The investment era of rebirth

Chapter 390 The Shanghai Index has Qi Lianyang, and the sword points to 2400 points!
"The turnover of the two cities was 1073.36 billion, showing no signs of substantial expansion. However, in terms of market development, as 'infrastructure' and 'state-owned enterprise reform' continue to lead the rise, there has not been the continuous differentiation you mentioned before, and capital attacks The performance of further concentration in the field." After the two markets closed, at 3:15 p.m., in the internal fund trading room of Yuhang Investment Company, Li Meng turned to Su Yu after a brief resumption of trading, and asked with a smile, "What is this?" Does it mean that the market conditions have begun to deviate from your previous expectations?"

"Judging from the market performance, it is indeed better than expected!" Su Yu responded, "The market's investment confidence and sentiment have picked up quite quickly, and the incremental capital coming in from outside the market is also better than expected. If this trend continues , It is not difficult for the Shanghai Index to break through the bull-bear line of 2500 points."

"certainly……"

Su Yu paused, and then said: "The financial market changes suddenly, and the most ideal state is often not easy to achieve. Therefore, although the market is currently going slightly beyond our previous expectations, it is still not appropriate to change the investment strategy at this stage. Cautious optimism still needs to be maintained.”

"En!" Li Meng responded, and said, "Indeed, when the market sentiment is overheated, it is easier for people to lose their reason and judgment."

"Master, today's market continues to break through, but the volume can increase. Compared with yesterday, there is no obvious sign of enlargement. This shows that the bargaining chip structure on the market is stable, and the expectations of various investors participating in the market are relatively consistent, but it is not true. Does it mean that the number of profit-making orders in the market is also increasing rapidly?" Liu Yuan briefly resumed the market, then took over the topic and said, "Such rapid-increasing profit-making orders, under the market's continuous short-squeeze trend, I am afraid that it will When the bullish sentiment in the market has dropped slightly, it will cause great selling pressure on the market, thereby suppressing the rebound height of the market, right?"

Hearing Liu Yuan's words, Su Yu nodded slightly and said, "You are right. There is indeed a hidden worry in this regard under the continuous trend of the index. More drastic adjustments are bound to come."

"However, according to the current signs of bullish sentiment and confidence in the market."

"As long as in the short term, on the macro news of the market, there should be no major market negatives, and follow the continuous inflow of incremental funds from outside the market."

"Below the 2500 points of the Shanghai Stock Exchange Index, the drastic adjustment under the loosening of the bargaining chip structure, most of them can still be undertaken."

"Of course, expectations and reality sometimes don't match up."

"Although there is no risk in the current market, and our holding costs are relatively low, we still cannot relax our attention to potential risks and market news."

"Yeah!" Liu Yuan responded, lowered her head and continued to review the game.

"Boss, the two main lines of 'infrastructure' and 'state-owned enterprise reform' should have entered a stage of full acceleration today, right?" Wang Can observed the changes in the overall trading volume of these two core main lines during the review. As well as the depth of the hype of various funds, he said, "Beixin Road and Bridge directly shrunk today. I feel that this trend is approaching the apex of hype. I am thinking... If Beixin Road and Bridge's hype reaches its peak, it will not be able to further open up the market. The hype space is high, so can the market of the two main lines of 'infrastructure' and 'state-owned enterprise reform' continue?"

Su Yu responded with a smile: "Very good question, actually what you said... This is the relationship between a game of bargaining chips in the venue and the degree of fulfillment of expectations."

"Analyze from the structure of chips."

"The stock price of Beixin Road and Bridge has come to the current position. The accumulation of profits has been quite heavy, and the stock price has risen a lot in the short term, which greatly exceeds the increase of the market index and the overall market increase. At the same time, the valuation is also significantly higher than the average valuation of other stocks in the same industry. value, which has led to a slight exhaustion of sentiment on the market, and these heavy profit-making orders will inevitably sell and take profits at the first time, hitting the stock price."

