Rebirth of the investment era

"Indeed." Next to Zhou Kan, Xu Xiang, who was also observing the opening of the market call auction, nodded slightly and said, "The overall money-making effect of the market is improving, and at the same time, the main themes and emotional expectations are also continuing to deepen and develop. This kind of Under the circumstances, the market trend should not be much different."

"However, although the market's main themes and emotional expectations are still gradually fermenting, it should still be difficult for the market to continue to break through, right?" Zhou Kan responded, "I feel that the market is still obviously lacking in terms of volume and energy. Incremental funding is always lacking.”

"Changes in volume and energy have to be driven slowly by emotions and expectations." Xu Xiang said, "This cannot be done in a hurry, and it is useless to rush. On the contrary... if there are active financial groups in the market, or those who dominate the development of the main line, The real main capital groups are eager for success here, and if they force the market to go up, it will be detrimental to subsequent market breakthroughs."

Zhou Kan said with a smile: "I also think so. If the Shanghai Index breaks through here, it will induce more profits and unwind a large number of precipitated chips to sell and flee, which will lead to the chip structure in the main line of the market to once again loosen and fall into the structure." In the midst of chaos.”

"Just wait for the market to change." Xu Xiang said, "At this time, it is better to be still than to move."

He believes that the market here will not adjust very deeply at first.

Secondly, during the market adjustment stage, the high probability of hot spot conversion and the rotation of money-making effects will still be derived and spread around the two main lines of ‘infrastructure’ and ‘military industry’, and the fundamental investment logic will not change.

In this way, when the core holdings of the company's main fund products are already on the two main lines of 'infrastructure' and 'military industry', there is no need to move positions.

"Okay!" Zhou Kan responded.

Immediately, he turned his attention back to the two markets that were undergoing collective bidding transactions.

I saw that after the market time slid to 9:17, the market trend pattern began to move further towards the main themes of the 'Eurasian Economic Belt', 'Reform and Reorganization of Central and State-owned Enterprises', 'New Era Road, Maritime Silk Road' Closer, and driven by the daily limit of 'Yinkou Port' slightly exceeding expectations, the index growth of the 'port shipping' industry sector has continued to move upward as time goes by.

At 9:18, the 'Port Shipping' industry sector index rose by more than 1%.

At the same time, the indexes of the major industry sectors of 'Machinery and Equipment', 'Public Transport' and 'Non-Public Transport', while the 'Port Shipping' sector index rose, opened higher and increased by more than 5%. At the same time, ' The core concept sectors and core industry sectors in the two main areas of infrastructure and military industry still maintain a flat and volatile pattern.

As for the main line of ‘technological growth’.

Due to the change in expectations for the launch of "LeTV", the "Film and Television Media" sector quickly climbed upward from near the position of the industry sector that led the decline in the two cities.

9:19, the last minute of the initial collective bidding.

The price limit of "LeTV" has been opened, and the call auction trend of the stock price continues to rise.

At the same time, concept sectors such as 'film and television media', 'domestic software', 'mobile games', and 'smartphone industry chain' also rebounded simultaneously. The call auction trends of a number of component stocks in the sector also continued to rise, and the market On the market, the trend of fund hunting is quite obvious.

Subsequently, a large number of false orders were placed and orders were canceled continuously.

The market trading time has entered 9:20, and the two cities have entered the real call auction stage where orders cannot be canceled.

We can see that the trend of popular industry sectors such as 'port shipping', 'machinery equipment', and 'public transportation' is getting stronger and stronger; at the same time, the main line areas of 'technology growth', which have been severely hit by the market in the past two trading days, and 'film and television' The major sectors of media', 'domestic software' and 'smartphone industry chain' also showed a strong bottoming out trend.

As for the core industry sectors and concept sectors in the fields of ‘military industry’ and ‘infrastructure’.

It continues to maintain a trend of sideways fluctuations, and the corresponding popular stocks and weighted core stocks have shrunk in the market performance during the call auction stage.

"Hey, the check for 'LeTV' has finally come through."

