The investment era of rebirth

Chapter 454 Tragic opening situation!
At 9:15 in the morning, the two cities opened lower across the board.

Whether it is the main line of "growth stocks" such as 'mobile Internet' and 'smartphone industry chain' that performed well before the holidays; or 'infrastructure' and 'state-owned enterprise reform' that have been weak before and have not emerged from the continuous adjustment trend , 'Military Industry', 'Finance' and other core main-line areas of the main board are showing a clear low opening and falling state at the moment. On the disk, the suppression of selling is extremely obvious.

"The hotspots are all gone, and the whole line is opening lower." At the moment inside Yuhang Investment Company, in the trading room of the main fund, Li Meng observed the market and was a little surprised, "Isn't the influence of external market trends a bit exaggerated? I feel that domestic investors , the emotional reaction was obviously a little too extreme."

Su Yu looked at the market performance that opened lower across the board, and looked a little surprised, and said: "It should not only be the impact of the external market trend, but also the failure of the holiday expectations, and after the restart of the IPO, the first batch of new shares will be listed soon. affected in various ways.”

"Then this is an overreaction, right?" Li Meng continued, "Looking at the lines of 'infrastructure', 'state-owned enterprise reform', 'military industry', and 'finance', the trend is obviously heading for a new low. In this situation, once the panic selling situation in the market is formed again, the 2200-point threshold of the Shanghai Stock Exchange Index may not be able to hold."

Before the Dragon Boat Festival, the stock index closed at 2217.78 points, which is less than 2200% from the 1 point mark.

According to the current situation of collective bidding in the entire market.

If the market investment sentiment continues to have such a negative feedback, and the selling on the market continues to increase, then maybe a low opening will directly break through the 2200-point mark.

"The 2200 point is the psychological support point of market investors. In fact, it is good to break it." Su Yu said, "If it is not broken, it will not stand. If the index does not break through this strong support point, some stubborn chips in the market will not be able to get out. And if these lock-ups are not released, the market adjustment will not be sufficient, and naturally it will not be true to say that it has bottomed out.”

"But the market investment sentiment is already weak. If the Shanghai Stock Exchange Index can't hold on at the 2200 mark, then the market's expectation... I'm afraid it will go to the 2000 point line." Li Meng said, "If it goes like this, the market adjustment time and The space will be stretched a lot.”

Su Yu smiled and replied: "Not necessarily, as long as the stubbornly locked-in chips in the market are smashed out, the selling pressure in this range is completely released, and the market reverses and rebounds, it will be much more powerful than sticking to the 2200 mark. Now...the real adjustment bottoms out, and the last drop is short.”

"I'm afraid that once the 2200 point is broken, the market panic selling situation will form, and the main funds on and off the market will be less willing to buy bottoms." Li Meng said, "Fear and greed are always on the line. In an extreme situation, how would everyone choose?"

"Begging for others is better than asking for yourself." Su Yu said with a smile, "If the market falls out at the end, we can take the flying knives of this market in our hands."

"Us?" Li Meng was slightly taken aback, "Are you going to put your whole warehouse in at this position?"

Su Yu paused for a moment, and responded: "You also said just now that fear and greed are always on the line. If the market gives us an opportunity, we naturally cannot hesitate."

At the current stage, after the previous period of increasing positions for half a month.

During the period when the Shanghai Stock Exchange Index fluctuated between 2250 points and 2212 points, the positions of the company's main fund products 'Yuhang No. 1' and 'Yuhang No. 2' have returned to around 60% The newly established 'Yuhang No. 3' main fund product has increased positions by about 35%.

According to several main funds, the current position water level.

If he wants to continue to increase his position to full position, Su Yu still has more than 100 billion funds that can be used.

And the capital increment of more than 100 billion, in the current situation where the daily market turnover is only about 1000 billion, at critical moments, it can hold up the market, arouse emotions, and leave a strong mark in the short-term market trend. And this is also the opportunity that Su Yu has been waiting for.

"Okay!" Li Meng replied, "Then hope that the market trend can really be as you said, can break through and then stand up, ushering in a real bottoming out."

After finishing speaking, she turned her gaze back to the market trading board.

