The investment era of rebirth

Chapter 462 Weak Call Bidding!
"Open low, open low again!"

Facing the turbulent market call bidding, at 9:15, Qin Qiuyue, who was closely watching the changes in the two markets, couldn't help but frowned instantly in Yuhang and Anzhao Fund's interior, selected mixed No. 1 product fund trading room: "Only About 9% of the stocks have risen, which is...too tragic, right? The news released so many positive signals last night, but even one external trend can’t be offset.”

"President Qin, look at the situation..." Zhou Hui, assistant fund manager and head of the trading team, responded, "If the call auction continues like this, the major market indexes may open at least one point lower."

"If you really go like this, there is no other way." Qin Qiuyue sighed softly.

"It seems that the index is really going to drop to 2000 points." Zhou Hui said, "I really didn't expect that in about a month, the Shanghai Stock Exchange Index will return to this big box of 2000 points to 2200 points."

Qin Qiuyue nodded slightly, and said with emotion: "Yeah, when everyone thought that the Shanghai Stock Exchange Index had broken through the big box of 2000 to 2200 points and achieved an effective breakthrough, I didn't expect it to fall back again. It's been almost three years. ? The large box range of 2000 points to 2200 points in the Shanghai Stock Exchange Index is really like a strong magnet, which forcibly attracts the index to this range area. No matter how you break through, you will not succeed in the end.”

"However, the index has been trading in this large-box oscillating range for nearly three years, which is enough to fully explain that this range is the extreme bottom of the market." Zhou Hui said, "I think when the index takes this wave After the trend is over and the panic selling is exhausted, we should be able to increase some chips again at the lower edge of the shock range from 2000 points to 2100 points."

"Don't continue to look short?" Qin Qiuyue was slightly surprised.

Zhou Hui responded: "The index has reached the bottom of the shock range. Even at the current position, there is only a drop of less than 2000% from the bottom of 10 points. Although the disk performance is still very bad, the probability of 2000 points below the index is still high. Hold on, here... it is really not appropriate to be too short-sighted."

"I think it's still not very optimistic!" Qin Qiuyue said, "The position of 2200 points fell through too suddenly. It can be said that there was basically no resistance, so I killed it directly. The follow-up index is far from the bottom of the box at 2000 points. There is only more than 100 points of depth space."

Among them, real estate, building materials, public transportation, and high-speed rail, several "big infrastructure" sectors, stimulated by the positive news released by yesterday's news, have become the initial call auction stage of the market today, and the only few that can still The plate field that maintains the status of the red plate.

"You know, these two main lines are the main lines of the market with a relatively large volume."

Although the vast majority of investors in the entire market have previously stated that they would boycott the IPO, give up the subscription for new shares, and would not accept the market for new shares, but on the day of listing, the five stocks still hit the daily limit, out of several There is an infinite daily limit situation with a huge amount of [-] lots of buy orders and strong closures.

"Crisis, crisis, crisis and opportunity are all on the line!"

Xu Zhongji nodded slightly, and replied: "I think it is appropriate to take a little bit. Our fund position is not heavy at present. We take a little bit of chips here. Even if the market continues to fall in the future, the two lines of 'infrastructure' and 'state-owned enterprise reform' , and still fail to come out, then it is too late for us to stop losses decisively and change the direction of investment.”

"Then Mr. Xu means...we can pick up some 'flying knives' in the main fields of infrastructure and state-owned enterprise reform here?" He Hong asked after listening to Xu Zhongji's analysis.

During the short discussion between the two, at this time, the market trading time has reached 9:17.

"I think it's basically grounded."

I saw that although the two cities still continued the previous performance patterns of various main lines, various industry sectors, and various concept sectors, on the whole, after a large number of false pending orders were withdrawn between 9:19 and 9:20, the market panicked and sold But it got worse again, so that the two cities no longer have the industry and concept sectors that maintain the red market.

"Okay!" Seeing that Xu Zhongji had already said that, He Hong reserved his analysis opinion, followed Xu Zhongji's suggestion, and quickly turned around and told the traders in the trading room to change their trading strategies and ask everyone to take some trades at a low position. In the main line fields of 'infrastructure' and 'state-owned enterprise reform', there have been obvious changes, and there are core constituent stocks that are obviously undertaken by main funds.

At this time, the market trading time has quickly passed 9:20.

"Furthermore, today's IPO restart in the market is negative, given that the first batch of new shares are listed."

"Infrastructure", "state-owned enterprise reform", "military industry" and "Internet finance" are the core constituent stocks of the main line fields, especially the medium and large-cap stocks with relatively abundant market liquidity, such as Huaguo Railway Construction, Huaguo Communication Construction, Huaguo China Metallurgical Corporation, Huaguo Construction, Gemdale Group, Kewan Real Estate, Poly Real Estate, Huaguo Heavy Industry, Huahang Electromechanical, Huahang Optoelectronics, Hangfa Power, Huaguo Great Wall, Hangfa Technology, Oriental Fortune, Hengsheng Electronics, Flush... The performance of many stocks, such as Shanghai Stock Exchange, is relatively good, either opening slightly higher, or opening flat or slightly lower, and the signs of panic selling on the disk are not obvious compared with the entire market.

