Rebirth of the investment era

"It seems like it's a good start and there's great hope!"

Seeing that 85% of the stocks in the two cities opened high at the beginning of the call auction, Li Meng smiled and said in the trading room: "The impact of your speech at the Shanghai Financial Summit was really not small. Tianyu Information, Huake The tickets of Jincai, Changliang Technology, Shanghai Steel Union, etc. were opened directly at the daily limit."

"It just affects a higher opening." Su Yu said, "Although 'digital economy' and 'digital finance' are a possible general direction of future financial development, at present, the only companies that are really involved in this aspect of the market are still A very small number cannot form a plate effect."

"Also, the market continues to shrink, and the previous adjustment has fallen below the bottom of the previous shock platform."

"Coupled with the tight market liquidity, there is a lack of market confidence."

"It is still very difficult for the market to gain a substantial foothold here and launch a strong rebound."

"But if the market is not stable and has no basic conditions for rebound, then all the high openings will not only not be a buying point, but will become a trap for people."

"At least……"

Su Yu paused and said: "We have to wait until the market continues to shrink and then the remaining bottom increases again, then there will be an obvious entry point."

"Now, it's better to stay calm, maintain a low position and remain unmoved."

"Fang is the best choice."

Li Meng nodded with a smile and said: "Yes, the equivalent amount can shrink to the extreme. The index continues to fall below all supports and releases a large amount again before it is possible to bottom out. At this moment...many investors in the market have nothing to do with it. The quilt is quite tight, but I still haven’t given up hope.”

"In this way, if a large number of locked-up stocks are unwilling to cut off the meat, the pressure to increase the market will become even greater."

"This characteristic is extremely obvious in the two core mainline popular stocks of 'mobile Internet' and 'smartphone industry chain' that have been continuously hyped up in the early stage."

"Many investors who hold these popular stocks are facing stock price adjustments of 30%, 40%, or even halved."

"I still have illusions and don't want to cut my flesh."

"And with such a huge hold-up suppressing the market, at least the two core main lines of 'mobile Internet' and 'smartphone industry chain' should not be able to rebound much."

"Will the index continue to fall?" Wang Can, the trading team leader, was a little surprised when he heard the analysis of Su Yu and Li Meng. "The volume of the two markets has shrunk to less than 100 billion, which is a sharp drop of three or four compared to the peak volume. Tens of billions, it feels like there is really no way to fall, and many early popular stocks on the GEM have generally adjusted around 30% to 50%. They have fallen sharply and hard. I think there should be a strong rebound. ”

Su Yu glanced at Wang Can and said with a smile: "The popular stocks in the early stage of GEM have risen three to four times, five to six times due to optimistic expectations. Now they have fallen back by 350%, which is not too much."

"and……"

Su Yu paused and continued: "Last year has passed, and the speculation now is based on this year's expectations."

"Some popular stocks had very good business development last year, and their performance also showed explosive growth in the interim and third quarter reports."

"However, it was because of these tickets that there was explosive performance growth last year."

"Then, if we want to continue to grow rapidly on a high base this year, it will be extremely difficult."

"Furthermore, these stocks are usually fully expected. Even if some popular stocks that have been heavily hyped in the early stage can still see substantial growth this year, there is not much room for exceeding expectations, and there is no room for exceeding expectations. If there is no room, naturally the stock price will have no room.”

"The two core lines of 'mobile Internet' and 'smartphone industry chain' are indeed high-quality investment areas with continued growth in demand and scale amid the explosion of the entire emerging economy. However, after the widespread hype in the first stage, when Everyone has discovered that there are investment opportunities in this field.”

"Then, the market in this field is bound to enter the differentiation stage, which is the second stage from concept hype to performance realization."

"At this stage..."

"We have to dig deep into individual stock research to find the stocks with the biggest differences in future expectations at this stage."

“Only there are greater opportunities to obtain excess market profits.”

"Mr. Su means..." Liu Yuan among the traders asked, "Even if we want to build long positions in this field again, we should try to avoid stocks that have been violently speculated last year, and avoid those stocks whose performance has already been at a high level. Are they popular stocks in the high-growth stage with high valuations?”

Su Yu glanced at Liu Yuan, nodded with a smile, and said, "Yes, that's what I mean."

As everyone in the trading room analyzed and discussed.

