Rebirth of the investment era

Gao Xiang said with a smile: "Everyone is aware that popular main lines such as 'infrastructure' and 'military industry' have obvious financial differences and long-short differences. They can all feel that the market pressure on these popular main lines is increasing. In the short term, it will be very difficult for them to do so." It is difficult to open up room for upside.

It’s impossible that the ‘Yuhang Department’, the smartest main force in the market, can’t sense it, right?

Moreover, the funds of the 'Yu Hang Group' have a very large position cost advantage in holding positions in popular main areas such as 'infrastructure' and 'military industry'.

Although there are currently a number of core component stocks in the main areas of ‘infrastructure’ and ‘military industry’.

And it can be observed that among the constituent stocks held by the 'Yu Hang Group', there is no trace of the trading seats of the 'Yu Hang Group' in the recently disclosed data of the Dragon and Tiger List.

However, I think that the funds of the ‘Yu Hang Group’ have definitely made some adjustments to their positions.

Otherwise, follow the trading style of Mr. Su from the ‘Yuhang Department’.

It is estimated that the popular main lines of "infrastructure" and "military industry" will not be allowed to lag at this position for so long, and they must have led the market to a breakthrough long ago.

After all, overall, the current sentiment on the main lines of 'infrastructure' and 'military industry' is not bad.

The main force of the "Yu Hang Group" has a strong influence on the market.

As long as the funds of the 'Yu Hang Group' can guide the main market trends of 'infrastructure' and 'military industry', then I think that even if these main areas do not have the unanimous cooperation of main funds, they can still prosper in the relatively hot market. With the help of emotions, the market moves upward for a period of time.

However, this period of forced upward trend is probably the market that has truly reached the top.

According to the usual trading style of the 'Yu Hang Group' funds, this fund also knows that the core main lines of 'infrastructure' and 'military industry' have reached this point, and it is difficult to achieve a healthy trend breakthrough, so they are rashly aggressive. Stimulating the market is nothing more than a better opportunity to reduce positions for some institutional groups that currently focus on the main lines of "infrastructure" and "military industry" and already have the desire to reduce their positions and stop profits, and serve as a wedding dress for these institutions.

At the same time, this pointless forced attack.

The inability to create a real market space will probably also bring negative feedback to the huge influence of the ‘Yu Hang Series’ funds in the market.

Therefore, after comprehensive consideration, we should follow the trading style of the ‘Yu Hang Series’ funds.

They will never be in this position to continue to pull the "infrastructure" and "military industry" companies, which are at relatively high levels in the market. In the sustained market trend in the early stage, they have accumulated a huge amount of profit-making main lines, and do unnecessary forced pulls. disk behavior.

Now that we understand the main lines of ‘infrastructure’ and ‘military industry’, we cannot make a substantial upward breakthrough at the moment.

Moreover, the market prices of these popular main lines have no room to continue to rise in the short term.

According to the sensitivity of the "Yu Hang Group" funds to the market and the past style of this fund, the other party will definitely switch positions.

Otherwise, several major fund products of the ‘Yu Hang Series’ would not always maintain such a high performance growth curve. "

After listening to Gao Xiang's analysis, Chen Yihe thought for a while, nodded, his eyes filled with a bright color, and said with a smile: "Your analysis makes sense, 'infrastructure' and 'military industry' For several popular main lines in the early stage, under the circumstances of extremely heavy internal profit accumulation, and the medium-term increase far exceeded the performance of the market index, the funds of all parties have obviously ebbed.

Coupled with the recent influx of new retail investors into the market, they have taken over a lot of chips at a high level.

Under the current situation, funds are unable to join forces and are unwilling to support the large number of retail investors who have taken over high-level positions. This obviously destined that the hot market main lines of "infrastructure" and "military industry" will not be able to continue to make breakthroughs in the short term.

This form of expression has happened.

So, it is indeed impossible for such smart market main funds as the ‘Yu Hang Group’ not to be aware of it.

