Rebirth of the investment era

"The market trend this morning is really awesome!" someone said with emotion as the message in the group was being refreshed.

"Given the market investment sentiment and the market investment wind direction before the market opened in the morning, who would have thought that the market closing at noon would be like this?"

“It is too late to be too prosperous. The line of ‘technological growth’ in recent days really fully illustrates this point.”

"I have to say that Mr. Su is really good. He accurately predicts the market's turn every time."

“I seriously doubt that today’s market trends in the direction of ‘big infrastructure’ and ‘military industry’ are being lured by funds from the ‘Yuhang Department’ headed by President Su.”

“In order to induce a real turn in the market, crowd funds must follow suit!”

"Rather than saying that it is the result of the change in the market trend caused by Mr. Su's "Yuhang System" capital inducement, it is better to say that this is the result of the collective efforts of market funds."

"I have felt before that there are some problems with the market trend of the main line of 'technological growth', and as expected."

"The day before yesterday and yesterday, the 'Technology Growth' line was a bit forced to lure the market. Today, this major main line collapsed at a high level. In fact, there are traces to follow."

"Indeed, especially the recent trend of the 'LeTV' check, the signs of this kind of forceful pull and inducement are quite obvious."

"The main line of 'technological growth' is so fierce today. The trend in the short and medium term should be over, right?"

"It must be doomed. Throughout the morning, I don't know how much undertaking funds have been buried in the 'Technology Growth' line. The top chip peak has been formed. Now the main line of 'Big Infrastructure' has started, and the entire market's active capital flow has been attracted. When it comes to the main board of the Shanghai Stock Exchange, it is impossible to have a larger capital commitment than today's early trading stage. It will be possible to liberate the peak of the trapped chips above in a short period of time. Therefore, the line of 'technological growth' must not be able to count on the market in the short term. .”

“However, there have been quite a few major institutions that have increased their positions on the main line of ‘technological growth’ recently. I wonder if... these major institutions that have intervened will save themselves and forcibly maintain the market?”

"The position targets and even investment expectations of major institutions should not be short-term. It will be difficult for them to maintain short-term market conditions."

"The active capital flow in the entire market has been attracted by the main line of 'big infrastructure' in the direction of the Shanghai Stock Exchange's main board at this moment, and after the emotional brewing at noon, as well as the money-making effect in the direction of 'big infrastructure' and 'military industry' in the morning, After the market opens in the afternoon, the emotional expectations and hype in these two directions will definitely be higher. In addition, the market has not gotten rid of the "stock game" pattern. In this situation... even if we intervene in the "technological growth" If the major institutions on the main line want to forcefully maintain the market, they may not be able to do so, right? After all, the market really does not have that much incremental funds to support the simultaneous development of the two main lines."

"It makes sense. If the market's incremental funds are sufficient, the market will not continue to see a seesaw effect."

"Those who hold chips in the 'technological growth' line are better to take profits immediately. If they have higher expectations, they may only get disappointment."

"I feel that the two hot sectors of 'Internet finance' and 'e-commerce' can still be looked at again."

"Well, the trend of 'Hengsheng Electronics' is obviously not over yet."

"'Sanjiang Shopping' and 'Pegasus International' also feel that they have hope of being closed again."

"The main ones to avoid are the two major industry sectors of 'film and television media' and 'Internet software' that are obviously at high levels in the short term. Of course... the 'Apple Concept' sector should also be avoided."

"A gentleman does not stand behind a dangerous wall. Since the line of 'technological growth' has turned from strong to weak, there is no need to go shopping for strong concept stocks when the main line is weak. At present, follow the changes in the market trend and do ' Isn’t it good to have a strong main line of big infrastructure?”

"Indeed, eliminating the weak and retaining the strong does not only refer to the choice of individual stocks, but also the main concept."

"Taking just the two lines of 'big infrastructure' and 'military industry', which stocks are you optimistic about?"

"The check of 'Fushun Special Steel' is definitely the core speculation stock in this round of market. The others...'Beijiang Communications Construction', an old monster stock in the early stage, as well as 'Tianshan Cement', 'Hongdu Airlines', The checks from 'Chengfei Integration' currently appear to have explosive potential."

