The investment era of rebirth

Chapter 472: The Institutions Forced To Follow Them!

"I hope!" Li Meng nodded, "I don't know why, the company's asset management scale is developing too fast, and sometimes I feel flustered in my heart."

Su Yu smiled and said: "It's normal, it's just that the mentality has not changed, and you will get used to it after a long time."

This is like a person who expected in his heart that he only wanted to get hundreds of thousands of wealth at most, but suddenly got tens of millions or even hundreds of millions of wealth far beyond his expectations. What to do, after all, the wealth that is too easy to get, will be too worried that it will disappear quickly.

"Yeah!" Li Meng responded lightly, and said again, "After the data of the market leader and tiger list came out today, have you read the relevant topics and comments above?"

Su Yu responded: "I haven't had time to look at it yet, why, is there anything unusual?"

"Market sentiment recovered much faster than we expected." Li Meng said, "Suddenly, a large number of investment institutions, well-known market analysts, chief investment advisors of securities firms, on-site financial big V, well-known online stock commentators People, etc., have begun to stand up and publicly express bullish remarks."

"This shows that the regulators are under a lot of pressure." Su Yu said with a smile.

Li Meng nodded and replied: "Although it is a relatively clear signal of the direction of the regulatory authorities' expectations, everything is too late, and the emotions are so fast. Those in the market that have not been cleaned up in today's trend, Or profit-making chips, I am afraid it will be more difficult to clean, the market is too fast to form a consensus, which is not conducive to the formation of the chip structure at this stage, and this will also form a relative constraint on the height of the rebound."

"Market trends and market evolution are inherently unpredictable." Su Yu said, "Even if we predict the right direction and make a relatively timely trading strategy, it is impossible to achieve perfection. If there is a mistake, and the specific staged trend, then we can only take one step and see one step."

"Okay!" Li Meng replied, stopped talking, and continued to follow the drama with his head tilted.

Su Yu accepted Zhou Boyang's business card from Huijin Company, saved the number, went into the room, changed his clothes, and began to wash and sleep.

In the evening, in the case of the rapid recovery of the bullish sentiment in the entire market.

The U.S. stock market continued to open lower and move lower. Although it did not reproduce the slump of the previous trading day, it still cast a shadow over the full recovery of the bullish sentiment in the market.

The next day, Thursday, June 6.

As U.S. stocks continued to close down across the board, and the entire external market also generally closed down, A-shares ushered in a new trading day.

Before the market, at 9:[-] in the morning, the market investment sentiment showed obvious signs of decline compared with yesterday's after-hours market data. Looking at the idea of ​​being bullish, many investors undoubtedly have a little hesitation in their hearts, and at the same time gradually return to rationality, no longer have the crazy emotional performance after yesterday's after-hours.

"In the Asia-Pacific region, except for us who have not yet opened, they are basically following the fluctuations of the US stock market. The Korean Composite Index and the Nikkei Index both opened much lower." At the moment, in Yuhang, Yinhua Public Fund Company, in the trading room of the main fund product of "Value Investment Mixed Selection", Zhu Peng, the fund manager assistant and trading team leader, frowned slightly and said, "Yesterday the index can bottom out. A rebound, independent of the global trend, is a surprise, but today... I am afraid that the opening moment will be the high point of the market sentiment throughout the day."

"Furthermore, yesterday's market volatility was so large, and the bottom-hunting funds made a lot of profits. Today, these funds have a great desire to stop profits."

"Under such circumstances, it may be very difficult for the index to continue to hold high and fight independently of the global trend!"

Hearing Zhu Peng's words, Zhou Yang, the fund manager standing behind him, pondered for a while, and replied: "The trend of the external market has an influence, but under the current market sentiment, it should not be the main decisive factor. In other words, it is not easy for the market to continue yesterday's big rise today, but it is also very difficult to fall. After all, under the encouragement of this market sentiment, there will be no shortage of off-market funds that want to enter the market to increase their positions and grab funds. Some of the off-market follow-up funds that have increased positions and rushed to raise funds, in the absence of clear market news, I think it is enough to support and undertake the market who want to take profit and exit the market, or are uncertain about the market trend and are hesitant to stop losses Some of the funds were sold."