According to their past trading style, it is indeed possible that positions have been adjusted in the recent sideways trend of the popular main lines of "infrastructure" and "military industry".

However, in the current market, other major low-level main lines have never been able to form a unified force.

I haven’t seen any traces of positions being adjusted by large major institutions like the ‘Yu Hang Group’, which often have tens of billions of capital!

There are quite a few component stocks and concept stocks that have recently appeared on the Dragon and Tiger List in the core main areas of low-level industries such as 'Technology Growth', 'Big Consumption', 'Big Finance' and 'Non-ferrous Cycle', but none of them have found 'Yu' Aviation Department' a tiny trace of this capital.

It seems as if this fund has disappeared from the market out of thin air recently.

There really is no trace at all. "

Gao Xiang took the words and continued: "With the current influence of the 'Yu Hang Group' funds on the market, the other party should deliberately avoid the Dragon and Tiger List in their operations. After all, there are many, many others inside and outside the entire market, not just us. The main financial groups should be paying close attention to the movements of the 'Yu Hang Group' funds.

As for the funds of the 'Yuhang Department', they must also know that everyone is paying attention to him.

Therefore, in order to prevent the investment strategy from being affected, or someone to snipe in advance the stocks they want to adjust or build positions, they will naturally hide traces on the market deliberately.

At present, we cannot determine from the market where the funds of the ‘Yu Hang Group’ have been transferred.

But basically, it is certain that the core main positions of this fund are definitely not in the main directions of "infrastructure" and "military industry" where they held and locked up large-scale positions in the early stage.

However, according to my previous historical review of the funds of the ‘Yu Hang Group’.

And last time in June, the "Yu Hang Group" funds were in tit-for-tat with other major financial institutions on the main line of "big infrastructure".

The core position adjustment route of the ‘Yu Hang Group’ funds is unlikely to be the ‘technological growth’ line. "

"Why are you so sure?" Chen Yihe asked.

Gao Xiang responded: "Because there are many people who are optimistic about the line of 'technological growth', and the future expectations of this line and the fundamentals of the industry are basically well-known, and they are hoarding on the main line of 'technological growth'" There are quite a few major financial groups lurking and ambushing.

A few months ago, in June.

The market lies in the two main lines of ‘big infrastructure’ and ‘technological growth’.

Choosing to break through the main line of "big infrastructure", the line of "technological growth" has seriously underperformed the market index in recent months.

However, even so, according to the semi-annual report data.

Within its field, the accumulated institutional positions are still among the major main lines of the market, with relatively heavy positions.

Moreover, the 'technological growth' line, because future expectations are basically good, and the industry fundamentals still have room to explode, so although this line has been undergoing adjustments, the overall decline has not actually been that deep. , and the valuations of popular stocks, such as LeTV, Wangsu Technology, Huayi Brothers, Oriental Fortune... are still quite high, basically above 150 times PE.

Analyze from the perspective of future expectations.

These tickets have a certain investment value, but there is not enough expected difference!

I think this is also the reason why many people are optimistic about the line of "technological growth", but this line has never been able to form a unified force of funds and cannot lead to a breakthrough market.

So many potential stocks are piled up on the line of 'technological growth'.

I think that according to the style of the funds of the "Yu Hang Group", they will definitely not enter this line and hold large-scale positions to lure these latent funds. "

Chen Yihe thought for a while and said: "Instead of the main line of 'technological growth', there are only two main lines of 'big consumption' and 'big finance', which are possible. After all, the line of 'non-ferrous cycle' , the joint force of funds has been the weakest recently, and the serious overcapacity problem and sluggish market demand within each major industry have not yet been solved. There are considerable problems in the basic investment logic.

This main line is not recognized by the vast majority of institutions both on and off the court.

I think the market basically disagrees, and there is no main line supported by basic investment logic.

The funds of the 'Yu Hang Group' should not be too confident to enter this main line to build large-scale positions and want to guide the market of this main line, right?

