The investment era of rebirth

Chapter 397 Opportunity and Risk!
"Okay!" Li Meng replied, and then gave instructions to the traders.

With her order issued, over time, the market call auction trend has remained quite agitated, and the number of red stocks in the two cities has remained around 90%. Jian' also shows no signs of heavy volume.

Even the traders placed orders one after another under Li Meng's order, and actively threw out a lot of bargaining chips on the trading boards of the main line concept stocks of "infrastructure" and "state-owned enterprise reform" that opened sharply higher. The effect of the disk is also negligible.

"Today's market, buying orders are really strong." Seeing that the pending orders and selling orders of his own traders in the call auction did not have a significant impact on the market in the two markets, Li Meng paused, and couldn't help sighing again, " I feel that no matter the sentiment of the market to do more, or the funds to follow the trend, it is stronger than the market performance at the call auction yesterday, I have to say...it really feels like a bull market!"

Su Yu responded with a chuckle: "After the positive stimulation of the 'Xinguo Nine Points', as well as yesterday's market continued to hold high and fight high, and the trend of Dayang Line's continuous breakthrough, today's opening, the overall long-term sentiment and follow-up funds are stronger than yesterday , is also reasonable.”

"However, this situation should not last for too long."

"After all, the current range of the index is already an area where the market is relatively heavy."

"As the market's long-term sentiment and expectations reach its peak, and as the market's profit taking and floating hold-ups increase over time, the strength of long and short positions in the market may reverse again as long as there is a small external cause."

"This external cause..." Li Mengmeng thought for a while, and said, "It should refer to the factor you mentioned before, the 'IPO restarted again' factor in the news, right?"

Su Yu responded: "It's not just this factor. With expectations and sentiments getting higher and higher, and most investors already have considerable expectations for the market structure of a 'bull market', as long as the market volume can Changes, as well as breakthroughs at key points, a slight decline, and some situations that are not as expected, then... the current hot investment sentiment will quickly ebb, and the current consistent long-term situation in the market will also appear again differentiation."

"Even on the market news, in the short term, there is no negative interference."

"Incremental capital in the market, in the short term, it is impossible to maintain a rapid upward trend and continue to support the continuous breakthrough of the index and related mainline stocks. However, during this period, the speed of accumulation of profit-making and floating chips in the market is far greater than the speed of incremental capital expansion.”

"That is to say, with the development of the market, the passage of time."

"The potential force of selling in the market is far greater than the force of market acceptance."

"In this way, it only needs a crack in the market's unanimous long-term sentiment, and the next market divergence will come. With the current market volume, it will definitely not be able to bear it."

"The reason why the market is so strong now is that it seems that the willingness and strength to follow suit funds are very strong."

"That's because of the unanimous long-term sentiment, the profit taking on the market, and the fact that this position is not too deep, or this part of the investor group that is slightly unwinding still has the idea of ​​waiting for a rise in their hearts. And once the sentiment drops, differences appear, and the idea of ​​this part of the investor group’s hesitation to wait for the rise gradually disappears, then the selling force in the market will increase rapidly, thus forming a significant suppression on the market.”

"En!" Li Meng nodded and replied, "From the analysis of the bargaining chip structure in the venue, there is a high probability that the follow-up market will indeed develop like this."

"Master, so, with 2500 points, there is a high probability that there is no chance?" Liu Yuan answered.

Su Yu responded: "It depends on the follow-up of the market's subsequent volume and the changes in the news. If the turnover of the two cities can still increase month-on-month, and there is no unexpected major negative impact on the news, then It is still possible to imagine the index hitting 2500 points, but if you want to stand firm, it is still very difficult and very difficult when there is no other main market that perfectly undertakes the short-term hype of "infrastructure" and "state-owned enterprise reform" to end the recession's sentiment, capital, and money-making effects hard."

The Shanghai stock index is at 2500 points, as the dividing line between bulls and bears in the market, the pressure to break through is extremely high.

At present, there is no substantial change in the capital level of the market. It is only supported by short-term expectations and emotions, and other main lines in the market have not revealed obvious investment opportunities. It is impossible to continue to deepen and sustain the profit-making effect of the market. This situation... …If you want to really break through 2500 points, completely reverse the bear market point of view in the market, and establish a comprehensive bull market confidence, not to mention nonsense, but at least it is a matter of extremely small probability.

