Rebirth of the investment era

"It's actually taken back again!"

At around 10:15, in the 'Future Growth Mixed Selection' fund product trading room of E Fund Investment Company in Shanghai, fund manager Gao Yirong stared at the changes in the two markets with some surprise, and said in amazement: "For several days in a row, Whether it is an index or individual stocks, all adjustments are basically completed directly during the session. It seems that... the market has indeed entered the bull market stage."

"The stronger the market trend, the more surprising it is." After Gao Yirong's death, fund product trading team leader Deng Anwei took over and responded, "The heavy profit taking in the short term was directly at the intraday high, through the rapid shock of heavy volume. , the exchange is completed, and this trend is already an obvious continuous short squeeze.

And the overall investment sentiment inside and outside the market is actually continuing to strengthen. There is no doubt that the market has entered a bull market.

Currently...the key is that we still hold a large amount of chips.

Whether the core main line of 'technological growth', which was also the main direction of our fund investment in the past, can maintain a sustained upward trend like the main line of 'big finance', especially the securities sector, and change from rebound to reversal, look at the market shape. It seems there are still some problems!

If the line of 'technological growth' cannot change from a rebound to a reversal, and is always weaker than the main line of 'big finance', I'm afraid...

We need to further adjust our investment strategies and trading strategies.

We can further increase the position weight and chip volume of our fund products in the direction of "big finance", especially the securities sector and the Internet finance sector!

Moreover, I understand that this change of strategy requires a decision to be made early.

According to the current changes in investment sentiment and investment confidence in the market, the 'bull market expectations' have become stronger and stronger, and the entry speed of various off-site funds is getting faster and faster. At the same time, the market trend is also getting stronger and stronger. The more extreme it is, if we don’t make up our mind earlier.

I am afraid that in the future, we will face the continuous short squeeze trend of corresponding core stocks and the stock prices will rise higher and higher.

You will become more and more passive! "

"Do you think... the line of 'technological growth', up to its current position, still has not gathered consistent market expectations, has not formed a unified long force of major funds, or has not gotten rid of the rebound trend?" Gao Yirong heard what Deng Anwei said. Analyzing, he moved his eyes away from the two markets, looked at him and asked, "Do you think the entire 'technological growth' main line, in fact, the logic of the current market evolution, is a rebound, not a reversal?"

Deng Anwei nodded and said: "At least currently, there is no complete reversal of the trend of funds following the trend of 'technological growth'.

At present, the two sectors in the field of 'technological growth' are the strongest.

Mainly the two sectors are ‘Internet Finance’ and ‘Film and Television Media’.

The core logic of the 'Internet Finance' sector, as well as the market trend, must be following the expected logic of 'Big Finance', and within the sector, the corresponding concept stocks have the strongest performance, the strongest capital expectations, and the strongest following trends. , mainly concept stocks related to the financial market, such as Tianyu Information, Shanghai Steel Union, Changxing Technology... and other stocks with slightly less pure concepts, all performed significantly weaker than the sector index.

As for the 'film and television media' sector, there is currently no clear positive driver in terms of policy or news.

This wave of concentrated market rebound across the entire sector.

The main reason is that the early negative clouds of the 'LeTV' check have dissipated, and the early decline of this check has been very large, and now it has rebounded from the oversold. Of course, the fundamental situation of the 'LeTV' check has been compared with everyone's previous expectations. The situation, which is getting worse, is also getting significantly better.

But with this check alone, I don’t think I can shake the market of the entire ‘film and television media’ sector.

However, the follow-up expectations of the 'Film and Television Media' sector are not completely absent. The market's better-than-expected box office performance during the National Day, as well as the implementation of many previous favorable policies, have brought substantial changes to the fundamentals of the entire industry. However, there is currently great uncertainty as to how this expectation will be reflected in the future and how much it will be realized.

In addition to the ‘Internet Finance’ sector and the ‘Film and Television Media’ sector.

In fact, for the current major branch lines of 'Internet software', 'Internet applications', and 'smartphone industry chain' in the main line of 'technological growth', future expectations are still lacking, and the news is not obviously good. Funds are The intensity of following the trend in these fields is not concentrated.

