Rebirth of the investment era

Su Yu nodded slightly and said: "At present, the basic conditions and factors for the outbreak of the bull market should be almost in place. It is just that there is still a lack of wind in the direction of macro-level policy winds to change the market. The emotional flames burned completely.”

"What's the policy trend at the macro level?" Wang Can thought for a while and found that he had no clue. He asked, "Boss, what are you referring to?"

"Master, are you talking about the liquidity of market currency funds?" Liu Yuan thought for a while and then continued.

Su Yu nodded slightly and praised with a smile: "Smartness means the liquidity of market currency funds. As long as the market liquidity can be further abundant, then the energy ecology of the stock market, induced by the continued expansion of the market's money-making effect, will completely It’s a different situation.”

"Market liquidity has been relatively tight in the first half of the year." Zhao Lijun said, "Many banks even experienced a certain money shortage crisis in the first quarter, but now... From a macro perspective, the pace of interest rate hikes by the Federal Reserve has... And it is clear that it will be greatly slowed down. At the same time, I heard that the central bank is also interested in stimulating market liquidity. Presumably, in the second half of the year, the market’s monetary capital liquidity should be greatly alleviated.”

"This is expected, but at present, there is no clear signal." Zhu Tianyang said.

Zhang Guobing chuckled and said: "Hazy expectations are the most beautiful stage of investment. If the expectations are clear and there are clear signals in market news, then the corresponding investment fields may have been speculated long ago, but regardless of How should I put it...Mr. Su, I think the 'big financial' field in the second half of the year is still worthy of attention."

"Agree!" Zhao Lijun continued, "If the central bank makes any big moves, then 'big finance' will definitely be an area that will be directly beneficial, and to be honest... the valuation of banks and the valuation of securities will be in a few years. Under the impact of the money shortage and the continuous bear market, it is really very cheap, completely below the historical limit of underestimation. Such a valuation level was only seen in 2005 when the Shanghai Stock Index was around 1,000 points. Then, in the past ten years, it’s only now.”

"If banks and securities are to move, the market volume must at least rise to a higher level." Liu Yuan thought for a while and said, "I think that as long as the market volume has not changed further, that is, the current market as a whole is still Without getting rid of the existing game pattern, I think we still have to focus on the two main lines of 'infrastructure' and 'military industry' supported by substantial expectations and hype sentiment, and cannot be too ambitious in deploying the 'big financial' field."

"This is natural!" Zhao Lijun nodded and said, "If you really want to pay attention to the 'big financial' field, you must have to wait for the expected wave of 'infrastructure' and 'military industry' last night to really wait for the market volume to continue to increase. It only needs to break through above and stand firm at 2,500 points. After all, when the Shanghai Stock Index is operating below 2,500 points, I estimate that the potential investor group outside the market will most likely be difficult to determine to enter the market on a large scale and do long positions.”

"The retail investor group has always had a herd mentality of seeking advantages and avoiding disadvantages." Zhang Guobing said, "In recent years, the Shanghai Stock Exchange Index has been subject to the 2,500 point mark several times. If there is no substantial breakthrough at this position, then the majority of retail investors in the market will In the collective mind, the market does not have the potential to make a bullish move.”

"Everyone will think that the Shanghai Stock Index is still operating in a long-term box shock."

"And when this kind of expectation occupies the majority, many potential investor groups outside the market will definitely not be so determined to re-enter the market in the face of the partial money-making effect of the market."

"Only when the Shanghai Stock Index truly breaks through 2,500 points will everyone's expectations be subverted."

"At the same time, new market expectations, guided by emotions and money-making effects, continue to expand and form, and gradually ferment in the hearts of the majority of investor groups. In this way... a large number of potential investor groups outside the market will gradually let down their guard and hesitate and re-enter the market.”

"As for the bull market..."

Zhang Guobing paused for a while and then continued: "I think in terms of macro policy, if the shape and pattern of market liquidity does not change as President Su just said, the probability of the market forming a sustained bull market is quite high. It’s slim, at least currently, few institutions in the entire market have such expectations.”

"Of course, no matter how slim the probability of occurrence is, the basic logic and the major factors that form the bull market are all being gradually improved."

"We should still have anticipated plans in this regard and formulate corresponding investment plans."

"Well, Guobing is right." Su Yu smiled and nodded, "No matter how the market goes in the future, whether it can form a bull market pattern according to our ideal expectations, we should have corresponding investment plans. Everyone is You should also have this idea in your heart, and don’t be blinded by the current short-term market situation.”

"Understood!" After hearing Su Yu's warning, many traders in the trading room responded one after another.