"Hey, that's a pity." Liu Yuan sighed slightly when she heard Su Yu's answer.

Su Yu smiled and said: "There is nothing to regret. Temporary pessimism does not mean long-term pessimism. If the timeline is extended to half a year, one year, or two years, the overall trend is still gradually improving. Yes, after all, the macro economy is recovering. Emerging industries dominated by 'mobile Internet' and 'smartphone industry chain', as well as traditional industries dominated by 'infrastructure', 'finance', and 'consumption' are all showing signs of growth. New vitality and demand, while inflation has fallen, and the central bank is playing more and more cards. In terms of future funds, the liquidity of the entire domestic financial environment is bound to gradually increase, so... Looking at the short-term trend, the stock index stands The bull-bear line at 2500 points is not easy, but looking at the long-term trend, the stock index stands at 2500 points, leading the market to a comprehensive bull market, and the basic investment logic and related development opportunities have all appeared.”

"Again……"

Su Yu paused for a while, looked around all the traders in the trading room again, and then said: "Look at the long-term and look at the short-term. When analyzing the market, you must have a long-term perspective. You must know which stage the current market is in the long-term trend. But when it comes to specific transactions, we must focus on the present and understand the dynamic changes in emotions and bargaining chip structures in the market, so as to find the right buying and selling points, so as not to lose our calm at any time and make wrong transactions and trading decisions.”

"Well, I understand." Liu Yuan nodded in response, somewhat touched in her heart.

"Boss, according to what you said, in fact, the two major market trends of 'infrastructure' and 'state-owned enterprise reform' are just the first wave of rising market prices, right?" After listening to Su Yu's analysis, Wang Can thought for a while Yes, and then asked, "Are we just reducing positions and reducing costs, not liquidation?"

Su Yu said with a smile: "The country's macroeconomic development, after a short-term swing, now continues to be firm in the direction of 'government-led investment' and adheres to the domestic demand development line of 'urbanization construction' as the main direction, and puts forward The policy of 'mixed reform of state-owned enterprises and deepening reform of enterprises' will naturally not be the main line of short-term hype."

"At the current stage, 'infrastructure' and 'state-owned enterprise reform' are speculating on the benefits and expectations of macro policy shifts."

"In other words, the current rebound of the two major market trends is purely an emotional response. The stage of the market's main upward trend, when the fundamentals have reversed and the performance has exploded, has not even opened the curtain. Naturally, it cannot be said that the main market is hyped. Completely over."

"According to the policy implementation, the fundamentals of the industry have changed, the demand has exploded, and the transmission line of performance growth."

"The core stocks in the fields of 'infrastructure' and 'state-owned enterprise reform' that have benefited as a whole will be reflected in the recovery of performance, at least in the second half of the year and next year."

"So, the two core lines of 'infrastructure' and 'state-owned enterprise reform'."

"Even after this round of emotional hype is over, there will still be great investment opportunities when the bargaining chip structure in these two areas is re-stabilized."

"Just like the two core lines of 'mobile Internet' and 'smartphone industry chain'."

"As long as the macro direction of policy support remains unchanged and market demand remains unchanged, then...investment opportunities will always exist, but in terms of investment timing and profit margins, there will be greater opportunities in the short-term market trend. difference."

"Understood!" Wang Can said, "The current 'state-owned enterprise reform' and 'infrastructure' hype, just like last year's 'Internet Finance', 'Mobile Internet', and 'Smartphone Industry Chain', are just appetizers. The big market is still to come.”

"It's true that you understand it that way." Su Yu smiled and replied.

"Then how much should we initially reduce our position?" Li Meng asked again.

Su Yu thought for a while, and said: "Get rid of the weak and keep the strong, and gradually reduce the stock chips we currently hold in the fields of 'infrastructure' and 'state-owned enterprise reform' to less than 50%! There is not a small investment opportunity and room for hype, but after the short-term exhaustion of market sentiment, if we want to re-consolidate chips, establish a chip platform, and reconstruct the internal chip structure, the adjustment time is not short. We don’t need to wait until these two main lines enter the adjustment stage. , continue to put capital heavily here, wasting other investment opportunities.”

As an asset management institution, fully grasping market investment opportunities, choosing the optimal investment strategy and investment route, and maximizing the excess profits of the market are what they, fund managers, should do, and only by doing so... can they be worthy Give them your money, trust their investors.

