The investment era of rebirth

"Mr. Su..."

The people who had been having a heated discussion just now stood up to say hello when they saw Su Yu's arrival.

Su Yu nodded slightly, then motioned for everyone to sit down, then walked to Li Meng's side, his eyes fell on the big screen in the trading room, and asked: "How is it?"

Li Meng replied: "I was just about to adjust my trading strategy."

With that said, Li Meng briefly explained to Su Yu the results of the discussion just now and her current understanding of the changes in the two markets.

After Su Yu listened, he nodded with a smile and said, "Yes, the growth rate of volume energy is decreasing, and the upward trend of market index has begun to accelerate comprehensively. The emotional feedback of the entire market is becoming more and more consistent, which will indeed lead to The group of short- and medium-term profit taking and arbitrage funds accumulated in the market has further increased rapidly on a large scale, resulting in a corresponding reversal of the market's long and short forces.

You plan to gradually reduce positions and take profits at this position to harvest market profits.

Be the first to stop the profit-taking and arbitrage capital groups that have accumulated too much in the market and have begun to exceed the ability of long-term funds to bear.

It is indeed a good trading strategy.

However, I expect a real long-short reversal in the market, especially if signs of such a reversal can be reflected on the market.

There will most likely be a stimulating and fermentation process.

In other words, the current market trend is likely to rely on the inertia of the trend, as well as the stimulation of internal and external favorable factors, the stimulation of overly consistent bullish sentiment, and the aggressive entry of short-term residual OTC capital groups into the market... ...continue to walk up for a while.

But it is definitely the end of a major uptrend.

In view of the huge scale of our institution's current asset management scale, there is definitely no problem in providing feedback from the market in advance. "

"How long do you think the index and the corresponding main line market can continue in the trend inertia relying on these current favorable factors?" Li Meng thought for a while and asked, "How much room do we have to gradually reduce positions and take profits?" time?"

Su Yu stared at the big screen in the trading room and responded: "According to my guess, the market conditions should last until next week."

"Next week?" Li Meng was slightly stunned.

Su Yu nodded and said: "Next week, at the beginning of the month, it should be clear whether the news about the central bank's interest rate cut and RRR cut rumored by the market can be realized, and whether this good thing can be realized, regardless of this heavy news. Whether the good news can finally be realized and implemented, the moment the news is revealed, it should be the beginning of the market reversal.

After all, a sustained high surge is a major benefit that everyone has generally expected.

Once it lands, all the benefits will come out.

By then, the profit-taking and arbitrage funds on the market that have already made huge profits will definitely be unable to bear it.

What's more, the current line of "big finance" has been continuously short-selling and rising so eagerly. The biggest driving force for the market is this major good news.

Once the benefits are realized, it will be difficult for "big finance" to hold on and not adjust. "

"If we only have one week, then we have to be quick in adjusting our position strategy." Li Meng said, "Otherwise, it is very likely that we will not be able to complete the strategic plan of reducing positions and taking profits before the market adjustment comes."

Su Yu nodded and said: "The overall liquidity of the current market is still very high, and the constituent stocks currently held by several of our main fund products are basically core popular stocks with good market liquidity. In about a week, With time, it is still possible to gradually complete the strategic plan of reducing positions and taking profits.

Of course, at this stage.

When the market conditions in the two cities have not yet substantially changed.

In the process of changing strategies and taking profits and reducing positions, we should not sell too aggressively, and we should carefully avoid the market's dragon and tiger list disclosures.

After all, our organization currently has a great influence on the market.

In addition, our holdings are relatively large.

If our strategic plan and the behavior of reducing positions and taking profits are exposed to the Dragon and Tiger list early, it is very likely to induce the market to make adjustments in advance, which will cause this round of market to peak early, thus restricting the execution of our strategy. , and the final realization of the position reduction and profit taking strategy. "

Li Meng nodded and said: "I have already told everyone to pay attention to this point of attention."

"Also..." Su Yu paused, "Have you notified the 'Anzhao Fund' managed by Mr. Qin?"

Li Meng heard Su Yu mention the 'Anzhao Fund' company, and then he reacted and said with a smile: "That's not true. Do we need to simultaneously reduce positions in all fund products of our two institutions?"

Su Yu responded: "It's still necessary."

After speaking, he picked up the phone and dialed Qin Qiuyue's personal phone number.