"But when it comes to the specific investment logic and future expectations of the two core lines of 'infrastructure' and 'state-owned enterprise reform'."

"The real expectation is fulfilled, but it is far from the time."

"All the so-called hype must be implemented in terms of industry demand explosion expectations and performance expectations."

"At the current stage, news about the two main lines of 'infrastructure' and 'state-owned enterprise reform' is continuing to ferment, which means that the explosion space of its industry demand, the growth space of future performance, and various fundamental changes are still at the peak of expectations. In the strong stage, as long as this expectation is still there, and the news and performance are not significantly lower than market expectations, then the market continuation will not be a big problem.”

"In this way, when the basic investment logic of the main line has not changed...it is easy to judge the trend of the Beixin Road and Bridge stock."

"That's because the profit taking is too heavy in the short term. Once the sentiment drops a little, the stock price will fluctuate relatively extremely. However, it is still unlikely to affect the main market in the two major fields of 'infrastructure' and 'state-owned enterprise reform'. Yes, and... In the current market, except for some investors who have been completely locked in, the positions of the rest of the investor group are not heavy. That is to say, as long as the market expectation is still there, then the relatively high-quality stock chips in the market will be profitable With the rapid cashing of the offer, there will be no shortage of funds to undertake.”

"In fact, after this period of time, the two main lines of 'infrastructure' and 'state-owned enterprise reform' have continued to deepen."

"The main funds from all walks of life have been deeply involved in these two fields, and the market has spread, and the concept stocks involved have also occupied a considerable share of the entire market."

"In this case, the main line of the market spreads, even if the hype reaches the peak, it will not be a peak trend."

"In other words, even if we hold a fairly heavy position in this field and want to exit the market when the market turns, we will not encounter liquidity problems."

"That is to say, after the hype of Beixin Road and Bridge is over, there is a high probability that there will be a third wave of market prices?" After listening to Su Yu's analysis, Wang Can actually didn't understand very well in his heart, and he didn't fully understand the logic, but he knew Su Yu Judging the trend of the Beixin Road and Bridge stock probably meant this, and said with a smile, "Then it seems... I was just worrying blindly. I thought the two main market trends that we have a heavy position in are coming to an end?"

Before joining the company, when he was a retail investor in the market, when he was trading stocks independently.

It's a typical retail investor's thinking. If you lose money, you can hold the bargaining chip. Once you make a profit, you will think about it, feel uneasy, and have a strong desire to cash in the profit.

After entering the company now, although I have been influenced by my ears and eyes, I have improved a lot in many aspects.

But this kind of mentality, after seeing the tens of millions or hundreds of millions of profit figures in the accounts he operates, from time to time, it is still difficult to restrain his mind.

"The relationship between investment logic and chips game..."

When Wang Can breathed a sigh of relief and felt that he was thinking too much, Zhao Lijun, who was silent on the side, had a lot of understanding at the moment, and couldn't help asking Su Yu, "Mr. Su, this should be long-term investment and short-term trading." The essential difference, as well as the trading rules?"

"In short-term trading, no matter how strong the expectations are, the essence is still a game of chips."

"But in terms of long-term logic, no matter what kind of chip game, as long as the expected logic is still there, as long as the investment expectations are not fulfilled, then all extreme shocks will not be able to change the trend."

"Smart!" Su Yu praised with a smile.

Zhao Lijun's comprehension ability in trading, through observation during this period of time, he thinks that among the traders present, besides him, Li Meng, and Liu Yuan, the most prominent is that at this time, Su Yu suddenly promoted him Get up, the idea of ​​letting him and Liu Yuan jointly manage a major fund.

After all, as the company scaled, he couldn't keep an eye on every deal.

In the end, some core backbone is always needed to complete the trading tasks independently.

Li Meng can basically rest assured now, but it is impossible for Li Meng alone to manage several trading teams and multiple main funds.

Therefore, he still hopes to have more trustworthy talents who can grow up quickly and take on important responsibilities.

