The investment era of rebirth

“When most of the original active investor groups in the market have already participated in market transactions, the main incremental funds in the market will come from the new potential investor groups entering the market outside the market and the newly issued products of various institutional groups. We have opened positions and entered the market." Hearing Yu Lei's words, Liu Guanhai smiled and said, "Whether it is attracting potential off-market investor groups to enter the market, or various institutional groups opening new positions and entering the market, it takes time to react. .

The current average daily trading volume has reached around 9000 billion.

According to the increasing transaction volume of the two cities in recent trading days, the amount of around 9000 billion is basically the limit of the amount of energy that can be achieved with the concentrated participation of active investor groups on the market.

Therefore, in a state where the bullish power of the active investor group on the market is exhausted.

Relying on the entry of potential off-site investor groups and the entry of newly issued fund products by institutional groups into the market to provide new major incremental funds, it is normal for the market volume growth rate to gradually slow down.

This is like the physical limit of a person's long-distance running, which is 10000 meters.

Then, this person will definitely feel relatively relaxed in the first 3000 meters and 5000 meters, but when he reaches 8000 meters and 9000 meters, it will become slower and slower and more difficult.

Therefore, the slowdown in the growth rate of market volume in recent days does not mean that the market trend is unhealthy.

The opposite of……

We can still feel that the overall bullish sentiment in the market continues to rise, and at the same time, consensus expectations for a bull market are also increasing.

As long as the bull market trend of the market remains unchanged, the money-making effect will not be significantly reduced.

Moreover, the overall market capacity and the incremental amount of funds pouring into the market from outside the market are still increasing.

Then, I think there is no problem in holding shares with peace of mind, continuing to let profits run, and continue to 'select the best of the best' to seize the core main line leading stock chips in the market. "

Yu Lei heard Liu Guanhai's market insights and thought about it for a while. He always felt that something was wrong. However, he couldn't tell the reason why it was wrong or other opinions, so he responded: "Although the bull market trend of the market is becoming more and more clear, And the market's investment sentiment and investment confidence have completely returned to the bull market atmosphere.

However, after all, the market has continued to rise due to short squeezes in the short term, and has continued to accumulate a lot of short- and medium-term profits and unwinding of arbitrage.

Such a large amount of short- and medium-term profit taking and unwinding is deposited in the market. I always feel that it will be a huge obstacle to the market's continuous upward breakthrough.

Moreover, once market investment sentiment and investment confidence weaken.

In other words, there was some major negative moment in the external market and internal news.

Then, it can be foreseen that these short- and medium-term profit-making chips have already made substantial profits, as well as large-scale unwinding chips that have already made profits.

It will definitely not continue to maintain a good lock-in situation on a large scale as it is now.

At that time, the free chips in these markets, or the potential selling power, will definitely subconsciously pour out to make profits and take profits.

And when so many profit-making orders come out in a concentrated manner.

When the active investor groups in the market have basically all participated in the market, and the main incremental funds in the market, as well as the long-term funds, have been provided by the potential investor groups outside the market and the newly established fund products of the institutional groups, it continues to I think there is still a lot of uncertainty as to whether the increased amount of long funds can withstand the large influx of profit taking and arbitrage chips.

If the capital is increased, it will not be able to bear such a concentrated profit taking and settlement of arbitrage chips.

The market is bound to experience extreme market fluctuations.

There is a high probability that a continuous downward adjustment will occur, and the loosening of the market's overall chip structure will inevitably test the logic of the bull market and the overall upward trend.

So, Mr. Liu..."

When Yu Lei said this, he raised his head and glanced at Liu Guanhai, and then continued: "I think the current potential risks in the market still exist. We still can't be too aggressive in the positions and transactions of fund products, and not only can't we be too aggressive? Radical... Instead, I think it is time to shrink the front, change the trading strategy in a timely manner, and make corresponding profit-taking operations on many stocks that already have obvious upward pressure."