Of course, in this field, there are also stocks that have been fully abandoned by funds and are extremely weak.

Stocks such as Beixin Road and Bridge, Shibei High-tech, Shanghai Construction Engineering, Beijiang Communication Construction, China Fortune Land Development, Kumho Group, etc., which were over-hyped in the early stage, showed a trend of opening sharply lower, and there were signs of panic selling on the disk Still very obvious.

And as his trading order was issued...

Not only Qin Qiuyue didn't believe it, but she didn't believe it either.

"and also……"

What's more, according to her observation, the current market does not have the birth of a "big mainline market" that can guide the market's investment sentiment and confidence to change positively, that is to say, there are no continuous hot spots for making money. In the face of continuous selling in the market, the existing funds in the market will not be able to undertake it, and it will be difficult for the natural index to bottom out.

In fact, in his view, the current market trend, after careful analysis, is quite divided in terms of long and short positions. While everyone knows that the Shanghai Index is not far from the bottom of 2000 points, it should not be so bearish, and at the same time, the Shanghai Index has completely lost 2200 points. At the same time, the external trend has become bad again, which affects the market investment sentiment and continues to slide into the abyss, which in turn drives everyone to desperately sell and sell down on the market, irrationally trying to be bearish.

Xu Zhongji thought for a while, and continued: "The index did fall below the 2200-point support line, but at the same time, it is not far from the 2000-point position below. From the perspective of the market, panic is spreading, and the trend is indeed terrifying. Bottom signs, you can skip the emotional impact and conduct a rational analysis of the current position of the market, regardless of the overall valuation, or expectations, have been compressed to the extreme."

In terms of the main lines of the market, various industry sectors, and concept sectors, in the afternoon yesterday, they once supported the market rebound. The relatively strong performance of the main lines of 'infrastructure', 'state-owned enterprise reform', 'military industry', and 'Internet finance', and Its related industry sectors and concept sectors still maintain a relatively strong state in the initial call bidding stage today, ranking among the top growth lists of various industry sectors and concept sectors in the market.

Immediately afterwards, at 9:21, the two cities continued to decline, and the main concept sectors such as 'venture capital', 'restructuring backdoor' and 'ST sector', which were completely abandoned by the market's main funds, opened lower by more than 2%. , and in the direction of the small and medium-sized board and the ChiNext board, the "growth stocks" first-line industry sectors and concept sectors, such as "Apple Concept", "Internet Software", and "Internet Application" have also fallen by more than 1.5%.

In addition to the relatively strong main lines of 'infrastructure', 'state-owned enterprise reform', 'military industry' and 'Internet finance'.

Qin Qiuyue still thinks that the trading decision of decisively reducing positions before the festival and desperately stopping the loss of the "military industry" first-line position chips is very correct and lucky, otherwise, she would not be able to look at the current market trend calmly at this moment.

Judging from the performance of the 2-minute initial call auction, the main capital attack preference on and off the market is still in the direction of the main board, and stimulated by the good news released by the news broadcast yesterday, the two major capital projects of 'big infrastructure' and 'state-owned enterprise reform' The main line of the market, which is independent of the overall market trend, is obviously stronger than the market, and it is becoming more and more obvious.

At 9:18, Xu Zhongji, who was also in Yuhang, inside Minghui Capital and in the trading room of the main fund, watched the changes in the two markets, and said with emotion: "It is infinitely dangerous, but there seems to be a chance."

Of course, although she agrees with what Qin Qiuyue said, the current index has not yet bottomed out.

"and……"

"On the whole, we can bear the risk of attack, so we don't need to hesitate too much."

"The two lines of 'infrastructure' and 'state-owned enterprise reform' are really reversed here. Then we have a serious shortage of positions in these two directions, and the follow-up will be very uncomfortable."

"Hmm!" Zhou Hui responded, "Quantity is indeed a problem. It seems that we have to wait for the market to shrink again after this wave of heavy volume, and then there may be an obvious bottom signal."

See the market performance after the holiday.

And the main core stocks in the two cities, as well as the performance of popular stocks.

"Even if Mr. Xu insists on being optimistic about these two lines..."

"The opportunities Mr. Xu refers to are the two lines of 'infrastructure construction' and 'state-owned enterprise reform'?" He Hong, the fund manager standing beside Xu Zhongji, asked.

As for the much-anticipated performance of the first five new stocks listed today after the market reopened for IPOs.

Qin Qiuyue paused, and continued: "The market is in this position, and there is no obvious shrinkage!"

