The investment era of rebirth

"Yeah!" Qin Qiuyue nodded, "It seems that the style of the market has changed."

Zhou Hui responded: "Indeed, affected by the continuous hot hype of the main line of 'film and television media', all the low-level 'growth stocks' on the entire small and medium-sized board and the ChiNext board have followed suit and exploded, while all the main line concepts on the main board And the core component stocks basically did not move much, and they did not follow the market trend at all, especially in the lines of 'infrastructure', 'military industry', and 'Internet finance', many popular stocks did not rise but fell."

"but……"

Zhou Hui thought for a while, and then said: "Singlely driven by relatively low-level small and medium-sized concept stocks such as the SME Board and the ChiNext Board, it shouldn't be possible to make the Shanghai Stock Exchange Index stand at 2300 points, right?"

"And once the Shanghai Index fails to stand at the pressure level of 2300 points."

"The countless investor groups inside and outside the market, especially those who were hesitant at first, may not be able to fully establish their investment confidence. Therefore, if the market wants to usher in continuous incremental funds to undertake the market, I am afraid it will It's not optimistic."

"You want to say that this wave of rebound in the direction of the small and medium-sized board and the ChiNext market does not have continuity, right?" Qin Qiuyue looked at Zhou Hui with a smile, "I also want to say that the Shanghai Stock Exchange Index is at 2300 points. And repeat?"

Zhou Hui nodded and replied, "President Qin doesn't think so?"

Qin Qiuyue thought for a while, and said: "From the market feedback, the line of 'big infrastructure' that previously supported the upward breakthrough of the Shanghai Index does have obvious signs of adjustment. At the same time, there are indeed no obvious signs of adjustment in other sectors of the main line direction There are signs of an outbreak of the market, and it is unable to undertake the sluggish market trends in the lines of 'big infrastructure', 'military industry', and 'Internet finance', thus supporting the market upward."

"That is to say, the stock index is at 2300 points, and I am afraid that there will be repeated judgments. I agree."

"but……"

Qin Qiuyue paused for a while, then continued: "Whether the market of the "growth stocks" line of the small and medium-sized board and the ChiNext market has continuity, you shouldn't be able to see it now, right?"

"If the Shanghai Stock Exchange Index cannot really break through and stand firm at 2300 points, and in the case of adjustments to the main lines such as 'infrastructure', 'military industry', and 'Internet finance', the line of 'growth stocks' on the small and medium-sized board and the ChiNext can go out of the independent market. Is it?" Zhou Hui insisted on her opinion, thought for a while, and continued, "From the perspective of the market trend, the current market evolution is still a stock game, and the line of "growth stocks" on the small and medium-sized board and the ChiNext board is hyped. The logic is not strong, once the hype caused by the "film and television media" sector fails, I think its market will most likely be difficult to continue."

Seeing Zhou Hui's firm eyes and confident face, Qin Qiuyue knew that she was quite confident in her analysis and judgment, so she couldn't help smiling, and said, "So, do you think we...should stick to 'infrastructure' and 'military industry'? Waiting for the main line sector, patiently waiting for the hype sentiment in the direction of the small and medium-sized board and the ChiNext "growth stocks" to fail, and the market style will return to the direction of the main board?"

"Yes!" Zhou Hui nodded and replied, "Only relying on the game of the amount of funds in the market, the market can only produce partial market prices, and it is still unable to form an effective upward breakthrough. However, in order to form an effective upward breakthrough in the market, it must be big. It is necessary to attract off-market investors and incremental funds to enter on a large scale."

"But if you want to attract off-market investors and incremental funds to enter on a large scale..."

"The most simple and direct way to build investment confidence is the most important index trend reaction of the Shanghai Stock Exchange Index."

"In other words, only when the Shanghai Stock Exchange Index breaks out of the Lingli breakthrough trend, can it attract off-market investors and incremental funds to enter the market, and can also make the market prices form a long-term upward trend of a virtuous circle."

"But to lead the index to break through, it is obvious...with the size of the "growth stocks" line of the small and medium-sized board and the ChiNext board, and the ability to drive the market as a whole, it is simply impossible."

"So, I'm going to make a bold guess...after the hype of small and medium-cap concept stocks triggered by 'film and television media' has exhausted, the main direction of the market will definitely have to return to 'infrastructure', 'military industry', and 'Internet finance'." Several main lines as the core direction come up."

"at the same time……"

Zhou Hui paused, turned her head to glance at the smiling Qin Qiuyue, and continued: "The weight of our fund products has been poured into the two lines of 'infrastructure' and 'military industry', and now we are going to catch up with the small and medium boards." , The popular main line of "growth stocks" on the GEM is obviously too late, and it is not easy to turn around and adjust positions."

