The investment era of rebirth

At 1:01, the Shanghai stock index retreated below 2490 points.

At 1:02, the Shanghai stock index retreated below 2485 points.

At 1:03, the Shanghai Stock Exchange Index retreated below 2480 points. In 3 minutes, the decline of the retracement exceeded 0.5%. At the same time, the Beixin Road Bridge, which had originally blocked the daily limit, exploded, and 10 lots of selling surged out. , directly dropped the stock price from the daily limit to below the 7% increase.

At 1:04, with the explosion of Beixin Road and Bridge, a lot of popular stocks in the two cities were violently sold across the board, and as the weighty stocks supporting the market index, at this moment... the relevant stocks on the market concentrated Active selling is also surging.

At 1:05, the 'securities' sector, which was driven up by a large-scale transaction, lost its market support and fell sharply.

At 1:06, the increase in the Shanghai stock index fell back to about 1%, giving up all the gains in the morning when it was approaching midday.

At 1:07, in the real estate sector, Gemdale Group and Kewan Real Estate had a continuous sell-off phenomenon, and the flow of large funds in the entire sector gradually changed from a large net inflow to a small net inflow. This shows that at this moment, many large funds holding positions in the market are rapidly selling, reducing their positions and exiting the market.

At 1:08, Huaxin Cement, which led the rise in the cement sector, blew up, and Conch Cement followed suit and fell. In terms of trading conditions, selling orders began to fully suppress buying orders.

At 1:09, in the main concept areas of 'infrastructure' and 'state-owned enterprise reform', all the stocks in the concept constituents experienced short-term selling orders suppressing buying orders.

At 1:10, the Shanghai Stock Exchange Index fell all the way to around 2475 points and began to gradually stabilize.

At 1:12, after the rapid dive, the market began to rebound slowly, recovering the decline in the dive. However, the weakness of many popular stocks in the two markets has not been alleviated at this moment.

At 1:15, the Shanghai stock index rebounded to around 2480 points, and began to show weakness in the upward attack again.

At 1:18, after a brief rebound and recovery, the market began to slowly continue to fall.

At 1:20, on the core stock market of the real estate sector, there was a net outflow of main funds, and the ebb of large funds was extremely obvious.

At 1:21, this phenomenon of main funds, from net inflows to net outflows, began to appear in more popular concept sectors. At the same time... the pulsating 'securities' sector index fell back to the starting point, Even Huaguo Petroleum, which is a super heavyweight in the market, has changed from buying-dominated to selling-dominated at the moment, and the stock price is slowly falling, giving up its previous intraday gains.

At this point...the market has a full 20 minutes of trading time.

It almost completely reversed the original upward trend of the market and disrupted the market rhythm of the entire market.

Facing such afternoon market changes, the entire investor group in the market, the vast majority of investors, were dumbfounded for a while, not knowing why.

"Fuck, what's going on, why did it suddenly collapse after a good uptrend?"

At this moment in the magic capital, inside Yinghui Fund Company, in the trading room of the 'Yinghui No. 1' fund, fund manager Liu Guanhai looked at the market in surprise, frowned, and said: "In the trend of tackling important junctures, usually Go all out, then decline, and three times, it’s just a few points that don’t cross the range, and still wash the dishes?”

Next to Liu Guanhai, Yu Lei, the leader of the trading team, responded: "The market sentiment is still there, and the amount of buying orders undertaken by the popular stocks on the main line is also relatively satisfactory, and the current correction of the index is not too much. Deep, it still has the kinetic energy to hit 2500 points again.” …

"Hey, I really don't understand the trend this afternoon." Liu Guanhai continued to sigh softly, pondered for a moment, and then said, "Let's take a look again, the momentum of the market this morning has already been revealed. If today's market closes, If the Shanghai stock index cannot hit 2500 points, then I am afraid that the follow-up market... will have repetitions."

Yu Lei responded: "But even if there are repetitions, it shouldn't fall too deep, right?"

"Yeah!" Liu Guanhai nodded, "But this will weaken the unanimous expectations of the market, thereby restricting the market's market price height. I hope the market can change according to the most ideal expectations!"

