The investment era of rebirth

At 1:25, following the small and medium-sized boards, the ChiNext Index rose to the top. At this moment, the Shanghai Stock Exchange Index is still fluctuating around a 1% decline, without any obvious upward attack intentions.

At 1:30, the Shenzhen Stock Exchange Index also turned red and rose, and the Prev Index shrank to around 0.85%.

At 1:35, the two major markets of film and television media and Apple concept led the market, with an increase of more than 2.5%, and the intraday amplitude reached almost 4%. Among them, the core constituent stocks in the two major sectors, Speed ​​and Changqu Technology actually Coming from behind, they began to break through the daily limit under the key attack of the main hype funds.

At 1:37, Changqu Technology blocked the daily limit. At the same time, the concept sector of "Mobile Games" rose rapidly.

At 1:38, the ChiNext Index rose by 0.5%, and the Prev Index further shrank to around 0.7%.

At this time, the majority of investors in the market, seeing that the two core lines of "mobile Internet" and "smart phone industry chain" have vaguely led the market out, and the effect of making money on the market is expanding, they all think that today's deep V trend In sight, the market has reached the bottom in the short-to-medium term, and it is time to usher in a violent rebound.

The next moment, 1:40.

The core constituent stocks in the fields of "infrastructure" and "state-owned enterprise reform" that were originally trending well and slowly rebounding, Huaguo MCC suddenly encountered extreme selling, and 12 consecutive large orders of 1.35 lots were sold at the market price in less than half a minute Within a short period of time, the stock price fell from around the [-]% drop to near the daily limit in one fell swoop, and directly smashed through the market of this stock with an extremely brutal selling technique.

Immediately afterwards, at 1:42, Huaguo MCC dropped its limit.

Similarly, with the flash crash of Huaguo MCC, many other core constituent stocks in the medium and large caps in the fields of "infrastructure" and "state-owned enterprise reform" were also affected. The sharp increase, the stock price trend, is also falling rapidly again.

At 1:45, after Huaguo MCC, the real estate sector's "Gemdale Group" also plunged to the limit in a flash crash. At the same time, China Fortune Land Development, Kumho Group and other high-selling stocks in the early stage also expanded their declines instantly.

The market has just received good buying power, and it can't help but weaken again. The cautious and hesitant investment sentiment has risen rapidly, and it has just played a profit-making effect, leading the market index out of the trough in the intraday, and the "mobile Internet" with good growth At this moment, the two main lines of "smartphone industry chain" and "smartphone industry chain" also declined rapidly, and the funds for undertaking active buying on the market quickly withdrew their orders as if the tide was ebbing.

"Who is selling the 'Huaguo MCC' check that triggered an avalanche in the entire market, I really can't tell." Xu Xiang responded, "However, this check should have the data of the dragon and tiger list today, just look at the closing market. .”

"However, the trend of this line today is a bit strange, and I always feel that I have killed too much."

It is foreseeable that the business development environment, revenue environment, and profit scale of large-scale listed companies in related fields will also increase dramatically in this huge era.

Zhou Kan paused for a moment, and then said: "Suddenly there is such a big selling force for Huaguo MCC's check. Who is it? The state-owned assets institution? Or the Su president from the 'Yuhang Department'?"

By observing the market, he can clearly feel that the two core lines of 'mobile Internet' and 'smart phone industry chain' are basically in place regardless of the time and space for adjustment, and in the current domestic primary market, The enthusiasm for investment in the direction of 'mobile Internet' is still rising, and many equity investment funds have poured into this field. Logically speaking, under such a hot investment atmosphere, the secondary market should also perform well.

"It's not bad, but it's worse than Xuebing's 'infrastructure' and 'state-owned enterprise reform'. The trend of the industry sectors and concept sectors is worse. I feel that there are obvious signs of excessive selling of the main funds in the market."

"In these two areas, it is very difficult for incremental funds to continuously and powerfully attack, so as to get out of the continuous profit-making effect."

At 1:53, with the rapid weakening of market investment sentiment and the withdrawal of buying funds, the buying volume of the entire market can begin to break down.

At the same time, under the influence of the re-expansion of the decline in the Shanghai Stock Exchange Index, the continuous dive of a number of industry sectors and concept sectors related to the two core main lines of 'infrastructure' and 'state-owned enterprise reform', and the continued expansion of the decline in the 'military industry' sector, the popular Shenzhen Index , The GEM index also fell back to the water again, turning green again.

