The investment era of rebirth

But when 9:15 comes, the two cities enter the call auction.

It can be seen that the main core stocks of the two cities, various industry sector indexes, concept sector indexes, etc., all opened higher with the assistance of pre-market sentiment and the aggressive rush for funds by long funds. Among them, market investors paid higher attention, and the popularity and Mainline core stocks and concept leading stocks that are highly discussed are showing a trend of opening significantly higher.

Especially after the data of the market's dragon and tiger list was released yesterday, it ranked among the top ten stocks in the two cities for attention and discussion.

Stocks such as 'Western Securities, Flush, Huake Shuguang, Hengsheng Electronics, Jinzheng Shares, LeTV, Oriental Fortune...' have opened higher with gains of more than 3%. Among them, 'Huake Shuguang' continues to maintain With the daily limit trend of the immeasurable flat board, Western Securities and Straight Flush initially opened higher, with an increase of more than 5%.

"It's high again!"

At 9:16, in the main fund trading room of Zexi Investment Company in Shanghai, Zhou Kan, who was observing the changes in the market prices of the two cities, sighed with emotion: "It is really a complete short squeeze trend. The investment sentiment of the entire market shows , are all ridiculously strong, and the active attack power of various funds is also ridiculously strong.

Looking at the current market situation, compared with half a year ago, or even compared with the first half of the year, it is simply different.

But if we talk about how much the market fundamentals and macroeconomic fundamentals have changed in the past six months, or more than half a year, I think... there has not been much change in essence.

However, the trend of the market has formed two extremes in this short period of more than half a year.

Half a year ago.

No one would have thought that the market turnover would reach 6000 billion in the last two months of the year, right?I didn't even expect that the balance of financing would reach the trillion mark.

Seeing the current market performance, and recalling the first half of the year, major financial institutions and groups all said that the market's failure was due to funding problems, saying that under the 'money shortage crisis', the market could not have a bull market. As a result, ...It's really a slap in the face now!

Facts have proved that the market is not short of money at all.

As long as the market has a sustained money-making effect, the investment risk preference of the investor group will increase.

Then, even if the overall capital situation on and off the market is tight, there will be countless capital flows flowing into the stock market in various forms and through various channels. "

Xu Xiang, who was sitting next to Zhou Kan, squinted his eyes and looked at the changes in the initial collective bidding trends of the two cities. He responded with a smile: "Whether it is the domestic financial market or the foreign financial market, facts have proven that expectations and confidence are the same. It is something more important than gold.

In fact, before the central bank took any substantive monetary policy measures.

That is, before there is no substantive large-scale release of liquidity to the market, interest rate cuts, reserve requirement ratio cuts, and large-scale public operations.

The financial situation of the market has not changed substantially compared to half a year ago, or even more than half a year ago.

However, why did the overall market turnover soar several times in just half a year?Why was the overall market transaction volume at the beginning of the year generally only about 500 billion to 800 billion, but now it has stabilized at around 5000 billion or 6000 billion?Where do so many incremental funding groups come from?Why are you so aggressive in entering the market?

The fundamental reason is that the market's investment confidence and investment expectations are at work.

This is an investment era in which expectations and confidence are more important than the performance of fundamental fundamentals!

As long as there are expectations and confidence, then the market's continued money-making effect will continue to expand step by step, and the bull market will naturally emerge.

In fact, whether it is the broader market, the overall performance of the entire market.

We should also follow this logic in our investment ideas and trading operations.

In the market, there are many stocks that do not seem to have very good fundamentals, but the main funds are quite aggressive in raising funds. This is because they are supported by future expectations and confidence.

Just like securities and Internet finance, the two most popular main sectors with the most crazy capital accumulation at present.

Among them, why many popular stocks have doubled their share prices despite unchanged performance is also driven by strong expectations for the future. "

"Indeed!" Zhou Kan agreed with what Xu Xiang said, nodded, and responded with a smile, "The stock price always reacts before the fundamentals, such as securities and Internet finance. Empty sectors, I was thinking... If the central bank starts to officially cut interest rates and reserve ratios in the future, all the benefits that everyone expects will start to land one after another, and the stock prices of these core stocks will probably slow down instead, right?"

Xu Xiang said: "This is for sure. The logic of the rise and fall of the stock price is not the realization of expectations, but the strength or weakness of the expected difference. The good things that can be expected, even if the good things are realized, are within expectations and will not increase." The difference in original expectations of large stocks will naturally not have much stimulating effect on the stock price. This is also the fundamental logical reason for the so-called "all the good is gone, but it is bad".

