Rebirth of the investment era

"What you mean is to continue to take in chips and lead to an explosion of market sentiment." Hearing Su Yu's words, Li Meng replied in surprise, "But in this sharply higher market, facing many short-term profits, The selling of funds, with the amount of cash we have left, it is very difficult to support such a market and change the shape and trend of the market!"

Su Yu said with a smile: "Of course we can't force it. We have to wait for the selling of the many short-term profit-making funds chasing positions yesterday, as well as other floating chips in the market that are not deeply invested and obviously lack confidence in the market outlook. In the high mood at the opening, , digesting part of it and reducing the upward pressure on the market, can we guide our emotions and lead the market to continue its upward attack."

Speaking of which...

Su Yu paused and then asked: "The total available funds of our two main funds should still be around 2 billion."

"Yeah!" Li Meng responded, "The total available funds in the backend are 2.089 billion. However, thanks to the comprehensive rebound of the two cities yesterday, the market value of the two funds' positions has expanded. Now the position level of the two funds has almost reached 85 %, according to the principle of dynamic balance of positions you mentioned, we have to reduce some positions and withdraw some cash."

"Based on the current market turnover situation, 2 billion funds are enough to guide emotions and maintain the market." Su Yu said, "As for reducing positions and withdrawing funds, we continue to maintain a dynamic balance of positions. We can wait until the mood in today's session is further stabilized. Reduce it slowly.”

Since he chose this point in time, he opened the curtain on the main line of 'infrastructure' market.

Then when emotions surge and market confidence begins to revive, it is necessary for him to use the most powerful posture to bring out the sustained money-making effect of this main line, create room for the market to rebound, and create opportunities for funds to build positions in this field. Massive chip profits.

All in all, no matter it is for the fund's motivation to obtain excess profits in the market.

Or consider the market trend in the future.

It is necessary for him to be in this position, at this time, with the amount of funds in hand, to carry out emotional guidance and maintain the strength of the market.

"The call auction has only lasted for 2 minutes, and only 80% of the stocks in the two cities can still maintain their upward trend." During the conversation between Su Yu and Li Meng, Wang Can, who had been observing the market trend, continued to report, "The fall is so fast. It seems... the market sentiment is not as strong as we thought. I said before that the Shanghai Stock Index would open 1.5 points higher at the lowest today, but now it seems that it is a bit too optimistic and hasty."

"In the bear market, retail investors have been frightened. Even though our fund's seat appeared on the Dragon and Tiger list yesterday, at the same time, there have also been a lot of good news on the macro front, which has greatly boosted investor sentiment on and off the market. However, when it comes to investing real money, everyone’s wait-and-see attitude is still strong.” Liu Yuan responded, “And based on the previous historical trend of the market, almost every time when good news is released and the market opens higher, it is a selling point. Almost every time the market opens higher due to favorable conditions, it eventually turns into a trend of opening higher and diving lower. I think... this is also the reason why the market is so heavy in selling when it opens high at the beginning of the call auction. .”

"Not bad!" Su Yu nodded slightly, "This is called the inertia of thinking in investment, and it is also an inevitable human weakness in trading."

"Very good!" Li Meng said with a smile as he watched the market prices of the two cities gradually fall during the call auction, "The opening range is not large, so there are many short-term profit funds that have not been reached, and many positions are not deep enough, and there is a lack of understanding of the market outlook. If the majority of retail investors have confidence in their psychological expectations, the market selling will not be so fierce. In this way... the correction of the index after opening high will not be so damaging to emotions. Correspondingly, in this situation, , our pallets and pull trays will also save a lot of effort."

During the discussion, the trading time had passed 9:20, and the two cities ushered in the real call auction session where orders cannot be canceled.

After 5 minutes of preliminary call auction trading, the number of stocks that opened higher in the two cities has dropped to about 75%, including stocks in the "infrastructure" field on the main board, as well as "mobile Internet" and "smartphone industry" in the direction of the small and medium-sized board and GEM. Individual stocks in the chain' field form a sharp contrast.

Related sectors in the 'infrastructure' sector, and the core popular stocks that led the gains yesterday.

At this moment, they all showed an extremely strong state, leading the gains of the two markets. Among them, Su Yu used his "Fusheng Road" seat to buy Beixin Road Bridge, which was directly blocked with a straight board, closing 560,000 orders, while China Railway, which had Su Yu's "Fortune Road" seat, opened about 7 points higher, with 89,000 lots of bidding orders.

As for the stocks of MCC, China Fortune Land Development, and Kumho Group that hit the daily limit yesterday, their opening ranges were all above 5 points. In terms of market performance, countless funds were raised following the trend.

In contrast, look at the core concepts of the Small and Medium-sized Board and GEM.

