Rebirth of the investment era

In the case of the Shanghai Stock Index breaking through like a rainbow.

Similarly, today, the Shenzhen Stock Exchange Index and the ChiNext Index also rebounded, closing higher by more than 2%.

Moreover, the two cities' total transaction volume was 93.2 billion, approaching the 100 billion mark. All industry sectors in the market fell. Among them, the core industry sectors in the infrastructure field such as 'building decoration, building materials, steel, and real estate' led the gains, and their increases reached more than 100 billion. More than 5%, individual stocks in the sector have also set off a trend of daily limit.

In terms of concept sectors, the concepts of ‘state-owned enterprise reform’ and ‘Shanghai Free Trade Zone’ led the gains.

The two major concept sector indexes both rose by more than 4%, among which the 'state-owned enterprise reform' concept sector rose by 4.78%. More than 11 stocks in the sector had their daily limit closed, and more than 15 stocks hit their daily limit during the session.

In addition to strong performance indexes, industry sectors, and concept sectors.

As for the popular stocks in the two cities, the money-making effect has also soared. Compared with yesterday, and even during the previous trading period, the volume has increased significantly.

Among them, the popular stocks in the main direction of "infrastructure".

MCC, China Railway, Bayi Steel, China Fortune Land Development, and Kumho Group achieved their second consecutive daily limit increase in both volume and price; Conch Cement, Shanghai Construction Engineering, Pudong Construction, Shibei High-tech, Waigaoqiao, and High-tech Development A number of stocks, such as Huaguo Construction, Huaguo Communications Construction, Huaguo Railway Construction, Huaguo Baosteel, Wuhan Iron and Steel Co., Ltd., China South Locomotive and Rolling Stock Corporation, Huaguo CNR, etc. A number of blue-chip large-cap stocks have increased by more than 5%, and their trading volume has exceeded 100 million. The trading volume on the market is active and the volume has increased significantly, showing an extremely strong state.

Popular stocks in the main direction of the concept of "state-owned enterprise reform".

Stocks that are strongly related to the main line of "infrastructure" and whose company's business is in the "infrastructure" field, as well as stocks with the same concept of "Shanghai Free Trade Zone", have been attacked by powerful funds, such as Beixin Luqiao, Shanghai Sanmao, Wanqi Enterprise, Shanghai Steel Federation, Huagong International and other stocks all had large orders that sealed the daily limit, and the strong status can be seen at a glance.

Of course, with the two core themes of 'infrastructure' and 'state-owned enterprise reform' being frantically pursued by major funds and massive increases in positions, the two major early stages of 'mobile Internet' and 'smartphone industry chain' in the direction of the small and medium-sized board and GEM board A number of "hot growth stocks" in the main line field have passively risen a lot today due to the collective rebound in market sentiment and the effect of funds following the trend. However, judging from the overall market outlook of many popular stocks, they are still in a weak state.

Among them, especially the major areas of ‘media, mobile games, and Apple industry chain’.

Related core popular stocks, such as LeTV, Huayi Brothers, Changqu Technology, Hua Qingbao, Goertek, Lexun Precision, Xinwei Communications, etc., have all lagged far behind the major indexes in terms of growth, and have barely rebounded. With an increase of about 1%, and the overall trading situation, with the year-on-year increase in transaction volume, large funds have completely shown a net outflow.

Therefore, it seems that the two cities have a comprehensive surge and a strong rebound.

In fact, the strong and weak styles are still very distinct.

Judging from the closing results, the active funds in the two cities, as well as the incremental OTC funds that follow the trend, whether large funds or small funds, the main direction of convergence and the pursuit of fields is to have a sustained profit-making effect. In terms of future investment logic It has two core themes of 'infrastructure' and 'state-owned enterprise reform' that can reverse expectations.

As for the two core main areas of the small and medium-sized board and GEM, which were hyped by various funds last year, with slogans such as 'new economy, new future' and 'growth alternative value', 'mobile Internet' and 'smartphone industry chain' , but currently there are obvious signs of being abandoned by the main market funds and obviously weaker than the market.

