The investment era of rebirth

Chapter 359 Trading market, only one person!
In the case of a breakthrough in the Shanghai stock index momentum.

Similarly, the Shenzhen Stock Exchange Index and the ChiNext Index also rebounded from the jedi today, closing up more than 2% each.

Moreover, the total turnover of the two cities was 932 billion, approaching the 5 billion mark. None of the industry sectors in the market fell. Among them, the core industry sectors in the infrastructure field such as 'construction decoration, building materials, steel, and real estate' led the rise. More than [-]%, individual stocks in the sector also set off a wave of daily limit.

As for the concept sector, the concepts of 'state-owned enterprise reform' and 'Shanghai Free Trade Zone' led the gains.

The two concept sector indexes both rose by more than 4%, of which the 'state-owned enterprise reform' concept sector rose by 4.78%. More than 11 stocks in the sector were blocked by the daily limit, and more than 15 stocks touched the daily limit in the session.

In addition to the strong performance of the index, industry sector, concept sector.

In terms of popular stocks in the two cities, the profit-making effect also soared in a straight line. Compared with yesterday, and even the previous trading hours, they have increased significantly.

Among them, the popular stocks in the direction of the main line of 'infrastructure'.

Huaguo MCC, Huaguo China Railway, Bayi Iron and Steel, China Fortune Land Development, and Kumho Group have achieved two consecutive daily limit increases in volume and price; Conch Cement, Shanghai Construction Engineering, Pudong Construction, Shibei High-tech, Waigaoqiao, and High-tech Development A lot of stocks, such as the main funds, were greatly rushed to raise funds, and they blocked the daily limit at the close of the market; A group of blue-chip large-cap stocks all rose by more than 5%, and their market turnover exceeded [-] million yuan. The market trading was active and the volume increased significantly, showing an extremely strong state.

A popular stock on the main line of the concept of 'state-owned enterprise reform'.

Stocks that are strongly connected to the main line of "infrastructure" and whose business is in the field of "infrastructure", as well as a group of stocks that belong to the concept of "Shanghai Free Trade Zone", have been attacked by strong funds, such as BNBM Tickets such as Luqiao, Shanghai Sanmao, Wanqi Enterprise, Shanghai Steel Union, Huagong International, etc., all have large orders with their daily limit sealed, and their strong status can be seen at a glance.

Of course, when the two core themes of "infrastructure" and "state-owned enterprise reform" are being chased by the main funds and increasing their positions, the two early stages of "mobile Internet" and "smartphone industry chain" in the direction of the small and medium-sized board and the ChiNext A group of "growth hot stocks" in the mainline sector have passively risen a lot today due to the collective recovery of market sentiment and the follow-up effect of funds, but judging from the overall disk of many popular stocks, they are still in a weak state.

Among them, especially the major fields of 'media, mobile games, and Apple industry chain'.

Related core popular stocks, such as LeTV, Huayi Brothers, Changqu Technology, Huaqingbao, Goertek, Lixun Precision, Xinwei Communication, etc., have lagged far behind the major indexes and are worthy of a rebound. The increase of about 1%, and the overall market trading situation, in the case of a year-on-year increase in turnover, large funds completely showed a state of net outflow.

Therefore, it seems that the two cities have risen sharply across the board and rebounded strongly.

In fact, the strong and weak styles are still very distinct.

Judging from the closing results, the active funds in the two cities, as well as the off-market incremental funds following the trend, no matter whether large funds or small funds, the main direction of convergence and the field of pursuit have already played a continuous profit-making effect. In terms of future investment logic It has the two core lines of 'infrastructure' and 'state-owned enterprise reform' that reverse expectations.

As for the two core areas of the small and medium-sized board, the GEM's "mobile Internet" and the "smart phone industry chain" that were hyped by various funds last year and shouted slogans such as "new economy, new future" and "growth replacement value" However, at present, there are obvious signs of being abandoned by the main funds in the market and obviously weaker than the market.

Facing the closing results of the two cities...

All investors in the two cities, whether they are retail investors, hot money groups, or institutional groups, are extremely excited and even excited.

After all, this is the first time that the Shanghai stock index has risen by 3% this year.

It is also the first time that the Shanghai Stock Exchange Index has stood on the 20-day line with a heavy positive momentum, showing a clear rebound trend.

Similarly, this is the first time that the turnover of the two cities has reached the 900 billion mark this year, approaching the turnover when the market fell from a high level last year.

"Haha, today's big A's trend is finally proud!"

In the rare atmosphere where the market is soaring and making money, some people are excited and emotional on the forums for online stock discussions.

"With the two consecutive days of heavy volume and big positive lines, this wave of the market has definitely bottomed out, and... today's market wash is really awesome. I don't know how many unsteady investors have been washed away."