After all, based on the past operations of this fund.

They also follow the market trend and the direction of the general trend that may occur in the market. They will not operate against the trend and go against the capital group of the entire market. "

"Yeah!" Gao Xiang responded, "I think so too, and I think the probability that the 'Yu Hang Group' funds will move in the direction of 'big finance' in the direction of position adjustment is much greater than that in the 'big consumption' field. .

After all, in the field of 'big consumption', the logic of investment is actually lacking.

At least, for now, the signs of economic recovery are not very obvious. There are expectations for the future, but there is still a certain degree of uncertainty.

Looking at the 'big finance' line, there are currently not so many uncertain factors.

Moreover, careful analysis shows that under the expected policy of regulators clearly still protecting the market and hoping that market conditions will continue to strengthen, the future benefits of the main line of 'big finance' are more or less predictable. In addition, the current market conditions continue to strengthen, and the market will continue to strengthen. The growth in transaction volume, the surge in the balance of financing and financing, as well as the official launch of Shanghai-Hong Kong Stock Connect next month, the official listing of A50 index futures and China Securities 500 index futures.

These are all expected benefits for the ‘big financial’ sector.

Analyzing from this direction, the funds of the 'Yu Hang Group' are very likely to focus on the direction of position adjustment. That is, the current funds have gathered, but the aggregation effect is not strong yet. At the same time, it is closely related to the main line of 'technological growth' and ' Infrastructure', 'military industry' and other main areas of 'big finance' that were popular in the early stage have certain funding differences.

And, analyze it from another direction.

Only the liquidity of the 'Big Finance' line can fully carry such a huge capital flow from the 'Yu Hang System' without leaving any trace, right? "

"Haha..." After hearing Gao Xiang's analysis, Chen Yihe couldn't help but smile and said, "The analysis is very reasonable. We should pay more attention to the line of 'big finance'. The so-called 'big bull market' If the market wants to start, 'brokerage firms' must be the pioneers!

It feels like at this time, the market is moving sideways without rushing, and is always gathering strength.

It is indeed time to focus on the 'brokerage' sector and look forward to the 'brokerage' taking the lead and making breakthroughs in the market. "

"Well!" Gao Xiang continued to nod, with a hint of excitement in his eyes, "Since you agree with the logic of my analysis, boss, then our fund will focus on adjusting positions in the direction of 'brokerages'."

Chen Yihe said: "Okay, no problem."

Hearing Chen Yihe's firm words, Gao Xiang chuckled, turned around hurriedly, and immediately issued a trading strategy to the traders in the trading room to further adjust positions in the direction of the market's "brokerage".

Later, when he finished issuing the corresponding trading strategy.

Looking back, I focused my attention back on the trading boards of the two markets.

I saw that at this time, the time trading time had already entered after 9:35, and the two cities had officially continued bidding transactions for 5 minutes.

Under the fierce long-short game.

"Infrastructure", "military industry" and other markets have a lot of hot core main lines. The stocks with corresponding weights and leading concept stocks were sharply sold by funds yesterday. Although they have strengthened at this moment, the fund divergence on the market is still very large, and only the upward trend has occurred. After a short period of increase, it entered the sideways stage of heavy volume and stagflation.

The main line of 'technological growth' is generally opening lower.

At this moment, due to the general stop-loss operation due to yesterday's intraday follow-up capital losses, the price fell further and fell into a weak and volatile downward trend.

Moreover, its main capital flow has been slowly flowing out since the market opened.

As for the main concept line of 'sports industry development' that formed the daily limit yesterday, and the 'sub-new stocks' sector.

At this moment, in these two major fields, driven by the two leading stocks of ‘Leiman Optoelectronics’ and ‘Blue Stone Heavy Equipment’, the moment the market opened, they went straight to the daily limit and hit the daily limit again.

Within its field, a number of related concept stocks have also risen further and continued to make breakthroughs.