After a while, the call was connected. Su Yu told Qin Qiuyue the trading strategy plan that everyone had just formulated, and asked her to prepare strategies for reducing positions and taking profits for several major fund products managed by 'Anzhao Fund'. At the same time, the corresponding trading strategies must be kept strictly confidential to prevent the trading strategy plans from being spread and causing a butterfly effect on the current market trends.

After listening to Su Yu's instructions, Qin Qiuyue was obviously a little surprised.

She had no idea that Su Yu would choose this time to comprehensively reduce positions and stop profits on all major fund products.

"Okay, Mr. Su!" Qin Qiuyue responded without any nonsense and hung up the phone.

And she was standing next to Zhou Hui.

So, as soon as she hung up the phone, the company's fund manager Zhou Hui, who had been paying attention to the changes in the two markets, turned back, looked at her with a smile, and said curiously: "Is it Mr. Su's call? What did Mr. Su say on the phone? "

Qin Qiuyue thought for a moment and replied: "Mr. Su asked our company to gradually reduce positions and stop profits in the main fund products managed by our company, and reduce the overall position to less than 30%."

"Full reduction of positions?" Zhou Hui was stunned when she heard the news.

Qin Qiuyue noticed the change in Zhou Hui's demeanor, smiled, and said: "Isn't it surprising? I am also surprised. At this time, the overall market trend is still very good, whether it is the Shanghai Stock Exchange Index or the A50 Index. They have completely broken away from the previous platform and are on the trend of continuous breakthroughs. Even the Shenzhen Stock Exchange Index and the ChiNext Index have begun to break away from the previous shock platform and form a breakthrough pattern.

Logically speaking, at this time, we should further increase our positions and capture more excess profits from the market.

But Mr. Su asked us to harvest profits immediately and stop all profits.

This change in strategy is actually somewhat surprising.

However, our current position has indeed made a lot of profits. The entire net value has increased by 1.3 times compared to when we established the position.

As for harvesting profits in a timely manner, there is no problem. "

"Mr. Su asked us to reduce our positions and take profits, and generally reduce our positions to less than 30%. This should not be the reason why our fund products are so profitable." Zhou Hui responded, then returned her eyes to the two markets and thought carefully for a while. , his eyes just glowed brightly, and he said with some excitement, "Mr. Qin, I seem to understand Mr. Su's intention. The market position is indeed an adjustment risk, which is becoming more and more prominent, and if the market is near this position, If there is an extreme adjustment, it is absolutely impossible to recover in a day or two in the short term.”

"What's the intention?" Qin Qiuyue was still confused.

Zhou Hui smiled, pointed out the trend of the K-line chart of the Shanghai Stock Exchange Index and the Shenzhen Stock Exchange Index, and said: "Look, compared with the previous half month, in the last week or so of trading days, the trading volume of the Shenzhen Stock Exchange Index and the Shanghai Stock Exchange Index has increased. Is the quantity declining step by step?"

Qin Qiuyue took a look and found that it was true, and asked: "What does this mean? Isn't the overall market turnover still showing a trend of rising gradually? Isn't the incremental capital group outside the market still continuing to enter the market to do long positions? ? Moreover, the investment sentiment, investment confidence, money-making effect, and investment risk preference of the two cities are all on the rise!"

For a moment, she didn't see what was wrong with this.

Zhou Hui smiled softly and continued: "In the process of the gradual decline in the market's turnover rate on each trading day, the breakthrough trends of the Shenzhen Stock Exchange Index and the Shanghai Stock Exchange Index have accelerated.

On the one hand, it can explain the market's investment sentiment, investment confidence, as well as the money-making effect, investment risk preference... and other factors, all of which are in a rapid upward trend.

However, it also shows that the market continues to rise.

The market capitalization of the entire market and the volume of circulating stocks continue to increase significantly.

At the same time, there are various favorable and exciting situations both inside and outside the market.

The new investment funds that have continued to pour into the market recently are gradually decreasing.

The market conditions have become better, the money-making effect has become stronger, and the long market sentiment and investment risk preferences are also rising rapidly. Logically speaking, the new investment funds pouring into the market should continue to increase significantly. It makes no sense. Gradually, however... it just happened. "

"Huh..." After hearing Zhou Hui mention this, Qin Qiuyue suddenly had a flash of inspiration in her mind and seemed to understand, "Indeed... it seems a bit strange."

