Rebirth of the investment era

"The index has had eleven consecutive positives, and the GEM index has hit a record high since the index was established. The bull market is really coming!"

Market investors who are full of passion and excitement are having heated discussions in major financial communities and stock forums, and their words are full of expectations for a better market outlook.

"There is no doubt that the GEM index has almost doubled from the bottom to now. It is an absolute bull market."

"It's just that the Shanghai Index didn't move much."

"This round is obviously a bull market for the GEM. There is a high probability that the market will still be on the GEM in the future. The Shanghai Stock Index has been dragged along by the GEM index. It is not normal to not move much."

"It cannot be said that every time a comprehensive bull market starts, mid- and small-cap stocks usually move first."

"Yes, yes, the elephant dances, usually after the mid-term start of the bull market."

“Looking back at the last round of comprehensive bull market, the core main line is the ‘ferrous cycle’ stocks. This round should be the emerging economic fields dominated by ‘mobile Internet’ and ‘smartphone industry chain’, right?”

"That's for sure, the market has made its choice."

“Looking at Hua Qingbao’s rising trend, I’m afraid it’s the ‘Hua Guo Shen Ship’ of the last bull market!”

"Hua Qingbao is not large enough. If the core driving sector of this bull market is the GEM, it should be Internet Speed ​​Technology, which can benchmark against the 'Hua Guo Shen Ship'."

"LeTV is not bad either. Mr. Jia is very ambitious and wants to build an ecological company relying on LeTV's members and users. I don't know, LeTV will be the next 'Ali Baba' group."

"I am also optimistic about LeTV. I feel that the future potential of this company is really unlimited, and it has great hope of becoming a giant."

"Has no one mentioned Fenda Technology? Compared with Apple's wearable device business direction, this will also be a huge market worth hundreds of billions in the future, and the growth rate of the domestic wearable device market in the second quarter and third quarter is both Exceeding the expectations of market investors, even the core executives of the company have announced a three-year market value of 100 billion, and the current market value of this check is only 10 billion, so there is really a lot of room."

"There is also Tianyu Information, which clings to the two pillars of 'mobile' and 'telecom', coupled with the nationwide bank IC card replacement trend, it is the absolute overlord in the field of mobile payment."

"Yes, mobile payment will definitely be a major investment direction in the future."

"And what about the 'Internet finance' field? Isn't anyone paying attention? In the 4G era and the mobile Internet era, the financial system should also usher in big changes, right?"

“Suddenly I feel like there are so many great stocks in the market!”

"These bullish stocks are basically the stocks held by the 'Yuhang No. 1' fund managed by Fortune Road, right?"

"Really, I have to say that Wealth Road is really good. Regardless of long-term or short-term, it is at the top level of the market. It has picked out a lot of good stocks."

"Otherwise, how could the 'Yuhang No. 1' fund achieve ten times its performance in three months?"

"According to the direction of market development, Fortune Road will probably be the biggest winner in the market again, right?"

"Already, it is estimated that during this period of time, the net value of the 'Yuhang No. 1' fund has climbed to a new height and set a new profit record for private equity funds."

"Mr. Su from Fortune Road, didn't he establish a new fund?"

"Let's take a guess, how will Mr. Su build a position next? Will he still pursue the two main lines of 'mobile Internet' and 'smartphone industry chain'?"

"Definitely, this is definitely the main trend with the greatest potential in this bull market."

"I also think that Mr. Su will definitely pursue the two lines of chasing positions. After all... the money-making effect is the strongest here in the market, and continuous chasing of positions can also support the old fund."

"If Mr. Su is really still chasing positions, then the bargaining chips of these bull stocks will become even scarcer in the current market."

"In a bull market, high-quality chips are always scarce."

"Then what are you talking about? Keep buying tomorrow and follow Mr. Su. You will definitely have meat to eat."

"The Dragon and Tiger List is out, look at the Dragon and Tiger List!"

