The investment era of rebirth

Chapter 505 The choice of the main institutions ([-])!
Hearing Zhou Qiang's analysis, Gong Tiancheng weighed in his mind for a long time, and looked at the market of the two markets. After a brief adjustment, the active funds from all walks of life were still converging in the field of "growth concept stocks" in the direction of the small and medium-sized board and the ChiNext board. In the main line field of 'infrastructure' with large-scale holdings, the core hot stocks of the crowd are indeed adjusting more and more. I can't help but slightly nodded and said: "In the market trend, only the flow of funds can't deceive people. Since According to the flow direction of a large amount of funds in the market..."

"It proves that the style of the market is indeed changing, and it proves that the main line of 'infrastructure' has indeed entered a state of adjustment."

"Then, I will listen to you."

"According to the current market situation stage, the strong and weak concept stocks that have come out will be adjusted and swapped in a timely manner, and the investment direction will be changed from the main line of heavy positions of 'infrastructure' to balanced positions, and cut into the market of 'growth concept stocks'. line, temporarily avoiding the adjustment of the direction of the main line of 'infrastructure'."

"Okay!" Zhou Qiang responded.

Immediately, he turned around and began to order a group of traders behind him to gradually sell the relatively weak stocks in the "infrastructure" field, which are heavily held, and at the same time gradually increase their positions in the "hot stocks" that are relatively strong in the market at the moment and can still be bought. Growth concept stocks', carry out quick position adjustment operations.

Similarly, at the moment when the two of them adjusted the structure of the fund's holdings in response to changes in market trends.

Yuhang, inside Yinhua Public Fund Company, in the trading room of the 'Value Investment Mixed Selection' fund product, Zhou Yang, the product fund manager, also found signs of an obvious change in market investment style. After pondering for a while, he said: "Look at the situation, Will not "film and television media", "mobile Internet", "smart phone industry chain" these main line concepts that were hyped up last year and at the beginning of the year, and fully undertake the main line market of "infrastructure", "military industry" and "Internet finance" , has become the main line of the market's next hot hype field?"

"What the hell... This market style change is a bit too fast!"

"The main line of 'big infrastructure' was fine yesterday. I thought it could lead the index to a steady breakthrough, but I didn't expect... it suddenly stopped?"

Next to Zhou Yang, Zhu Peng, assistant fund manager and trading team leader who had been staring at the computer screen in front of him and also closely observing the changes in the market trend, responded in a deep voice: "Mr. Zhou, it seems that the style of the market trend is indeed showing signs of turning. The line of "big infrastructure" should not be so weak today, especially in the field of "infrastructure" such as Huaguo MCC, Gemdale Group, Conch Cement, Beijiang Communication Construction, Shanghai Construction Engineering, etc. For the core stocks, the sell-off of the main funds on the disk is really very obvious."

"I feel that the main line of 'big infrastructure' has come here, and it seems that the main funds holding positions in the market have already diverged considerably."

"As for the line of 'film and television media'... and the 'growth concept stocks' sectors of the SME board and the GEM, such as 'Internet software' and 'Internet applications', the performance of the main line of the market is completely in line with the main line of 'big infrastructure'. , and contrary to the popular main line fields such as 'military industry' and 'Internet finance' in the early stage, the main funds in the market and the active funds following the trend can be said to be pouring into these main line concept sectors one after another."

"Mr. Zhou..."

Zhu Peng paused for a moment, thought for a while, and continued: "In the line of 'big infrastructure', under such a huge divergence of market funds, short-term adjustments should be inevitable, while the 'growth stocks' of the small and medium-sized board and the gem This line, after frantically absorbing so many active funds and main funds, has a high probability of being able to undertake the market price transformation under the adjustment of the "big infrastructure" trend, and further open up the market's profit-making effect."

"So I think……"

"Can we optimize the fund's position structure and adjust the position in a timely manner?"

Hearing Zhu Peng's words, Zhou Yang pondered for a moment and asked, "How do you think we should adjust? Lighten up the bargaining chips of the main line of 'big infrastructure', and follow up the 'film and television media' or 'Internet software' and 'Internet applications'." A few main-line concept sectors that are currently in hot hype, vying for relatively core popular stock chips?"

"En!" Zhu Peng nodded, "The market's main line of development has just been in the process of transition and rotation. It should be the right time for us to adjust our positions and attack at this time."

"Let's take another look!" Zhou Yang pondered for a long time under Zhu Peng's opinion, and finally said, "If the Shanghai Stock Exchange Index still cannot stand firmly at the important point of 2300 points, it will affect the investment sentiment and confidence in the market. , forming a great constraint, so...even if the market hotspot is briefly switched to the direction of "growth stocks" on the small and medium-sized board and the ChiNext board, I am afraid that it will not go out of too high a space."

