The investment era of rebirth

"The stock market crash should not happen." Yu Lei responded, "After all, the market index points and the overall market valuation level are already very low. Even if it falls to the extreme value of historical valuation, it will not fall very far. Just be afraid.

After a few days of plummeting, the market has fallen back into its previous downward trend!”

"Especially if the Shanghai Stock Index cannot hold its position of 2,200 points..."

“Once the index falls into the large box shock range of 2,000 points to 2,200 points, it will be difficult to avoid the negative downward trend, and in the short to medium term, there may not be any sustained big market at all.

"

"Hey..." After hearing Yu Lei's words, Liu Guanhai sighed softly and said, "If the market situation develops like this, there is nothing we can do about it. Next... we must completely adjust our trading strategy and do a good job.

We are ready for a long-term war of resistance. At this stage, we do not seek profits, but only seek to outperform the Shanghai and Shenzhen 300 Index in net value retracement. If we do not fall into the risk warning stage, we will win if we do not liquidate."

Yu Lei nodded and said: "Then we may have to continue to reduce our positions. At this stage, we can further reduce the fund's position level."

At the current stage, the position level of the entire fund has been significantly reduced after yesterday and today.

Although it has dropped a lot, it still remains above the 50% position line and has not entered the complete position defense stage.

According to this position line, if the index continues to fall sharply next.

The net value retracement of the entire fund will not be small, and there is still a high probability of falling below the net value risk warning line, or even touching the liquidation line.

"Since the trading strategy is to be transferred to a completely defensive state, it is necessary to continue to reduce positions." Liu Guanhai stared at the market trend of the two cities that continued to fall, nodded slightly, and continued, "'Infrastructure', 'State-owned enterprise reform'"

The stock chips of these two core main lines are being completely abandoned by market funds. Since we have missed the buying and selling points of these two core main lines, we cannot make more mistakes."

They are also reducing or even clearing positions on a large scale without distinction.

Similarly, at this moment, there are countless private equity and public equity institutions in Yuhang, Shenzhen, Yanjing, etc.

"Again……"

"Also..."

"To put it bluntly, the market still follows the logic of short-term speculation."

As the fund manager of the 'Yinghui No. 2' fund product, Shao Xiaoyun has seen the market continue to fall unilaterally, and almost all industry sectors and concept sectors in the two core main areas of 'infrastructure' and 'state-owned enterprise reform' have shown no resistance.

The last hope in their hearts was shattered, and traders were quickly ordered to increase their efforts to lighten their positions and reduce fund positions to a safe area as soon as possible.

"It is even more impossible to ignore short-term fluctuations and continue to hold some stocks that have been the most severely sold by major funds in the market and have a high risk of falling."

"It feels like the defensive sectors such as 'financial', 'consumer', and 'pharmaceutical', which did not rise much in the early stage, are slightly resistant. Other main line sectors are basically falling in a panic, especially 'infrastructure',"

The two major areas of state-owned enterprise reform should be completely finished, right?"

"Judging from the actual trends of various industry sectors and concept sectors in the current market..."

"Hey, it's so miserable. The Shanghai Stock Index almost closed at the lowest point in the session."

"Yes!" Liu Guanhai nodded, "Any questions?"

"Theoretically, there are indeed certain investment opportunities for these two core main lines." Liu Guanhai said, "However, judging from the current market trends and the movement of main funds and other feedback, the two core main lines have

The overall chip structure has completely changed, and valuation expectations are also declining rapidly. Since we plan to shift the overall trading strategy to a complete defensive stage, we cannot rely on pure expectations and expectations for investment opportunities in the market.

Just imagine, you must respect the actual situation of the market."

"A number of related industry sectors and concept sectors in the two core main areas of 'infrastructure' and 'state-owned enterprise reform' are still at relatively high levels. This has caused a sharp decline in market investment risk appetite, and the overall valuation spring has once again been pushed downwards.

At the time of compression, a number of popular high-priced stocks in these two core main lines are where the risk of market decline is most concentrated, where the selling of main funds of all parties on the market is the most severe, and where the wait-and-see sentiment of investors taking over the side is the strongest.

.”

"It's not that the long-term logic cannot be sustained, but that the current market's investment risk appetite is declining rapidly, coupled with the spread of panic, which suppresses the long-term logic. In fact, from the perspective of fundamentals and future performance expectations, 'infrastructure', 'state-owned enterprises'

Reform'The investment logic of these two core lines has not changed much at all."