"and……"

Zhou Yang paused, and continued: "Even though the overall performance of the market today is not satisfactory, the three core lines of 'infrastructure', 'military industry', and 'Internet finance' absorbed so much yesterday. The active funds and main funds in the market, and the positive stimulus of the large-scale increase of positions in this field by the "Yuhang Department", should not be a big problem if it continues yesterday's rebound trend."

"Everyone is really so happy to carry the sedan chair for the funds of the 'Yuhang Department'?" Zhu Peng was not as optimistic as Zhou Yang, and asked.

Zhou Yang smiled helplessly, and said: "It's not a question of willingness or not, but that based on the market's current expectation logic, only these main lines have the highest cost performance, and only these main lines can carry the market's relatively consistent demand. It is expected that a corresponding market synergy can be formed, otherwise... who is willing to carry the sedan chair for the funds of the 'Yuhang Department'?"

"Other main line directions, it's not that there are no main funds in the field to try!"

"But what's the result?"

"White electricity, liquor, and automobiles in the 'consumer' sector; vaccines, innovative drugs, generic drugs, medical technology, and in vitro diagnostics in the 'medicine' sector; securities, banks, and insurance in the 'traditional finance' sector; coal, nonferrous metals, Petrochemicals, shipping, ships, electronic information, Internet software, Internet applications, smart phone industry chain... In these fields, during the period before and after the festival, the main funds of all parties in the field have been rounded more than once, right? Which main line direction, like the lines of 'infrastructure', 'military industry', and 'Internet finance', has been unanimously recognized by the main funds, hot money, and retail investors of all parties in the market, and has really moved the overall market? None of them !"

"so……"

Zhou Yang gave a wry smile, and continued: "All market trends and the evolution of the mainline market are the result of the unanimous expectations of investors inside and outside the market and the joint efforts of funds. They cannot be changed simply by forecasting and personal will. Even if we don’t want to give money to the ‘Yuhang system’, we can only follow the trend and make plans and make arrangements for the three main market lines of ‘infrastructure’, ‘military industry’ and ‘Internet finance’.”

"Well, it's useless to say that."

Zhou Yang paused, and continued: "Operate according to the original plan, continue to increase positions on the three main market lines of 'Infrastructure', 'Military Industry', and 'Internet Finance', and completely increase the positions of our funds. Chips are scarce, if you take a slow step, you will slow down every step.”

Seeing Zhou Yang's words, Zhu Peng was still firmly optimistic about the market outlook, so he could only keep his own opinion, nodded, and continued to follow Zhou Yang's instructions to complete the pre-market operation preparations.

Similarly, it is the same as the internal trading room of a bank public fund company.

Some institutional groups that were still optimistic last night began to hesitate when they felt that the entire external market was covered with clouds and there was a relatively obvious risk of a plunge. They were no longer so firm in their bullish view of the market , At the same time... Even whether the Shanghai Stock Exchange Index can stand firm at 2200 points has been shaken.

And just as the overall market sentiment is on the high side, but the bearish sentiment seems to be on the rise again.

At 9:15, the two cities ushered in a call auction.

I saw that when the pointer of time moved to 9:15, the stagnant disks of the two cities started to beat again, and under the focus of countless eyes, the main market conditions of 'infrastructure', 'military industry' and 'Internet finance', It can be said that it opened higher across the board, and all the component stocks in the sector showed a red color one after another.

"There are more than 40 individual stocks with daily limit in the two cities, and a total of more than 1400 red stocks."

Seeing the call auction situation in the two cities, Liu Yuan reported in Yuhang Investment Company and the trading room of the main fund at this moment: "The market's long-term investment sentiment before the market, although in terms of Internet topics and comments, is higher than yesterday's after-hours. It has attenuated a lot, but judging from the call auction situation at the opening of the market, it is still quite strong, especially the main market trends of 'infrastructure', 'military industry', and 'Internet finance' led by our institution, hundreds of branches in the field 90% of the constituent stocks have opened higher, and..."

