The investment era of rebirth

Chapter 600 The bull market came earlier than expected ([-])!
Of course, not only retail investors are speeding up their entry into the market.

Institutional funds, as well as other off-market capital groups, are increasing their positions one after another under the hot money-making effect of the market.

Even, a lot of off-market wealth management funds and private P2P platform funds have begun to be invested in the stock market through various channels.

Of course, except for these funds that enter the market directly.

Over-the-counter, funding agencies, and the financing business of securities companies have also begun to flourish rapidly.

Many radical investors, seeing the increasingly hot market and the effect of making money when their funds are limited, have begun to actively raise funds and use leverage to increase their funds, thereby expanding their account profits.

"Today, the financing balance of the two cities has increased by nearly 50 billion!"

After the market closed, Mou Zhengxing, head of the fund trading team in the main fund trading room of Xinniu Fund Company in Shenzhen Stock Exchange, said with emotion: "According to the speed at which the financing balance is increasing, the balance of the two financings in the market will soon reach the 8000 billion mark. The recent increase in incremental funds in the market...is really rapid."

Hear what Mou Zhengxing said.

Fang Xinsheng, the fund manager standing beside Mou Zhengxing, laughed and said, "Doesn't this just verify the market logic we said before? It shows that there is actually no real problem with the market capital, but investment sentiment and investment confidence. of market capital.

Now, the investment sentiment and investment confidence of the entire market has fully recovered.

Naturally, there has been a significant improvement in funding.

In fact, if you pay close attention to the market trends in the recent period, you can see some clues, and the market trends are basically consistent with the changes in the financing balance of the two cities. "

"Well, indeed." Mou Zhengxing nodded and said, "No increase, no market, now that the market has continuous incremental funds, the natural market trend has become much better.

Especially after the stock index breaks through 2500 points.

It can be seen that the increase in the financing balance of the two cities has obviously accelerated at this time.

However, now, with the stock index trading sideways around 2650 points, I feel that the trend of the market and the changes in the balance of the two financings have a little deviation. "

"This kind of deviation is only short-lived." Fang Xinsheng responded, "The current position of the Shanghai Stock Exchange Index needs to fluctuate sideways to digest part of the profit, otherwise the upward pressure will only increase. There is nothing wrong with consolidating the bargaining chip structure.

In fact, at this time, as long as the market volume can be maintained at this high level of around 3000 billion.

Whether the Shanghai stock index can continue to break through in a short period of time is not very important.

As long as there is a quantity, there will be a market. As long as the quantity can maintain a fluctuation of around 3000 billion, then... With the completion of the adjustment of the market chip structure again, it will be a matter of time before the market continues to break through. "

"Well, I think so too." Mou Zhengxing nodded, thought for a while, and continued, "In terms of the development of the main line of follow-up investment in the market, I always feel that the two main lines of investment, 'infrastructure' and 'military industry', are already rising. With so many cases, there is not much expected difference to fill in the follow-up.

If our eyes continue to focus on this place, it should be difficult to obtain excess profits that far exceed the performance of the market index.

Moreover, on the two major investment lines of 'infrastructure' and 'military industry', as well as on the main lines of the core concepts and themes of 'Asia-Europe Economic Belt', 'New Era Road, Maritime Silk Road', and 'Reform and Reorganization of Central Enterprises and State-owned Enterprises' , as these main lines continue to rise, the main force of the 'Yuhang Department', the holdings, will become larger and larger!

When these core lines are still at a relatively low market valuation and low stock price.

In these major core lines, there are still enough poor expectations.

The main capital of the 'Yuhang Department' is heavily held here, which is naturally an incentive for these core lines.

But when these core mainlines have gone through a big wave of gains, regardless of their valuations, stock prices, or poor expectations, they are not the most advantageous mainline sectors in the market. At this time...'Yuhang Department 'The huge amount of positions should only restrict the continued development of the market of these major core lines, right?

After all, this main force has such a large amount of funds, and at the same time, the cost is very low.