The main line of 'big finance' is where the first wave of gains can be expected.

There is a high probability that the central bank's monetary policy will actually turn around, that is, when the news of interest rate cuts and reserve requirement ratio cuts that everyone expected will officially take effect.

But..."

Xu Xiang paused and then said: "As long as the market's 'bull market' pattern continues and the market's turnover in the two cities continues to rise, even if the benefits of the central bank's monetary policy shift are realized, 'big finance' will lose The momentum of the aggressive short-squeezing trend and falling into adjustment should not lead to a deep decline.

Just like the current two core main lines of 'infrastructure' and 'military industry'.

Although its internal chip structure has been temporarily dispersed, and with the implementation of many good news, many major financial groups have cashed in the good news and taken profits. However, as the bull market pattern continues, market liquidity is becoming more and more abundant. Under the circumstances, and the forward investment logic of these two core main lines, and the forward expectations are still strong, once the downward adjustment is made, the funds undertaken will still be very strong. "

"The boss is saying that the two main lines of 'infrastructure' and 'military industry' will most likely not fall under this market trend?" Zhou Kan probably understood the meaning of Xu Xiang's words, "The boss is Do you think the two core lines of 'infrastructure' and 'military industry' will have a big market in the future?"

Xu Xiang thought for a while and responded: "It's not clear yet whether the two core lines of 'infrastructure' and 'military industry' can continue to get out of the third wave of the main market. What I can see is... these two It should be difficult for the big core main lines to continue to fall. After all, with such strong market active funds, especially the two core main line fields of 'infrastructure' and 'military industry', the actual valuation of a number of stocks is When the water level is not high and the gap in future expectations is still not small, it is obvious that... some active capital groups overflowing from the main line of 'big finance' are fully able to take on this market.

and also……

The two macroeconomic structural strategic policies of 'New Era Road and Maritime Silk Road' and 'Reform and Reorganization of Central and State-owned Enterprises' are the real top-level design policies.

With such a top-level design policy, there will definitely be countless supporting favorable policies to be released in the future.

In other words, in the main areas of 'infrastructure' and 'military industry', there will definitely be no shortage of positive news in the follow-up, and the expected gap in these fields is entirely possible to expand further.

What's more, increasing defense spending and reforming military industrial enterprises are basically clear lines.

There is a high probability that it will not change in a few years or ten years.

With such a long-term expectation, it is naturally impossible for the main line market to only take such a wave, or completely end in just a few months.

There are also policy orientations in the direction of "big infrastructure" and changes in the real estate market.

Its role in promoting the performance of related industry chain companies is inherently lagging behind.

Like real estate companies, generally after the property market is booming, it will be transmitted to the company's profit statement in the second or even third year.This also means that the continuity of the market cannot be just two or three months, or even a quarter.

The bull market pattern continues.

The two core main lines of 'infrastructure' and 'military industry' will definitely have the opportunity to be intensively speculated by main funds in the future, and there is a high probability that a larger main line market will be born.

Of course, currently, the adjustment pattern of these two core main lines is not over yet.

Many major capital groups gathered in these two core main areas are still flowing out, stimulated by the continued short squeeze trend of the 'big finance' main line, and continue to converge towards the 'big finance' main line.

Specifically, these two main lines can be revealed again in the future.

We will know when the main line of 'Big Finance' is expected to be fully reflected for a period of time, when the market divergence increases again, and when the siphoning effect on the active capital flow of the entire market decreases. "

"What about the line of 'technological growth'?" Zhou Kan asked, "I think comparing the two core lines of 'infrastructure' and 'military industry', the line of 'technological growth' is logically expected to have a larger gap. , the future expectations are stronger, right? Moreover, the 'Technology Growth' line has been adjusted for a long time. Regardless of the strong rebound in June, the starting point for the adjustment of the 'Technology Growth' line should be at the end of last year. when.

In fact, last year, the GEM index was able to get out of the doubling trend and have what everyone calls a "little bull market" trend. It was entirely driven by the main line of "technological growth".

And after adjusting for almost a year.

The high valuations left behind by last year's speculation have basically returned to a reasonable range, as many core stocks have continued to grow at a high rate this year.

The current market has entered a bull market.

According to the confidence and expectations of investors in a bull market, the valuations of these high-growth stocks should be overestimated.

Therefore, I think there are opportunities in the main line of 'technological growth'.