Otherwise, if they do not pursue excess profits in the market, then they, as well as the company, will lose their existence value.

"Okay, I understand!" Li Meng replied.

At the same time, the final lightening target was communicated to other traders in the trading room.

And following everyone's discussion and Su Yu's on-the-spot analysis, at this time... the trading time of the market has passed 9:20, and the two cities are ushering in the real call auction session of irrevocable orders.

I saw that after the first 5 minutes of call bidding...

After a large number of pending orders were withdrawn, the situation presented by the entire market was slightly lower than the market situation before 9:20. There were nearly 2000 stocks in the two markets, and the number of red stocks fell from around 90% before to 85% %, and the number of call auction orders to be matched for transactions on the popular stocks of each main line has increased compared to before, showing a state of slightly increased volume.

But on the whole, the investment sentiment and capital follow-up effect of the entire market are still very strong.

In particular, 97% of the stock stocks in the concept sectors and industry sector constituent stocks in the two main lines of 'infrastructure' and 'state-owned enterprise reform', except for the suspended stocks, achieved a red market and a higher opening. Among them... For example, popular leading stocks such as Beixin Road and Bridge, Beijiang Communication Construction, Shibei High-tech, Yukai Development, etc., either had a daily limit, or opened higher by more than 7 or 8 points, and the buying orders on the disk all reached a thousand points. million or more.

Moreover, it is rare to see a group of "infrastructure", such as "Huaguo Construction, Huaguo Railway Construction, Huaguo Communications Construction, Huaguo MCC, Huaguo North Locomotive, Huaguo South Locomotive, Wuhan Iron and Steel Co., Ltd., Conch Cement", etc. The mid-cap and large-cap blue-chip stocks in the field of state-owned enterprise reform are also showing a strong trend of opening higher at the moment, and the opening range is more than 2%.

As for the other main lines of the two cities, such as the relatively strong 'Internet Finance', 'Shanghai Free Trade Zone', 'Mobile Internet', and 'Smartphone Industry Chain', as well as the relatively weak 'military industry, consumption, non-ferrous metals, coal, etc. In fields such as finance and finance, although the long-term sentiment and the amount of follow-up funds are not as good as the two major sectors of 'infrastructure' and 'state-owned enterprise reform', they also show a trend of opening slightly higher, which is not as strong as yesterday extreme differentiation.

Of course, this is basically an extravagant opening call auction situation.

It also shows the consistency of market expectations and sentiments, as well as the cherished attitude of investors who hold shares on the market.

At 9:21, the call auction situation in the two cities remained stable. All industry sectors and concept sectors in the entire market remained in the red market state, and none of them fell. Among them, the two leading stocks of 'Beixin Road and Bridge and Beijiang Communication Construction' continued to maintain a single word The daily limit, the sell orders on the disk are 3700 lots and 4600 lots respectively, and the attitude of following suit and rushing to raise funds can be seen at a glance.

At 9:22, the number of red stocks in the two cities continued to drop slightly to 83%. The securities sector, which was abnormally pulsed yesterday, fell in the green market and became the only industry sector and concept sector that fell in the two cities. However, 'infrastructure', The individual stocks in the two major areas of "state-owned enterprise reform", as well as the popular stocks, are still making great strides, and the call auctions are getting higher and higher.

At 9:23, the two popular core leading stocks of 'Beixin Road and Bridge and Beijiang Communication Construction' can both explode to more than 1 lots in the market, but they still maintain a one-word daily limit situation. At the same time, the non-ferrous metals and coal sectors Because of poor future performance expectations, it has become the second and third green market sector and concept sector after the securities sector.

At 9:24, heavyweight stocks related to the main lines of 'infrastructure' and 'state-owned enterprise reform', as well as popular concept stocks that have been maintaining a strong state of call bidding, finally showed signs of significant volume growth on the disk, 'Shibei High-tech, Pudong Development , Shanghai Construction Engineering, Financial Street, Gemdale Group, China Fortune Land Development, Kumho Group, Bayi Iron and Steel' and other popular concept stocks, the gains began to fall slightly.

Finally, when the time moved to 9:25, the call auction of the two cities ended.

