The investment era of rebirth

Chapter 145
In its continuous rise and strength, the "Internet Entry" concept sector, which has underperformed the ChiNext Index for many days, once again returned to the king, leading the rise of the two markets.

And due to the continuous drive of the Shanghai Steel Federation.

Many short-term funds in the market chasing performance stocks yesterday began to flow out of the performance stocks that had risen sharply yesterday, and flowed into many relatively low-level core concept stocks to carry out continuous speculation of high-low switching.

Faced with the high and low flow of short-term funds in the market and the hot switching of the entire market.

In addition to continuing to suppress Waigaoqiao, Su Yu continued to follow the big orders that were constantly attacking and buying on Jincheng Fenjiu to snatch selling orders, prompting the rushing funds to continue to attack the stock price of Jincheng Fenjiu, and there was no extra operation.

In his view, the Shanghai Steel Federation has finished the second wave of speculation, that is, it has come down from the 30-yuan floor, and there is almost room for adjustment, but the time is still a little short.

What he needs right now...

It is only necessary for the Shanghai Steel Federation to maintain continuous market attention and popularity. It does not need the Shanghai Steel Federation to make adjustments when this adjustment is not particularly sufficient, and it is far away from the potential major benefits of the "Shanghai Free Trade Zone". When there is not a small time gap, he rashly launches an attack on the heavy bargaining chip range of 30 yuan.

In essence, the potential major positive news in the 'Shanghai Free Trade Zone'.

When it has not been learned by many short-term main funds in the market relying on information channels, that is to say, there is no new heavy benefit to support the Shanghai Steel Union.

Su Yu felt that this check should continue to expand to a space above 30 yuan.

It is still quite difficult at present.

Therefore, when he has gathered popularity and funds in the Shanghai Steel Federation, and there is no lack of any attention from the market, that is, he does not need to stimulate and maintain his popularity, he will not chase into the position and further intensify it. The stock price of Shanghai Steel Union, and its investment sentiment.

In the process of continuous switching of hot spots in the entire market, the index lacks upward momentum and continues to move downwards.

At this time, the interior of 'Jingda Investment'.

Gu Chijiang, the main fund manager and general manager of the company, is looking at Waigaoqiao and Shanghai-Hong Kong Group, which have fallen more sharply than the index in the index correction, and have shown obvious defensive trends, and are still going up against the trend. Jincheng Fenjiu, which has traces of fund-raising attacks, finally recognized the fact that the liquor sector was "reversed in trouble", and finally decided to add the funds deducted from the fund from Waigaoqiao and Shanghai-Hong Kong Group to the liquor sector. operating plan.

"Director Hao, after the results of many first- and second-tier liquor brand companies have been announced, the performance of the liquor sector has continued to outperform the market. Is this enough to show the fact that the liquor industry is expecting a 'reversal of difficulties'?" Gu Chijiang said in a huge In front of the market screen, with his hands behind his back, he asked Hao Weilai, the company's market analyst director, with a smile, "I want to continue to increase the share of the liquor sector, what do you think?"

"Of course it's very good!" Hao Weilai said happily, "Judging from the market trajectory of the past two days, the main players in the market have already made their choices."

"In other words..."

"That is to say, the logic of the 'dilemma reversal' of the liquor sector has been recognized by these major market institutions."

"Looking at the trend of core baijiu stocks such as Jincheng Fenjiu, Qianzhou Moutai, Wuliangye, and Luzhou Laojiao, the capital inflow in the past two days is very obvious."

"This already shows that these main funds are constantly increasing their positions in these stocks."

"Among them, Jincheng Fenjiu is the most. Looking at the trend of the liquor sector in the past two days, Jincheng Fenjiu has always led the rise, and the net inflow of funds is also the largest."

"Look at the Shanghai-Hong Kong Group and Waigaoqiao..."

"Since the disclosure of these two checks in the semi-annual report, the trend has been in a slump. It fell against the trend yesterday, and there is no sign of supplementary gains after the opening of the market today. Instead, it continues to fall."

"This is obviously abandoned by funds, and it also shows that other major funds in the market are consistent with our cognition and choices, and they are not optimistic about their future."

"Fortunately, Mr. Gu is wise and immediately issued a trading order to reduce the positions of Waigaoqiao and Shanghai-Hong Kong Group."

“I think investing is all about trial and error.”

"It is to constantly discard stocks that do not meet expectations, and choose stocks with obvious signs of future performance growth and high stock price reversal expectations, and then firmly hold them to obtain excess returns from the market."

"In the past six months, our fund has done a good job in retracement, but the active attack is still a little insufficient."

"Now the signs of a 'difficult reversal' in the liquor sector are already very obvious, and the market index has fluctuated back and forth at 2000 points for almost a month. I think this is almost the bottom. We should change our thinking and put the fund investment strategy, from defensive to offensive."

