The investment era of rebirth

Chapter 375 Reluctantly adjust positions!
Faced with such a midday closing situation.

Among the market investor groups, especially the retail investor groups, there are still huge differences and endless debates on the bullish and bearish sentiments.

"This kind of volatile trend, if it doesn't go up, it goes down. It feels like the market in the afternoon... still has to dive!"

"I also feel that the index still has to test the support of 2200 points, hey... really shouldn't chase higher in the morning."

"Judging from the performance of the market in the morning, the two core market lines of 'infrastructure' and 'state-owned enterprise reform' are indeed not small."

"The performance of the main funds in the two cities has changed from a net inflow before 10:30 a.m. to a net outflow at the close of trading at noon."

"Not only the two core themes of 'infrastructure' and 'state-owned enterprise reform', but other main themes in the market are even weaker today."

"Towards noon, the main funds have gathered in the conservative and risk-averse sectors of 'consumption' and 'medicine'. As May Day approaches, the main funds should be worried about market news and external market trends during the holidays. Uncertainty, right? That’s why I dare not boldly go up and continue to pull the market.”

"Although the index dropped sharply when it was approaching midday, but overall, today's market is not necessarily bad, right?"

"Indeed, there are quite a few stocks with daily limit in the two cities, and the core popular leading stocks have all blocked their daily limit today, and the market's profit-making effect is still strong."

"May Day, there may not necessarily be bad news, right?"

"Last year around the May Day, the stock market index went up in a row. I feel that this year is a bit similar to last year!"

"There is a probability that the index will step back on the support of 2200 points, but I think... the index will probably not fall below 2200 points again, and return to the previous box. After all, the breakthroughs in the past few days have caused the market to explode in volume , a lot of main funds are involved, and these funds are always going to make money, and it is impossible to let the index fall back.”

"Whatever it is, as long as it doesn't plummet."

"Yes, as long as it doesn't plummet and there is no market liquidity crisis, it's fine. Anyway, the trend of the market's leading concept stocks has little to do with the index."

"I hope that the index will continue to dive in the afternoon and step back to the 2200 point, so... I can grab the betting chips of Beixin Luqiao."

"Hey, I also hesitated in the early trading. When I wanted to place an order to buy Beixin Road Bridge, the check had already reached the daily limit."

"Since the index has substantially broken through 2200 points, it is impossible for the rebound to end here, right?"

"It hasn't broken through 2200 yet, right? From a technical point of view, to judge whether the index has substantially broken through a pressure level, you have to wait for the index to stand on this pressure level, and it will not be considered an effective breakthrough if it does not fall back again within three days. From this point of view... the Shanghai stock index is not yet a substantial breakthrough."

"It is impossible to fall back again, so that those who have not had time to buy in the low position can get on the car again."

"I don't look at any technical indicators, fundamentals, or news analysis. If you want me to be bearish, unless Mr. Su's seat on 'Wealth Road' appears on the Dragon and Tiger List today."

"'Infrastructure' and 'state-owned enterprise reform' are the two core main lines of the market, and the relevant leaders have not even come out with a stock that has doubled. I don't agree with saying that the market ends here, or that the market is at a high level here. No matter what, we have to get out of the leading stocks that have doubled."

"Yes, compared with last year's 'mobile Internet' market and 'smartphone industry chain' market, the current 'infrastructure' and 'state-owned enterprise reform' market is definitely still at the foot of the mountain."

"Under the market situation last year, Shanghai Steel Union, Wangsu Technology, Huaqingbao, Changqu Technology, Huayi Brothers, LeTV, etc., can continue to rise by 6 or 7 times. Seats are added, and when the overall market is optimistic, it is impossible to even double the height."

"Even if the two main lines of 'infrastructure' and 'state-owned enterprise reform' are highly marketed, and we cannot benchmark against last year's 'mobile Internet' and 'smartphone industry chain', then there should be no problem in benchmarking against the 'Shanghai Free Trade Zone'? At that time The hype of the line of "Shanghai Free Trade Zone" and related leading stocks, such as Waigaoqiao, Shanghai-Hong Kong Group, Shanghai Sanmao, etc., have increased by two or three times at every turn. Now look at... the Beixin Road Bridge check, Definitely still at the foot of the mountain.”

"After May Day last year, the index went five consecutive positives. This year's index is also in a rebound cycle, and the trend should not be worse than last year."

"Anyone who wants to sell it can sell it, just to clean up the floating chips."