And while everyone was responding...

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

After the emotional brewing and news impact at noon, once the market reopened, the two main lines of 'infrastructure' and 'military industry', after a brief adjustment in the morning, resumed rapid growth under the rapid pursuit of various funds. , recovering the intraday correction losses; while the entire main line of 'technological growth', the corresponding popular sectors, and theme and concept stocks were once again abandoned by various funds, and plunged rapidly again.

"Hey, Mr. Liu, after the news and emotions at noon, the 'Technology Growth' line has completely collapsed again." After the market opened in the afternoon, at 1:05, inside the Shenzhen Stock Exchange, 'Pingyin Asset Management' In the main fund trading room, fund manager Chen Shen sighed helplessly, "Under this situation, we have launched the two conceptual sectors of 'Internet Finance' and 'E-Commerce' to stabilize the market sentiment of the entire 'Technology Growth' main line. Strategy is no longer of much use.”

"and……"

Chen Shen paused for a while and continued: "I am worried that if the sentiment in the 'tech growth' line continues to collapse, the market pattern of panic selling will continue to spread. After 2 p.m., I am afraid that 'Internet Finance' will ' and 'e-commerce' are two major sectors that can't hold on."

"After all, no eggs are left intact when the nest is overturned!"

"When the two conceptual sectors of 'Internet Finance' and 'E-Commerce' truly become the main line of the entire 'Technology Growth' field, and are the only sectors with greater liquidity, then the funds that cannot escape will definitely be given priority. Smash the chips of these two sectors."

“Because once the wind direction is completely different from the main line of ‘technological growth’.”

"Everyone will be afraid that the two major sectors of 'Internet Finance' and 'E-commerce' will make up for the decline fiercely in the future, and then they may miss the opportunity to reduce positions and stop losses."

"So, Mr. Liu..."

When Chen Shen said this, he hurriedly looked at Liu Ziliang and said cautiously: "We can't add more funds to these two concept sectors. We must unconditionally close positions and stop losses, otherwise... when all the funds in the market further gather, After 'infrastructure' and 'military industry', the liquidity of the entire 'technological growth' main line will only get worse and worse. By then, it will be more difficult for us to reduce our positions and stop losses, and the fund's net value loss will also be greater."

"What do you mean, do you want to stop the loss unconditionally?" Liu Ziliang asked.

Chen Shen nodded and responded: "If we don't kill the market, other funds will kill the market. At this time, everyone is stepping out of the market. There is no second choice. The longer you wait, the harder it will be to leave the market. Because everyone has clearly felt that the investment logic and hype logic of the main line of 'technological growth' are collapsing across the board."

"And, look at the check from 'LeTV.'"

"This check has such a large amount of funds hitting the limit today. According to the degree of negative absorption and the liquidity of the entire 'technology growth' main line, tomorrow, I am afraid that this check will still not be able to open the board, and at least it will have to be accrued A 30% loss will do.”

"But the check of 'LeTV' is not only a weighted component of the GEM, but also the leading sentiment and concept leading stock of the entire 'technology growth' main line. Its collapse will have a huge impact. The market for the main line of the military industry is advancing across the board, and the liquidity of the entire main line of "technological growth" is getting worse and worse. The chance of a weak rebound for the "technological growth" line is already very slim and pessimistic."

"In this case, under this situation, we can only take the initiative to sell orders and stop losses and reduce positions at all costs."

"It's the strategy with the least loss."

"Mr. Liu, I think Manager Chen's suggestion is indeed in line with the current market response, and is indeed our current optimal strategy." The trading team leader named Wang Jinglun responded, "At this time, we should hesitate for a moment. , you have to bear the loss for a moment longer.”

Another trading team leader, Gao Yixiang, thought for a while and said: "I also agree with Manager Chen's strategic suggestions, Mr. Liu, the market trend has completely changed. Under the circumstances, we use the two major technologies of 'Internet Finance' and 'E-Commerce' to The concept sector is also unable to leverage the main line of 'technological growth'. There is no other way. Since we have gone in the wrong direction, we have no choice but to admit defeat and follow the market trend to change and correct our trading strategies."

Any trading strategy that goes against the market trend will not yield good results in the end.

These are the most important principles in trading.

Although everyone knows that General Manager Liu Ziliang personally planned the main line of "technological growth" market, guided the market to break through the small and medium-sized boards and GEM, and created another round of "growth stock" market speculation, after it completely failed, I feel very unwilling and eager to recover my losses, but at the same time... everyone also knows that all trading strategies and final positions must be consistent with the market trend, otherwise the so-called rescue plans and strategies will only continue to expand. The losses caused the fund's net value to fall further.

