Rebirth of the investment era

"Hey, it's really possible." After hearing Zhang Guangnian's words, Liao Guanghua smiled and responded, "The first fire in this market wants to be ignited. Under the huge pressure from the regulators, institutional groups like us, If I don’t do something, I’m afraid it won’t be justified.”

Zhang Guangnian nodded slightly and said: "There will definitely be frequent offline investment strategy meetings and macro guidance from regulators. Although no one will say it clearly in the end, they are all in the same system, and we have to pay attention to human relationships and relationships. "

"So!" Liao Guanghua sighed helplessly and said, "Instead of waiting for macro guidance to come, we should be more proactive. At least now if we are proactive, we can still occupy relatively low-priced, high-quality target chips, and at the same time... …It can also leave a good impression on leaders that they have the overall situation in mind.”

"The A-share market, in the final analysis, is still a policy market."

"The 'Yuhang Group' has made public appearances and made huge bets in the field of 'big infrastructure'. Rather than focusing on the general investment logic of this line, it is better to say that it is based on the regulatory direction at this time. Qicun, knowing the next direction of market policy and favorable winds, will definitely continue to blow on the line of 'big infrastructure'."

Zhang Guangnian nodded and said with a smile: "Mr. Su's investment vision and trading strategies cannot be underestimated in terms of the macroeconomic structure of the market. The market analysis article that Mr. Su published on the Internet today is actually quite good. Well, it’s just that… there shouldn’t be many people who can truly realize the value of this market analysis article.”

"Yes!" Liao Guanghua nodded, "I heard that at today's offline investment strategy meeting in Shanghai, most of the managers of industry institutions participating in the meeting are more optimistic about investment opportunities in emerging economic industries."

Zhang Guangnian smiled and said: "At the strategy meeting, Mr. Liu from the 'Pingyin Group' mainly spoke. Of course... everyone is more optimistic about investment opportunities in the market's emerging economic industries. This is also a fact. After all, in the direction of the weight of the main board, When it comes to things like concepts and stories, the imagination space is indeed a bit poor. At the same time, stocks of various weights have large circulations and deep locks. It is also quite laborious to pull up, so naturally they will not be popular."

"But, procyclical investment and countercyclical investment follow different logics."

"In the field of emerging economic industries, although market expectations are high and the concepts and stories are strong, the current valuation level is also high."

"It is said that the current market has entered the stage of emerging investment logic."

“Many people claim that ‘value investing’ is destined to be incompatible with our A-share market, and that PE investment is simply an old-fashioned evil path.”

"But they don't know that the 'security value' is not a constant price range."

"It is the most important criterion for securities valuation."

"Due to the influence of market sentiment, security prices in the short to medium term will indeed completely deviate from fundamentals, but if the time line is extended, the 'value' will still return."

"As far as the two emerging economic industry fields of 'smartphone industry chain' and 'mobile Internet' that are currently hotly hyped in the market, no one doubts that these two fields will continue to be highly prosperous in the next two to three years. However, just because everyone Both are optimistic, so it is difficult to see obvious differences in expectations in these two areas."

“And once there is no room for expected differences, there will naturally be no excess investment profits to speak of from valuation fluctuations.”

"After all, in the short and medium term, stock prices still rely on expectations for feedback."

"However, looking at the current main board weighted traditional fields where various institutions have reduced their positions and left the market, the volume has shrunk to historical extremes. Although overall, the investor group's expectations for these fields are very pessimistic, they also estimate that The value performance is also at the most pessimistic and historically low valuation position.”

“Expectations are low, coupled with low valuations.”

"Once a powerful hurricane of policy blows, and once the fundamentals of the industry reverse dramatically, the potential for growth in the field is also quite huge, which will instantly lead to an increase in valuations and investor expectations." Double click on 'trend."

"I have the same idea as you." Liao Guanghua said, "Moreover, there is another point. In addition to changes in policies and fundamentals, in terms of market technical analysis, the line of 'big infrastructure' also It already has the potential to continue to explode."

"The wave of positive market trends in April and early May."