"What everyone is most worried about is not the domestic news and the bad market, right? After the May Day last year, the market went so strong. One is because the 'mobile game' industry has shown signs of performance explosion, which has driven the entire 'mobile game' industry. Another reason for the Internet' investment storm is that at the same time last year, the external trend, especially the US stock market trend, was extremely strong, which drove the A shares, and now... the external trend is very bad, and... Looking at the A shares In history, there is no performance of breaking away from the external trend and going bullish independently."

"These news, these analysis logics, and the main funds in the market should be clear, right? They are not afraid, and there has not been a large-scale sell-off, so what are we afraid of? Our retail investors have small funds, whether they are full or liquidated, they are no more than big funds. It’s easy, wait for the trend to be completely clear, then buy, then sell, isn’t it good?”

"What the market is speculating on is an expectation. It's really clear, and I'm afraid I won't be able to escape even if I want to."

"Anyway, I don't believe this is the high point of this round of rebound, unless the afternoon index...really falls back to the box range below 2200 points."

"Yesterday, Mr. Su went all out to increase his position and go long. It is impossible not to foresee the many negative factors in the market, right?"

"It was hard to pull the index up to 2200 points. How could it be impossible for it to fall back so quickly? Didn't the many main funds in the market really become a victim of the liberation of a large number of locked-in stocks in the market? If the main funds are really like this Silly, those who lose money will not always be our retail investors."

"Boss Su intervened in such a large-scale position. Anyway, I don't believe that the market will end so soon."

"Today's market as a whole is relatively weak. It is due to the holiday approaching and the overall risk aversion in the market. It has nothing to do with other things."

"It is obviously unfounded to say that the market will continue to fall in the afternoon."

"Today is likely to be a shrinking and volatile pattern. I think at present... it is better to lighten the market and emphasize individual stocks."

"Yes, yes... It is useless to blindly care about the ups and downs of the market. It is most useful to focus on individual stocks that can make money."

"It doesn't matter if the index goes up or down, anyway, all I know is that today's market is not bad for making money, the daily limit is easy to close, and the number of stocks that are blowing up is much less than a few days ago."

"The main disadvantages are the small and medium-sized board and the ChiNext board."

"I feel that the market style has completely changed, right? The small and medium-sized board and the gem are really weaker than the Shanghai stock index for many days."

In the discussion voices intertwined with long and short emotions...

After a short break at noon, at 1 p.m., the two cities reopened for trading.

I saw that after noon's emotional fermentation and the impact of market news, the major indexes continued to fall during the 15 minutes of opening in the afternoon. Among them, the Shanghai Index once touched a 0.5% decline, refreshing the intraday low to 2208.98 points. The small and medium-sized board index and the GEM index have more recently fallen by more than 1%.

And when the Shanghai stock index dived to the lowest point of 2208.98 points, the momentum of the two markets began to gradually weaken again.

At 1:25, the stock index rebounded from the intraday low and returned to above 2215 points. At this time... various funds on and off the market, seeing that the stock index is near 2200 points, it does have strong support. At this time, it began to chase and buy again.

Accompanied by the re-chasing buying of these funds.

The disk pattern of the two cities also changed accordingly, and buying orders began to suppress selling orders again.

Immediately afterwards, at 1:44, the Shanghai Stock Exchange Index returned to the 2220-point mark, recovered all the intraday losses, and reached above the opening point again, maintaining the red plate situation.

Of course, at the moment when the Shanghai stock index rebounded strongly and returned to the red market.

The Shenzhen Index, the Small and Medium-sized Board Index, and the ChiNext Index still maintain a weak and volatile situation. The change in the flow of funds in the entire market is still a net inflow to the main board, while a net outflow from the core concepts of the Small and Medium-sized Board and the ChiNext.

"What the hell, it's poisonous."

Seeing that with the continuation of the volatile market, the overall market structure is still strong on the main board, while the small and medium-sized board and the ChiNext are weak, and the relatively high-level two core lines of "infrastructure" and "state-owned enterprise reform" are also getting stronger and stronger. In the volatile trend, it is also going higher and higher. On the contrary, the two main lines of the small and medium-sized board and the GEM field of "mobile Internet" and "smart phone industry chain", which have finally rebounded strongly yesterday, continue to be weak at a relatively low position. As the market fluctuated and went lower and lower, at this moment in Shanghai, inside Yinghui Fund, in the trading room of Yinghui No. 1 fund product, fund manager Liu Guanhai was full of anxiety, and finally couldn't help but swear.

"Manager, why don't we... adjust our positions!" Hearing Liu Guanhai swearing, Yu Lei, the trading team leader, couldn't help but suggest again.