As a result, the money-making effect of these two main concept areas is still hot, and they have also continued to become the leading related sectors among the concept sectors in the two cities.

In addition to these main areas.

Such as other main areas of 'big consumption', 'non-ferrous cycle' and 'big finance'.

The main line of 'big consumption', such as liquor, white goods, automobiles, food sales and other industry sectors and concept sectors, performed tepidly, and the volume remained stable. Following the fluctuations of the Shanghai Stock Exchange Index, there was no independent market awareness, and there was no main force. Traces of concentrated funds for trading.

The main line of "non-ferrous cycle" has a similar trend to the main line of "technological growth".

The corresponding industry sectors and concept sectors are obviously weaker than the broader market, and there is no trace of major capital inflows in this main line area. The volume energy is the most sluggish in the main line areas of the entire market. Basically, it is dominated by the mainstream capital groups in the market. , completely abandoned, with only retail investors participating in the transaction on the market.

And the line of ‘big finance’.

Especially the 'brokerage' sector, since its official opening.

The main capital flow within the sector began to accelerate.

Moreover, the corresponding trend of individual stocks, although there is no radical trend of straight-line pull-up, the continuous upward shock trend is still very obvious, and whether it is the rise or fall of the time-sharing line, it is better than the market index. That is, when the market rises, the corresponding stocks of brokerage firms rise by a greater margin; when the market index falls, the corresponding stocks of brokerage firms fall by a smaller margin.

However, the performance of brokerage firms is obviously stronger than that of the market.

The relative performance of the banking and insurance sectors in the main areas of ‘big finance’ is still relatively sluggish.

"Boss, I feel that the main capital flows in the 'brokerage' sector are a bit accelerating!" At around 9:45, inside Yuhang and Yuhang Investment Company, in the main fund trading room, they were observing the changes in the market prices of the two cities. Team leader Wang Can pondered for a moment, then turned his eyes slightly to Su Yu who was aside, and said with a smile, "I feel that many stocks in the 'brokerage' sector are a bit unbearable on the market."

"I feel a little overwhelmed." Zhao Lijun, who has been promoted to a fund manager, replied, staring at the trends of securities stocks, "For many securities stocks, active buying has been significantly greater than selling, and among brokers When the sector clearly fluctuated and rose, other sectors of the market did not react too negatively."

Li Mengmeng thought for a while and then answered: "The brokerage sector has indeed begun to show a continuous positive feedback effect. At the same time, the main line of 'big finance', the main capital accumulation effect, has also begun to become much heavier than before. However, based on the signs of market capital following the trend at this time, it should not be time to guide the market and make a breakthrough.”

Su Yu heard the voices of the three people talking and discussing, nodded slightly, and said with a smile: "Yes, it's not yet time to guide the board to make a real breakthrough.

After all, at this time, the differences between the major main lines of the market and the main funds are still very large.

First of all, the popular main lines of 'infrastructure' and 'military industry' in the early stage have not completely lost their money-making effect, and the short-term head reaction is not obvious yet. At the current stage, there is still a strong focus on these major lines of 'infrastructure' and 'military industry'. There are not a few funds in the popular main line that have breakthrough expectations.

Secondly, on the line of ‘technological growth’, there are also many major financial groups gathered.

Moreover, these main financial groups that gather on the line of 'technological growth' are obviously interested in maintaining the main line of 'technological growth'. These main financial groups have not lost sight of the market trends of the 'technological growth' line. Before confidence, these funds will not withdraw on a large scale and pour into other core main lines.

There are also two major areas: ‘sports industry development’ and ‘sub-new stocks’.

This time, many major financial groups have also gathered to participate.

Many short-term active funds on the market are currently focused on speculation in these two areas.

If we want to truly guide the market situation of the 'brokerage' sector, if we want to make the main capital flow of the entire market concentrate on the 'brokerage' sector, and directly create a hot profit-making effect and a substantial breakthrough in the market in one fell swoop, we must wait until the market truly The time has come for the main line switch.

