Rebirth of the investment era

After Liu Yuan's report, Zhu Tianyang also responded hastily: "Our 'Yuhang No. 2' fund position has almost been reduced to about 60%. Among them, the main line holding stocks of 'Big Infrastructure' have already experienced obvious market pressure and upward pressure. , we have also completed the operation of reducing our positions.

But for the "big infrastructure" field, the market continues to hit new highs, and the funds received are still pushing up strongly, opening up new upside space for core stocks.

We still maintain a firm holding strategy and have not made any moves to lighten our positions. "

"Okay!" Su Yu responded, turning to Zhao Lijun and Wang Can who were in line with the trading operations of the 'Yuhang No. 1' fund, and asked, "Where is your trading team?"

Zhao Lijun took a look at the backend data and responded: "The progress of our trading team's operational reduction is similar to that of the 'Yuhang 2' and 'Yuhang 3' fund products. The liquidity is low and cannot continue upward." We have reduced or cleared positions in stocks that have reached new highs. The current overall fund position level is around 55%, of which the main investment line of 'Internet Finance' accounts for 18% of the positions."

"They're all good!" Su Yu praised with a smile.

"What about the net value performance of each fund product?" Li Meng asked again after Su Yu asked about the position results.

Liu Yuan responded: "In the past two weeks, although the entire 'big infrastructure' main line and the Shanghai Stock Exchange Index have continued to break upward, our fund is actually in an operational strategy of continuing to reduce positions and stop profits, and the net value performance has not exceeded The corresponding core sector index of 'Big Infrastructure' has too many trends, and the net profit value of our 'Yuhang No. 3' fund in the past two weeks has increased by around 15%, outperforming the Shanghai Composite Index by 73%."

"The net profit growth of our 'Yuhang No. 2' fund product is 23%, and the basic gap is not big." Zhu Tianyang responded.

Zhao Lijun glanced at the backend of the main control computer and said: "In general, our 'Yuhang No. 1' fund products have a slightly smaller capital volume and more concentrated positions, so in terms of net profit performance, it is slightly better than Yuhang No. 2' and 'Yuhang No. 3' funds are better, with net profits increasing by 49% in the past two weeks, barely outperforming the Shanghai stock index by nearly 10 points."

Su Yu was quite happy when he heard this result.

Thanks to this period of time, the Shanghai Stock Index rose mainly after breaking through 2,500 points.

Comparing the three main fund products, when the net worth and holdings of constituent stocks were announced to the market not long ago.

The current net profit value of the three main fund products has generally increased by about 30% when the comparison was announced. The overall asset size of the three main fund products has reached about 65 billion.

At this time, let’s calculate the asset size of the ‘Yuhang No. 4’ fund product.

Even if you don’t count the asset management scale of the major funds acquired by ‘Anzhao Fund’, if you count their company’s four major fund products alone, it will almost touch the 100 billion mark.

"Very good!" Su Yu said with a smile, "Everyone, keep up the good work!"

"Master, since we have gradually reduced the position weight of the 'big infrastructure' main line, at this time...for the reduced positions, can we add a new 'big finance' main line that will intervene in our subsequent planned positions?" Liu Yuan thought for a while and asked, "It is better to reserve cash first, and wait until the main line of 'big infrastructure' has exhausted its current main upward trend and the main line of the market changes, and then carry out large-scale incremental growth in the direction of 'big finance'" warehouse?"

Su Yu looked at Zhu Tianyang and Zhao Lijun and saw doubts in their eyes at this moment.

After thinking about it, I couldn't help but say: "You can use the positions and funds freed up by reducing positions to gradually increase positions in the direction of 'big finance'. But when buying, control the rhythm. Don't buy when the big rises, and buy when the small rises. Buy big if it doesn't rise, buy big if it falls slightly. If there is an obvious and huge correction trend in the direction of 'big finance', then you can intervene on a large scale to buy goods.

In short, in the process of adjusting positions to the main line of 'big finance'.

Don't be anxious and don't be afraid.

We will use what kind of trading strategy there is when there is an opportunity.