Liu Guanhai did not answer, but just stared helplessly at the market trends of the two markets, and was silent for a while, seeing Wangsu Technology, Huaqingbao, LeTV, Huayi Brothers and other "mobile Internet" and "smartphone industry chains" 'The popular stocks are still going down, the market sells one after another, the main funds show a net outflow, and the stock price has basically fallen back from yesterday's rebound, and finally gritted its teeth and said: "Sell, sell! The two core lines of 'Mobile Internet' and 'Smartphone Industry Chain' seem to be hopeless. Funds from all walks of life in the market simply don't converge in the field of 'growth stocks'. Hey...it's really a wrong step. Wrong step!"

He didn't take Su Yu seriously before, thinking that the market profit myth created by the other party.

It's just that he guessed the rhythm of the market last year correctly, grasped the main line of the two or three waves of the market in a row, and even at a certain moment... He felt that he was no worse than the other party.

Moreover, he felt that as a market veteran with rich experience, his understanding of the market was far deeper than that of the other party.

However, when the market style completely changed, the investment route of "growth stocks" on the small and medium-sized board and the ChiNext board, which was obviously stronger than the big market at the beginning of the year, was instantly abandoned by all the main funds in the market, and became disgusted by people in the two cities. The field of profit-making effect, and has formed numerous "Prisoner's Dilemma" market sectors that are locked up and suppressed. At the same time...the other party brazenly holds a heavy position in the main line fields of "infrastructure" and "state-owned enterprise reform" on the main board, continuing to lead the market and create new market profits. It was only through myths and legends that he truly realized that... Su is really powerful!

"Okay!" Seeing Liu Guanhai let go, Yu Lei finally breathed a sigh of relief.

These days, seeing the two main market lines of 'infrastructure' and 'reform of state-owned enterprises' making continuous breakthroughs like a rainbow, and in this round of rebound, they not only failed to make money, but also fell into a state of losing money against the trend, and at the same time The company's original net worth lagged behind another product of their trading team, but the net worth had already surpassed them. Everyone felt the same useless and anxious. At the same time, they also somewhat complained about Liu Guanhai's persistence and slowness.

Now, Liu Guanhai couldn't hold on, and he had no choice but to admit his mistake to the market, and the resentment that was pent up in everyone's hearts was also relieved.

"The goal of our position adjustment is still locked in the two main lines of 'infrastructure' and 'state-owned enterprise reform'?" Yu Lei responded and continued to ask.

Liu Guanhai stared at the board, continued to ponder for a while, then nodded.

Although he is very unwilling to be in this position, sell low-level core stocks related to 'mobile Internet' and 'smart phone industry chain', pursue positions in core stocks in the fields of 'infrastructure' and 'state-owned enterprise reform', and give heavy positions in these two main lines Su Yu carried the sedan chair, but with the market trend like this, he really had no choice.

After all, if he doesn't do this, the net worth of the fund product he is in charge of will only be left farther by another product of the company and other competitors in the industry, which will affect his performance, income, and even his reputation in the industry.

And with the helpless repositioning of the 'Yinghui No. 1' fund, it was forced to lift the sedan chair...

During market trading hours, after 2 o'clock in the afternoon, in the overall shock pattern, the main lines of concepts, industry sectors, and concept sectors began to show more obvious signs of differentiation.

I saw that the two core lines of "infrastructure" and "state-owned enterprise reform" gradually rose to near the high point in the morning when the index was almost sideways. Among them, the core stocks Huaguo MCC, Huaguo China Railway, Huagong International, Huaguo Communications and other stocks directly hit a new intraday high and once again set a new high for this round of rebound.

The two defensive sectors of 'medicine' and 'consumption' slowly fell back from their intraday highs while the two core lines of 'infrastructure' and 'state-owned enterprise reform' rose again.

The 'Big Finance' sector, which remains low and volatile, is still an area that no one pays attention to.

The "growth stocks" route based on the small and medium-sized board and the gem, especially yesterday's sharp rebound, once had two promising main lines of "mobile Internet" and "smart phone industry chain", directly related to "infrastructure" and "state-owned enterprises" The two major fields of "reform" formed a stark contrast. In the index shock, they gradually went down, and the main funds in the field completely showed an outflow state. The related core popular stocks also led the decline in the two markets, showing a relatively weak state. .

As for other industries such as non-ferrous metals, coal, agriculture, and electronic semiconductors, they fluctuated with the index. There was no obvious market, but there was no obvious sign of large-scale selling by the main force.

