The investment era of rebirth

When the Shenzhen market's "conceptual growth stocks" related to various main lines, they re-entered the extreme hype of emotional outbursts.

In the direction of the main board, the main line of "big infrastructure" that originally occupied part of the market's active liquidity, as well as the main lines of "traditional finance", "big consumption" and "medicine", have further "bleeded" in an instant. Undertaking funds, as well as the corresponding buying funds, began to drop sharply, and at the same time... the selling funds on the market, the concentrated selling volume, also began to increase rapidly.

And the direction of the two main lines, the strength and weakness of the trend are compared.

The Shanghai Index retreated step by step, while the Shenzhen Index, the ChiNext Index, and the Small and Medium-sized Board Index rose step by step and broke through quickly. The growth gap between the ChiNext Index and the Small and Medium-sized Board Index has widened again.

Finally, when 11:30 came, the two cities ushered in the noon closing time.

The Shanghai index retreated to the 2305 point line, and the increase was once again reduced to within 0.5%, while the Shenzhen index, the ChiNext index, and the small and medium-sized index all rose by more than 1% again. The half-day trading volume in the market was able to expand compared with yesterday, with a total turnover of about 600 billion.

Faced with such a midday closing situation.

The majority of investors in the market are quite satisfied in their hearts, but they still feel somewhat unsatisfactory about the performance of the Shanghai Stock Exchange Index.

"The Shanghai stock index has shrunk back to below the opening point again. Hey... It seems that it is still difficult for the Shanghai stock index to fully stand at 2300 points, and the active capital liquidity in the direction of the main board feels that it is completely dominated by the small and medium-sized boards of the Shenzhen Stock Exchange and entrepreneurs. Many "concept growth stocks" on the board have been absorbed, and the market trend in the direction of the main board in the afternoon may be even less optimistic than in the morning."

"Indeed, the active capital liquidity in the direction of the main board has been completely absorbed by the "concept growth stocks" on the small and medium-sized board and the gem, which has also led to the "big infrastructure", "big finance", "consumption", and "medicine" etc. In the traditional main line field, there is basically no capacity for active buying."

"Today's market volume has expanded a lot compared to yesterday, right?"

"However, it can be seen that the stock game is still the main one. The direction of the small and medium-sized board and the ChiNext board. Once the line of "conceptual growth stocks" is strong, the main board will be weak. To put it bluntly... it is still the main buying capital of the market. The amount of energy cannot support a comprehensive market and cannot achieve a general rise.”

"Apart from the amount of funds, the most important thing is the change caused by expectations, right?"

"Well, it is obvious that the two core lines of 'mobile Internet' and 'smartphone industry chain', which have been speculated for several rounds before, are expected to rise again."

"These two main lines are originally the most imaginative industry outlets in the current market."

"In fact, in the past two years, the overall performance of the market has always been a situation of 'Shanghai is weak and Shenzhen is strong'. The current trend is not surprising."

"Specifically speaking, the strong breakthrough trend of the Shanghai Stock Exchange Index in April and May is an accident."

"Yes, in fact, the trend of the market in the past two years has always been based on the two main lines of 'mobile Internet' and 'smart phone industry chain', and all the hype about related concepts is also developed around these two main lines. , and now... the main funds of all parties in the venue are once again converging in these two directions, which is not an accident."

"It's not a surprise, I just feel that the adjustments in these two major areas are not particularly sufficient, and compared with the entire market, both the valuation and the historical position of the stock price are not low, besides... after so many waves in the past Hype, upward expectations, how much more can we play?"

"No matter how many expectations can be played, at least the 'growth' of these tickets is still the best in the entire market, right?"

"The two main lines of 'mobile Internet' and 'smartphone industry chain', and the related industry growth logic, are certainly no problem, but the comparison of 'growth' with valuations and market expectations is really inconceivable. What is worthy of investment and continuous hype? The key is that it will soon be the time for the intensive disclosure of the semi-annual report. Under the high expectations of the market, if the performance of these "growth stocks" falls short of expectations, the stock price will be quite scary. of."

"In general, participating in these tickets is high-risk, high-yield."

"There is a high probability of high risks, but not necessarily high returns. Let's talk about the line of 'film and television media'. This is the third day of continuous skyrocketing. If you continue to increase your position here to follow the trend, who can guarantee how much room there is in the future? ? On the contrary, it is the line of "big infrastructure". I think the adjustment is almost done, and no matter how you analyze it, you must have expectations, emotions, performance, and performance. The valuation is still very low. At the same time, Su The large-scale lockup of several big funds in the "Yuhang Department" in charge of the general manager is optimistic, and there is no reason why there will be no market in the future!"