Liu Yuan paused, then continued: "Huaguo MCC, Huaguo Railway Construction, Beijiang Communication Construction, Shanghai Construction Engineering, Tianshan Cement, Beijing Capital, Valin Iron and Steel, Flush, Jinzheng, Yinjie Technology, Henghua, etc. Sheng Electronics... This large number of stocks have all opened at the daily limit, which is beyond our expectations."

"There are also new stocks and stocks that are good for restocking, and the overall performance is also very strong."

"The five new stocks that were listed yesterday will all continue to have an unlimited daily limit today, and the three stocks that were good for the resumption last night also have an unlimited daily limit."

"Overall, looking at this situation, the risk appetite for funds in the entire market is clearly on the rise."

"In other words, it is estimated that the situation where the strong will always be strong will be concentrated."

"Although Huaguo MCC, Huaguo Railway Construction, Beijiang Communication Construction, Shanghai Construction Engineering, Tianshan Cement, Beijing Capital, Valin Iron and Steel, Flush, Jinzheng, Yinjie Technology, Hengsheng Electronics... a large number of stocks The opening call auction has a daily limit, but there are many stocks in which the willingness to close the market is not strong." Wang Can took over and said, "It is estimated that after 9:20, a large number of false pending orders will be withdrawn, and the market should become more rational. , At that time, among this large number of stocks, I am afraid that only a few can continue to seal the daily limit."

"But it cannot be denied that the risk preference of active funds in the entire market has increased." Zhao Lijun also responded in a timely manner when he heard Wang Can's words, "In general, the development of the market is still going according to our previous expectations and judgments, that is, the stock index. It should be able to fully stand at 2200 points, and at the same time, the lines of 'infrastructure', 'military industry', and 'Internet finance' that we lead will also have a high probability of being unanimously recognized by various funds in the market, and continue to open up space."

"I think the external market fell last night. It is a good thing to pour a basin of cold water on the domestic market." Zhu Tianyang thought for a while and said, "In this position of the market, the bargaining chips need to be further exchanged and stabilized. It is too early Excessively high consensus expectations and market sentiment reactions, in my opinion, are not conducive to market breakthroughs."

"I agree with Tianyang's statement." Zhang Guobing also said, "At this time, excessively high consensus expectations are not a good thing for the market. With such an opening situation, with clear layers and different strengths and weaknesses, the investment of the entire market Sentiment and risk appetite are picking up, but they haven't reached a particularly high level, which is the best."

"At the same time, the opening status of the main lines of 'infrastructure', 'military industry', and 'Internet finance' are also relatively weak compared with 'venture capital', 'finance', 'consumption', 'medicine', 'non-ferrous metals', and 'coal'. This is also conducive to the further concentration of funds on the market in relatively strong and active mainline sectors such as 'infrastructure', 'military industry', and 'Internet finance', which will help further open up the market's profit-making effect. "

"Overall……"

"Judging from the call auctions at the opening of the market, the market's recognition of our company's 'Fortune Road' trading seats is still very high."

"And as long as the majority of investors in the market still agree with our company's 'Fortune Road' trading seat, then we can use this to guide the market in a timely manner and make the market develop in a direction that is more beneficial to us."

Su Yu listened to everyone's discussion and analysis, nodded slightly, then raised his eyebrows, and asked Zhang Guobing with a smile: "Then what do you think, in the current situation, how should we guide the market? Only if it is beneficial to our positions can we further open up the market rebound space and expand our position profits?"

Hearing Su Yu's question, Zhang Guobing thought for a while, and responded: "Our main funds have all completed comprehensive positions at this moment, and the direction of holding positions is in line with the current main market development, so in terms of main positions, naturally No big changes are needed."

"What we mainly need to do now..."

"It is to further induce the follow-up sentiment of various funds in the main areas of 'infrastructure', 'military industry', and 'Internet finance', so as to further open up the market's continuous profit-making effect. No matter how it fluctuates, the direction of funds inside and outside the market will be a net inflow, which will lay the foundation for further upward breakthroughs in the market outlook.”