"The trends of these large-cap stocks, such as MCC, China Railway Construction and China Communications Construction, are also frighteningly strong!"

"These check plates are really too big. This is the main battlefield for institutions. It is safer for us, the market noobs, to focus on concept stocks with a market value of less than 10 billion."

"It's a pity that 'Fushun Special Steel' reached its limit too early, and there is no hope of intervention in the afternoon."

"I think we can go beyond the direction of 'military industry' and 'infrastructure'. It seems that the market is actually under pressure to break through 2,300 points this time. In this way...we can also actively participate in other market bargain hunting areas." Moreover, the scope of 'infrastructure' is so wide, and various concept sections such as 'public transportation', 'high-speed rail', and 'port transportation' which have not changed much in the morning can also be participated in!"

"Hey, this is a good idea, especially the 'port transportation' sector, which falls under the category of 'big infrastructure'. However, after the wave of hype about the 'Shanghai Free Trade Zone' last year, it has been quiet for a long time, that is... …It’s not easy to choose the specific target, and everyone’s expectations for this direction are still logically based on the ‘free trade zone’.”

"What about 'high-speed rail'? This is the country's main business card this year."

“There is also ‘reform and reorganization of state-owned enterprises and central enterprises’ that can also be extended to hype.”

"In fact, careful analysis shows that there are quite a few sectors and concepts with hype logic on the main board, and the stock prices are relatively low."

"Indeed, it was not speculated before. It is still the line of 'technological growth' that has attracted too much active funds in the market, and everyone's attention is not on the direction of the main board, right?"

"The direction of the main board has not formed a sustained market. I think it was still in the second half of last year that the independent market trends of the Shenzhen Stock Exchange, especially the 'GEM' board, had an impact on the market investment logic, as well as the investment sentiment of the broad investor group in the market. The impact of investment thinking is so great that everyone has no corresponding investment expectations for a number of low-valuation weight stocks on the main board. Without investment expectations, it is naturally difficult to have a sustainable market."

"This is true. In the direction of the main board, in the past two or three years, the only effective rebound was caused by the funds of Mr. Su's 'Yuhang Department' in April and May."

"It is precisely that wave of continuous rebound that has loosened the market chips of many heavyweight stocks in the direction of the main board!"

"Yes, it is because of the last wave of effective rebound that today the two lines of 'big infrastructure' and 'military industry' on the main board were able to instantly burst out with such capacity and quickly gather market investment sentiment, right?"

“Without the lure of funds from Mr. Su’s ‘Yu Hang Group’, I estimate that the Shanghai Stock Index at this moment will most likely still be hovering around 2,000 points.”

"The market has come to this point, so it's okay to switch between high and low."

"Of course, without the Shanghai Stock Exchange as market support, the line of 'technological growth' cannot actually go far."

"I feel that today's wave of changes in 'big infrastructure' is stronger than the two days after the Dragon Boat Festival and the wave of market movements in April and May, especially the 'Huaguo Construction, Huaguo Railway Construction, Huaguo MCC, Huaguo Communications Construction, Huaguo China Railway... This large number of central enterprises and state-owned enterprises with the prefix "Hua", the changes in the market are really huge. Just the check of "Huaguo Construction", before the closing at noon, In the last few minutes, it has attracted a huge capital inflow of more than 100 million!"

"The 'real estate' sector is also strong. Heavyweight real estate companies such as Poly Real Estate, Kewan Real Estate, and Gemdale Group also moved in the first few minutes of closing at noon."

"These...are all super large-cap stocks! Could it be that the 'national team' has entered the market to increase their positions?"

"It's hard to say, but this kind of situation where the stocks of heavyweight state-owned enterprises and centrally-owned enterprises are concentrated and rising in the entire major main line field is by no means simple."

"The growth rate of the concept sector of 'Reform and Reorganization of State-owned Enterprises and Central Enterprises' has reached the top of the market concept sector growth list. It is strange that it is simple. I feel that the underlying investment logic of the market is changing. I just don't know whether these funds that are pouring into the heavyweight market can. If it really continues, this underlying logic will spread deeply, so that the majority of investors in the market will pay attention to it, and gradually realize it, and finally form a relatively convergent and consistent expectation."