The fund product they manage is currently in a full position, and the cost of holding positions is not low compared to the current market level, so... From the perspective of personal expectations and interests, they must hope that the market can stand firmly Above 2500 points, further opening up new market space.

When the two of them were expressing emotion about the market, and thinking about the next change in the market.

In the same company, in the trading room of the 'Yinghui No. 2 Fund' on the other side, the fund manager Shao Xiaoyun was shocked when he saw the market's performance, showing a trace of worry: "Dive at a critical moment, and with such a large amount, I feel that this trend is obviously abnormal!"

"This shows that the pressure of 2500 points is greater than what we all imagined?" Liu Changling, the trading team leader, answered.

Shao Xiaoyun pondered for a moment and replied: "The pressure at 2500 points is huge, which is foreseeable, but at the critical moment, there is no need for such a concentration of selling, right? Moreover, the wave of explosions at Beixin Road Bridge really hurt the overall hype sentiment of the market. Look at the market. The buying situation of the major popular stocks is obviously high-priced stocks, and the main funds to buy following the trend are all in a large-scale ebb."

"Well!" Liu Changling responded, "The bombing of Beixin Road Bridge is really hurting, but fortunately, another high-standard leader, Beijiang Communication Construction, is still in a state of daily limit closure, giving the market hope for continued speculation, and Depending on the situation... Beijiang Communication Construction, the leading stock, has already shown signs of replacing Beixin Road and Bridge as the leading stock in the two cities."

"What I'm afraid of is not just the collapse of the Beixin Road Bridge!" Shao Xiaoyun sighed with emotion and continued, "Did you see the huge order of 10 lots that was smashed on the board when the Beixin Road Bridge exploded? A stock with such a huge amount of interest in the market, except for the major shareholders of the various departments of the check, there is basically only the CEO of 'Yuhang Investment'. Such a huge impact directly led to the retracement of many popular concept stocks in the two cities across the board, and the emergence of large capital selling, which is the fundamental reason.”

Hearing Shao Xiaoyun's analysis, Liu Changling thought about it carefully, and felt that it was indeed very possible.

"Then... what should we do now?" After a pause, Liu Changling asked.

Shao Xiaoyun scratched his head helplessly, and after being silent for about half a minute, he gritted his teeth and said, "Although the 2500 points of the Shanghai Stock Exchange Index are right in front of us, and this wave of adjustments has not penetrated the high opening point in the early trading, it has not affected the entire market. However, we still have to consider the worst case scenario, let’s sell, and then sell a little bit of bargaining chips, at this time... I don’t feel at ease if I don’t reduce my position a little.” …

"How much?" Liu Changling continued to ask.

Shao Xiaoyun replied: "Let's reduce the chips we increased our positions in the past two days. Although the reduction at this time conflicts with our previous trading strategy, but while reducing the risk of holding positions, we should also be able to make some money. In this way... …Even if the follow-up index goes up again in one breath and breaks through 2500 points perfectly, we will not be too bad.”

"Okay!" Liu Changling nodded, then turned around and immediately gave instructions to the traders.

And as his order was issued, at the same time...

In Yanjing, Yuhang, Shenzhen, Jinling and other asset management institutions across the country, there are fund managers who have responded with the same strategy. Of course, behind the same trading strategy, everyone has different motives. The trading logic is also different. Some people simply realize that something is wrong from the disk, follow the past trading experience, and subconsciously lighten up their positions, while others are making a trading strategy of lightening up and selling based on the newly circulated market news. .

But it doesn't matter what kind of trading logic these people follow.

With the passage of market trading time, the selling of the main funds in the market is getting heavier and heavier, and the pressure on the major indexes is also increasing.

"The long-short pattern in the field is rapidly reversing!"

At 1:35, when the Shanghai Stock Exchange Index once again retreated and broke through the 2470 point, almost swallowing all the intraday gains after the index opened higher at the beginning of the day, Yuhang, Jingda Investment, and the main fund trading room had previously maintained Gu Chijiang, the general manager with a calm expression, became tense in an instant, and asked the fund manager Lin Tingzong beside him, "Old Lin, do you still think this is a benign correction, a shock before the breakthrough?"

