Rebirth of the investment era

When various main lines related to the Shenzhen Stock Exchange's "conceptual growth stocks" re-entered the extreme hype of emotional outbursts. owl

In the direction of the main board, the main line of 'big infrastructure', which originally still occupied part of the market's active liquidity share, as well as main lines such as 'traditional finance', 'big consumption', and 'medicine', further 'bleeded' in an instant, and the initiative on the market The funds received and the corresponding buying funds began to decrease sharply. At the same time...the selling funds on the market and the concentrated selling volume also began to increase rapidly.

And the two main line directions have clear strong and weak trends compared with each other.

The Shanghai Stock Exchange Index retreated step by step, while the Shenzhen Stock Exchange Index, ChiNext Index, and Small and Medium Enterprises Index moved higher step by step and broke through quickly. As a result, the strength and weakness of the Shanghai and Shenzhen Stock Exchanges were clearly separated. The growth gap between the GEM and small and medium-sized indexes has widened again.

Finally, when 11:30 arrived, the two cities closed at noon.

The Shanghai Stock Index retreated to the 2305 point line, and the increase once again shrank to less than 5%, while the Shenzhen Stock Exchange Index, ChiNext Index, and Small and Medium-sized Enterprises Index once again rose by more than 1%. The situation of "Shanghai is weak and Shenzhen is strong" has reappeared in the two cities, and The market's half-day trading volume has expanded compared to yesterday, with a total of about 60 billion transactions.

Faced with such a midday closing situation.

The majority of investors in the market are quite satisfied, but they still feel somewhat unsatisfactory about the performance of the Shanghai Stock Exchange Index. owl

"The Shanghai Stock Exchange Index has actually shrunk back below the opening level. Alas... It seems to be quite difficult for the Shanghai Stock Exchange Index to completely stand firm at 2,300 points. Moreover, the active capital liquidity in the direction of the main board feels that it has been completely blocked by the small and medium-sized boards of the Shenzhen Stock Exchange and the entrepreneurial market. Many 'conceptual growth stocks' on the board have been sucked away, and the market trend in the direction of the main board in the afternoon is probably even less optimistic than in the morning."

"Indeed, the active capital liquidity in the direction of the main board has been completely absorbed by a number of 'concept growth stocks' on the small and medium-sized board and GEM. This has also resulted in the decline of 'big infrastructure', 'big finance', 'consumption', 'medicine', etc. In the traditional main line area, there is basically no capacity for active buying.”

"Today's market volume has expanded a lot compared to yesterday, right?"

"However, it can be seen that the main market is still the stock game. In the direction of small and medium-sized boards and GEM, the 'concept growth stocks' line is strong, and the main board is weak. To put it bluntly...it is still the main buying funds in the market. The amount of energy cannot support a comprehensive market situation and cannot achieve a general rise."

"Aside from the amount of funds, the most important thing is the change caused by expectations, right?"

"Well, it's obvious that expectations for the two core lines of 'mobile Internet' and 'smartphone industry chain' that have been speculated on for several rounds are rising again."

"These two main lines are originally the most imaginative industry outlets in the current market."

"In fact, in the past two years, the overall market performance has been a situation of 'Shanghai is weak and Shenzhen is strong'. This trend is not surprising."

"To be specific, the strong breakthrough trend of the Shanghai Stock Exchange Index in April and May was unexpected."

"Yes, in fact, the market trend in the past two years has always been dominated by the two main lines of 'mobile Internet' and 'smartphone industry chain'. All related concept hype also revolves around these two main lines. , now...it is not an accident that the main funds of all parties in the market are once again converging in these two directions."

"I'm not surprised. I just feel that the adjustment in these two main areas is not particularly sufficient. Compared with the entire market, both valuation and historical stock price positions are not low. Besides...there have been so many waves in the past. How much more hype and upward expectations can we achieve?”

"No matter how much expectations can be achieved, at least the 'growth' of these tickets is still the best in the entire market, right?"

"There is definitely no problem with the logic of industry growth in the two main directions of 'mobile internet' and 'smartphone industry chain', but 'growth' cannot be clearly seen when compared with valuations and market expectations. What is worthy of investment and continued speculation? The key is that it is soon the time for centralized disclosure of semi-annual reports. Under the high market expectations of these 'growth stocks', if the performance does not meet expectations, the stock price will skyrocket, which is also quite scary. of."

"Generally speaking, participating in these tickets means high risks and high returns."

