The investment era of rebirth

At 1:01, the Shanghai Stock Index retreated below 2490 points.

At 1:02, the Shanghai Stock Index retreated below 2485 points.

At 1:03, the Shanghai Stock Index retreated below 2480 points. In three minutes, the retracement fell by more than 0.5%. At the same time, Beixin Road Bridge, which had originally sealed its daily limit, exploded, and 100,000-lot selling surged out.

, directly pushed the stock price from the daily limit to below the 7% increase.

At 1:04, following the explosion of Beixin Road and Bridge, a number of popular stocks in the two cities saw violent selling across the board. As a heavyweight large-cap stock that supports the market index, at this moment... the related stocks were concentrated on the market.

Active selling is also surging.

At 1:05, the "securities" sector, which had risen sharply due to large-scale changes, lost its market support and fell rapidly.

At 1:06, the Shanghai Stock Index fell back to about 1%, giving up all the gains made in the morning near midday.

At 1:07, within the real estate sector, Gemdale Group and Kewan Real Estate all saw continuous selling of tens of thousands of hands. The flow of large funds within the entire sector gradually changed from a large net inflow to a small net inflow.

This shows that at this moment, many large funds with large positions in the market are selling rapidly and reducing their positions to exit the market.

At 1:08, Huaxin Cement, which led the rise in the cement sector, crashed, and Conch Cement followed suit and fell. According to the market trading situation, selling orders began to completely suppress buying orders.

At 1:09, in the entire main concept area of ​​'infrastructure' and 'state-owned enterprise reform', all concept component stocks experienced temporary selling pressure to suppress buying.

At 1:10, the Shanghai Stock Index fell all the way to around 2475 points and began to gradually stabilize.

At 1:12, after a rapid plunge, the market began to rebound slowly, recovering the plunge. However, the weakness of many popular stocks in the two markets has not been alleviated at this moment.

At 1:15, the Shanghai Stock Index rebounded to around 2480 points, and the upward attack began to show weakness again.

At 1:18, after the market rebounded briefly and recovered, it began to slowly continue to fall.

At 1:20, on the market of core stocks in the real estate sector, there was a net outflow of major funds, and the phenomenon of large funds retreating was extremely obvious.

At 1:21, this phenomenon of main funds changing from net inflow to net outflow began to appear in more popular concept sectors. At the same time... the pulse-fluctuating 'Securities' sector index fell back to its starting point.

Even for Huaguo Petroleum, a super heavyweight in the market, the trading situation at this moment has changed from buying to selling, and the stock price has slowly dropped, giving up the early intraday gains.

At this point...the market has been trading for a full 20 minutes.

It almost completely reversed the market's original upward trend and disrupted the rhythm of the entire market.

Faced with such afternoon market changes, the entire market investor group, the vast majority of investors, were dumbfounded and confused.

"Damn it, what's going on? It was a good upward trend, why did it suddenly collapse?"

In the magic city at this moment, inside Yinghui Fund Company, in the 'Yinghui No. 1' fund trading room, fund manager Liu Guanhai looked at the market in surprise, his brows knitted together, and Digu said: "In the trend of attacking important pass, it is usually

It’s so easy to make a big effort, but then it declines, and then it’s exhausted. It’s just a few points and ranges that can’t be crossed, and you still have to wash the market?”

Next to Liu Guanhai, Yu Lei, the leader of the trading team, responded: "The market sentiment is still there, and the volume of buying orders on the main popular stocks is still relatively satisfactory, and the current correction of the index is not too large.

Deep, it still has the kinetic energy to hit 2,500 points again.”

"Hey, I really can't understand the trend this afternoon." Liu Guanhai continued to sigh softly, pondered for a moment, and then said, "Let's take a look again. The momentum of the market has been established this morning. If at the close of today,

If the Shanghai Composite Index cannot hit 2,500 points, then I am afraid that the subsequent market trend... will be repeated."

Yu Lei responded: "But even if there are repetitions, it shouldn't be too deep, right?"

"Yeah!" Liu Guanhai nodded, "But this will weaken the market's consensus expectations, thereby restricting the market's price level. I hope the market can change according to the best expectations!"

