Rebirth of the investment era

"Hey, the net value of our fund has fallen a lot in the past two days!"

In the continuous fierce trading in the market, at around 11:05, Yuhang and Yuhang Investment Company, in the main fund trading room, have been observing the market trend and guiding the members of their trading team to use small positions. Wang Can, who was doing T during the day, saw that 'Huaxin Securities', a securities-heavy stock with big eyebrows and big eyes, had fallen close to 4% during the day. He couldn't help but sigh softly and said: "In the past two days, the market conditions have changed, and the main theme has changed." The ones that fell were all the component stocks that our fund products held heavily, and it was really crazy.”

"What's so evil?" Next to Wang Can, fund trading manager Zhao Lijun responded with a smile, "Adjustments in the bull market stage are normal. Strong stocks make up for their losses, and weak stocks make up for their gains, thus causing the overall valuation levels of the two cities to rise. Once again a more stable equilibrium has been reached.

At the same time, it also creates opportunities for the next market rise. Isn't this normal?

Even if it is a bull market.

No matter how strong a stock is, it can't keep rising every day, right? It is impossible for a tree to reach the sky.

Besides, these heavyweight stocks are different from concept stocks such as Huake Sugon, Bluestone Heavy Equipment, and Shanghai Steel Union, which can continue to be speculated solely on emotion.

There is no sustained positive support and no substantial fundamental changes.

There is no increasingly clear expectation of a performance explosion.

It is still very difficult for these heavyweight stocks to continue to open up space.

Besides, we should not allow weak stocks and low-level mainline stocks to fill in the recent valuations. In the market, the valuation gap between strong high-level mainline stocks and low-level mainline stocks is too wide and too large. , strong mainline stocks cannot go far. "

"That's the truth." Wang Can said, "But looking at the millions or tens of millions of profit retracements in the stock holding account every day, I still feel uncomfortable. It feels even worse than losing money in my own account. "

Zhao Lijun chuckled and said: "This shows that you already have a sufficient sense of responsibility and have the psychological quality and conditions to become a fund manager."

"I believe you." Wang Can heard his ridicule and responded, "I still know how many pounds I have. If you ask me to manage fund products, it will definitely not work. I think it is a deal. The team leader is pretty good, but sometimes his hands are itchy and he always wants to sell when he makes money.”

At the current stage, their fund’s positions are on the main lines of ‘big finance’ and ‘big infrastructure’.

Its profits are already very generous.

If Su Yu had not formulated a basic trading strategy that did not allow every major fund product and lowered the dynamic position level, Wang Can would have sold off the main holding stocks of 'Big Finance' and 'Big Infrastructure' in the special sale account.

"Old Zhao, you said we won't do T for the time being, shift our positions, and buy some mainline 'big consumer' stocks that are currently trending hot. What do you think?" After a pause, Wang Can said again, "You just said As I said, in the bull market adjustment, strong stocks make up for losses, and weak stocks make up for gains. In that case...why not make money if you have it?"

When Zhao Lijun heard Wang Can's words, he briefly moved his eyes away from the fierce trading between the two cities, glared at him fiercely, and said: "Wang Can, I advise you not to think so, and you also know the trading rules. , this is not a question of why we don’t make money if we have money, but the position adjustment you mentioned has deviated from our main investment direction.”

"The boss just told us not to lower the dynamic position level. He didn't say that position adjustment between individual stocks is not allowed." Wang Can responded, "Just tell me why not?"

Although he has this intention.

However, without the consent and instructions of Zhao Lijun, the fund trading manager, he would definitely not move his position and trade according to his own ideas.

Zhao Lijun responded: “Do you know the trade-offs between opportunities in transactions?

We are not retail investors, so we cannot chase the rise or fall, or move and switch quickly. If you go after the hot spots, what if the main lines of "big finance" and "big infrastructure" go up again? Could it be that at that time... you quickly cut off the flesh and chased it back?

And we trade in the market.

It is still necessary to have a clear idea of ​​what is the core main line and what main line has the logic of sustained expectations in the medium and long term.

The boss asked us to maintain dynamic positions on the main lines of 'big finance' and 'big infrastructure', and did not allow us to reduce our positions. We could only do T with small positions to slowly further reduce costs, and appropriately earn excess profits within the market day, while continuing Train traders' trading sense.

