Rebirth of the investment era

While he was waiting, at 9:15, the collective bidding in the two cities began.

I saw that after seven consecutive days of suspension, the market opened higher overall with good external trends. All main lines and major industry sectors showed signs of post-holiday fund raising.

Facing the collective bidding trend that was obviously stronger than expected, Su Yu did not make any move.

In his opinion, in a weak downward trend, the stronger the call auction trend is, and the higher the price is, the more dangerous the market's next trend will be, because in a continuous downward trend, 'high opening is the selling point' 'It has almost become a consensus among all parties in the market.

In addition, the market is now in a stock game with continued depletion of liquidity.

In the face of the consensus selling orders, there is not enough incremental funds on the sidelines to take over, thus stabilizing the stock price and sentiment on the market.

This leads to a pattern where high openings are bound to come under pressure and the trend is bound to dive.

Therefore, in the face of the market opening higher than expected in the call auction, and with the entire 'Yuhang No. 1' and 'Yuhang No. 2' fund positions being seriously insufficient, he did not feel nervous at all, and he did not feel nervous at all. There is no rush to increase the position at this position.

In an extremely weak downward trend...

A sudden pick-up in sentiment is not a buying point. On the contrary, when the market encounters a major negative, falls rapidly, and the mood collapses, that is the real buying point.

During his meditation, the time quickly slipped from 9:15 to 9:20.

All industry sectors still maintained a high opening trend. Among them, the communication, electronic information, computer and other industry sectors led the gains, while the "big financial" sectors such as banking, securities, and insurance lagged behind; among the various concept sectors, the GEM , "cyber security", "smart city", "mobile payment", "Internet finance", "Apple concept" and other two core main line related concept sectors of "mobile Internet" and "smartphone industry chain", led by small and medium-sized board constituents , showing a state of leading the gains of the two cities, and the rush for funds for related popular stocks is more obvious.

Seeing that the active funds in the market were still wandering around the core main lines of the two emerging industries of 'mobile Internet' and 'smartphone industry chain', and that there were no new concept sectors and main line concepts in the entire market, Su Yu knew that this market would not be the same. What continuity.

After all, there are two core main lines of ‘mobile Internet’ and ‘smartphone industry chain’.

Although many related popular stocks have adjusted very sharply and fallen a lot since the market peaked in early December, the hold-up during the period, as well as the already full expectations, and the logic of expected performance growth in the new year have not been fulfilled. Under such circumstances, the space for continued upward speculation is extremely limited.

In other words, last year's market explosion and performance growth have been reflected in the stock price.

And converted to this year...

For these stocks, if they want to continue to advance at high levels, they must prove that their explosive performance is sustainable.

Only if the logic of sustainability is proven can these stocks be valued according to the logic of growth stocks.

Only then can they support their PE, which is often more than a hundred times greater.

Otherwise, if we simply follow the logic of conceptual hype, then at this moment, when the liquidity of the entire market continues to decline and there are layers of hold-ups on the market, then these 'mobile Internet' and 'smartphone' technologies that have been hyped several times in the early stage will There is even less value to participate in the core popular stocks related to the mobile phone industry chain.

all in all……

In Su Yu's view, at this moment, the two emerging industry concepts of 'mobile Internet' and 'smartphone industry chain' do not have the opportunity to end the adjustment and lead the market again, whether in terms of timing or spatial location. Produce a dynamic and sustained market.

As he pondered, time passed by minute by minute.

Finally, when 9:25 came, the collective bidding in the two cities ended.

I saw that the Shanghai Stock Exchange Index, Shenzhen Stock Exchange Index, and ChiNext Index all opened higher, and the ChiNext Index opened higher by nearly 1%, reaching 1,100 points again.

And besides the index…

The two main core concept stocks of 'mobile Internet' and 'smartphone industry chain' led the gains in the two cities, such as Tianyu Information, Shanghai Steel Union, Changliang Technology, Shuobed, Anjie Technology...a large number of stocks, The higher opening ranges were all above 1.5%, significantly outperforming the GEM Index.

Faced with the overall high opening of the index and the entire call auction, there is an obvious rush for funds.

Throughout the market, on major online stock forums where retail investors gathered, many investors who were still paying attention to the stock market began to feel optimistic again.

"During the Spring Festival, peripheral US stocks rose by almost 3%. Should the market make up for the gains today?"