The fund product they manage is currently in full position, and the holding cost is not low compared to the current market level, so... in terms of personal expectations and interests, they definitely hope that the market can stand stably.

Above 2500 points, it will further open up new market space.

When the two of them sighed about the market and thought about the next changes in the market.

In the trading room of the 'Yinghui No. 2 Fund' on the other side of the same company, fund manager Shao Xiaoyun was shocked when he saw such a trend in the market, and showed a trace of worry: "It's a critical moment to dive, and it's such a large amount.

It feels like this trend is obviously abnormal!”

"This means that the pressure of 2,500 points is greater than we all imagined, right?" Liu Changling, the trading team leader, added.

Shao Xiaoyun pondered for a moment and replied: "The pressure at 2500 points is huge. This is foreseeable, but at the critical moment, there is no need for the selling to be so concentrated, right? Moreover, the wave of explosions in Beixin Road and Bridge has really hurt the overall hype mood of the market. Look at the market

The buying situation of major popular stocks, it is obvious that the stocks with high bids and the main funds that follow the trend of buying are all on the decline on a large scale."

"Yeah!" Liu Changling responded, "The blast of Beixin Road and Bridge is really hurtful, but fortunately, another high-standard leader, Beijiang Communications Construction, is still at its daily limit, which gives the market hope to continue to speculate, and

It depends on the situation... Beijiang Communications Construction, the leading stock, has already shown signs of replacing Beixin Road and Bridge as the number one leading stock in the two cities."

"What I'm afraid of is not just the collapse of Beixin Road Bridge!" Shao Xiaoyun sighed with emotion, and continued, "Did you see the huge order of 100,000 lots that was on the board when Beixin Road Bridge was exploded? This

This stock has such a huge holding on the market. In addition to the major shareholders of this check, there is basically only Mr. Su from "Yuhang Investment". I think... After the Beixin Road Bridge bombing, the impact on the market

The impact was so huge that it directly led to the retracement of many popular concept stocks in the two cities and the endless selling of big funds. This is the fundamental reason."

After hearing Shao Xiaoyun's analysis, Liu Changling thought about it carefully and felt that it was indeed very possible.

"Then... what should we do now?" Liu Changling asked after a pause.

Shao Xiaoyun scratched his head helplessly, remained silent for about half a minute, and then gritted his teeth and said: "Although the Shanghai Stock Index 2,500 points are right in front of us, and this wave of adjustments has not penetrated the high opening point in early trading, it has not yet affected the entire market.

The overall market situation has caused too much damage, but we still have to consider the worst case scenario, sell it, and then sell some chips. At this time...if I don't reduce my position, I won't feel at ease."

"How much reduction?" Liu Changling continued to ask.

Shao Xiaoyun replied: "Let's first reduce the chips we added to our positions in the past two days. Although the reduction at this time conflicts with the trading strategy we formulated before, we should still be able to make some money while reducing the risk of the position, so...

...Even if the subsequent index goes up again and breaks through 2,500 points perfectly, we will not suffer too much loss."

"Okay!" Liu Changling nodded, then turned around and immediately issued instructions to the traders.

And as his order was issued, at the same time...

Within asset management institutions across the country, such as Yanjing, Yuhang, Shenzhen, and Jinling, there are fund managers who make the same strategic response. Of course, behind the same trading strategy, everyone has different motivations and follows the same strategy.

The trading logic is also different. Some people simply realize that something is wrong from the market, follow past trading experience, and subconsciously reduce their positions, while others are making trading strategies of reducing their positions and selling based on newly circulated market news.

.

But no matter what kind of trading logic these people follow.

As the market trading time goes by, the selling of the main funds in the market becomes more and more heavy, and the pressure on the major indexes is also increasing.

"The long-short situation on the market is rapidly reversing!"

At 1:35, when the Shanghai Index retreated again and broke through 2470 points, almost swallowing up all the gains in the session after the index opened higher at the beginning of today's trading, Yuhang, Jingda Investment, and the main fund trading room, had previously maintained

General Manager Gu Chijiang, who had a calm expression, suddenly became nervous and asked Lin Tingzong, the fund manager on the side: "Old Lin, do you still think this is a benign correction and a washout before the breakthrough?"

