Rebirth of the investment era

"Isn't this normal?" Li Meng, who was also sitting in front of the computer next to Su Yu, responded, "Don't forget, more than 80% of the participants in our big A market have certain cognitive flaws. Retail investors, of course... and most institutions aren't much better.

Since more than 80% of market participants are retail investors who are easily affected by emotions.

Then, it is normal for the market trends to be too extreme.

However, it is still a bit surprising that the index can quickly recover the intraday losses and quickly hit a new intraday high despite the huge correction in early trading today.

This illustrates the market's potential takeover power, as well as the potential bull power.

It's stronger than we expected!

Of course, with such extreme and continuous changes in sentiment and the short-selling trend in the market, even if the market decline is temporarily recovered and the massive profit taking and concentrated selling to unwind the market are stabilized, it will not be able to change the potential selling and selling orders on the market. There has been a shift in buying power.

The final drastic market adjustment will still come.

Moreover, since the index refuses to pull back at this position, it is still consuming a large amount of potential buying power in the market, while continuing to increase the large amount of profit taking and arbitrage chips deposited in the market.

Then, it will naturally lead to a more violent adjustment in the subsequent market adjustment stage. "

"That's right." Su Yu nodded lightly and said, "At this time, the market refuses to pull back and continues to short-squeeze and rise. On the contrary, it will increase the depth and time of adjustment when the market enters the adjustment stage later. However...the market follows this form. It is very conducive for us to continue to reduce our positions at a relatively high level."

Originally, he was worried that the market was at this position.

The potential selling power in the market has gradually exceeded the potential bullish buying power, and the chip structure has become loose.

The main financial groups in the market will soon form expectations that the market will continue to adjust.

In this way, they concentrated on selling the profit-making chips in their hands, suppressing the market, causing the market to quickly undergo a corresponding correction trend, and not leaving them too much time to reduce their positions and take profits.

However, look now...

It seems that there are all the main financial groups in the field.

For the fund rankings and performance performance at the end of the year, such a relatively consistent expectation was not formed due to greed.

Let’s look at the performance on the market.

Many major funds are not aware of the huge potential correction risk in the market.

On the contrary, they are still rapidly and intensively adjusting positions, frantically chasing core mainline stock chips such as 'big finance', 'big infrastructure', and 'military industry' that have relatively fulfilled some short- and medium-term expectations.

"Yeah!" Li Meng nodded and said, "According to the current market trend, the Shanghai Stock Exchange Index should continue to go up for a period of time until the most aggressive and powerful part of the market that actively accepts buying funds is consumed. Until the buying orders accepted are completely unable to absorb the profit orders and arbitrage chips from the concentrated selling, at that time, the market's short- and medium-term trends should see a more obvious reversal."

"How many positions have we sold in the past two days?" Su Yu asked.

Li Meng took a careful look at the changes in position data of several major fund products on the main control computer in front of him, and said: "A total of 7% of the positions have been taken out."

"The speed is too slow." Su Yu frowned.

Although he expects the market will give them at least a week or so of trading operation window.

But at this speed of reducing positions.

Even if the market gives such a trading operation window period of about a week, when the market trend reverses, they still cannot reduce to the established target position.

Li Meng sighed helplessly and said: "With the four main fund products and the four trading groups, everyone has been working hard to clear out the relevant stock chips according to the established trading strategies, but how can we... , as well as several fund products managed by its subsidiary 'Anzhao Fund', the total holding size is really too large. In addition, we must reasonably avoid the market's disclosure of data on the Dragon and Tiger List, not expose our trading seats, and not be concentrated. The selling order should not affect the emotional expression of the market too much... Under this strategy, it is good to be able to reduce this much in two days.

This is still the case when market liquidity is good.

If there is a larger group of main funds in the market, and we follow our concentrated selling, then the number of chips to reduce positions every day may be even lower. "

Looking at the main control computer, the current major fund products still have a total position size of more than 170 billion.

Only then did Li Meng really realize...

The larger the scale of asset management in your hands, the more restricted you will be in terms of transactions.

Now that the size of their funds is large, it is very difficult to open or reduce positions, and it is also difficult not to attract the attention of other major funds in the market.

