The investment era of rebirth

Chapter 410 The main funds of the passive sell-off!

I saw that with the stagnant two markets, the disk began to beat.

What is presented to everyone is almost completely green. Nearly 2000 stocks in the two cities, except for a few stocks that have been suspended or benefited from trading resumption, basically all opened lower. All industry sectors and concept sectors in the two cities did not have a single red market. Out of low open state.

Among them, as the most popular main line at the core of the market in the early stage, the conceptual sectors and popular core stocks in the two main line fields of "infrastructure" and "state-owned enterprise reform" have not only lost their previous strong state, but have shown a performance that is significantly weaker than the market. In addition, the two popular core stocks of Beixin Road and Bridge and Beijiang Communications Construction all opened with a one-word limit down. On the limit down market, both of them exceeded 10 lots of seal orders.

"This kind of call auction trend, the market is basically over today, right?"

At 9:16, in Yanjing at this moment, inside Chenghua Public Fund Company, in the trading room of the main fund, Zhou Qiang, assistant fund manager, said with emotion: "In the main line fields of 'infrastructure' and 'state-owned enterprise reform', there are 10 popular stocks. The four stocks all opened with a one-word limit down, and even Huaguo MCC, a core large-cap stock, opened lower by more than 4 points in one breath. The current selling power in the market is really terrifying."

"Not only the mainline sectors of 'infrastructure' and 'state-owned enterprise reform', but also other mainline directions of the market are also opening lower overall." Fund manager Gong Tiancheng said, "There is nothing wrong with this wave of 'IPO restart'. Destroying the continuous rebound, the main line market of 'infrastructure' and 'state-owned enterprise reform' that once opened up a high market space, also shattered the expectations of other directions in the market."

"Fortunately, we reacted quickly and started to lighten up our positions on a large scale from the day before yesterday." Zhou Qiang breathed a sigh of relief, and luckily said, "Otherwise...according to the strength of the market's decline, within a day or two, we would have accumulated half of our positions." The profits of more than a month have all been swallowed up."

Gong Tiancheng nodded slightly, and said: "If the 2500 point is not broken, the market expectations have been shattered, and the bullish sentiment has all collapsed. This wave... the index may have to make a deep correction downward."

"It shouldn't have much impact on us." Zhou Qiang said with a chuckle.

Gong Tiancheng responded: "Although it has little impact on the net value of our company's funds, it has a considerable impact on the later layout. This wave... has wiped out the market's bull market expectations. For at least several months later, the market will I am afraid that there will be no more continuous profitable market in the past two months, and if we want to achieve a new breakthrough in net worth and complete the performance goals set in the early stage, I am afraid it will be even more difficult."

"The changes in the market are inherently unpredictable." Zhou Qiang responded, "I think as long as we control the retracement, we can outperform the market and the Shanghai and Shenzhen 300 Index no matter whether the market is rising or falling. That is an excellent asset management manager in the industry.”

"I hope!" Gong Tiancheng nodded.

In fact, they were able to reduce their positions in advance this time and avoid the market crash, which has a certain element of luck.

After all, according to their original trading strategy, they wanted to wait for the stock index to break through 2500 points and market expectations were met before cashing in profits properly, and waited for the index to break through the buying point after the rebound. As a result...the company's market information department got The second-hand news of 'IPO restart' circulated from the self-operated asset management department of Huaxin Securities led them to change their trading strategies in time to avoid this sharp drop.

Therefore, Gong Tiancheng was not very excited about this kind of coincidental luck to reduce his position.

Because such a change in trading strategy has a huge chance, it cannot be copied at all, and it cannot help them avoid the next market risk.

If they become arrogant because of this, instead of working hard on market analysis, they will focus on the news.

It is tantamount to fantasy to want to consistently outperform the Shanghai and Shenzhen 300 Index.

"According to today's market trend, Mr. Su from 'Yuhang Investment' probably won't be so easy to get out?" Zhou Qiang paused, and then said, "According to yesterday's bargaining chips on the two cities' dragon and tiger list Calculating the quantity, even if he sold 30 billion to 40 billion chips yesterday, he still has about 100 billion chips in his hand, haha... Everyone says that this Su is always the stock god in the market. Whether buying or selling, he can accurately follow the pulse of the market, buy at a low level and sell at a high level, this time, he is afraid that he will miss."

After the market turns into a unilateral bearish sentiment, the market's active buying volume may drop sharply.