"The logic of market changes you mentioned, as well as the potential market adjustment risks, have been analyzed by many people in previous market changes." Liu Guanhai took the words, smiled, and continued, "However, The market turnover basically maintains a very high level of activity every day, and the overall liquidity and turnover rate of the two cities are quite sufficient.

This means...the profit taking and arbitrage chips accumulated in the market.

As the market continues to rise, it does not remain unchanged, or it is a large-scale lock-up situation.

There are many profit-taking and arbitrage orders, as the index prices rise.

Especially when the technical aspects of the market have already diverged, they continue to sell and adjust positions and chips.

You can also fully understand this from the specific chip structure and changes in chip concentration cost of many popular stocks.

These phenomena, as well as changes in the market's trading volume and turnover rate... all indicate that the overall holding costs of investors in the market continue to rise.

In other words, the amount of short- and medium-term profit taking and arbitrage chips in the market is not as huge as many people expected.

Since the accumulation of short- and medium-term profit taking and unwinding is not as huge as everyone expected, its obstacles to changes in market trends and continued rise will naturally not be that big, at least for now... The overall upward trend of the market and market changes have not shown any signs of reversal or sluggishness.

At this time, if we change our trading strategy from a radical strategy to a conservative strategy, and timely take profits to reduce positions and reduce the positions held by the fund, we will miss a lot of market opportunities.

You know, when market sentiment continues to be high and intense.

When the bull market trend in the market becomes more and more clear, basically, investor groups inside and outside the market are already aware of it and begin to fully identify with the bull market logic of the market.

It is also the time when the market's long forces are at their most aggressive.

At the same time, it is also the time when the market develops the fastest, the main rise is the most rapid, and the stock price rises most fiercely.

There is also the fund performance ranking at the end of the year...

Many institutional groups in the industry, in order to have a good performance ranking, will definitely make radical adjustments to their positions at the end of the year.

In other words, at this point at the end of the year, there is a probability that institutions will increase their positions on a large scale to chase the market.

It is obviously greater than the probability of reducing positions and taking profits.

This means that the potential short selling power of the market will not be too great, but the potential long financial power has not reached exhaustion.

What's more, there is great news that the central bank will cut interest rates and reserve requirement ratios next month.

At present, although it is not completely clear, there are certain expectations.

If this good news comes true, the macro-capital landscape will completely change, which will quickly bring at least [-] billion-level incremental funds to the market.

Moreover, I heard that there are also ‘pension companies’ that are rushing to prepare to enter the market.

In general, there are many potential bullish factors in the market, especially bullish factors that can change the capital side of the market.

In addition, the overall valuation level of the current market is not high. Many mainline stocks and many popular industries have the possibility of rapid changes in fundamentals and large-scale performance explosions under the macroeconomic situation of comprehensive recovery. These ...are all strong logic supporting the continued rise in its stock price.

Moreover, the external market, especially the U.S. stock market, seems to be trending.

It is also in a state of continuous breakthrough.

So overall... I still think it's too early to reduce positions and take profits.

Although we need to guard against potential investment risks in the market, more importantly... we must have a clear understanding of the market, and understand the current market stage, where it is, and what kind of trend changes it is in.

Also, in the first half of the year, the performance of our fund products lagged far behind other competitors.

If we do not take advantage of this wave of good market trends to catch up with performance, this year's performance ranking target for fund products in the industry will most likely not be achieved.

If you really can't achieve your goal...

By then, not only will your and my faces look bad, but next year I am afraid that the weight of our fund products in terms of the company’s resource investment will also be reduced. "

"Okay!" Yu Lei listened carefully to Liu Guanhai's words, pondered for a moment, nodded and said, "Then according to Mr. Liu's words, we will maintain a static position and observe for a while to see what happens next in the market. How will the market trend change, and then adjust the trading strategy appropriately." After saying that, without waiting for Liu Guanhai's response, Yu Lei turned his attention back to the two markets.

I saw that in the gap between the two people talking, the market trading time had passed 9:25, the collective bidding in the two cities ended, and the entire market was frozen again.

After a 10-minute collective bidding process.