Zhou Hui nodded and continued: "So we can't just look at the market's turnover status."

"Zhou Hui, are you trying to say that with the market turnover approaching one trillion, the active investor groups in the two cities and their long-term strength have almost reached their limit, right?" Qin Qiuyue smiled and finally understood. , “After a month of continuous short-squeeze and rise in the market, from opportunities on the left to opportunities on the right, from a bull market of doubts to a bull market of certainty, the investor group who is still paying attention to the market is continuing a Under the influence of the market situation last month, the vast majority of people should have been unable to bear the temptation to enter the market.

And when the vast majority of investors have entered the market.

Then, the number of new investors entering the market will naturally not be as large as before.

At the same time, the newly added incremental funding groups will naturally fall into the process of gradual exhaustion. "

"Yes, that's the truth." Zhou Hui nodded and continued, "And this also means that the continuing bull power is currently in a process of continuous decline. At the same time, the entire market is still in a state of decline. An aggressive continued upward trend.

And the most important thing..."

Zhou Hui paused and then continued: "That is, as the market continues to surge and unilaterally rise, in the current market, there should not be a small number of capital groups like our institution that hold large positions and make large profits, and there are many The investment capital groups chasing short- and medium-term opportunities should be all profit-making at present.

These groups of investment funds that used to be firm bulls in the market have made huge profits.

Especially when it is gradually discovered that the market has gradually begun to take over the bullish power, and the market volume has almost reached its limit without a major change in the macro monetary and financial aspects. There is a high probability that these funds will also Just like us, they have begun to harvest profits and take profits.

In other words, the market's current profit margin is already very heavy.

It is difficult to sustain such a huge group of profit-making funds simply relying on the current amount of new funds and the declining capacity of bulls to take on new funds.

This should be the fundamental reason why Mr. Su asked us to take profits promptly and reduce our positions significantly at this stage. "

"No wonder..." After Zhou Hui's words, Qin Qiuyue fully understood. She fully agreed with Su Yu's strategic idea of ​​reducing her positions and stopping profits. She smiled and said, "Mr. Su is still great. It is able to interpret information from the disk that ordinary people cannot find, so as to make appropriate changes in trading strategies. However... is it still a bit too pessimistic to directly reduce the position to less than 30% in one go? Logically speaking, as long as the bull market The basic logic remains unchanged, and market adjustments should also be benign adjustments, such as the extreme market adjustment on November 11. Didn’t it recover quickly afterwards and hit new highs in succession?”

Faced with these questions on Qin Qiuyue's mind, Zhou Hui continued to respond: "If the market in this round adjusts the market direction after the new bull funds are exhausted, the adjustment structure will be the same as that of the November 11th wave. , there are still obvious differences. At that time, the entire market was still in a rapidly fermenting bull market atmosphere, and large-scale incremental capital groups outside the market rushed to enter the market. At that time, the number of new incremental capital groups in the market was increasing rapidly. status.

In that state, all high-quality chips in the market are scarce.

Not to mention that it only dropped a few points at that time, even if it dropped back to 3000 points, the market would quickly recover from the decline and reach a new high in the short term.

However, now the energy and explosive volume of the entire market has reached a relatively extreme position.

At the same time, the incremental capital group newly entering the market has begun to slow down, and there are not so many cheap and high-quality chips in the market.

In this case, once the market adjusts.

Then it cannot be a short-term adjustment like the one on November 11, but it is most likely a mid-term adjustment that has both space and time.

Of course, the market's basic bull market logic should still not be shaken.

And this possible adjustment should also be a benign adjustment.

After a wave of adjustments, the market will have a certain amount of room to adjust, and there will be more high-quality and cheap chips in the market.

At the same time, as the benefits of the central bank's monetary policy shift come to fruition, and as time goes by, profits are cleared, and the market's funding situation will definitely improve significantly.

By then, the market should have regrouped strong long-term capital forces and once again pushed the market upward.

I think this is why Mr. Su asked us to continue to retain a certain position after reducing our positions. "

Qin Qiuyue thought about it carefully and said with a smile: "You still understand clearly. In this case, let's not hesitate and start to reduce positions and stop profits accordingly according to Mr. Su's strategy, oh... By the way , when reducing positions, we must also pay attention to one thing, that is, not to be too eager, not to sell chips too concentratedly, avoid the dragon and tiger lists of the two cities as much as possible, and not to expose our trading seats early. "

Now, most of the main financial institutions in the market, as well as many medium and small investor groups.

