The investment era of rebirth

Chapter 530 Competition for Market Dominance ([-])!
"In the direction of the weight of the main board, in the past year or so, the weight of positions held by various institutions in the industry has not only been reduced." Liu Ziliang emphasized, "As far as I know, many industry institutions in the weighted stocks on the main board, except for a small number of bottom stocks that must be held. Outside the position, there is no position weight to speak of.”

"Funds are like running water. It's normal to go where the money is made." E Fund's Mr. Gao said with a smile, "The direction of the main board's weighted stocks is insufficient. , the need for continuous incremental funds is too much, and the "value recognition" of the entire weight stock by the entire market investor group is too low. This series of factors makes it extremely difficult to hype the market in the weight direction. At the same time... plus The overall volume of the market is insufficient, and the active capital group and the amount of new capital are extremely limited. How can we support the mainline market speculation in the direction of weight? It is not normal for the funds gathered in these weight directions to not escape. "

"After the market has undergone changes in shape and expectations in the past two years, there should be a fundamental change in the entire investment ecology of the domestic market, right?" Mr. Shan pondered for a moment and said, "I feel that the road of 'value investment' is It’s never going to work domestically.”

Mr. Ning from Huaxin Securities Investment Strategy Department smiled and nodded, agreeing: "It will definitely not work. The US financial trading market has been developed for 100 years, and it has long been a mature market ecology, and in the market, those who participate in the transaction The most important group of investors are institutional investors with a relatively complete trading system. When the institutional investor group occupies an absolute proportion in a market, the so-called 'value consensus' will have effective market pricing."

"In contrast to the domestic market..."

"When the development of our fund industry and asset management industry is only in its infancy, the absolute proportion of market investor groups is still dominated by retail investors. In the A-share market, retail investors account for 90% of the weight of investors. , this is by no means a joke, it is in essence.”

"When retail investors occupy an absolute proportion in a financial trading market."

"Because the vast majority of retail investors do not have sufficient financial market trading experience and investment knowledge, let alone a mature trading system and the so-called securities value awareness, then...the fluctuation of securities prices is doomed to deviate from value pricing. The central system is kidnapped by emotions."

"Similarly, due to the weakness of human nature, under the limited cognition, retail investors chasing ups and downs have become the norm in the market."

"It is also due to this group of chasing ups and downs."

"That's why the investment ecological environment of our A-rising market is always bull-short and bear-growth, rising too much, and falling too far. It is difficult to have a sustained long-term and slow-bull market like foreign countries."

"Well, Mr. Ning's analysis is clear." Liu Ziliang admired Mr. Ning's analysis of the strategic investment department of Huaxin Securities. Under the current environment of our A-share market, it is destined to be unacceptable."

"This investment system really wants to be realized in A shares."

"At least the domestic asset management industry becomes more mature, the institutional investment group begins to occupy the dominant position of the market investor group, the retail investor group gradually declines, the fund industry develops greatly, and the road of 'value consensus' can be realized. Balao's Only the theory of 'value investing' can be applied to the domestic financial trading market."

"Prior to this, the domestic trading market should still be unable to get rid of the sentiment-dominated stock price, the investment environment and investment ecological pattern of short bulls and bears long."

"So, at this time, whoever is still clinging to performance-weighted stocks, talking about 'value investment', and talking about performance expectations, is really stupid." Mr. Shan agreed with the analysis theory of the two, smiled, Said, "When market sentiment is the most important factor in stock prices, concept hype, various story meetings, and emotional anticipation hype... naturally become the real mainstream in the development of market conditions."

"Actually, this is the real hype logic of the main market of 'conceptual growth stocks' in the Shenzhen market, right?" Mr. Gao of E Fund pondered for a moment, then smiled authentically.

"Naturally." Liu Ziliang responded with a nod, "We must talk about expectations, concepts, and stories. Emerging industries with promising prospects are 'smartphone industry chain' and 'mobile Internet'. Good breeding soil."

"And we can already clearly feel that..."