Concept sectors related to 'mobile Internet' and 'smartphone industry chain', as well as their popular stocks, were far behind the market's average daily limit, leading the decline in the two cities. Among them, such as LeTV, Huayi Brothers, Oriental, etc. with better liquidity Fortune, Wangsu Technology, Changqu Technology, Huaqingbao and other stocks are all opening at low prices. In terms of market performance, large order funds have pushed down prices, and the desire to rush out of the market is quite strong.

Generally speaking, although it is still in the collective bidding stage at this moment.

However, the attack paths and style expressions of active funds in the two cities are already quite distinct.

"What the hell, all the market funds have been sucked into the main line of 'infrastructure'." Seeing the collective bidding performance of the market, inside the Yinghui Fund in Shanghai, the fund manager Liu Guanhai looked unlucky and cursed, "This guy named Su is really a market robber. Wherever he has been speculated, there is really no grass growing."

No one expected that in this round of index rebound, the main line of "infrastructure" would lead the market.

Therefore, the vast majority of the market's major institutional funds do not have much leverage in the blue-chip direction of the main board that has been abandoned by the majority of market investors. Naturally, their Yinghui Fund is no different.

Moreover, unlike many other private equity and public equity funds that have been crushed by the market, their confidence and belief have completely collapsed, and they have no choice but to sell out their positions at the bottom of the panicked index drop and maintain the lowest position operation situation. Because of his arrogance, the entire Yinghui Fund The main positions still maintain a high position operation trend, and the position direction is basically all in the two main growth stocks of 'mobile Internet' and 'smartphone industry chain' led by the small and medium-sized board and the GEM.

This was also the reason why he was so dissatisfied with Su Yu's launch of the "infrastructure" main line of the market and the use of the riot's "infrastructure" main line to completely swallow up active funds in other sectors of the market.

After all, the main holdings of the entire fund he manages are distributed in the two early core main lines of 'mobile Internet' and 'smartphone industry chain'. Facing the sudden explosion of the 'infrastructure' sector, market liquidity is already very limited. Under such circumstances, there was no time to adjust positions and catch up with Su Yu.

Of course, what made him even more angry...

The market has rebounded across the board. Compared with last year's high point, the two core conceptual sectors of 'mobile Internet' and 'smartphone industry chain', which have already suffered deep declines, as well as their individual stocks, not only did not rebound, but fell against the trend, which made him heartbroken. Extremely manic and depressed, and at the same time a lot of unwillingness.

"Manager, let's... adjust positions!" Yu Lei, the new trading team leader of the promoted 'Yinghui No. 1' fund, said carefully, "According to the market's fund selection, the 'infrastructure' line has obviously been The main funds from all walks of life, as well as the majority of retail investors who follow the trend, have recognized it. On the other hand, looking at the two lines of 'mobile Internet' and 'smartphone industry chain' on the Small and Medium-sized Board and GEM, starting from the outbreak of the market in the 'infrastructure' field yesterday, the main funds Not only has there been no inflow, but it has been showing an outflow trend. It feels like the main style of the market... is really switching."

"At the current stage, the increase in the 'infrastructure' line is not large. It should be... it should be too late for us to adjust positions and pursue it at this time."

"If we continue to wait..."

"If the 'infrastructure' line really becomes the core main line of the market, and the two main line concepts of 'mobile Internet' and 'smartphone industry chain' have not been recognized by the main market funds, then we will It will appear more and more passive, and when the 'infrastructure' line is taken higher and higher, it will become harder and harder to intervene."

"You asked me to chase the rise and kill the fall," Liu Guanhai glared at Yu Lei and said, "The market turnover is only a few dollars a day, but it cannot sustain the capacity of 70 to 80 billion. In this case, Su will fully promote the 'infrastructure' This is the main line of the huge market, how high can the rebound be?”

"After yesterday's strong rebound, China Railway, China MCC, China Fortune Land Development, Conch Cement and other popular stocks that have led the rise have all reached a 15% increase. If you go after it at this time, you will accidentally hit the jackpot." His plan, pursue it at the highest point, and take over for him?"

"I don't believe how far this line can go when faced with these large-cap stocks with tens of billions or hundreds of billions of "infrastructure" stocks, and the entire market has only tens of billions of trading volume."

"In a bear market cycle and with a serious shortage of capacity, blue chips on the main board will not have a sustainable market at all."

"Even if a guy named Su is really the stock market god in the world, he won't be able to do anything without the ability to cooperate."

"When everyone discovers that market volume cannot support the blue-chip market breakthrough, just look at it...the main line of the market has to go back to emerging industry growth stocks led by the small and medium-sized board and the GEM."

"Besides, when it comes to performance growth and future imagination, blue-chip motherboards are really nothing!"

