Rebirth of the investment era

"In terms of the weight of the main board, in the past year or so, the position weights of various institutions in the industry have not only been decreasing." Liu Ziliang emphasized, "As far as I know, many institutions in the industry have only a small number of bottom stocks that must be held in the main board weight stocks. Outside the warehouse, there is no position weight to speak of."

"Funds are like running water, and it is normal to make money wherever you go." Mr. Gao of E Fund said with a smile, "The direction of the main board's weighted stocks has insufficient expectations, insufficient growth space, and too many accumulated chips in the market. In terms of market driving, , too much continuous incremental capital is required, and the "value recognition" of the entire market investor group for the entire weighted stock is too low. This series of factors makes it extremely difficult to speculate on the market in the weighted direction, and at the same time... in addition The overall volume of the market is insufficient, and the amount of active capital groups and new capital is extremely limited. How can it support the main line market speculation in the weight direction? It is abnormal if the funds gathered in these weight directions do not escape. "

"After the market has changed in shape and expectations in the past two years, the entire investment ecology of the domestic market should also undergo fundamental changes in the future, right?" Mr. Shan pondered for a moment and said, "I feel that the path of 'value investing' is It’s always not feasible at home.”

Mr. Ning from the Investment Strategy Department of Huaxin Securities smiled and nodded, agreeing: "It definitely won't work. The U.S. financial trading market has been developing for 100 years. It has long been a mature market ecosystem, and in the market, there are no more people involved in transactions. The most important investor groups are institutional investors with relatively complete trading systems. When the institutional investor group accounts for an absolute proportion in a market, the so-called 'value consensus' will lead to effective market pricing."

"Looking at the domestic market..."

“When the development of our fund industry and asset management industry is only in its infancy, the absolute proportion of market investor groups is still dominated by retail investors. In the A-share market, retail investors account for 90% of the investor weight. , this is by no means a joke, that’s the reality.”

"When the retail investor group occupies an absolute dominant position in a financial trading market."

“Since the vast majority of retail investors do not have sufficient financial market trading experience and investment knowledge, let alone a mature trading system and so-called awareness of securities value, then... the fluctuations in securities prices are destined to deviate from value pricing. The central system is hijacked by emotions."

"Similarly, due to the weakness of human nature and limited cognition, retail investors chase the rise and kill the fall, which has become the norm in the market."

"It's also because of this group chasing the rise and killing the fall."

"That's why the investment ecological environment in our A rising market is always bullish and bearish. It rises too much and falls too much. It's difficult to have a sustained long bullish and slow bullish market like in foreign countries."

"Well, Mr. Ning's analysis is still thorough." Liu Ziliang admired the analysis of Mr. Ning from the Strategic Investment Department of CEFC Securities. He took the words with a smile and continued, "Indeed, although the 'value investment' system is good, but In the current environment of our A-share market, it is destined to be acclimatized."

“This investment system really needs to be realized in A-shares.”

"At least when the domestic asset management industry becomes more mature, the institutional investment group begins to dominate the market investor group, the retail investor group gradually declines, and the fund industry develops greatly, the path of 'value consensus' will be possible, and Balao's Only then can the 'value investment' theory be applied to the domestic financial trading market."

"Prior to this, the domestic trading market should still be unable to get rid of the emotion-dominated stock price, bullish short and bearish investment environment and investment ecological pattern."

"So, at this time, whoever is still holding on to performance-weighted stocks and talking about 'value investing' and talking about performance expectations is really stupid." Mr. Shan agreed with the two people's analysis theory and smiled. Said, "With market sentiment being the most important leading factor in stock prices, concept hype, various story sessions, and emotional anticipation hype... have naturally become the real mainstream in the development of market conditions."

"In fact, this is essentially the real hype logic of the main line of 'concept growth stocks' in the Shenzhen Stock Exchange, right?" CEO Gao of E Fund pondered for a moment and said with a genuine smile.

"Of course." Liu Ziliang nodded in response, "We need to talk about expectations, we need to talk about concepts, and we need to tell various stories. The emerging industries have great prospects in the 'smartphone industry chain' and 'mobile Internet' fields, which are undoubtedly the most promising in the entire market. Good breeding soil.”

