Rebirth of the investment era

Liu Guanhai thought for a while and said: "Let's hold positions and take a look. The beginning of market differentiation does not mean the beginning of the market peaking in the short and medium term. The market has such a strong bull market basic logic and such strong emotional support. Even if there are new developments outside the market, The influx of funds has obviously weakened.

According to the inertia of the trend, the market conditions can continue to move forward for a period of time.

What's more, the market has not experienced such differences before.

Market trends in September and October.

When the two core main lines of 'big infrastructure' and 'military industry' reached stage highs and fell into a sideways shock stage, the market also experienced this kind of differentiation trend. Many stocks also showed obvious signs of heavy volume and stagflation. Even an obvious callback trend pattern.

However, if you look back and look at it now...

Could it be that the market has hit new highs one after another after that brief wave of sideways adjustments?

At that time, many large amounts of funds were used to stop profits on the main lines of "big infrastructure" and "military industry". Did they completely miss the market again?

So, I think as long as there is no problem with the underlying logic of the bull market.

As long as the macro fundamentals and market capital continue to improve in the medium to long term, then the short-term adjustment of the market, or the divergent trend of many core stocks, is not scary.

The so-called adjustment is for better growth in the future.

Looking back, in September and October, those popular stocks on the main lines of 'big infrastructure' and 'military industry' that hit new highs in the stage have now reached new heights. At that time, everyone thought they were stage highs, but now... Is it already at a low level?

Everything has two sides.

Since, our fund products currently have sufficient cost advantages.

Moreover, the long-term investment logic of the market has not fundamentally changed.

Then, we might as well continue to maintain static positions, let profits continue to run, and wait for the market trend pattern to become clearer. "

"Okay!" Yu Lei nodded and did not object.

In fact, in his heart, the time and space for possible adjustments in the market are relatively vague.

Furthermore, Liu Guanhai’s analysis of the logic of continuing to hold positions is not wrong.

In the so-called bull market, one must endure loneliness in order to maintain prosperity. This has been fully verified in the previous evolution of the main line market.

He is not sure whether the market liquidity at this time has reached the limit of bulls.

It is also not certain whether the main lines of 'big finance', 'big infrastructure' and 'military industry' that are being hotly speculated by the market have fulfilled the expectations of corresponding fundamental changes after the sharp surge this year.

Of course, what made him hesitate even more...

At the central bank's monetary policy meeting next month, interest rate cuts and RRR cuts will be a high probability.

Once the central bank cuts interest rates and reserve requirements, and the entire macro-finance situation is reversed, the market's capital liquidity will definitely further increase sharply, and it can directly or indirectly bring trillions of new investment funds to the market, and A complete change in the financial situation will hardly help stimulate the overall valuation and market trend of the market.

In other words, no matter which direction you analyze at present.

Expectations have not yet been reached.

In other words, he feels that the market may enter a short- to medium-term adjustment, but it is just based on the market sentiment shown by the current market trend, without substantial underlying logical support.

If you just rely on the sharp rise in the market feeling in your heart, you can persuade Liu Guanhai to adopt a trading strategy of reducing all positions and taking profits.

If the market continues to climb, it will continue to be the same as before, and the divergence will turn into consensus.

Then the fund product they manage will not only miss the market and lose rapidly expanding profits, but also lose many high-quality chips they currently hold, as well as the corresponding holding costs.

In a bull market, selling is easy.

But after selling, it is not easy to buy back the chips at the original selling price.

Therefore, taking all these into consideration, he felt that it would be safer to still hold static positions and look at the subsequent market performance.

Also, the amount of fund products they manage is not too large.

With the current abundant liquidity in the entire market, he felt that if the market showed signs of adjustment becoming more and more obvious, they could still reduce their positions and exit immediately.

What's more, their holding costs are very low and they have sufficient error tolerance.

As the two discussed the market after the market closed, they decided to continue to maintain static positions and wait and see the further reaction of the market.

The main internal fund trading room of Zexi Investment Company, which is also located in the Magic City.

After briefly reviewing the market, Zhou Kan couldn't help but smile. He admired Xu Xiang's previous judgment on the market and said, "Sure enough, as you predicted, boss, the market surged sharply at the end of the trading day for two consecutive trading days. The highs have fallen back, and it is obvious that today's market conditions have further converged on the core weight stocks of popular main lines such as 'big finance', 'big infrastructure', and 'military industry'."

"Yeah!" Xu Xiang nodded and said, "But the market has just begun to diverge. According to the current market sentiment, this market trend can still continue for a while."

Zhou Kan thought for a while and said: "In the subsequent market differentiation, active capital groups should further converge towards the market's core main line weighted leading stocks, which have obvious profit-making effects. There is still a huge undertaking on the market, and the upward trend is still accelerating." ?”

Xu Xiang responded with a smile: "Once the continuous incremental capital groups outside the market begin to be unable to fully undertake the main line of chips on the market, the active medium and short-term funds on the market will naturally further flock to areas with stronger money-making effects. , and then until...the market situation diverges to the point where the money-making effects of the main line leaders begin to gradually decline and disappear, the overall market trend will be completely reversed.

The current market performance can be regarded as the June Fourth market situation at best.

Then, the follow-up gradually develops into the March 7 market situation, the February 8 market situation, until the 19th market situation, or the final profit-making effect, mainly concentrated on a few core concept leaders of the core main line, then... a period of market's main rising market situation, Even if it’s the end.

Let’s go next…

The main thing is to observe the market differentiation trend and whether it will evolve along our judgment and expectations.

There is also the need to pay attention to changes in the overall turnover of the market.

If the market turnover continues to change at the current pace, it will always be suppressed below the scale of one trillion transactions. At the same time, the market differentiation will become more and more serious, and stocks that can produce money-making effects will become more and more concentrated in a certain market. Main line, a certain theme.

Then, we must be fully prepared to reduce positions and stop profits. "

"Understood!" Zhou Kan nodded and said, "Don't worry, boss, we have made corresponding preparations. As long as the market takes a turn for the worse, we will immediately reduce our positions and stop profits on a large scale. However, today many 'big financial' and 'big financial' companies will The trading volume of the heavyweight stocks in the core main lines of "Infrastructure" and "Military Industry" during the diving period in the late afternoon was very large, especially the active selling, and among them, there were serious selling pressures on the market, mostly from the "Yuhang" series. 'I don't know if the fund's holdings of concept stocks are being sold by the 'Yu Hang Group', the main force of funds?"

"We will know later when we look at the Dragon and Tiger ranking data disclosed by the two cities." Xu Xiang said.

The entire 'Yu Hang Series' fund's shareholdings were so large that Xu Xiang did not believe that the other party's large-scale centralized reduction of positions could completely avoid the sight of market supervision.

As a number of similar institutions like them made different changes in trading strategies in the after-hours analysis.

At the same time...

The large number of retail investor groups spread across the major stock discussion platforms on the Internet are also discussing intensely at this moment, and they are still mindlessly optimistic about the market. (End of chapter)