Lin Tingzong stared at the rapidly changing market of the two cities, did not reply for a while, was silent for about ten seconds, and then said: "From the perspective of the market, the main funds have indeed become an overwhelming sell-off situation, although the overall mood at the moment has not yet collapse, but if it goes on like this... the high-ranking funds that follow the trend will definitely not be able to hold on."

"I don't understand why the market suddenly dived when it was only a step away from 2500 points."

"Even if someone catches market expectations and cashes out ahead of schedule, it shouldn't be so intensively sold."

"So, I guess...there is a high probability that there is a major bad news in the market. Mr. Gu, use your information channels and contacts to explore the market news. If there is really a big bad news , then we should completely change our trading strategy and carry out a large-scale cash out.”

"Bad on the news?" Gu Chijiang's heart shook, and he said without hesitation, "I'll call right away."

After finishing speaking, he immediately walked out of the trading room and went outside.

Immediately afterwards, 5 minutes later, Gu Chijiang returned with an ugly face, and said, "Old Lin, your sense of the market is really keen. The major bad news you mentioned has indeed appeared. According to internal information, the regulatory authorities Already planning to restart the IPO review in the near future.”

"No wonder!" Lin Tingzong breathed a sigh of relief, "This can be explained."

"Hey, the regulators are too anxious." Gu Chijiang sighed, feeling that it was a pity that the market failed to break through the 2500-point bull-bear line. It is destructive, the dream of a 'bull market', it seems... is still like a flower in water, a moon in a mirror!" …

"Well!" Lin Tingzong replied, "Some people are really too anxious. If the stock index breaks through 2500 points, the bull-bear situation is really reversed, the long-term trend is revealed, and the IPO is restarted, then the situation will be completely different. , Restarting at this time... The subsequent long-term trend of the market has really become unpredictable again."

"Since it is unpredictable, then we have to lower our expectations and change our current trading strategy." Gu Chijiang responded, "According to what you just said, reduce positions on a large scale, let's cash out and leave the market. The dream of a bull market in the market, we also It's time to wake up, and I'm glad you reminded me just now, otherwise our... net worth may have to retreat a lot in this wave."

Lin Tingzong smiled and said: "Looking at the market trend, it should be too late for us to get the news."

As he spoke, the market trading time passed 1:42, and the Shanghai stock index had retreated below 2465 points, completely giving up all the gains made in the intraday session after the index opened higher, and the daily K-line charts of several major indexes Above, the K-line shape has shown a negative line state.

"Fuck, the market is going to collapse after 2 o'clock!"

In various asset management institutions, the main players of the big funds who got the news cashed in their profits one after another, lightened their positions, and sold a large number of chips. Many people in the hot money group also realized the coming risks. Among them, the internal group of Yuhang main hot money where Su Yu belongs Here, someone issued a serious warning.

"The trend in the afternoon today is completely different from the trend in the morning."

"The form of a strong breakthrough was completely destroyed."

"What the hell, institutions don't behave like human beings. If you stabilize for a moment when the market opens in the afternoon, the index will already break through 2500 points at this moment, and the market trend will be a completely different situation."

"What are you thinking? When have these institutions been human?"

"Indeed, the whole f*ck is soft-legged shrimp. At the critical moment of market breakthrough, there is no one to help. They are all singing the opposite tune, cashing in their interests, and selling a lot of them."

"No way, the bad news is coming, and it is impossible for everyone to have a long-term vision."

"Compared to these soft-footed shrimp institutions, the regulators are crazy. Restarting the IPO review at this time, isn't it a sign of market conditions? It is said that the regulators are eager for a bull market to open up direct financing channels in the market and solve the listing barriers. The lake problem, I see...they don't think so at all in their hearts."

"I want it, I want it, and I want it... Naturally, it will be like this."

"I can't break through 2500 points in this wave, and it will be even more difficult to come up next time."

