Rebirth of the investment era

At 9:32, Fenda Technology rose by more than 7%, and the GEM index rose by more than 1%.

At 9:35, Huashang Securities rose by more than 5%, Huaxin Securities and Huatong Securities rose by more than 2%. Even Oriental Securities, which opened sharply lower due to the influence of Zhezhou Oriental, also turned red from under water at this moment, and at the same time... ...The Shanghai Stock Exchange Index was also led by the rapidly rebounding securities sector, with an increase of 0.85%, approaching the 1% mark.

At 9:38, Zhezhou Oriental, which opened at the limit, began to loosen up, and a large influx of bargain-hunting funds poured in.

At 9:42, Fenda Technology hit the daily limit, and other related "smartphone industry chain" concept stocks also followed suit and rose. The GEM index jumped to 1.5%.

"What's the matter? Such a sudden attack!"

Seeing that the index and related popular stocks rebounded across the board, among the retail investors in the market, some of them who had just sold and cleared their positions at the end of yesterday were dumbfounded.

"You're not really going back on your word, are you? Damn... this is the bottom again."

"Let the market fly for a while. Wasn't it also a hot and good trend in early trading yesterday? But after 10:30, it completely changed. The index opened so much higher today and was so eager to rise. The volume of the entire market could not , it has not been released at all, I think... it will be difficult to stabilize it!"

"It's good to be profitable, and the market has fallen so much in the past two days, maybe it can really stabilize."

"The future pension market plan mentioned by relevant agencies yesterday is true or false?"

"Whether it's true or false, it's all out of the question at the moment. Didn't the last round of social security funds enter the market after a long wait before taking action? And... even if it does enter the market, can it change the macro trend of the market? I’m afraid that in the end...it won’t change anything, right?”

"What about the performance? The results announced by Huashang Securities and Fenda Technology yesterday clearly exceeded expectations!"

"The performance of Huashang Securities should not be representative of the entire brokerage sector, right? As for Fenda Technology...the core stocks in the related concepts of 'wearable devices' and the entire 'smartphone industry chain' related concepts, the performance is indeed good, but These votes...the stock price has also increased several times, and the expectations have long been filled. It's hard to say how much room there is for upward growth, and...the focus of the recent market conditions is obviously not on the GEM!"

"No matter what the performance or good news is, at this time, I will not be fooled again. With this trend of high opening and shrinking volume, whoever chases will be stupid."

"Indeed, judging from the daily K-lines of the three major indexes, the shape has completely gone bad!"

"I don't believe the adjustment will end so soon."

"Don't chase, don't chase, definitely won't chase!"

"Everyone on Fortune Road has cleared their positions and sold them, so let's chase a profit! It's really strong... Then let's hit a new high first and see. Once it hits a new high and releases its energy, I will chase the position."

"Let's wait and see again at 10:30. The sharp contraction in early trading is probably a scam."

"Unless Huashang Securities can reach the daily limit, I will enter."

"I still hope there will be a strong rebound, damn...I chased the high and was buried in Zhezhou Dongfang. I hope the market can rise a little higher today so that I can get out of Zhezhou Dongfang."

"Didn't Zhezhou Dongfang release a certain amount just now?"

"It's not pried open! What the hell...the ones in front are all major orders. There is no channel advantage. The wave just now can't get out at all."

"Zhezhou Dongfang also tried to pry it off. It's not bad. It's miserable for me to be buried in Potential Hengxin. It's so direct that I don't have any funds to pry it off."

"This is it. Both market sentiment votes have dropped by the limit. I really don't believe where the market can rebound."

"Not necessarily. Fenda Technology has just sealed the daily limit, and the market volume can begin to be released."

"Hey... Zhezhou Oriental has opened its lower limit, and the 'Three Musketeers of Oriental' are all rising in a straight line. The market feels like it is really releasing its energy!"

“It feels like the market is really going to back off today!”

"The beacon of the market on Fortune Road is not working? It shouldn't be!"

"Looking at the situation, the GEM index is heading towards a 2% increase. In addition to the related concept sectors of the 'smartphone industry chain' with 'wearable devices' as the core, the GEM weight direction is related to the 'mobile Internet' The concept sector, and its core stocks, have also begun to move higher."

"Is... the adjustment really over?"

“It feels like the center of gravity of the market is shifting towards the two core main lines of ‘mobile Internet’ and ‘smartphone industry chain’ in the direction of GEM!”

"Look at this situation... could Fortune be redeploying and adjusting positions?"