Faced with the closing results of the two cities...

All investors in the two cities, whether they are retail investors, hot money groups, or institutional groups, are extremely excited and even excited.

After all, this is the first time this year that the Shanghai Stock Exchange Index has risen by 3%.

This is also the first time that the Shanghai Stock Index has stood on the 20-day line with a strong positive trend, showing a clear rebound trend.

Similarly, this is also the first time this year that the transaction volume of the two cities has reached the 90 billion mark, approaching the transaction volume last year when the market fell from its high level.

"Haha, with today's big A trend, I am finally proud of myself!"

In the rare atmosphere of making money when the market surges, some people on the online stock discussion forum expressed excitement.

"With two consecutive days of heavy volume and strong positive lines, the market has definitely bottomed out, and... today's market wash is really awesome. I don't know how many unsteady investors have been washed away."

"Hey, I was wiped out, but I saw that the trend was not right in the late trading, so I recovered my position at a high position!"

“That wave of diving half an hour into the morning session was really scary.”

"Looking at it now, that dive is simply the best buy of the whole day!"

"Looking at it after the market closed, that wave of diving was naturally the best buying point of the day, but at that time...who would have thought that I was scared to death, but at least I held it back in the end and didn't sell the position I chased yesterday, otherwise I would be afraid today I’m so angry.”

“It’s said that holding shares requires faith!”

“The areas that ‘Fortune Road’ focuses on are generally right.”

"Yes, if you are afraid of following Mr. Su's seat operation, then it's better to stop speculating in stocks as soon as possible."

"Two consecutive big positive lines have broken through. This round, the Shanghai Stock Index cannot reach 2,200 points. It is simply impossible."

“I haven’t said anything yet, the pressure level of 2200 points will definitely be broken this round!”

"If the Shanghai Stock Exchange Index breaks through 2,200 points, even if it breaks through the large shock range of 2,000 points to 2,200 points again, it will be shackles. In this way... I am afraid that the follow-up space will be opened."

"I feel that there should be no problem at 2200 points. However, whether more space can really be opened up in the future, I feel that it still depends on the continuity of the two core main lines of 'infrastructure' and 'state-owned enterprise reform'. If the main funds are determined Gao Yuan can really use these two main lines to open up market space. The high point of the Shanghai Stock Index last year, which is 2,500 points, can probably be seen. After all, the two core main lines of 'infrastructure' and 'state-owned enterprise reform' are closely related to The correlation between blue chips is too strong, and blue chip riots can increase the index very quickly!"

"If it can really reach 2,500 points, the space will be huge."

"Indeed, when the Shanghai Stock Index reaches 2,500 points, the two core themes of 'infrastructure' and 'state-owned enterprise reform', the popular stocks, will at least double their prices."

"I'm afraid it won't stop. I feel that these two core main lines will definitely lead to more than one monster stock."

"The checks of Beixin Road and Bridge, Shibei High-tech, Waigaoqiao, and Shanghai Sanmao definitely have the potential to be monster stocks, especially Beixin Road and Bridge. This check is the only one-word daily limit stock in the market today, and this check There have been quite a few changes of hands on the daily limit board today, and there should be no surprises on the third board tomorrow.”

"But judging from the emotional driving effect of individual stocks on the market today, it is obvious that Shibei High-tech, China Railway, and Huaguo MCC are the backbone of the market sentiment. Of course, Waigaoqiao is not bad, and Shanghai Sanmao , more like the leading stocks in the direction of the 'Shanghai Free Trade Zone' after the emotions diverge."

"The leading positions of the two main lines of China Railway and China Metallurgical Corporation are naturally unquestionable."

"As for Shibei High-tech, the trend today is indeed very strong, and the popularity and popularity are indeed very high, but I think Beixin Road and Bridge has a better chance. After all, there is the blessing of Mr. Su's 'Fusheng Road' seat, and Beixin Road and Bridge's plate ratio Qi Shibei High-tech Zone is obviously smaller.”