Amid the heated discussion, the time reached 5:30 in the afternoon, and everyone's eyes quickly focused on the refreshed dragon and tiger rankings.

“Sure enough, Fortune Road is still locking up positions.”

"Jiefang South Road is no longer for sale, and institutions are continuing to increase their positions in the two main lines of 'mobile Internet' and 'smartphone industry chain'!"

"Hua Qingbao actually didn't make the list."

"The daily limit was smashed in seconds, and the increase only closed at 6.5%. It is not on the list. Is it normal?"

"Who could have smashed Hua Qingbao? An organization?"

"There are a lot of hot money and institutions in Hua Qingbao. It's hard to say, but it definitely won't be the path to wealth."

"It's good to keep rising, and it's good to keep rising. In this way...the market continues until the third quarter report comes out, and then new space will open up again."

"Yes, overall, everything continues to develop for the better."

"Yesterday's ugly trend was reversed today. It's a bull market, it must be a bull market!"

"Well, who said yesterday that the market has peaked? Today's slap in the face is loud enough, right? What about the 'tombstone line'? This is obviously the 'immortal guiding the way', okay?"

"Whether it's a bull market or a bear market, as the saying goes, if there's no way out of wealth, I won't!"

"As long as I don't see Fortune Road selling on the Dragon and Tiger List, I will keep locking the position until the end of time."

With the data of the Dragon and Tiger list perfectly in line with everyone's expectations, the investment sentiment of the entire market has further become hot and radical after the announcement of the Dragon and Tiger list.

In fact, many people are already clamoring for leverage to enter the market and seize high-quality chips from the market.

Of course, among them, there are also a very small number of people who are vaguely worried about the market outlook as they look at the market's turnover that has not been able to increase significantly amidst the excitement.

"I don't know why, the more the market rises, the more I feel... but I feel a little uneasy." In the atmosphere where market investors are excited and everyone has almost concluded that the bull market has arrived, in the Shenzhen market at this moment, Xiniu Fund company, Fang Xinsheng, the fund manager of Manniu No. 1 Fund, browsed the market discussion topics on the entire Internet and said with emotion, “The overall market sentiment is rising rapidly, but the transaction volume is not rising, and there is no new large amount of funds entering the market. Good sentiments and slogans are most likely just empty talk!”

"What do you think is the reason why the transaction volume has not increased even though the mood has improved?"

Next to Fang Xinsheng, Liu Xin, the founder and general manager of Xiniu Fund Company, pondered for a moment and asked.

Fang Xinsheng smiled and replied without any thought: "It's still a matter of market style and the fundamentals of each industry. In the current market, active funds are all piled up in the areas of 'mobile Internet', 'smartphone industry chain' and 'reorganization backdoor'" Among several major conceptual threads.”

"However, these major conceptual lines include basically all small and medium-cap stocks."

"Compared with the core blue chips of the market and the many white horse stocks, these small and mid-cap concept stocks cannot carry much money at all."

"What's more, after repeated speculation, the core stocks of these major concepts are currently at absolute highs in the short term, and many major funds are not very willing to take over at this position."

"This has led to this seemingly hot area, even though trading is very active."

"But the transaction volume has been unable to expand significantly."

"Except for other lines in these fields, although their positions are low, they are not as expected, and the money-making effect is not strong. Compared with these high-level conceptual main lines, it is more difficult to attract funds to intervene."

"This has caused the main funds in the market to be unable to find a suitable opportunity to intervene, causing the overall market turnover to remain stagnant."

"Well, the problem you mentioned does exist." Liu Xin responded.

"What worries me even more is if the transaction volume never increases..." Fang Xinsheng paused and continued, "Then wait for the main conceptual lines of 'mobile Internet', 'smartphone industry chain' and 'reorganization and backdoor' The expectations and room for stock price increases are further consumed, and the funds following these areas are further reduced.”

"Then these conceptual main lines will not be able to move the market and the overall sentiment."

"By then, market conditions and sentiment will inevitably reverse, and the long-short situation will be completely different."