"Regardless of whether it is true or not, I will not pursue positions on the left anymore. If Fortune Road really starts to increase positions in the two main lines of 'mobile Internet' and 'smartphone industry chain', then this afternoon, Fenda Technology's You will definitely see traces on the Dragon and Tiger list, and when the time comes... when you see that the path to wealth has really emerged, it will not be too late to increase your position."

"I also think... at this time, it's better to be cautious in chasing the rise!"

With the rapid rebound of the market and the continued discussions among the retail investors, the emotional divergence in the market has not diminished, but has intensified.

And at this time...

At 10:10, the GEM index rose by 1.89%, one step away from 2%.

At 10:15, 4 stocks in the 'Wearable Devices' concept sector hit their daily limit, and in the related 'Apple Concept' sector, the core popular stocks Xinwei Communications and Anjie Technology have also increased by more than 7 %, it has the momentum to hit the daily limit.

At 10:21, the Shanghai Stock Index rose by 1.3%, and Huashang Securities rose by nearly 7%.

At 10:26, the Shanghai Stock Exchange Index rose by 1.5%, and the ChiNext Index broke through the 2% increase, recovering most of yesterday's losses.

At 10:30, amidst everyone's expectations and anxiety, the Shanghai Stock Exchange Index, Shenzhen Stock Exchange Index, and ChiNext Index did not show any obvious dive, and maintained a good oscillation trend at a high level.

"No diving, hold on!"

Seeing that the Shanghai Stock Exchange Index rose by 1.5% and the ChiNext Index continued to fluctuate around a 2% increase, many retail investors in the market who were originally anxious could not help but breathe a sigh of relief.

Then, the calls of ‘buy, buy’ began to increase.

The obviously divergent sentiments also began to tilt in the direction of bulls, market volume began to explode rapidly, and the index turned from a short-term shock pattern to an upward trend again.

However, just when the majority of retail investors in the market were generally turning optimistic, they finally couldn't bear it anymore and began to chase positions.

At 10:46, three consecutive large orders of 10,000 lots were suddenly placed on the market of Fenda Technology, which had already sealed its daily limit. As a result, Fenda Technology broke through the market in a flash, and the stock price fell back. At the same time, other stocks were driven by the daily limit of Fenda Technology. The core popular stocks related to the two main lines of 'smartphone industry chain' and 'mobile Internet' also instantly ushered in large orders to follow suit and hit the market, and the GEM index plunged rapidly.

At 10:47, after Fenda Technology broke the market, Huashang Securities also saw selling orders worth hundreds of millions of dollars. The stock price fell rapidly from around 7%. Of course...at the same time, the Shanghai Stock Index also fell.

So far...

The late dive has arrived, and the bullish sentiment in the market that had initially recovered has been poured cold water on again.

"Damn it, it won't feel good if I don't smash it, right?"

Faced with another plunge in the market and a rapid decline in the growth rates of related core stocks and indexes, the retail investors who just couldn't help but catch up just now were extremely depressed and extremely corrupt: "Damn, these stupid main force, It’s simply poisonous, and a good counter-packaging trend was destroyed again.”

"I just don't understand. Fenda Technology has obviously come out, why do we still want to destroy it?"

"It's not just Fenda Technology's stock! Pay attention...almost all popular stocks with good liquidity in the market are selling a lot of money at this moment."

"Could it be...that Mr. Lu Su is throwing away wealth again?"

"How is it possible? Mr. Su has already given out so many chips two days ago, how can he still throw them away?"

"Then why are the main funds in the market selling so unanimously?"

"Indeed, it doesn't make sense. There is no panic in the current market and there is no lack of liquidity. Is it necessary to exit the market like this?"

"Hey...yesterday it was Zhezhou Dongfang Band that crashed the market. I didn't expect that today...it would be Fenda Technology that crashed the market!"

"If the popularity faucet is not sealed, the mood will naturally dissipate instantly, but...the main funds of these selling today do seem a bit strange."

"Is there any hidden downside?"

"Can't you? Yesterday the regulators released a positive news, but now it's a negative news?"

"Then what are these main funds afraid of? A hard daily limit like Fenda Technology can actually be broken. It's simply..."

"Hey, the market has been going very weird these days."

"A weak one is still a weak one after all. Damn it... I really shouldn't chase him. He is probably buried again today. Hey... Mr. Fortune Lu Su is indeed a god!"

Amid the excitement, the market retreat continues.

At 10:57, the Shanghai Stock Exchange Index fell back to 0.87%, and the ChiNext Index fell back to 1.32%. The core popular concept sector that led the rise, the main capital flow, has changed from the previous net inflow to a net outflow.

