The investment era of rebirth

"In other words, it is still difficult for the index to open up new room for growth, right?" Zhou Kan said.

Xu Xiang nodded and said: "The market situation on the surface will definitely become more and more differentiated. That is to say, the active financial groups in the market will definitely move towards 'big finance', 'big infrastructure', and 'military industry' which have strong money-making effects." 'Main line popular weight stocks, as well as related concept leading stocks are concentrated.

After these popular heavyweight stocks and concept leading stocks siphoned funds.

Other mainline component stocks, as well as non-mainline fringe stock groups, are likely to suffer further blood loss and show a more violent shock trend.

In short, under the core logic of market trend development, it has begun to turn from strong to weak.

Benefits such as the main line of ‘big infrastructure’, ‘New Era Road, Maritime Silk Road’, as well as various benefits in the direction of ‘big finance’.

It can only temporarily boost the market trend.

It will not change the trend development of the market itself and the expected development of core logic.

The most fundamental hidden danger in the market currently is caused by the gradual weakening of new incremental funds and the inability to further expand capacity on a large scale.

This point cannot be substantively resolved.

Well, when the market has accumulated too many short- and medium-term profit orders and unwinding of arbitrage.

It is impossible for the market to complete an upward breakthrough quickly, and it is bound to usher in a wave of violent adjustments due to continued selling for profit taking and unwinding.

Only in this way can the huge active capital flow be released again and the overall chip structure of the market can be reorganized.

Regroup the main attacking force of doing long. "

"Indeed." Zhou Kan nodded when he heard this and said, "After this period of time, the market has continued to be short-squeezed and rose, and there has been a continuous influx of people in the core main fields of 'big finance', 'big infrastructure' and 'military industry'. There are really too many capital groups, and after these influxes of capital, after getting chips, they have basically settled down, turned into profit margins, and turned into potential short forces in the market.

And the market has developed until now...

The core main lines of 'big finance', 'big infrastructure' and 'military industry' can siphon active capital flows from other main line areas, as well as off-site follow-up capital flows, which are already very limited. In other words... Among these three main areas, the structure of potential bull power and potential short power is indeed reversing.

That being the case, then... should we continue to sell gradually according to the established trading strategy? "

Xu Xiang nodded and said: "Yes, continue to follow our established trading strategy and gradually sell off the funds' holdings. Today, the core main lines of 'big infrastructure', 'new era road, and maritime Silk Road' have appeared. The big positive stimulus provides enough liquidity on the market and also gives a higher exit position on the market, which is very conducive to us reducing our positions and taking profits.”

"Okay!" Zhou Kan responded.

Afterwards, they continued to implement relevant operations of reducing positions and taking profits, and continued to sell many stocks in the main areas of 'big finance', 'big infrastructure', and 'military industry'. The market had already seen heavy volume and stagnation, or stocks with long-short divergence, real-time Harvest position profits and reduce fund positions at the same time.

And in the ‘Zexi Investment’ company.

This is the time when the main financial group starting to follow the "Yu Hang Group" continues to reduce positions and stop profits.

In the self-operated investment department of Huatong Bank in Shanghai, Zheng Zhongming, as the general manager of the asset management business, is still directing the fund managers he manages. At a time when major benefits continue to stimulate the market, in many big companies As the main line weight stocks of finance, big infrastructure, and military industry continue to explode to new highs, they have increased the relevant positions of funds to further pursue the market conditions.

Similarly, within large institutions such as E Fund Company and Huaxin Securities Self-operated Investment Department...

Many major fund product managers are also doing the same operation.

There are also some new fund product trading departments that were just established in November. The relevant fund managers are looking at the hot market and the popular heavyweight stocks that continue to hit new highs. Then they look at the funds they manage. The holdings of fund products are pitiful.

He also directed his traders without hesitation to pursue the market crazily and grab relevant mainline weight stocks.

Therefore, you want to quickly establish a position, keep up with the rise of the market, and share a piece of the bull market's continuous advancement.

And under this kind of game of various capital flows, where some people are new and some are withdrawing...

As the market trading hours progressed, the Shanghai Stock Exchange Index began to trade sideways with explosive volume. In the entire market, except for the main line of 'big infrastructure' that was stimulated by the positive news, and stocks related to the concept theme of 'New Era Road, Maritime Silk Road', other stocks It is difficult to continue to break upward.

Especially when the market trading hours enter after 2 o'clock in the afternoon.

The market's long takeover has even seen a clear decline.