"So... you think the bull market does not exist?" Liu Xin pondered for a while and continued to ask.

Fang Xinsheng laughed and said: "The turnover of 100 billion in the two cities cannot support any bull market. In the face of real money, all emotions and expectations are fake."

"The two main conceptual lines of 'mobile Internet' and 'smartphone industry chain' have emerged as independent markets driven by changes in investor expectations and changes in industry fundamentals. It is indeed commendable, but in this large field, currently, It has not completely driven the entire market!”

"In other words, it is this one point that has not driven the entire market."

"In this way, when these two main lines have been speculated to the peak of emotions, not only is the market not taking off, valuations increasing, and the bull market coming, but it is a very dangerous time for the market to face adjustments."

"So...you want to reduce your position?" Liu Xin asked again.

"Yes!" Fang Xinsheng nodded, "I want to reduce the position of our fund."

Liu Xin pondered for a while, but had a different idea in his mind: "But the main holdings of our fund are not in the fields of 'mobile Internet' and 'smartphone industry chain' that are currently hotly speculated and have obviously been overdrawn. We The fund’s core holdings have not increased much this round.”

"When everything is falling, no place is safe." Fang Xinsheng said, "After reducing our positions, as the market adjusts, we will reselect investment targets. This is a good way to increase the fund's net value. If we do not reduce our positions, according to the market The market situation continues..."

“We cannot pursue the two main conceptual lines of ‘mobile Internet’ and ‘smartphone industry chain’ at a high level.”

"Then the profit is also very limited."

"Instead of this, before the risk comes, we should withdraw funds first and wait for the next suitable opportunity."

"The next suitable opportunity..." Liu Xin thought for a moment and chuckled, "Xinsheng, you must have an idea in mind, right?"

Fang Xinsheng nodded slightly and said: "After the market adjusts, I think... we should switch back to the 'Internet Finance' sector."

Before the net value of the ‘Yuhang No. 1’ fund was announced.

The reason why their fund company's "Manniu No. 1" was able to occupy the top spot in the annual performance list of private equity fund net value is because they seized the opportunity of the explosion of "Internet Finance" during the early rebound of the GEM, but later in the The Shanghai Free Trade Zone', as well as the current concepts of 'mobile Internet' and 'smartphone industry chain', are lagging behind and not grasping the market trends.

That’s why he was overtaken by the ‘Yuhang No. 1’ Fund and was completely reduced to a supporting role.

But now, after careful consideration, Fang Xinsheng decided to adjust his strategy and refocus on investing in the areas he is good at.

"Go back to 'Internet finance'?" Liu Xin was a little surprised, "Xinsheng thinks there are still huge investment opportunities in this field?"

Fang Xinsheng nodded and said: "This is inevitable. The country's slogan of 'financial innovation, financial technology' has not been shouted out for long, and relevant policies are also being introduced continuously. The previous hype... I guess it is just a warm-up. This The opportunities in this field are definitely huge.”

“It’s just that after investing in this field before, we pursued the ‘Shanghai Free Trade Zone’ line.”

"It's wrong to follow the market rhythm."

"Many quality stock investment opportunities in this space are being missed."

"So, I think this time... I will withdraw the funds first, and when the market really enters the adjustment cycle, I can get back all the position chips we lost."

Liu Xin thought about it for a while, thinking that what Fang Xinsheng said made sense.

Moreover, they have not grasped the core main line of the market and have indeed not made much profit. They have reduced their positions and taken profits at this position, waiting for subsequent market adjustments to provide clearer investment opportunities. It is indeed better than doing nothing at present and continuing to wait and see the market. Change comes with force.

"Okay!" After thinking for a while, Liu Xin nodded, "Follow what you think."

The company's 'Manniu No. 1' fund, in the hands of Fang Xinsheng, was able to top the annual performance list of private equity funds for a time, which greatly increased the reputation of his fund company in the domestic private equity industry. Liu Xin felt sorry for this person from the bottom of his heart. Well-known fund managers poached from public equity institutions are still very trustworthy.