"Similarly, investors have strong expectations in these two directions, which has also resulted in the chip structure of these two main lines, making it difficult to switch cleanly."

Naturally, there is room for storytelling and performance explosion, which means that it naturally has the genes for hype.

At 1:47, affected by such a severe impact, the decline in the Shanghai stock index re-expanded to about 1.1%.

Xu Xiang smiled and said: "If the price falls hard, then the bargaining chip structure will be fully adjusted. In my opinion, this is not a completely bad thing."

And when everyone realizes that the market has not fallen through at all, the so-called bottoming out is still too early.

"There is a lack of logic?" Zhou Kan was slightly taken aback, and said, "Isn't it?"

Xu Xiang paused for a moment, and continued: "Everyone expects the arrival of the 'mobile Internet' and 'smartphone' era, and their expectations have been raised. In this case, there is no difference in expectations. Thinking about these two fields, It’s hard to come out of a performance that exceeds expectations.”

At 1:55, the industry sectors such as 'film and television media', 'electronic information', 'Internet software', and 'Internet application', which led the rise in the two cities, followed the main lines of 'military industry', 'infrastructure', and 'state-owned enterprise reform'. After the industry sector and the concept sector dived, they once again ushered in a relatively rapid rapid dive.

Then, when the time came to 1:50, the avalanche effect originating from "Hua Guo MCC" began to spread from stocks with state-owned background to all relatively high-priced stocks that had been hyped in the last round in the two cities.

In other words, the future expected effects of these two mainline areas are not bad anyway.

At 2:01, the only red index in the two cities, the small and medium-sized board index turned green again. So far... After the intraday rebound, the major core indexes of the market have fallen into the water again.

What's more, the tide of the era of 'mobile Internet' and 'smart phone' has indeed arrived.

"I also feel that the trend of the 'military industry' line is too tragic." Zhou Kan said, "But this line is indeed not a hot spot in the market. Both retail investors and active main funds in the market are relatively pessimistic about this line. Expectations, oversold, but it also makes sense."

At 1:46, as many popular core stocks dived in a straight line one after another, this avalanche effect continued to expand and spread to almost all state-owned holding stocks in the two cities.

"Fuck, this trend is simply poisonous!"

"The market conditions of the two main lines of 'infrastructure' and 'state-owned enterprise reform'?" Zhou Kan was a little surprised, and then said, "Looking at today's scene, these two main lines have been completely abandoned by the main funds in the field. , is almost a trend of collapse, where is there any sign of strength?"

Xu Xiang smiled and said: "As long as the logical expectation is still there, the stock price falls through, and the price/performance ratio is revealed, the lock-in of retail investors is never a problem. After all, retail investors are the most emotional. Collecting chips in their hands, or It will be quite easy to say that the market makes money and induces them to follow suit and consume each other."

Xu Xiang thought for a while and continued: "Even if there is no flash crash of 'Huaguo MCC', the core main lines of the two major hypes in the early stage of 'infrastructure' and 'state-owned enterprise reform', as well as the relatively high-priced stocks that have been hyped in the early stage In the absence of a complete fall, and the complete adjustment of the bargaining chip structure in the venue, the two lines of "mobile Internet" and "smart phone industry chain" must create a continuous profit-making effect and market space, thereby driving the entire market to touch the market. Bottom reversal is still quite difficult, and these two lines... I always feel that there is always a lack of logic, and it is difficult to bear the direction of the market's main force to break through and completely drive the market!"

"Of course, due to the continued high expectations of market investors in these two fields, the core constituent stocks related to these two main lines will not fall much. After all, a fall is an opportunity, and smart funds on and off the market, Absolutely a lot, and everyone will not give follow-up funds, too cheap a chance to pick up chips.”

"But the effect of losing money is so obvious, and there are obviously concerns about the subsequent intervention of the main funds." Zhou Kan responded, "And the fall was so hard, although the internal bargaining chip structure was disrupted, the vast number of retail investors who took over along the way locked up their bargaining chips. , are also piled up on it like a mountain, forming a huge pressure on the board, under this situation, it may not be easy for these two main lines to regain momentum."

