The investment era of rebirth

Chapter 388 Full-blown long-term emotions!
"Fortunately, we adjusted the position in time!"

At the moment when the two main themes of "infrastructure" and "state-owned enterprise reform" continued to erupt in an all-round way, and the Shanghai Stock Exchange Index stood at 2300 points without hindrance, inside Yanjing, Chenghua Public Fund Company, and in the main fund trading room, fund manager Gong Tiancheng looked at the military industry sector. 'Infrastructure' and 'state-owned enterprise reform' main line core sectors, with completely different market trends, finally breathed a sigh of relief, and continued: "Finally caught up with the last train, although we still have a lot of positions that have not been adjusted. , but it can be regarded as a timely remedial measure.”

"Yeah!" Fund product assistant Zhou Qiang replied with a nod and a smile, "Mr. Gong's rebalancing measures yesterday seem to be very wise indeed."

Gong Tiancheng laughed and said: "Stop bragging, continue to adjust positions, the two core lines of 'infrastructure' and 'state-owned enterprise reform' have completed the expected unification and substantial technical breakthroughs, and the upward trend has completely gone. If we come out, we can’t hesitate any longer, if we keep up at this moment, we might still be able to have a sip of hot soup, and if we hesitate again... clinging to the field of ‘military industry’, I’m afraid we won’t even be able to eat leftovers in the end.”

"Okay!" Zhou Qiang responded, and then ordered the traders to speed up the adjustment of positions, continue to sell the stocks held in the 'military industry' field, and at the same time use the funds freed up from selling stocks to further increase their positions in the fields of 'infrastructure' and 'state-owned enterprise reform' Many strong and popular stocks.

Likewise, at the same time.

Yanjing, the fund trading department of the asset management department of China Commercial Bank; Modu, E Fund Management Company, a lot of core fund product trading departments; Shenzhen, the fund trading department of the asset management department of Ping An Insurance; Yuhang, the main force of Huarui public offering funds Fund product trading department...

Facing the two major market core market conditions of 'infrastructure' and 'state-owned enterprise reform' that are making breakthroughs like a rainbow, the fund traders of large institutions from all sides are rapidly adjusting their position structure, following the breakthrough of market conditions, no matter passively or actively. Direction, frantically increasing positions in the fields of 'infrastructure' and 'state-owned enterprise reform'.

And with the rapid adjustment and increase of positions of these main institutions with large funds to follow up.

On the disks of the two markets, the two major market core lines of 'infrastructure' and 'state-owned enterprise reform', investment sentiment and follow-up are becoming more and more enthusiastic. In the process of getting stronger, the relatively weak sectors such as "military industry, banking, insurance, securities, non-ferrous metals, and coal" have become weaker and weaker, showing a more obvious downward trend against the trend.

"What the hell, it's weird, why after 10 o'clock, with the rise of the two core main lines of 'infrastructure' and 'state-owned enterprise reform', as the stock index hits 2300 points, 'military industry, banking, insurance, securities , non-ferrous metals, coal, and other sectors, but they are getting lower and lower?"

Seeing the obvious differentiation trend in the market, some investors who hold low-level and vulnerable sectors asked questions on the online trading forum full of wonder.

"The capital siphon effect of the main line market, this is normal!"

"What's normal? It's really depressing... Seeing the index break through strongly, the account is still losing money."

"Hey, the stocks I hold can't beat the index at all. The index is rising, but the main force of the big money on the market is still selling chips frantically. I don't understand. Are these guys blind? At this time Throw it away!"

"The sectors that are obviously weak today and where the main funds have flowed out are basically without expectations and no room for imagination. The overall performance this year has also been weaker than that of the market. It’s normal for it to be difficult, right?”

"The key is not that it's difficult to rise, but that it's going down against the trend. It's just..."

"Let's switch positions and exchange stocks. With such a hot market performance today, stocks that are still falling against the trend really have no future."