At 11:02, the Shanghai Stock Exchange Index fell back to 0.62%, and the ChiNext Index fell back to 0.93%. The two major indexes have completely given up all the gains they made since the opening, and the core popular stock Fenda Technology's stock price has already It fell back from the daily limit to about 6%. Huashang Securities' stock price rose by less than 5%. After a brief rise, Oriental Securities fell underwater again. Zhezhou Oriental also closed the lower limit again...

At 11:10, after the Shanghai Stock Exchange Index and ChiNext Index hit a 0.5% increase, they began to receive short-term support, and the market once again fell into sideways fluctuations.

But even if the situation is turbulent...

The main capital flows in the core popular concept sectors of the two cities still show continuous net outflows, and large selling orders emerge one after another.

"Sure enough, the market was seriously suppressed by the potentially bad news that 'IPO is about to restart'." Seeing the market trend completely engulfing the intraday gains after the opening, at this moment, inside the Shenzhen Xinniu Fund Company, in the trading room , the fund manager Fang Xinsheng, who had been keeping an eye on the market, sighed secretly, and said helplessly, "It is difficult for the market to move unless the bad news materializes. What is even more speechless is that the regulators and analysts from various financial institutions are still at this time. To bully the market, arouse emotions, and try to push the market to rebound is simply... with bad intentions!"

The market at this time obviously did not fall completely.

Such arousing emotions and pumping up shipments are completely consuming the investment confidence that the market has finally accumulated.

If this kind of investment confidence is severely invested and exhausted, even if the subsequent bad news falls, it may be difficult to regain a sustained big market without the support of emotions and confidence.

"There is no way around this because of the information scissors." Next to Fang Xinsheng, general manager Liu Xin, who was also staring at the big screen in the trading room, lamented, "Retail investors can only see the news on the surface, and they can only follow the news on the surface. When investing in the news, you will naturally be one step behind the market. It is normal to be harvested in this way. After all... this is the ecology of the market!"

"Even so, we must pay attention to sustainability!" Fang Xinsheng replied, "Such a continuous increase in shipments can be regarded as a waste of money."

"Who would think so much?" Liu Xin smiled, "Everyone is just looking at their own one-third of an acre of land."

Fang Xinsheng was silent for a while, smiled bitterly, and replied: "Yes, the financial trading market is inherently a place of emotional amplification and prisoner's dilemma. Everyone who enters the market is gambling, and its fundamental purpose is just to As for the profits in hand, few people care about what the market is like and how the macro is."

Liu Xin nodded slightly, changed the topic, and asked: "The news of the IPO restart in the market should have spread comprehensively. Look at this situation... The market trend in the afternoon is probably going to be even worse. Our fund's positions have been reduced to Is it at the lowest level yet? Although the market has fallen so much in the past two days, it feels... just like you said, if confidence collapses, the rebound will become elusive. We need to take all precautions to avoid opening up the risk of a market decline.”

"It has been reduced to the minimum position line." Fang Xinsheng said, "Even if the market subsequently stops falling, it will not have a big impact on the net value of our fund."

"That's good!" Liu Xin nodded.

Then, after a pause, he asked again: "Lao Fang, after the news of 'market IPO restart' came out, what do you think of the market trend? Do you think the upward trend can be restored?"

"It's difficult!" Fang Xinsheng said, "In this wave, there are too many chips at the top. If you want to release this part of the chips in the future, you need more powerful incremental funds, and incremental funds... are related to the market. Confidence has a strong relationship. When IPOs resume and the market’s biggest blood-sucking effect comes, it’s no surprise that investors’ confidence will improve.”

"There is not enough incremental capital to open up the situation and release this part of the trapped chips."

"Then we can only let this part of the bargaining chip loosen on its own, and we can't help but cut the flesh."

"Unfortunately, retail investors in the A-share market usually have an obvious characteristic, that is, they may not be able to hold on to profitable stocks, but there is a high probability that they can hold on to losing stocks."

"This leads to the market having to rely on self-regulation to loosen this part of the chips."

"The time and space oscillations of the adjustment will certainly not be small."

"Moreover, the areas where the market currently has obvious future expectations are basically concentrated in the GEM's 'mobile Internet' and 'smartphone industry chain' fields. However, these two fields... have been subject to repeated hype before, and all The stock prices of core popular stocks are all high.”

“With the ‘IPO restart’, a huge vampire in the market, coming back..."

"These stocks will be significantly depressed by valuations."