"And we can already clearly feel..."

Liu Ziliang paused, looked around at a few people, and then continued: "More and more major institutions in the industry, and even many large hot money investors, have formed very strong consensus expectations in these fields."

"It seems... the era of PE investment is destined to pass." Mr. Shan of Huarui Public Fund Company lamented, "But a new market investment ecology is taking shape."

Liu Ziliang nodded and responded with a smile: "The new market investment ecology has arrived a long time ago. Otherwise, in the past two years, why would the trends of the Shenzhen Stock Exchange's GEM and small and medium-sized indexes be significantly stronger than those of the Shanghai Stock Exchange and Shenzhen Stock Exchange Index? Looking at the entire In the market, the Shanghai Stock Exchange Index is still searching for the bottom, and is still struggling in the quagmire of the bear market. However, the ChiNext Index and the Small and Medium Enterprises Index have clearly stepped out of the bottom of the bear market and are moving upward."

"After thinking about it for a while..."

“Whether it is the ecological status of the market investment group, the fundamentals of the development of various industries, or even the changes in macroeconomics and macropolicies, or the emotional response of the overall market, the obvious position adjustment trends of major institutions in the industry, and Based on the analysis of various factors such as the most basic K-line trend, active capital flows in the market, and the amount of follow-up funds, etc., the market will inevitably revolve around the 'smartphone industry chain' and 'mobile phone' when it comes to major market direction changes. The Internet is proceeding in these two general directions."

"No matter how you look at these two major directions, they have long-term investment logic and sufficient hype factors."

"Speaking of this..."

Liu Ziliang smiled and continued: "Mr. Su from 'Yuhang Investment' has a really keen sense of market trends, and he does have some skills in trading operations. He was able to fully explore them last year." We have grasped these two main lines of investment and fully captured the profits from these two main lines of investment.”

"It's just that Mr. Su, in my opinion... in terms of the macro structure, is still a little behind."

"While the other party occupies the core chip weight of these two major investment lines, it failed to consistently promote and hype these two major lines. Instead, at the critical moment, it made a large-scale reduction of positions and poured into the main board's big infrastructure 'This is the main line of weight."

"In my opinion, this is to actively abandon the main line area where the overall investment sentiment in the market is the hottest, and it is also the main line area where the investment groups on and off the market have the strongest expectations, but to choose the area where the expected consensus is obviously lacking. It is extremely difficult to hype the concept and expand the story, and it is difficult to arouse The main line sector that resonates with the overall market investment community, isn’t this seeking a dead end and destroying the future?”

"The development direction of market conditions has always changed in the direction of least market resistance. This is the so-called macro trend and long-term trend."

"And there is no doubt that it will be based on the changes in the market in the past two years."

“The macro market trends, as well as the long-term market development, are focused on the two main investment lines of ‘smartphone industry chain’ and ‘mobile Internet’.”

"The 'Yu Hang Group' is now going against the trend. In my opinion, it is only a matter of time before it falls from the performance altar and the investment myth is shattered."

"Mr. Liu said it well!" Mr. Shan of Huarui Public Fund agreed very much. He raised his glass and touched Liu Ziliang with some excitement, and said, "After all, this man is too young and has seen too few market turmoils. Thinking that a lucky gamble, hitting the market trend, making a lot of profits, and being praised by investors is your own ability. Who knows that in the financial trading market, the money earned by luck will sooner or later also be earned by luck? Losing strength, in the short term...the higher this person climbs, the harder he will fall."

"The investment method of the 'Yu Hang Series' is originally a high-risk investment method with extremely high risks." said Mr. Gao of E Fund. "Betting heavily on the right direction and the right outlet will naturally make huge profits, but betting on the wrong Even if it fails, it will also suffer heavy losses and fall from the cloud into the abyss in an instant. Regarding this organization, despite its huge influence in the industry in the past six months, I personally have never been optimistic about it."

Mr. Ning from the Strategic Investment Department of CEFC Securities pondered for a moment and then said: "Judging from the recent trading actions and market public comments of the 'Yu Hang Group', the other party really wants to use its own efforts to leverage the market and promote the 'big infrastructure' This line came out. Looking at it as a whole... Mr. Su from the 'Yuhang Department' is really crazy. He actually wants to use his personal influence to leverage the trillions of market value of the entire 'big infrastructure' main line. move."