Of course, during this process, it is still necessary to always maintain the position of the main fund product within the 80% position water level. "

Su Yu pondered for a moment and continued: "Currently, the main line of the market, with 'big infrastructure' as the core, investment sentiment and speculation, have been operating deeply for some time in an extremely hot range. At the same time, other main lines of investment in the market have At present, the field cannot attract much funds.

There are also incremental funds that continue to be followed up off-site.

In the past two days, many stocks on the margins of the main line concept have experienced a surge in selling pressure and have been unable to further set new rebound highs and new annual highs.

The funds coming in one after another and the willingness to pursue higher prices seem to be weakening.

It's just that under the emotional climax, these subtle risks and market changes were subconsciously ignored by many investors for a while.

However, market trends are always objective.

No matter how beautiful the story is, it cannot be without twists and turns, and even a strong tree cannot grow directly to the sky.

The follow-up will continue to evolve as the market continues.

With the main line of "big infrastructure", the signs of funding are becoming more and more obvious.

Then, if you were able to resist the urge to sell before and lock up a large amount of short- and medium-term profit-taking funds to hold chips, you may be afraid that they will pour out on a large scale to reduce positions and take profits.

And when the market's willingness to continue chasing higher funds has been greatly reduced, and other market main lines cannot attract much fresh blood, it is obvious that at this time, once there is a concentrated sell-off in the "big infrastructure" field, the following will be undertaken. Funds cannot sustain this wave of selling.

But once the funds cannot bear this kind of profit-making selling.

Then the market trend of the entire market, as well as the main line market switching, will most likely change.

At the same time, by observing the traces of the current market trend, I estimate that... the time for such a change in market conditions is almost here.

So, no need to rush.

The Shanghai Stock Exchange Index will not attack the 3,000-point mark in one go.

In the next evolution of market conditions, the market will definitely have opportunities for huge shocks and corrections, and that's when we increase our positions in a large scale, change the main line of investment, focus heavily on the 'big financial' field, and use the advantage of the size of the funds in our hands to When the main line of the market switches between high and low, the main investment line of 'big finance' is pulled out. "

"Well, I feel the same way." Li Meng responded, "The line of 'big infrastructure' has basically been rising rapidly in the past two weeks to create the top of a short-term rising platform. This main line provides room for upward growth in the short and medium term. , after the market sentiment has been deduced to this situation, there should not be much left.

At this time, once the Shanghai Stock Index suddenly rises, it will encounter extremely strong resistance.

A lot of profit-making funds that should be concentrated on the main line of "big infrastructure" will sell their chips and carry out profit-taking operations. "

"So we have to reserve at least 20% of the position liquidity to cope with the main line market switching operation when the market goes through correction and shock after the main line of 'big infrastructure' reaches its peak in the short to medium term, right?" Liu Yuan turned her eyes and said, He completely understood the meaning of Su Yu's words, "Master, this 20% reserved working capital is for us to use to pull the market after we finish the main line of building a 'Big Finance' position, right?"

Su Yu smiled slightly and said: "Absolutely, I was thinking...'Large Infrastructure', the main line of market investment, will peak in the short and medium term. If the market wants to switch the main line up and down, if we don't carry out deliberate guidance, many main players will Funds should still be used to focus on the 'technological growth' line.

If the market is really on the line of 'technological growth', a synergy will be formed.

That would be quite detrimental to our macro investment strategy.

Therefore, we must reserve part of the liquidity to stimulate the corresponding main line market at key market nodes, create a sustained profit-making effect, and quickly gather the main line investment sentiment that is beneficial to us. "

"Understood!" Liu Yuan, Zhu Tianyang, Zhao Lijun, and Wang Can nodded.

Subsequently, each trading group and the person in charge of each fund trading began to continue to reduce positions, stop profits, and adjust positions of the main funds in accordance with Su Yu's strategic guidelines.

And at the same time...

As a wholly-owned acquisition of 'Yuhang Investment' company, 'Anzhao Fund' is internal.

In the main fund trading room, Qin Qiuyue stared at the main line sector index of the 'big infrastructure' concept, which continued to hit new highs, and the related industry sector indexes, but her brows wrinkled slightly, her eyes full of surprise and surprise, and at the same time, A hint of regret.

"This market...isn't it too crazy?" Qin Qiuyue sighed and said, "It's just from one extreme to the other!"

