The investment era of rebirth

"The stock market crash should not happen." Yu Lei responded, "After all, the market index point and the overall market valuation level are already very low. After a few days of plummeting, the market has fallen into the previous negative mode again!"

"Especially if the 2200-point position of the Shanghai Stock Exchange Index cannot be held..."

"Once the index falls into the large-box shock range of 2000 points to 2200 points, the negative decline pattern may be difficult to avoid, and in the short to medium term, there may not be any sustained big market at all. "

"Hey..." Hearing Yu Lei's words, Liu Guanhai sighed softly, and said, "There is nothing we can do if the market is developing like this. Next, we...we must completely adjust our trading strategy and do a good job. We have prepared for the long-term war of resistance. At this stage, we don’t seek profits, but we only seek to outperform the Shanghai and Shenzhen 300 Index in the retracement of net worth. If we don’t fall into the risk warning stage, we will win if we don’t liquidate.”

Yu Lei nodded and said, "Then I'm afraid we have to continue reducing our positions. At this stage, we need to further reduce the fund's position level."

At the current stage, the position level of the entire fund has been greatly reduced after yesterday and today.

Although it has been reduced a lot, it still remains above the 50% position line, and has not entered the complete position defense stage.

According to this position line, if the index continues to fall sharply next.

The net value retracement of the entire fund will not be small, and there is still a high probability that it will fall below the net value risk warning line, or even touch the liquidation line.

"Since the trading strategy is to be transferred to a state of complete defense, it is necessary to continue to reduce positions." Liu Guanhai stared at the continued decline in the market trend of the two cities, nodded slightly, and continued, "'infrastructure', 'state-owned enterprise reform' The stock chips of these two core main lines are being completely abandoned by market funds. Since we have missed the buying and selling points of these two core main lines, we can’t make more mistakes.”

"Mr. Liu means that we don't keep any of the stock chips of the two core lines of 'infrastructure' and 'state-owned enterprise reform' in the early stage, and we clear them all?" Yu Lei asked in a daze.

In fact, in terms of views on the two core market trends of 'infrastructure' and 'state-owned enterprise reform'.

The two have certain differences.

Yu Lei believes that at the current stage, although the two core main lines of 'infrastructure' and 'state-owned enterprise reform' have been adjusted very violently, they are indeed areas where funds from all walks of life are mainly selling chips. However, the macro fundamentals of these two core main lines The face and future performance outbreak expectations have not changed much.

Therefore, he believes that there is a high probability that there will still be certain investment opportunities in the market outlook for these two major market trends.

I do not agree with the trading strategy of comprehensively clearing the stock chips related to the two core main lines.

Liu Guanhai believes that at the current stage, the two core themes of "infrastructure" and "state-owned enterprise reform" have obviously been abandoned by the main market funds, and the entire hype market has ended, and the overall valuation of the two core themes is also obvious. A valuation that is higher than the average market valuation should naturally be an area that needs to be avoided at this stage.

"Yes!" Liu Guanhai nodded, "Is there a problem?"

Yu Lei thought for a while and said: "I think the two core themes of 'infrastructure' and 'state-owned enterprise reform', the fundamentals of the industry and long-term expectations, as well as the state's policy support and policy orientation in this direction, are all important. If they are developing in a good direction, there may still be greater investment opportunities for these two core lines after the market decline slows down."

"From a theoretical analysis, there are indeed certain investment opportunities for these two core lines." Liu Guanhai said, "However, judging from the current market trend and the movement of main funds, the relationship between the two core lines The overall bargaining chip structure has completely changed, and valuation expectations are also in a rapid decline. Since we plan to transfer the overall trading strategy to a complete defensive stage, we cannot rely on pure expectations and investment opportunities in the market. Imagined, we must respect the actual situation of the market."

"Judging from the actual trend of various industry sectors and concept sectors in the current market..."

"'Infrastructure' and 'state-owned enterprise reform' are still relatively high in the relevant industry sectors and concept sectors in the two core areas of the main line. This has led to a rapid decline in the market's investment risk appetite, and the overall valuation spring has once again been lowered. When it is compressed, the popular high-priced stocks in these two core mainline fields are the place where the risk of market decline is the most concentrated, and it is also the field where the main funds of all parties on the market are the most severely sold, and investors who undertake off-market are most intensely wait-and-see. .”

