The investment era of rebirth

While he was waiting, at 9:15, the call auction between the two cities began.

After seven consecutive days of suspension, the market opened higher across the board when the external trend was good. All main lines and major industry sectors showed signs of rushing to raise funds after the festival.

Facing the call auction trend which was obviously stronger than expected, Su Yu did not take any action.

In his opinion, in a weak downward trend, the more aggressive the call auction trend is, and the more aggressive the market is, the more dangerous the market will be in the future, because in the continuous downtrend, "opening higher is the selling point." 'It has almost become the consensus of all parties in the field.

In addition, the market is currently in a stock game where liquidity continues to deplete.

In the face of a consensus selling order, there is not enough incremental funds outside the market to undertake it, so as to stabilize the stock price and sentiment on the market.

This has led to the pattern that high openings are bound to be under pressure, and the trend is bound to dive.

Therefore, in the face of the higher-than-expected market opening in the call auction, and the serious shortage of positions in the entire 'Yuhang No. 1' and 'Yuhang No. 2' funds, he did not feel nervous at all, nor did he Don't rush to increase your position in this position.

In an extremely weak downtrend...

Sudden emotional recovery is not a buying point, but the real buying point is when the market encounters a major negative, the market crashes rapidly, and the mood collapses.

While he was meditating, the time quickly slid from 9:15 to 9:20.

I saw that various industry sectors still maintained a high opening trend. Among them, the communication, electronic information, computer and other industry sectors led the gains, while the performance of the "big financial" sectors such as banking, securities, and insurance was relatively lagging behind; among the concept sectors, the GEM , small and medium-sized board constituent stocks headed by 'network security', 'smart city', 'mobile payment', 'Internet finance', 'Apple concept' and other related concepts of 'mobile Internet' and 'smart phone industry chain' two core main lines , showing a state of leading the two markets, and related popular stocks, the rush to raise funds is more obvious.

Seeing that the active funds in the market are still wandering around the core main lines of the two emerging industries of 'Mobile Internet' and 'Smartphone Industry Chain', and there are no new concept sectors and main line concepts highlighted in the entire market, Su Yu knows that this market will not be successful. What continuity.

After all, the two core lines of 'mobile Internet' and 'smart phone industry chain'.

Many related popular stocks, although the adjustment has been very sharp since the market peaked in early December, and they have fallen a lot, but the hold-up during the period, and the expectations that have been fully drawn, the logic of performance growth expectations in the new year has not been fulfilled. Under such circumstances, the space for further upward speculation is extremely limited.

In other words, last year's market explosion and performance growth have been reflected in the stock price.

And converted to this year...

For these stocks, if they want to continue to advance at a high level, they must prove that the explosive performance is sustainable.

Only when the logic of continuity is proven, can these stocks be valued according to the logic of growth stocks.

Only then can they support their PE which is more than [-] times higher.

Otherwise, if we do it purely based on the logic of conceptual hype, then at this moment when the liquidity of the entire market continues to decline and there are layers of locked-ups in the market, then these "mobile Internet" and "smart phones" that have been hyped several times in the early stage The core hot stocks related to the mobile phone industry chain' are even less valuable to participate in.

all in all……

In Su Yu's view, at this moment, the two main lines of emerging industry concepts, 'mobile Internet' and 'smartphone industry chain', do not have the opportunity to complete adjustments and lead the market again in terms of timing and spatial location. Generate dynamic and sustained market.

As he meditated, time progressed minute by minute.

Finally, when 9:25 came, the call auction of the two cities ended.

I saw that the Shanghai Stock Exchange Index, the Shenzhen Stock Exchange Index, and the ChiNext Index all opened higher, and the ChiNext Index opened nearly 1% higher, standing on the 1100 point again.

And besides the index...

Leading the two cities' mobile Internet and smart phone industry chain, the two core concept stocks of the two main lines, such as Tianyu Information, Shanghai Steel Union, Sunlight Technology, Speed, Anjie Technology... a large number of stocks, The higher opening ranges were all above 1.5%, significantly outperforming the GEM index.

Faced with the overall high opening of the index and the entire call auction, there is an obvious rush for funds.

In the entire market, on the major online stock forums where retail investors gather, they are still paying attention to the stock market, and many investors who are still in the market can't help but become optimistic again.