Liu Ziliang paused, looked around at the few people, and then continued: "More and more major institutions in the industry, and even a lot of big hot money, have formed very strong consensus expectations in these fields."

"It seems that...the era of PE investment is doomed to pass." President Shan of Huarui Public Fund Co., Ltd. said with emotion, "But a new market investment ecology is taking shape."

Liu Ziliang nodded, and responded with a smile: "The new market investment ecology has arrived long ago. Otherwise, in the past two years, why would the trends of the Shenzhen ChiNext and the Small and Medium-sized Index be significantly stronger than the Shanghai Index and the Shenzhen Index? Looking at the entire In the market, the Shanghai stock index is still looking for the bottom, and is still struggling in the quagmire of the bear market, while the ChiNext Index and the small and medium-sized board index have clearly stepped out of the bottom of the bear market and are moving upward."

"After thinking about it for a while..."

"Whether it is from the ecological status of market investment groups, or the fundamentals of the development of various industries, as well as changes in the macro economy and macro policies, or the emotional response of the overall market, the obvious adjustment of positions by major institutions in the industry, and The most basic K-line shape trend, active capital flow in the market, capital flow to follow suit, etc. Analysis of various factors, the market will inevitably revolve around the "smartphone industry chain" and "mobile Internet' these two general directions."

"No matter how you look at these two major directions, they all have long-term investment logic and have enough hype factors."

"Speaking of which..."

Liu Ziliang smiled, and continued: "President Su of 'Yuhang Investment' is really keen on the market situation, and there are indeed some things in trading operations, and he was able to fully discover them last year. These two main lines of investment have been realized, and the profits of these two main lines of investment have been fully captured.”

"It's just that this President Su, in my opinion... in terms of the macroscopic situation, is still a little bit lower."

"When the other party occupies the core bargaining power of these two major investment lines, they have not been able to consistently drive and hype these two main lines. ’ This main line of weight.”

"In my opinion, this is to voluntarily abandon the main line field where the overall investment sentiment in the market is the most popular, and it is also the main line field with the strongest expectations of all investment groups on and off the market, while choosing the expected consensus is obviously lacking. It is extremely difficult to hype the concept and expand the story. The main line sector that resonates with the market as a whole, isn’t this seeking a dead end and self-destructing the future?”

"The development direction of market conditions has always changed towards the direction of least market resistance. This is the so-called macro trend and long-term trend."

"And there is no doubt, according to the changes in the market in the past two years."

"The market trend on the macro level, as well as the market development in the long-term direction, fall on the two major investment lines of 'smartphone industry chain' and 'mobile Internet'."

"The 'Yuhang System' is now moving against the trend. In my opinion, it will be a matter of time before it falls from the altar of performance and the myth of investment is shattered."

"Mr. Liu is well said!" Mr. Shan of Huarui Public Fund agreed very much. He raised his glass and touched Liu Ziliang with a little excitement, and said, "After all, this person is too young, and he has seen too few market turmoil. I thought that it was my own ability to gamble with luck, hit the market trend, made a lot of profits, and was praised by investors, but I didn't know that in the financial trading market, the money I made by luck would sooner or later be based on If the strength is lost, in the short term...the higher this person climbs, the harder he will fall."

"The investment method of the 'Yuhang System' is originally a gamble-type investment method, which is extremely risky." Mr. Gao of E Fund said, "If you gamble in the right direction and the right outlet, you will naturally make huge profits, but if you gamble wrong If it is done, it will also suffer heavy losses, and it will fall from the clouds to the abyss in an instant. Regarding this institution, although it has a huge influence in the industry in the past six months, I have never been optimistic about it personally."

Mr. Ning of the Strategic Investment Department of Huaxin Securities pondered for a while and said: "From the recent trading actions of the 'Yuhang Department' and the public remarks in the market, the other party really wants to use its own power to leverage the market and drive the 'big infrastructure'. This line came out, looking at it as a whole... this President Su of the "Yuhang Department" is really crazy, the entire "big infrastructure" main line has a market value of trillions, and he actually wants to pry it with his personal influence move."

