The investment era of rebirth

Just under this emotional interpretation.

In the evening, as the macroeconomic data released by external market institutions was relatively stronger than the market's generally expected positive results, the U.S. stock market opened higher again and once again hit a new high in the recent rebound. It was once again not far from its historical high and fully rebounded to It has been in a bull market trend for several years.

Seeing that the U.S. stock market continues to open higher and move higher, and the worry of breaking out, has completely disappeared.

The stock markets of other countries in the external market also followed suit and rose.

At the same time, the emotional atmosphere of the domestic financial market, stimulated by the generally higher opening and higher movement of external markets at night, has become further agitated and high-spirited.

Many retail investors are still awake and immersed in the online world.

I can't help but constantly refresh the market interface of the external market trends. My mind is already at the daily limit regarding tomorrow's market trends and the trend expectations of the stocks I hold.

Finally, when the second day came, it was Friday, November 11, early in the morning.

The vast domestic investors who woke up saw that the external market was booming, and the most important U.S. stock market, the Dow Jones Industrial Average, the Nasdaq Index, and the S&P 500 Index all opened higher and moved higher, rising by more than 2%. Everyone is excited, knowing that today's A-share market is likely to open higher again.

Moreover, it was stimulated by the trend of US stocks last night.

Throughout the Asia-Pacific stock market, the Korea Composite Index and the Nikkei Composite Index, which opened before the A-share market, opened sharply higher, further stimulating domestic pre-market sentiment.

"This is a hot sign before the set. It feels... a little crazy!"

At around 8:40 in the morning, within Yuhang Minghui Capital, in the main fund trading room, He Hong, the main fund product manager who had come to the company and finished the morning meeting, was sitting in front of his work computer, refreshing his browsing experience at home and abroad. The market's early trading information, as well as the investment sentiment feedback of the majority of investors on various stock discussion platforms across the Internet, said with emotion: "At a glance, everywhere you look, there are either good news, or discussion topics that everyone is excited to talk about. It seems that the entire market, all the The investor group has all evolved into bulls.”

"Haha... the emotional expression before the market is indeed a bit crazy." Hearing He Hong's emotion, Xu Zhongji, general manager of the company's asset management business who had just walked into the main fund trading room, responded with a smile, "But domestic and foreign, looking at Go, the information presented is all good, coupled with the original hot money-making effect of the domestic market, it is not unexpected to have this kind of emotional expression. "

"Such an overheated emotional expression...I feel a little uneasy." He Hong saw Xu Zhongji, nodded slightly, and continued, "Every time the broad investor group in the market is bullish, it seems that the actual trend of the market , are clearly below expectations.”

Xu Zhongji said: "Through the analysis of historical market trends, it is true, but... we still can't just rely on feelings when making transactions."

"That's true!" He Hong nodded slightly.

Xu Zhongji paused for a while and continued: "The bull market atmosphere in the market has been completely activated. The Shanghai Stock Index is at 3600 points, and there is no huge pressure. At present, there should not be much risk, even if the index is at this position. As we have seen, there should be no extreme plummeting fluctuations.”

"It's definitely not going to plummet." He Hong said, "I'm just afraid that the main style of the market will switch. After all, the current core series of 'big finance', 'big infrastructure', 'military industry', 'sub-new stocks', and 'film and television media' The main lines, related industry sectors, and core concept stocks have all reached short-term highs, such as 'Flush', 'Oriental Fortune', 'Bluestone Heavy Equipment', 'Huazhong Capital', 'Western Securities'... ...These stocks also showed relatively large long-short differences on the market yesterday. Although the stock prices of these stocks continue to rise, the need for adjustment should be getting stronger.

At this time, if the main financial group in the market.

Large-scale profit taking of high-priced leading stocks in the main fields such as 'big finance', 'big infrastructure', 'military industry', 'sub-new stocks', and 'film and television media', and then use the logic of 'high-low switching' to trade at relatively low positions It is not impossible to focus on main lines such as 'big consumption', 'mobile Internet', and 'smartphone industry chain', which are expected to be equally good in the future.

