The investment era of rebirth

"Don't think so." Wang Jinglun said, "The three core main lines of 'big finance', 'big infrastructure' and 'military industry' are the core main lines that support the market. If the adjustment of these three core main lines does not end, the market will If there is panic selling sentiment, and if profit taking and arbitrage chips are not cleared, the market will not be stable.

While the market cannot stabilize, other main areas are.

Such as 'big consumption', 'medicine', 'non-ferrous cycle', 'petrochemical'... and other main line areas, there will be no sustainable market.

In this case, even if we avoid the 'big finance', 'big infrastructure', 'military industry', 'film and television media'...these main-line sectors that the 'Yu Hang System' heavily invested in in the early stage, and lay out in other main-line sectors, it is also It is difficult to obtain any market excess returns. "

"Is it possible that the main trend of the market is already undergoing corresponding changes?" Gao Yixiang did not agree with Wang Jinglun's judgment of the market trend at this stage and said, "Obviously, in the current market trend, The net inflow direction of the main funds is towards less popular main areas such as 'consumption', 'medicine', 'non-ferrous cycle', 'petrochemical industry', 'mobile Internet', and 'smartphone industry chain' .

And the concentrated flow of the main capital groups.

It can fully explain the biased views of the main market funds on the main line of the market trend.

In particular, the performance of the three core main areas of 'big consumption', 'mobile Internet' and 'smartphone industry chain' in recent days has been significantly stronger than the broader market.

And in the case of "big finance", "big infrastructure", "military industry" and other major main lines falling continuously.

These three core main areas have always had a certain intensity of money-making effects.

Through these various signs... it can be fully demonstrated that the market's main trend style is changing significantly, and the expected wind direction of the main financial groups is also changing significantly. "

Wang Jinglun thought for a while and responded: "Is it possible that this is not a change in the main market style, but just a short-term switch between high and low funds and a rise in capital risk aversion, a reaction to the risk-averse investment strategy?

After all, judging from the relative disk positions of the major main lines of the market and the chip structure.

'Pharmaceutical', 'Big Consumption', 'Mobile Internet', 'Smartphone Industry Chain', 'Non-ferrous Cycle', 'Petrochemicals'... These are the main areas that were relatively sluggish in the early stage of the market. Because the adjustment time has been long enough, the stock price The position is low enough and the chip structure is relatively good.

It has become a temporary safe haven for major financial groups in the short term.

However, let's talk about the switch of the main line market.

If we want to make the core lines of 'medicine', 'big consumption', 'mobile Internet', and 'smartphone industry chain'... become able to succeed the three major industries of 'big finance', 'big infrastructure' and 'military industry' The core main line is a popular main line and can support the market's continued upward breakthrough.

That order has the advantage of chip structure, which is far from possible.

Without strong future expected feedback in the medium to long term, as well as potential fundamental changes in expectations and the ability to explode in performance.

Then, the simple chip structure advantage can only bring about a short-term oversold rebound, but cannot form a sustained main force's fund-raising intervention and a sustained long market trend.

Any hype market without underlying logic support and core logic support.

In fact, they are just flowers in the mirror and moon in the water. Even if they are hot in the short term, in the medium and long term, they are absolutely without any analysis or discussion value.

If our institution focuses on short-term games.

Just like the various hot money players in the market, there is nothing wrong with paying attention to these sectors that have rebounded from oversold conditions and the trends of popular stocks.

But we are obviously not a private equity fund company focusing on short-term games, but a formal public equity fund company with tens of billions of capital in hand.

In this case, we cannot think about the market in terms of hot money and make corresponding investment and trading strategy choices. "

"You are saying that the three core main lines of 'big consumption', 'mobile Internet' and 'smartphone industry chain' have certain logic flaws and uncertainties in the expected logic in the medium and long term, as well as the expected explosive performance capabilities. , is it not in line with the idea of ​​​​switching the main line?" After hearing Wang Jinglun's words, Gao Yixiang said, "It is also unable to support the continued upward trend of the market index, and cannot undertake the retreat from the core main areas such as 'big finance', 'big infrastructure', and 'military industry' The main financial group that came out, and attracted the entry of off-site funds?"