At this time, the market trading time has slipped to 9:18, and the selling sentiment in the two cities has not weakened, but has become stronger and stronger. Among them, the concept of "venture capital" and "backdoor restructuring" led the decline, and the concept of "mobile Internet ', 'smartphone industry chain', 'infrastructure', 'state-owned enterprise reform', 'Internet finance' and other core areas that have been focused on by the market's main funds in the early stage are also no hot spots, and their related industry sectors and concept sectors The index trend, the decline is also expanding.

"Boss Su, I feel that the amount of selling in the market is still increasing." Zhao Lijun in the trading room reported, "If this situation continues, the buying orders that are willing to take on and off the market will not be able to hold at all."

"I feel it too." Wang Can continued, "The panic in the market is obviously spreading."

Liu Yuan thought for a while, and said: "In a downward trend, it will fall for a long time. Originally, everyone's confidence in the bottom of the market at this position was not strong. Now, it is induced by the trend of the external market, coupled with the bad market before the festival. Liquidity, the rapid spread of market selling sentiment is also reasonable."

"The top [-] most popular stocks in the market, except for the trend of a few daily limit-shaped boards that are good for the resumption of trading, the rest of the call auction trends are basically below expectations." Zhu Tianyang also took the words and said, "From the call auction trends of these popular stocks, we can It can be seen that under the influence of emotions, the hot money in the market is also inclined to be cautious, and dare not take over the market at will."

"The effect of losing money is obvious, who dares to take the initiative?" Wang Can then responded, "Looking at the situation, after 9:20, the market performance may be even worse."

In the midst of everyone's words, the market trading time has already moved to 9:19.

I saw that as the time quickly reached 9:20, the number of pending selling orders in the two markets was still increasing, and there was no sign of cancellation of the orders. At the same time, with these increasing pending selling orders, several core main lines , and a group of popular concept stocks that are more actively traded in the market, and the stock price trend is also downward simultaneously. The overall decline of the two cities opening lower is still slowly expanding.

Immediately afterwards, when 9:20 came.

The two cities no longer have any industry sectors, and they still maintain a red plate status.

Among them, the "venture capital", "backdoor restructuring", and "ST sector" concept sectors that led the decline all opened lower by more than 2%.

"Sure enough, the panic has not weakened, but has spread to the depths." Seeing that the market has entered the real call auction session, the state of the two cities opening lower has not improved, but has become worse and worse. In the trading room, Li Meng couldn't help being light again Sighing, he said, "Looking at the situation, the index opened lower, probably by more than 1 point, and the 2200 mark should be a huge test today."

"No matter how the market goes." Amid Li Meng's emotion, Su Yu looked back at the traders in the trading room and said, "Follow the previous trading strategy, don't be afraid to buy, and don't be greedy and aggressive, keep good Buy into the rhythm, and keep hiding yourself."

Although the market's decline came faster and more violently than he expected.

Moreover, during this period of time, due to the continuous increase of positions by several major funds, the retracement of net worth is also larger than originally expected.

But overall...

Looking at the core main lines of 'infrastructure', 'state-owned enterprise reform', 'military industry', and 'Internet finance', they have entered the field of extreme investment again; watching the chip structure of these main line areas in the market being disrupted again; looking at short-term market sentiment The scissors gap between expectations and long-term market fundamental expectations is getting wider and wider, and Su Yu is still getting more and more excited and excited.

He sensed that a real 'big opportunity' was at hand.

He feels that this is the "last drop" before the start of the follow-up bull market, and it is also the best opportunity to build a position in the follow-up bull market.

"Okay!" In the trading room, several trading team leaders in charge of trading responded one after another.

Then, the time quickly moved towards 9:25, and the entire 'Yuhang Department' fund trading team also began to follow the previous trading strategy, frequently investing in 'infrastructure', 'state-owned enterprise reform', 'military industry', 'Internet finance' 'On the core component stocks of the industry sectors and concept sectors related to these major mainline fields, especially some core component stocks with relatively heavy sell-offs, place orders to undertake selling orders.

And almost at the same time.

Also in Yuhang's Anzhao Fund, Zhou Hui and Qin Qiuyue watched the opening call auction trend of the market taking a sharp turn after the Dragon Boat Festival, but there was obviously a trace of fear in their eyes.

"It's a good thing we cut down our position decisively before." Zhou Hui said with luck, "otherwise, the retracement of our fund's net value at this moment should have reached 15%, which is back below the basic net value, and... look at it, the stock index will pass 2200 points Today, it is bound to undergo a huge test, and whether it can be held is really a question."