"Hey, I was wiped out, but seeing the wrong situation in the late trading, I recovered my position at a high position!"

"The half-hour dive in the morning was really scary."

"Looking at it now, that wave of diving is simply the best buying point of the day!"

"Looking after the market closed, that wave of diving was naturally the best buying point of the day, but at that time... who would have thought of it? I was also scared to pee at the time, but at least I held back and did not sell yesterday's chasing high position, otherwise today I'm afraid I'll be pissed off."

"It has been said that holding shares requires faith!"

"The fields that 'Fortune Road' focuses on are generally not wrong."

"Yes, if you're afraid of operating with President Su's seat, then you'd better not speculate in stocks as soon as possible."

"Breaking through two consecutive big positive lines, this round of the stock index will not exceed 2200 points, is it impossible?"

"I didn't say that, the pressure level of 2200 points will be broken in this round!"

"The stock index broke through 2200 points, even if it breaks through the shackles of the large shock range from 2000 points to 2200 points again, so...the follow-up space may be opened."

"I feel that there should be no problem at 2200 points, but whether it can really open up more space in the future depends on the continuity of the two core main lines of 'infrastructure' and 'state-owned enterprise reform'. Gao Yuan, if he can really use these two main lines to expand the market space, then last year’s high point of the Shanghai Stock Exchange Index, that is, 2500 points, is probably visible. After all, the two core main lines of "infrastructure" and "state-owned enterprise reform" are closely related to The blue-chip correlation is too strong, and the blue-chip riots will pull up the index very quickly!"

"If you can really reach 2500 points, then the space is huge."

"Indeed, when the stock index reaches 2500 points, the two core themes of 'infrastructure' and 'state-owned enterprise reform', the popular stocks, at least double the market, right?"

"I'm afraid it's more than that. I feel that these two core lines will definitely be able to get out of more than one demon stock."

"The checks of Beixin Road Bridge, Shibei High-tech, Waigaoqiao, and Shanghai Sanmao definitely have the potential of demon stocks, especially Beixin Road Bridge. This check is the only stock with a daily limit on the market today, and this check There has also been a lot of change of hands on the daily limit today, and there should be no surprises on the third board tomorrow."

"However, judging from the emotional driving effect of individual stocks on the market today, it is obvious that Shibei High-tech, Huaguo China Railway, and Huaguo MCC are the backbone of the market sentiment. Of course, Waigaoqiao is not bad, and Shanghai Sanmao , more like the leading stocks in the direction of the 'Shanghai Free Trade Zone' after the sentiment diverged."

"Huaguo China Railway and Huaguo MCC's leading position in the main line of the Chinese army is naturally beyond doubt."

"As for Shibei High-tech, today's trend is indeed very strong, and the popularity and popularity are indeed very high, but I think Beixin Road and Bridge have a better chance. After all, there is the blessing of Mr. Su's 'Fusheng Road' seat, and Beixin Road and Bridge's plate is more than Starting from Shibei High-tech, it is obviously smaller.”

"The specific potential depends on the data of today's dragon and tiger rankings, right?"

"Yes, the monster stocks are coming out after the joint efforts of market funds, not predicted in advance."

"No matter which one it is, anyway, the follow-up market, the two core main lines of 'infrastructure' and 'state-owned enterprise reform', should be the most certain."

"There is no doubt about it! Today's big funds mainly increase their positions, which are these two main areas."

"So there is no chance for the two early-stage core lines of 'mobile Internet' and 'smart phone industry chain' in the direction of the small and medium-sized board and the ChiNext, and even a vote of growth stocks? I went to...the institutions shouted before' What about the market growth logic'? Why is the style changing now!"

"Looking at today's turnover, the increase in turnover in the Shanghai stock market is significantly greater than that of the Shenzhen Stock Exchange Index and the ChiNext Index. I feel that the two early core lines of 'mobile Internet' and 'smartphone industry chain' in the direction of the small and medium-sized board and the ChiNext Board, and even ' Growth stock logic', the main line of investment, really has no chance for the time being."

"In a bear market, you have to work in the field with the strongest concentration of funds in order to make a little money."

"The main board of the Shanghai stock market has been stronger than the small and medium-sized board and the ChiNext for several consecutive trading days. I think this is an obvious signal of style change."

"Today's stocks such as 'LeTV, Huayi Brothers, Changqu Technology, and Dongfang Fortune' are indeed significantly weaker than the market in terms of capital flow, trading volume, and growth rate. Abandoned by the main funds in the market, you should try to avoid this field, right?"

"A stale bull is not as good as a dog!"

"The two major directions of the small and medium-sized board, the GEM's 'mobile Internet', and the 'smart phone industry chain' were overly hyped by various main funds last year. This year, they continued to plummet. , These are endless bargaining chips. In addition, these core popular stocks, based on the high growth rate of last year, their performance growth rate in the first quarter report of this year has dropped significantly, which is not enough to support the high growth rate. The valuation is already high, and the main force in the market is naturally not willing to pull it up in the face of this situation."