Wang Jinglun nodded and said: "Yes, that's what I mean. In terms of the underlying logic and expected logic, the lines of 'big consumption', 'smartphone industry chain' and 'mobile Internet' are obviously still poor." The three core main lines of "big finance", "big infrastructure" and "military industry" are more than one.

There are flaws in the underlying logic and performance expectations.

Then it will be difficult to attract long-term funds to enter the market to lock in funds, and it will also be difficult to continue to attract large amounts of main funds to come in to take over the market.

Without the support of these main funds, it will be difficult to achieve sufficient sustained profit-making effects in these core main areas.

There is no sustained money-making effect.

Then, there will be fewer retail investors who will naturally follow the trend, and it will be even less possible to continue to open up the market space.

At least for now, I think that if the market still has the motivation to continue to make breakthroughs and the bull market can continue to perform...then it must be the most suitable main line market and the core main line sector that can carry many major financial groups. The three core main lines are 'big finance', 'big infrastructure' and 'military industry'.

In fact, under the current market trend pattern.

Only the three core lines of 'big finance', 'big infrastructure' and 'military industry' have strong logical expectations for the future and expectations for future performance explosions, and have huge advantages in macro news and policies. "

"But currently, it seems that the internal chip structure of the three core main lines of 'big finance', 'big infrastructure' and 'military industry' has completely collapsed." Chen Shen heard the argument between the two people. At this time, he thought about it for a while. He couldn't help but interjected, "Moreover, as the most core main fund in the market, the 'Yu Hang Group' has also made a large investment in the three main lines of 'big finance', 'big infrastructure' and 'military industry'. The scale of positions has been reduced and profits have been stopped.

Although it is said that the main funds of the 'Yu Hang Group' are reducing and increasing their positions.

It does not necessarily indicate the consistent expectations of the market Everbright investor group.

However, the main financial group of the 'Yu Hang Group' has a huge impact on market trends, as well as the expected impact on the emotions of investor groups both inside and outside the market.

This main force's large-scale reduction of positions and profit-taking in the core main lines of 'big finance', 'big infrastructure', and 'military industry' can also explain some problems.

If the underlying logic of the three core lines of 'big finance', 'big infrastructure' and 'military industry' is strong enough and the future performance expectations are explosive enough, then... why should the funds of the 'Yu Hang Group' be in the first few days? What about carrying out a large-scale reduction of positions and taking profits on the next day, or even in the days before? "Wang Jinglun replied: "Although I don't know that the core main funds in the market of 'Yu Hang Group' have massively reduced positions and stopped profits on the three core main lines of 'big finance', 'big infrastructure' and 'military industry'. What is the logic? But according to my analysis, it can be clearly seen that the underlying logic and future expected logic of the core main lines of 'big finance', 'big infrastructure' and 'military industry' have not undergone any huge changes. Yes, it’s just that in the early stage, everyone swarmed to increase their positions and go long in these major main areas.

This has resulted in a scarcity of chips in these major main areas.

This has also resulted in a number of popular stocks and core concept stocks in these major main areas, which have excessively overdrawn short- and medium-term expectations due to the continued attack of accumulated funds.

As a result, these stocks saw a large number of concentrated profit-making selling when the good news turned into bad news.

It also caused the weak trend for several consecutive days.

But I believe that these are only temporary, as long as the mid- to long-term expected logic and performance burst logic of these core main lines do not change.

Well, as time goes on.

Among these core main lines, related popular stocks and leading concept stocks will definitely be able to come out after the short-term adjustment is over.

What's more, at present...

Many long-term large capital groups gather in the two main areas of 'big finance' and 'big infrastructure'.

At present, not many are showing signs of exiting. "

"Well, I think what Jinglun said makes sense." I don't know when, when the three people in the trading room were discussing the subsequent market trends and the motivation for switching the main market trend, Pingyin Asset Management Business General Manager Liu Ziliang didn't know when , also walked into the trading room. After listening to Wang Jinglun's discussion, he said with a smile, "Judging from the current fundamentals of the main lines of the market, especially from a macro perspective, it is true that only 'big finance', The future expectations of the two core lines of 'big infrastructure' are the most promising.