We have to wait until the profit-making effect of the early popular main lines such as 'infrastructure' and 'military industry' further declines and the money-losing effect gradually spreads. Even the retail investors who follow the trend and take over the market continue to doubt the market prices of these early popular main lines. Only then can we guide the capital flows in these popular main lines to quickly flow in and converge towards the low main lines.

We still have to wait for the line of 'technological growth' to break through again, forming a greater divergence, so that the financial groups who gather in the field of 'technological growth' think that this line will become the next core breakthrough line of the market. , further loss of confidence.

We have to wait until the two main concepts of 'sports industry development' and 'sub-new stocks' market trends.

Gradually coming to an end, the speculating capital groups currently gathering in these two main market areas began to ebb and retreat.

At that time... it’s time for us to work together to guide the ‘brokerage’ sector and achieve breakthroughs in the market.

It is said that 'brokerages' are the vanguard sector of the bull market.

Since our goal is to open the curtain of the "big bull market" and let the expectations of the "big bull market" penetrate into the hearts of all market investors.

Then, when we pull the market, we must be foolproof.

We have to work hard and use our strongest posture to create a market trend for the 'brokerage' sector. "

In the trading room, the members of each trading team felt a burst of excitement in their hearts when they heard Su Yu's inspiring words.

"So, we have to be patient until the time comes." Su Yu looked around the trading room, took a look at everyone's expressions, and continued with a smile, "We have to be like hunters, we have to wait where we are before pulling the trigger. Wait for the prey to approach the best shooting range without moving, so that you can hit it with one hit.”

"Okay, I understand!" Wang Can nodded.

The other traders in the trading room, as well as the people in charge of each trading group, also nodded firmly.

Currently, under the guidance of Su Yu, positions are adjusted.

The four main funds of the "Yu Hang Series" have a total capital flow of 100 billion, and have already exceeded 60 billion in funds. In a month's continuous buying trading strategy, they have entered the main line of "big finance".

And positions in other main line directions.

It already only has a bottom position, which is not enough to have an excessive impact on the net value of the fund.

At this time, what they lack is just the slightest market opportunity and news opportunity to trigger a comprehensive breakthrough in the main line of 'big finance'.

Regardless of these two opportunities, whichever comes first.

They will all bombard the remaining tens of billions of funds on the core stock market of "Big Finance", and in one fell swoop, they will unleash the main line of "Big Finance" investment sentiment and the ultimate money-making effect, thus opening the curtain of the "Great Bull Market".

Along with the waiting of the entire 'Yu Hang System'.

At the same time, the "Anzhao Fund" company, which has been included in the "Yuhang Department" capital system, was involved.

In the main fund trading room, fund general manager Qin Qiuyue frowned visibly when she saw that it had been more than a month since her fund had adjusted its position to the main line of 'big finance', and the main line of 'big finance' was still stagnant, with no substantial breakthrough. I frowned, and began to doubt whether my previous approach of following Su Yu's suggestion and adjusting positions to the main line of 'big finance' in advance was correct.

"Why is there no movement yet?" Qin Qiuyue sighed helplessly.

Zhou Hui, who has been promoted to the main fund manager, stared at the market, thought for a while, and said with a smile: "It should be... soon. I think the overall divergence in the market is getting bigger and bigger, and today's 'brokerage' sector, There have been some changes, and the performance is obviously more positive than usual."

"Hey..." Qin Qiuyue sighed softly, "In the past month or so, the net values ​​of our fund products have basically not changed at all. The investor group that trusted us before has a lot of complaints now, and these The investor group is based on the fact that our fund can replicate the performance of the 'Yuhang Series' fund products. If the market situation of the 'Big Finance' line does not improve, I am afraid that the complaints of investors will be even deeper. , our organization is afraid that it will be pushed to the forefront of the industry!"