"Okay!" Liu Ziliang was silent for a long time. Seeing that everyone was opposed to using the two major concepts of 'Internet finance' and 'e-commerce' to leverage the investment sentiment of the main line of 'technological growth', he could only sigh in his heart. In a tone of voice, he agreed with everyone's suggestions and said, "Then follow Manager Chen's advice and take the initiative to kill the market. As long as the chips in the 'technological growth' line can be reduced, all the chips that can be reduced will be removed."

After saying that, he obviously felt a little discouraged.

Without waiting for anyone to say anything else, he walked back to the office of the general manager of the asset management business alone.

As the core and main institution "Pingyin Asset Management" gave up the two major conceptual sectors of "Internet Finance" and "E-commerce", it turned to the main line of "Technology Growth" and sold out desperately.

On the trading boards of the two cities...

I saw that the two major concept sectors of 'Internet Finance' and 'E-commerce', which were originally supported by some buying orders, and their corresponding core concept stocks, instantly plunged, and selling orders emerged in an endless stream. At the same time, during the plunge, buying orders The capacity to take over has also dropped sharply.

Among them, 'Hengsheng Electronics', which once rose by more than 3% during the session, fell underwater in just a few minutes and turned from rising to falling; while 'Sanjiang Shopping', which once hit the daily limit, fluctuated all the way down, from The highest daily limit fell to an increase of only 3 points, and the retracement exceeded an increase of 7%.

As for other popular concept stocks, they have all gone green and fallen underwater.

It's just that the declines are more severe in comparison. Film and television media, domestic software, Apple concept and other sectors are at the top of the decline list of industry sectors and concept sectors in the two cities. 'Internet finance' and 'e-commerce' are two concept sectors that belong to 'technological growth'. The decline is still relatively small.

Due to market funds and sentiment, there is further concentration in the main areas of ‘infrastructure’ and ‘military industry’.

It is also because the underlying investment logic in the main line of ‘technological growth’ has been increasingly questioned by the majority of investors in the market.

This directly caused the intraday performance of several major market indexes to become more and more extreme. Among them, the growth gap between the Shanghai Stock Exchange Index and the ChiNext Index almost reached 5% at around 1:40 p.m., which suddenly caused a lot of panic in the market. Investors and core institutional groups are paying close attention.

However, such extreme market performance and such extreme market hot spots appear.

It also failed to help the Shanghai Stock Index directly cross the 2400 point mark in one go. Instead, after the market trading time entered 2 o'clock, short-term profit-making selling became heavier. At the same time... the market's time-sharing capacity also began to gradually Decay, undertaking funds, showing obvious shortcomings.

"What's going on? The active capital groups and market hot spots in the market are all converging on the two main lines of 'infrastructure' and 'military industry'. How come the overall market volume is not showing up, but is declining?" At around 2:30, Yu Hang, Within the Minghui Capital Group, in the main fund trading room, He Hong, the fund manager, stared at the performance of the two markets and suddenly looked stunned. He didn't quite understand, "How come everyone, when the market situation is obviously getting clearer and clearer, but... Are you becoming more hesitant?"

Standing next to He Hong, with sharp eyes, Xu Zhongji, who was also staring at the changes in the two markets, heard He Hong's question, thought for a while, and responded: "It's not surprising, today's market trend performance in the 'Technology Growth' line , it is so bad that the overall market trend is too fragmented. Under this situation, although the market performance is relatively clear, everyone will also be worried that the main lines of "infrastructure" and "military industry" that have soared will suddenly pull back, and the entire market will be deeply criticized. The sharp declines in the GEM and SME indices have brought down the whole industry."

"in other words……"

"Although the market style has changed, everyone's risk appetite has not improved rapidly. Hesitant investor groups still account for the majority inside and outside the market."

"But don't worry, this kind of extreme market trend will not be the norm."

"After the sharp correction of the 'Technology Growth' line yesterday and today, the subsequent correction trend should slow down. And when the correction trend of this line slows down, it will not have such a big restriction on the development of the market in the direction of the main board. , the hesitant investor groups on and off the market, as the market’s profit-making effect gradually expands, their risk appetite will most likely increase rapidly again, and by that time, there should be no doubt that the market will continue to break through upwards.”

"Today's market trend is indeed too fragmented." He Hong nodded and responded, "But this is also an inevitable manifestation of the change in market trends, or..."

He Hong thought for a moment and then said: "It takes time for emotions to ferment and for confidence to recover. There is no harm in the market moving a little slower."