"There is a high probability of high risks, but high returns are not guaranteed. Let's take the line of 'film and television media'. This is already the third consecutive day of skyrocketing. If we continue to increase our positions here and follow the trend, who can guarantee how much room there will be in the future? ? On the contrary, for the line of 'big infrastructure', I think the adjustment is almost done, and no matter which aspect is analyzed, it is necessary to have expectations, emotions, and performance. The valuation is still very low, and at the same time, Su Several large funds under the leadership of the 'Yu Hang Group' have locked up their positions on a large scale and are optimistic about it. It makes no sense that there will be no market in the future!"

"The current risk of participating in the 'Film and Television Media' line is certainly not low, but the entire 'Concept Growth Stock' field is not limited to the 'Film and Television Media' line! Today's explosion of the 'Apple industry chain' 'This line, as well as a bunch of rioting 'mobile Internet' concept stocks, are quite good. On the market of these stocks, you can clearly see the traces of large-scale intervention of main funds."

"In terms of investment logic, no amount of analysis is useless. In fact, let me say... just one sentence, just follow the main funds in the market. After all, our funds are small, and in terms of transfer and conversion, we are not that big of institutional funds, so there is no need. Looking at the long term, wherever there is a market trend, just stick to that area.”

"That's true, but I'm afraid that if I catch up to a high point, my backhand will be buried."

"I am mainly worried about the continuity of the market in the direction of 'conceptual growth stocks'. After all, stocks are speculating in the future. If they rise today and fall back tomorrow, it is better not to buy them."

"Yes, although this morning, the entire market's small and medium-cap 'concept growth stocks' were doing well, but the overall hot market rotation was still quite fast and did not show strong continuity."

"Isn't the 'Film and Television Media' line considered to be one with strong market continuity? Huace Film and Television, Ciwen Media, and Cultural Investment Holdings are all in a row."

"Is a one-word daily limit considered to be highly sustainable?"

"Not to mention Huace Film and Television, Ciwen Media, and Cultural Investment Holdings, Huayi Brothers and LeTV can always be said to have better continuity. They have risen by the limit for three consecutive days, and they basically changed hands. .”

"Today Huayi Brothers and LeTV are indeed doing well, but these two checks have hidden concerns about the large-scale profit-taking in 'Wealth Road'. The mood is not very strong. These two checks are really going to be the leader. I’m afraid we have to look at the Dragon and Tiger ranking data after today’s opening and test it with tomorrow’s market trend. And although these two checks were firmly closed today, I always feel that there is something abnormal in the market trend.”

"I agree. I also feel that the trend of these two checks is quite strange today."

"Anyway, at today's offline investment strategy meeting in Shanghai, so many large institutional asset managers are optimistic about the two emerging industries of 'smartphone industry chain' and 'mobile Internet', which should be enough to illustrate this. The market conditions in the two major fields are not much different.”

"Haha, when are these people's public statements correct?"

"It is true that public opportunities are often not opportunities. However, you can still take a look at the analysis report of Mr. Liu of the Pingyin Asset Management Department. His judgment on the macro trend of the market is quite accurate."

"It doesn't matter whether these people are right or not. What's important is that today on the market of various small and medium-cap growth stocks, there is indeed a lot of main funds increasing their positions, and this feature is reflected in the core 'Apple industry chain' stocks. As well as many popular growth stocks such as LeTV, Huayi Brothers, Wangsu Technology, Inspur Information, Huaguo Software, 2345, etc., the performance is particularly obvious on the market. Everything in the market can deceive people, but real money The flow of funds shouldn’t be able to deceive people, right?”

"Compared with the same kind, after the Dragon Boat Festival, the main line of 'big infrastructure', which once supported the market rebound and continued to absorb a lot of main funds to follow positions on a large scale, has shown signs of continuous outflow of main funds. It feels that the main funds of all parties are for There are still huge differences in the logic of the direction of 'big infrastructure'."

"On the two main lines of 'Apple Industry Chain' and 'Mobile Internet', there should be quite a lot of institutional funds and major funds that have been involved before, right?"

"Well, quite a few. According to the first quarter reports and annual reports of popular stocks, we can see that there are always many major institutions lurking in positions. It is Yu who hyped up this field last year and made huge profits. The aviation system's funds should be significantly reduced."

"It feels like Mr. Su is not optimistic about the market's 'conceptual growth stocks' at this stage!"

"Indeed, if Mr. Su was optimistic, he would not have taken profits yesterday and sold three core growth stocks: LeTV, Huayi Brothers, and Wangsu Technology."

"So, most of Mr. Su's positions are still in the direction of 'big infrastructure'?"

"It's most likely so."

"If this is the case, then Mr. Su's current positions should be somewhat clearly different from the direction that the majority of institutional groups in the market are optimistic about!"

"The market is already very divergent in these two directions, right?"

"If the Shanghai Stock Exchange Index does not stand firm at 2,300 points, how far can the Shenzhen Stock Exchange Index and the ChiNext Index go upward?"