"So... we might as well hold positions patiently and wait for the market style to reverse, so as not to aggressively adjust positions and get slapped in the face at both ends."

Hearing this, Qin Qiuyue nodded slightly and said: "No matter how the hype of the 'growth stocks' line of the small and medium-sized board and the gem continues, at least one thing you said is right, that is, since we missed the best yesterday The time to intervene, it is really inappropriate to follow the trend to pursue positions now. It is better to be quiet than to move. Since the basic hype logic and future expectation logic of the two core main lines of 'infrastructure' and 'military industry', as well as the important constituent stocks of our holdings, the current There are no major changes in fundamentals and expectations, so follow what you said, hold positions patiently, wait and see the market, and wait for changes!"

"Yeah!" Zhou Hui nodded, and turned her eyes back to the trading board of the two cities.

At this time, the market trading time has been moved to 10:15, and the style of the entire market is still shifting to the direction of "growth stocks" on the small and medium-sized board and the ChiNext board, while the "infrastructure", "military industry", and "Internet finance" Several major early core main line fields, whether it is related to various industry sectors, concept sectors, or related core concept stocks, their market trends still show a weak form, and such as Huaguo MCC, Beijiang Communication Construction, Gemdale Group, For a number of component stocks such as Shanghai Construction Engineering and Conch Cement, the volume of active selling on the market is still increasing with time.

At 10:21, when the market style became more and more obvious, the Shanghai stock index fell all the way, touching 2295 points, and the increase was reduced to about 0.27%.

At 10:25, 'Beijiang Communication Construction', a core concept stock in the main line of 'infrastructure', hit the limit price in a straight line under the concentrated selling pressure of numerous profit-making orders.

At 10:26, Beijiang Communications Construction fell to the limit, and the intraday turnover reached 2.78 million.

At 10:28, under the influence of the lower limit of 'Northern Xinjiang Communication Construction', short-term profit-making funds, as well as in the main line of 'big infrastructure', the fund groups whose positions are not firm, have accelerated their escape from the weak 'big infrastructure' In the main line field, at the same time... when a large amount of funds escaped from the "big infrastructure" field, the main lines of "mobile games", "Internet software", "Internet applications", and "Apple concept" tended to be in the direction of the small and medium-sized board and the gem The concept sector and the industry sector began to rise rapidly, and the sector index increased further.

At 10:30, when the market trading time reached one hour, the growth gap between the Shanghai Stock Exchange Index and the Growth Enterprise Market Index widened to about 1.25%.

At 10:32, the GEM index and the small and medium-sized board index rushed to the 1.5% increase mark after a brief adjustment.

At 10:35, the stock of Huaguo Software hit the daily limit in a straight line, and the sector indexes of the entire 'Internet Software' and 'Internet Applications' industries also experienced rapid surges, and the sector indexes rose to around 2.3%. The net inflow of main funds within the sector has also increased rapidly.

At 10:38, 'Film and TV Media', the core industry sector with the highest attention in the market, saw its sector index increase by around 4.2%. There were a number of constituent stocks in the sector, except for Oriental Fortune, and several stocks that had obvious negative impacts Other than that, all rose in the red market.

At 10:42, within the "Film and Television Media" section, Huace Film and Television, Wasu Media, Phoenix Media, Bosera Media, Shengda Media, Zheshu Culture, Yanjing Culture, Wentou Holdings, Ciwen Media, LeTV, Huahua Yi Brothers, Guangguang Media... and other core concept stocks all achieved their daily limit, and the entire 'film and television media' industry sector broke out with a daily limit wave.

At 10:44, driven by the eruption of the daily limit tide of "film and television media", active funds in the market further poured into small and medium-cap concept stocks, driving the two major indexes of the small and medium-sized board and the ChiNext to set new intraday highs , Standing on the 1.75% increase mark.

At 10:45, at the moment when the two major indexes of the small and medium-sized board and the gem set new intraday highs, the Shanghai stock index still hovered around 2295 points, and was still unable to break through 2300 points again and stand firm.

At 10:46, after the stock 'Beijiang Communication Construction' was largely abandoned by funds, 'Shanghai Construction Engineering', a popular leading stock in the field of 'infrastructure' in the early stage, was also largely abandoned by funds. The decline instantly expanded to 7%, and there was a tendency to limit the limit. At the same time, the bewitching stock 'Beixin Road Bridge', which performed extremely well in the previous April and May, was suddenly abandoned by the funds collectively, showing a trend of flash crash and limit limit.

At 10:48, the core industry sector in the main line of 'infrastructure', the 'real estate' sector's decline expanded to 1.53%, leading the decline in the industry sectors of the two cities.