"Agreed, the two core themes of 'infrastructure' and 'state-owned enterprise reform' have already produced a capital siphon effect on the market, which means... as the follow-up market continues to develop, the main funds of all parties in the market will be more directed toward these two The convergence of the main line fields, those weak sectors that have been difficult to get the attention of the main funds on the market, after being sucked by the two main line markets of 'infrastructure' and 'state-owned enterprise reform', the trend will become more and more difficult, and it is very difficult to underperform the market. It's normal, and it's not surprising that it fell against the trend."

"If you hold securities and stocks, is there still a chance for the market to rotate?"

"Unless the bull market is really coming, otherwise securities and stocks should be sold as soon as possible!"

"The advantages of our retail investors are small funds, easy entry and exit, and the market's performance of 'the strong are always strong' has always been the truth. At this time, we are still holding the 'military industry, finance, non-ferrous metals, and coal' that have no expectations and no room for future imagination. There is absolutely no need for stocks in other fields.”

"Based on the historical performance of our Big A, the so-called 'value investing' is a lie."

"Indeed, this wave of hype around 'infrastructure construction' and 'state-owned enterprise reform' may be the best money-making market this year. I don't know for sure. It is estimated that there will be no such opportunities in the future."

"Don't wait for the market to rotate. When it does, the market on the main line may double."

"Staying away from fields with obvious money-losing effects and embracing fields with strong money-making effects is the correct investment method. Think about it... Is it easier to make money in fields with obvious money-losing effects, or is it easier to make money in fields with obvious money-making effects ? The two main lines of 'infrastructure' and 'state-owned enterprise reform' have obviously bottomed out and formed an upward trend. At this time... just follow the trend and it will be easy to make money. Why cling to it? There is nothing at all What about stocks in the weak and low-level sectors that the main funds care about?"

"In fact, the main reason is that the follow-up of incremental funds in the market is limited, which can only support the upward breakthrough of one or two main lines of the market."

"Yes, I also think this is the root cause."

"In addition to the overall bull market, the market has only partial market trends for other various forms of trends. It is very normal for the market trends of various sectors to diverge."

"Indeed, apart from a general bull market, other times...you have to chase hot spots."

"In the market, there are always weak reasons and strong reasons. The best investment plan we can do is to follow the most profitable main line of the market."

"Hey, I'm so anxious, forget it... I'll chase after you!"

"What the hell, I cut it too. Watching the index break out, the popular stocks that I'm optimistic about keep going up, and then look at the stocks held in my account. Instead of rising, I feel really uncomfortable."

"Hey, I knew it earlier, before the festival, I should cut my flesh and chase hot stocks in the fields of 'infrastructure' and 'state-owned enterprise reform'."

"Indeed, I really regret it."

"I hope there is still time to cut meat and chase positions!"

"I'm chasing after him. I hope Mr. Su will continue to lock up the position and don't hit me."

"The Shanghai stock index has stood firm at 2300 points, and whether it is the K-line trend or the volume response, the two main lines of 'infrastructure' and 'state-owned enterprise reform' are in a state of strong breakthroughs in many industry sectors and concept sectors. Here It is absolutely impossible to be the top of this rally.”

"In the entire real estate sector, the net inflow of large funds has exceeded 10 billion. It's terrifying!"

"For a single stock of Gemdale Group, the inflow of large funds has exceeded 1.51 million."

"This is the absolute core segment today. Unfortunately... a lot of votes are above 5 points. It's really hard to catch up at this time."

"If you don't chase, I feel that the position behind will be higher."

"Get the bargaining chips first, and the big funds are buying so frantically, and they will definitely go up later!"

In the extremely hot discussions among many retail investor groups...

Time quickly passed 11:2305.36 in the morning amid intense trading. At this time, the Shanghai Index has refreshed its intraday high to 2 points after a continuous upward attack, an increase of more than 1.5%. The rest of the Shenzhen Index and ChiNext Index rose They have also surpassed the [-]% position.

Except for index performance, of course.

The two core areas of 'infrastructure' and 'state-owned enterprise reform' that have received much attention performed even more strongly.