When these core lines are no longer quite cost-effective, many other main funds who are afraid that the 'Yuhang system' will hit the market at a high level to take profits will definitely choose to avoid such things and situations. Open the core holdings of the "Yuhang Department" of this fund, and avoid the two main lines of "infrastructure" and "military industry", as well as "reform and reorganization of central enterprises and state-owned enterprises", "Asia-Europe Economic Belt", "new era road, sea Silk Road' several core concept themes and main line areas, so as to choose other market main lines as the landing point for market breakthroughs. "

"Do you think that the main line of market investment will change in the future?" Fang Xinsheng asked.

Mou Zheng thought for a while and responded, "I'm just guessing. After all, looking upwards from this position, there are two main lines of infrastructure" and "military industry", as well as "the reform and reorganization of central enterprises and state-owned enterprises", "Asia-Europe Economic Belt", The expected difference and explosive potential of several core concepts and themes of "New Era Road, Maritime Silk Road" are really not high. At this time...there are a lot of big funds in the venue, and then the relay hype is not small. .

Especially the funds of the 'Yuhang Department', with tens of billions of holdings.

If you continue to speculate and continue to carry the sedan chair for the funds of the 'Yuhang Department', who is not afraid of being smashed?

Looking at the other main lines of investment in the market, whether it is 'big finance', 'big consumption', or the main line of 'technology growth' that focuses on small and medium-sized growth stocks, in fact, compared with the two main lines of infrastructure' and 'military industry', there are still ' From the core concepts and themes of the central and state-owned enterprise reform and reorganization', 'Asia-Europe Economic Belt', 'New Era Road, Maritime Silk Road', they all have certain valuation advantages and expectations.

I think... it is difficult to guarantee the main line of market investment. In this position, there will be no further conversion? "

Fang Xinsheng thought for a while, and responded: "What you said has some truth, but the market currently does not show signs of a change in the mainline investment style.

Moreover, the logic you just said.

In the first two months, in June, many major institutional groups basically thought this way.

At that time, everyone was not very willing to give money to the "Yuhang Department" stock, so they concentrated their efforts and promoted the main line of the market "Technology Growth", hoping to use this as a breakthrough to drive the market up.

But it turned out...you saw it too.

The market didn't buy it at all, and the final direction of the market's joint efforts still occurred in the two main lines of the "Yuhang system", the heavy warehouse infrastructure and the "military industry", as well as the "reform and reorganization of state-owned enterprises and state-owned enterprises", "Asia-Europe Economic Belt", " The core concepts and themes of the New Era Road and the Maritime Silk Road have also forced the capital groups that focus on the main line of "technological growth" to cut their positions and have no choice but to follow the market trend. Airline' This share of funds lifts the sedan chair.

Of course, I do too.

In the two major themes of infrastructure construction and military industry, as well as the main concepts and themes of the reform and reorganization of central enterprises and state-owned enterprises, the Asia-Europe Economic Belt, the New Era Road, and the Maritime Silk Road, within two months, In the case of a general increase of thirty to forty percent.

The situation certainly cannot be fully compared to that time.

However, the end point is the same.

That is, all guesses and expectations must pass the actual verification of the market. At present, there is no sign of the mainline investment style shifting in the market, so before the market trend changes, our most suitable trading operations and investment strategies can only be It is to follow the market trend.

Let's make a deal... no matter when, we can't do it against the trend!
Moreover, with such a large amount of funds in the market, the formation and development of any main investment line cannot be determined by a single main force of funds. It must be the result of the concerted efforts of the market.

As you said.

In the current market, the main lines such as "big finance" and "big consumption" are starting to outperform the two main lines of "infrastructure" and "military industry" in terms of overall valuation and expectations, as well as "reform and reorganization of central enterprises and state-owned enterprises" and "Asia and Europe". The main themes of the core concepts of the Economic Belt, the New Era Road, and the Maritime Silk Road, but... Before the market has formed general and consistent expectations in this direction.

It is also thankless for us to change our investment strategy rashly and adjust our positions in the past.

The so-called one step ahead of the market is a legend; two steps ahead is cannon fodder.