Xu Zhongji nodded slightly, and responded, "What do you think?"

"Similarly, if the market really goes out of an unexpected trend next."

He Hong paused for a moment, and continued: "Then we have to wait for the opportunity on the right side, so that the risk of our intervention will be significantly lower."

"Let's continue to wait patiently!" Qin Qiuyue thought for a while and said, "After we encountered setbacks in the layout of the 'military industry' line, even if we have completely reduced the fund's position to a safer position at this moment, the net value of the fund is In this wave of continuous market decline, the retracement is still relatively serious, which makes us lose a certain degree of trading initiative and part of our ability to resist risks, so we can only wait for a clearer opportunity and invest in the right direction. Take the 'flying knife' from the market rashly."

The main lines of 'consumption', 'medicine', 'finance' and 'gold' in the defensive sector are not so weak, and the panic selling on the market is limited.

Overall, in an atmosphere of extremely weak market sentiment.

But at the same time, she also believes that there is a high probability that the index can maintain the characteristic of the bottom of 2000 points, and it can digest this kind of extreme panic selling in the depth of more than 100 points in the follow-up.

As for other main-line fields such as 'venture capital', 'restructuring backdoor', 'ST plate', etc., which were relatively weak yesterday, as well as 'growth stocks' main-line fields such as 'mobile Internet' and 'smart phone industry chain', or basically The main line of "cyclical stocks" such as coal, non-ferrous metals, petroleum, and chemicals without any hype expectations, or the traditional main line of agriculture such as agriculture and animal husbandry, in the increasingly sluggish market investment sentiment and panic selling sentiment Below, the market performance is quite ugly, and the decline is not small.

He Hong thought for a while and said: "I think we can look at it after the official opening. The two lines of 'infrastructure' and 'state-owned enterprise reform', although there are new positive news on the news, the market as a whole is losing ground at 2200. After the mark, the emotional performance and market confidence performance are really bad."

I saw that after a short 2-minute initial call auction, the market pattern of the two cities has shown a relatively clear path.

"The subsequent change in expectations, in theory, should have a rebound trend, which can be expected."

"Once we want to get out of the continuous market, the incremental funds and undertaking funds consumed will not be a small amount. In the current market, the funds in the market are showing a state of outflow in an all-round way. I am afraid that it will be difficult to support the market undertaking of these two main lines. , In other words... It is easy for these two lines to make a short-term rebound with the help of good news, but it is too difficult to reverse it. We are here to pick up the 'flying knife', and the value of participation is not great."

At 9:22, 7 stocks in the 'ST sector' once again exceeded the limit-down, and there was a wave of limit-down.

Among the stocks in the weak main line sector, except for those with obvious positive support, the other stocks all opened sharply lower. On the disk, there were very serious signs of panic selling. The shell resources concept stock 'Cologne Shares', which opened today, was directly panic-sold by 10 lots at the early stage of the call auction, and was pressed to death on the limit board. As a result, the vast number of retail investors who rushed in to speculate yesterday were all smothered.

"It's hard to say whether this depth of space can fully digest the hold-ups that have accumulated since around 2500 points, and clear the panic-selling chips in the market."

The continuous heavy-volume slump trend, if the index will bottom out at this position.

Xu Zhongji nodded slightly, and replied: "There is no problem with the logic and reason of what you said, but judging from the market performance at the moment, if the market is destined to reverse in the future, then the two 'infrastructure' and 'state-owned enterprise reform' This line is undoubtedly the field with the strongest current expectations, the most positive news, and the most value for continuous hype and investment.”

"Under such circumstances, it is very difficult for the two main lines of 'infrastructure' and 'state-owned enterprise reform' to lead the market and get out of sustainable opportunities to make money!"

At 9:23, the panic selling sentiment continued, and the active funds on and off the market further moved to the defensive sectors such as 'consumption', 'medicine', and 'finance', as well as the obvious positive stimulus on the news last night. Convergence in the areas of "big infrastructure" and "state-owned enterprise reform".

At 9:24, under the huge selling pressure of the entire market, the overall pattern of the two cities continued to decline, and even the two cities that led the rise, 'Architectural Decoration' and 'High-speed Rail', ranked first in the concept and industry sectors of the two cities. The large plate index also expanded to less than 0.5%.

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

I saw that the Shanghai Designated Index was at 2162.79 points, a drop of 1.26%. Among them, the Shenzhen Index and the Growth Enterprise Market Index fell by 1.59% and 1.71% respectively. According to the overall performance of the index’s opening, the two markets are still strong in Shanghai and weak in Shenzhen. The pattern of medium and large-cap stocks with relatively good liquidity has not fallen much, and small-cap concept stocks with relatively lack of liquidity, especially those with no expected performance support and no good concept stories to tell, are even more inconsistent with the market's popular main line. The so-called "three noes" small-cap stocks on the sidelines were particularly tragic.

(End of this chapter)