The situation between the two markets has once again been fixed, and it is obviously more popular than at 9:20.

The Shanghai Stock Exchange Index opened at a gain of 0.67%, while the Shenzhen Stock Exchange Index and ChiNext Index opened higher by 0.52% and 0.49% respectively. As for the Small and Medium Enterprises Index and the A50 Index, one opened higher by 0.45% and the other opened significantly higher by 1.01 %, directly surpassing yesterday's intraday high, forming a slight adjustment gap.

In addition to the performance of major core indexes...

The performance of popular main lines, industry sectors, and concept sectors in the two cities.

I can see that the popular main lines of 'big finance', 'big infrastructure', 'military industry', and 'film and television media' still show a leading trend, while 'big consumption, non-ferrous metal cycle, petrochemical industry, pharmaceutical business...' and other non- Popular main lines follow the trend and follow the fluctuations of the market.

Among them, the Internet financial sector in the main line of "big finance" led the gains in the two cities and a number of concept sectors, opening sharply higher to 1.07%.

In terms of industry sectors in the two cities, the 'Public Transportation' sector came from behind and surpassed the 'Securities' sector, becoming the leading sector among the industry sectors in the two cities and opening significantly higher at 0.96%. , which is much higher than the 'Securities' sector which opened at 0.79% higher.

As for the performance of a number of leading concept stocks that have received the most discussion and attention among investors in the two cities.

‘Blue Stone Reload’ opened 5.33% higher, and the entire call auction transaction volume reached more than 1200 million, which can be said to be a huge increase in volume. The long and short forces on the market once again showed obvious differences.

'Huake Shuguang' opened 2.19% higher, and the entire call auction turnover was 876.29 million. Compared with the previous trading days, the volume has shrunk slightly, and the stock price has shown an obvious rebound trend, and the entire call auction process is The rising trend has given the majority of investors a higher expectation for the subsequent official opening trend of this check.

‘Flush’ opened 1.29% higher, and more than 3700 million yuan was sold in the entire call auction.

This high opening range and volume performance still illustrate the long-short differences on the board of this check, but its reversal trend from a flat opening to a sharply higher opening during the call auction process also illustrates the main buying funds of this check. The power of the group is still obviously greater than the selling power on the market.

The check for ‘Huagong International’ was also opened at a high increase of more than 1%.

Moreover, its entire collective bidding has sold more than 4000 million yuan of energy, which has become the main line of the entire "big infrastructure" and the most core leading target.

There are also a large number of popular leading stocks in the market such as "Great Wisdom, Yingkou Port, Shanghai Steel Union, China Airlines Heavy Machinery, Leiman Optoelectronics, Western Securities...".

They have also achieved a high opening trend.

And there are three stocks: "Great Wisdom, Shanghai Steel Union, and Yingkou Port".

They have opened higher than the 5% increase, and they are likely to continue to connect.

Faced with such opening conditions in the two cities, most investors in the market and outside the market felt that it exceeded their expectations.

Of course, all the leading and popular stocks opened higher.

The money-making effect of the market is still overwhelming, with nearly 1780 stocks achieving a red market and a high open.

Some technology growth stocks such as 'LeTV, Wangsu Technology, Inspur Information, Huaguo Software...', as well as weak stocks in the coal, petroleum, chemical industry, and non-ferrous fields, still showed a flat opening, or in other words, a flat opening. The trend of opening slightly lower does not reap any dividends from the market opening higher, nor does it have any market premium effect.

"Judging from the collective bidding results, the strongest leading stocks in the market should be the four stocks of 'Blue Stone Heavy Equipment, Shanghai Steel Union, Great Wisdom, and Yingkou Port'. Everyone thinks... which one is better?" a little better?"

"Four checks, four directions, I can't say which one is better."

"I am optimistic about the check of 'Bluestone Heavy Equipment'. After all, the check of 'Huake Dawn' has also risen today. The two leading stocks in the sub-new stock sector should have market resonance."