"The underlying investment logic is changing? Does it mean... blue-chip revaluation?"

"It is not necessarily a revaluation of value, but as the macro policy direction of 'reform and reorganization of state-owned enterprises and central enterprises' gradually deepens, blue-chip weight stocks also have a bright future and imagination. At the same time, in the macro economy of the 'New Era Silk Road' Under strategic planning, the fundamental logic of many heavyweight blue-chip stocks will also be greatly improved. In short... even in traditional fields, new vitality can emerge and beautiful conceptual stories can be told."

"Damn it, this sentence really woke me up from my dream. The market can't really change like this, right? From one extreme to another?"

"Whether it can change like this depends on whether the market's 'pendulum effect' will come true."

"If the blue-chip market moves collectively and the market's underlying investment logic that originally focused on 'growth' changes, will the 'bull market' predicted by Mr. Su appear?"

"There are no signs of a 'bull market' yet, but it is not unanticipated."

"I always feel that after the Shanghai Stock Index jumps over 2,300 points, there is a high probability that it will not go back again."

"Haha, let's hope. I hope this wave of the Shanghai Stock Exchange Index can break through the high point of the previous round of rebound, break through the 2,500-point range suppression, and truly achieve the expectations of a bull market."

Amid the extremely intense discussions and the rapidly refreshing group messages, time also moved forward quickly.

Before I knew it, it was already 12:36.

At this time, in the face of the emotional change in the entire market that is increasingly biased towards the direction of "big infrastructure" and "military industry" on the main board, as well as the development of more and more negative market opinions about "technological growth", there are still many morning pursuits. 'Technology growth' is a topic that many investors have frequently complained about, and the stock market prices have been affected by the main line.

Shenzhen Stock Exchange, inside Pingyin Asset Management, the main fund trading room.

Liu Ziliang, general manager of the asset management business, kept refreshing the market news, and he felt more and more something was wrong.

"Mr. Liu, the market sentiment is completely shifting in the direction of 'infrastructure' on the main board. Moreover, in the market news, there are more and more rumors about 'accelerating urbanization and continuing to loosen the property market.'" Liu Ziliang frowned. Brows, when thinking about the corresponding countermeasures, the fund manager Chen Shen reported in a slightly panic, "Also...I heard that the State Administration of Radio, Film and Television is going to issue new regulations on the supervision of Internet TV. This will have a negative impact on our fund's top stock, LeTV. 'For me, this is absolutely bad news. What should we do now...?"

Liu Ziliang raised his head and glared at Chen Shen, and responded: "Don't listen to the wind. The five ministries and commissions have just released a series of stimulus policies for the field of 'film and television media'. Now the State Administration of Radio, Film and Television is about to issue regulations to regulate and inhibit the development of Internet TV." New rules, isn’t this a mess? Do you believe this kind of news?”

"It's not whether we believe it or not." Chen Shen said, "The key is...if the retail investors who are unclear about the market and other investors who hold LeTV stocks believe it, it will be over. After all, once expectations are formed , then it will be really difficult to reverse.”

"Mr. Liu, why don't you contact Mr. Gao from 'E Fund', Mr. Shan from Huarui Public Fund, Mr. Ning from the Investment Strategy Department of Huaxin Securities... Let's discuss it. If the market follows the market trend in the morning, If this continues, I’m afraid none of us will have any good fruits to eat.”

"Okay!" Liu Ziliang nodded.

Then, before the market officially opened, I quickly called several people.

"Mr. Liu, there is no way, we can't go against the market trend. It is no longer realistic to force the market upward at this time." Mr. Gao of 'E Fund' said on the phone, "Respect the market,' Technology The growth line, in the long run, still has investment value, and the expectations are not bad. Maybe after a wave of adjustments, the market situation will rotate and switch to this direction again? "

"Mr. Liu, the market has switched to the market rotation. To be honest, we really have nothing to do." Mr. Shan of Huarui Public Fund also said on the phone, "How about... giving up on 'technological growth' temporarily?" The idea of ​​​​increasing positions on this line is to follow the trend and follow the main board to give it a try. After all, we are not too involved in the line of 'technological growth', and the market has just turned. It is still difficult to retreat at this time. It’s too late!”