As for the hot money in the market, retail investors noticed that after the main funds in the market were selling almost crazily, they also quickly followed the market and sold. As a result, the market prices in the two markets not only failed to reach the bottom in the last ten minutes of the trading session, but also failed to reach the bottom.

On the rebound, the decline has become stronger and fiercer, completely showing a picture of continuous diving and a significant lack of liquidity.

After saying that, he immediately turned around and ordered the traders behind him to speed up the pace of reducing and clearing positions in the stocks held by the fund.

Among them, the 'military industry' sector was stimulated by the good news at noon.

The Shanghai Index was fixed at 2238.23 points, down 2.93%. The Shenzhen Index and the GEM Index both plummeted by more than 3%. The turnover of the two cities was 119.237 billion. Although it was smaller than the previous stage when the Shanghai Index hit 2500 points, it was still lower than yesterday.

There are obvious signs of heavy volume.

"Who will take over? The more you take over, the more you lose."

"I feel like we can reach 2200 tomorrow."

Except for the "China Airlines" stocks in the main field of "military industry", which performed very well, the others basically showed obvious money-losing effects. Among them, this money-losing effect occurred in the areas of "infrastructure" and "state-owned enterprise reform"

The two core main line areas that have attracted a lot of market attention have performed most prominently.

Liu Guanhai believes that at the current stage, the two core main lines of 'infrastructure' and 'state-owned enterprise reform' have obviously been abandoned by the main market funds. The entire hype market has ended, and the overall valuation of these two core main lines has also obviously

Valuations that are higher than the average market valuation should naturally be an area that needs to be avoided at this stage.

"It's already finished. In the entire market, in these two main areas, the main funds are selling the most."

"Damn it, you're going to fall back to where you started, right?"

"Without sufficient error tolerance, we cannot focus on the long term for the time being."

Finally, when the market closed at 3 p.m.

Liu Guanhai paused and continued: "The current net value of our 'Yinghui No. 1' fund is not far from the risk warning line. In other words, we do not have enough error tolerance. After all, once the net value of the fund is lower than the risk warning line,

We can only passively reduce our positions and can no longer choose to increase our positions."

Faced with the unilateral plunge and the extremely obvious money-losing effects of the closing results of the two cities, the Internet, the discussion areas of major trading platforms, and stock investment forums, where various retail investor groups gathered, were filled with grief.

"In this past week, the net outflow of the main funds on the market has been almost 30 billion, right?"

"Really awesome, the two core main lines of 'infrastructure' and 'state-owned enterprise reform', and several related major industry sectors, such as real estate, steel, building materials, and construction decoration. The total net outflow of main funds reached 6.78 billion, especially

Well...all the main funds have gone away!"

"If the check of Beixin Road and Bridge falls back to its original point, then... I will lose 70%."

"The market has plummeted so unilaterally, and the transaction volume is less than 120 billion. It is obvious...the more it falls, the less people will take over!"

"I guess today's Dragon and Tiger ranking data are also extremely ugly."

Almost all of the top ten popular stocks with the most attention in the market, such as Beixin Road and Bridge, Beijiang Communications Construction, Kumho Group, and Shanghai Sanmao, closed at their daily limit. The trend was extremely tragic. In one day, they were buried in

It has attracted billions of investors both on and off the market.

"You really can't take any chances. Hey... the sooner you cut off the flesh, the sooner you can relax."

Yu Lei believes that at the current stage, the two core main lines of 'infrastructure' and 'state-owned enterprise reform', although the adjustments have been very violent, are indeed the areas where various funds on the market mainly sell chips, but the macro fundamentals of these two core main lines

The outlook and future performance expectations have not changed much.

In fact, in terms of views on the two core market trends of ‘infrastructure’ and ‘state-owned enterprise reform’.

"Hey, let's see if the Shanghai Composite Index can hold on to 2,200 points. After the Shanghai Composite Index plummeted today, the index is only less than 2 points away from the support position of 2,200 points."

Hearing Liu Guanhai's words, Yu Lei pondered for a moment, but he also understood.

Yu Lei thought for a while and said: "I think the two core themes of 'infrastructure' and 'state-owned enterprise reform', the industry's fundamentals and long-term expectations, as well as the country's policy support and policy guidance in this direction, everything is

If we are developing in a good direction, these two core main lines may still have greater investment opportunities after the market decline slows down."

Although the industry sector index finally closed down, compared with the overall pattern of the two cities, this main line is still in the leading position of the two cities, and it can be regarded as the only brighter market area in today's market.