"Yes, comparing the two, the opportunity of the main board is highlighted."

"At the beginning of the year, the main funds in the market did not speculate in the two main directions of 'mobile Internet' and 'smart phone industry chain' in the direction of the small and medium-sized board and the ChiNext board. The room for performance imagination is also declining, coupled with heavy lock-ups, continuing to speculate in this direction will not drive market sentiment at all, nor will it be able to gather profit-making effects, and there has been no new positive news in this regard in the market recently."

"Ari Baba's listing should form a certain positive support for the two main lines of 'Mobile Internet' and 'Smartphone Industry Chain', but this will have to wait until the news hits the ground before the market will show it, so intervene at this moment... It's still too early."

"There is no need to analyze too much logic. All in all, just follow where Mr. Su's 'Wealth Road' goes. No matter how much analysis we have, our understanding of the market will not be better than that of a large-scale asset management company that gathers many market analysts." Institutions are smarter, as long as they see where the big funds continue to gather, they can probably judge where there may be market conditions.”

"Yes, yes, just follow the 'Fortune Road' speculation, I really don't have to think so much."

"The analysis is as fierce as a tiger, and the operation is two hundred and five. Think about it... so much analysis is really useless!"

With the passage of time, after the closing results were released, amidst heated discussions among investors in the entire market, everyone's views on the market outlook became more and more clear, and at the same time they became more and more confident.

"In this market, it is not uncommon for one big positive line to change the long-short view, and two big positive lines to change the belief." At the time when the majority of investors in the market were resuming trading after the market, and there were heated discussions, Yan Beijing, Liao Guanghua, general manager of Huashang Securities Proprietary Investment Department, briefly browsed the hot topics related to stocks on the Internet, and said with emotion, "The recovery of market sentiment is really much faster than expected!"

Standing beside Liao Guanghua, Zhang Guangnian, the chief analyst of Huashang Securities Market, responded with a smile: "What does this prove? It proves that what the market is currently lacking is not good news, capital, performance, expectations, etc., but confidence and making money." Effect, as long as there is confidence and money-making effect, there will be a market naturally, this is a moment when... confidence is more precious than gold!"

"As for the rapid recovery of market sentiment..."

Zhang Guangnian smiled and continued: "Old Liao, don't forget that the domestic financial trading market is dominated by retail investors. As long as there is a continuous profit-making effect, the demonstration effect of this market will naturally be great. , then the emotional fluctuations will naturally be much more severe than other mature markets."

"Yes!" Liao Guanghua pondered for a moment, nodded, and said, "Compared to controlling the emotional context of the market, and even exploring the main theme, hot money and many powerful private equity fund managers are far better than those in our system. Many institutions are much more sensitive."

"For example, just like the main lines of 'infrastructure' and 'state-owned enterprise reform' broke out in the past two days."

"It's not that everyone didn't realize that there are opportunities for investment and even concept hype in these two fields, but no one dared to touch these two lines."

"At this moment when everyone came back to their senses, they realized that there were no cheap bargaining chips to pick up."

"I have to say that Mr. Su of 'Yuhang Investment' is really a master at digging out the main line of the market and even stimulating market sentiment."

"And its operation style is diverse, and it is not stuck in the quagmire at all."

"I thought that Mr. Su's successful operation, and even after entering the market, the biggest source of profit basically came from the hype on the concept stocks of the small and medium-sized board and the ChiNext board, and from the market's "growth stocks" path. Explosion, and the 'growth investment logic' is recognized by many investment institutions, so... the blue-chip direction of the main board, the perception of the so-called 'value investment' will not be so keen."

"I didn't expect this person...to be completely free from the shackles of 'path dependence' in investment thinking."

"In an instant, the style was boldly switched to the blue chip on the motherboard."

"President Su of 'Yuhang Investment' is indeed an outlier." Amid Liao Guanghua's emotion, Zhang Guangnian responded, "But there is only one person in the whole market. Old Liao, you said, 'compared to the market Emotional context control, and even the excavation of main themes, hot money and many powerful private equity fund managers are far more sensitive than many institutions in our system. This is still biased. !"

"What prestige, not prestige." Liao Guanghua smiled, "The unilateral decline in the market from the end of last year to the first quarter of this year, although there are macro reasons, is not consistent with the major institutions in our system. In order to keep the net value of fund products from retracing seriously, stepping on each other is actually inseparable."

"Well!" Zhang Guangnian nodded slightly, and said, "It has something to do with this..., but it is also something that cannot be blamed. There is no complete closing period for public funds, and the majority of fund investors are constantly losing money when their net worth falls. To redeem product shares, fund managers can’t do without selling them.”