If the main line of the market changes...then our current positions will be relatively passive. "

"Is the core direction of the market changing?" Hearing He Hong's worries, Xu Zhongji murmured, then thought about it for a moment and said, "Probably not. In the current market, in the short term, the biggest positive expectation is that next month everyone is rumored The central bank has cut interest rates and lowered reserve requirements.

There is this favorable factor.

The market's core main financial group should not deviate from the core line of "big finance" in the direction of market making.

After all, no matter whether this major benefit is true or false, or whether it can be realized, for now, at least there is strong expectation, and if there is expectation, there will be market.

For now, the line of 'big finance' is still the core line with the strongest expectations and emotional feedback in the market.

I think...

With the further increase in bullish sentiment in the market, and the further radical development of market investment risk appetite.

In the market, the market conditions in major areas such as 'big finance', 'big infrastructure', 'military industry', 'film and television media', and 'sub-new stocks' will not only not weaken, but will intensify further, forming a more severe trend. The main upward trend is radical, and the market trends of related core leading stocks and blue-chip heavyweight stocks should also become more and more exciting. "

"Why is this?" He Hong asked in confusion.

Xu Zhongji smiled and continued: "You don't understand the principle of 'the strong get stronger and the weak get weaker'? As the market risk appetite increases, then everyone naturally wants to earn excess returns, and the market is most likely to produce excess returns. Where does the income come from?

Only in the core main line areas, there are a number of popular stocks that have attracted the attention and discussion of the entire market.

Moreover, there are many popular stocks in the market.

In fact, it is also caused by the concentrated trading of active financial groups in the entire market.

In other words, these popular stocks can have a trend that is much stronger than the market, can continue to gather the main capital groups to follow suit, and can continue to enable the funds holding these stocks to obtain excess returns from the market. In essence, it is also a particularly solid underlying logic. existing.

In other words, although the current short-term trend position of these stocks is generally not low.

But regardless of the logic of short- to medium-term speculation or the logic of long-term investment, these stocks are still among the stocks with the best expectations and the most cost-effective investment in the entire market.

Got it.

We can also fully understand why the main funds, as well as a large number of active short-term capital groups, will further invest in popular stocks and leading weights in the market as the market continues to develop short squeezes and market investment risk preferences continue to rise aggressively. The reason for the concentrated concentration of stocks is speculation.

In essence... this is also a group of market monster stocks like 'Blue Stone Heavy Equipment', 'Huake Dawn', 'Flush', 'Great Wisdom', 'Shanghai Steel Union'... which can continue to create new heights of speculation. , the fundamental reason that continues to arouse bullish sentiment in the market and comprehensively drive the market's money-making effect. "

After listening to Xu Zhongji's answer, He Hong thought about it carefully for a while and continued: "According to Mr. Xu's intention, at the current position of the Shanghai Stock Exchange Index, there is a high probability that it will continue to break through upward, and 'big finance',' Will the core main lines of large infrastructure, 'military industry', 'sub-new stocks', and 'film and television media', as well as their related popular stocks and heavyweight blue-chip stocks, further break upward?"

"There is a high probability that this is the case." Xu Zhongji said, "Of course, this is just my prediction. Whether the market can eventually form such a trend depends on the real trend feedback of the market."

He Hong continued to nod, thought for a moment, and then said: "If the market develops as Mr. Xu expects, then we should make corresponding plans and prepare to adjust positions accordingly."

"How do you plan to adjust your position?" Xu Zhongji asked.

He Hong responded: "Of course it is the idea of ​​'the strong will get stronger and the weak will remain weak' that Mr. Xu just said. Since the market trend and the trend of core and mainline related component stocks, under the extreme bullish sentiment, Under the generally rising investment risk appetite in the market, there will be obvious divergent trends.

Then, we should reduce the holdings of stocks in our fund products that have shown signs of decline and cannot outperform the market index.

Then reduce the position by selling these stocks.

Concentrate on the core and mainline popular weighted stocks that are still scarce chips in the market to further capture the market's excess returns. "

"Well, it is indeed reasonable to do so." Hearing He Hong's idea of ​​adjusting positions, Xu Zhongji nodded, "There is no doubt that when the bull market pattern of the market will not change, once the market diverges, the active trend will The main financial groups will definitely gather in the leading direction."

He Hong said: "Since Mr. Xu thinks there is no problem, I will formulate a position adjustment strategy based on this idea."