"Market differentiation seems to be accelerating!"

At 2:15, in the internal trading room of Yuhang Investment Company, Li Meng looked at the market trend that had been clearly differentiated under the turbulent situation. He tilted his head and smiled and reported to Su Yu at the side: "According to this differentiation trend, It should be able to explain that the main funds in the market are further converging to the popular main line fields, and the accelerated main rise of the two main lines of 'infrastructure' and 'state-owned enterprise reform' should come, right?"

"En!" Su Yu nodded slightly when he heard Li Meng's words, "Looking at the situation, the capital flow in the venue is indeed further converging towards the fields of 'infrastructure' and 'state-owned enterprise reform'."

"It seems that the consistent expectations of the market are also accelerating." Li Meng continued with bright eyes.

Su Yu responded with a smile: "Under the effect of making money, the strong will become stronger and the weak will become weaker. The follow-up will continue to be deduced. Once the two main concepts of 'infrastructure' and 'state-owned enterprise reform' are promoted, the market's [-] The phenomenon of differentiation will become more serious, and the line of 'growth stocks' should be uncomfortable for a long time."

"Why are the two main concepts of 'infrastructure' and 'reform of state-owned enterprises' mainly promoted, and the 'growth stocks' route led by the small and medium-sized board and the ChiNext board, the market will be uncomfortable?" Hearing Su Yu's words, in the internal trading team, the trading Team leader Liu Yuan asked incomprehensibly, "It stands to reason that the rise of the two main concepts of 'infrastructure' and 'state-owned enterprise reform' will inevitably drive the index to further open up and attract more off-market funds to enter the market. Ah, and the index is going up, and incremental funds entering the market...should be good for all stocks!"

Seeing Liu Yuan's doubts, Su Yu knew that most of them had such doubts in their hearts, so he couldn't help but smiled and explained: "The recovery of market sentiment and the establishment of confidence are gradually formed. The 'infrastructure' and 'state-owned enterprise reform' The two main lines involve hundreds of stocks, and they are basically mid-cap and large-cap stocks. These two main lines open up room for the main rise, which will inevitably form a huge capital siphon effect on the market.”

"With the emergence of this siphon effect, in a short period of time, the off-market incremental funds attracted through the market's money-making effect will definitely not be able to fill up."

"This also means that most of the funds for undertaking the two core lines of 'infrastructure' and 'state-owned enterprise reform' must be existing market funds."

"And the game of stock funds..."

"Excessive capital flows into the fields of 'infrastructure' and 'state-owned enterprise reform' must mean that there must be huge capital outflows in other sectors of the market."

"However, looking at the entire market, the sector with the lowest profit-making effect has formed a 'prisoner's dilemma' effect, and the sector with the most serious sell-offs is only the small and medium-sized board and the gem that have accumulated a large number of locked-in stocks and their relative positions are not low. 'growth stock' line."

"The fields of 'mobile Internet' and 'smartphone industry chain' of the small and medium-sized board and the GEM have gone through several consecutive waves of strong market last year, which means that a large amount of market active funds have accumulated in this field. Once these funds see This field is really unable to produce sustainable profit-making effects, and it has always been unable to outperform the market, so it is easy to understand if we sell the chips in this field and continue to pursue the most profitable field in the market, and want to quickly recover the funds lost in this field.”

"so……"

"Following the acceleration of the two main lines of 'infrastructure' and 'state-owned enterprise reform', the market will rise."

"The phenomenon of market differentiation between twenty and eight will definitely become more and more serious."

"In this stage of market development, a large number of investor groups who cannot change their concepts, or a large number of investors with thinking inertia and path dependence, may have their accounts in their hands. The index is still losing money.”

"Understood!" After listening to Su Yu's analysis, Liu Yuan was stunned.

Similarly, in the trading room, other traders were also touched by the analysis of Su Yu's words, and in a dim way, they also had a deeper understanding of market transactions.

And when everyone communicates and discusses with each other, and makes continuous analysis and prediction in response to changes in market conditions.

The time has passed 3:[-] p.m. sharply, and the trading between the two cities has stopped.

I saw that after the last turbulent trend in late trading, the Shanghai Stock Exchange Index finally closed slightly higher and stood at 2228.33 points again, up 0.48%, while the Shenzhen Stock Exchange Index and the ChiNext Index closed down slightly, down 0.36% and 0.49% respectively. In the index, there is an obvious phenomenon of mutual ups and downs, and the differentiation is more obvious.

(End of this chapter)