The investment era of rebirth

"It even came back!"

At around 10:15, Gao Yirong, the fund manager of E Fund Investment Company of Shanghai Magic City, looked at the changes in the market of the two markets with a little surprise in the trading room of the "Future Growth Mixed Selection" fund product, and said in surprise: "For several days in a row, Regardless of whether it is an index or individual stocks, all adjustments are basically completed within the intraday, and it seems that...the market has indeed entered the bull market stage."

"The stronger the market trend, the more surprising it is." Behind Gao Yirong, Deng Anwei, the head of the fund product trading team, took over the conversation and responded, "The short-term condensed heavy profit is directly at the intraday high level, through the form of rapid shocks of heavy volume , the exchange is completed, such a pattern trend is already an obvious continuous short-squeeze situation.

And the overall investment sentiment inside and outside the market is actually continuing to strengthen. There is no doubt that the market has entered a bull market.

At present... the key is that we still hold large-scale chips.

It is also the core line of "technological growth" that our fund invests in the past. Whether it can maintain a continuous upward trend like the main line of "big finance", especially the securities sector, and change from rebound to reversal depends on the shape of the market. It seems that there are still some problems!

If the line of 'technological growth' cannot change from a rebound to a reversal, and is always weaker than the main line of 'big finance', I'm afraid...

We have to further adjust the investment strategy and trading strategy.

We can further increase the position weight and chip volume of our fund products in the direction of 'big finance', especially the securities sector and the Internet finance sector!
Moreover, this change of strategy, I know, has to make up its mind early.

According to the current changes in investment sentiment and investment confidence in the market, the 'bull market expectations' have become stronger and stronger, and the entry speed of various off-site funds is getting faster and faster. At the same time, the market trend is also getting stronger and stronger. The more extreme it is, if we don’t make up our mind earlier.

I am afraid that in the future, we will face the continuous short squeeze trend of corresponding core stocks and the stock prices will rise higher and higher.

It will become more and more passive! "

"Do you think...the line of 'technological growth', up to the current position, still hasn't gathered a consistent market expectation, hasn't formed a consistent long-term force of main funds, or hasn't gotten rid of the rebound trend?" Gao Yirong heard Deng Anwei's words Analysis, looking away from the two markets, looked at him and asked, "Do you think the whole main line of 'technological growth', in fact, the logic of the current market evolution is still a rebound, not a reversal?"

Deng Anwei nodded, and said: "At least at present, it is not seen that the line of 'technological growth' has completely reversed the trend of funds following suit.

From the current point of view, the field of "technological growth" is the two most powerful sectors.

There are mainly two sections of 'Internet Finance' and 'Film and Television Media'.

The core logic of the "Internet Finance" sector, as well as the trend of the market, must follow the expected logic of "Big Finance", and within the sector, the performance is the strongest, the funds are expected to be the strongest, and the corresponding concept stocks are the most aggressive. , It is also mainly conceptual stocks related to the financial market, such as Tianyu Information, Shanghai Steel Union, Changxin Technology... and other stocks with slightly less pure concepts, all of which are significantly weaker than the performance of the sector index.

As for the "film and television media" sector, there is actually no clear positive driver, whether it is policy or news.

This wave of concentrated market rebound of the entire sector.

The main reason is that the negative cloud of the "LeTV" check in the early stage has dissipated, and the check has fallen sharply in the early stage, which is brought about by the oversold rebound. Of course, the fundamental situation of the "LeTV" check is compared with previous expectations. The situation will get worse and worse, but it is also obviously getting better.

But with this check alone, I feel afraid that it will not be able to shake the market of the entire "film and television media" sector.

However, the follow-up expectations of the "film and television media" sector are not completely absent. The box office performance of the National Day market exceeded expectations, as well as the implementation of many previous favorable policies, which have brought substantial changes to the fundamentals of the entire industry. It’s just that this expectation, how it will be reflected in the future, and how much it can be fulfilled, is currently very uncertain.

In addition to the 'Internet Finance' sector and the 'Film and Television Media' sector.

"Internet software", "Internet applications" and "smartphone industry chain" are the major branches of the main line of "Technology Growth". The follow-up efforts in these fields are not concentrated.