"During the Spring Festival, external US stocks rose by almost 3%. Should the market make up for the increase today?"

"Looking at the market call auction trend, today's attack intensity is indeed very high. It should be possible to keep the red market without asking for a sharp rise in the index?"

"Yes, the requirements are not high, a good start is enough!"

"Don't talk about a good start. On New Year's Day, the market is overwhelmingly bullish. Talk about a good start. As a result... after the index opened higher, it kept falling all the way."

"This time is different..."

"What's different?"

"On New Year's Day, the market was clearly in a downtrend. Now, the market has bottomed out!"

"When you say it to the end, is it the end?"

"Look at the various moving averages of the index trend. Since the fall in early December, the major indexes have all fallen unilaterally and have been seriously oversold. Now the major indexes are far away from the averages. According to past history In this case, the index will definitely return to the moving average.”

"Furthermore, the Shanghai Stock Exchange Index has now reached around 2050 points, almost touching the bottom of the previous box shock of 2000 points to 2200 points, and the core industry sectors, such as big finance, real estate, and infrastructure that support the Shanghai Index, have valuations and stock prices. It has reached a new low and is near the historical extreme value, how can it fall?"

"No matter what, you can't be short-sighted here!"

"I hope I can really get off to a good start. Hey, I thought this year's market would be good. Judging from the first two months, I'm afraid it will be even more difficult than last year!"

"It is recommended not to look at the Shanghai Stock Exchange Index. Traditional industries have long had no growth expectations. In the future... it will be dominated by the GEM!"

"Yes, regardless of market selling pressure or future expectations, ChiNext does have much more potential than the main board. Looking at the situation of call auctions today, it is true that the ChiNext and SME boards are stronger than the main board."

"In the future, the core of the market will be the logic of 'growth' rather than the logic of 'core assets'."

"It means that Wangsu Technology, Huaqingbao, Changqu Technology, LeTV, etc. can still be bought?"

"It should be possible! The strong is always strong, and these tickets have almost been cut in half in the past two months, and the adjustment is indeed very sufficient."

"Hey, I think we should wait and see."

"I always feel that the index should not break 2000 points again."

"Immeasurable is the end, right? It should be safe when the volume of the two markets shrinks again, to less than 500 billion."

During everyone's discussion, 9:30 came and the two cities officially started trading...

I saw that under the mood of a short-term recovery, at the beginning of the session, the major indexes continued to hold high and fight high under the situation of opening higher. Among them, the concept sectors related to the two core concepts of 'mobile Internet' and 'smart phone industry chain' , and its popular stocks still lead the gains in the two cities.

However, the heavy inside locks up the plate.

In the case of holding high the index, and in the case of a short-term interruption of funds to undertake, there was a small dive, and in an instant they were like frightened birds, smashing the market one after another, pouring out.

So, when the time entered after 9:45.

That is to say, when the time-sharing trading volume of the market begins to gradually decline, the diving range of the major indexes held high and high begins to expand rapidly.

And then... when the time passed to 10 o'clock.

Several major indexes dived from the high platform and went straight into the water, changing from rising to falling.

And as the index changed from rising to falling, the sentiment that had been briefly warmed up collapsed again, and the entire market fell into a downward trend again.

Seeing that the market opened high and dived, it was a good start, and it became a 'black start' again.

Su Yu smiled, stood up from the computer desk in the office, and walked towards the company's fund trading room.

Arriving at the company's fund trading room, looking at the traders who were quietly staring at the market, and listening to the occasional sound of keyboards, Su Yu asked Li Meng, "How is it? Didn't you aggressively increase your position in the early trading?"

Li Meng looked up and saw him, and responded with a smile: "The two funds are still maintaining a low position. Without your order, everyone will not aggressively increase their positions, but the index has reached around 2050 points. It feels like there is not much room to go down, most of our positions have been vacant for so long, should we take action?"

"What is the current net value of the two funds and the available funds?" Su Yu continued to ask.

Li Meng replied: "'Yuhang No. 1' fund has a net value of 10.25 billion, a capital scale of 41.07 billion, and available funds of 35.36 billion; The fixed increase has locked 2 billion funds, so the available funds are only 1.57 billion.”