"Very good!" Su Yu praised with a smile, and continued, "What you just said is a strategy in terms of direction, what about the specific operation?"

Zhang Guobing's eyes flickered, and he scanned the rapidly changing disks of the two cities back and forth, and continued to respond: "Maintaining the strong disk pattern of the core leading concept stocks with the highest market attention makes the 'stronger get stronger'" This market evolution trend has once again penetrated into the hearts of retail investors following the trend in the market. Generally speaking... the hype interpretation of the main line market, as long as the core concept leader can come out, and continue to open up the hype space and increase the risk appetite of market funds, then The market can continue to hype."

"The core leading concept stocks with the most attention in the market?" Su Yu scanned the two markets and said, "Huaguo MCC, Beijiang Communication Construction, Shanghai Construction Engineering, Tianshan Cement, Hengsheng Electronics, Huake How many of these are Jincai?"

Zhang Guobing nodded and said: "It's not just that, the top 20 stocks in the two markets that we hold positions can all be counted. Of course...to maintain strength, it doesn't mean that these stocks must have a daily limit. During the entire call auction process for these tickets, the stock price is going up, which is a strong performance.”

"Okay!" Su Yu smiled, "The strategy is good, just follow what you said!"

After finishing speaking, he took a look at Li Meng and asked Li Meng to quickly convey the relevant trading instructions to all the trading teams in the trading room.

Immediately afterwards, with the official delivery of the order.

On the disk, there are a lot of popular strong concept stocks in the fields of 'infrastructure', 'military industry' and 'Internet finance', such as Huaguo MCC, Shanghai Construction Engineering, Tianshan Cement, Beijing Capital, Valin Iron and Steel, Flush, Jinzheng Shares, Yinjie Technology, Hengsheng Electronics, Hongdu Aviation... This large number of stocks, the active buying has further increased, and the stock prices have become stronger and higher as the call auction time goes by.

Then, when the call auction time of the two cities officially entered 9:20.

With the cancellation of a large number of false pending orders in the entire market, the overall call auction situation presented by the market is relatively weaker than that at 9:15. Except for 'infrastructure', 'military industry' and 'Internet finance', the two cities The main line of the "Yu Hang Department" funds for large-scale opening of positions still maintains a strong state of opening sharply higher, while the other main lines of the market have fallen to the point where they opened flat or opened slightly higher.

However, just as the overall call auction situation in the entire market is getting weaker and weaker.

A lot of hot stocks in the main line fields of 'infrastructure', 'military industry' and 'Internet finance', especially yesterday's Dragon and Tiger list, there are a lot of concept stocks obviously bought by 'Fortune Road', but they are getting stronger and stronger , On the disk, it can be clearly seen that there are more and more funds following suit.

"On the Dragon and Tiger List yesterday, 14 market concept stocks appeared on the 'Fortune Road'. After the time entered 9:20, there were still 6 stocks with a daily limit, and 8 stocks opened higher and rose by more than 5%." The performance after the real call auction session, at this moment in Shanghai, inside Principal Financial Corporation, in the trading room of the 'Future Mixed Investment Selection' fund product, the fund manager Zhao Zhongming was a little horrified, "The influence of Mr. Su from the 'Yuhang Department' Power, really cannot be underestimated!"

"The key is that the 'Huaguo MCC' check, with such a large circulation plate, can still be opened by the daily limit without other obvious major benefits. It is outrageous if it is true." Beside Zhao Zhongming, the trading team leader Yi Xiaopeng was very puzzled and said, "I really don't understand. How can there be so many fools in the market?"

In his view, Huaguo MCC's check, with such a large volume of circulation, has no hype value at all.

As for the investment value... the performance of this check in the same industry is not the most outstanding, and the investment value is naturally even less obvious.

"Thinking inertia!" Zhao Zhongming said with emotion, "For the majority of retail investors in the market, they don't understand investment expectations, hype logic, investment value... these things, they only know the concept of 'wealth road' selling For stocks, it is enough to say that there is no loss of money, and this can support them to follow suit without thinking."