"One bang, then decline, three times exhaustion, a market synergy is already very rare, hey...it's a pity, the next time I want to have such a good situation, I really don't know when it will be."

"The expectations of the bull market have been shattered again!"

"I don't know how many times I have been shattered, and this time is not bad. It's just that after this time, there should not be many people who will believe it in the future, right?"

"It's easy to break down the bullish sentiment in the market, but it's quite difficult to get it back together."

"The sky is falling, there is a tall man holding it up, what are we afraid of?"

"That's right. When the market is falling, there are still some things to do. At worst, it should not be worse than the situation at the beginning of the year." …

"Fuck, this news came at a really bad time, what the hell... I even increased my position in the morning, thinking of helping the market break through 2500 points, now it's really a complete set."

"There should be a lot of people who increased their positions in the morning."

"Just looking at the shape trend in the morning, the operation of Masukura is also correct."

"Fortunately, I held back, otherwise there is a high probability that I will eat big noodles today."

"The current news is just a rumor, and I don't know if it is true. Moreover, this dark negative interest has not surfaced on the entire market news. Among the majority of retail investors, the long-term sentiment has not collapsed. Hours of trading time, in fact, there is still a chance to stabilize."

"It's difficult! Given the asymmetry of news, there are always some funds to be thrown away."

"Although the news has not surfaced yet, as the trading time goes by, the impact of this news must gradually expand, which leads to the gradual expansion of the selling in the market as time goes by, while the buying is In this situation of gradually weakening, there is no reason for the market not to fall, and at this stage, after the market continues to rise, the accumulation of profit orders in the market is already very thick, and it is impossible for these profit orders to not be cashed out. "

"Now it depends on the market's Dinghaishenzhen, whether President Su will throw it away?"

"If Mr. Su also sells chips on a large scale, then the future trend of the index may not look good."

"The most miserable one should be the person who took over the stock chips of Beixin Road and Bridge this morning, right? Once this leading stock loses the support of Mr. Su's seat, and at the same time, the market's long-short wind direction turns sharply, the follow-up trend...is it true? OK."

"Damn... isn't it me who is talking about it? Damn... I received 500 million in the morning!"

"If you can't sell it today, you should accrue at least three lower limits in the future!"

"Fuck, is it so scary? Then I will have to clear all the warehouses and leave."

"It may be even more terrifying. If the 2500 point cannot be broken through, and the bad news strikes again, the market will completely enter the negative feedback of sentiment. The bull market will be in vain, and the expectation of 2500 point will be in vain, and the IPO will be active after the restart of the market. The continuous blood-sucking effect of funds and the logic of going long are all gone, so what can the market do next?"

"Then the two core lines of 'infrastructure' and 'state-owned enterprise reform' are probably over, right?"

"Not necessarily. The long-term expectations of these two main lines are actually still there. I don't know... What will happen when the sentiment in the market turns rapidly in the follow-up, the active funds decrease on a large scale, and the hype sentiment in the market also declines rapidly. Deduction, preliminary estimation, a sharp correction should be inevitable, right? After all, these two main lines, in the past month or so, the increase has exceeded the market average by too much, and there are too many funds in the direction of these two main lines I want to make a profit."

"Hey, let's see what President Su does next!"

"Yes, at this time, when such a bad news comes out, the market trend and rhythm are all messed up."

"Anyway, regardless of whether the news is true or not, at this time... I can fully reduce it. Unfortunately, the newly added positions in the morning may be subject to the limit."

"What the hell, I made a deposit of 800 million on the Beijiang Communication Construction stock in the morning, and it's over now." …

"Don't panic, Beijiang Communication Construction hasn't exploded yet, this check may be the last hope of the market!"

However, according to the news in the group, the stock of Beijiang Communication Construction was just mentioned. The next moment, at 1:55, this leading stock, which was chased by a large number of retail investors and active hot money groups in the market, was listed in Beixin Road Bridge. Another wave of straight diving into the water also quickly exploded, and the stock price fell in a flash.