Of course, these are also many major financial institutions, as their scale increases.

The fundamental reason why performance is becoming increasingly difficult to achieve.

Because under the existing capital liquidity, if the management scale of fund products is too large, you have to give up many opportunities that can be done with small funds. At the same time, you must fully predict the subsequent market changes and trend changes in the market. In other words... It's basically like dancing in shackles.

Therefore, there are many large-scale fund products on the market.

Fund products with long-term performance are so rare.

"but……"

Li Meng paused and then said: "What we are currently focusing on reducing our positions are main-line non-popular stocks with relatively average liquidity.

If you wait for the bargaining chips of these stocks, the reduction is almost done.

The main target is to place it on a number of popular mainline stocks and leading weight stocks with very abundant liquidity on the market.

The speed of reducing positions and taking profits should be much faster. "

"We still need to accelerate as soon as possible." Su Yu said, "Although the current market trend is still in a situation where bulls have the advantage, and the good news about the central bank's interest rate cuts and reserve requirement ratio cuts is still expected to be strong, But... I am still worried that the market will not give us too much window period to reduce our positions and take profits."

"Understood." Li Meng nodded and said, "I will ask each fund trading manager and each trading group to speed up the reduction of positions, but if the speed is accelerated, it should be difficult to hide our trading behavior and related selling actions. "

Su Yu thought for a while and felt that now was the time. There was no need to be greedy for the fish-tail profits that had been made before the index adjustment. He couldn't help but said: "It's better not to concentrate on actively selling to kill the fall, and focus on the buying." Follow up the situation and sell in a targeted manner.

However, all holdings can be reduced together.

Of course, if the intraday amplitude or increase is too large, and it is certain that stocks can be included in the intraday dragon and tiger list, you should still pay attention and temporarily avoid such stocks.

At least until our fund position is higher than the 60% level.

We cannot expose the relevant trading seats of our funds, thereby causing a chain reaction in the market. "

Even though the market value of the two core main lines of "big finance" and "big infrastructure" is very large, the related liquidity of the market accounts for nearly 50% of the entire market.

However, they have four main fund products, plus several main fund products of the ‘Anzhao Series’.

In total, there are almost 200 billion positions.

This position volume will be completely exposed on the dragon and tiger lists of the two cities once the motivation for large-scale selling and lightening of positions is revealed.

Then, in the case of a large number of follow-up orders and selling after the trend, it is still difficult for them to achieve the established purpose of reducing their positions and lock in excess profits.

Therefore, in order to preserve these excess profits, we must lock in floating profits to the maximum extent possible.

Until the market's upward trend changes, we must try to avoid the dragon and tiger lists in the two cities.

"Okay." Li Meng continued to nod.

Immediately, the trading strategy and precautions formulated by Su Yu were conveyed to all traders in the trading room before the market opened in the afternoon.

At the same time, she also made changes to relevant trading strategies over the phone.

This was communicated to Qin Qiuyue, the person in charge of Anzhao Fund Company, so that several major fund products managed by the other party can strictly follow this trading strategy to avoid inadvertently exposing several major funds under Anzhao Fund Company. The motivation of the entire institution to reduce positions and take profits.

A number of fund products in the "Yuhang Series" have begun to further change their trading strategies.

And prepare to continue to radically reduce positions.

The one and a half hour break at noon has passed by in a blink of an eye.

Then, at 1 o'clock in the afternoon, the two cities ushered in the afternoon continuous bidding trading session.

After further brewing of bullish sentiment at noon, and the stimulation of off-market news at noon, as soon as the market opened, there was another fierce attack by bullish funds.

At 1:01, the Shanghai Stock Exchange Index, Shenzhen Stock Exchange Index, and ChiNext Index once again set a new intraday high.

At 1:02, two heavyweight stocks, ‘Huaxin Securities’ and ‘Huaguo Construction’, continued to explode in volume, rising sharply to more than 5%.

At 1:03, ‘Flush’ rose by 4% during the day.

At 1:04, the stock price of Shanghai Steel Union hit the daily limit.