"Fortunately, the darkest time is over."

Zhang Guangnian paused, and continued: "As long as the market can maintain this trend and emotional momentum, the decline in the market's fund size will definitely reverse, and when the asset management scale of the entire industry returns to the rapid growth channel, Then the incremental funds invested in the stock market will continue to flow, and the market will naturally continue to flow."

"So, you are quite optimistic about the market outlook, right?" Liao Guanghua asked with a smile.

Zhang Guangnian replied: "The market is around 2100 points, I have to be optimistic, and the index quickly rebounded after piercing 2000 points twice, which proves that the Shanghai index is near 2000 points, which is the extreme bottom area of ​​the market. When the valuation spring has been compressed to its limit, there is indeed no room for further decline.”

"Mainly speaking, the economic growth rate on the macro level is still rising."

"Observing the relevant economic data in the first quarter, we can clearly feel that domestic inflation has also returned to the normal range, which gives the central bank a wider range of monetary policy implementation."

"Macroeconomic growth continues, inflation is falling, monetary policy is expected to be loose..."

"These, on the one hand, will lead to the continued upward growth of the performance of various companies, and on the other hand, will lead to a further increase in the inflow of funds into the stock market under the expectation of possible monetary policy easing."

"The general increase in the performance of listed companies, even if the valuation remains unchanged, will raise the market index in a disguised form. Coupled with the further inflow of off-market funds, it will be difficult for the market to remember the market, so... what else? The reason is in this range, so continue to be short?"

"It's just that although I judge that the market is at this position, it is unlikely to fall."

"But I didn't expect that the main line leading the rise would be the field of 'infrastructure'."

"Hehe, the hero sees the same thing!" Liao Guanghua laughed after listening to Zhang Guangnian's analysis, "It seems that we should adjust our trading strategy a little bit, from the conservative stage to the aggressive stage."

"Aggressive stage?" Zhang Guangnian heard Liao Guanghua's thoughts, pondered for a moment, and said, "Currently, there are only opportunities on the left side, and opportunities on the right side have not yet been clarified. I think it is okay to increase the position appropriately, but there is no need to directly transition to the "aggressive stage." 'Is it so fast? After all, from the analysis of the technical aspect and the bargaining chip structure in the market, the index is around 2200 points, there is huge pressure, and the position of 2200 points is quite heavy, and the market volume can not exceed 1000 billion. , I’m afraid it will be extremely difficult to cross over safely.”

Liao Guanghua responded: "When the opportunity comes to the right, I am afraid that many high-quality chips in the core main line are already high. Although the index is under great pressure at 2200 points, as the market's leading core main line, 'infrastructure ', 'State-owned enterprise reform', but it has obviously opened up space, and the market index is half way ahead of the trend. It is estimated that the probability of falling back is not high when the follow-up funds and sentiment have been fully mobilized."

"Okay!" Zhang Guangnian thought for a while, nodded and said, "You are the director of the self-investment department, so naturally you have the final say. I'm just expressing my own market views."

Liao Guanghua nodded and continued to ask: "Old Zhang, besides the two main lines of 'infrastructure' and 'state-owned enterprise reform' that are currently erupting, what other areas have obvious differences in future expectations, and Possible room for double improvement in performance and valuation?"

"According to industry research..." Zhang Guangnian said, "The performance growth rate of 'many mid-cap and small-cap core growth stocks in emerging industries' on the small and medium-sized board and the ChiNext board is relatively fast, and they also have enough room for industry imagination. I’m not very convinced about this area. Many funds have tried and tried, but they just can’t speculate. I pondered this field carefully for a while, and found that the reason for its hype is that it was overspeculated last year and overdrawn too much. There is too much space, and there are too many stocks locked up at the same time, and it will take more time to digest.”

Liao Guanghua said: "You mean, it is the main line of the follow-up market, and it may return to the logic line of 'growth stocks' headed by the small and medium-sized board and the ChiNext?"

"It should be!" Zhang Guangnian said, "After all, no matter what kind of investment method, the ultimate goal is the expected and performance growth."

"Okay, I understand!" Liao Guanghua nodded.

Then, after a moment of contemplation, he walked to the office area of ​​the proprietary investment department, preparing to call a meeting with department heads and product managers to discuss trading strategies.

And with the internal trading strategy discussion meeting of Huashang Securities.

The market time began to pass 5:[-] in the afternoon, and the new dragon and tiger list was announced.

I saw a total of 23 stocks on the list today. Among them, Huaguo China Railway, Kumho Group, and Beixin Road and Bridge continued to be on the list, while Huaguo MCC, Shibei High-tech, Waigaoqiao, Shanghai Sanmao, and Shanghai Steel Union , China Fortune Land Development, Bayi Iron and Steel and other votes are on this year's Dragon and Tiger list for the first time.

(End of this chapter)