Immediately afterwards, at 1:56, it was affected by the explosion of the stock of Beijiang Communication Construction.

A large number of popular concept stocks in the fields of "infrastructure" and "state-owned enterprise reform" in the two cities have seen a huge amount of concentrated selling on the disk, and the stock price has also fallen crazily following Beijiang Communication Construction.

At 1:58, Beixin Road and Bridge turned from red to green, with an intraday amplitude of more than 10%, the turnover exceeded 8.6 million, and the turnover rate exceeded 20%.

At 1:59, there was a continuous sell-off of 10 large orders on the Gemdale Group's disk.

At 2:01, the real estate sector index fell and turned green, and the inflow of main funds in the sector has completely shown a net outflow trend.

At 2:02, the Shenzhen Stock Exchange Index and the ChiNext Index turned green, and the Prev Index reached a flat position.

At 2:03, the number of daily limit stocks in the two cities has dropped from more than 50 at the peak in the morning to 26.

At 2:04, the turnover of the two cities exceeded 1300 billion, which has reached the full-day turnover of the previous few trading days.

At 2:05, Huaguo Construction was smashed into the green, and the selling forces in the two cities have completely suppressed the buying forces, and there is a strong momentum to continue to actively sell down.

At 2:06, the Shanghai stock index turned green, and the market began to show signs of collapse.

And at this moment, inside Yuhang, Yuhang Investment Company, and in the fund trading room, Su Yu stared at the big market screen in the trading room, and his originally calm face became a little dignified.

The market adjustment came faster and more violently than he expected.

According to his previous inference, the market can still survive today, and the most dangerous trend should be tomorrow.

However, after the spread of bad news, this dangerous trend was brought forward.

"Boss Su, the market is showing signs of collapse." While Su Yu was pondering, Li Meng hurriedly reminded, "The market volume can be rapidly enlarged, but the market liquidity of each stock is also rapidly decreasing at the same time. If we can't act quickly and still follow the previous strategy of lightening positions, I'm afraid we won't be able to achieve the goal of lightening positions."

Although they have made a trading strategy to lighten their positions in advance, their positions are too large.

According to the reduction target set by Su Yu, they have close to 75 billion chips to reduce their positions. Compared with the market liquidity, such a reduction is not an easy task.

Especially when there are other major funds on the market, who are also vying for liquidity on a large scale, and taking the initiative to acquire buying orders, it is even more difficult for them to quickly exit the market and completely reduce their positions.

Therefore, at this moment, Li Meng felt that a quick decision must be made.

Under Li Meng's reminder, Su Yu came back to his senses and said decisively: "Since the market has begun to react negatively in advance, and the long-short situation has reversed, then... let's reduce positions decisively on a large scale, before the market completely collapses and lose money." Liquidity, taking advantage of the bad news that has not really appeared on the market news, affects the entire market sentiment, throwing out all the bargaining chips we need to lighten up. As long as there is liquidity in the market and the buying power to undertake, how much can we sell? , sell as much as you want."

"Don't you have to worry about the dragon and tiger list?" Liu Yuan asked anxiously.

Su Yu responded: "At this time, the long-short pattern has completely reversed, and 2500 points is hopeless for the time being, so naturally there is no need to worry so much."

"Okay!" Liu Yuan responded, and immediately gave instructions to the trading team she was in charge of.

At the same moment, the two groups of traders in charge of Wang Can and Zhao Lijun also executed Su Yu's instructions simultaneously.

Then, as instructions are communicated and executed...

At the next moment, on the trading disks of the two cities, the core stocks of the main line of "infrastructure" and "state-owned enterprise reform" heavily held by the two main funds of the "Yuhang Department" quickly exploded with a huge concentrated selling force, tens of millions , Hundreds of millions of chips frantically smashed down the disks of these stocks, and smashed their stock prices into the water with lightning.

At the same moment, with the diving of these mainline core stocks.

The Shanghai Stock Exchange Index also plunged into the water in a straight line. The decline and the time-sharing trading volume both expanded rapidly, causing the entire market to panic and sell and climbed rapidly.