"Young people are inevitably arrogant. They feel that if they succeed once, they will become the world's stock god." Mr. Shan smiled and said with a little contempt, "I don't know how to respect the market at all!"

"However, it is precisely because of the main funds of the 'Yuhang Department' that the large-scale cut-off of positions in the 'conceptual growth stocks' line of the Shenzhen Stock Exchange allowed us to obtain a relatively low core bargaining chip." Liu Ziliang thought for a while and said , "From this aspect, the other party can be regarded as helping us, temporarily suppressing the sentiment of the market in this direction, and providing a higher space for market outlook and emotional speculation."

"Haha, there is some truth to Mr. Liu's words." Mr. Shan said with a big laugh after thinking about it.

"According to Mr. Liu's analysis just now, in the follow-up on the "concept growth stocks" line of the Shenzhen Stock Exchange, especially in the "smartphone industry chain" and "mobile Internet" fields, your "Pingyin Asset Management Department" is planning to continue to be violent Masukura, continue to squeeze the short, shall we?" Yi Fangda's Mr. Gao has bright eyes, guessing Liu Ziliang's inner thoughts, "Is Mr. Liu planning to leave us a sip of soup?"

When Liu Ziliang heard Mr. Gao's words, a smile instantly appeared on his face, and he said: "What did Mr. Gao say? Our 'Pingyin Department' has no ability to squeeze the short, and we have to rely on your 'Yi Fangda' to lead and drive the market." Quotes, so we can follow behind and drink soup!"

"President Liu should tell President Ning what he said. We are small and small, and we don't have the ability." President Gao chuckled, and turned his eyes to President Ning of the Strategic Investment Department of Huaxin Securities in an instant.

Mr. Ning responded with a smile: "We can only follow the trend. We adjust our trading strategies as the market trend goes. All market performances are based on reasonable funds from all parties. It is impossible to say where The influence of one of the main institutions, in essence, no one has this ability."

"Ha ha……"

Hearing President Ning's words, everyone at the banquet laughed unanimously, knowing the meaning behind these words in their hearts.

And as the dinner continued, everyone was communicating, and their views on the market's follow-up market collided, and they became more and more consistent. Similarly, for the main board's weight direction such as "big infrastructure" and "military industry" dominated by the "Yuhang Department" , it is also becoming more and more pessimistic, and they all feel that the 'Yuhang Department' is destined to be abandoned by the core and main institutions of the market this time, and go to the opposite side of the market trend.

At the same time, everyone is also happy to see the 'Yuhang Department', which is on the cusp of the industry and has an extraordinary influence, falls from the altar of performance and becomes mediocre.

However, financial markets have always had two sides of the same coin.

The same thing, the same trend pattern, what some people see is an opportunity, and naturally what others see is a risk.

At this moment, in a villa in Yanjing, Liao Guanghua, general manager of the self-operated investment department of Huashang Securities, after the in-depth analysis of the market by Zhang Guangnian, the chief analyst of the same company, combined with various minor changes in market news, he became more and more determined. The investment strategy of laying out Masukura in the direction of the main line of "big infrastructure".

"Old Zhang, your point of view of 'people abandon me and take it, buy it when others dislike it, sell it when you fight me' is very novel!" The words he said couldn’t help but be full of praise, “The ‘Yuhang Department’ has almost publicly placed a heavy weight on the line of ‘big infrastructure’. There is indeed something to bet on this! This kid surnamed Su is sure that the whole In the direction of the main board of the market, only the line of "big infrastructure" has a strong macro-expected logic, and only this line can lead the market to make a rapid breakthrough!"

Zhang Guangnian laughed and said: "Not only that, this guy dared to show his cards publicly, and he was much more careful than you thought. I guess he guessed the direction of the supervisory level at the moment, and he was under considerable pressure. , It is urgent to start a bull market quickly to solve the market financing difficulties."

"to be honest……"

Zhang Guangnian's eyes were sharp, and he exclaimed: "This guy is waiting for the 'national team' to enter the field to increase his position, and drive the market to lift his sedan chair!"

(End of this chapter)