It is also for this reason that when he was in the trading room, he would patiently answer all kinds of questions raised by everyone. Based on the more than ten years of trading experience accumulated in his two lifetimes, he taught each trader everything.

"President Su, according to today's market performance, the concept of 'growth stocks' in the direction of the small and medium-sized boards and the GEM also has the characteristics of a bottom reversal." During the discussion, Zhu Tianyang thought for a while and raised questions. "You said before that the two main lines of 'mobile Internet' and 'smart phone industry chain' in emerging industries are the main lines of long-term trends that can last for three to five years. Now many popular stocks in these two main lines are expected to be good in the future. Under the circumstances, the stock price is already at a relatively low point compared to last year's hyped high point, and now the main funds are once again showing a large inflow in this direction, does this mean that the adjustment of the two main lines has basically been in place?"

Su Yu responded: "From the perspective of the disk, there are indeed signs of re-convergence of main funds in the direction of 'mobile Internet' and 'smart phone industry chain', but the adjustment has not been in place. It depends on the next two main lines. Whether many popular stocks have exceeded expectations in terms of fulfilling expectations, and whether they can re-gather enough continuous profit-making effects, so as to liberate the backlog and the huge amount of holdings in the market."

"If the popular stocks in these two main line fields have exceeded market expectations in terms of expected fulfillment."

"And these popular stocks can go out of a wave of continuous upward trend, and re-raise the investment confidence and future expectations of the majority of investors in these two main areas of the market, even if they have really bottomed out, we can also switch positions appropriately , re-layout to these two areas.”

Hearing Su Yu's analysis, Zhu Tianyang thought for a while and responded, "President Su's meaning... is the market of the two major fields of 'mobile Internet' and 'smartphone industry chain', so we need to observe it again?"

"Yes!" Su Yu nodded slightly, "Let's wait until the mid-year performance forecast of many popular stocks in this field is released. At present, the overall bargaining chip structure of these two main line fields is very chaotic, and many of the main funds that are trapped still have a glimmer of hope." , not willing to cut their positions and leave the market, and the main funds that have just entered appear to be too hesitant. Overall, confidence and expectations have not yet fully recovered."

"Of course, it is necessary to continue to pay attention to market changes in these two main lines of business."

"After all, the users of 'mobile Internet' and the sales of 'smartphones' are still growing rapidly. When the investment confidence and future expectations of these two main line fields return to a high point, the adjustment of the internal bargaining chip structure is completed. In the large field, there should be many investment opportunities.”

"In general……"

Su Yu paused for a while, and then said: "As an asset management institution, in addition to choosing the right investment direction, we should also perform well in terms of market timing. The direction of the market's main capital attacks has always been towards The place where the expectation is the best, the earning effect is the strongest, and the liquidity is relatively abundant gathers. What we have to do is to create and guide this kind of market opportunity as much as possible in the right investment direction and by means of timing, so as to obtain market excess profits.”

"Understood!" Zhu Tianyang nodded in response after listening to Su Yu's analysis.

Then, he turned his eyes back to the computer interface again, continued to review and study today's market, and combined with market news to look for potential investment opportunities that may exist.

Similarly, at this moment, within Ming Fai Capital.

After the meeting of the internal investment strategy group, several managers in charge of the company's main fund products also expressed relatively optimistic views.

"It is estimated that the index will not go back to 2200 points. This round of rebound is expected to reach 2500 points. There should be no problem. Mr. Xu... Our 'Minghui No. 1' fund, as the company's number one flagship product, should also Change your investment thinking, from a conservative strategy to a relatively aggressive strategy?"

"Boss Su has already yelled the slogan of the bull market. At this stage, Masukura should be the only choice."

"The two core lines of 'infrastructure' and 'state-owned enterprise reform', although the current position is not low, there is obviously room for us to hold positions on these two main lines. Relatively, we still have advantages. If we continue to Masukura, the fault tolerance rate should also be ideal.”

"If the expected high point of the index rebound is 2500 points, there is absolutely no problem in increasing some of the chips here."