Seeing the performance of the market after entering the real call auction session, at 9:21 in the Shenzhen Stock Exchange, inside the main fund trading room of 'Pingyin Asset Management', the fund manager Chen Shen finally breathed a sigh of relief and turned to report to Liu Ziliang: "Mr. Liu, the liquidity of 'LeTV' has been restored. Should we...shall we focus on liquidating our positions at this time?"

"What's your opinion?" Liu Ziliang looked at Chen Shen with a smile and asked.

Chen Shen thought for a while and said: "My opinion is to sell concentratedly, and then quickly adjust positions to the core main line of the market to correct our previous erroneous trading strategy. Although from the current market view, the entire 'technology growth' main line is in After days of extreme falls, a large amount of bargain-hunting funds have now intervened.”

"At the same time, the check of 'LeTV' has also fully released certain negative expectations after falling to the limit for two consecutive times."

"However, in general, the investment logic and future expectations of the entire 'technology growth' main line are completely loosened. Although there is a short-term rebound, there is a high probability that it will continue to adjust after the rebound."

"Moreover, today's 'technological growth' line is the reason why we can once again see large-scale fund hunting."

"First, it is because the entire main line of 'technological growth' has obviously oversold in the short-term trend; second, it is because of the core industry sectors, concept sectors, and many other core industries in the two core main areas of 'infrastructure' and 'military industry'. Core-weighted stocks are just in the midst of short-term adjustments, causing short-term speculation funds to choose other hot spots to attack."

"However, looking at it as a whole..."

"Whether it is the core industry sectors and concept sectors of 'military industry' and 'infrastructure' that are undergoing sideways adjustments, or the newly launched sectors such as 'port shipping', 'machinery equipment', and 'transportation' yesterday, as well as the 'Asia Concept lines such as the European Economic Belt', 'New Era Road, Maritime Silk Road', and 'Reform and Reorganization of Central and State-owned Enterprises', the spread of hot spots in the entire market and the final logic of speculation are still centered around the two major areas of 'military industry' and 'infrastructure' The basic investment logic of the main line is unfolding, which shows that in terms of market evolution, the core development directions are still the two main directions of 'military industry' and 'infrastructure', while the line of 'technological growth'... still has not seen any reversal. Logic and reversal hope are in it.”

"In this way, we are still holding a heavy position in the main line of 'technological growth'."

"Taking into account the liquidity of the market at the time of exit."

"Then you can't hesitate and think about reducing losses when exiting through a short-term rebound on the 'technological growth' line, thus missing the best stop-loss opportunity."

Liu Ziliang heard Chen Shen's analysis, thought for a moment, nodded, and responded: "In that case, don't hesitate, as long as the 'Technology Growth' mainline stocks we hold have sufficient liquidity on the market, then there will be Sell ​​and reduce holdings as much as you have chips.”

"As for switching strategies, at this position, quickly increase positions and undertake core component stocks in the fields of 'infrastructure' and 'military industry'..."

Liu Ziliang hesitated, paused, turned to the two trading team leaders, and asked: "Gao Yixiang, Wang Jinglun, what do you think?"

When Gao Yixiang saw Liu Ziliang's question, he hurriedly looked away from the two markets and responded: "I think Manager Chen's suggestion is reasonable. The current market, whether it is from expectations, emotions, and macro-level policy winds, Look, 'infrastructure' and 'military industry' are the main core directions of investment, and these two main lines, whether in terms of expectations or technical trends, have not been fulfilled. There is a high probability that they will continue to rise in the future. When we adjust positions and intervene at this time, the risk is actually not very high.”

"but……"

Having said this, Gao Yixiang thought for a while and then said: "I think if we want to fully adjust our positions to the two main areas of 'infrastructure' and 'military industry', the specific target stock placement points can actually be combined with the market's recent It is based on the hype and expectations of the ‘Eurasian Economic Belt’, ‘New Era Road, Maritime Silk Road’ and ‘Reform and Reorganization of Central and State-owned Enterprises’.”

“I feel that the main conceptual themes in the market’s follow-up will most likely be in these areas.”

"At the same time, the recent market policy trends have also been blowing in this direction."

"There are also the current core stocks in these aspects. In fact, due to the continued sluggish performance in the past few years and the abandonment of the investment logic of blue-chip heavyweight stocks by the entire market, major institutions currently do not have many positions in these stocks. Overall institutional holding levels are also low."