"Looking at the market call auction trend, today's attack intensity is indeed very high. It should be possible to maintain the red market without asking for a sharp increase in the index, right?"

"Yes, the requirements are not high, just a good start and that's it!"

"Don't talk about a good start. On New Year's Day, the market was all bullish. You can't talk about a good start. As a result... after the index opened high, it continued to fall all the way."

"This time is different..."

"What's different?"

“On New Year’s Day, the market was obviously continuing its decline, and now, the market has reached its bottom!”

"You're going to say it to the end, right?"

“Looking at the moving averages of the index trend, since the decline in early December, all major indexes have been in a unilateral downward trend, and have long been seriously oversold. Now the major indexes are far away from the moving averages. According to past history, In this case, the trend of the index will definitely return to the moving average.”

“Furthermore, the Shanghai Stock Index has now reached around 2050 points, almost touching the bottom of the previous box shock between 2000 and 2200 points. The valuations and stock prices of core industry sectors such as large finance, real estate, and infrastructure that support the Shanghai Stock Index have all declined. It has already reached a new low and is near the historical extreme value. How can it fall further?”

"No matter what, we can't be bearish here!"

"I hope I can really get off to a good start. Hey, I thought the market would be good this year. Judging from the first two months, I'm afraid it will be even more difficult than last year!"

"It is recommended that you don't look at the Shanghai Stock Exchange Index. Traditional industries have no growth expectations for a long time. The future... will be dominated by the GEM!"

"Yes, regardless of the market selling pressure or future expectations, the GEM does have much more potential than the main board. Looking at the call auction situation today, it is true that the GEM and small and medium-sized boards are stronger than the main board."

"From now on, the core of the market will be the logic of 'growth' rather than the logic of 'core assets'."

"It means that Internet Speed ​​Technology, Huaqingbao, Changqu Technology, LeTV, etc. can still be purchased?"

"It should be possible! The strong will always be strong, and these votes have almost been cut in half in the past two months, and the adjustments are indeed very sufficient."

"Hey, I think it's better to take a look before talking about it."

"I always feel that the index will never break 2,000 points again."

"Is this the end of Wuliang? It should be safe once the volume of the two markets can shrink again to less than 50 billion."

Amid everyone's discussion, 9:30 came and the two cities officially started trading...

I saw that under the temporary recovery of sentiment, at the beginning of the session, the major indexes continued to rise high under the trend of opening higher. Among them, the concept sectors related to the two core main concepts of 'mobile Internet' and 'smartphone industry chain' , and its popular stocks, still lead the gainer lists of the two cities.

However, the heavy floor holdup plate.

With the index holding high and beating high, when there was a short-term lull in receiving funds and a slight dive, the prices suddenly fell like frightened birds, and they smashed the market one after another and poured out.

So, when the time entered after 9:45.

That is, when the market's time-sharing trading volume begins to gradually decline, the diving range of the major indexes that are held high begins to expand rapidly.

And then...when the time crossed to 10 o'clock.

Several major indexes have dived from the high platform into the water, changing from rising to falling.

As the index turned from rising to falling, the sentiment that had briefly recovered collapsed again, and the entire market fell back into a downward trend.

Seeing the market open high and plummeting, a good start has turned into a "bad start".

Su Yu smiled, stood up from the computer desk in the office, and walked towards the company's fund trading room.

Arriving at the company's fund trading room, looking at the traders who were quietly watching the market, and listening to the occasional sound of the keyboard, Su Yu asked Li Meng, "How is it? There was no aggressive increase in positions in the early trading, right?"

Li Meng looked up and saw that it was him, and responded with a smile: "The two funds still maintain a low position operation trend. Without your instructions, no one will naturally increase their positions aggressively, but the index is near the 2050 point. It feels like there isn’t much room to go down. Most of our positions have been vacant for so long, so it’s time to take action, right?”

"What are the current net values ​​of the two funds and the available funds?" Su Yu continued to ask.

Li Meng replied: "The net value of the 'Yuhang No. 1' fund is 1.025, the capital scale is 4.107 billion, and the available funds are 3.536 billion; the net value of the 'Yuhang No. 2' fund is 1.57, and the capital scale is 7.812 billion. For the fixed increase, 1.5 billion of funds have been locked, so the available funds are only 5.532 billion."