Lin Tingzong stared at the rapidly changing market prices of the two cities and did not reply for a while. He was silent for about ten seconds before saying: "From the market view, the main funds have indeed become an overwhelming selling situation, although the overall mood at the moment is not

Collapse, but if this continues... the majority of people who follow the trend and receive funds at a high level will definitely not be able to sustain it."

“I don’t understand why the market suddenly plunged when it was just one step away from 2,500 points.”

"Even if someone catches market expectations and cashes in early, they should not sell in such a concentrated manner."

"So, I guess... there is a high probability that something major negative has happened in the market. Mr. Gu, use your information channels and connections to explore the market news. If there is really something major negative happening,

, then we should completely change our trading strategy and carry out large-scale cash out."

"The news is bad?" Gu Chijiang was shocked and said without hesitation, "I'll make a call right away."

After saying that, he immediately walked out of the trading room and came outside.

Then, 5 minutes later, Gu Chijiang returned, his face already a little ugly, and said: "Old Lin, your market sense is really keen. The major negative news you mentioned has indeed appeared. According to internal information, the regulatory authorities

We are already planning to restart the IPO review in the near future.”

"No wonder!" Lin Tingzong breathed a sigh of relief, "This can explain it."

"Hey, the regulators are too anxious." Gu Chijiang sighed, feeling that it was a pity that the market failed to break through the 2,500-point bull-bear line. "At this time, such major bad news has almost no impact on market sentiment.

Even though it is destructive, the dream of the 'bull market' seems... to be like a flower in the water, the moon in the mirror!"

"Well!" Lin Tingzong responded, "Some people are indeed too impatient. If they wait until the Shanghai Stock Index breaks through 2,500 points, truly reverse the bull-bear situation, break out the long-term trend, and then restart the IPO, the situation will be completely different.

, restarting at this time...the subsequent long-term trend of the market will really become unpredictable again."

"Since it is unpredictable, we have to lower our expectations and change the current trading strategy." Gu Chijiang responded, "As you just said, reduce your positions on a large scale, cash in and leave the market. We also have the dream of a bull market.

It’s time to wake up, and I’m glad you reminded me just now, otherwise our net worth will probably retrace quite a bit this time.”

Lin Tingzong smiled and said: "Looking at the market trend, it should be too late for us to get the news."

As he spoke, the market trading time passed 1:42, and the Shanghai Stock Index had retreated below 2465 points, completely giving up all the gains recorded in today's session after the index opened higher, and the daily K-line charts of several major indexes

Above, the K-line pattern has shown a negative line status.

"Damn it, the market is going to collapse after 2 o'clock!"

In various asset management institutions, after receiving the news, the main players of big money cashed in their profits, reduced their positions, and sold a large amount of chips. Many people in the hot money group also realized the coming risks. Among them, the Yuhang main hot money internal group where Su Yu was located

Here, someone issued a serious warning.

"Today's afternoon trend is completely different from the morning trend."

"The form that was originally a strong breakthrough was completely destroyed."

"What the hell, institutions are not human beings. If the market opens in the afternoon and it stabilizes for just a moment, the index will have already exceeded 2,500 points, and the market trend will be a completely different situation."

"What are you thinking about? When did these institutions become human beings?"

"Indeed, they are all soft-legged shrimps. At the critical market breakthrough moment, no one helps. They all sing the opposite, cash in on their interests, and sell a lot of stocks."

"There is nothing we can do. The bad news is coming, and it is impossible for everyone to have a long-term vision."

"Compared with these soft-footed institutions, the regulators are crazy. Restarting the IPO review at this time will not affect the market situation at all, right? It is said that the regulators are eager for a bull market to open up direct financing channels in the market and solve the listing barriers.

Regarding the lake issue, I see...that's not what they think at all from the bottom of their hearts."

"You want it, you want it, you want it, and you want it...it will be like this naturally."

"You can't break through 2,500 points this time, and it will be even harder if it goes up next time."