At this time, in the field where the volume of selling orders is strong and the sentiment of short sellers is very concentrated, it will become extremely difficult for the main players with large funds in the market to enter the market safely.

However, according to the funds of the "Yuhang Department", on the two main lines of "infrastructure" and "state-owned enterprise reform", the level of holdings in the scale of tens of billions is now focused on the buying volume of the two main lines of "infrastructure" and "state-owned enterprise reform". Yes, it is simply impossible to support such a large amount of funds to enter the market.

And, more importantly...

It is the two major trading seats of the 'Yuhang Department', and its influence on the market is already quite huge.

This kind of huge influence, when the market conditions are good, will give the related stocks held by the "Yuhang Department" funds a huge upward thrust.

But when the market took a turn for the worse, all the funds in the market eager to get out, in order to compete for the limited buying liquidity, and to worry that the funds of the "Yuhang system" would completely crash the market, they would rush to place orders at low prices, The first to smash the market, the same... At this time, the off-market funds with the intention of buying bottoms will also deliberately avoid the concept stocks related to the "Yuhang Department", which will lead to the market liquidity of the concept stocks related to the "Yuhang Department". further reduction.

And this is also the reason why in the current market performance, the market performance of 'Yuhang series' related concept stocks is far weaker than that of the market, and even leads the decline of the two markets.

In other words, under the huge investment of the main force.

Zhou Qiang believes that the two major trading seats of the "Yuhang Department" have become a double-edged sword for the "Yuhang Department" itself, and it has the meaning of being a cocoon.

"We can get the internal news of the IPO restart in advance, why can't others?" Gong Tiancheng responded, "The CEO of 'Yuhang Investment', Mr. Su, can start from scratch in one year and make the company's asset management scale reach This level is definitely not based on luck and fluke."

"This bad news, although it broke out very suddenly, the market turned, and it was also very sudden."

"But I think...the other party must be prepared."

"Furthermore, the other party should be the first to deploy the main funds for the two main market lines of 'infrastructure' and 'state-owned enterprise reform' in this round of market. He continued to use the funds and influence in his hands to play out."

"There is no doubt that the 'Yuhang Department' funds are the biggest winners in this wave of market rebound."

"As for whether the other party can reduce their positions in time and cash in their profits, this actually has nothing to do with us. Even if the other party cannot reduce their positions in time and is temporarily trapped in the market, the cost of holding positions when they intervene is nothing more than a loss of some profits. It doesn't hurt at all."

"Okay, let's take a look at the results of the call auction..."

"If there is no resistance at all in the market trend, then we may have to further reduce our positions."

"En!" Zhou Qiang responded, and then turned his attention back to the trading board of the two cities.

I saw that at this time, the time had passed 9:20, and the two cities had entered the real call auction for irrevocable orders, and the entire market... During the one minute period from 9:19 to 9:20, After a large number of funds for false pending orders were withdrawn, the scene presented was even worse than when the two cities initially called for bidding at 1:9.

Not only all industry sectors and concept sectors, there is no red plate.

Even according to the list of gains in the two cities, there are less than 80 stocks that are still in the red market. The tragic situation is self-evident.

And as the mainline areas of 'infrastructure' and 'state-owned enterprise reform' where the selling forces gather the most serious.

Not only did the "Yuhang Series" concept stocks that were sought after by active funds from all walks of life in the market all open sharply lower, leading the decline in the two markets, other popular stocks also continued to fall as the call auction time passed, and even sold out as the market The strength continued to increase sharply, and stock prices rushed to the limit one after another.

"As the main line of the market that was the hottest in the past, today it has become the sector with the heaviest sell-offs and the most violent losses." At 9:21, inside Zexi Investment Company, the fund trading room of Modu, fund manager Zhou Kan Seeing the market trends of these two markets, I felt a little emotional in my heart, and said, "It's true that 'Wealth Road' has succeeded, and 'Wealth Road' has failed. It collapsed, and at a glance... the market is full of crazy selling orders."

"'Wealth Road' just magnified the market's bad news in an instant." Xu Xiang next to Zhou Kan continued, "Without the selling and directional guidance of 'Wealth Road', the market would still fall, but it would not be so violent all of a sudden. That's all."

Zhou Kan nodded slightly, and said: "Boss Su's seat on 'Wealth Road' is really a natural long-short amplifier in the market. Once you buy it, you will buy it, and you will throw it away. Look at the situation... President Su is so The large size of the position is probably also buried by the influence of my own seat."