"Which direction is our main position now?" Su Yu continued to ask.

Li Mengqing checked, and said: "The current two funds hold a total of 28.51 billion chips. Of course, if the 15 billion chips locked by Lixun Precision are not counted, the number of sellable chips we hold is about 13.51 billion, of which The main direction of holdings is the bottom position of the core blue-chip stocks of military industry, real estate, and state-owned enterprise reform that we discussed before, as well as the remaining 'mobile Internet' and 'smart phone industry chain' small core stocks."

"Let me take a look!" Su Yu replied.

Then, next to Li Meng, he sat down in front of his usual computer, logged into the fund background management account, and checked the specific stocks held by the two funds.

I saw that military industry, real estate, and state-owned enterprise reform are all industry leaders in the sector.

As for the stocks held in the direction of 'mobile Internet' and 'smart phone industry chain', they have been adjusted to 'Oriental Fortune, Flush, Hengsheng Electronics, Yinjie, Huake Jincai, and Jinzheng' as he told them before. ' and other Internet financial stocks, as well as leading stocks in the film and television media industry such as 'LeTV and Guangguang Media'.

"I feel that the market has not moved in the direction of real estate, military industry, and state-owned enterprise reform!" Li Meng said when Su Yu checked the fund's specific holdings, "The news of the loosening of real estate, as well as the reform of state-owned enterprises, military industry reform, and restructuring news, It has not been a day or two since it came out, and it has not caused any waves in the market at all. It seems that there is no main fund to do this. The entire market and active funds are still active around the "mobile Internet" and "smart phone industry chain". , the direction of the motherboard is still weak."

"The news is out, but the opportunity for the market to explode has not yet come!" Su Yu responded, "The market index and sentiment have not bottomed out, and there are no clear event signals. The storm in this direction in the entire market is still It is still in the process of brewing, and when it will resonate in all aspects and explode, it is unknown, but before that... all we can do is wait patiently and gradually enter the warehouse to ambush."

"As long as the policy is stimulated, the expectations of these directions are changing rapidly."

"It's a matter of time before the market breaks out in this aspect. Let's not rush. For trading, before the moment of making a choice, 99% of the time is actually waiting."

"En!" Li Meng nodded, "Do we need to speed up the pace of entering the warehouse? We still have more than 80 billion available funds in our hands. According to the current daily turnover of this market, if the market comes too fast, we should react But it’s not coming, and...even if the index continues to adjust downward, it will only be in the 10% range at most, and we will gradually increase our positions and buy, and we can bear this retracement range.”

Su Yu thought about it for a while, thinking that what Li Meng said made some sense.

The index is already at around 2000 points. Although the market adjustment has not yet come to an end, it is already coming to an end.

The downward space is limited, but the time for an upward reversal is constantly approaching. At this time... if the fund is still operating with the minimum position, it is indeed a bit inappropriate.

"Hurry up!" Su Yu said, "But before we complete the position building, we still have to avoid the dragon and tiger list, and it is not appropriate to cause excessive stock market fluctuations."

Li Meng smiled and said: "I understand this, don't worry!"

As she said that, she began to issue instructions to the two groups of traders to accelerate the increase in the target stocks.

According to the current daily turnover of the entire market of less than 700 billion, it would take at least 20 trading days, or a month, for them to quietly complete the conversion of the fund position from the minimum position to the full position.

Following Li Meng's discussion with Su Yu, the company's main fund's position building process was adjusted.

In the next more than ten trading days, the Shanghai stock index has been hovering between 2000 points and 2050 points, moving sideways towards the deviated moving averages, and the turnover of the two cities has continued to shrink to 500 points during this period. The entire market has truly fallen into a liquidity dilemma, and even many fringe stocks, with an intraday turnover of less than 200 million, have completely fallen into a situation where no one is buying or selling, and no one is trading. Funds can't go out, and off-market funds, seeing this situation, don't want to come in at all.

Then, when time travels to the end of February...

When the 'Yuhang No. 1' and 'Yuhang No. 2' fund holding water levels returned to the 70% water level.

On February 2, Huaguo Petrochemical suddenly suspended trading and issued an announcement that it planned to introduce private capital to achieve mixed operation. So far... the news detonated the market and opened the grand prelude to the theme of "state-owned enterprise reform"!