Everyone already knows that their organization is related to the 'Yuhang Investment' organization run by Su Yu.

If they expose the trading positions of corporate institutions in advance during the process of reducing positions and taking profits, it will definitely arouse people's imagination, thus completely exposing the investment strategy intentions of the main funds of the 'Yuhang Series', seriously interfering with this round of reducing positions and taking profits. The execution of the strategy will endanger the current market trend.

"I understand!" Zhou Hui nodded and said, "With such an extreme trend of short squeeze and rise, with the help of extreme bull sentiment, even though the power of bulls begins to gradually weaken, the money-making effect in the market remains hot. In particular, many active major financial groups are still converging on popular stocks in the market and rushing to raise funds to reach new heights. The excessive accumulation of profit orders should also maintain an optimistic spirit for a period of time. , perform corresponding lock-up operations and let profits continue to run.

at this time……

We will reduce positions step by step, avoiding the data on the dragon and tiger rankings of the two cities in a timely manner, first reducing the positions with poor liquidity, and then reducing the positions with good liquidity.

Our trading position should not be exposed, thus successfully completing the position reduction and profit taking plan. "

After finishing speaking, Zhou Hui did not wait for Qin Qiuyue to give further instructions. She turned around and summoned all the traders in the trading room to hold a short meeting of a few minutes, gave corresponding trading strategy instructions, and officially started the trading of several stocks under her management. The main fund products have a position reduction and profit-taking plan to harvest profits at the right time.

At this time, the main fund products of the "Anzhao Fund" series adjust their investment strategies and trading strategies in a timely manner.

The trading time of the two cities has also entered around 10:30.

I saw that in the process of the main funds of the 'Yu Hang Group' adjusting their trading strategies and making timely plans to reduce positions and stop profits, during this period, whether it was the Shanghai Stock Exchange Index, the Shenzhen Stock Exchange Index, the ChiNext Index, the Small and Medium Enterprises Index, or the A50 Index, It is still continuing to break through rapidly.

At this moment, the Shanghai Stock Index still refreshed its intraday increase to 1.78%.

At the same time, the A50 index's intraday increase reached an increase of 2.19%.

As well as the Shenzhen Stock Exchange Index and the ChiNext Index, the intraday gains at this moment have also reached more than 1.3%.

In addition to the performance of the major core indexes in the market... there are a number of popular core main areas in the market, such as 'big finance', 'big infrastructure', 'military industry', 'film and television media', 'sub-new stocks' and other main-line related industry sectors , concept sector, and continued to make strong breakthroughs.

Among them, the securities sector index and the construction and decoration sector index have already reached a 3% increase in the day.

As for the 'Internet Finance' sector index, the increase at this moment has reached 4.22%. Within the sector, the corresponding component stocks have once again set off a rising limit trend.

At 10:31, ‘Huaxin Securities’ exceeded the 5% increase, and the intraday trading volume, after one hour of trading, had reached the 37 billion mark.

At 10:32, the intraday increase of ‘Huagong International’ hit 6%, and the intraday turnover reached 20 billion.

At 10:33, ‘Huaguo Construction’ exceeded the 5% increase.

At 10:34, ‘China Airlines Heavy Machinery’ once again hit the daily limit. At the same time, the ‘National Defense and Military Industry’ industry sector index rose by 3% during the day.

At 10:35, in the 'Bank' sector, 'Commercial Bank' surged more than 6%.

At 10:36, the intraday increase of 'Flush' hit the 7% mark again, and the intraday turnover rate reached 10%.

At 10:37, "Oriental Fortune" rose by 6% during the day. At the same time, the three Musketeers of "Internet Finance" once again squeezed into the top ten of the investor groups' attention and discussion lists in the two cities.

At 10:38, Pacific Securities closed its daily limit, and in the securities sector, 4 brokerage stocks had closed their daily limit.

At 10:39, the two major weighted sectors of banking and insurance reached an intraday increase of 2.67%.

At 10:40, ‘China Airlines Heavy Machinery’ completely sealed the daily limit, and all industry sectors and concept sectors in the two cities were in the red.