"It's hard to make great efforts in one go, but then it declines again and again. It's very rare for the market to work together once. Alas... it's a pity. I don't know when the next time we will have such a good situation."

"The expectations of the bull market have been shattered again!"

"I don't know how many times it has been shattered, and it's no different this time. It's just that after this burst, not many people will believe it in the future, right?"

"It's easy to collapse the bullish sentiment in the market, but it's quite difficult to get it back together."

"The sky is falling, and there is a tall person holding it up, so what are we afraid of?"

"That's right. When the market falls, there are still local market conditions that can be manipulated. At worst, it should not be worse than the situation at the beginning of the year."

"Damn it, this news came at the wrong time. Damn it... I added to my position in the morning, hoping to help the market break through 2,500 points. Now I am really in full swing."

"There should be quite a few people who increased their positions in the morning."

"Just looking at the pattern and trend in the morning, the operation of increasing positions is also correct."

"Fortunately, I held back, otherwise I would probably have eaten a lot of noodles today."

"The current news is just a rumor, and I don't know if it is true. Moreover, in terms of the overall market news, this secret negative has not surfaced. Among the majority of retail investors, the long sentiment has not collapsed, and there is still more to come.

With trading hours of 1 hour, there is still a chance to stabilize.”

"It's difficult! With the asymmetry of information, there is always some funds that need to be sold."

"Although the news has not surfaced yet, as the trading time goes by, the impact of this news will definitely gradually expand. This will lead to the selling on the market gradually expanding as time goes by, while the buying will gradually expand.

In this situation, which is gradually weakening, there is no reason for the market not to fall. Moreover, at this stage, after the continuous rise of the market, the accumulation of profit orders on the market has become very heavy. If these profit orders are not realized, it is simply impossible.

"

"Now let's see what the market's anchor is. Will Mr. Su throw it away?"

"If Mr. Su also sells chips on a large scale, the next trend of the index may be really ugly."

"The worst thing is probably the person who took over the bargaining chip of the Beixin Road and Bridge stock this morning, right? Once this leading stock loses the support of Mr. Su's seat, and at the same time the market's long and short winds turn sharply, the subsequent trend... will be real

OK."

"Damn... isn't it me you're talking about? Damn it... I received 5 million this morning!"

"If you can't sell it today, you should set aside at least three lower limits in the future!"

"Damn it, is it so scary? Then I will have to clear out all my stores and leave."

"It may be even more terrifying. If 2,500 points cannot be broken through, and bad news strikes again, then the market will completely enter negative emotional feedback. The bull market will come to nothing, the expectation of 2,500 points will come to nothing, and the IPO will be active in the market after restarting.

The continuous blood-sucking effect of funds and the logic of going long are all gone. What else can the market do to increase next?”

"Then the two core themes of 'infrastructure' and 'state-owned enterprise reform' are probably over, right?"

"Not necessarily. The long-term expectations of these two main lines are actually still there. I don't know... what will happen when the market sentiment changes rapidly, active funds decrease on a large scale, and market speculation also declines rapidly.

Based on preliminary estimates, a severe correction is inevitable, right? After all, these two main lines have increased much more than the market average in more than a month. There are also too many funds in the market in the direction of these two main lines.

It’s time to harvest if you want to make a profit.”

"Hey, let's see what Mr. Su does next!"

"Yes, at this time, when such a bad news comes out, the market trend and rhythm are completely disrupted."

"Anyway, regardless of whether the news is true or not, at this time... I can reduce the full amount. Unfortunately, the new positions added in the morning will probably hit the limit."

"What the hell, I made a profit of 8 million on the Beijiang Communications Construction stock this morning, and it's over now."

"Don't panic, Beijiang Communications Construction has not been destroyed yet. This check may be the market's last hope!"

However, with the news in the group, the stock of Beijiang Communications Construction was just mentioned. The next moment, at 1:55, this leading stock that was chased on a large scale by the majority of retail investors and active hot money groups in the market was listed on Beixin Road and Bridge.

Another wave of straight dives quickly exploded, and the stock price plummeted.