At this moment, time has passed by 9:20 unknowingly, and we have entered the real collective bidding stage where orders cannot be cancelled.

I saw the two main popular stocks of 'mobile Internet' and 'smartphone industry chain' that had opened sharply higher before, as well as 'Internet finance', 'mobile payment', 'smart city' and other various stocks related to 'digital economy' and 'digital economy'. Related popular stocks related to financial concepts have all fallen sharply at this time. Only one of "Tianyu Information" has closed its daily limit, and the rest are all opening at a high range of 3 to 5 points.

at the same time……

Among the nearly 2,000 stocks in the two cities, the number of high-opening stocks has also dropped from the initial 85% to about 68%.

Faced with the collective bidding trend of the two cities that subsided in an instant, the investors in the entire market who had great expectations for a "good start" gradually cooled down at this moment.

"Hey, during New Year's Day, such a huge benefit can't even lift A shares. It's really hopeless!"

"Looking at the market, only the popular concept stocks that were oversold in the early stage, as well as the emerging 'digital economy' and 'digital finance' concept stocks, have signs of popularity and violent fundraising. The others... still feel lifeless, hey, my For real estate stocks, not even a single person participated in the bidding.”

"You still have to be led by the 'Wealth Road', otherwise the market will really have no popularity at all."

“Mr. Su’s speech at the ‘Financial Summit’ should be enough to show that he is very optimistic about the main concepts of ‘digital economy’ and ‘digital finance’, right?”

"It's useless to just be optimistic, you have to buy it with real money."

"Yes, if we can see the large-scale buying of 'Wealth Road' again on the Dragon and Tiger List, these two concepts will become popular, right?"

"Look at the five minutes of call auction... Talking about the main funds in the market, there are also differences on how to speculate on these two concepts and which aspects to focus on? Ordinarily, the areas where 'digital finance' will benefit and be reflected first should be It's 'mobile payment' and 'digital currency' that matter, but it seems that the main funds are still focused on 'Internet finance'."

"To be honest, even if Mr. Su gave an explanation, I still don't quite understand what 'digital finance' is."

"Never mind it, I don't think you need to understand at all. Just look at which stock has the strongest call auction and the main funds are rushing to raise funds the most. Just follow the trend and buy it."

"If you look at it this way... Tianyu's information should be from Long Yi!"

"Speaking of the traditional financial fields, securities and banks, are there any opportunities? The advancement of 'digital finance' should also increase the expectations and imagination of these big guys! Moreover, in the two major fields of securities and banks, valuations have indeed been It’s overwhelming.”

"I don't think so. Let's not talk about the valuation issue. The key is that there is no money in the market. Who can pull it?"

"Unless the central bank makes clear the direction of monetary policy, a big interest rate cut is almost the same."

"Hey, don't count on interest rate cuts. In June last year and at the end of this year, market liquidity was so scarce that banks experienced money shortages twice, but the central bank refused to cut interest rates. Now the Fed's monetary policy has become more aggressive and it has clearly stated that it will withdraw from QE. , and may enter the channel of raising interest rates in the near future, and the central bank has no room to cut interest rates at all.”

“Is the market really short of money?”

“I think what the market lacks is not money, but confidence!”

"Indeed, if you look at the emerging P2P platforms, in the name of financial management, the speed at which they raise funds is simply jaw-dropping."

"I heard that there is a platform that has raised 360 million yuan in just 25 days since its establishment!"

“Looking at the stock market like this, I almost want to invest my money in online financial management platforms.”

"That thing is not reliable at all, is it?"

"Hey, external U.S. stocks continue to hit new highs, and the macro market continues to be positive. However, the A-share index keeps falling. I really don't know what went wrong."

"As I said before, the fundamental problem is that the market lacks confidence."

"As long as there is a money-making effect, confidence will naturally increase."

"Having said that, in general, the creation of money-making effects still requires the promotion of funds and major positive promotions."

"Hey, it would be great if the 'Wealth Road' could lead the way!"

"According to the fund holding data released by Mr. Su before, the two funds he manages should both be at extremely low positions. I think... Mr. Su should take the lead, right? I just don't know when it will be. Does Mr. Su think that the market is here and it hasn’t fallen yet?”

"It's hard to say, but compared to many blue-chip heavyweight stocks on the main board, the valuations of GEM-related stocks are indeed still in the sky."