"If there is no severe adjustment, or if future expectations are not further enhanced, these stocks will have no investment or gaming value at their current position."

"That is to say...there are no obvious investment opportunities in the current market as a whole."

"I'm thinking that this is also the reason why Fortune Road Capital, relying on the news of 'market IPO restart' and after eating the wave of 'securities and venture capital', resolutely cleared its positions."

"Although this capital is quite annoying..."

“However, his choices in market investment opportunities and timing of buying and selling are indeed admirable and must be admired!”

"So... Lao Fang, are you completely bearish on the market?" Liu Xin was a little surprised, "But you also said before that the market has the foundation and expectations of a bull market!"

Fang Xinsheng replied: "There is no contradiction between the two. After all, I am short on the market, which is a short- and medium-term strategy, and long on the market, which is a long-term strategy. It is just that as a fund management company, for the performance of the fund's net value, in order to Investors who invest in us are responsible, they must choose the right time, and they must control the drawdown.”

If it is a long-term personal investment, he definitely does not recommend clearing out of the market at this time.

After all, no matter what...

After the continuous mainline market relay in the second half of this year, the market has broken away from the previous lifeless and endless downward trend, and has the volume and emotional foundation of a long-term bull market. Moreover, the current Shanghai Stock Exchange Index, Shenzhen Stock Exchange Index, and ChiNext Index have not seen any signs of decline from the bottom. No matter how much it rises, the overall market valuation will still be below 15 times. As long as long-term expectations improve further, market shocks and adjustments in the short and medium term can be overcome.

He believes that...the future can still be expected.

"Okay!" Liu Xin thought for a while and couldn't tell what was wrong with Fang Xinsheng's investment strategy. He replied, "Fund trading is your business, so I won't interfere too much."

As he spoke, he turned his attention back to the big screen in the trading room.

At this moment, the time has reached 11:30, and the market conditions of the two cities have been fixed. The Shanghai Stock Exchange Index has finally been fixed at an increase of 0.43%, while the ChiNext Index has been fixed at an increase of 0.23%. Both major indexes... have all given up. All gains in the market were extremely weak.

In addition to indexes, sectors and individual stocks.

In the core popular sectors, the securities sector index closed up at 0.12%. Except for Huashang Securities, which was stimulated by good performance, it still maintained an increase of about 3%, and except for Huaxin Securities and Huatai Securities, which were barely in the red market, other securities stocks were all in decline. Among them,... Oriental Securities closed down 4.73%, killing a large number of bottom-hunting investors.

The venture capital concept sector is even worse than securities. At midday closing, it has fallen from a 1.14% increase at the highest point in the session to an underwater decline of 0.89%. Related core concept stocks, Zhezhou Oriental, fell to the limit, and Wanqi Enterprises It fell 6%, and its stock price was already at the lower position before the launch, hitting a new stage low. Dongfang Venture Capital fell 5%, which also killed a large number of investors who bought the bottom. Shibei Hi-tech, Zhangjiang Hi-Tech, and Luxin Venture Capital today did It performed relatively strongly and still maintained a slightly red plate.

Core concept sections related to ‘Mobile Internet’ and ‘Smartphone Industry Chain’.

The 'wearable devices' and 'Apple concept' sectors that previously led the gains in the two cities have now retracted most of their gains, settling on gains of 0.56% and 0.44%. Its core concept stocks, Fenda Technology, rose 5.33%, and An. Jie Technology rose 2.31%, Xinwei Communications rose 1.87%, Goertek rose 0.98%, Crystal Optoelectronics rose 0.76%...

The core concept section related to "mobile Internet" followed the changes of "wearable devices" and "Apple concept".

The 'Mobile Games' concept sector is fixed at a 0.21% increase. 'Internet Finance', 'Network Security', 'Mobile Payment' and other related concept sectors are only slightly red, maintaining a similar situation to the opening. Their related conceptual fields The core stocks in the market, such as Huaqingbao, Changqu Technology, Huake Financial, Yinzhijie, Jinzheng Shares, Changliang Technology, Hengsheng Electronics, Oriental Fortune, etc., have also experienced sharp declines after rising high. Moreover, the performance of the main funds on the market showed a net outflow.

Faced with this midday closing situation...

The vast market investor group is no longer surprised by the abuse, depression, and resentment.

After all, it has been falling for three consecutive days, and with various emotions intertwined, everyone has fully anticipated the miserable trend of the market in the afternoon, and has been clamoring to reduce and clear positions.

Of course, at the same time, there was news about the ‘market IPO restart’.