Xu Xiang smiled and said: "I don't think so!"

"Isn't it?" Zhou Kan responded, "From the disk, it's obvious... the concept stocks of the 'Yuhang series' in the main line of 'infrastructure' and 'state-owned enterprise reform' have been more completely abandoned by funds. The profit-making piled up inside is also the most serious, leading the rise when it rises, and fearing that it will also lead the overall decline when it falls.”

"The short-term trend of these stocks must be as you said. After the 'Wealth Road' retreats on a large scale, it will not get better." Xu Xiang said, "But why do you think that the funds of the 'Yuhang Department' will be given by yourself? How about burying it?"

"President Su of 'Yuhang Investment' is basically well-known in the industry for his ability to speculate on market sentiment and judge market conditions. According to their company's market intelligence capabilities, although I cannot guarantee that they have received The group of main institutions that received the news, but the timing for them to get the news should not lag behind us."

"Moreover, regarding the impact of the two major trading seats of 'Fortune Road' and 'Fusheng Road' on market sentiment."

"I think he himself should know better than us."

"If he hadn't already prepared to deal with it, he definitely wouldn't have exposed his two major trading positions on the Dragon and Tiger list. It is also necessary to avoid trading on the Dragon and Tiger List, not to mention that their holding cost is so low, there is no need to be so extreme."

"With such extreme operations now, it is estimated that the position has almost been lightened, or...he has other motives that are not sure."

"The position has been reduced in place, is this impossible?" Zhou Kan was surprised.

Xu Xiang smiled and said, "Why is it impossible? At the beginning of December last year, the two major market trends of 'Mobile Internet' and 'Smartphone Industry Chain' suddenly collapsed from the peak of hype, and 'Wealth Road' appeared on the Dragon and Tiger List. Looking at it in hindsight, isn’t it also the last appearance after lightening up the position?”

"But this time, it's a bad news!" Zhou Kan said, "Before that, the market continued to break through upwards. Everyone was optimistic that the market would break through 2500 points, and the market volume was rising steadily. There was no selling point in the entire market. Besides, judging from the early disk, there is no trace of the 'Yuhang Department' fund reduction."

Xu Xiang said: "This person's style is that he is always quiet when buying and selling the main position. When you find his trace, it is actually too late."

Zhou Kan carefully reviewed the movements of the 'Yuhang Department' funds in the market in the past year.

But I have to admit that the opponent's trading techniques and thinking are indeed the same as what Xu Xiang said.

"If you really slipped away early, then this President Su is too powerful!" Zhou Kan paused, and said, "Even a sudden bad luck can't lock this person!"

Xu Xiang responded with a smile: "Looking at his handwriting on the two main market trends of 'infrastructure' and 'state-owned enterprise reform', I have to admit that this person is a natural big money trader, okay... don't think about the other party's operations for now. The idea is over, let's continue to place orders to sell, the market has turned in an all-round way, the two main lines of 'infrastructure' and 'state-owned enterprise reform', as well as the concept stocks of 'Yuhang series', have all been hit by huge selling, and the important forces supporting the index have retreated in an all-round way , collapsed, the market will not have a better market in the short term, and we have no need to keep the remaining positions in the two main directions of 'infrastructure' and 'state-owned enterprise reform'."

"Well! I understand." Zhou Kan responded.

Then, he turned his head and quickly ordered the traders behind him to continue placing orders and sell regardless of cost.

At the same time, inside Xinniu Fund Company in Shenzhen Stock Exchange, Fang Xinsheng, the fund manager of the company's main fund 'Manniu No. The stocks in the major main line fields, as well as the concept stocks of the 'Yuhang series' holding positions, have become the most important areas for market funds to slump, and their brows are obviously frowned.

Due to the company's disadvantages in market information channels.

They didn't get the news that 'IPO is about to restart' until 3:25 yesterday afternoon after the closing of the two markets.

Therefore, in terms of the "reduction strategy", there is basically no preparation, and there is no time to respond in advance. Until now, about 88% of the positions are maintained, and more than 75% of the positions are gathered in the "infrastructure" and "state-owned enterprise reforms". 'Two main markets.

In addition, the holdings of their fund have a huge overlap with the holdings of the concept stocks of the 'Yuhang Department', so... today's opening, they have become the most serious major loss of funds in the market's overall sell-off.

This is not the end of the call auction...