Generally speaking, judging from the performance of the major industry sector indexes in the two cities.

He only analyzed the market from the perspective of a trader, but did not take into account the current situation faced by fund products, and there was no room for error at all.

"Hey, it's falling down again and again, what a sin!"

"What Mr. Liu means is that we won't keep any stock chips from the two core main lines of 'infrastructure' and 'state-owned enterprise reform' in the early stage, and we will clear them all?" Yu Lei asked, slightly stunned.

"Barefoot Da Yinxian, this market... is really over!"

Therefore, he believes that with these two major market trends, there is a high probability that there will still be certain investment opportunities in the market outlook.

"Then when this wave of market adjustment is over and opportunities come out on the right side, we can feel at ease to intervene in the market again."

"Hey, it's not that I don't understand the many investment opportunities and investment logic you mentioned. It's just that due to some early trading mistakes, the investment strategies we can do now are very limited, and we can only passively follow the market.

trend, take limited remedial measures.”

“Today’s ‘military industry’ line was really untimely. It took a lot of effort to pull together, but it fell again in the last trading minute.”

"It doesn't matter whether it can hold up or not, it's just two words, 'clearance' and it's over!"

In the late trading stage, they also turned green one after another, showing an obvious downward trend, but the decline was slightly smaller than the performance of the major indexes in the two cities.

"Understood!" Yu Lei nodded, "Then let's follow Mr. Liu's idea."

Today's market is a unilateral downward trend that opens low and moves low, with occasional struggles during the session.

Liu Guanhai smiled helplessly and said: "For our current situation, the most important thing is to ensure that the net value of the fund does not withdraw on a large scale. As for the selection of specific investment opportunities, as well as the so-called long-term underlying logical thinking

I can only give up for the time being."

"It's a joke, do you want to continue to lose money if you take over? At this stage, whoever takes over will be stupid."

As for the performance of individual stocks in the two cities...

"The main reason is that the short-term speculation has gone too far, right? Beixin Road and Bridge has been speculated for a full 4 or 5 times in the short term, but looking at the fundamentals of this check, it has basically not changed much."

"In a downward trend, all intraday rebounds are bullish."

"Now... we can only maintain a small loss or no loss at all."

I do not agree with the trading strategy of comprehensively clearing positions related to these two core main lines of stock chips.

At this moment, in the trading room of the 'Yinghui No. 2' fund in another part of the same company.

I saw that 'infrastructure', 'state-owned enterprise reform', 'Internet finance', 'Shanghai Free Trade Zone' and other major main lines that were hot in the previous stage of the market's continuous rise have become the main lines leading the market decline today. Related industry sectors,

The concept sector also led the decline in both cities, and the overall performance was disastrous. Among them, the two major industry sectors, real estate sector and film and television media, both fell by more than 3.5%.

“More than half of the top ten most popular stocks in today’s market are locked at their daily limit, and among the stocks in the two cities that have hit their daily limit, judging from the final closing results, 56 stocks have hit their daily limit!”

"The index fell faster than it rose at the beginning of the month. With this trend, I feel that the Shanghai Stock Index is at 2,200 points and there is a high probability that it will not be able to stop."

"I feel like if the market continues like this, the two main lines of 'infrastructure' and 'state-owned enterprise reform' will have to fall back to the original point, right?"

"After Mr. Su's large-scale reduction of positions, these two main lines were completely finished."

"One word, miserable!"

The two have certain differences.

"If long-term logic cannot be sustained, the market will be left with only conceptual hype, right?"

In addition to the index, the performance of major main lines, industry sectors, and concept sectors in the two cities.

Even the main areas such as 'big finance', 'consumption', and 'medicine' were relatively strong during the session.

"I thought that after reaching this point, there would be at least a weak rebound. I didn't expect that in the final stage, there would be a panic sell-off. I'm really speechless."

“You don’t even have to look at it to know that it’s definitely still a large-scale fire sale of the main funds of all parties.”

Many retail investor groups were having heated discussions after the market closed. At 5:30 pm, the rankings of the two cities were refreshed.

As everyone expected, most of the stocks on the list have shown a net outflow of main funds in the disclosed trading seats, and the total net sales of all the capital trading seats disclosed in the entire Dragon and Tiger List have exceeded 11.7

100 million, setting the highest sales volume in the market in the past two months.

And seeing this kind of buying and selling data on the Dragon and Tiger List...

Although the majority of investors in the market had already had quite pessimistic expectations in their hearts, at this moment, they still showed looks of shock, and their belief in holding shares completely collapsed!