In general……

Comparing the current trends, sentiment is in full swing, and the main line of 'big finance' that follows the trend of funds has been rushing to raise money at a high level, especially the two hot branches of the 'securities' sector and the 'Internet Finance' sector, the main line of 'technological growth', and its related hot spots The market performance of the main line is definitely still obviously inferior.

Based on the investment idea of ​​"Bull market focuses on momentum, bear market focuses on quality".

If we are not prepared to judge that the reversal of the 'technological growth' line will come in the short term, then I think... our core position direction, as well as investment and trading direction, must still focus on the main line of 'big finance'. Especially in the securities and Internet finance sectors, we can maximize market profits at the end of the year and help the net value of our fund products to reach higher levels. "

The current market time has entered November.

This is less than 2 months before the end of the year.

At this time, the ranking of their fund products is not outstanding, either within E Fund or in the entire industry.

If you want to achieve the performance goals set half a year ago or even at the beginning of the year, as well as the industry ranking goals.

Then they have to work hard.

Although the entire trading team does not strive to climb to the top or compete for the 'Golden Bull Award' or the like, the ranking cannot be worse than last year.

After all, if it is really worse than last year, it will greatly damage investors' confidence in their fund products.

Now that the bull market is coming, competition in the industry will obviously become more and more intense. At this time, if they do not forge ahead and take aggressive positions, they will soon be left behind by other fund products.

not to mention……

Because of their fund products, they made mistakes in the June wave.

As a result, they subsequently missed most of the market trends when the main lines of 'infrastructure' and 'military industry' broke out. As a result, their fund products have not outperformed the market index in the second half of the year, which has always been the best in the industry. The trading team's reputation was something that would have been unacceptable to them.

And all of this... will force them to choose a relatively more aggressive investment strategy when the market conditions are good.

After listening to Deng Anwei's analysis, Gao Yirong thought about it carefully for a while, and felt that what the other party said did make sense. He couldn't help but respond: "Then continue to eliminate the weak and retain the strong, and reduce some of the main line of 'technological growth' in our fund product positions." Stocks that are relatively weak in the field will be promoted, and then the 'Securities' sector and the 'Internet Finance' sector will be promoted. The current performance is strong, and the main funds will follow up the strong component stocks, bringing our position weight in the 'Big Finance' main line to about 60%. Go!"

"Okay!" Deng Anwei saw that Gao Yirong continued to increase his stake in the main line of 'big finance' and continued to increase the weight of fund products in the main line of 'big finance'. He couldn't help but nodded hastily, turned around and ordered the people in the trading room who were staring at Looking at the two trading groups trading on the market, they said, "Reduce holdings of stocks in the main line area of ​​'Technology Growth' during the day, and the trend is relatively weaker than the sector index. At the same time, the positions reduced will be added to the main line area of ​​'Big Finance' , especially the strong core stocks in the securities sector and the Internet financial sector.”

The traders in the trading room nodded in response.

Then, with the crackling of keyboards, millions and tens of millions of funds began to pour into the market. At the same time, many constituent stocks held by its funds, at this time, as traders adjusted their positions, There have also been unusual movements one after another, causing certain interference to the market trend.

And at the same moment.

In the entire asset management industry, there are not a few institutions that have made the same change in trading strategies as them.

As the investment strategies and trading strategies of these institutions change, the overall market trends and even major market level changes in the two markets have become increasingly clear over time.

The two popular sectors of securities and Internet finance have continued to fluctuate and rebound. Due to the rapid follow-up of funds, their trends have become stronger and stronger, far exceeding the increase of the Shanghai Stock Index and far stronger than the growth of other core main lines of the market. changes; other... such as 'technological growth', 'big consumption', 'non-ferrous cycle' and other main areas, as the trading time goes by, whether it is the trading volume on the market or the follow-up effect of long funds, it gradually weakens Go down.

At about 10:30 am.

The market trading time lasted for an hour at the beginning of the session.

The growth rate of the securities sector has rapidly reached a height of 5%, which not only set a new intraday high today, but also set a new high for this year's sector index; the performance of the Internet finance sector index was slightly weaker than that of the securities sector, but the increase was also About 2%.

The two popular sectors still showed an overall trend of leading the gains in the industry sectors and concept sectors in the two cities.