Yu Lei saw that Liu Guanhai had a firm mind and probably wouldn't listen to his persuasion. He also thought that even if the fund's performance was poor and it underperformed the market index, it would not have much to do with him if he was eventually held accountable, so he paused and didn't want to talk anymore. Touching Liu Guanhai's brow, he shut up and stopped talking.

And just when he persuaded Liu Guanhai to pursue the market trend in the 'infrastructure' field...

In another trading room within Yinghui Fund, Shao Xiaoyun, the former trading team leader who has been promoted to become the fund manager of 'Yinghui No. 2', is staring at the changes in the two markets, but he has chosen an operation method that is completely inconsistent with Liu Guanhai. , ordered traders to use the funds available in fund accounts to fully pursue the core leading stocks in the 'infrastructure' field such as China Railway, MCC, China Land Development, etc., and switch the main investment direction of the fund to the maximum and fastest speed. This is the main line of 'infrastructure' that seems to have been basically recognized by the main funds in the market.

The same is true at this moment.

Magic City, inside Zexi Investment, in the fund trading room.

Zhou Kan stared at the "infrastructure" sector that continued to explode and was extremely fierce in raising funds. Thinking of yesterday's hesitation, he also suggested to Xu Xiang to pursue quickly, follow up on the main line of "infrastructure", and significantly increase his related positions.

"Be patient!" Xu Xiang smiled, staring at the market with sharp eyes, not in a hurry, "Even if 'Wealth Road' appears, it will take time for the market to follow up, and 'Infrastructure' is For this line, if we want to continue to push forward, the amount of incremental funds required is huge, so although the market breaks out violently, the increase is not necessarily that fast. We have the right opportunities and buying points to intervene, so there is no need to rush at this moment."

When Zhou Kan heard Xu Xiang's words, he pondered for a moment, but he also understood. He smiled a little awkwardly and said, "I was too anxious. Thinking about it carefully, it is indeed as Mr. Xu said, like 'Infrastructure 'This kind of macro-mainline outbreak must be a trending market when the market volume can continue to increase. It is not like the conceptual hype market, which is a trend that directly reaches the top in a short period of time. There is really no need to rush. "

"As long as you understand!" Xu Xiang nodded slightly, "There will be more suitable buying points in today's market!"

"Mr. Xu means..." Zhou Kan was slightly surprised.

Xu Xiang smiled, interrupted him, and said, "Just watch. The emotional high at the opening cannot last long, and there are a lot of floating chips in the market. The chip structure needs to be fully exchanged."

As he spoke, the time reached 9:25, and the collective bidding in the two cities ended.

After a total of 10 minutes of market call auction, the Shanghai Stock Exchange Index finally opened 1.01% higher and stood at 2130 points; while the Shenzhen Stock Exchange Index and the ChiNext Index opened higher by 0.43% and 0.32% respectively, which were significantly weaker than the main board.

Industry sectors and individual stock performance.

The core sectors of the 'infrastructure' sector, as well as the many state-owned holding companies covered by the 'state-owned enterprise reform', still maintain the trend of leading the gains of the two cities, with higher opening ranges of more than 2%; while the 'mobile Internet' and 'smartphone industries' The concept speculation route and growth route covered by the two early main concepts of the chain' are both weaker than the market, and comprehensively underperformed the index. Related industry sectors, and its popular stocks, all led the decline in the two cities.

Faced with this opening scene...

The vast majority of investors in the market are excited and excited. Of course, there are also a small number of investors who hold stocks in the fields related to "mobile Internet" and "smartphone industry chain" and are full of complaints.

But whether it is a group of excited and excited investors or a group of investors who are full of complaints.

Faced with the strong rise of the "infrastructure" sector that has continued to make money, as well as many popular stocks, everyone is jealous, eagerly looking forward to it, and has a strong desire to chase positions.

However, there are extremely high expectations and a large amount of funds chasing positions.

With the Shanghai stock index opening sharply higher, leaving a huge gap, and with a lot of short-term profit taking and floating chips in the 'infrastructure' industry sector and popular stocks, the two markets officially announced at 9:30 After ushering in the continuous bidding transactions, it failed to maintain the high momentum of the index.

At 9:35, it was only 5 minutes before the opening of trading.

The Shanghai Composite Index reached a maximum of 2141.76, and when the increase barely exceeded 1.5%, it suddenly began to turn downward, dive rapidly, and then lightning broke through the 2130 point at the high opening point.

Immediately afterwards, as the Shanghai Stock Exchange Index dived, the Shenzhen Stock Exchange Index and the ChiNext Index turned straight green and fell into the water.

Correspondingly, diving in major indexes.

The market conditions of the two markets, which were originally highly anticipated by the majority of investors, suddenly became turbulent!