"Mr. Xu, the current market is in the direction of 'reorganization and backdoor', and there is no market at all. I think we can slightly reduce some bargaining chips in this direction, concentrate our positions, and focus on the two major areas of 'infrastructure' and 'reform of state-owned enterprises' as much as possible." The main line is mainly in the rising market stage, and more profitable market profits."

"I agree with the strategy of narrowing the investment direction and focusing on investing in the main line of the market."

"'Infrastructure' and 'state-owned enterprise reform' should be the major macro themes this year, just like last year's two main themes of 'mobile Internet' and 'smartphone industry chain'."

"It feels like the [-]th market pattern is very obvious. The core focus of this year may be on the main board."

"Well, judging from the market trends in the past month or so, the performance of the Shenzhen Stock Exchange Index, the Small and Medium-sized Board Index, and the ChiNext Index is indeed significantly lower than that of the Shanghai Stock Exchange Index. "Stocks" hype, signs of transition to "value investing" such as white horses and blue chips."

"'State-owned enterprise reform' has a large scope. In fact, the current market of this main line has been deeply divided. If we consider the risk of chasing high, we can also follow up some low-level companies with excellent performance. A stock with the concept of 'state-owned enterprise reform'."

"Well, especially the 'infrastructure' stocks with the background of many local state-owned assets, I think the potential is great."

"This year is definitely a big year for 'infrastructure'!"

"According to market news, on the macroeconomic route, the path of 'deepening reform' should have been determined and will be implemented unswervingly."

"The key is that this round of market, the continuous short squeeze, actually caught everyone by surprise."

"In the current market, many asset management institutions should still be at a relatively low water level. These main funds that have not entered the market are potential bulls in the market! So... I think we are At this time, if you continue to increase your position and follow up, and grab another first move, there is a high probability that it will be difficult to lose money.”

Among the opinions of the people...

Xu Zhongji, the general manager, looked at the fund managers with a smile, chuckled twice, and said: "It is natural to be optimistic at this time, but caution is the only magic weapon for winning the financial trading market. We must not forget that the market continues to squeeze short , and the upward trend has been established, it is possible for us to trade on the right side and continue to increase positions appropriately, but at the same time we still need to maintain a 20% cash bottom line."

"The so-called extreme trend, although the probability of occurrence is extremely small."

"But once it appears, the lethality is quite astonishing. The long life of the financial trading market is far more important than the temporary profit."

"Okay!" Under Xu Zhongji's persuasion, several fund managers finally gave up the investment strategy of all positions.

Of course, like Xu Zhongji, investors who are still calm at the moment are already very few investors in the broad investor group in the market.

Especially at 5:30 in the afternoon, after the dragon and tiger rankings of the two cities were refreshed again.

You can see that Su Yu's two major trading seats continue to be locked, and other well-known hot money seats, such as 'Qingchun Road', 'Hongqiao Road', 'Chunhui Road', 'Yanjing Outdoor Street', 'Jiefang South Road', 'Magic Du Huaxin Securities Branch' and others all appeared on the buying list, and at the same time, a large number of institutional seats also appeared. The entire Dragon and Tiger List disclosed trading data, and there was a net buying situation for the fourth consecutive day. The bullish sentiment was rampant in the entire market , the general investor group is unanimously bullish, as if the market bull market is reappearing.

And under the influence of this increasingly bursting bull sentiment...

The next day, on May 5th, Thursday, the market continued to open higher, and the Shanghai Stock Exchange Index continued to refresh the high point of this round of rebound to 8 points.

Immediately afterwards, on May 5, the Shanghai stock index continued to fluctuate and rise, closing the seventh positive line.

Walking out of the Qi Lianyang situation that shocked the investors who were out of space, completely getting rid of the sluggish trend of the entire market in the first quarter, breaking through all constraints, and directly pointing to the pressure range of 2400 points to 2500 points, it is very promising. Straight into the sky, the weather of the strong return of the bull market!
(End of this chapter)