"And..."

Liu Guanhai paused, and continued: "The current net value of our 'Yinghui No. 1' fund is not far from the risk warning line. In other words, we don't have enough fault tolerance. We can only passively reduce our positions, and we can no longer choose to increase our positions.”

"Without sufficient fault tolerance, we will not be able to focus on the long-term for the time being."

"It is even more impossible to ignore short-term fluctuations and continue to hold some stocks in the market that are the most severely sold by the main funds and have a high risk of falling."

"Again……"

Liu Guanhai smiled helplessly, and said: "For our current situation, the most important thing is to ensure that the fund's net value does not retrace on a large scale. As for the choice of specific investment opportunities, and the so-called long-term underlying logical thinking Kind of, I can only give up for the time being.”

"We are now... we can only keep our losses small or not."

"Then wait until this wave of adjustment in the market is over and the opportunity on the right side comes out, before you can get involved in the market with peace of mind."

"Hey, it's not that I don't understand the many investment opportunities and investment logic you mentioned. It's just that due to some trading mistakes in the early stage, the investment strategies we can do now are very limited. We can only passively follow the market. trend, with limited remedial measures."

Hearing Liu Guanhai's words, Yu Lei pondered for a moment, but he also understood.

He simply analyzed the market from the perspective of a trader, but he did not consider the current situation of fund products, and there was no room for error at all.

"Understood!" Yu Lei nodded, "Then follow Mr. Liu's idea."

After finishing speaking, he immediately turned around and ordered a group of traders behind him to speed up the pace of reducing and liquidating the stocks held by the fund.

But at this moment, in another 'Yinghui No. 2' fund trading room of the same company.

Shao Xiaoyun, the fund manager of the 'Yinghui No. 2' fund product, has seen the market continue to unilaterally drop, and almost all industry sectors and concept sectors in the two core areas of 'infrastructure' and 'state-owned enterprise reform' have shown no resistance In the state of falling, the last sliver of hope in my heart was also shattered, and the traders were quickly ordered to increase their efforts to reduce their positions, and reduce the fund positions to a safe area as soon as possible.

Similarly, at this moment, there are countless private and public equity institutions in Yuhang, Shenzhen, Yanjing, etc.

They are also reducing their positions on a large scale without distinction, or even clearing their positions.

As for the hot money and retail investors in the market, after noticing that the main funds in the market were almost crazily sold off, they quickly followed suit and sold off. As a result, the prices of the two markets not only failed to reach the bottom in the last ten minutes of the end of trading. The rebound, on the contrary, has become more and more violent, and it has completely presented a scene of continuous diving and a significant loss of liquidity.

Finally, when the market closed at 3 o'clock in the afternoon.

The Shanghai Designated Index fell 2238.23% at 2.93 points, while the Shenzhen Stock Exchange Index and the ChiNext Index plummeted by more than 3%. There are obvious signs of heavy volume.

In addition to the index, the major main lines of the two cities, the performance of industry sectors and concept sectors.

I saw that the main lines of 'infrastructure', 'state-owned enterprise reform', 'Internet finance', and 'Shanghai Free Trade Zone', which were hot in the previous stage of the market's continuous rise, have become the leading main lines of the market today. Related industry sectors, The concept sector also led the decline in the two cities, and the overall performance can be described as terrible. Among them, the real estate sector and the film and television media industry sectors both fell by more than 3.5%.

Even the main line fields such as 'big finance', 'consumption' and 'medicine' which once performed relatively strongly during the session.

In the late stage of the decline, they also turned green one after another, showing a clear downward trend, but the decline was slightly smaller than the performance of the major indexes in the two cities.

Among them, the sector of 'military industry' was stimulated by the good news at noon.

Although the industry sector index finally closed with a decline, compared with the overall situation of the two cities, this main line is still in the leading position of the two cities, and it can be regarded as the only brighter market area in the market today.

Generally speaking, we can look at the performance of the major industry sector indexes in the two cities.

Today's market is a unilateral downward trend with occasional struggles during the day.

As for the performance of individual stocks in the two cities...

Except for the "China Airlines" stocks in the main line of "military industry", which performed very well, the others basically showed obvious money-losing effects. The two core mainline areas, which are highly concerned by the market, performed most prominently.