Since I found something wrong and decisively lightened my position.

At this moment, their position on the line of 'military industry' has been reduced to a safe position area below 30%.

Although in the case of losses, they continued to sell down and reduce positions, for their specific position in this direction, the absolute magnitude of the loss was very large.

However, due to the state of light positions, the impact on the overall net value of the entire fund is already insignificant.

In other words, in the continuous downward trend of the market, they have transformed the previous passivity into the current initiative through continuous reduction of positions.

Qin Qiuyue couldn't help but nodded slightly when she heard Zhou Hui's emotion, and said happily: "Indeed, it's a good thing we didn't hesitate, otherwise we would be really passive at this moment. I really didn't expect the market trend to be so weak. From mid-May Since then, for a whole month, the stock index has dropped from 5 points, and it has not even had a decent rebound.”

"Looking at it now, the resumption of IPOs in the market has really had a big impact on the investment sentiment in the market." Zhou Hui continued, "As the market continues to fall, all investor groups can be said to be buying bottoms all the way, standing guard all the way, and copying all the way. The same way, abruptly shattered market expectations and confidence."

"Look at the volume at the peak of the market in mid-May, and compare it now..."

"In terms of performance, the volume of the two markets has declined by more than 700 billion, which is close to the rate of halving."

"This shows that the investor groups that have been involved in the market before are all leaving the market, and it also shows that as the market continues to fall, the liquidity in the market is getting lower and lower."

"The lower the liquidity, the less profitable it will be."

"And the less money-making effect there is, the lower the participation of active funds in the market will be."

"Similarly, the participation of active funds in the market is getting lower and lower, and the performance of market volume, market performance, and liquidity performance will also become lower and lower."

"This is an endless loop of continuous negative feedback!"

Zhou Hui paused for a moment, and continued: "I feel that the market seems to have returned to the rhythm of the first quarter. It has been falling continuously, with no end in sight. A support and rebound is not a buying point, but a selling point."

"Well, I also have this feeling." Qin Qiuyue said, "2200 points, I'm afraid it will be difficult to hold on. I really didn't expect that the strong breakthrough trend of 4 or 5 shares of the Shanghai Stock Exchange will eventually fall back, and there is a high probability that it will fall back. It will also return to the large box shock with the range of 2000 points to 2200 points."

"Hey……"

Speaking of this, Qin Qiuyue couldn't help but sighed, paused for a while, and continued: "The good trend was really ruined by the impatient IPO restart plan of the regulators. Now if we want to reverse the overall trend of the market, In terms of time and space, I'm afraid it will take a long time before there is hope."

"At least in late July, there should be a turnaround, right?" Zhou Hui said, "The current market, the overall investment rhythm, is risk-averse and likes certainty. It depends on the defensive nature of the market such as 'consumption' and 'medicine'. The plate has become a relatively leading area in the market, and this conclusion can be drawn.”

"And certain so-called investment opportunities..."

"What can be seen now is the performance hype of the interim report, and the disclosure of the interim report is just in the time period of July and August."

"The internal logic of the so-called stock market proverbs that the five are poor, the six are the best, should refer to the performance expectations of the mid-term report."

"Almost!" Qin Qiuyue agrees with Zhou Hui's market analysis, "Looking at it now, we were really aggressive in the 'military industry' line before, hey...we are in the 'military industry' line. On this line, the absolute loss range is so large, I have a certain responsibility."

"It's all over, Mr. Qin doesn't have to blame himself." Zhou Hui said, "Fortunately, we corrected it in time and did not cause greater consequences and losses. At the same time, we also kept this year's net worth above the profit line, allowing us to follow up The operation will not fall into a passive situation because of this loss."

"However, the current net value of our fund is still too close to the horizontal line of the basic net value in the case of a sharp retracement." Qin Qiuyue thought for a while and said, "If the 2200-point threshold of the Shanghai Stock Exchange Index cannot hold, then the current Killing in one breath, according to the overall position level of our fund, there is still a relatively large risk!"

"So, we have to reduce our position." Zhou Hui responded, "We have to further reduce the overall position of the fund to the range of 20% to 25%, which is truly safe. At the same time, we must avoid the main line of the market that is relatively risky, such as in new shares. When it is about to go public, it has lost the expected "venture capital", "restructuring backdoor", "ST sector" and other concept sectors, as well as the pre-hype such as "infrastructure", "state-owned enterprise reform", and "military industry". Now it’s all over the place, and the market is locked in the overlapping mainline areas.”

