Rebirth of the investment era

"Yeah!" Qin Qiuyue nodded, "It seems that the market trend has changed."

Zhou Hui responded: "Indeed, affected by the continued hot hype in the main line of 'film and television media', all low-level 'growth stocks' on the entire small and medium-sized board and GEM have followed suit, and a number of main-line concepts on the main board have exploded. And the core component stocks basically did not move much and did not follow the market trend at all, especially in the lines of 'infrastructure', 'military industry', and 'Internet finance'. Many popular stocks did not rise but fell instead."

"but……"

Zhou Hui thought for a while and then said: "Simply relying on relatively low-level small and medium-sized concept stocks such as the Small and Medium-sized Board and the GEM will not be able to stabilize the Shanghai Stock Exchange Index at 2,300 points, right?"

"And once the Shanghai Stock Index cannot stand the pressure of 2,300 points, it will continue to rise."

"The investment confidence of countless investor groups inside and outside the market, especially those who are hesitant in the first place, may not be completely established. In this way, if the market wants to usher in continuous incremental funds to take over the market, I am afraid it will be too It’s not optimistic anymore.”

"You want to say that this rebound in the direction of the SME board and GEM is not sustainable, right?" Qin Qiuyue looked at Zhou Hui with a smile, "You also want to say that the Shanghai stock index is at 2300 points, I'm afraid it's Are there any more repetitions?”

Zhou Hui nodded and replied, "Don't Mr. Qin think so?"

Qin Qiuyue thought for a while and said: "Judging from market feedback, the 'big infrastructure' line that previously supported the Shanghai Index's upward breakthrough does have obvious signs of adjustment. At the same time, there are indeed no obvious signs of adjustment in other sectors in the main direction. There are signs of a market outbreak, and it is unable to take on the sluggish market trends in the 'big infrastructure', 'military industry', and 'Internet finance' lines, thereby supporting the market upward."

"That is to say, the Shanghai Stock Exchange Index is afraid of repeated judgments at 2,300 points. I agree with it."

"but……"

Qin Qiuyue paused for a while and continued: "Whether the market trend of the 'growth stocks' line of small and medium-sized board and GEM is sustainable, it shouldn't be obvious at the moment, right?"

"If the Shanghai Stock Index cannot truly break through and stand firm at 2,300 points, and under the circumstances of adjustments to the main lines such as 'infrastructure', 'military industry', and 'Internet finance', the small and medium-sized board and GEM's 'growth stocks' line will be able to emerge from an independent market. "Is it?" Zhou Hui insisted on her opinion, thought for a while, and continued, "Judging from the market trend, the current market evolution is still a game of stock, and the 'growth stocks' line of small and medium-sized boards and GEM are being speculated. The logic is not strong. Once the hype caused by the 'film and television media' sector wears off, I think it will most likely be difficult to continue its market trend."

Seeing Zhou Hui's firm eyes and confident face, Qin Qiuyue knew that she was quite confident in her analysis and judgment, so she couldn't help but smile and said: "So, do you think we...should stick to 'infrastructure' and 'military industry' Wait for the main-line sector to wait patiently for the small and medium-sized board and GEM's 'growth stocks' to wait patiently for the hype to fade away, and then the market trend will return to the direction of the main board?"

"Yes!" Zhou Hui nodded in response, "Relying solely on the amount of funds in the market, the market can only produce partial trends, and can never form an effective upward breakthrough. If you want the market to form an effective upward breakthrough, it must be big. Only by attracting off-market investors and incremental funds on a large scale can we attract investors.”

“And if we want to attract off-market investors and incremental funds on a large scale...”

"The simplest and most direct way to build investment confidence is to reflect the trend of the Shanghai Stock Exchange Index, the most important index in the market."

"In other words, only when the Shanghai Stock Index makes a sharp breakthrough trend can it attract the entry of off-market investors and incremental funds, and can the market trend form a virtuous cycle and a long-term upward trend."

"And to lead the index to break through, it is obvious... with the size of the 'growth stocks' line of small and medium-sized boards and GEM, and its ability to drive the market conditions of the entire market, it is simply impossible."

"So, I make a bold guess... When the wave of speculation in small and medium-sized concept stocks triggered by 'film and television media' wears off, the main direction of the market will definitely return to 'infrastructure', 'military industry', and 'internet finance' Come up with a few main lines as the core.”

"at the same time……"

Zhou Hui paused for a moment, glanced at the smiling Qin Qiuyue, and continued: "In terms of position weight, our fund products have already been invested in the two lines of 'infrastructure' and 'military industry'. Now we are going after the small and medium-sized boards." , the popular main line of GEM 'growth stocks', it is obviously too late, and it is difficult to turn around and adjust positions."

"In this case... we might as well hold positions patiently and wait for the market trend to reverse, so as not to radically adjust positions and get slapped in the face on both sides."