Among them, the real estate industry sector index rose by more than 4%, 12 of the constituent stocks in the sector exceeded the 5% increase, and 5 stocks hit the daily limit position; and 'public transportation', 'high-speed rail', 'building materials' , 'Architectural Decoration', 'Steel', 'Cement' and other sector indices also rose by more than 3% one after another, and the total daily limit of the constituent stocks in the sector exceeded 10.

Similarly, in the direction of the small and medium-sized board and the GEM, the popular main lines in the early stage, that is, the main lines of "growth stocks" such as 'mobile Internet' and 'smart phone industry chain', although the growth rate is not as good as the two cores of 'infrastructure' and 'state-owned enterprise reform' The main line, but also showed a trend slightly stronger than the broader market index, launched a strong rebound.

Among them, the "Internet Finance" sector exploded again, and the concept sector index ranked No.3 in the two cities' concept sector growth list after "Commercial Real Estate Development" and "Shanghai Free Trade Zone".

As for the relatively weak 'military industry, finance, non-ferrous metals, coal' fields of the two cities.

Under the joint selling by the main institutions of large funds and retail investors holding shares in all parties, the market performance of the two markets is still at the end, maintaining a flat market fluctuation, or a slight decline, and the trend of continuous heavy volume.

"Today's market trend is really layered and very clear!" Seeing the market performance before noon, the fund manager Zhou Kan carefully observed the market for a while in the capital trading room of Zexi Investment Company and smiled. He said, "The strong will always be strong, and the weak will always be weak, which is really vividly expressed."

Hearing Zhou Kan's words, Xu Xiang, who was sitting next to him, stared at the computer screen, nodded slightly, and continued: "It is very typical that the main line of the market has completely broken through and the trend is accelerating. After yesterday's sharp divergence and strong shocks, today's Funds from all walks of life on and off the market have obviously formed relatively consistent market expectations for the two main lines of 'infrastructure' and 'state-owned enterprise reform', and this is how the market's layered market trend reflects."

"Yeah!" Zhou Kan replied with a smile, "Indeed, this trend is really beautiful."

"But the market is accelerating here, and how far it can go upwards is really unpredictable, and we can't be too optimistic." Xu Xiang said, "Judging from the current market situation, the two aspects of 'infrastructure' and 'state-owned enterprise reform' A large part of the fund for the breakthrough of the main line market is not the incremental fund for off-site follow-up, but the repositioning fund escaped from the weak sectors such as 'military industry, finance, non-ferrous metals, and coal'."

"This shows that the market trend is still not out of the game of capital stock in the market."

"And since it is a stock game market, when the funds that have been liquidated from weaker sectors such as 'military industry, finance, non-ferrous metals, and coal' gradually decay, at the same time, the amount of incremental funds outside the market can not be further expanded. If it is a sign... the two major market trends of 'infrastructure' and 'state-owned enterprise reform' have very limited room to move upward. , the current fiery uptrend of the two major mainline markets will end immediately.”

"Boss thinks, how much room is left?" Zhou Kan paused and asked.

Xu Xiang thought about it carefully for a while, and said: "The upper pressure level of the Shanghai Stock Exchange Index is 2400 to 2500 points. If Mr. Su of 'Yuhang Investment' does not sell the market in advance, according to this market expectation and sentiment, the stock index will be large. The probability is that we can test the 2500 point."

"The index is up, about 10% away." Zhou Kan continued, "So...according to the development trend of the two main lines of 'infrastructure' and 'state-owned enterprise reform', the market in the core main line field should have at least 20% upside space, among which the popular leading stocks may have 40% to double the space.”

Xu Xiang nodded and said: "The ideal expectation is like this, but market sentiment and news are changing every moment, and the real market trend has a high probability that it will not develop according to the ideal expectation, so... at most when the index hits 2400 At the first line, we will start to stop profit and reduce positions.”

"Bull market..."

Xu Xiang chuckled, and continued: "What a beautiful vision, but a real bull market is never created through expectations, but is formed step by step through the actual market trend and the joint efforts of funds inside and outside the market. In other words... the bull market has always existed only in the rearview mirror of history, and only when the market has completed the bull market trend can we perceive its existence through the trend.”