At 2:10, the Shanghai Stock Index's intraday increase once again fell from the intraday high of 1.83% to below the 1.2% increase. At the same time, 'Building Decoration', 'Building Materials', 'Commercial Real Estate Development', 'Mechanical Equipment', The weighted industry sectors of the 'steel' and 'big infrastructure' main lines have fully occupied the top five in the growth list of the two cities and one industry sector.

The securities sector once led the market in gains.

At this moment, the daily increase has fallen below 1.5%, which is basically the same as the Shanghai Stock Index's increase.

And amid the sharp plunge in the securities sector index, the stock prices of its corresponding constituent stocks, such as 'Huaxin Securities, Western Securities, Huashang Securities, Huaxin Securities, Huazhong Capital, Harbin Capital...', also followed. There has been a big plunge, especially for the stock 'Huaxin Securities', which represents the market trend and sentiment of the two cities' weighted stocks. The intraday increase has slipped from the high to around 1.1%, which is beginning to be weaker than the increase of the Shanghai Stock Index.

Of course, the ‘Internet Finance’ sector index is the concept sector with the most concentrated money-making effect in the entire market.

At this moment, it is relatively stable and still maintains an increase of more than 2.5%.

And stocks such as 'Great Wisdom, Flush, Oriental Fortune, Hengsheng Electronics, Jinzheng Shares, Yinjie Technology, Huake Financial...' still maintain an increase of more than 5%.

As for other market areas that are not the popular main lines of 'big finance', 'big infrastructure' and 'military industry'.

At this moment, most industry sectors and concept sectors have fallen from their intraday highs to close to the flat position, and many stocks have even dropped from red to green.

At 2:20, the market plunged further.

At this time, the Shanghai Stock Index's gains further fell below 1%, and the market pulled back close to a 1-point gain.

The market gains of the Shenzhen Stock Exchange Index, ChiNext Index, and Small and Medium Enterprises Index have all fallen back below the 0.5% increase.

Even the strongest A50 index.

The market increase at this time was only about 1.2%, which can be said to be a sharp decline.

As for the specific market performance and individual stock performance.

The market conditions of the entire market have been further concentrated in the direction of "big infrastructure". Only the direction of "big infrastructure" still has a strong intraday money-making effect. Other fields, including the "Internet Finance" sector, are for Many financial groups chasing higher prices during the session have begun to experience significant money losses.

At 2:30, the Shanghai Stock Index gradually stabilized at an increase of 0.79%.

Then, the index tried to pull back under the themes of "big infrastructure", "new era road, maritime Silk Road".

At 2:32, the Shanghai Stock Index rebounded to a gain of 0.85%.

At 2:34, the Shanghai Stock Index returned to the 0.9% increase mark.

At 2:36, the Shanghai Stock Index rose back to 1%. However, after the index broke through the 1% increase, it was not able to stabilize. Then, under the influence of many market selling, it quickly fell below the 1% increase position.

Subsequently, it returned to the intraday increase range of 0.7% to 0.8%.

in the fluctuations of the index. The main market trends of the two cities are also volatile.

Moreover, the market trend gap between the popular stocks and concept leading stocks in the market's main line weight and other component stocks in the main line field, as well as the changes in long and short patterns, have become increasingly differentiated.

Stocks in the same sector and with the same concept.

In the absence of any fundamental issues or substantial negative interference.

There has been a situation where a relatively popular stock has reached its daily limit, while another stock has dived from a high level and cannot even turn the market red.

At the same time, in a situation where the trends of related stocks are becoming more and more differentiated, the volume performance of several core main line areas is still reaching new highs.

It’s just in the expansion of quantity and energy.

The net inflow of main funds is declining rapidly.

At 2:45, when the market entered the last fifteen minutes of late trading.

The net inflow of main funds in the securities sector once reached 20 billion during the day. At this moment, the net inflow of main funds has turned into an outflow.

Of course, the banking and insurance sectors are still experiencing major net inflows of funds.

It's just that the net amount of main capital inflows has dropped significantly compared with the market before 2 o'clock.

At 2:50, the A50 index accelerated its dive, and its market gain fell to the same level as the Shanghai Stock Exchange Index.

At the same time, the number of red-listed stocks in the two cities has also dropped sharply, with only more than 1200 stocks still maintaining a red-listed status.

Finally, when 3 o'clock in the afternoon came, the two cities ushered in the closing time.

I saw that the Shanghai Stock Exchange was set at an increase of 0.72%, leaving a relatively long upper shadow line on the K-line chart.