While the two were talking, the market discussion continued, as did the noise and calls of the bull market.

And in the evening...

This kind of noise and shouts are becoming louder and louder, and investors' expectations for the market outlook are becoming more and more intense. Many investors even think that tomorrow's market and the stocks they hold are already in their minds. Both prices hit daily limits, hitting new highs and new highs again.

"Market sentiment is still intensifying. Regulators...are they too urgent?"

Seeing the benefits that came one after another in the evening, even Sun Yu, who had always been relatively calm, couldn't help complaining in the group at this moment: "Don't they know that you can't eat hot tofu in a hurry?"

"Mr. Sun, your complaints are not on point!" In the main hot money group of Yuhang where Su Yu was, Zhao Qiang saw Sun Yu's complaints and couldn't help laughing and replied, "The domestic market is a pure bull market. Wouldn’t it be great if we could make some profit? It would be great if we could all make money in harmony!”

Sun Yu replied: "What are you thinking? If you do well, the price will rise?"

"The upside may not necessarily increase." Zhao Qiang replied, "But it is better than the short-term, right?"

"The current market sentiment is already like a pot of boiling water." Sun Yu did not refute Zhao Qiang, and continued, "Adding more firewood to heat up the water will not increase the water. In fact... as long as there is a profit-making effect, the emotional aspect There is no need for any stimulation at all. The biggest difficulty in the current market is incremental funding.”

“Without the continued inflow of incremental funds, the water in the market will quickly dry up.”

"When the time comes, the long-short situation will inevitably reverse."

"Then this doesn't seem to have much to do with us short-term speculators, right?" Zhao Qiang said, "It doesn't matter whether the bull market comes or not, we will still make money anyway."

"The bull market is here, everyone's risk tolerance has increased, and there are more funds willing to chase highs and follow the trend, which is still very beneficial for us to make orders." Sun Yu then replied, "Otherwise, when market sentiment and prices are down, If you pull it one day and smash it the next day, it won’t be fun if there is no continuity.”

"Hey, I originally thought the market would reach this point..."

"As long as the regulators provide correct guidance, they can stimulate a bull market. As a result, looking at it now... I really overestimated them."

"Mr. Sun thinks the market is going to adjust?" others in the group asked.

"High probability!" Sun Yu replied, "The incremental funds cannot keep up, and there are not so many people with high chips to take over. If more and more people realize this, the profits will be smashed. If the market cannot bear it, the market will come to an end immediately.”

"Mr. Sun is starting to bet on the market, so it seems like we have to be careful."

"I also feel that the transaction volume has been unable to increase, which is a relatively big problem. Everyone knows that without volume, there will be no market."

"Hua Qingbao was smashed today, should it be a signal?"

"The core stocks related to 'mobile Internet' and 'smartphone industry chain', not to mention the previous waves of speculation, the average increase from the end of September to now is 30% to 50%. There is no stock in the market that only rises but never falls. , I think... the index has been positive for eleven consecutive years, it is indeed time for an adjustment, but I think... it should be a benign adjustment."

"Mr. Su's 'Yuhang No. 1' fund chips haven't been released yet, right? Then there's no need to worry too much."

"The two main conceptual lines of 'mobile Internet' and 'smartphone industry chain' are indeed experiencing excessive short-term growth, and there is a need to adjust and clean up profits. However, the concept of 'restructuring and backdooring' should still have great potential, right? Xinwei The group has exceeded expectations. Tonight, Rongshun Co., Ltd. also reported the news of its successful reorganization with Sanqi Game Network Company. It is expected that trading will resume soon, which should also have a relatively obvious catalytic effect on the 'reorganization and backdoor' line."

"There are also suspended companies such as Sunlaida and Recycling Technology, which have also sent clear signals."