"In which direction is our current main position?" Su Yu continued to ask.

Li Meng took stock and said: "The two funds currently hold a total of 2.851 billion chips. Of course, if we do not count the 1.5 billion chips that Lixun Precision has locked for sale, the number of sellable chips we hold is around 1.351 billion, of which The main direction of holdings is the blue-chip stocks that we have discussed before in the core sectors of military industry, real estate, and state-owned enterprise reform, as well as the remaining positions of a small number of core stocks in the 'mobile Internet' and 'smartphone industry chain'."

"Let me take a look!" Su Yu replied.

Then, he sat down next to Li Meng in front of the computer he usually used, logged into the fund's backend management account, and counted the specific holdings of the two funds.

It can be seen that military industry, real estate, and state-owned enterprise reform are all industry leaders in the sector.

The holding stocks in the direction of 'mobile Internet' and 'smartphone industry chain' have been adjusted to 'Oriental Fortune, Tonghuashun, Hengsheng Electronics, Yinjie Shares, Huake Jincai, and Jinzheng Shares' as he had previously instructed. and other Internet financial stocks, as well as leading stocks in the film and television media industry such as LeTV and Enlight Media.

"It feels like there has been little movement in the market in the direction of real estate, military industry, and state-owned enterprise reform!" When Su Yu checked the specific positions of the fund, Li Meng said, "The news of real estate loosening, as well as the news of state-owned enterprise reform, military industry reform, and restructuring, It hasn’t been a day or two since it came out, and it has not made any waves in the market at all. It seems that there is no main capital to do this. The entire market and active funds are still active around the 'mobile Internet' and 'smartphone industry chain' , the direction of the motherboard is still weak."

"The news has come out, but the opportunity for the market to explode has not yet arrived!" Su Yu responded, "The market index and sentiment have not bottomed out, and there are no clear event signals. The entire market is still experiencing a storm in this direction. It is still brewing, and it is unknown when all aspects will resonate and explode. But before that... all we can do is wait patiently and gradually enter the warehouse to ambush."

“As long as policy stimulus is provided, expectations in these directions are changing rapidly.”

"It's only a matter of time before the market breaks out. We don't have to rush. For trading, before the moment of making a choice, we are actually waiting 99% of the time."

"Yes!" Li Meng nodded, "Do we need to speed up the pace of entering positions? We still have more than 8 billion available funds in hand. According to the current daily turnover of this market, if the market comes too fast, we should react It’s not coming, and... even if the index continues to adjust downward, it will only be in the 10% range at most. If we gradually increase our positions and buy, we can withstand this retracement range.”

Su Yu thought about it for a while, thinking that what Li Meng said made sense.

The index is already near 2,000 points. Although the market adjustment has not yet reached its end, it is already at its end.

The downward space is limited, but the opportunity for an upward reversal is approaching. At this time... it would indeed be inappropriate if the fund still maintains the lowest position.

"Speed ​​up!" Su Yu said, "But before we complete the position building, we still have to avoid the Dragon and Tiger List, and we should not cause excessive fluctuations in the stock market."

Li Meng smiled and said: "I understand this, don't worry!"

As she spoke, she began to issue instructions to two groups of traders to accelerate their increase in target stocks.

According to the current daily trading volume of the entire market, which is less than 70 billion, it will take at least 20 trading days or a month for them to quietly complete the conversion of fund positions from minimum positions to full positions.

Following Li Meng's discussion with Su Yu, the company's main fund position building process was adjusted.

In the following ten trading days, the Shanghai Stock Index has been hovering between 2000 and 2050 points, moving sideways towards the deviated moving averages. During this period, the trading volume of the two cities continued to shrink to Around 50 billion, the entire market has truly fallen into a liquidity dilemma. Even for many fringe stocks, the daily turnover has been less than 2 million, completely falling into a situation where no one is buying or selling, causing the market to be locked up. The funds cannot go out, and the OTC funds, seeing this situation, do not want to come in at all.

Then, when time advances to the end of February...

When the "Yuhang No. 1" and "Yuhang No. 2" fund position water levels return to the 70% level.

On February 27, Huaguo Petrochemical suddenly suspended trading and issued an announcement that it planned to introduce private capital to achieve mixed operations. So far... the news detonated the market and kicked off the grand prelude to the theme of 'state-owned enterprise reform'!