"According to the previous adjustment, it should have been settled to the end, but five new stocks were issued, and nearly 10 billion yuan was withdrawn."

“It feels like we’re still short of the final drop.”

"We should wait until the new shares are listed, and that's almost it, right?"

"Anyway, at this time, it is wise not to hold stocks for a long time, but to take a bite and leave."

"Hey, I didn't follow Mr. Su in the last wave. I thought the market adjustment wouldn't be too deep, but it suddenly fell for more than half a month. It was simply miserable."

"It has entered the continuous downturn mode again."

"Don't say 'again', it feels like the motherboard has never come out."

"Blue chips are dead. The future is an investment situation in emerging economies. The opportunities this year will obviously be on the GEM!"

As everyone was still discussing in a relatively pessimistic manner, the time reached 9:25, and the collective bidding in the two cities ended.

The Shanghai Stock Exchange Index opened at 2143.63 points, up 0.39%; the ChiNext Index opened at 1138.22 points, up 0.51%. More than 1,300 stocks in the two cities opened higher, including 'Internet Finance', 'Mobile Payment', 'Smart' Concept sectors such as "City" are among the top gainers. In terms of industry sectors, "Internet Applications" and "Electronic Information" are among the top gainers. The main direction of financial attack in the entire market is still on popular concept stocks related to GEM and small and medium-sized boards. .

"Although the index finally maintained a higher opening trend, the higher opening range, compared with the total increase in the trend of US stocks during the New Year's Day holiday, and the impact of various good news during the holiday, is somewhat lower than expected!" Seeing such an opening situation! , in the magic city at this moment, inside Zexi Investment, in the trading room, Zhou Kan, who had been observing the market trend, couldn't help but frowned, looked back at Xu Xiang, and continued, "Mr. Xu, this situation...'Digital Economy ', 'Digital Finance', these two emerging concepts, it is risky to follow the trend and speculate!"

Xu Xiang glanced at the final opening results of the two cities, was silent for a while, nodded slightly, and said: "'Digital economy' and 'digital finance', the two new concepts proposed by President Su, are still too false. The market "On the market, there are no targets with particularly strong logic, and the direction of financial attacks is still the 'Internet Finance', 'Mobile Payment', 'Smart City' and other related targets that have been speculated in the early stage. Both space and expectations are limited."

"never mind……"

Xu Xiang paused and said, "Give up this line!"

"There is no way to find a new path. Based on the original expectations, there is a huge amount of hold-up pressure, and the market will not go far."

"Well!" Zhou Kan said, "Sure enough, the imagination is full, but the reality is very rough. After the 'Financial Summit', the market was so hotly discussed, but I didn't expect that it would still be like this at the opening."

"Confidence is low and market liquidity is limited. Even if a large amount of money chooses online financial management, there is nothing we can do without entering the stock market." Xu Xiang said, "What's more, now it seems that various places are raising the banner of 'real estate economy' again If the real estate market picks up again, capital will pour into the real estate market, and the liquidity of the stock market will probably become even more scarce. Sigh... In the bull market, in the past half month, after the market confidence collapsed, it disappeared again!"

"But..." Zhou Kan thought for a while and said, "The index position is low enough. Even if the market liquidity is scarce in the next period of time, it won't fall much, right?"

Currently, the Shanghai Stock Index has fallen to more than 2,100 points.

Zhou Kan thought that even if the Shanghai Stock Index continues to fall to the low point of the market money shortage in June last year and breaks through the 2,000-point mark again, it will only fall by 10% at most, so there is no need to be too pessimistic.

Xu Xiang said: "Although the Shanghai stock index may not have much room to fall, the ChiNext index... it's hard to say!"

Last year, the Shanghai Stock Exchange Index basically did not rise, and the valuations of many blue-chip stocks on the main board continued to be reduced to even lower historical extremes. However, the ChiNext Index almost doubled from its low point. Now the form has changed and the trend has reversed. In Xu Xiang’s view, , the risk was instead transferred to the GEM.

"Mr. Xu means..."

Zhou Kan was stunned and then said: "We want to avoid the GEM?"

Xu Xiang did not answer directly, but smiled and continued: "Zhou Kan, have you noticed that our A-share market is actually a typical emotional extreme market? It goes too far when it rises, and it goes too far when it falls. And the wealth code is actually just Hidden in these two extremes of emotional expression!”