"Hey, to put it bluntly, it is still the amplification effect of emotions." Yi Xiaopeng sighed, and said helplessly, "When it rises, it rises too far, and when it falls, it falls too far. If our domestic financial trading market has always been dominated by retail investors If it is dominant, it may be difficult to return to rational investment.”

Zhao Zhongming smiled and said, "You are right, so... we don't have to be the few sober rational investors."

"Mr. Zhao's words...what do you mean?" Yi Xiaopeng was a little at a loss when he heard Zhao Zhongming's words.

Zhao Zhongming stared at the market, his eyes gradually became sharper, and continued: "Everyone is drunk, and you are sober, then you are doomed to be the one who is difficult to get along with. The same is true in the financial trading market. In a rational market, even if the idea is correct, it is difficult to obtain a better rate of return.”

"Trends, emotions..."

"For so many years, in fact, the domestic market situation has been repeatedly staged, and it still follows these two basic conditions."

"Value, fundamentals, and performance are not useless, but in a market where 90% of retail investors participate, it is difficult to play a decisive role in driving the market."

"It's like the check for 'Hua Guo MCC'."

"Before and after the festival, the trend of this check can be described as polarized."

"However, after careful analysis, has the fundamentals of the company changed significantly in such a short period of time? Has the company's operating conditions, operating data, performance, and other conditions undergone significant mutations? And No! The company is still the same company, and the company is still the same company, but the stock price has undergone earth-shaking changes. From a situation where everyone sells and everyone casts aside, it instantly changes to a situation where everyone is scrambling for funds and everyone is chasing it. "

"Mr. Zhao means..." Yi Xiaopeng was shocked when he heard Zhao Zhongming's analysis of the market, and asked, "We also need to change our thinking, follow market trends and sentiments, and chase ups and downs?"

"It's not chasing ups and downs." Zhao Zhongming emphasized, "It's following the original market development logic of the market."

"But..." Yi Xiaopeng always felt that something was wrong.

Zhao Zhongming didn't wait for Yi Xiaopeng to finish, and continued: "The market rules are like this. If we don't abide by them, we can only be restrained everywhere and completely lag behind the market. Xiaopeng, under the current market structure and investor group structure, insist on Value investing will not have a big way out, this is a lesson we have already practiced, so... even if we do not agree with some of the ideas and logic, we have to follow it.”

Seeing the rapid rise of the 'Yu Hang Department' in the domestic asset management industry.

Seeing that the 'Yuhang Department' used and induced market sentiment again and again for hype, and continued to seek huge profits in the market.

Seeing the field of 'traditional finance', which is the core layout of their organization, with the rapid rise of the emerging concept of 'Internet finance' and the skyrocketing valuation of related concept stocks, the valuation has been compressed lower and lower. The trend not only seriously underperformed the market, but also lacked the recognition and follow-up of all main funds in the market, and even the majority of retail investors.

The "value investment concept" that Zhao Zhongming has always insisted on has really collapsed.

At this moment, seeing that the market is still advancing by leaps and bounds in the direction of 'emotional hype', and the 'traditional finance' sector, which has been lagging behind the gains of the broader market, is still severely underperforming the market on the basis of what he believes to be a great investment value, he finally Can't help but want to change the trading strategy.

Moreover, he believes the market has just bottomed out, reshaping support at 2200.

If you change your trading strategy at this time, change your thinking, grasp the hot spots of the market, and follow the market sentiment to hype, it is a very suitable entry point and a good opportunity to adjust positions.

Yi Xiaopeng was silent for a while, thinking that since Zhao Zhongming had already made a decision, whether he would object or not would have little effect, so he couldn't help but said: "I still stick to my idea, but since Mr. Zhao has already made a decision, in principle, I am also obedient."

"Hmm!" Zhao Zhongming nodded slightly, not angry at Yi Xiaopeng's persistence, and said with a smile, "In the financial trading market, the rate of return is the only teacher to test the truth. Whether it is right or wrong, let's practice it first. It's always good, after all... half a year is almost over, and our fund's performance this year is almost at the bottom of the industry. This is not only impossible to explain to investors, but also to the company and ourselves. !"