As for the Shenzhen Stock Exchange Index, ChiNext Index, and the Small and Medium Enterprises Index, they all maintained a slightly red trend, rising by 0.15% to 0.35%.

The A50 index only rose by 0.73% today, which was relatively consistent with the increase in the Shanghai Stock Exchange Index.

However, although the intraday trend of the core indexes in the two cities was not very good, and there were two rapid dives during the session, leaving a long upper shadow line, showing a long-short divergence.

However, among the investor groups in the two cities, the top 20 popular stocks have attracted a lot of attention and discussion.

In terms of closing results, it still maintained a comprehensive red plate status.

Moreover, whether it was ‘Huake Dawn’ or ‘Blue Stone Heavy Equipment’, they both continued to close the daily limit and successfully reached new historical highs.

At the same time, there are a number of leading concept stocks on the main line such as 'Great Wisdom', 'Yingkou Port', 'Shanghai Sanmao'...

All stocks closed at the daily limit, setting new highs in recent times and new highs for the year.

In other words, among exponential disagreements.

The short-term hype effect of the market, as well as the profit-making effect of core leading stocks and concept leading stocks, have not been lost, but are becoming more and more intense, further attracting the participation of active short-term capital groups from all walks of life in the market, and at the same time creating a stronger money-making effect.

Of course, facing the closing results of the two cities.

For the majority of investors in the market who have high expectations, they still feel that it is lower than expected.

However, even if everyone is somewhat dissatisfied with the day's closing results, no one feels that the market has reached its peak, or that there are any major potential risks in the market.

After all, a number of leading stocks continue to hit new highs.

The market's speculation space continues to be opened up and refreshed.

Can this be said to be the peak of the short- to medium-term market? Can this be said to be a decline in the money-making effect of the market?

"Today's market trend is a bit worse than expected!" After the market closed, at around 3:15 pm, inside the Yinghui Fund Company in Magic City, the 'Yinghui No. 1' fund product trading room, as the fund product trading team leader Yu Lei stared at the two markets that had been fixed for a long time. After a brief review, he said, "I feel that the internal capital differences in the market are gradually increasing, and the upward pressure on the index is also gradually increasing."

As a fund manager, Liu Guanhai heard Yu Lei's words, nodded slightly and said: "There is no doubt that the differences in the market are increasing, but fortunately, looking at the closing results, the trading volume of the two cities is still continuing. Expanded, it has reached a scale of more than 9700 billion.

In terms of turnover of this scale.

There should be no big problem with the active and liquid capital group on the market taking over market trends.

At the same time, aren’t there many potential benefits waiting to be released in the two core lines of ‘big finance’ and ‘big infrastructure’?

There is this continuous positive push.

The profit-taking and arbitrage-unwinding groups in these two core main areas will definitely hesitate to sell.

In this way, the selling of these two main lines will not be serious.

Looking at other non-popular mainline areas, although there is no buying, there is also no selling.

Therefore, in general, as long as the total market turnover continues to rise, at the same time, there are several popular core main lines in the market, and there are potential positive stimulations and corresponding future expectations.

So, even if there is pressure on the market, it will not form an extreme adjustment trend.

After all, these selling pressures.

With the continued expansion of new transaction volume and the continued influx of new position building funds in these core main areas, it is enough to bear it.

I guess..."

Liu Guanhai paused, thought about it, and continued: "The next market trend will definitely not be as smooth as before, but this continuous upward trend will certainly not be easily reversed before the transaction volume shrinks. , most of them will continue this trend of continuous upward shocks, digesting internal profits and unwinding arbitrage through shocks and upward moves.

Then, when profit taking and unwinding are almost digested, a new round of smooth upward offensive will break out.

In other words, I think at this position, the slope of the upward trend will probably gradually level out. Whether it is the Shanghai Composite Index or the A50 Index, it will gradually move closer to several important moving averages that diverge, making the technical shape look better. . "

After Yu Lei listened to Liu Guanhai's analysis, he thought about it for a while, nodded, and agreed deeply.

Indeed, the market showed divergence, but the reception was still relatively good, and there was no sign of any possible extreme adjustment.

At the same time, he believes that the market has risen after such a long period of short squeeze.

The funds outside the market are rushing to enter the market.

Countless new funds want to compete for high-quality mainline core chips in the field.

In this case, the market has no room for downward adjustment at all, and the maximum trend is to move closer to the moving average and build a new chip platform.

In other words, market investment risks are still controllable, and there is no need to worry too much at this time. (End of chapter)