In general……

Compared with the current trend, the sentiment is in full swing, and the main line of "big finance" that follows the trend of funds continuously rushing to raise funds at high levels, especially the two hot branches of the "securities" sector and the "Internet Finance" sector, the main line of "technological growth" and its related hot spots The market performance of the main line is definitely not as good as it is.

In line with the investment idea of ​​'bull market focuses on momentum, bear market focuses on quality'.

If we are not prepared to judge the reversal of the line of "technological growth" and it will come in a short time, then I think...our core positions, as well as investment and trading directions, must still be concentrated on the main line of "big finance". Especially in the securities and Internet finance sectors, we can maximize the market profits at the end of the year and help the net value of our fund products to a higher level. "

The current market time has entered November.

This is less than 2 months away from the end of the year.

At this time, the ranking of their fund products is not outstanding, whether it is within E Fund or the industry as a whole.

If you want to complete the performance goals half a year ago, or even the beginning of the year, as well as the industry ranking goals.

Then they have to work hard.

Although the entire trading team doesn't want to climb to the top and compete for the 'Golden Bull Award', the ranking can't be worse than last year.

After all, if it is really worse than last year, it will greatly damage investors' confidence in their fund products.

Now that the bull market is coming, competition in the industry will obviously become more and more intense. At this time, if they do not forge ahead and take aggressive positions, they will soon be left behind by other fund products.

not to mention……

Because of their fund products, the wave of mistakes in June was laid out.

As a result, they missed most of the market trends when the main lines of "infrastructure" and "military industry" broke out, and their fund products have not yet outperformed the market index in the second half of the year. For what they're known for as a trading team, that would have been unacceptable.

And these... will prompt them to choose a relatively more aggressive investment strategy when the market is good.

After listening to Deng Anwei's analysis, Gao Yirong thought about it carefully for a while, and felt that what the other party said did make sense. He couldn't help but respond: "Then continue to eliminate the weak and retain the strong, and reduce some of the main line of 'technological growth' in our fund product positions." Stocks that are relatively weak in the field will be promoted, and then the 'Securities' sector and the 'Internet Finance' sector will be promoted. The current performance is strong, and the main funds will follow up the strong component stocks, bringing our position weight in the 'Big Finance' main line to about 60%. Go!"

"Okay!" Seeing that Gao Yirong is likely to continue to increase his position in the main line of 'big finance' and continue to increase the weight of fund products in the main line of 'big finance', Deng Anwei can't help but nodded hastily, turned around, and told the trading room to keep an eye on him. Looking at the two trading groups trading on the disk, they said, "Intraday rallies will reduce their holdings of stocks in the main line of 'Technology Growth', whose trend is relatively weaker than that of the sector index. At the same time, the reduced positions will be added to the main line of 'Big Finance'. , especially the strong core stocks in the securities sector and Internet finance sector.”

The traders in the trading room nodded in response.

Then, with the sound of crackling keyboards, millions and tens of millions of funds began to pour into the market. There are also changes one after another, which have caused some interference to the market trend.

And the same moment.

In the entire asset management industry, there are not a few institutions that have made the same trading strategy changes as them.

As the investment strategies and trading strategies of these institutions change, the overall market trends and even major market level changes in the two markets have become increasingly clear over time.

I saw the two popular sectors of securities and Internet finance. In the continuous shock and rebound, due to the rapid follow-up of the funds undertook, their trend is getting stronger and stronger, far exceeding the rise of the Shanghai Stock Exchange Index, and far stronger than other core main lines of the market. Others... such as 'technological growth', 'big consumption', 'color cycle' and other mainline areas, as the trading time goes by, whether it is the volume of trading on the market or the follow-up effect of long funds, it will gradually weaken. down.

At around 10:30am.

Market trading time, when the first hour of trading has passed.

The securities sector has risen rapidly to a height of 2.5%, not only setting a new intraday high today, but also setting a new high for this year's sector index; the performance of the Internet finance sector index is slightly weaker than that of the securities sector, but the increase is also About 2%.

The two popular sectors still show a trend of leading the industry sectors and concept sectors of the two cities in an all-round way.

As for the two major weighted sectors of banking and insurance, which both belong to the main line of 'big finance', their market gains were significantly lagging behind, but they were also significantly stronger than the index performance.

'Science and Technology Growth' main line field.