"In general……"

"The current market is still a stock game market!"

"Since it is a stock game, it means that in the long-term trend of the index, it has not accumulated enough sustained strength, and there is no support for the trend of continuous upward breakthroughs in the broader market. It is only driven by the positive stimulus on the market news and the short-term hype in the market. , coupled with the basic expectation logic and hype logic of the "growth stocks" line of the small and medium-sized board and the GEM, are obviously not as good as the main line of "big infrastructure."

"Since the main line of 'big infrastructure' has not gone far, there has been a big difference today."

"I'm afraid that the line of 'growth stocks' on the small and medium-sized board and the ChiNext board, which is full of riots today, will not last long. I am afraid that the hype is not as high as the line of 'big infrastructure', and there will be big differences again. .”

"So... we have to observe and observe."

"If the subsequent Shanghai Index successfully stands at 2300 points and does not fall back again, it will establish a good market investment confidence, and the line of "growth stocks" on the small and medium-sized board and the ChiNext will be established after the Shanghai Index completely stands at 2300 points. It can also continue to deepen and spread hype to a wider range and more conceptual sectors.”

"That should fully explain the market's investment style shift."

"At the same time, at that time, when the characteristics of the market conditions are all clear, we can safely and boldly adjust positions."

"As for before the Shanghai Stock Exchange Index completely breaks through 2300 points, when the market investment confidence has not been fully established, and the influx of incremental funds from off-market is not obvious, our heavy positions will be in the field of 'big infrastructure' or in the small and medium-sized board. , The GEM 'growth stocks' sector is not bad."

"In general……"

Zhou Yang pondered for a moment, and continued: "When the direction of the market's macro trend is still unclear, it is better for us to be more quiet and less active. At this time, it is only suitable for right-side investment, not left-side investment. .”

Hearing Zhou Yang's judgment after pondering for a long time, Zhu Peng sighed softly in his heart, and had to swallow some of his thoughts back, nodded and said: "Since Mr. Zhou has made a decision, let's observe again." Observe!"

After finishing speaking, he turned his attention back to the trading board of the two cities again.

I saw that during the time period when the two were talking and discussing, the market trading time had moved to around 11:20, entering the last 10-minute trading session before the noon close.

And the changes in the market as a whole...

Compared with before the two talked and discussed, there was no obvious change.

The main capital flow of the entire market is still flowing in the direction of the "growth stocks" of the small and medium-sized board and the GEM based on the three concepts of "film and television media", "Internet software" and "Internet application". In the first hour after the opening, there was some attenuation.

And a series of pre-hot main line fields such as 'infrastructure', 'military industry', and 'Internet finance' which performed relatively weakly.

At this moment, whether it is the relevant concept sector or the industry sector, the trend of its sector index has tended to be in a state of sideways shocks, no longer diving downward rapidly, and a series of popular concept stocks... such as Huaguo MCC , Huaguo Construction, Gemdale Group, Shanghai Construction Engineering, etc., on their trading disks, the volume of active selling and the volume of concentrated selling have also weakened a lot.

As for the performance of several major market indexes.

The Shanghai Stock Exchange Index still fluctuates between 2290 and 2295 points, jumping back and forth in a narrow point range. It can neither directly break through 2300 points in one go, return to above 2300 points, nor directly go down and effectively break through The 2290 point further stimulated panic selling in the market.

The Shenzhen Index, the ChiNext Index, and the Small and Medium-sized Board Index are several major market indexes.

In the case that the Shanghai Stock Exchange Index has been unable to break through and stand firm at 2300 points, which has obviously restricted the overall investment confidence, hype, and follow-up sentiment of the investor group on and off the market. Many popular themes such as film and television media', 'Internet application' and 'Internet software' have achieved a hot money-making effect on the disk, but the gains of several major indexes have not been further expanded.

Among them, the Shenzhen Index hovered between 1% and 1.2%.

The Growth Enterprise Market Index and the Small and Medium-sized Board Index hovered between 1.2% and 1.5%.

In the process of intraday hype sentiment gradually returning to rationality from the peak stage at the beginning of the day, all major indexes in the market were unable to hit new intraday highs.

Finally, when the time moved to 11:30, the two cities ushered in the moment of closing at noon.

The Shanghai designated index is at 2292.31 points, which is only less than 2 basis points higher than yesterday's closing point, up 0.08%. The Shenzhen Stock Exchange Index and the ChiNext Index rose by 1.05% and 1.23% respectively. It still maintains the leading position of the important indexes of the two cities, up 1.33%.

In addition to the performance of the index, the half-day turnover of the two cities reached 578.49 billion.