"En!" Qin Qiuyue responded, "Let's reduce the holdings of stocks in a few areas with relatively poor liquidity first!"

Now that the market trend has shown that it has not bottomed out, and at the same time, the emotional aspects of investment sentiment, investment expectations, and investment confidence on and off the market are still declining, and the uncertainty of the trend in the external market is also high. , and there is no decisive benefit to be released... Then, in terms of investment risks, she must fully learn from the previous over-aggressive investment lessons and implement the trading strategy of reducing positions to the end.

"Okay!" With Qin Qiuyue's approval, Zhou Hui hurriedly responded.

Then, they issued instructions to traders to continue to reduce their positions.

With the implementation of different trading strategies for the main funds of the two markets of the 'Yuhang Department' and the 'Anzhao Department', the current market trading time has entered 9:24.

At this moment, there is less than a minute before the end of the entire set of auctions.

It can be seen that in the last minute of the end of this call auction, the overall pattern of the market has turned to the direction of short sellers.

'Venture Capital', 'Restructuring Backdoor', 'ST Sector', etc. are affected by the news that the market's IPO channels are reopened and the first batch of new shares are about to enter the market. In the case of completely losing short-term and medium-term hype expectations, they are held by the market. The large funds and groups of large investors from all sides abandoned the most thoroughly, leading the decline in the two markets one after another, and the decline of most related concept stocks has expanded to more than 2.5%.

Especially the 'ST sector', even before the official opening of the market, set off a wave of limit-down.

As for the core lines of 'military industry', 'infrastructure', 'state-owned enterprise reform', and 'Internet finance', which are favored by the 'Yuhang Department' and continue to build positions at low positions, as well as related industry sectors and concept sectors, the performance is not good. It is better than the concept fields of "venture capital", "restructuring backdoor" and "ST sector" which have been completely abandoned by various funds, but it is also limited, and it is still the key selling area of ​​the main capital group in the market.

However, the two major areas of 'medicine' and 'consumption' have returned to the mainstream position in the market.

During the entire call auction process, it became an area where the two cities performed relatively well and obviously had major funds to undertake.

And like before, especially in the market trend last week, the main line of "growth stocks" in the two cities, such as "mobile Internet" and "smart phone industry chain" that performed relatively well, led by the small and medium-sized board and the ChiNext, today I don't know if they are affected by the market. The impact of the poor performance of the same type of stocks in the external market during the holidays, or the impact of market speculation, hype sentiment, and further decline in risk appetite, showed obvious signs of ebb, whether it is the overall market trend or the performance of related core concept stocks. below market average.

Of course, relatively speaking, during the entire collective bidding process.

The more violent sell-off of funds on the disk is still a group of so-called "outdated leading" stocks that have lost the market follow-up effect and were over-hyped in the early stage.

In this field, stocks such as Beixin Road and Bridge, Shanghai Sanmao, Shanghai Steel Union, Shanghai Construction Engineering, Beijiang Communication Construction, Anjie Technology, Speed... and other stocks opened at a lower rate, basically no lower than 3%, and after the Shanghai Sanmao check was completely abandoned by various funds in the market, its decline was almost suppressed by the market selling to near the limit.

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

Both the industry sector and the concept sector in the two cities have shown a trend of rising, and the top gainers in the two cities are all defensive sectors, such as 'medicine', 'consumption', and 'big finance' , 'Petrochemical' and other industry sectors, as well as concept sectors such as 'Gold', 'Pharmaceutical Business', 'Liquor', 'White Appliances' and 'Auto'.

In addition to the performance of various industry sectors and concept sectors, the index...

The Shanghai Designated Index was at 2196.93 points, down 0.98%. The Shenzhen Stock Exchange Index and the Growth Enterprise Market Index fell by 1.13% and 1.27% respectively. Among them, the small and medium-sized board fell by 1.39%. The number of individual stocks with a limit-down limit at the opening has also reached as many as five.

Faced with such a tragic opening situation, the entire investor group in the market, including large institutions, hot money, retail investors and all other investors, was stunned, as if they were unwilling to believe what everyone had sworn before and took it as a solid support point The 2200 point position was directly penetrated.

(End of this chapter)