At 10:50, the sector index for the 'National Defense and Military Industry' sector also expanded to around 1.37%.

At 10:52, Hongdu Aviation, a leading concept stock in the 'military industry' sector, saw its market decline expand to 5%, and there were also concentrated selling that could rapidly expand in volume.

At 10:55, under the influence of the obvious divergence between the two markets and the fact that the Shanghai Stock Exchange Index could no longer stand above the 2300-point mark, the overall market investment confidence and investment sentiment began to subside. The time-sharing trend of Shenzhen Index, ChiNext Index, and Small and Medium-sized Board Index all began to turn around and pull back again.

At 10:57, the Shanghai stock index fell back to the 2291 mark, almost swallowing all the intraday gains, and returned to the vicinity of yesterday's closing point.

At 11:01, during the market trading hours, it began to enter the last half-hour trading session at noon. The Shanghai Stock Exchange Index completely wiped out all the gains in the market and continued to turn green. The deep index, ChiNext index, and small and medium-sized board that Ruhong broke through were also abruptly pulled back. Among them, the growth of the two major indexes of the ChiNext index and the small and medium-sized board index fell from more than 1.5% to around 1.1% within a few minutes. .

"Today's market trend, the range of shocks, is really not small!"

At 11:03, inside Yanjing Chenghua Public Fund Company at this time, in the trading room of the main fund, Zhou Qiang, assistant fund manager and leader of the trading team, said with emotion: "The Shanghai stock index opened so well that it has not gone out of the market at all, and The position of 2300 points is still not stable."

Standing behind Zhou Qiang, Gong Tiancheng, the fund manager who was also staring at the trading boards of the two cities, shook his head slightly, and said helplessly: "Gathering in the early hot main lines such as 'infrastructure', 'military industry', and 'Internet finance' Many active capital groups in China have been completely siphoned away by the small and medium-cap concept stocks in the direction of the SME board and ChiNext under the hot hype of the "film and television media" line today."

"Without the support of this large group of active funds."

"'Infrastructure', 'Military Industry', and 'Internet Finance' are the core popular lines in the early stage. It is really difficult to continue to make room for it!"

"And, these active funds gathered in these main lines have been fully siphoned."

"Obviously, it can be seen that the bargaining chip structure in these mainline fields has lost the support of strong buying funds and has begun to loosen. Many related popular core stocks and the volume of selling orders on the disk are all keeping pace with the times. Increase, it can’t be dispelled in a short time.”

"It seems that...the main lines of 'infrastructure', 'military industry', and 'Internet finance' should be adjusted in the short term."

"However, there is the line of 'film and television media', as well as the small and medium-cap concept stocks of the small and medium-sized board and the GEM as the market undertaker, and continue to create a continuous profit-making effect in the market. Even if these main lines are adjusted, the macro-trend of the market index , even if it can’t break through the upper pressure threshold, it shouldn’t fall much downward.”

"Then we..." Zhou Qiang asked hurriedly when he heard Gong Tiancheng's analysis, "Since the core lines of 'infrastructure', 'military industry', and 'Internet finance' are inevitable to be adjusted in the short term, there is no need for us to work in this direction." If you are going to die, you should adjust your trading strategy in time, avoid risks, and adjust positions and swap stocks appropriately, right?"

Gong Tiancheng narrowed his eyes as he stared at the trading boards of the two cities, weighed and pondered for a while, and said, "I can judge that the lines of 'infrastructure', 'military industry', and 'Internet finance' will most likely be adjusted, but small and medium-sized enterprises will be adjusted. It is impossible to judge how long this wave of hype about low-level concept stocks in small and medium-cap stocks will last in the direction of the Shanghai Stock Exchange and the ChiNext Board.”

"Such an obvious sign of style change, such a strong capital siphon effect..." Zhou Qiang thought for a while, and said, "There should be a lot of market space, right? After all, such a large number of capital groups have entered, if there is no space, the new The main funds that have been brought in cannot be safely withdrawn after the hype has exhausted."

"So, Mr. Gong..."

Zhou Qiang paused for a while, and then continued: "Let's take advantage of the current market situation, and it has just begun to change obviously. We still have to seize the opportunity! Even if we can't adjust positions in all directions, we should spread our positions to prevent The main lines of 'infrastructure', 'military industry' and 'Internet finance' continue to be adjusted, which brings the risk of a large net worth retracement to the fund, and... to be honest, in the direction of the small and medium-sized board and the growth enterprise board, these changes today The position of 'growth concept stocks' is already quite low, even if we follow the trend to pursue positions, the risk of loss after cutting in is not high."