As for the two major weighted sectors of banking and insurance, which both belong to the main line of "big finance", the market growth is obviously a step behind, but it is also significantly stronger than the index performance.

The main line area of ​​‘technological growth’.

'Film and Television Media', after a sudden attack, has now fallen into intraday high sideways fluctuations, with signs of heavy volume and stagflation. Other 'Internet software', 'Internet applications', and 'smartphone industry chain' Branch lines and other sectors are now showing a trend of shock and decline. The main funds' following sentiment and intensity of following the trend in these fields have weakened.

The main areas of ‘infrastructure’ and ‘military industry’.

The corresponding conceptual sectors and industry sectors that fluctuate around the main concepts of the 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road', and 'Reform and Reorganization of Central and State-owned Enterprises' are now showing their weak form again. It is still the main sector that leads the decline in the two cities.

‘Big consumption’, ‘non-ferrous cycle’, ‘petrochemical industry’, ‘pharmaceutical business’, ‘animal husbandry’… and other main areas.

At this moment, it is also following the index fluctuations and does not have any independent trend.

Overall, the market situation at this moment.

The active capital groups in the market, as well as the new incremental capital groups that have entered the market outside the market, are still focusing their attention on the main line of "big finance", especially the securities sector and the Internet finance sector. Although there is considerable upward selling pressure on the stocks of each component of the major sector, the active buying power of bulls still has the upper hand and can drive the stock prices of the corresponding stocks into a continuous upward trend.

And the core line of ‘technological growth’.

It can be seen that the long and short differences on the market are still very large. Even the "film and television media" sector, which has good future expectations and has been stimulated by the corresponding positive news of "LeTV" stock, is also obviously experiencing sluggish growth in volume and a high and volatile trend in the market. The corresponding upward pressure on core stocks is obviously greater than that on stocks in the main line of 'big finance', especially the securities sector and the Internet finance sector.

This also illustrates the active capital groups on the market and the incremental capital groups pouring in outside the market.

There are also a number of new institutional groups entering the market.

When it comes to investing in the main line of 'technological growth', I am still a little hesitant. I don't fully agree with this line and can achieve a comprehensive reversal of continuous breakthroughs.

As for other main investment lines, the recognition of main funds is even lower.

"The market trends on the main lines of the market are obviously divergent."

Seeing the market trends of the major main lines, around 10:40, inside Yuhang and Yuhang Investment Company, in the main fund trading room, Wang Can, who had been staring at the market and observing the market, said with a smile: "The strength and weakness of the major main lines, As well as the recognition of the main funds, it should be completely demonstrated today, and the line of 'big finance', the leading posture, at this time... is really demonstrated vividly."

"The main lines of the market are diverging, and the general rise that should have continued to rise sharply is coming to an end." After hearing Wang Can's words, Zhao Lijun, who was sitting next to Wang Can, thought about it for a moment and responded, "It is estimated that the subsequent market will enter the same situation as in the past few months. Gradually increase the volume, and the trend pattern of shock and upward is falling into place.”

Zhu Tianyang nodded slightly and responded: "I agree. The short- and medium-term profit taking in the market is now continuing to sell off. The upward pressure on the market is not small. Of course, the underlying force is still not small, and The emotional response is almost here. It is impossible for the index to continue to rise continuously, and it is impossible for the two cities to continue to rise across the board. A pattern of trends regardless of strength and a differentiated upward trend of shocks is essentially healthy. .”

"No matter what the market trend is, the leading position of the 'Big Finance' line should have been stable." Liu Yuan also responded at this time, "And the volume and energy response of the entire main line of 'Big Finance' is also very Health, profit taking and holding up orders cannot stop the continued upward trend of this line."

"Just hold positions quietly." Su Yu heard everyone's discussion, smiled, and said, "Trade according to our established investment strategy. The main position will remain unchanged, and other small areas will be weak and strong, or small areas will be used for intraday trading. Just operate it and improve the trading feel.”

Everyone in the trading room nodded and started trading according to the trading strategy Su Yu said.

Amidst the crackling of the keyboard, Su Yu turned his eyes to the intense trading in the two cities again, squinted his eyes, and said with emotion: "The emotional climax has passed, and then... we will have to further turbulence in the long-short divergence. Proving the logic of the 'bull market'!"