"The current participation risk in the line of 'film and television media' is definitely not low, but the entire field of 'concept growth stocks' is not limited to the line of 'film and television media'! Today's explosive 'Apple Industry Chain' 'This line, as well as a group of violent 'mobile Internet' concept stocks, are quite good, and the signs of large-scale involvement of main funds can be clearly seen on the board of these stocks."

"In terms of investment logic, no amount of analysis is useless. In fact, I want to say...just follow the main funds in the market. After all, our funds are small, and we don't have such a large institutional fund in terms of maneuvering and switching. Looking at such a long-term perspective, wherever there is a market, just do that area.”

"It's true, but I'm afraid that if you chase at the high point, you will be buried with your backhand."

"The main thing is to worry about the continuity of the market in the direction of 'conceptual growth stocks'. After all, stock speculation is about the future. If it rises today and falls back tomorrow, it is better not to buy."

"Yes, although this morning, the small and medium-cap "concept growth stocks" in the entire market are doing well, but the overall hot market rotation is still quite fast, and there is no strong continuity."

"Isn't the line of 'film and television media' considered to have strong market continuity? The votes of Huace Film and Television, Ciwen Media, and Wentou Holdings are all triple boards."

"One-word daily limit, is it also considered to have strong continuity?"

"Not to mention the checks of Huace Film and Television, Ciwen Media, and Wentou Holdings, Huayi Brothers and LeTV can always be said to have better continuity. They have been trading at their daily limit for three consecutive days, and they are basically changing hands. .”

"Huayi Brothers and LeTV are indeed doing well today, but these two checks have hidden worries about the large-scale profit-stopping of 'Wealth Road'. The emotions are not very strong. These two checks are really going to be out of the leader. I’m afraid we still have to look at today’s after-hours data of the Dragon and Tiger Rankings and the test of tomorrow’s market trend, and although these two checks are firmly sealed today, I always feel that there is something abnormal in the market trend.”

"Agreed, I also feel that the trend of these two checks is quite weird today."

"In any case, in today's offline investment strategy meeting in Shanghai, so many asset managers of large institutions are optimistic about the two emerging industries of 'smartphone industry chain' and 'mobile Internet', which should be enough to explain this. The market conditions in the two fields are not much different.”

"Hehe, which of these people's public statements is correct?"

"That's true. Opportunities that are open to the public are often not opportunities. However, you can still take a look at the analysis report of Mr. Liu of the 'Pingyin Asset Management Department'. His judgment on the macro market trend is quite accurate."

"It doesn't matter whether these people are right or not. The important thing is that there are indeed a lot of main funds increasing their positions in various small and medium-cap growth stocks today, and this feature, in the core 'Apple Industry Chain' stocks, As well as popular growth stocks such as LeTV, Huayi Brothers, Netspeed Technology, Inspur Information, Huaguo Software, [-], etc., the performance is particularly obvious. Anything in the market may deceive people, but real money The flow of funds should not be able to deceive people, right?"

"Compared with the same kind, after the Dragon Boat Festival, the main line of "big infrastructure" that once supported the market rebound and continued to absorb a lot of main funds and positions on a large scale has shown signs of continuous outflow of main funds. There are still huge differences in the logic of the direction of 'big infrastructure'."

"The two main lines of 'Apple Industry Chain' and 'Mobile Internet', the institutional funds involved in the past, as well as the main funds, should have been quite a lot?"

"Well, quite a few. According to the first-quarter reports and annual reports of various popular stocks, we can see that there have always been many major institutions lurking holding positions. It was Yu Yu who made a lot of hype in this field last year and made huge profits. Airline' funds should be greatly reduced."

"It seems that Mr. Su seems to be at this stage, and he is not optimistic about the line of 'conceptual growth stocks' in the market!"

"Indeed, if Mr. Su was optimistic, he probably wouldn't have sold the three core growth stocks of LeTV, Huayi Brothers, and Wangsu Technology yesterday."

"So, the vast majority of President Su's positions are still in the direction of 'big infrastructure'?"

"It is very likely so."

"If this is the case, then President Su's current holdings should be somewhat different from the direction that the majority of institutional groups in the market are optimistic about!"

"The market diverges greatly in these two directions, right?"

"If the Shanghai Index does not stand firm at 2300 points, how far can the Shenzhen Index and the ChiNext Index go?"