After a wave of aggressive attacks, "Film and Television Media" has now fallen into high intraday sideways fluctuations, showing signs of heavy volume and stagflation. Other "Internet software", "Internet applications", and "smartphone industry chains" At this moment, the feeder sector has seen a trend of oscillating and falling, and the sentiment and strength of following the trend of the main funds in these fields have weakened.

'Infrastructure' and 'military industry' are the main areas.

The corresponding conceptual sectors and industry sectors that revolve around the main lines of the "Asia-Europe Economic Belt", "New Era Road, Maritime Silk Road" and "Reform and Reorganization of Central Enterprises and State-owned Enterprises" have also re-emerged weak forms at this moment. It is still the main line sector that led the decline in the two cities.

'Big consumption', 'color cycle', 'petrochemical industry', 'pharmaceutical business', 'animal husbandry'... and other main line fields.

At this moment, it is also following the fluctuation of the index, and there is no independent trend.

Overall, the market situation at this moment.

The active capital groups in the market, as well as the new incremental capital groups that have entered the market outside the market, are still focusing their attention on the main line of "big finance", especially the securities sector and the Internet finance sector. Although there is considerable upward selling pressure on the stocks of each component of the major sector, the active buying power of bulls still has the upper hand and can drive the stock prices of the corresponding stocks into a continuous upward trend.

And the core line of 'technological growth'.

It can be seen that there is still a big difference between long and short in the market, and even the "film and television media" sector, which is expected to be good in the future and stimulated by the corresponding positiveness of the stock of "LeTV", is also obviously stagflation in large volume, and the trend of intraday high volatility According to the form, the upward pressure on the corresponding core stocks is obviously greater than that of the stocks in the main line of "big finance", especially the securities sector and the Internet finance sector.

This also shows the active capital groups on the market, as well as the incremental capital groups pouring in from outside the market.

There are also a large number of newly admitted institutional groups.

In terms of investment in the main line of "technological growth", I still hesitate in my heart, and I don't fully agree with this line, and I can get out of the continuous breakthrough situation of comprehensive reversal.

As for the other main lines of investment, the recognition of the main funds is even lower.

"The trend of the main lines of the market has clearly differentiated."

Seeing the disk market trends of the major main lines, at around 10:40, Wang Can, who had been staring at the market in Yuhang and Yuhang Investment Company, and in the main fund trading room, said with a smile: "The strengths and weaknesses of the major main lines, As well as the degree of approval of the main funds, it should be fully demonstrated today, and the line of 'big finance', the leading posture, at this time... is really fully displayed. "

"The main lines of the market are diverging, and the general rise that should have continued to rise sharply is coming to an end." After hearing Wang Can's words, Zhao Lijun, who was sitting next to Wang Can, thought about it for a moment and responded, "It is estimated that the subsequent market will enter the same situation as in the past few months. Gradually increase the volume, and the trend pattern of shock and upward is falling into place.”

Zhu Tianyang nodded lightly, and also responded: "Agreed, the short-term and medium-term profit-making positions in the market have been continuously sold, and the upward pressure on the market is not small. Of course, the underlying strength is still not small, and The emotional reaction is almost here. It is impossible for the index to continue the trend of continuous surge, and it is impossible for the two cities to continue to rise in an all-round way. The pattern of trends regardless of strength and differentiation is essentially healthy. .”

"No matter what the market trend is, the leading position of the 'Big Finance' line should have been stable." Liu Yuan also responded at this time, "And the volume and energy response of the entire main line of 'Big Finance' is also very Health, profit taking and holding up orders cannot stop the continued upward trend of this line."

"It's enough to keep the position quietly." Su Yu heard everyone's discussion, smiled, and said, "Trade according to our established investment strategy, the main position remains unchanged, and the other small-scale go to the weak and keep the strong, or do small-scale intraday trading. It’s enough to improve the trading experience.”

Everyone in the trading room nodded and started trading according to the trading strategy Su Yu said.

Amidst the crackling keyboard sounds, Su Yu turned his eyes to the fierce trading in the two cities again, squinted his eyes, and said with emotion: "The emotional climax has passed, and then... will continue to fluctuate in the long-short divergence. The logic of the 'bull market' has been verified!" (End of this chapter)