At 1:05, the stock price of "Shanghai Steel Union" sealed its daily limit. At the same time, the "Securities" sector index and the "Internet Finance" sector index rapidly expanded to 2% during the day.

At 1:06, the two stocks of China Southern Locomotive and Rolling Stock Corporation Limited and China North Locomotive and Rolling Stock Corporation Limited moved again.

At 1:07, the stocks of the four major banks, Hua Guo Bank, Hua Commercial Bank, Huajian Bank and Huanong Bank, expanded to about 1% during the day. At the same time, the banking sector index also rose by more than 1%. Among them, such as 'Ningbo Bank' even rose by more than 5%.

At 1:08, after the huge earthquake, the stock price of Bluestone Heavy Equipment rose by 5% during the day.

At 1:09, in the field of "film and television media", the stock of "Quantong Education" with the concept of "Internet online education" also experienced changes, and its stock price rose sharply.

At 1:10, Enlight Media and Huayi Brothers made changes.

At 1:11, Shougang Co., Ltd., Wuhan Iron and Steel Co., Ltd. and other steel stocks made changes.

At 1:12, the stock price of "China Railway" hit a 5% increase. At the same time, the check of "Huaguo MCC" rose by 8% within the day.

At 1:13, the indexes of the two major industry sectors, 'Building Decoration' and 'Building Materials', broke through the 3% increase in the day. Within the sector, the main funds showed a large inflow, especially in 'Huaguo Construction' For this stock, the net inflow of major funds during the day reached more than 500 million.

At 1:14, the intraday increase of ‘Huagong International’ also broke through the 5% mark.

At 1:15, Huaxin Cement, Conch Cement, Huaguo Building Materials, Tianshan Cement, etc., a number of "cement" stocks rose strongly, and the "cement" concept sector index surged by more than 2%.

At 1:16, a number of concept-themed sections in the main field of "big infrastructure" broke out across the board.

At 1:17, the index on the concept of ‘New Era Road, Maritime Silk Road’ had reached an intraday increase of 37%.

At 1:18, the concept section of ‘reform and reorganization of central and state-owned enterprises’ also suddenly emerged.

At 1:19, the Shanghai Stock Index's intraday increase expanded to close to 5%. At the same time, the A50 Index's intraday increase reached 87%.

At 1:20, the number of stocks that naturally changed hands in the two cities reached 50.

At 1:21, the number of red-listed stocks in the two cities has rebounded to more than 1,500, and all relevant industry sectors and concept sector indices in the core main areas of 'big infrastructure', 'big finance', and 'military industry' have been fully realized. The status of the red disk.

However……

Just when everyone thought that today's market situation would recover after the early dive.

And after all kinds of news were good and exciting at noon.

It will continue to rise along the current disk pattern and the main line pattern, and continue to set new highs on the disk.

At 1:25, such as 'Huaguo Construction, Huaxin Securities, Huashang Securities, Huatai Securities, Huatong Securities, the four major banks, China Pacific Insurance, Ping An Insurance, Ping An Bank, China Railway, Huaguo Railway Construction, Huaguo Communications Construction...' and a large number of super-weighted leading stocks with market capitalizations of hundreds of billions or even trillions, such as "big infrastructure" and "big finance" with "Chinese prefix", have actually seen large-scale selling orders. strength.

These selling forces instantly suppressed the continued upward trend in the stock prices of these leading stocks.

These leading stocks have once again fallen into a situation of heavy volume and stagnant growth, where the time-sharing volume can expand sharply, but the stock price has always been difficult to break through the upward trend.

At the same time, many small and medium-cap stocks in the main lines of "big finance", "big infrastructure" and "military industry" followed the trend and rose.

At this moment, this situation also occurred.

In fact, MCC, which had been rising rapidly, and the intraday increase had broken through the 7% mark, showing a daily limit trend, was continuously sold by thousands of large orders, directly pushing the stock price back to 5 An increase of around %.

Of course, such as small-cap leading concept stocks in several major main areas.

As well as some popular concept leading stocks that have attracted a lot of market attention and have very violent market fluctuations.

The trend at this moment is on the contrary more stable, and there is no such situation of heavy volume and stagflation, as well as the huge amount of active selling. (End of chapter)