"So, such misty expectations cannot be used as a criterion for judging investment strategies at all."

"No matter how enthusiastic the development of the two main lines of 'infrastructure' and 'state-owned enterprise reform' at this moment, and even in the future, we must not lose our minds."

"Everything must be implemented in accordance with a relatively conservative investment strategy, and you must know how to accept when you see good results."

"Hmm!" Zhou Kan responded, "I also feel that the word 'bull market' is still too far away from us at present, and the CEO of 'Yuhang Investment' is actually...too optimistic. And... I feel that his "bull market" remarks probably also have the purpose of raising the market's long-term sentiment and the expectations of the majority of investors, making him focus on the two core lines of "infrastructure" and "state-owned enterprise reform". In terms of market prices, the calculation of fully obtaining excess market profits is included in it.”

Xu Xiang smiled and said: "That's unknown. What we can do now is to maintain a calm judgment and not copy what others say."

After speaking, he turned his gaze to the board again.

At this time, the time has passed 11:30, and the disks of the two cities have been frozen.

Among them, the stock index maintains a volatile trend at 2300 points. The other main market trends, weak and strong sector trend patterns have not changed significantly from before. Active funds in the two cities, whether they are the main force of large institutions, hot money, retail investors, etc. Funds, basically, continue to gather in the fields of 'infrastructure' and 'state-owned enterprise reform'.

At the same time, in addition to the performance of the index and the mainline market.

This morning's overall market volume performance, compared with yesterday, there are signs of a slight shrinkage.

In short, the overall market trend, whether it is the sentiment of being long, or the performance of the main market, and the amount of funds can change, are much clearer than yesterday.

That is to say, there are countless groups of investors on and off the market.

For the market's current and subsequent market expectations, a preliminary consensus has been formed.

Faced with such a market trend, during the short break at noon, the bullish sentiment inside and outside the market continued to climb amidst the continuous heated discussions. , or the analyst comment section of financial media brokerage investment institutions, and the column comment section of social media financial big Vs...all are full of bullish comments.

And under the continuous brewing and fermentation of this emotion...

When the time entered 1 o'clock in the afternoon, the two cities ushered in the moment of continuous trading again, and the concept stocks of "infrastructure" and "state-owned enterprise reform" were once again scrambled by various funds.

So, at 1:15, just 15 minutes after the start of trading, the entire concept sector of "commercial real estate development" set off a wave of daily limit ahead of time, and the popular stocks "China Fortune Land Development, Kumho Group" in the early stage were at relatively high positions. Continue to break through the closed board, setting a new high for this year's stock price.

At 1:30, led by the full-scale riots in the entire real estate sector, the Shanghai stock index refreshed its rebound high to 2310 points, an increase of 2.39%.

At 1:50, the Shenzhen Stock Exchange Index and ChiNext Index also broke through 2%, among which 'Internet Finance' set off a wave of daily limit, and the 'Big Finance' sector, which had been sluggish before, also bottomed out and rebounded during the session.

At 2:20, the number of daily limit stocks in the two cities exceeded 40, and the number of daily limit stocks with a market value of more than 10 billion exceeded [-], and the market's profit-making effect was extremely hot.

At 2:40, the Shanghai stock index soared to 2317.83 points.

Finally, in the last 20 minutes of trading, faced with the mainline high-quality stocks that were already at relatively high levels in the session, the market’s follow-up effect and the rush of active funds to raise funds at high levels have somewhat restrained. This situation is slowly falling back.

Finally, the moment came at 3 o'clock in the afternoon.

The Shanghai Designated Index was at 2307.37 points, up 2.27%, while the Shenzhen Stock Exchange Index and the ChiNext Index rose 1.86% and 1.79% respectively. The total turnover of the two cities was 1046.32 billion, which was still maintained at the 1000 billion mark even though it shrank slightly compared to yesterday. Maintain a relatively active trading atmosphere.

(End of this chapter)