In the two main lines of infrastructure construction and military industry, there are also several core concepts and themes of the main line market trend of the reform and reorganization of state-owned enterprises and state-owned enterprises, the Asia-Europe Economic Belt, the New Era Road, and the Maritime Silk Road. , we can explore other main investment directions in the market, but in terms of investment strategy, we should still respect the development of market trends, and it is better to proceed from reality. "

Mou Zhengxing nodded and said, "The manager is right. In fact, I don't want to say that we should change our investment strategy at this time..."

"Understood!" Fang Xinsheng interrupted him with a smile, and said, "There are a lot of smart funds in the market, if the two main lines of infrastructure" and "military industry", there are also "reform and reorganization of central enterprises and state-owned enterprises" and "Asia-Europe Economic Belt" ', 'The New Era Road, and the Maritime Silk Road' are no longer cost-effective for continued participation in the core concepts and themes.

Then, all the smart funds in the market will definitely make corresponding choices and look for other investment lines that are more cost-effective to participate in.

However, for now...

The time has not come for this change in the main line of investment.

You must know that in our A-share investment ecology, although we also talk about value investment, but more market-driven, it is driven by investment sentiment and funds.

Under this basic logic, the pendulum effect of the market will be even greater.

That is, the market reaction, when everyone’s expectations are unanimously optimistic, the valuation will drop too much; when everyone’s expectations are unanimously optimistic, the valuation will also rise too far.

The two major themes of "infrastructure" and "military industry", as well as "the reform and reorganization of central enterprises and state-owned enterprises", "Asia-Europe Economic Belt", "New Era Road, and Maritime Silk Road", are currently considered to be gradually filling in the previous stage It seems that the poor expectations are no longer as underestimated as before.

However, on the whole, it has just entered a reasonable valuation range.

That is to say, on these major main lines, the pendulum effect of the market has occurred. The pointer has just swung to the other side, just off the center, and there should be a long time before it swings back.

In other words, under consistent expectations, and under the hot money-making effect.

With the increasing amount of off-market funds entering the market.

The expected sentiment of these major main lines should continue to skyrocket further, that is, the main rising market, not only has not come to an end, but will continue to accelerate its rise. "

Speaking of this, Fang Xinsheng smiled and took a serious look at Mou Zhengxing, and continued: "Actually, at this time, it is the two main lines of infrastructure" and "military industry", as well as "the reform and reorganization of central enterprises and state-owned enterprises", "Asia-Europe Economic Belt", " When the profits start to soar for the group holding positions on several core concepts and themes of the New Era Road and the Maritime Silk Road, let us...continue to wait patiently, and maybe we will gain more."

"Okay!" Mou Zhengxing saw that the investment strategy Fang Xinsheng said had no problem with its logic, and it was obviously better than some of the ideas he just put forward, so he nodded and responded, "Then let's continue to hold positions and wait patiently until the time comes. The two main themes of infrastructure construction and military industry, as well as the core concepts and themes of the reform and reorganization of state-owned enterprises, the Asia-Europe Economic Belt, the New Era Road, and the Maritime Silk Road, have real emotional premiums.”

"Yes! Emotional premium." Fang Xinsheng had a clear smile on his face.

"However, I have to say..." Mou Zhengxing thought for a while, and then said, "This President Su of the 'Yuhang Investment' company has a really strong position holding power. He holds two main lines of infrastructure" and "military industry" heavily. , and there are so many bargaining chips in the main lines of the core concepts and themes of "the reform and reorganization of central enterprises and state-owned enterprises", "Asia-Europe Economic Belt", "New Era Road, and the Maritime Silk Road", and they have already made huge profits. No reduction in positions, all the way to lock positions.”

Hearing this, Fang Xinsheng couldn't help but sighed in his heart, and said helplessly: "Can you be so sought after by the majority of investors in the market, be so envied by major institutional groups on and off the market, and countless asset managers in the industry, can you not be amazing?"

In China, it is still in the operating stage of private equity fund product performance rankings.

Every time, when the performance of the fund product "Manniu No. 1" under his control began to catch up with the fund products of the "Yuhang Series", when the net value of the "Yuhang Series" fund products was announced again, it was once again Widen the gap.

This made Fang Xinsheng feel a sense of powerlessness in his heart, and he really had to admire the other party.

(End of this chapter)