"The specific potential depends on today's Dragon and Tiger ranking data."

"Yes, demon stocks are created after the combined efforts of market funds and are not predicted in advance."

"No matter which one it is, the follow-up market trends, the two core main lines of 'infrastructure' and 'state-owned enterprise reform', should be the most certain."

"There is no doubt about it! Today, the main directions for large funds to increase their positions are these two main areas."

"So the two early core main lines of 'mobile Internet' and 'smartphone industry chain' in the direction of small and medium-sized board and GEM, or even a single vote of growth stocks, I have no chance to go to...the market that institutions shouted before "Growth Logic' Why is the style changing now?"

"Looking at today's transaction volume, the increase in Shanghai stock market transaction volume is significantly greater than that of the Shenzhen Stock Exchange Index and the GEM Index. I feel that the two early core main lines of 'mobile Internet' and 'smartphone industry chain' in the direction of the small and medium-sized board and GEM board, and even ' The main line of investment based on the logic of growth stocks does not have much opportunity for the time being."

“In a bear market, you have to work in areas with the strongest concentration of funds to make a little money.”

"The Shanghai Main Board has been stronger than the Small and Medium-sized Board and GEM for many consecutive trading days. I think this is an obvious signal of style change."

"Today, a number of stocks such as LeTV, Huayi Brothers, Changqu Technology, and Oriental Fortune are indeed significantly weaker than the market, no matter from the perspective of capital flow on the market, or from the perspective of trading volume and increase. It feels obvious Abandoned by the main market funds, you should try to avoid this field."

"A bull stock that has gone out of style is not as good as a dog!"

"The two major directions of the small and medium-sized board, GEM, 'mobile Internet', and 'smartphone industry chain' were heavily speculated by various main funds last year. This year they have continued to plummet. I don't know how much money has been buried in buying the bottom and standing guard at the top. , these are endless bargaining chips. In addition, the performance of these core popular stocks is based on the high growth rate last year. In the first quarter report of this year, the performance growth rate has obviously dropped a lot, which is not enough to support the high growth rate. The valuation has been high, and the main funds in the market, faced with this situation, are naturally reluctant to pull up.”

"Yes, comparing the two, the opportunity of the motherboard is highlighted."

"At the beginning of the year, the market's main funds had not speculated on the two main directions of 'mobile Internet' and 'smartphone industry chain' in the direction of small and medium-sized boards and GEM. However... everyone has seen the result, and expectations have been overdrawn. The room for performance imagination is also declining. Coupled with the heavy hold-up, continuing to speculate in this direction will not drive market sentiment at all, nor can it gather money-making effects. Moreover, the market has not seen any new benefits in this regard recently. "

"The listing of Ali Baba should provide certain positive support to the two main lines of 'mobile Internet' and 'smartphone industry chain.' However, this will have to wait until the news is released, and the market will probably not show it. Now we are involved..." It’s still a little too early.”

"There is no need to analyze too much logic. In short, wherever Mr. Su's 'road to wealth' goes, just follow it and speculate. No matter how much analysis we do, our understanding of the market will not be better than that of large asset managers gathered by long market analysts." Institutions are smarter. As long as they see where big funds continue to gather, they can probably judge where there may be market conditions."

"Yes, yes, just follow the 'Fortune Road' to speculate. You really don't have to think too much."

"One analysis is as fierce as a tiger's, and one glance at the operation is two hundred and fifty. Think about it carefully...it is really useless to analyze so much!"

As time goes by, after the closing results are released, investors in the entire market are having heated discussions. Everyone has increasingly clear views on the market outlook, and at the same time they are becoming more and more confident.

"In this market, it is not uncommon for one big positive line to change the long and short view, and two big positive lines to change the belief." When the majority of investors in the market were reviewing the trading after the market and having heated discussions, Yan Liao Guanghua, general manager of the proprietary investment department of Huashang Securities in Beijing, briefly browsed the hot topics related to stocks on the Internet and said with emotion, "The market sentiment is picking up much faster than imagined!"

