement in its fundamental fundamentals, the investment performance-price ratio is not very high.

On the contrary, it is in the direction of GEM...

Many core hot concepts, and their related core concept stocks, are quite strong regardless of the overall industry outbreak expectations or the stock fundamental changes. In addition, the entire GEM has experienced a sharp rise from April to July. Trend, with historical reference.

Compared with the other two main line speculation concepts, it has the possibility of continued market explosion.

"As for the bid..."

Zhou Guohua glanced at the time, thought for a while, and said: "According to the industry information disclosed in the market, 'mobile games' are definitely the most explosive. In its industry monthly report, mobile games with monthly sales of tens of millions are reported. There are new additions every month, and the overall month-on-month growth rate is more than 20%.”

"Such an explosion of demand and overall explosive performance."

"Even though the stock prices of related stocks are already at several times highs, it is difficult not to rise as expectations increase."

"Unfortunately, the time we spent in this area to grab funds was too short. Compared with Fortune Road and Jiefang South Road, we seemed too hesitant and did not get too many chips."

“Now Fortune Road and Jiefang South Road are heavily invested in this area, and there are not many high-quality chips left.”

"If we want to continue to increase our positions on a large scale, I am afraid that the purchase cost will be much higher than the other two main funds, and we will not be able to control the market at all and have no market dominance."

"So, my suggestion is that in this area, we should not go on a large scale to raise funds at high positions and increase positions. If there is an opportunity, we should buy chips at a low price. If there is no chance, forget it."

"My main idea..."

"We still think we should make large-scale breakthroughs in the field of 'Apple industry chain' and 'wearable devices', that is, the field of 'smart terminal devices.'"

"In the field of intelligent terminal equipment?" Xie Wanting murmured, thoughtfully.