This is a securities investment strategy formulated after careful consideration.

In the development of market conditions, there is always a market pattern of 'the strong will always be strong and the weak will always be weak'. Even in a bull market, there will be no exception.

If you look at the line of 'big consumption' right now, it's rising rapidly.

But you must know that under the current overall market investment logic and future expectations, the line of "big consumption" is not yet the core market line of the market.

In other words, this main line is just the need to make up for the increase.

Rather than a stock price reversal caused by various factors such as changes in its fundamentals, changes in future expectations, and potential for performance explosions.

That is to say, this line, currently, only has the power of a short-term rebound, and its stock price's medium and long-term upside potential is currently not as good as the main lines of 'big finance' and 'big infrastructure'.

In market investment, how can one abandon high-quality chips with cost advantages and pursue inferior chips?

If you think about adjusting some positions to chase the hot spot of "big consumption", you are putting the cart before the horse and putting the cart before the horse.

Also, if you want to obtain excess profits from the market, you must inevitably endure the uncertain market retracements. We must know that profits and losses come from the same source. It is impossible for us to avoid some necessary downward retracements while holding shares. , if you always want to avoid it, you will most likely avoid the opportunity for a big rise after the adjustment is over. "

"Manager Zhao is right." At this time, Zhu Tianyang also responded with a smile, "As traders, what we should pay attention to most is the choice of opportunities. Some downward adjustments may seem fierce and uncomfortable, but they are necessary.

The two core main lines of ‘big finance’ and ‘big infrastructure’.

This round of adjustment is mainly due to the selling pressure formed by profit taking and arbitrage selling during the news vacuum period.

This kind of selling pressure should be cleared up as soon as possible to re-establish the stability of the chips.

On the contrary, it is easier for the two core lines of "big finance" and "big infrastructure" to achieve higher market heights and a smoother upward trend.

Therefore, the adjustment at this time, to put it bluntly, is to make the subsequent market trend better.

The current retracement of the net value of our fund is also to prepare for the subsequent net value to explode to new heights.

Without this retracement, without this adjustment trend to clean up short-term profits and unwind arbitrage, we would blindly deviate from the technical aspects and continue to attack hard, continue to hold high and fight high, and continue to open up the main line with the market's low positions, such as ' The valuation gap among core weight stocks in the main consumer sector.

So, the end result.

That is, the higher you go, the more profit orders and unwinding orders are gathered.

And the capital group that is willing to take over at a high level will obviously hesitate after the valuation gap between the high-level main line and the low-level main line becomes too wide.

This will significantly weaken the ability and willingness of the continued increase in funding groups.

As more and more profit-taking and unwinding deals accumulate, the size and willingness of the financial groups willing to undertake them gradually weakens and decreases.

Then, the market situation will be very natural and unsustainable.

And at that time, once the market turns, there will definitely be a landslide and tsunami, which will be very violent.

Moreover, due to overdraft of too many long funds, it will be very difficult to restart the upward trend after the market turns sharply and locks out too many bulls standing guard at high positions to take over funds.

Therefore, it is not necessarily a good thing to continue to make strong upward attacks and continue to squeeze short prices.

Making timely adjustments, building the chip platform ladder again and again, rising steadily step by step, so that the stock price can advance in sync with the explosion of expectations and performance, is not necessarily a bad thing. On the contrary, I think that just stopping and going steadily upward is the best way to make timely adjustments. It is the most favorable trend.

In other words, we are trading.

There are only two points that affect profit acquisition, one is the cost of buying and the other is the position of selling.

As long as the market trend can make our selling position higher, then won't we be able to maximize the market's excess profits? "

"There is absolutely no problem in continuing to stick to the two core lines of 'big finance' and 'big infrastructure'." After hearing Zhu Tianyang's analysis, Liu Yuan also emphasized again, "The adjustment is for better growth. I I believe it won’t be long before many of the heavyweight stocks held by our fund can easily break new highs.”

"It should be by the beginning of December that the entire main line of 'big finance' and 'big infrastructure' will have a clear upward trend and restart." Zhang Guobing, who had been silent, also responded at this time.