Standing next to Liao Guanghua, Zhang Guangnian, chief analyst of Huashang Securities Market, responded with a smile: "What does this prove? Proving that what the market currently lacks is not good news, funds, performance, expectations and the like, but confidence and money-making effects." , as long as you have confidence and the effect of making money, the market will naturally follow. This is...a moment when confidence is more valuable than gold!"

"As for market sentiment recovering rapidly..."

Zhang Guangnian smiled and continued: "Old Liao, don't forget, the domestic financial trading market is a trading market dominated by retail investors. As long as there is a sustained money-making effect, the demonstration effect of this market will naturally be great. , then the emotional fluctuations will naturally be much more severe than those in other mature markets."

"Yes!" Liao Guanghua pondered for a moment, nodded, and said, "Compared with controlling the emotional context of the market and even exploring the main themes, hot money and many powerful private equity fund managers are far more powerful than those within our system. Many institutions are much more discerning."

"For example, the main themes of 'infrastructure' and 'state-owned enterprise reform' broke out in the past two days."

“Before, everyone was not aware that there were opportunities for investment and even concept hype in these two areas, but no one dared to touch these two lines.”

"At this moment, everyone came to their senses and realized that there were no cheap chips to pick up."

“I have to say that Mr. Su from ‘Yuhang Investment’ is really a master at digging into the main market trends and even stimulating market sentiment.”

“And it has a variety of operating styles and is completely untethered.”

"I used to think that Mr. Su's successful operation, and even the biggest source of profit earned after entering the market, basically all came from the speculation of small and medium-sized board and GEM concept stocks, from the market's 'growth stock' path explosion, and the 'growth investment logic' is recognized by many investment institutions, so... the perception of the so-called 'value investment' in the blue-chip direction of the main board will not be so keen."

"I didn't expect that this person... was completely unfettered by 'path dependence' in investment thinking."

"In an instant, I boldly switched my style to blue-chip motherboards."

"Mr. Su from 'Yuhang Investment' is indeed an anomaly." In response to Liao Guanghua's emotion, Zhang Guangnian responded, "But there is only one person in the whole market. Lao Liao, you said, 'Compared with the market's The control of emotional context, and even the exploration of main themes, hot money and many powerful private equity fund managers are far more sensitive than many institutions within our system. This statement is still biased, and it somewhat boosts the ambitions of others and destroys one's own prestige. !”

"It's not impressive." Liao Guanghua smiled, "The market's unilateral downward trend from the end of last year to the first quarter of this year, although there were macro reasons, was not the same as that of the major institutions in our system. In order to protect the net value of fund products from a serious retracement, they trample on each other, which is actually inseparable."

"Well!" Zhang Guangnian nodded slightly and said, "It... has something to do with it, but it is also something beyond reproach. Public funds do not have a completely closed period. The majority of fund investors continue to lose money as their net worth falls. To redeem product shares, fund managers can’t do it even if they don’t sell them.”

"Fortunately, the darkest time is over."

Zhang Guangnian paused and continued: "As long as the market can maintain this trend and emotional momentum, the decline in the market's fund scale will definitely be reversed, and when the entire industry's asset management scale returns to the rapid growth channel, The incremental funds invested in the stock market will continue to flow, and the market will naturally continue to flow."

"So, you are quite optimistic about the market outlook, right?" Liao Guanghua asked with a smile.

Zhang Guangnian replied: "The market is around 2100 points, so I have to be optimistic. Moreover, after the index quickly penetrated 2000 points twice, it rebounded quickly. This proves that the Shanghai Index near 2000 points is the extreme bottom area of ​​the market. In the market Now that the valuation spring has been compressed to its limit, there is indeed no room for it to fall further.”

"Mainly speaking, the economic growth rate on the macro level is still rising."