At 10:41, more than 5 stocks in the ‘Internet Finance’ sector hit their daily limit.

At 10:42, ‘Bayi Steel’ hit the daily limit.

At 10:43, ‘Yingkou Port’, a monster stock that has performed strongly recently, was also attacked by a series of large orders of tens of thousands of buyers, and the stock price went straight to the daily limit.

At 10:44, the time-sharing trading volume of Yingkou Port reached 1.79 million.

At 10:45, the straight-up rise of 'Yingkou Port' sealed the daily limit. At the same time, the 'port and shipping' sector, as well as the two major concept-themed sectors of 'Eurasian Economic Belt' and 'Northeast Revitalization', showed a straight-up trend. .

At 10:46, the main line of the concept theme of 'reform and reorganization of central and state-owned enterprises' changed across the board. A large number of stocks with the concept of 'state reform' received a large number of major purchase orders.

At 10:47, ‘Huagong International’ rose by 7% during the day, continuing to set a new high on the market.

At 10:48, the stocks of the two major state-owned enterprises, China South Locomotive and Rolling Stock Corporation and China North Locomotive and Rolling Stock Corporation, surged simultaneously, and the trading volume of both stocks quickly exploded to more than 10 billion.

At 10:49, the entire "Shanghai Free Trade Zone" sector suddenly emerged. "Shanghai-Hong Kong Group" surged 3.5%, while "Waigaoqiao" and "Lujiazui" surged more than 4%.

At 10:50, ‘Huatong Securities’ hit the daily limit.

At 10:51, the ‘Securities’ sector index’s intraday increase exceeded the 4% mark.

At 10:52, the daily net inflow of main funds in the 'Securities' sector once again reached 30 billion, and the daily turnover of the entire sector has now reached 500 billion.

At 10:53, ‘Huaxin Insurance’ rose more than 5%.

At 10:54, the Shanghai Stock Index rose nearly 2% during the day and stood at 3620 points.

At 10:55, in the "sub-new stocks" sector, near-end sub-new stocks broke out again. The sub-new stocks that once went out of the sky yesterday can actually reach the daily limit today.

At 10:56, ‘Huaguo Railway Construction’ and ‘Huaguo China Construction’ rose more than 5%.

At 10:57, the number of green stocks in the two cities dropped to less than 100, and the market's money-making effect once again reached its extreme.

At 10:58, the number of stocks changed hands in a single day, and the number of stocks with a natural daily limit reached 81.

At 10:59, the transaction volume of the two cities has exceeded the 4600 billion mark.

At 11 o'clock in the morning, the Shanghai Stock Exchange Index officially hit the 2% increase mark, while the most powerful A50 index once again touched the 2.5% increase mark.

At the same time, look at the K-line patterns of the Shanghai Stock Exchange Index and A50 Index.

The two major indexes have completely broken away from all the supporting moving averages below, and have embarked on a sustained and exciting main upward trend.

After the market trading time reaches 11 o'clock, it begins to enter the last half hour of the late trading period before the noon closing.

The main trading volume of the two cities can be determined by the strength of the bulls.

It began to further converge on the core main lines of the two cities, as well as popular leading stocks of major conceptual themes and main line weighted blue chip stocks.

Among them, the trading volume of large-cap blue-chip stocks and popular concept leading stocks continued to surge.

The trading volume of many non-popular mainline stocks, as well as a large number of fringe mainline component stocks, began to decline. However, this phenomenon was briefly affected by the extreme breakthroughs of many popular stocks that showed a strong profit-making effect, and Mainline weight stocks were overshadowed and did not receive much investor attention.

Moreover, what no one noticed is...

In many popular mainline related industry sectors and concept sector stocks such as 'big finance', 'big infrastructure', and 'military industry' that are slightly lacking in liquidity.

Active selling volume has begun to suppress active buying volume.

That is to say, there has been obvious upward pressure on the market of relevant stocks, and the trend of divergence from the trend of a number of popular mainline stocks is gradually increasing.

It's just that because the index has been hijacked by the continued surge of a number of heavyweight stocks, it can't be seen at all on the surface.

And under the extreme bullish sentiment, not many investors will delve into this point.

Everyone is just frantically reducing their holdings of relatively weak stocks, concentrating on chasing strong popular stocks and mainline weight stocks, and maximizing the market's excess returns. (End of chapter)