"I thought the check for 'Blue Stone Heavy Equipment' would open at the daily limit today."

"Fortunately, there is no daily limit opening, otherwise this check will be dangerous. I think the current position is just right. If it is opened too high, the intraday game will be too low. If it is opened too low, the market sentiment will continue. The damage has caused a huge increase in selling on the market. The current position... is just suitable for the active participation of long and short funds, and suitable for the progressive turnover rate."

"Haha, I agree... At this opening position, it is estimated that the check for 'Blue Stone Reload' will definitely hit the daily limit today."

“Right now, I think the intraday space of ‘Huake Dawn’ is probably even bigger.”

“Yes, ‘Huake Dawn’ has hope of hitting the daily limit today.”

"The check of 'Huake Dawn' still depends on the effect of the long-term funds on the market after the market officially opens. If the acceptance is good, there is a high probability that it will rise to the limit."

"The two checks of 'Shanghai Steel Union' and 'Great Wisdom' are also good. The 'Internet Finance' sector, depending on the situation, will still be the focus of the entire market."

"With this collective bidding situation, there are a lot of stocks that can be sold."

"If you buy any of the leading concept stocks, you won't lose money today."

"The A50 index opened higher and directly surpassed yesterday's intraday high. It is really strong. I feel that the Shanghai Stock Exchange Index should hit 3600 points today."

"There is no doubt that the Shanghai Stock Exchange Index will continue to reach new highs today."

"If the GEM and SME board hadn't been a drag, the Shanghai Stock Exchange Index would have already crossed 3600 points."

"Hey, 'Technology Growth', 'Mobile Internet', and 'Smartphone Industry Chain', which were the most popular main lines of the market last year, were really hurt. The Shanghai Stock Exchange Index continued to break through upwards. There was absolutely no movement on these main lines. It was okay in the past two days. It rebounded easily, but now it has almost fallen back.”

"The so-called bull market focuses on momentum, while the bear market focuses on quality. This is a bull market. Only by chasing strong stocks can we make substantial profits and continue to outperform the index!"

"Indeed, the main line of 'big finance' is really powerful."

"Especially for the core stocks of the two major sectors of securities and Internet finance, they really don't give them any chance to buy when they fall back. They insist on chasing highs and buying."

"Good stocks are not cheap, and good stocks are not cheap. It is the same as buying clothes."

"Since the bull market is gaining momentum, it is natural to buy good stocks. The strong will always be strong."

"Chasing 'Flush', chasing 'Western Securities'... As long as you still have funds in hand, buy it without any thought!"

"Hehe, I used a small account to chase a few "Flush" stocks the day before yesterday, and now the floating profit has exceeded 20 points. Damn it...this profit is made so fast!"

"Basically, during this period, leading stocks will see a premium every other day!"

"The money-making effect in the market is so hot, the leading stocks are all high-quality chips, and there are so many funds trying to raise, can there be no premium when the market opens the next day?"

"If there is no premium, it means it is not a real leading stock."

"Hey, under this kind of market situation, even if you chase the high... there shouldn't be anything to be afraid of, right?"

"The bull market continues and stock prices continue to rise, so where is the pursuit of higher prices? Looking at the long-term perspective, the current stock prices of most stocks in the two cities are at the bottom of the mountain."

"Not only are the stock prices of most stocks at the bottom of the mountain, but the index is also at the bottom of the mountain."

"Anyway, in my mind, I have initially expected that in this bull market, the high point of the Shanghai Stock Exchange Index will be above 10000 points."

Amid extremely intense discussions among investor groups inside and outside the market...

The brief market suspension time from 9:25 to 9:30 passed by in a flash, and then the two cities ushered in the official time for continuous bidding transactions.

I saw that the bullish sentiment continued to brew for a short 5 minutes.

When the time hand just passed 9:30, several core indexes of the two cities, as well as a number of popular stocks, the corresponding industry sector indexes, and concept sector indexes all surged rapidly under the pouring of huge bull funds. They rose higher and headed straight towards the highs set yesterday. (End of chapter)