"Looking at the relevant economic data in the first quarter, we can clearly feel that domestic inflation has returned to the normal range, which gives the central bank a more generous scope for implementing monetary policy."

"The macro economy continues to grow, inflation is falling, and monetary policy is expected to be loose..."

"On the one hand, these will lead to the general continued upward growth in the performance of various companies. On the other hand, they will lead to further increases in funds flowing into the stock market in anticipation of possible monetary policy easing."

"The general growth in the performance of listed companies, even if the valuation remains unchanged, will in disguise raise the market index. Coupled with the further inflow of over-the-counter funds, it will be difficult for the market to remember the market, so...what else? The truth is that in this range, we should continue to be bearish.”

"It's just that although I judge that the market is at this position, it is unlikely to fall."

"But I didn't expect that the main line of gains would be the 'infrastructure' field."

"Haha, heroes have the same view!" Liao Guanghua laughed after listening to Zhang Guangnian's analysis, "It seems that we should make a slight adjustment in our trading strategy, transitioning from the conservative stage to the aggressive stage."

"Enterprise Stage" Zhang Guangnian heard Liao Guanghua's thoughts, pondered for a moment, and said, "Currently there are only opportunities on the left, and the opportunities on the right have not been clear yet. I think it is okay to increase positions appropriately, but there is no need to directly transition to the 'Enterprise Stage' So fast? After all, from the technical aspects and the chip structure analysis on the market, there is huge pressure on the index near 2200 points, and at 2200 points, the hold-up order is also quite heavy. When the market volume cannot exceed 100 billion, I think It will be extremely difficult to cross safely."

Liao Guanghua responded: "When the opportunity comes to the right, I am afraid that many high-quality chips in the core main line are already high. Although the index has huge pressure at 2200 points, as the core main line leading the market, 'Infrastructure ', 'state-owned enterprise reform' areas, but the space has obviously been opened up, and the trend of the market index is half way ahead of the trend. It is estimated that with the funds and emotions following the trend have been fully mobilized, the probability of falling back is low. "

"Okay!" Zhang Guangnian thought for a moment and nodded, "You are the director of the self-operated investment department. Naturally, you have the final say. I am just expressing my own market views."

Liao Guanghua nodded and continued to ask: "Lao Zhang, in addition to the two main lines of 'infrastructure' and 'state-owned enterprise reform' that are currently breaking out, what other fields do you think have obvious differences in future expectations? Possible room for double improvement in performance and valuation”

"According to industry research..." Zhang Guangnian said, "It is still the small and medium-sized board and the GEM board's 'many mid- and small-cap core growth stocks in emerging industries' whose performance growth rate is relatively fast, and they also have enough room for industry imagination. That is the current market situation. I’m not convinced about this area. Many funds have tried again and again, but they can’t speculate. However, I carefully thought about this field for a while and found that what restricted its speculation space was that it was over-speculated last year and had too many expectations. There is too much space, and there are too many traps at the same time, which requires more time to digest.”

Liao Guanghua said: "What you mean is that the main line of the follow-up market may also return to the logical line of 'growth stocks' led by the small and medium-sized boards and the GEM."

"It should be so!" Zhang Guangnian said, "After all, no matter what kind of investment method it is, the final goal is expected and performance growth."

"Okay, I understand!" Liao Guanghua nodded.

Then, after thinking for a moment, he walked to the office area of ​​the self-operated investment department, preparing to convene a meeting with department heads and product managers to discuss trading strategies.

And with the internal trading strategy discussion meeting of Huashang Securities.

Market time began to pass at 5:30 pm, and the new dragon and tiger list was announced.

I saw a total of 23 stocks on the list today. Among them, China Railway, Kumho Group, and Beixin Road and Bridge continue to be on the list, while Huaguo MCC, Shibei High-tech, Waigaoqiao, Shanghai Sanmao, and Shanghai Steel Federation , China Fortune Land Development, Bayi Steel and other votes have appeared on this year's Dragon and Tiger list for the first time.