When Qin Qiuyue heard this, she nodded slightly and said: "No matter how sustainable the hype in the 'growth stocks' line of small and medium-sized boards and GEM is, at least you are right about one thing, that is, since we missed the best yesterday The time to intervene is that it is indeed inappropriate to follow the trend and pursue positions now. It is better to be still than to move. Since the basic speculation logic and future expectation logic of the two core main lines of 'infrastructure' and 'military industry', as well as the important component stocks of our positions, currently There are no major changes in fundamentals and expectations, so just follow what you said, hold positions patiently, wait and see the market, and wait for changes!"

"Yeah!" Zhou Hui nodded and turned his attention back to the trading boards of the two cities.

At this time, the market trading time has moved to 10:15. The entire market trend is still shifting towards the direction of 'growth stocks' on the small and medium-sized board and GEM, while 'infrastructure', 'military industry', and 'internet finance' In several early core main areas, whether it is related industry sectors, concept sectors, or related core concept stocks, the market trend still shows a weak form, and such as MCC, Beijiang Communications Construction, Gemdale Group, For a number of component stocks such as Shanghai Construction Engineering and Conch Cement, the volume of active selling on the market is still increasing with the times.

At 10:21, as the market trend became more and more obvious, the Shanghai Stock Index fell all the way, touching 2295 points, and the increase shrunk to about 27%.

At 10:25, "Beijiang Communications Construction", a core concept stock in the main line of "infrastructure", hit the lower limit in a straight line under the concentrated selling pressure of numerous profit-making markets.

At 10:26, Beijiang Communications Construction hit the limit, with an intraday transaction volume of 7.8 billion.稐

At 10:28, under the influence of the limit drop of "Beijiang Communications Construction", short-term profit-making funds, as well as capital groups with unsteady positions in the main line of "big infrastructure", accelerated their escape from the "big infrastructure" that showed weakness. Main line areas, at the same time... when a large amount of funds are fleeing the "big infrastructure" field, "mobile games", "Internet software", "Internet applications", "Apple concepts" and other main lines are biased towards the direction of small and medium-sized boards and GEM. The concept sector and industry sector began to rise rapidly, and the sector index rose further.

At 10:30, when the market trading time reached one hour, the growth gap between the Shanghai Stock Exchange Index and the ChiNext Index widened to about 25%. The performance of the two major markets, the Shanghai Stock Exchange and the Shenzhen Stock Exchange, could be described as ice and fire.

At 10:32, after a brief adjustment, the ChiNext Index and the Small and Medium Enterprises Index rushed to the 5% increase mark.

At 10:35, the stock of Huaguo Software hit the daily limit in a straight line. The entire 'Internet Software' and 'Internet Application' industry sector index also experienced a rapid increase. The sector index rose to about 3%. The net inflow of major funds within the sector has also increased rapidly.

At 10:38, the 'film and television media', the core industry sector that attracts the most attention in the market, the sector index rose to about 2%. A number of constituent stocks within the sector, except Oriental Fortune, and several stocks that experienced obvious negative impacts Except for this, all stocks rose in the red market.

At 10:42, within the 'Film and Television Media' sector, Huace Film and Television, Wasu Media, Phoenix Media, Boshi Media, Shengda Media, Zhejiang Digital Culture, Yanjing Culture, Cultural Investment Holdings, Ciwen Media, LeTV, Hua.com A number of core concept stocks, such as Yi Brothers, Enlight Media, etc., all reached their daily limit. The entire "film and television media" industry sector broke out in a daily limit wave. The money-making effect and the mood of funds to follow the trend were pushed to the extreme.

At 10:44, driven by the mood of the "Film and Television Media" outbreak, active funds in the market further poured into small and medium-cap concept stocks, driving the growth of the two major indexes of the Small and Medium-sized Enterprise Board and the Growth Enterprise Market, setting new intraday highs one after another. , standing at the 75% increase mark.稐

At 10:45, at the moment when the two major indexes of Small and Medium-sized Enterprise Board and ChiNext reached new intraday highs, the Shanghai Stock Exchange Index was still hovering near 2295 points, and was unable to break through 2300 points again and stand firm.

At 10:46, after the stock of 'Beijiang Communications Construction' was abandoned by a large amount of funds, 'Shanghai Construction Engineering', a popular leading stock in the early stage of 'infrastructure', was also abandoned by funds on a large scale. The decline instantly expanded to 7%, and it was likely to fall to the limit. At the same time, the monster stock 'Beixin Road and Bridge', which had performed extremely well in the previous April and May, was suddenly abandoned by funds collectively, and there was a trend of flash crashing to the limit.

At 10:48, the decline of the "real estate" sector, a core industry sector in the main line of "infrastructure", expanded to 53%, leading the decline in the industry sectors of the two cities.

At 10:50, the decline in the 'National Defense and Military Industry' industry sector index also expanded to about 37%.