Compared with yesterday, and even last few trading days, this turnover is at the normal average level, and there is no obvious sign of increase.

And according to this quantity can be expressed.

It is also enough to show that in the current market, although the profit-making effect is still relatively hot, hot concept stocks, popular concept sectors, new hot market lines and other hype hotspots emerge one after another, but on the whole, it is still in the stage of the game of stock funds, and off-market incremental funds intervene Still not enough.

After the market closed at noon, faced with such a closing result and market trend.

There are a large number of investor groups in the market, and the differences of opinion have expanded significantly.

In terms of the index trend, some people think that if the Shanghai Index is too late to go up to 2300 points, it will have to fall back to 2200 points for further support confirmation; But it is further accumulating breakthrough strength; some people think that the Shanghai Stock Exchange Index will continue to fluctuate sideways in the range of 2300 points to 2300 points, while at the same time, the ChiNext Index and the Small and Medium-sized Board Index will replicate last year's trend, all the way Breaking through upwards, completely breaking away from the relationship with the Shanghai Stock Exchange Index...

In specific market trends.

Some people think that the divergence of the line of "big infrastructure" has widened, the hype has ended, and it no longer has the value of participation, while popular main lines such as "film and television media", "Internet applications", and "Internet software" have extremely strong explosive power. There is a lot of room for hype.

Some people think that the market style has fully converged in the direction of small and medium-cap concept stocks. At this moment, they should avoid all large-cap blue-chip stocks and embrace small and medium-cap concept stocks with "beautiful stories". At the same time, they also believe that the core investment logic of the market is "growth". Rather than logics such as 'dynamic valuation' and 'PE investment'.

Some people think that the breakthrough direction of the main line market at the core of the market is still on the main line of "big infrastructure". The large-cap stocks in the market will drive the Shanghai Index to break through upwards and truly open up the market space. The so-called concept hype and growth hype are just crooked ways, breaking through the entire market, which does not help, and at the same time does not have continuous investment.

Generally speaking, it does not matter whether it is the direction of the index trend or the direction of the market style.

Under this morning's market trend, the differences are huge.

Moreover, this kind of disagreement does not only occur among the majority of retail investors, but also among the main institutional groups at the moment, there are also huge differences in these opinions.

Among them, Yuhang Anzhao Fund chose to hold positions and wait and see, waiting for further market rotation in the market.

Yuhang Jingda Investment chose to invest heavily in the field of "film and television media" to grab the largest market profit under the hot hype.

Yuhang Minghui Capital chose to buck the trend and increase its position as the main line of "big infrastructure".

Yuhang Yinhua public offering fund chose to hold positions and wait and see.

Yanjing Chenghua public offering fund chose a balanced position to follow up.

Yanjing Anlan Fund Co., Ltd. chose to hold positions and wait and see, and agrees with the view that the popular concept sectors related to "film and television media" are just short-term emotional hype.

Magic City Yinghui Fund Company, two main fund products, and two major trading room fund managers finally chose to abandon the main line chips of "big infrastructure" in a timely manner, and followed up the popular concept sectors related to "film and television media" heavily, believing that the market has come to invest When the style turns.

Modu Xin'an Financial Investment Company, under the premise that the company's main fund products originally obtained relevant high-quality concept stocks before the announcement of the "film and television media" heavy good news, also continued to increase its positions on a large scale today on the small and medium-sized board and the ChiNext board' A bargaining chip in the direction of growth stocks, it believes and promotes the transformation of market style.

Magic City Zexi Investment Company, its main fund products have slightly followed up, but the direction of heavy positions is still in the field of "big infrastructure".

E Fund Asset Management Center in Shanghai, a number of mixed investment products follow the direction of the "growth stocks" of the small and medium-sized board and the ChiNext board, but at the same time there are many main fund products, and the key positions are still on the main line of "big infrastructure". The views are ambiguous. Fund managers disagree.

Shenzhen Xinniu Fund Company, Fang Xinsheng firmly believes that the market will quickly return to the direction of "big infrastructure".

Shenzhen Pingyin Asset Management Center, its main fund products have followed the direction of "growth stocks" on the small and medium-sized board and the ChiNext board on a large scale. aspects change.

As for Yuhang Investment Company, which has received much attention from the market and has been speculated by the majority of investors and many major institutional groups, that the main fund's heavy positions are in the major areas of 'big infrastructure', 'military industry', and 'Internet finance', At this moment, in the trading room of the main fund, everyone returned to the trading room after lunch, staring at the market trading table that had been fixed for a long time, and after a brief resumption of trading, they also had quite different opinions on the next trading strategy suggestions.

(End of this chapter)