I saw that the industry sectors such as building decoration, building materials, real estate, steel, and public transportation in the two main lines of "infrastructure" and "state-owned enterprise reform" all had an increase of more than 1%, leading the rise of various industry sectors in the two cities. The growth stock route centered on 'mobile Internet' and 'smart phone industry chain', such as 'electronic information', 'communication technology', 'Internet software application', 'Internet software development', 'film and television media', etc. The industry sector opened higher only after the two major industry sectors related to "state-owned enterprise reform" and "infrastructure".

As for the index.

The Shanghai Index opened 0.73% higher and was fixed at 2441.77 points. The Shenzhen Stock Exchange Index and the ChiNext Index opened higher by 0.52% and 0.49% respectively.

In terms of individual stocks, especially the hot stocks with high market attention.

Beixin Road and Bridge opened with daily limit, the entire call auction, with a turnover of nearly 470 million yuan, which has shrunk compared to yesterday; Beijiang Communications Construction also opened with a single daily limit, the entire call auction, with a turnover of about 2 million, which can be regarded as the market sentiment of the two cities It is also a concept stock with the strongest trend in the two main lines of 'infrastructure' and 'state-owned enterprise reform'; Shibei High-tech, Shanghai Construction Engineering, Gemdale Group, China Fortune Land Development and other The popular concept stocks have opened higher by 5% to [-]%. Although the strong state has not changed, the volume of market call auctions is clearly showing signs of expansion. Generally speaking, the market sentiment and funds are consistent , Not as good as everyone imagined before the market.

In terms of the popular 'infrastructure' and 'state-owned enterprise reform' areas, large-cap stocks.

Huaguo Construction, Huaguo Communications Construction, Huaguo China Railway, Huaguo Railway Construction, Huaguo MCC and other stocks with "Huaguo prefix" opened significantly higher. It is stable, and even compared with yesterday, there is still a significant shrinkage.

Other non-core mainline popularity and popular stocks.

Tickets such as LeTV, Wangsu Technology, Dongfang Fortune, Huake Jincai, Huayi Brothers, etc. opened at a high rate and outperformed several major indexes. In the order details, there are not many large orders with more than 100 lots.

Facing such an opening scene...

The majority of retail investors in the market are naturally excited and excited.

However, many major institutional investors who had stronger expectations before, and those with acumen, frowned slightly at this moment, always feeling that the market performance was still slightly below expectations.

"Isn't there a single point higher opening?" After the call auction ended, during the short suspension time before 9:30, in the magic city at this moment, inside Zexi Investment Company, in the fund trading room, Zhou Kan looked at this I was somewhat disappointed in the opening performance of the two cities, "With such strong emotions and long desires, the index did not even reach the 2450 point, and... the entire call auction volume of the two cities can perform, and it is even smaller than yesterday gone."

Xu Xiang glanced at the overall opening status of the two cities, and said: "From the perspective of volume performance, there is a big difference between the investor groups and overall funds following up outside the market, and the performance of market sentiment. It seems... In terms of the amount of incremental funds, it is almost reaching the short-term limit.”

"Fortunately, the consistency of market sentiment is strong, and a lot of funds in positions in the market have chosen to lock up and wait and see."

"This led to the entire call auction stage. Although the volume of the explosion is not enough, the index, various industry sectors, and various concept markets have all shown up, achieving a substantial opening trend."

"Look at the performance of the market after the opening..."

Xu Xiang paused, and continued: "If the market volume can't be achieved today, and the index shows a downward trend in such a good mood, then our expectations in our hearts will start to decrease. At the same time, everyone's optimistic estimate 2500 points, you may not be able to go up."

"Well!" Zhou Kan replied, "However, the two main lines of 'infrastructure' and 'state-owned enterprise reform' are still doing very well. The two stocks 'Beixin Road and Bridge, and Beijiang Communication Construction' are doing well today. The one-word daily limit opened, and there was no large volume on the market, which slightly exceeded expectations."

He originally thought that there was a high probability that these two checks would continue to change hands dramatically, opening 5 or 6 points higher.

Unexpectedly... In the end, both checks were opened at the daily limit.

In this way, the opening of these two checks exceeded expectations, especially when Beixin Road and Bridge continued to open up market speculation space, which is very conducive to the continued speculation of the two main concepts of 'infrastructure' and 'state-owned enterprise reform'.