At 10:52, Hongdu Airlines, a conceptually leading stock in the ‘military industry’ sector, saw its market decline expand to 5%, and at the same time, there was also concentrated selling that rapidly expanded in volume.

At 10:55, with the market prices of the two cities clearly diverging and the Shanghai Stock Exchange Index still unable to stand above the 2,300-point mark, the overall market investment confidence and sentiment began to subside, whether it was the Shanghai Stock Exchange Index or the Shanghai Stock Exchange Index that had just refreshed its intraday high. The time-sharing trends of the Shenzhen Stock Exchange Index, the ChiNext Index, and the Small and Medium Enterprises Index have all begun to turn around and pull back again.

At 10:57, the Shanghai Stock Index fell back to the 2291 point mark, swallowing up almost all the intraday gains and returning to near yesterday's closing point.稐

At 11:01, during the market trading time, the last half-hour trading period at noon began. The Shanghai Stock Index completely wiped out all the gains in the session and continued to turn green and downward. At the same time, under the influence of the Shanghai Stock Index’s continued sluggishness and dragging its feet, the original momentum The Shenzhen Stock Exchange Index, ChiNext Index, and Small and Medium-sized Enterprises Index that Ruhong had broken through were also pulled back abruptly. The growth rate of the two major indexes, the ChiNext Index and the Small and Medium-sized Enterprises Index, fell from more than 5% to around 1% in just a few minutes. .

"Today's market trend and fluctuation range are really quite big!"

At 11:03, inside Yanjing Chenghua Public Fund Company, in the main fund trading room, Zhou Qiang, assistant to the fund manager and leader of the trading team, lamented: "The Shanghai Stock Index has opened in such a good state, but it has not broken out of the market at all, and The position of 2300 points is still not stable."

Standing behind Zhou Qiang, fund manager Gong Tiancheng, whose eyes were also staring at the trading disks of the two cities, shook his head slightly, and said rather helplessly: "Gathered on the early popular main lines such as 'infrastructure', 'military industry', and 'Internet finance'" Many active capital groups, under the fierce hype in the 'film and television media' line today, have been completely siphoned away by the small and medium-sized concept stocks in the direction of the small and medium-sized board and the GEM."

“And there is no support from this large group of active financial groups.”

"'Infrastructure', 'Military Industry', and 'Internet Finance' are the core and popular main lines in the early stage. It is really difficult to continue to make room for growth!"

"Moreover, all the active funds gathered in these main directions have been completely siphoned off."

"It is obvious that the chip structure on the market in these main lines has lost the strong support of buying funds and has begun to loosen. For many related popular core stocks, the selling volume on the market has kept pace with the times. The increase cannot be eliminated in a short period of time."

"It seems... short-term adjustments to the main lines of 'infrastructure', 'military industry' and 'Internet finance' are inevitable."

"However, with the 'Film and Television Media' line, as well as small and medium-sized concept stocks such as the Small and Medium-sized Board and the Growth Enterprise Market, as market trends, we will continue to create a sustained money-making effect in the market. Even if these main lines are adjusted, the macro trend of the market index will remain unchanged. , even if it cannot break through the upper pressure barrier, it should not be able to fall much lower.”

"Then we..." Zhou Qiang heard Gong Tiancheng's analysis and asked hurriedly, "Since the core main lines of 'infrastructure', 'military industry', and 'Internet finance' will inevitably be adjusted in the short term, there is no need for us to focus on this direction." If you are facing death, you should adjust your trading strategy in a timely manner, avoid risks, and make appropriate adjustments to positions and shares, right?"

Gong Tiancheng's eyes narrowed slightly as he stared at the trading boards of the two cities. After weighing and pondering for a while, he said: "I can judge that the lines of 'infrastructure', 'military industry', and 'Internet finance' will most likely be adjusted, but small and medium-sized enterprises In the direction of the GEM and GEM, it is impossible to tell how long this wave of speculation about low-level concept stocks in small and mid-caps will last!”

"Such an obvious sign of style change, such a strong capital siphoning effect..." Zhou Qiang thought for a while and said, "There should be a lot of market space, right? After all, with such a large number of capital groups entering, if there is no space, the new The main funds that have been invested cannot safely withdraw after the hype subsides."

"So, Mr. Gong..." Qing

Zhou Qiang paused for a while, then continued: "We must seize the opportunity while the current market trend has just begun to change significantly! Even if we cannot adjust positions in an all-round way, we should diversify our positions to prevent The main lines of 'infrastructure', 'military industry', and 'Internet finance' continue to adjust, which will bring the risk of a substantial net value retracement to the fund, and... to be honest, in the direction of the small and medium-sized board and the GEM, these changes today The position of 'growth concept stocks' is already quite low. Even if we follow the trend and pursue positions, the risk of loss after entering is not high."