"Okay!" Yi Xiaopeng nodded, and asked, "Which direction does Mr. Zhao plan to follow up, and at the same time... how many positions are followed up as a whole?"

Zhao Zhongming stared at the market that was still changing rapidly, thought for a moment, and said: "The direction of 'infrastructure', at the current stage of the two cities, is the only direction that has continuous potential positive market news, and 'state-owned enterprise reform',' Stories related to the Shanghai Free Trade Zone and the New Silk Road are also closely related to the direction of "infrastructure". There are also old stories such as "rural revitalization" and "urbanization construction". The implementation of the "big infrastructure" strategy oriented by government investment will also bring great potential for performance explosion to this industry with a high probability. This series of hype factors... is enough to bring continuous hype and power to this direction. Expected."

"Okay!" Yi Xiaopeng continued to nod his head and said, "In fact, this direction, whether it is analyzed from the level of emotional hype or value investment, is still good."

Zhao Zhongming chose the direction of "infrastructure" as the breakthrough direction of the strategy change, which made Yi Xiaopeng slightly relieved.

After all, compared with the two more ethereal hype lines of 'military industry' and 'Internet finance', the line of 'infrastructure' is still much safer.

"Where's the target?" After a pause, Yi Xiaopeng continued to ask.

Zhao Zhongming asked back with a smile: "In the general direction of 'infrastructure', which targets have the most potential for continuous hype, or which targets have relatively stronger expectations?"

"Compared to Huaguo MCC, I think Huaguo Railway Construction, Conch Cement, Pudong Construction, BNBM... are better!" Yi Xiaopeng said, "Of course, from the perspective of capital speculation and market control , That must be the best small-cap concept stock that is currently popular, but this kind of stock has limited capital carrying capacity on the market and is too affected by emotions, so I don’t think it meets our fund’s basic buying criteria.”

After listening to Yi Xiaopeng's analysis, Zhao Zhongming agreed in his heart, and said, "It's not bad, it's about the same target as I expected, and that's the case...then let's make the layout according to the targets you just mentioned, the target... One-third of the overall holdings. At the same time, when increasing positions in the direction of 'infrastructure', we should simultaneously reduce the holdings of some relatively weak 'traditional financial' stocks in the market trend. Now that we have made a decision, we can't hesitate , we must complete the specific rebalancing and share swap plan as soon as possible.”

"Okay!" Yi Xiaopeng responded, and then quickly issued trading orders to the traders in the trading room.

And following his orders.

At this moment, the market trading hours have reached 9:24.

I saw that on the disks of the two markets, due to the main line fields of 'infrastructure', 'military industry', and 'Internet finance', the call auction trend of related hot concept stocks became stronger and stronger, and the overall situation was slightly higher than that at 9:20. A little better, the number of red stocks in the two cities has risen from a minimum of more than 1100 to nearly 1300.

However, although the overall situation has improved a bit, the strength and weakness of the specific main line directions of the two cities are still very obvious.

For example, 'infrastructure', 'military industry', and 'Internet finance', several mainline-related concept sectors and industry sectors, all have signs of becoming stronger and stronger, and active funds are increasingly participating in the trend, but yesterday's slight performance of 'intelligence' The direction of the mobile phone industry chain, especially the "Apple concept", as well as the fields of "traditional finance" and "big consumption" have shown signs of active selling of funds, and the trend of call auctions also shows signs of becoming weaker and weaker.

Generally speaking, from the perspective of the entire collective bidding process...

After yesterday's trend and last night's emotional brewing, in terms of the effect of off-market funds gathering to follow suit, the degree of net inflow of off-market funds, and the attitude of locking funds in the market, it is somewhat inferior to the expectations of the majority of investors in the market. Obvious market differentiation situation.

In the end, when the last minute of the call auction passed, 1:9 arrived, and the market in the two markets was frozen again.

Under the attention of tens of millions of eyes in the entire market, the core indexes of the market that have been hidden in the call auction have revealed their true colors. The Shanghai Designated Index is at 2234.51 points, up 0.32%. The Shenzhen Index and the ChiNext Index They opened 0.27% and 0.11% higher, respectively.

(End of this chapter)