"This is not necessarily the case. If the market conditions can replicate the trend in the second half of last year, it is not impossible for the ChiNext Index to catch up with the Shanghai Index."

"History will repeat itself, but every time, it should not be exactly the same."

"Yes, I also think... the line of "conceptual growth stocks" in small and medium-sized caps, in this position, is unlikely to replicate the trend in the second half of last year."

"However, it is a fact that funds from all walks of life in the market are converging to the small and medium-sized board and the GEM "concept growth stocks" field!"

"Look at the market trend in the afternoon. If the trend of 'Shanghai is weak and Shenzhen is strong' is still maintained, and the market trend of related popular stocks is getting stronger and stronger, then there is nothing to hesitate."

With the passage of time after the market closed at noon, the discussions among retail investors in the market became more and more heated.

And the topic of discussion is more and more focused on the "conceptual growth stocks" of the small and medium-sized board and the gem, especially for the two lines of the "Apple industry chain" that has exploded in an all-round way and the "film and television media" that continue to be strong. The enthusiasm and investment sentiment are becoming more and more intense.

As for 'infrastructure', 'military industry', 'Internet finance' and other popular themes in the early stage.

Except for "Internet Finance" discussion heat and investment sentiment, it is still at the forefront of the market's major core main lines of heat, and other main lines, the discussion heat is rapidly decreasing, and the attention of all investor groups is increasingly focused on the small and medium-sized board. , GEM "concept growth stocks" body.

Faced with such a market sentiment reaction...

Around 12:30, Yuhang at this moment, inside Yuhang Investment Company, the main infrastructure trading room.

After a group of traders returned to the trading room after eating, they briefly resumed trading and observed the emotional reaction of the market. Li Meng, the fund manager, couldn't help but frowned. Feeling a bit of crisis in trading strategy, he couldn't help but tilt his head. Su Yu, who looked at the two markets to the side and pondered carefully, said: "Boss Su, the change in market sentiment is not good for us. If we don't do something, I'm afraid that the trading strategies and expectations we formulated before will be lost." It's all gone."

"What do you think we can do at this time?" Su Yu asked, withdrawing his gaze from the board.

Li Mengmeng thought for a while, and finally took a look at the background data of the fund. He saw that the positions of several major funds were running out, and the working capital that could be used had dropped to less than 20 billion after a wave of consumption in the morning. According to the status quo of several funds, it may be quite difficult for them to pull market sentiment and attention back to the core main line of 'big infrastructure', so they remained silent for a long time, not knowing how to start, and couldn't help but Sighing lightly, he said: "It's not realistic to rely on funds to induce emotions from the market, and I don't know what else we can do at this time, but I don't think we can just wait and see?"

The feeling of sitting and waiting to die is what she hates the most.

Once the market conditions have formed a situation of comprehensive transformation to the "growth stocks" of the small and medium-sized board and the ChiNext board, the tens of billions of chips they have deployed on the main board's main line of weight will really be useless. The performance of Hangxi's fund will fall to the top of the industry, and the business development of their 'Yuhang Investment' will also be greatly affected. These... are things she doesn't want to see.

"Actually... don't worry too much." Su Yu said with a calm expression and a smile, "If you are full, you will lose money. If you go too far, the market's 'concept growth stocks' line, the overall market expectations in the past two years are not low. It obviously failed to keep up with expectations. Although the overall growth is good, the expected difference is very small, and due to the continuous hype in the past two years, under the clear growth logic and industry development logic, there are not many main funds that have been gathered in these fields. "

"Although this line has been adjusted for the past six months, a lot of locked-in and free chips have been cleared."

"But overall the pressure remains."

"For the current line, except for the substantial positive support of 'film and television media' that exceeded expectations, the other main lines of growth are no different from last year and the beginning of the hype. That is to say, there is no change in the difference in expectations. It's just a pure emotional reaction, and the deliberate guidance of the main funds."

"And a purely emotional reaction cannot last long, and the main funds deliberately guided will not be able to support the market."

"What's more, on this line, a lot of profits have been accumulated. Once the sentiment passes the peak, the market will reverse very quickly."

"Of course……"

When Su Yu said this, he paused for a moment, and then continued: "Although the other party is forcing the market, it is shooting yourself in the foot, we should take action to stimulate the market, let the market change, and the market trend will always be It is within our expectations and accelerates the market differentiation and reversal.”

"What are you going to do?" Li Mengmeng asked Su Yu without any nervous expression.

Su Yu smiled and responded: "The positions of several of our funds have reached their limit, and we can't do more on the market. If so, we can only cut in from the market news."