They were originally heavily invested in the main line of market investment, ‘big infrastructure’.

But since being acquired by ‘Yuhang Investment’, during the exchange with Su Yu, and after the asset management scale of several main funds of the ‘Anzhao Series’ has exploded.

In terms of trading strategy, they no longer continue to increase their positions in the direction of "big infrastructure".

At the same time, during this time.

Their main energy and focus are also on the main market line of 'big finance'.

However, despite the recent market trends, the trend of the main line of the market "Big Finance" is still far behind the performance of the market, while the main line of "Big Infrastructure" continues to reach new highs.

In a word, they are the main fund products they manage.

The recent net profit performance has not outperformed the market at all, which makes Qin Qiuyue feel quite depressed.

"This is the famous emotional interpretation process of A-shares!" Zhou Hui smiled softly, but her mood was much better than Qin Qiuyue, "However, generally when such an emotional climax is reached, the short- and medium-term market trends should be about the same. "

Qin Qiuyue rolled her eyes at Zhou Hui and said, "I remember you said the same thing last week."

"For such a large main line market, it must take time to peak in the short to medium term." Zhou Hui responded, "I still stick to my point of view. The main line of 'big infrastructure' at this time is only for the shareholders." The feast is definitely not an investment opportunity for later pursuers.”

Qin Qiuyue said: "I don't doubt this. After all, the main line of the market, 'big infrastructure', has risen rapidly to this stage during this period. It is impossible for internal profits not to be sold. It's just that everyone is waiting for market sentiment." There is no way forward, it is expected to be further filled up, and the high level of funds is obviously exhausted.

only……

I'm worried, why has there been no movement in the 'big finance' line?

During this period, the main funds in the market seemed to have tried to pull the main line of 'big finance' several times. However, the results of each pull were all in vain, and there were very few retail investors and main funds following the trend. . "

"The market's expectations in the direction of 'big finance' are obviously not enough, right?" Zhou Hui said, "There is also the core main line of 'big infrastructure'. The siphon effect on the active capital groups in the market is really too strong, not only The path of the 'big finance' line is ugly and cannot generate sustained money-making effects. The entire market and other traditional investment main lines are actually going quite ugly. On the surface, they are basically being dragged along by the Shanghai Stock Exchange Index and there is no initiative. .”

Qin Qiuyue nodded slightly and said, "That's right, hey... we are still a little too early in our investment strategy of withdrawing from the 'big infrastructure' line."

"Who would have thought that the sentiment on the 'Big Infrastructure' line could ferment like this?" Zhou Hui said, "However, in the financial trading market, no one can accurately copy the bottom and escape the top again and again. We are in the 'Big Infrastructure' ' and 'military industry' are two main lines. If you make money and enjoy the most generous profits, that's about it. Now... it mainly depends on the 'big finance' line. In the subsequent market performance, How to perform it."

"How do you think it will be performed?" Qin Qiuyue asked, "Will there be the two main lines of 'infrastructure' and 'military industry', and will the trend in the past six months be as crazy as this?"

Zhou Hui thought for a while and responded: "I don't know whether there will be crazy trends in the two main lines of 'infrastructure' and 'military industry'. It depends on whether the broad investor groups inside and outside the market have firm expectations of a 'big bull market'" Well, if the market expectations of a 'big bull market' can penetrate into the hearts of investors, and can be firmly endorsed by major institutional groups and regulators, then as the pioneer sector of the bull market, I think the flexibility of the 'big finance' line will It is still possible to surpass the performance of the two main lines of 'infrastructure' and 'military industry' in the past six months.

However... if we want to replicate the great bull market of 2006 and 2007.

With the current volume of circulation in the ‘big financial’ sectors of the two cities, I think it is basically impossible.

Even if the Shanghai Stock Exchange's trading volume reaches trillions in a single day, I'm afraid it will be difficult to achieve the grandeur of 2006 and 2007, but no matter what...

As long as the 'bull market expectation' is determined and the vast majority of investors have this expectation.

At the same time, the Shanghai Stock Exchange Index can strongly break through the 3,000-point limit.

So, in the direction of 'big finance', I believe that there must be a big market. On this point, didn't Mr. Su make it very clear? I think... we still have to believe in Mr. Su's judgment. "