Compared with the net value at the close of yesterday, the net value of the fund that Fang Xinsheng is concerned about has retreated by about 4.5% as a whole. Compared with the intraday high when the Shanghai stock index hit 2500 points yesterday, the total net value has withdrawn by nearly 10%, back to 5 On the net worth platform at the beginning of the month.

"Hey, this round of selling points, I really didn't grasp it well." Seeing the time gradually approaching 9:25, and the general market trend continued to decline, Fang Xinsheng sighed helplessly, and said, "Now we want to reduce our positions and enter the market, don't we?" It's so easy, even if we can quickly reduce the position to the low-risk area in the end, I'm afraid we will have to withdraw at least half of the floating profit we have harvested through hard work in the past two months."

Mou Zhengxing, the head of the fund trading team, also replied helplessly: "The bad news hit, the market collapsed too fast, and our fund's positions overlapped and were too strongly correlated with the stocks held by the 'Yuhang series'. At present, all kinds of funds in the market are concentrated on the target of falling."

"but……"

Mou Zhengxing paused, and then said: "It's no wonder that our trading department has not kept up with the market news, so we can't respond in a timely manner."

"It's useless to complain and shirk responsibility." Fang Xinsheng adjusted his mentality and said, "We can only see how to make up for it and reduce the withdrawal and loss."

Mou Zhengxing asked, "How should we do it?"

Fang Xinsheng was silent for a few seconds, and responded: "The stock index failed to rise to 2500 points, and the market can't expand the market space. Now the market's long-term sentiment has collapsed, and expectations have also collapsed. There is no other way...the only way is to Decisively reduce the position immediately, reduce the position at the fastest speed, and reduce the loss."

"The bearishness has not yet landed. If you hesitate at this time, think about waiting for the market's short-term oversold sentiment to rebound."

"I'm afraid the loss will be even more serious."

"And the index is currently around 2400 points. At this stage, there is no expected support platform."

"The next support platform, everyone has expectations and agrees, it is 2200 points, but the position of 2200 points is still almost 10% lower than now. The index fell by 10%, and the decline of individual stocks, especially the concentrated market Individual stocks in falling areas may go straight to the 30% decline range.”

"Sell it..."

Fang Xinsheng paused for a moment, and said firmly: "Regardless of the cost, take the initiative to sell down, grab the liquidity left on the market, sell as much as you can, and strive to reduce the position to less than 70% today."

"Okay!" Mou Zhengxing responded, and then quickly conveyed the order to all the traders behind him.

And with the transmission of his instructions, at the same time, the main funds, active hot money, and the majority of retail investors in the market are almost unanimously converging in their selling actions.

The trading disks of the two cities that are in the stage of call auction.

During the 9 minute period from 24:9 to 25:1, it fell sharply again. Among them, the two main line core sector indexes of 'infrastructure' and 'state-owned enterprise reform' all climbed to a drop of more than 2%, and it has not yet been officially confirmed. At the opening of the market, the number of constituent stocks in the industry and the number of stocks with a daily limit has reached 11.

Finally, when 9:25 came, the call auction between the two cities ended.

The Shanghai Stock Exchange Index flickered for a moment, and then fixed at 2371.12 points, a drop of 1.48%. Among them, the Shenzhen Stock Exchange Index fell 1.19%, and the Growth Enterprise Market Index fell 1.23%. Compared with yesterday, the volume of call auctions has not shrunk in the slightest.

In addition to the index that opened sharply lower, the industry sector, concept sector, and individual stocks.

I saw that the relevant sectors of the two major market core areas of 'infrastructure' and 'state-owned enterprise reform' led the decline across the board, while 'big finance' led the rise in the two markets with a smaller decline. The trends of other main lines and their related sectors, They all fluctuate with the index, and the lower opening range is similar to the index.

In terms of individual stocks, the main concept stocks of "infrastructure" and "state-owned enterprise reform" that were heavily hyped by the market in the early stage.

Both suffered a severe setback today.

The popular core stocks with the most attention in the two cities, such as Beixin Road and Bridge, Beijiang Communication Construction, Shanghai Sanmao, Shanghai Construction Engineering, Shibei High-tech, etc., all opened with a one-word limit down, while Huaguo MCC , Huaguo China Construction, China Fortune Land Development, Kumho Group, Gemdale Group and other popular mid-cap and large-cap stocks all opened lower by more than 5%.

(End of this chapter)