It has also flowed into the ears of more investors through various so-called internal channels, casting a further shadow on the already miserable market.

And in this situation where emotions are intertwined and the potential negative effects are becoming more and more prominent.

At 1 p.m., as soon as the market opened, it was sold by countless unknown main funds. Many popular stocks and indices with ample liquidity fell directly into the water without any resistance.

After that, the market went down unilaterally without any surprise!

Finally, when the market closed at 3 o'clock, the Shanghai Stock Exchange Index fell by 1.36%, falling below 2,300 points. The four-day amplitude reached the terrifying 200-point range; the ChiNext Index fell by 1.77%, and the index fell to the 1,250-point range. The extent of the decline and the intraday amplitude were even more exaggerated than the Shanghai Stock Index.

Of course, in addition to related popular concept sectors other than the index, as well as core popular stocks.

The level of killing and falling is even more terrifying.

"What the hell, there is no end. This continuous decline can be called a small-scale stock market crash." Faced with such a tragic closing situation, within the Yanjing and Shenhua Funds and in the trading rooms, the fund managers were often favorable and There was a lot of curses, "It has fallen back to the original point when it was started, and it is still falling!"

The fund he manages mainly holds stocks, and there are no red stocks at all today.

Even if there are stocks with a red market, their red market time is extremely short.

In addition, after today's market plunge, the subsequent market trend is completely unilateral downward trend, and the market liquidity in the two cities is worse than yesterday.

He didn't sell many chips at all.

Of course, what was even more irritating was that he discovered that Oriental Securities, a stock that his fund held a heavy position in, had endless huge orders from major sellers today, competing with him for market liquidity.

At the same time, inside the Magic City, Yinghui Fund.

When fund manager Liu Guanhai saw the market trend that was simply invisible, he became angry, depressed and irritable.

Due to his greed, the main fund he managed started to reduce its positions on a large scale only when the market plunged yesterday after all its positions were put into the "Securities" sector.

It's natural, after such a short time.

In a completely collapsed market with a lack of liquidity, he smashed again and again, desperately trying to sell off all the chips, and even now he has not sold out all his chips. Moreover, due to the rapid decline of the market, the relevant heavy stocks have dropped to their limit and continued to plummet. All securities stocks with heavy positions have fallen below the cost line and have become losses.

This also means...

In this round of market conditions, not only did he not get any meat, he was also beaten.

Of course, what is even more depressing is that he has not sold any net positions, and in the future... he will probably suffer losses, which will also affect the fund's net worth performance.

"Hateful, hateful, really hateful!"

Liu Guanhai was extremely irritable. Faced with this investment strategy that completely failed and was harvested, he really regretted it.

However, he also knew that the matter had come to this, and even if the result was unacceptable to him, he had to accept it, so... he gritted his teeth and managed to control his violent emotions.

Unfortunately, when the new Dragon and Tiger list was refreshed at 5:30 p.m., Orient Securities was listed on the condition that the daily price increase deviation value reached -7%, and when the trading seat data was disclosed, the irritable mood he had suppressed could no longer be suppressed. He stopped, his eyes were splitting, he smashed the tea cup in his hand, and roared: "What the hell...how can the road to wealth still exist?"

same……

In Yanjing, inside the Shenhua Fund, in the trading room.

Chang Li stared at the refreshed dragon and tiger list. He saw that the seat of the "Huashang Securities Yuhang Fortune Road Sales Department" was still ranked among the top three sellers of Oriental Securities, with the sales amount reaching more than 68 million. For a moment, his eyes were splitting. He stayed there for a long time, then took a deep breath and cursed: "Damn it, you smash it every day, sell it every day... How many chips do you have lurking in this stock? "

If you miss the opportunity with one move, you will fall behind every step of the way.

Facing the continuous pressure and smashing of the market on Fortune Road, and having no idea how many chips the opponent still had in his hand, he was really desperate.

What made his mentality even more shattered was that Fortune Road was not the only stock on the list today, not just Oriental Securities.

In the concept field of "securities and venture capital", several popular core stocks that have crashed and plummeted have a path to wealth on their selling seats.

Although overall...

The sales volume of Fortune Road today has dropped by more than one level compared to yesterday, and there are no billion-level funds out of the position.

However, the emotional impact that the other party's continuous selling has on the market, and the funds that follow the trend and sell, are simply countless.

Of course, at the same time.

Countless major institutions, hot money, and retail investors who paid attention to the data on the Dragon and Tiger List were extremely shocked when they suddenly discovered that Wealth Road was still exiting positions on a large scale.