"The 'Big Infrastructure' line, under the strong influence of the 'Yu Hang Group' funds, has played a very good leading role in the entire market. After that period of continuous market growth, over the past few years, the backlog has The huge holding chips on this line have been loosened a lot."

"This is a chip structure advantage that other traditional major mainline fields do not have in the direction of the main board."

"so……"

Liao Guanghua paused and said: "Next, if the regulators want to truly create a sustainable market, the direction of macro guidance will undoubtedly be the line of 'big infrastructure'. At the same time, there is only this This line can carry a huge amount of 'state-owned assets' and can fulfill some of the strategic goals of high-level leaders in the 'reform and reorganization of state-owned enterprises and central enterprises' and the 'New Silk Road on the sea and on the road'."

"Agree!" Zhang Guangnian said with a smile, "So... the card currently played by the 'Yu Hang Group' is not highly recognized by various institutions in the industry, and no one is willing to enter the market to increase positions to support this fund. , and thus quickly began to gather together in the emerging economic and industrial fields, trying to open up the situation in other main directions, but it undoubtedly hit the hearts of the regulators and found a node for the regulators to break the situation. "

"Haha..." Liao Guanghua laughed, "It seems that the legend of the 'Yu Hang Series' will continue!"

"This main force of capital has been standing in the 'right direction' of market trend development. There is no reason why it cannot succeed!" Zhang Guangnian said, "However, there are many popular people, and the higher you climb, the more painful the fall. If the stock capital does not change the investment style of concentrating heavy positions in one or two main areas in the future, it will be a matter of time before it becomes mediocre. After all... in the face of the unpredictable financial trading market, no one can stand in the market forever. The trend is going in the 'right direction'."

Liao Guanghua nodded and said: "It is true that concentrated investment is an evil path after all. I only hope that this kid can realize and understand this after he truly grows up!"

The two chatted nonchalantly...

The market time also slid forward quickly while the two were chatting, and it was time for the peripheral market to open.

As the overall mood of the global market recovered during the day, U.S. stocks opened slightly higher, and the stock prices of a series of technology giants showed strong trends. Among them, Apple rebounded quickly and continued to recover its early losses, while a series of Apple industry chain stocks, as well as the entire Smartphone industry chain stocks have also all escaped from their early weakness and followed the trend of Apple's stock price to rebound strongly.

Faced with the trend of U.S. stocks opening higher and moving higher, and the pattern of "technology stocks" leading the market trend.

At this moment, whether it is a group of retail investors who are optimistic about the direction of "conceptual growth stocks" in the Shenzhen Stock Exchange, or even a group of holding investors, as well as an institutional group that is optimistic about investment opportunities in emerging economic industries, or in other words, like Pingyin Asset Management, Participating institutions that have already made large-scale deployments in emerging technology fields such as the 'smartphone industry chain' and 'mobile Internet' have further increased their shareholding confidence and investment confidence. hawker

And under such emotional interpretation.

In the evening and late at night, a number of 'Apple industry chain' stocks that performed well during the day, as well as core popular stocks in the fields of 'film and television media' and 'mobile Internet', also climbed to the top of the hot stock discussion lists in the two cities again, and even already Many people began to place orders late at night and rush to buy chips related to core stocks.

However, under the heated emotional reactions of everyone and the heated discussions.

The next morning, when everyone woke up, they found that after the U.S. stock market opened higher at the beginning of the session, it plunged again in the late trading period in the second half of the night, recouping all the intraday gains, and the K-line pattern became a straight line. The relay Yin Cross caused the entire trend pattern to change from a clear rebound to an uncertain relay of decline, or a continuation of the downward trend.

In short, during the pre-market period of the A-share market in the morning.

Affected by the trend of US stocks, everyone's originally confident mood has been greatly affected.

Of course, when the external market trend of U.S. stocks is obviously not as good as the expectations of domestic investors, the 'technology stocks' that everyone is paying more attention to, the so-called emerging economic industry investment field, are still performing relatively well. A series of Internet technology stocks listed in the United States, As well as stocks in the smartphone industry chain, they have maintained a continuous rebound trend and performed significantly better than the broader market index. hawker

In addition to these purely external market trends.