After speaking, he did not wait for Xu Zhongji to answer again.

He quickly stood up and conveyed the strategic ideas they had just discussed to the three groups of traders in the main fund trading room, asking them to execute the relevant trading plans according to the requirements of this strategy after the market opened.

And with this discussion between the two...

The time has arrived at 9 o'clock in the morning, and there are only 15 minutes left before the initial collective bidding.

And it was almost the same moment when the two decided to change their trading strategies and further concentrate their positions to seize excess profits in the market.

Yinhua Public Fund Company, also located in Yuhang.

In the internal trading room of the 'Yinhua Value Investment Mixed Selection' product, Zhou Yang, the fund manager of this fund product, stared at the two markets that were about to open. He also had the idea to change his trading strategy, further concentrate his positions, and embrace the strong momentum. The idea of ​​a 'big finance' thread.

"Zhu Peng, do you think... at this time, if we continue to increase our positions in core stocks in the main line of 'big finance', and increase the position weight of popular stocks in the main line of 'big finance', especially the securities and Internet finance sectors, Does it seem appropriate?" Zhou Yang turned to the side of the fund trading team leader and assistant fund manager Zhu Peng and asked, "I always feel that the market trend will further move towards 'big finance', 'big infrastructure', 'military industry', etc. There is a concentration of heavyweight stocks in popular main lines and leading stocks of corresponding concepts!”

Zhu Peng heard Zhou Yang's inquiry, thought for a while, and responded: "If Mr. Zhou thinks it is appropriate, then it is appropriate, but I think... we do not have a cost advantage to chase positions and grab chips for these popular heavyweight stocks at this time. Ah, what if after we catch up, the market suddenly experiences a violent correction?"

"It doesn't matter if there's a correction or something." Zhou Yang said, "On November 11th, didn't the market experience an extreme correction? Didn't it quickly turn back and take it back? In a bull market, extreme The pullback is not a selling point, but it happens to be a good selling point!

Seriously speaking...

We should be happy if there is any extreme correction in the current market.

After all, our fund products have not fully followed the market rhythm in the previous market conditions. On the core lines of 'big finance', 'big infrastructure' and 'military industry', the holding chips are relatively insufficient, and the net value performance has been difficult to sustain. A broad market index that outperforms the market.

If the market can experience an extreme correction and allow us to fully adjust our positions, that would be a dream.

However, judging from the current market sentiment feedback, as well as external market trends, follow-up positive stimulation and other positive factors inside and outside the market...

I am just afraid that the market will continue to be short-squeezed upward at this position, and it will never come back!
Our original positions on the core main line of the market are insufficient. If the market continues to be shorted and rises, it will go straight to more than 4000 points in one breath.

Then we will completely miss the main trend of the market, and the net value performance of the fund at the end of the year will also be ugly.

Alas, missing a good opportunity and missing out on the market is really more uncomfortable than losing money. "

Zhu Peng looked up at Zhou Yang, thought about it carefully, and knew that Zhou Yang must be partial to adjusting positions in his heart, so he couldn't help but said: "In that case, I agree with adjusting positions. It stands to reason that the money-making effect of the market is becoming more and more popular, and The development of capacity is rapidly approaching the 10000 trillion mark. It can be seen with the naked eye... There are also large amounts of OTC funds continuing to enter the market. At the same time, there are also various positive news in and outside the market.

Under such a hot bull market situation, the Shanghai Stock Exchange Index actually hit the 4000-point mark.

I really can't see any strong hard drive surface pressure.

In this case, the risk of adjusting and concentrating positions and continuing to go long is indeed not great. Relatively speaking... it is definitely better than continuing to maintain static positions. "

"Okay!" Zhou Yang chuckled, "Since you agree, let's adjust the position and directly increase the position weight of our fund products in the direction of 'big finance' to 70%."

Zhu Peng nodded, and then quickly conveyed the corresponding instructions to the traders in the trading room.

Let everyone trade according to the corresponding strategy after the market opens.

When Zhu Peng had just finished issuing the corresponding trading strategy, the market trading time had already reached 9:15, and the stagnant market began to jump rapidly.

After the two cities were suspended overnight, call auction transactions once again ushered in. (End of chapter)