"Young people are inevitably arrogant and think that once they succeed, they will become the world's stock gods." Mr. Shan chuckled and said with a little contempt, "You don't know how to respect the market at all!"

"However, it is precisely because of the 'Yu Hang Group', the main force of funds, that we have cut positions on a large scale in the 'concept growth stocks' line of the Shenzhen Stock Exchange, so that we can obtain relatively low core chips." Liu Ziliang thought for a while and said , "From this aspect, the other party can be regarded as helping us, temporarily suppressing the market's emotions in this direction, providing a higher space for market outlook and emotional speculation."

"Haha, what Mr. Liu said makes sense." Mr. Shan thought about it and laughed.

"According to Mr. Liu's analysis just now, your 'Pingyin Asset Management Department' plans to continue to be violent in the field of 'conceptual growth stocks' in the Shenzhen Stock Exchange, especially in the fields of 'smartphone industry chain' and 'mobile Internet'. Are you going to continue short selling?" CEO Gao of Yifangda had bright eyes, guessing Liu Ziliang's inner thoughts, "Is Mr. Liu planning to leave a sip of soup for us?"

When Liu Ziliang heard what Mr. Gao said, a smile instantly appeared on his face and he said: "What did Mr. Gao say? How can our 'Pingyin Department' have the ability to squeeze shorts? We have to rely on you 'Yifangda' to lead and move the market." The market is going well, so we can follow and have soup at the back!"

"Mr. Liu should say this to Mr. Ning. We, from a small family, don't have the ability." Mr. Gao chuckled, and his eyes instantly turned to Mr. Ning from the Strategic Investment Department of CEFC Securities.磣

Mr. Ning responded with a smile: "We can only go with the trend. We will adjust our trading strategies according to the market trend. All market performance is the result of reasonable funds from all parties. It is impossible to say where it is." In essence, no one has the ability to influence the main organization of one party.”

"Ha ha……"

After hearing Mr. Ning's words, everyone at the table laughed in unison, knowing the meaning behind these words.

As the dinner continued and everyone was communicating, their opinions on the subsequent market trends became more and more consistent. Similarly, the weight direction of the main boards such as "big infrastructure" and "military industry" led by the "Yu Hang Group" , are becoming more and more pessimistic, and they all feel that the "Yu Hang Group" is destined to be abandoned by the core and main institutional groups in the market this time, and will go against the development of market trends.

At the same time, everyone is also happy to see the 'Yuhang Department', a major organization with extraordinary influence at the forefront of the industry, falling from the altar of performance and becoming mediocre.

However, financial markets have always had two sides of the same coin.

The same thing, the same trend pattern, some people see opportunities, while others naturally see risks.磣

At this moment, in a villa in Yanjing, Liao Guanghua, general manager of the proprietary investment department of Huashang Securities, became increasingly determined after Zhang Guangnian, chief analyst of the same company, conducted an in-depth analysis of the market and combined with various subtle changes in market news. The investment strategy of increasing positions in the main direction of "big infrastructure" has been formulated.

"Lao Zhang, your idea of ​​'I take what people abandon, buy when others dislike, and fight for when I sell' is very novel!" After Liao Guanghua made up his mind, he responded to Zhang Guangnian's market analysis just now. I couldn't help but praise these words, "The 'Yuhang Department' has almost openly invested heavily in the 'big infrastructure' line. There is indeed something to bet on this! This boy surnamed Su has accurately predicted the entire situation. In the direction of the market's main board, only the 'big infrastructure' line has a strong macro-expectation logic, and only this line can lead the market to a rapid breakthrough!"

Zhang Guangnian chuckled and said: "More than that, this guy dares to show his cards in public. He is much more thoughtful than you think. I guess he guessed that the regulatory authorities are under great pressure at this moment. , there is an urgent need to launch a bull market quickly to solve the market financing dilemma."

"to be honest……"

Zhang Guangnian's eyes were sharp and he exclaimed: "This guy is waiting for the 'national team' to enter the market to increase positions and drive the market to support him!"