"This is not necessarily true. If the market conditions can replicate the trend in the second half of last year, it is not impossible for the ChiNext Index to catch up with the Shanghai Stock Exchange Index."

"History will repeat itself, but it won't be exactly the same every time."

"Yes, I also think... the line of 'concept growth stocks' in small and mid-caps is unlikely to replicate the trend in the second half of last year at this position."

"But it is a fact that funds from all walks of life in the market are converging on the 'concept growth stocks' areas of the small and medium-sized boards and the GEM!"

"Let's take a look at the market trend in the afternoon. If it still maintains the trend of 'Shanghai is weak and Shenzhen is strong', and the market trend of relevant popular stocks is getting stronger and stronger, then there is nothing to hesitate."

As time flew by after the market closed at noon, the discussion among retail investors in the market became more and more intense.

And the direction of the discussion topic is increasingly focused on the "concept growth stocks" field of small and medium-sized boards and GEM, especially the two lines of "Apple industry chain" that have exploded, and the "film and television media" that continue to be strong. The enthusiasm and investment sentiment are getting more intense.

As for the early popular main lines such as ‘infrastructure’, ‘military industry’, and ‘Internet finance’.

Except for 'Internet Finance', which is still at the forefront of the market's major core threads in terms of discussion and investment sentiment, discussions on other main threads are rapidly declining. A number of investor groups are increasingly focusing on small and medium-sized boards. , GEM's 'conceptual growth stocks'.

Faced with such market sentiment reaction...

Around 12:30, at this moment in Yuhang, inside the Yuhang Investment Company, in the main infrastructure trading room.

After the traders returned to the trading room after eating, they briefly reviewed the trading and observed the market's emotional response. Fund manager Li Meng couldn't help but frown, feeling a hint of crisis in the trading strategy, and couldn't help but tilt his head. Su Yu, who was watching the market of the two markets and carefully reviewing the trading, said to the side: "Mr. Su, the change in market sentiment is very unfavorable to us. If we don't do something, I am afraid that the trading strategies and expectations we have formulated before will be ruined." All must be in vain.”

"What else do you think we can do at this time?" Su Yu retracted his gaze from the board and asked.

Li Mengmeng thought for a while, and finally took a look at the fund's backend data. He saw that several major funds had very few positions left, and the available liquidity had dropped sharply to less than 2 billion after a wave of consumption in the morning. According to the current situation of several funds, it would be quite difficult for them to bring market sentiment and attention back to the core line of 'big infrastructure', so they were silent for a long time, not knowing how to start. He sighed softly and said: "It is no longer realistic to rely on funds to induce emotions from the market. I don't know what else we can do at this time, but I think we can't just wait and see, right?"

The feeling of sitting still and waiting for death was what she hated the most.

Once the market situation forms a situation of comprehensive transformation to the "growth stocks" of small and medium-sized boards and GEM, then the tens of billions of chips they have laid out on the main line of the main board weight will really become useless. The performance of the aviation fund will fall down from the industry's altar, and the business development of their Yuhang Investment will also be greatly affected. These...are all things she doesn't want to see.

"Actually... don't worry too much." Su Yu looked calm and said with a genuine smile, "If you are over-capital, you will lose, and if you over-excess, you will lose. In the market's 'concept growth stocks' line, the overall market expectations are not low in the past two years, and at the same time, the performance has not been realized. It has obviously not kept up with expectations. Although the overall growth is good, the difference in expectations is very small. Moreover, due to the continuous hype in the past two years, clear growth logic and industry development logic, there are not many main funds that have been gathering in these fields. "Owl

"Although this line, after six months of adjustments, a lot of hold-ups and free chips have been cleared."

"But the overall pressure is still there."

"Except for the current line of film and television media, which has some substantial positive support that exceeds expectations, the other main lines of growth are no different from last year and the beginning of the year during the hype. In other words, there is no change in the difference in expectations. It’s just a pure emotional reaction and the deliberate guidance of the main funds.”

"And pure emotional reactions cannot last long, and the main funds that are deliberately guided will not be able to hold up the market."

"What's more, on this line, a lot of profits have been accumulated. Once the sentiment passes the peak, the market will reverse quickly."

"Of course……"

When Su Yu said this, he paused, and then continued: "Although the other party's forceful pull is shooting itself in the foot, we should also take action to stimulate the market, let the market change, and the market trend continue It is within our expectations, accelerating market differentiation and reversal."

"What are you going to do?" Li Meng asked, seeing that Su Yu didn't look nervous at all.

Su Yu smiled and responded: "The positions of several of our funds have reached their limits and we cannot do more on the market. In this case, we can only make an entry through market news."