"Why does it say it's early December?" Wang Can asked.

His market analysis ability and trading level are limited by his talent. Compared with several others, there is really a big gap.

Therefore, for things that everyone can understand, or that can be understood in just a few words, he often needs to think carefully or inquire deeply.

Zhang Guobing continued with a smile: "Because in early December, it will gradually become clear whether the central bank will cut interest rates and reserve requirement ratios, and whether the entire macroeconomic policy can be reversed. The expectations of the big core main line are going up again aggressively, can the stock price not rise?"

"There is another reason." During the simple discussion, Li Meng, who had been quietly observing the changes in the market in front of the main control computers of several fund products in the company, interjected, "At the beginning of next month, the Federal Reserve's interest rate meeting will be held. It directly determines which way macro monetary policy will turn."

"Mr. Li thinks the direction of the wind is more favorable or more negative?" Zhang Guobing couldn't help but ask.

Li Meng replied with a smile: "No matter whether the external wind direction is good or bad, it will have an impact in the short term, but in the long term, it is highly likely that the central bank's monetary policy will change. After all, economic recovery requires monetary easing to support it. And In the second half of this year, inflation data and various economic data support the central bank's loosening of monetary policy to stimulate the market. Of course... for the stock market, the focus is not how much the central bank can cut interest rates or RRR, but how much it can cut. With the action of lowering the reserve requirement ratio, the macro monetary policy represented has shifted towards this huge expectation."

Zhang Guobing nodded and said: "I also think that there is a high probability that macro monetary policy will be loosened in the future. Coupled with the bull market atmosphere and the macroeconomic strategic concepts of investing in stimulating the economy, 'big finance' and 'big infrastructure' will With these two main lines, there will definitely be huge investment opportunities in the future.”

In the trading room, everyone was analyzing the market and looking forward to the market outlook.

As well as discussions related to re-firming the holding institutions and the main direction of investment.

At this time, the trading time has unknowingly entered 11:30, and the two markets have ushered in the closing moment at noon, and the market has been frozen.

I saw only the last half hour or so of trading before midday.

In the end, the Shanghai Index was set at 43 points, with an intraday decline of 23%. The Shenzhen Stock Exchange Index and the ChiNext Index closed down 75% and 39% respectively. Among them, the A50 Index closed down 76%, while the Small and Medium Enterprises Index remained unchanged. The stock closed in the red, closing up 13%.

A total of 983 stocks were listed in the two cities, accounting for 48% of the market's stocks.

This number of red stocks fully demonstrates that although the market is in the process of adjustment, the local money-making effect is not bad.

At the same time, the half-day turnover of the two cities reached more than 430 billion, which continued to shrink compared with the same time period yesterday.

In addition to the performance of several major market core indexes, red stocks, and turnover, the performance of the core main lines of the two cities, as well as the performance of many popular stocks.

Overall...

The entire market still maintains the three core main line-related industry sectors and concept sectors of 'Big Consumption', 'Mobile Internet', and 'Smartphone Industry Chain', as well as their related core weight stocks and popular concept sectors, leading the gains in the two cities. The core main lines of "big finance", "big infrastructure" and "military industry" and their related industry sectors and concept sectors comprehensively led the decline in the market pattern of the two cities.

The top 20 stocks are ranked among the top 20 stocks in terms of attention and discussion among investor groups in the two cities.

In addition to the stocks of "Huake Shuguang, Shanghai Sanmao, Shanghai Steel Union, and All Access Education".

Others... popular stocks that tend to be in the main direction of 'big finance', 'big infrastructure', and 'military industry' basically closed in a downward state. Among them, 'Bluestone Heavy Equipment', 'Chengfei Integration' fell to the limit, and 'Flush' The stocks of the three Musketeers in the Internet financial sector, namely Great Wisdom and Oriental Fortune, all fell by more than 5%.

Popular stocks that tend to focus on the main directions of 'big consumption', 'smartphone industry chain' and 'mobile Internet' basically closed in the red. Among them, 'Sanjiang Shopping, Huaqingbao, Anjie Technology' hit the daily limit, and 'LeTV' Net, Netspeed Technology, and Huaguo Software' all surged more than 5%. (End of chapter)