"Although the GEM seems to be the core driving direction of this round of market."

"However, the high-quality stocks among them have indeed been speculated too high, and the valuation of 100PE is simply impossible to buy."

"And looking at the entire market at this time, it is true that there is no investment sector that is more attractive than the liquor sector, and the future expectations are also very strong."

While Hao Weilai was talking...

Team leader Lin of the trading team at the side wanted to say something, but he hesitated to speak, sighed softly, and swallowed the words back.

He advocated diversification of investment and continued to keep positions to observe the Shanghai-Hong Kong Group and Waigaoqiao. However, the market trend in the past two days has proved his point of view, which will only bring losses to the fund and a further decline in net worth.

Therefore, at this moment, he felt a little lack of confidence in his heart.

Moreover, after careful analysis last night, he really couldn't find any logical flaws in the current baijiu.

Just as many institutional research reports and opinions expressed by many institutions, the current valuation of first- and second-tier liquors is really the lowest in history.

At this historically low valuation, invest in the liquor sector.

The ratio of risk and future profit is quite tempting. Even if he disagrees, he can't find a point to refute it.

"What does Team Leader Lin think?"

Noticing that Team Leader Lin hesitated to speak, Gu Chijiang was silent for a moment, and asked for his opinion before giving the final transaction order.

Team Leader Lin thought for a while and said seriously: "Although Director Hao's investment logic is optimistic about the logic of the 'reversal of difficulties' in the liquor sector, no loopholes can be found, and the liquor industry, under the blow of 'plasticizers', It is true that the worst industry situation has passed, and there is an opportunity and real impetus for a 'reversal of difficulties', but... Mr. Gu, I always feel that too concentrated holdings will exacerbate the accumulation of fund risks, which is not a good thing, because although the investment logic is not problems, but the market's 'black swan' is sometimes difficult to eliminate."

"The 'plasticizer' incident is considered a black swan, right?" Hao Weilai said with a smile, "Leader Lin is right, but we can't be bitten by a snake once and be afraid of well ropes for ten years, right? The 'plasticization' happened just before. The “black swan” of the drug will not happen again later, after all, there are so many “black swans” in this market?”

"And, according to your statement..."

"Investing in any industry may face a 'black swan'."

"Is it because we are afraid that we will not invest?"

"I think Director Hao has misunderstood." Team leader Lin said, "My opinion is to spread the positions as far as possible. No matter how optimistic an industry is, I think the overall position of the fund should not exceed 30%. The position on Jincheng Fenjiu has exceeded 30%, reaching 35%, so in order to spread the risk, I don’t think we should increase the position in the liquor sector to increase the concentration of risk.”

"Apart from the liquor sector, does Team Leader Lin feel that there is another sector in the entire market that is more certain?" Hao Weilai disagreed with Team Leader Lin's opinion, and asked with a chuckle, "I also know that there are risks in investing. Diversification is the best policy, but what we need most at the moment is performance. When we see certain opportunities, should we sit idly by and deliberately buy some stocks with less certainty and worse stock price trends for the sake of risk diversification? "

Gu Chijiang was silent for a while, and then asked: "Team leader Lin thinks, is there another sector that is more certain than liquor?"

If there are other investment sectors with greater certainty.

He feels that it is not impossible to spread positions.

Team leader Lin thought for a while, and said: "According to the recent market trends and capital flows, the main board should not be more certain than the liquor sector, but I think... In fact, the ChiNext refers to moderate participation. More deeply, LeTV, Wangsu Technology, Fenda Technology and so on..."

"Heh... on 100PE, take over for hot money?"

Hearing this, Hao Weilai couldn't help chuckling, thinking that Team Leader Lin was talking nonsense.

At this time, if you run to pick up ChiNext stocks that far outpace the stock index's rise of more than 50%, and pick up so-called growth stocks whose valuations are generally at least three times higher than the core stocks on the main board, isn't that swinging on a cliff and looking for death?

Gu Chijiang frowned deeply when he heard Team Leader Lin's words.

After losing the opportunity, at this time, changing the defensive state and chasing ChiNext stocks will indeed make the positions pursued by the fund face greater risk of loss.

After all, if you chase after an extremely high valuation, let alone a huge correction, can you handle it.

Moreover, if the performance of such medium and small-cap stocks suddenly changes, the consequences will be disastrous.

So, this matter...he can't do it, and he doesn't agree with this investment strategy.

Thinking of this, Gu Chijiang raised his head and continued to glance at Jincheng Fenjiu, which had risen to 2%, and finally heaved a sigh of relief, and issued a new order: "The funds from the Shanghai-Hong Kong Group and Waigaoqiao will be sold to increase to the level of liquor. For the sector, of course, given that Jincheng Fenjiu’s holdings are already relatively heavy, we can disperse part of the funds to the Qianzhou Moutai stock.”

(End of this chapter)