Before the market opens, close to 9 o'clock in the morning, the main institutional groups in the market, and even many financial investment institutions, their so-called chief investment advisers, analysts, and well-known fund managers are doing pre-market analysis. At that time, the analysis point of view still pointed directly at the two emerging economic industry fields of "smartphone industry chain" and "mobile Internet", indicating that the main line of "concept growth stocks" in the Shenzhen Stock Exchange will still be the main line of investment area that is the core of market development.

Among them, the Shenzhen Stock Exchange, Pingyin Asset Management, is the core and main institution in the market.

They also disclosed the positions of multiple self-operated funds and public funds before the market opened, indicating that they will continue to be optimistic about the market conditions of emerging economic industries such as the 'smartphone industry chain', 'mobile Internet', and 'film and television media', and their related The future business and performance development of core companies.

Under the guidance of the investment views of these institutional groups, as well as the trend performance of a number of technology stocks in the external market.

Before the market opens, the majority of retail investors in the market, as well as many groups of medium and large hot money investors, have also begun to be greatly affected by their views on market conditions. Regardless of the hot topics of discussion, more attention has been focused on 'Smartphone industry chain', 'mobile Internet', 'film and television media' and other main line areas of emerging economic industries.

"Boss, the market's overall emotional response shows signs of being increasingly biased towards the main lines of emerging economic industries such as the 'smartphone industry chain', 'mobile Internet', and 'film and television media.'" 9 a.m., about fifteen minutes before the market opens. , inside Yuhang Investment Company, in the main fund trading room, the trading team leader Wang Can constantly refreshed the news on the computer interface, and reported to Su Yu who walked into the trading room, "This mood has turned a bit fast. A sudden change in the direction of the main board. In the traditional main investment field, except for the 'big infrastructure' main line, and a few popular leading concept stocks that performed well yesterday, there is basically no topic heat. I feel that under this mood, the trend of the Shanghai Stock Index at the opening of today is probably not good." hawker

Su Yu sat in front of his own computer in the trading room, and carefully refreshed many market news and the most popular topics discussed among retail investors, and responded: "How do you say this? Want to To destroy it, it will first make it crazy. At this moment, the more the overall market sentiment is converging on emerging economic and industrial fields such as 'Apple Industry Chain', 'Mobile Internet', and 'Film and Television Media', which have relatively high levels of market speculation, then after the market opens, in With the high pre-market expectations, there will be less room during the market.”

"Don't worry too much..."

When Su Yu said this, he paused and continued: "Such a market sentiment response is actually better than we expected."

The stronger the pre-market sentiment, the harder it will be to achieve the intraday expected space and stock price height after the market opens.

In particular, the current overall market trend has not made a macro breakthrough, that is, the market has insufficient incremental funds, the overall investment confidence is not high, and the overall market liquidity and trading volume are also very limited. So... under this situation, in the short-term emotions If it opens higher overall under the support, it will be difficult to move higher.

On the contrary, emotional expectations are lowered. They plan to attack the 'Internet Finance', 'Alibaba Concept', and even 'Big Infrastructure' popular concept stocks in small and medium-cap stocks that are driving the market. The current popularity is not high. Once funds attack strongly during the session, it will be even more It is easy to open up the space for making money and increasing the stock price.

"Agree!" Li Meng smiled, agreeing with Su Yu's words, and said with full confidence, "LeTV has such a large capacity yesterday, and it is so obvious that one company is the dominant player on the Dragon and Tiger list. This stock before the market opens today The hotter it is, the greater the opening range, and the greater the market pressure it will face. I don’t believe that the institutional funds that attacked yesterday can still block this stock today like yesterday.”

"If the other party continues to buy, I'm afraid it will hit the 5% mark, right?" Zhao Lijun continued.

"Master, we should still have a lot of positions in the LeTV check, right?" Liu Yuan thought for a moment and asked.

Although the trading team she managed had basically sold out all the holding chips for this check, she remembered that Su Yu was still relatively optimistic about this stock before. In the position structure of the 'Yuhang No. 1' fund, there had been an increase in the amount of this check. Position proportion weight.

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