"In general, taking advantage of the two main lines of 'infrastructure' and 'military industry', and encountering short-term profit-making selling pressure and index point pressure, it should be a good strategic adjustment and adjustment for us. The time to exchange positions for shares.”

"Well, that makes sense." Liu Ziliang nodded slightly and turned to Wang Jinglun.

Wang Jinglun thought for a while and said: "I think what Manager Chen and Team Leader Gao said are quite reasonable. At the current point, we must be more decisive. However, I think the target stock position for position adjustment should be It would be better to be more precise and focus on several core concepts and themes that are currently emerging in the market."

"The two main conceptual themes of 'Eurasian Economic Belt' and 'New Era Road and Maritime Silk Road'."

"The fundamental logical expectation is to enhance the growth of external demand in the entire 'infrastructure' industry. At present... there is a certain space for this expected logic, but the fulfillment of expectations is actually relatively slow and has considerable uncertainty. That is, the expected intensity is very limited.”

"In contrast, look at the main theme of the concept of 'reform and reorganization of central and state-owned enterprises'."

"As long as the corresponding stocks have expectations of reform and restructuring in this regard, the realization of such expectations will be extremely strong and rapid."

“This can be seen by looking at the highly hyped ‘Chengfei Technology’ in the current market.”

"So, my suggestion is... when we adjust our positions, we should first select stocks with the expectation of 'reform and restructuring' in the two main areas of 'infrastructure' and 'military industry.'"

"In the current market, a number of blue-chip stocks in traditional industries have caught on to the macroeconomic policies of the 'Eurasian Economic Belt', the 'New Era Road, and the Maritime Silk Road' and have expected room for growth in external demand. As domestic demand growth in the entire traditional industry is limited, and the industry has yet to see an inflection point for recovery, it is difficult to support continued breakthroughs in stock prices based solely on the investment logic of expected growth in external demand."

"Only by adding the wings of 'reform and restructuring' that can seriously catalyze the company's fundamentals and growth expectations."

"Only then can the stock price soar and embark on a magnificent upward trend."

"This investment logic analysis is not bad." After listening to Wang Jinglun's analysis, Liu Ziliang showed obvious admiration in his eyes and said with a genuine smile, "Okay, since everyone has the same idea, let's follow what Manager Chen said. To the maximum extent and in the fastest time, we will fully liquidate the chips on the main line of 'technological growth', correct the previous trading strategy, and after quickly liquidating positions, stopping losses, and withdrawing funds, we will change our thinking and quickly lay out the stocks that are still at a low level and have the 'infrastructure' ', 'military industry' basic investment logic, and at the same time, it has the core target stocks expected for 'reform and reorganization of central and state-owned enterprises'."

Seeing that Liu Ziliang was able to admit his previous mistakes in trading strategies, and absorb everyone's opinions, he changed the overall fund layout direction and re-embraced the core main line of the market.

In the trading room, Chen Shen, Gao Yixiang, and Wang Jinglun were all quite impressed.

After that, immediately after...

At Liu Ziliang's signal, Chen Shen turned his eyes and immediately began to instruct the traders in the trading room to quickly place orders, execute them according to the latest trading strategy, and adjust the fund's main position structure.

This is accompanied by the change in the trading strategy of Pingyin Asset Management, a major institution.

On the market, the main line of 'technological growth' has not yet ushered in the official opening at 9:30. In the last three minutes of call auction time, many core concept stocks have emerged with huge amounts on the market. The main selling orders continued to suppress the rising stock price.

Among them, the call auction has accumulated 20,000 trading orders, and the stock price of 'LeTV' has rebounded from the daily limit to an 8% drop. In 'Pingyin Asset Management', an institution that holds a large number of 'LeTV' stock chips Despite the decisive selling, at 9:24, the stock price fell back to near the lower limit, and the number of matching orders on the market broke through to 30,000 lots in one fell swoop.

Finally, when 9:25 arrived, the collective bidding in the two cities ended.

I saw that the Shanghai Stock Exchange, Shenzhen Stock Exchange Index and ChiNext Index all opened near the flat market.

However, although the major market indexes only opened flat and the performance was calm, the specific performance of the two cities showed obvious undercurrents.