"If the two main lines of 'mobile Internet' and 'smartphone industry chain' are adjusted, the concept of 'reorganization and backdoor' should be able to absorb the funds from these two main lines and form a high-low switch in the market, right?"

The messages in the group continue to refresh...

Although Sun Yu expressed that he was not optimistic about the market outlook and was relatively pessimistic, the vast majority of hot money in the group still believed that even if there was an adjustment in the market, it would be a benign adjustment and there was nothing to be afraid of. They even believed that... a bull market The foundation and essence are still there.

As a result, only a handful of individual investors began to consider risk issues.

The entire market and the overall investment sentiment are still enthusiastic and upward, and it is very hot.

The next day, Wednesday, October 10, the Shanghai Stock Exchange Index, Shenzhen Stock Exchange Index, and ChiNext Index still opened higher across the board, continuing to trade high and high.

And in the next few trading days...

In addition to one adjustment midway, the GEM index also reached a new all-time high of 1,360 points.

During this period, market investment sentiment has been stimulated to a feverish level. Except for a few investors, no one in the entire market believes that this is not a bull market.

Moreover, in addition to the index, the performance of individual stocks is even more extreme.

The lines of ‘mobile Internet’ and ‘smartphone industry chain’ are related core stocks.

Hua Qingbao, with its strong trend of "no limit, no limit", hit all the way to 96 yuan, only one step away from the 100 yuan mark.

Wangsu Technology suddenly surged to the 130 yuan mark, with a market value exceeding 25 billion, firmly ranking as the number one high-priced stock on the GEM.

The stock price of Fenda Technology has reached a maximum of 90 yuan, and institutions are still increasing their positions at high levels.

The share price of Huayi Brothers reached a maximum price of 48 yuan; the share price of LeTV reached more than 50 yuan, and its market value also reached around 25 billion, which is comparable to that of Internet Speed ​​Technology.

The concept of ‘backdoor reorganization’ is related to core stocks.

Xinwei Group opened at a height of 15 consecutive boards, and then, after a brief adjustment, it was speculated by hot money again, causing Xinwei Group's market value to exceed 80 billion, which is comparable to China Unicom Group's A-share listing.

As for Rongshun Shares, which had successfully reorganized and was in a hurry to resume trading, on the day of resumption of trading, it was inspired by the concept of "mobile games", and there was a miracle of closing funds, which was twice as much as the circulating market.

The reorganization of Hilong Software and 2345 Network Technology Company was just a scandal, but it was wildly hyped by hot money in the market, and the daily limit was raised five times in a row.

Other non-mainline concept stocks...

For example, Potential Hengxin, because Sun Company's contract is favorable, has also achieved five one-word daily limit in a row.

"How many chips do we have left in the two main concept markets of 'mobile Internet' and 'smartphone industry chain'?" On Wednesday, October 17, while the market conditions were still in extreme interpretation, Su Yu stared at the crowd. A number of popular stocks such as 'Hua Qingbao, Wangsu Technology, Changqu Technology, LeTV, Huayi Brothers, Fenda Technology', which have reached record highs, but have obviously failed to succeed, asked Li Meng, "The market's The time window should have passed."

"A total of 668 million chips are left and have not been reduced." Li Meng replied, "Most of the chips have been withdrawn quietly."

"Okay!" Su Yu said, "Then let's send a clear signal!"

Li Meng responded and began to issue the final large-scale collective exit orders to stop profits, allowing traders to cut off their final positions based on the two main concepts of 'mobile Internet' and 'smartphone industry chain'.

At the same time... Su Yu took a look at the opening of the market. It was still fluctuating around an increase of two or three points. The stock price was hovering around the potential of 13.35 yuan. Hengxin stock used his own personal account funds to directly bombard the market, pushing More than 20 million funds were sent out one after another.

Then, the next second...

The core stocks of the concepts of 'mobile Internet' and 'smartphone industry chain', which were massively sold off by the 'Yuhang No. 1' fund, have plunged one after another, and the market trend has also undergone a sudden change!