Then, at 1:56, the stock price of Beijiang Communications Construction exploded.

A number of popular concept stocks in the fields of "infrastructure" and "state-owned enterprise reform" in the two cities saw huge concentrated selling on each stock, and the stock prices also fell crazily following Beijiang Communications Construction.

At 1:58, Beixin Road and Bridge turned from red to green, with an intraday amplitude exceeding 10%, the transaction volume exceeding 860 million, and the turnover rate exceeding 20%.

At 1:59, Gemdale Group saw a continuous sell-off of 100,000 large orders.

At 2:01, the real estate sector index fell and turned green. The main capital inflows within the sector have completely shown a net outflow trend.

At 2:02, the Shenzhen Stock Exchange Index and the ChiNext Index turned green, and the Shanghai Stock Exchange Index reached a flat position.

At 2:03, the number of stocks hitting the daily limit in the two cities has dropped sharply from more than 50 at the peak in the morning to 26. The number of stocks that are blowing up the market can be said to be endless.

At 2:04, the trading volume of the two cities exceeded 130 billion, which has reached the full-day trading volume of the previous trading days.

At 2:05, Huaguo Construction was hit and turned green. The selling power of the two cities has completely suppressed the buying power, and there is strong momentum to continue to actively sell down.

At 2:06, the Shanghai Stock Exchange Index turned green, and the market began to show signs of collapse.

At this moment, inside Yuhang and Yuhang Investment Company, in the fund trading room, Su Yu stared at the market quotation screen in the trading room, and his originally calm expression became a little solemn.

The market adjustment came faster and more violently than he expected.

According to his previous deduction, the market can still survive today safely, and the most dangerous trend should be tomorrow.

However, due to the spread of bad news, this dangerous trend has been advanced.

"Mr. Su, the market is already showing signs of collapse." While Su Yu was deep in thought, Li Meng hurriedly reminded him, "The market volume is expanding rapidly, but the liquidity of each stock is also rapidly decreasing at the same time.

If we cannot act quickly and still follow the previous reduction strategy, we may not be able to achieve the reduction target."

Although they had made trading strategies to reduce their positions in advance, their positions were too large.

According to the position reduction target set by Su Yu, they have nearly 7.5 billion position chips to reduce. Such a reduction in size is not an easy task compared to the market liquidity.

Especially when there are other major funds in the market, who are also competing for market liquidity on a large scale, and take the initiative to take over the buying orders, it will be even more difficult for them to exit quickly and completely reduce their positions.

Therefore, at this moment, Li Meng felt that he had to make a quick decision.

Under Li Meng's reminder, Su Yu came to his senses and said decisively: "Since the market has begun to react to the negative news in advance and the long-short situation has been reversed, then... let's decisively reduce our positions on a large scale and take advantage of the fact that the market has not completely collapsed and lost money."

Liquidity, before the bad news has really appeared on the market news, affects the entire market sentiment and throws out all the chips we need to reduce our positions. As long as there is liquidity on the market and the buying power to take over, how much can we sell?

, just sell as much as you want.”

"Don't you have to worry about the dragon and tiger list?" Liu Yuan asked anxiously.

Su Yu responded: "At this time, the long-short pattern has been completely reversed. 2500 points is hopeless for the time being, so naturally there is no need to worry so much."

"Okay!" Liu Yuan responded and immediately issued instructions to the trading group she was responsible for.

At the same moment, the two groups of traders in charge of Wang Can and Zhao Lijun were also executing Su Yu's instructions simultaneously.

Then, as the instructions are communicated and executed...

The next moment, on the trading boards of the two cities, the two main funds of the 'Yu Hang Group' held a number of core stocks of 'infrastructure' and 'state-owned enterprise reform', which quickly erupted with huge concentrated selling forces, tens of millions.

, hundreds of millions of chips were thrown at the market of these stocks, causing their stock prices to drop underwater in a flash.

At the same moment, as these mainline core stocks plunged.

The Shanghai Stock Exchange Index also plummeted into the water, with both the decline and time-sharing trading volume expanding rapidly, causing panic selling sentiment in the entire market to rise rapidly.