"I'm thinking……"

Xu Xiang was silent for a moment, then nodded and replied: "Indeed, I have been observing for a long time, but I still haven't seen a strong main fund to undertake on the line of 'military industry'. It was indeed a misjudgment.”

It was also from this moment that the part of the investor group who were excited to chase positions just now, and felt that the market had probably bottomed out, realized once again in an instant that the market's downward momentum had not weakened at all, and the entire 'infrastructure', The core themes such as 'state-owned enterprise reform' and 'military industry', as well as the relatively high-priced stocks that have been hyped in the entire market in the early stage, have not really fallen through.

"Actually, compared to the two core market lines of 'smartphone industry chain' and 'mobile Internet', I am still more optimistic about the market in the two main areas of 'infrastructure' and 'state-owned enterprise reform' after thorough adjustments."

At 1:48, among the important index areas of the two cities, only the small and medium-sized board index remained in the red state.

At 1:44, this avalanche effect spread to the entire 'infrastructure' and 'state-owned enterprise reform' sectors.

Seeing the good rebound trend of the market, after the flash crash of "Hua Guo MCC", it was cut off again. At this moment, in the magic city, inside Zexi Investment Company and the fund trading room, Zhou Kan was shocked for a while. , Said: "It's not the sudden collapse of the check of 'Huaguo MCC'. Today's market rebound trend has a high probability of being successful. The two main lines of hype last year, 'Mobile Internet' and 'Smartphone Industry Chain', almost fell apart." It has recovered in an all-round way and opened up room for making money in the market, but unexpectedly... it was cut off abruptly."

"and also……"

"As for the performance of the entire board..."

At 1:58, Changqu Technology, which had originally had a daily limit, broke the board, and the concept of "mobile games" quickly rose and fell.

During Zhou Kan's inquiry, Xu Xiang turned his attention to the main line of "military industry", which is still leading the decline in the market, and sighed softly. He let out a sigh and said: "It's hard to say, the line of 'military industry' is really incomprehensible. I thought that there should be a market on this line, but I didn't expect that the market would not be able to form a joint force on this line." .”

Xu Xiang responded: "Since we have already withdrawn, we don't need to pay too much attention, or think about the right and wrong of past trading strategies. Let's focus on the present and the future!"

Of course, there are also disadvantages, that is, the two main lines, in the market performance of last year and even the year before, have been speculated round after round by active main funds from all walks of life, whether it is the valuation level or the historical position of the stock price. Compared with other mainline fields in the market, it is not considered low.

"And the bargaining chip structure cannot be converted cleanly, that is in the case of limited market liquidity and limited incremental funds."

"There are genes for hype, but the price/performance ratio is not high compared to the entire market!" Xu Xiang took over the conversation and continued, "The performance of these two main lines of business generally grew at a high rate last year, raising the base for this year. Thinking about the continuous explosion of performance in these two areas, it is somewhat unrealistic."

"That's true!" Zhou Kan nodded slightly, thought for a while, and said, "What does Mr. Xu think about the line of 'military industry'?"

"Fortunately, we didn't buy much." Zhou Kan said with a little luck in his heart, "and after half a day of continuous liquidation, it has basically been sold out, and the total loss of positions is less than 5 points, which is within our tolerance range , will not affect the net performance of the fund too much.”

"Well!" Zhou Kan responded, and said, "Since Mr. Xu feels that the two main lines of 'infrastructure' and 'state-owned enterprise reform' are most likely to be the market breakthrough direction after the market adjustment, then we now... Don’t re-follow up some positions in these two main line areas, and pick up a little bargaining chip for panic selling?”

Xu Xiang thought for a while, and said: "The market stop signal did not appear, and the stock index is 2200 points, the expectations are so strong, most of them can't hold it, I guess the most panic selling moment in the market has not yet come, so... wait a little longer Wait, this time, patience is more important."

After finishing speaking, he continued to look at the two markets that were trading fiercely, and stopped talking.

And almost at the same moment.

Yuhang, inside Anzhao Fund Company, the 'Selected No. 1' fund product trading room is still on the market, and Zhou Hui and Qin Qiuyue, who actively sold down sharply, saw that the market fell into a trap after entering 2:30. In the unilateral plummeting state of liquidity exhaustion, the heart is almost cold.