The market outlook should not be worse than the main lines of 'infrastructure' and 'military industry' mentioned by the boss just now. "

Xu Xiang smiled and said: "It's not bad, but the capital carrying capacity of the 'technological growth' line is still very limited. If the bull market wants to reach a high level, it must be led by the two main lines of 'infrastructure' and 'finance'. Otherwise, it is impossible to really stimulate the sentiment and confidence of market investors.

This shows that last year, the GEM index went out of the index doubling market, and the entire "technological growth" main line surged on a large scale.

However, it did not drive the Shanghai Index and the Shenzhen Index, and there was no core mainline stock that could drive the market. As a result, the two markets quickly returned in the first quarter of this year. You can know the trend of the Shanghai Index almost hitting a new low. A comprehensive bull market, It still needs a core main line to drive it. "

"That's true!" Zhou Kan thought for a while and finally nodded.

As the two discussed the market and analyzed the development of the market outlook.

At this time, when the two people returned their eyes to the trading boards of the two markets.

The time has come to around 9:22. I saw that after the initial collective bidding in the two cities, after a large number of orders were canceled on a large scale from 9:19 to 9:20, the pattern displayed was worse than that at 9:15. Not only did it not fall back significantly, but it became stronger.

It seems that the index cannot adjust, but it has a strong trend of continuing to break through.

Finally, when the time came to 9:25, the collective bidding in the two cities ended.

We saw that the Shanghai Index opened higher near an increase of 0.56%, while the Shenzhen Stock Exchange Index and ChiNext Index opened higher around 0.45%, also opening significantly higher.

In addition to the three core indexes.

The core main lines of the two cities, as well as the performance of the concept sector.

On the whole, it is still the main line of 'big finance' that leads the rise, and other main lines follow the performance of the index, either opening slightly higher or opening weakly and flatly.

The only ones that opened low were the 'military industry' sector that was affected by the 'Blue Stone Heavy Equipment' check.

As for popular stocks, the performance of concept leading stocks.

The top ten stocks that investors in the two cities pay attention to, as well as the top ten stocks that are most discussed.

'Blue Stone Heavy Equipment' opened sharply lower by 4.22% today under the trend of falling by the limit yesterday. During the entire collective bidding process, the market turnover reached more than 3780 million; The transaction volume was 32 yuan, and the trend was extremely strong.

'Flush', the core leading stock in the Internet financial sector, opened 3.29% higher today. During the entire collective bidding process, the transaction volume was only more than 300 million. Compared with yesterday, the volume has shrunk significantly. This high-level shrinkage also proves that The capital groups on the market are still further optimistic about the market outlook of this stock and continue to lock up the position.

'Western Securities', the core leading stock in the securities sector, opened 2.75% higher today, and the intensity has decreased. However, the trading volume during the entire call auction process is still shrinking compared with yesterday, and the securities sector index has also declined. It still opened at a high opening range of 1.35%, leading the gains in the industry sectors of the two cities.

This shows that in the securities sector, the enthusiasm of the capital groups chasing high positions remains undiminished.

It also shows that the capital group in the market, after the discrepancy yesterday and the day before yesterday, has once again turned into an expected sign of unanimous long lock-up.

Other stocks include "LeTV, Hengsheng Electronics, Oriental Fortune, Huace Film and Television, Yanjing Culture...".

They have also achieved a trend of opening higher one after another.

Overall, according to the opening patterns of the two cities, the market's investment sentiment and investment confidence have not declined at all. Moreover, the continuous profit-making effect of the two cities, as well as the main line market pattern, are still continuing and maintaining a stable trend. The market is in a virtuous cycle.

Facing this opening situation...

The investor groups both inside and outside the market were obviously high-pitched and excited.

And everyone has obviously higher expectations for the market trend after the market officially opens and enters the continuous bidding stage.

In this high-pitched and exciting emotional interpretation.

The market's brief 5-minute suspension time passed in a blink of an eye. Unknowingly, the time reached 9:30, and the two cities ushered in the continuous bidding trading stage.

I saw that the market had just officially opened, and the disks of the two markets had just started to beat.

In the main areas of 'big finance', the securities sector, the Internet finance sector, a number of core concept stocks and weighted stocks were once again attacked by countless buying funds in an instant. At the same time, in many previous trading days, stocks that had always been weak Stocks in the main fields of 'infrastructure' and 'military industry' also suddenly ushered in a large amount of funds at this moment. Several major related industry sector indexes and concept sector indexes rose rapidly under the influence of large-scale active buying. Lightning ranked at the top of the growth lists of industry sectors and concept sectors in the two cities.