Mr. Ning from the Strategic Investment Department of CEFC Securities responded quite concisely on the phone. The other party sighed softly and said: "Old Liu, I advise you to withdraw quickly. The market trend has really changed this time. .”

After saying that, Mr. Ning hung up the phone. It seemed that there were other hints in his words.

Liu Ziliang saw that at the dinner table two days ago, they were unanimously optimistic about the development of the main line of 'technological growth', and threatened to increase their positions to follow and jointly create the market's main line of 'technological growth' market trends. At this moment, the market has changed in just half a day. They rebelled one after another, feeling very depressed and unwilling.

"Mr. Liu, how are you? What did they... say?" Chen Shen asked anxiously when he saw Liu Ziliang's expression getting worse and worse.

Liu Ziliang held the phone, his face darkened, and he did not answer for a while. He was still weighing the pros and cons and thinking about a suitable trading strategy.

After the Dragon Boat Festival, the market will focus on the main line of "technological growth".

Their "Pingyin Asset Management System" is the most rapid increase in positions, and in the market, there are several core heavyweight stocks in the "technology growth" line, such as "LeTV, Huayi Brothers, Internet Speed" Technology, Crystal Optoelectronics, etc. are all guided by the funds of their institutions.

Nowadays, the market conditions have turned and the liquidity on the line of ‘technological growth’ has been greatly reduced.

At this time, as they are too deeply involved in the heavy position area, if they also follow the lead of various funds to sell down, the entire market performance will be even more tragic.

In short, it is the exit mode of overweight positions and active selling.

You can't get out without shedding a layer of skin.

This is also a common problem that after the market's major financial players are deeply involved in a stock, they suddenly find that there is no room for speculation and it is difficult to turn around and retreat.

Also for this reason.

The funds of the 'Yu Hang Group' can only stick to the main line of 'big infrastructure' and cannot flexibly adjust the position layout or even change the investment direction on a large scale when the market situation turns to the line of 'technological growth', because once they are heavily invested in When there is a lack of liquidity in the main line area, if you sell down and adjust your positions, you are shooting yourself in the foot. The loss will be more painful than holding on, or in other words, holding on to a proper pallet.

But the tray…

When allies turned against each other one after another, they couldn't hold on with the funds of their "Pingyin Asset Management System".

"We'll see after the market opens in the afternoon." After weighing for a long time, Liu Ziliang still couldn't make up his mind to close the position at this time, and said, "The market trend of the external market is still changing around the main line of 'technological growth'. Short-term adjustments, It can't affect the long-term trend. Besides... based on the current market situation, I don't believe that stocks with heavy weights on the main board can form a sector effect and have a sustainable market. As long as the main board direction, especially in the fields of 'infrastructure' and 'military industry' Once the rebound sentiment wears off, the direction of market rotation will return to the line of 'technological growth' sooner or later."

"But Mr. Liu, what if..." Chen Shen wanted to say something else.

Liu Ziliang couldn't help but quickly waved his hand, interrupted him, and said: "Needless to say, let's implement this strategy. At this time, it is unrealistic to adjust positions to pursue 'infrastructure' and 'military industry'. At the same time, these two lines, no matter how According to the analysis, there is no logic for long-term development. If we take the initiative to sell down at this time, it will only completely collapse the investment sentiment in the 'Technology Growth' line, causing active market capital flows to further pour out from the 'Technology Growth' line. "Infrastructure" and "military industry" have been completely sucked away by the soaring hype."

"The 'Yu Hang Group' is a group of funds that are entrenched in 'infrastructure' and 'military industry.'"

"I'm waiting for everyone to do this."

"Furthermore, I can feel that today's unwarranted changes in 'infrastructure' and 'military industry' are most likely being guided by the funds of the 'Yuhang Department'."

"We cannot fall into the trap and destroy the Great Wall."

Chen Shen saw that Liu Ziliang had already reached this point and knew that he could not be persuaded. He could not help but sigh softly and stopped talking. He helplessly turned his eyes to the trading interface of the two cities again.

I only saw this moment...

The time has moved to 1 p.m., and the two cities have ushered in the official afternoon trading session.