As far as I know, the current macro level.

In terms of policy direction, the country's macroeconomic strategic planning of the "New Era Road, Maritime Silk Road" should still be unprecedented.

As for the implementation of the macro policy of 'reform and reorganization of central and state-owned enterprises'.

The intensity is also quite strong.

There are also policies in the direction of 'defending national defense and strengthening the military', which are basically quite clear directions.

In addition, for the subsequent implementation of the registration system and the smooth implementation of IPO issuance, the country also needs a bull market to provide soil for the implementation of these policies.

It is also obvious that the transaction volume of the two cities has skyrocketed this year, and the transaction scale of trillions has become the norm.

These should be brand names, right?

We all know that the skyrocketing market turnover will provide securities companies and asset management companies in the industry with expectations and motivation for skyrocketing performance, so why not be firmly optimistic about the main direction of 'big finance'?

Taken together, I think there are no problems with the underlying investment logic and future expectations of the three core main areas of 'big finance', 'big infrastructure' and 'military industry'.

As for the recent popular stocks related to these core main lines, why have they fallen so sharply?

However, it is just these core main lines that have overdrawn short- and medium-term expectations in the previous continuous short-squeeze rally.

As for the impact of the main capital of the 'Yu Hang System' on these core lines.

I think there will definitely be some short- to medium-term impact.

But the long-term impact should be close to nothing. After all, no matter how this main capital is operated, it cannot affect the expected changes in the macroeconomics and the changes in the core fundamentals. At most, it can only affect It's just a short- to medium-term emotional side.

But this emotional thing...

Isn’t it something that can be perfectly utilized by our organization?

As long as the underlying logic remains unchanged and future expectations remain unchanged, then why should we be affected by market sentiment and make irrational investment and trading strategy choices? "

"Mr. Liu is right." After listening to Liu Ziliang's words, Chen Shen thought about it carefully, and his thoughts suddenly changed, and said, "Since 'big finance', 'big infrastructure', 'military industry', The underlying logic of the core main areas of 'film and television media' and the expected logic of future performance explosions have not changed, and the expectations for fundamental changes and macro-policy changes are also still there.

So, we really cannot be kidnapped by the short-term sentiment of the market, and we cannot follow what others say.

As a result, the most suitable opportunity to adjust positions in the market is missed. "

"That's right." Liu Ziliang said with a smile, "As long as the bull market pattern of the market does not fundamentally change, then the continuous correction phase of the market will be the most suitable opportunity to adjust positions."

"Are we... going to adjust positions in several core main areas such as 'big finance', 'big infrastructure', and 'military industry'?" Gao Yixiang still didn't agree with Wang Jinglun and Liu Ziliang's investment logic at this moment. , he thought carefully for a while and said, "Depending on the situation, the market adjustment should not be over yet. If we start to change the trading strategy into an offensive posture at this time, what if the subsequent market index... falls all the way to 3200 What should I do if the spot is nearby?"

Chen Shen thought for a while and said: "At this time, naturally we cannot further increase the overall position level of our fund products. We can only do our best through fundamental analysis and individual stock analysis while keeping the dynamic position level unchanged. Conduct careful research and analysis to remove the weak and retain the strong, and replace the positions of many weak stocks."

"Yes, I agree." Wang Jinglun said with a genuine smile, "Keeping the dynamic position level unchanged, continuing to remove weak points while retaining strong ones, and replacing positions should be the most appropriate trading strategy at the moment.

Due to the continuous short squeeze in the market, we did not buy very cheap high-quality stock chips on the three core main lines of 'big finance', 'big infrastructure' and 'military industry'.

Now... with the continuous adjustment of the market, and the continuous shock and decline trend of popular stocks in the three core main fields of 'big finance', 'big infrastructure' and 'military industry', we can finally do whatever we want and slowly move forward in relative terms. Low position, carefully select chips, and plan for the future! "(End of chapter)