Xu Xiang nodded slightly and said: "The trend of these two checks is indeed a little bit beyond expectations, the two core themes of 'infrastructure' and 'state-owned enterprise reform', it seems... it is indeed the main promotion that has entered into a strong consistency of expectations and emotions. stage, you can hold shares for a few days with peace of mind, and enjoy the profit of this period of space.”

"What does the boss mean... that we continue to lock the warehouse?" Zhou Kan asked.

Xu Xiang nodded, and responded: "Continue to lock up positions. Although there are some minor problems in the overall performance of the market at present, the risks have not been highlighted."

"Okay!" Zhou Kan responded.

Then he let go of the worry that had just arisen in his heart, and turned his attention back to the two markets, waiting for the official opening of the two markets for trading.

At the same time, inside Yanjing and Chenghua Public Fund Company, the trading room of the main fund.

Fund manager Gong Tiancheng looked at the index that opened higher across the board and rebounded to a new high, as well as the core hot stocks in the two major areas of 'infrastructure' and 'state-owned enterprise reform' that were so imposing that they broke through one after another. His face was a little ugly, and he couldn't help it Sighing, Zhou Qiang, the assistant and head of the trading team, said: "The entire market funds are still converging in the fields of 'infrastructure' and 'state-owned enterprise reform'. It has to be carried out around the two major areas of 'infrastructure' and 'state-owned enterprise reform'."

"Hey... We chased Cang into the securities field yesterday, looking at it now, it was a big mistake!"

"You shouldn't be smart!"

"In this wave, one buy and one sell, not only missed the market, but also lost a lot of high-quality bargaining chips, such as 'Beixin Road Bridge, Beijiang Communication Construction', and now I want to chase them, but I can't get them back. "

"Mr. Gong, let's now..." Hearing the boss's sigh, Zhou Qiang hurriedly asked.

Gong Tiancheng was silent for a moment, gritted his teeth, and said: "Since the choice is wrong, we must correct it in time, and clear out the stock chips we follow up in the securities field after the market opens, and then buy all the empty positions." The stock holdings of the two core main lines of infrastructure construction and state-owned enterprise reform are going like this... It is obvious that the two main lines of infrastructure construction and state-owned enterprise reform are about to accelerate their rise.”

"Okay!" Zhou Qiang responded and quickly gave instructions to the traders.

In fact, he also believes that it is enough to follow the trends of the two major market trends of "infrastructure" and "state-owned enterprise reform". There is really no chance for finance and securities for the time being. Loose possibility.

Of course, unlike the worries of 'Zexi Investment', the anxiety of 'Chenghua Fund'.

At this moment, in the face of the two main lines of 'infrastructure' and 'state-owned enterprise reform', there are obvious signs of rising trends, such as 'Minghui Capital', 'Anzhao Fund', 'Jingda Investment', 'Huashang Securities Proprietary Investment Department' '...Wait for a series of medium and large asset management institutions that have heavy positions in the core stocks of 'infrastructure' and 'state-owned enterprise reform', as well as 'Yuhang Siji Road', 'Chunhui Road', 'Hongqiao Road', 'Shenzhen Shihuaxin Road', 'Shaoxing Branch', 'Yanjing Beiwai Street'... etc., the top hot money in the market who are highly involved in the hype of 'infrastructure' and 'state-owned enterprise reform' are all excited and excited, Looking forward to the opening of the two cities, looking forward to the two major market core lines of "infrastructure" and "state-owned enterprise reform" that have formed an obvious upward trend, can lead the index, continue to hit new rebound highs, and break through the 2500 point position in one fell swoop.

Just in this kind of long sentiment, it is extremely enthusiastic, and the majority of investors are in the spotlight.

At 9:30, the two cities ushered in the official continuous bidding transaction.

I saw that the time had just passed 9:30, and there were nearly 2000 stocks in the two cities. At the moment when the stock prices began to jump again, affected by the trend of the two leading stocks of 'Beixin Road and Bridge and Beijiang Communication Construction' being sealed by their daily limit, the market Beijing High-tech, Shanghai Construction Engineering, Bayi Iron and Steel, China Fortune Land Development, Kumho Group, Huaxin Cement, and other popular concept stocks of "infrastructure" and "state-owned enterprise reform" have all been scrambled by countless funds, and their stock prices have been pulled in a straight line Lift.

(End of this chapter)