Like 'Beixin Road and Bridge, Beijiang Communication Construction, Kumho Group, Shanghai Sanmao' and other popular stocks in the top ten markets, almost all of them closed at the daily limit, and the trend can be described as extremely tragic. It has attracted billions of investors on and off the market.

"Hey, it's too bad. The stock index almost closed at the lowest point in the session."

Facing the unilateral plunge and the closing results of the two markets with a very obvious loss effect, the Internet, the discussion forums of major trading platforms, and stock investment forums, where various groups of retail investors gather, are full of mourning.

"Really, the two core lines of 'infrastructure' and 'state-owned enterprise reform', and related major industry sectors, such as real estate, steel, building materials, and architectural decoration, have a total net outflow of main funds of 67.8 billion, especially What the hell... the main funds have all gone!"

"Barefoot Yinxian, this market... is really over!"

"I really can't take any chances, hey... cut the flesh early, and relax early."

"I thought that there would be at least a weak rebound after reaching this point. I didn't expect that in the last stage of the market, there would be a panic sell-off. I am really speechless."

"In a downtrend, all intraday rebounds are to lure more."

"Today's 'Military Industry' line is really untimely. It was hard to focus on a wave, and it was hit again in the end of the game."

"Hey, limit down and limit down again, what a crime!"

"It's been a week, and the net outflow of the main funds in the venue is almost 300 billion?"

"The market has plummeted so unilaterally, and the turnover is less than 1200 billion. Obviously... the more it falls, the more no one will take the order!"

"Who will take over? The more you take over, the more you lose."

"Joke, take the offer and continue to lose money? At this stage, whoever takes the offer is stupid."

"I feel that defensive sectors such as 'finance', 'consumption', and 'medicine', which have not risen much in the early stage, are slightly resistant. Other mainline sectors are basically falling in panic, especially 'infrastructure',' The two major areas of state-owned enterprise reform should be completely finished, right?"

"It's over. In the entire market, in these two main areas, the main funds are selling the most."

"After Mr. Su's large-scale reduction of positions, the two main lines will be completely finished."

"The main reason is that the short-term hype is too much, right? Beixin Road and Bridge has been speculated four to five times in the short-term, but judging from the fundamentals of this check, it has basically not changed much."

"To put it bluntly, the market is still short-term speculative logic."

"If the long-term logic can't hold up, the market should only be left with conceptual hype?"

"It's not that the long-term logic can't support it, but that the current market's investment risk appetite is declining rapidly, coupled with the spread of panic, which suppresses the long-term logic. In fact, from the perspective of fundamentals and future performance expectations, 'infrastructure', 'state-owned enterprises The investment logic of the two core main lines of "reform" has not changed much at all."

"I feel that if the market continues like this, the two main themes of 'infrastructure' and 'state-owned enterprise reform' will have to fall back to the original point?"

"Fuck, fall back to the original point, won't you?"

"If the check from Beixin Luqiao falls back to the original point, then f*ck... I will lose 70%."

"Hey, let's see if the stock index can hold up at 2200 points. After the stock index plummeted today, the index is less than 2200 points away from the support position of 2 points."

"It feels like we can reach the 2200 point tomorrow."

"The index fell faster than it rose at the beginning of the month. With this trend, I feel that the Shanghai index is at 2200 points, and there is a high probability that it will not be able to stop."

"Whether it can last or not, anyway, two words, 'clearance' is over!"

"Today, more than half of the top ten stocks in the market are sealed on the limit-down board, and the limit-down stocks in the two markets, judging from the final closing results, 56 stocks are down limit!"

"One word, miserable!"

"It is estimated that today's dragon and tiger list data is also extremely ugly."

"You don't need to look at it to know that it must be a large-scale fire sale of the main funds of all parties."

After the close of the market, many retail investor groups were discussing fiercely. At 5:[-] p.m., the rankings of the two cities were refreshed.

As everyone expected, most of the stocks on the list, among the disclosed trading seats, the main funds have shown a net outflow trend, and all the fund trading seats disclosed in the entire dragon and tiger list have a total net sale of more than 11.7% [-] million, setting the highest sales volume on the market's dragon and tiger list in the past two months.

And seeing such trading data on the Dragon and Tiger List...

Although the vast number of investors in the market had already had quite pessimistic expectations in their hearts, at this moment, they still showed a look of shock, and their belief in holding shares completely collapsed!