Rebirth of the investment era

Faced with such a midday closing situation.

The bullish and bearish sentiments among market investor groups, especially retail investors, are still hugely divided and debated endlessly.

"This kind of concussive trend is either going up or down. I feel like the market...has to take a dive in the afternoon!"

"I also feel that the index still needs to test the support of 2200 points. Hey... I really shouldn't chase higher in the morning."

"Judging from the market performance in the morning, the two core main lines of the market, "infrastructure" and "state-owned enterprise reform", indeed have a lot of selling volume. "

"The performance of the main funds in the two cities has changed from net inflows before 10:30 a.m. to net outflows at midday closing."

"Not only the two core main lines of "infrastructure" and "state-owned enterprise reform", but other main lines of the market performed even weaker today. "

"As noon approaches, the main funds have once again gathered in the conservative and risk-averse "consumption" and "pharmaceutical" sectors. As May Day approaches, the main funds should be worried about market news and external market trends during the holidays. Uncertainty, right? That’s why I didn’t dare to continue to pull the market up boldly. "

"Although the index fell sharply near midday, but overall, today's market is not bad, right?"

"Indeed, there are quite a few stocks with daily limit in the two cities, and the core popular leading stocks have all sealed their daily limit today, and the market's profit-making effect is still strong."

"May Day doesn't necessarily mean there will be bad news, right?"

"Around May Day last year, the stock market index trend continued to rise. I feel that this year is a bit similar to last year!"

"There is a possibility that the index will fall back to the 2200 point support level, but I think... there is a high probability that the index will not fall below 2200 points again and return to the previous box. After all, the market has exploded with breakthroughs in the past few days. , many major funds intervened, and these funds always want to make money, and it is impossible to let the index fall back."

"Whatever, as long as it doesn't plummet."

"Yes, as long as there is no sharp decline and there is no market liquidity crisis, it will be fine. Anyway, the trend of the market's leading concept stocks has little to do with the index."

"I hope the index can continue to dive in the afternoon and go back to the 2200 point, so... I can grab the chips of Beixin Road Bridge."

"Hey, I was hesitant in the early trading. When I wanted to place an order to buy Beixin Road and Bridge, the check had already reached the daily limit."

"Since the index has substantially exceeded 2,200 points, why can't the rebound end here?"

"It hasn't substantively broken through 2200 points yet, has it? According to technical terms, to judge whether the index has substantively broken through a pressure level, you have to wait until the index stands at this pressure level and does not fall back down again within three days, then it can be considered an effective breakthrough. And From this point of view...the Shanghai Stock Index is still not considered a substantial breakthrough."

"Then it's impossible to fall back again, so that people who didn't have time to buy at the low level can get on the bus again."

"I don't look at any technical indicators, fundamentals, or news analysis. I'm going to be bearish unless Mr. Su's "Fortune Road" seat appears on the selling seat of the Dragon and Tiger List today. "

"'Infrastructure' and 'State-owned enterprise reform' are the two core main lines of the market, and related leaders have not even doubled their stocks. I don't agree with saying that the market ends here, or that the market reaches a high level here." , we have to come up with leading stocks that have doubled. "

"Yes, compared with last year's "mobile Internet" market and "smartphone industry chain" market, the current mainline market of "infrastructure" and "state-owned enterprise reform" are definitely still at the bottom of the mountain. "

"Under the market situation last year, stocks such as Shanghai Steel Union, Wangsu Technology, Huaqingbao, Changqu Technology, Huayi Brothers, LeTV, etc. were able to continuously increase by 6 or 7 times. Now Beixin Road and Bridge are under the Su Zong With the blessing of seats and the overall optimism of the entire market, there is no way it can’t even double its height.”

"Even if the market heights of the two main lines of "infrastructure" and "state-owned enterprise reform" cannot match last year's "mobile Internet" and "smartphone industry chain", then there should be no problem in benchmarking the "Shanghai Free Trade Zone", right? At that time, the hype surrounding the "Shanghai Free Trade Zone" was

According to the situation, related leading stocks, such as Waigaoqiao, Shanghai-Hong Kong Group, Shanghai Sanmao, etc., often rise two or three times. Now look at... Beixin Road and Bridge's check is definitely still at the bottom of the mountain. "

"After May Day last year, the index had five consecutive positive trends. This year the index is also in a rebound cycle, and the trend should not be worse than last year."

"Whoever wants to sell it, just sell it, it will clear up the floating chips."

"What everyone is most worried about shouldn't be the bad domestic news and market, right? After May Day last year, the market was so strong. First, it was because the "mobile game" industry showed signs of a performance explosion, which drove the entire "mobile game" industry. Another reason for the "Internet" investment storm is that at the same time last year, the external trend, especially the trend of US stocks, was extremely strong, which drove A-shares. But now...the external trend is very bad, and...looking at A-shares Historically, there has been no bullish performance independent of external trends. "

"These news, these analysis logic, the main funds on the market should all be clear, right? They are not afraid, there is no large-scale selling behavior, so what are we afraid of? Our retail investors have small funds, no matter whether they are full or liquidated, they are no better than large funds It’s easy, wait until the trend is completely clear, then buy and then sell, isn’t it good?”

"The market is speculating on an expectation. Once it becomes clear, I'm afraid I won't be able to escape even if I want to."

"Anyway, I don't believe that this is the high point of this round of rebound, unless the index... really falls back to the box range below 2200 points in the afternoon."

"Yesterday, Mr. Su went all out to increase his position and go long. It is impossible that he did not foresee the many negative factors in the market, right?"

"It took a lot of effort to bring the index up to 2200 points, but why can't it fall back so quickly? Aren't the many main funds in the market really the ones who took advantage of the large number of hold-ups in the market? If the main funds are really like this Silly, the ones who lose money will not always be us retail investors."

"Mr. Su intervened with such a large-scale position. Anyway, I don't believe that the market will end so soon."

"Today, the overall market is relatively weak. This is due to the approaching holidays and the overall rising risk aversion in the market. It has nothing to do with anything else."

"It is obviously unfounded to say that the market will continue to fall in the afternoon."

"There is a high probability that today will be a contraction and shock pattern. I think currently... it is better to ignore the market and focus on individual stocks."

"Yes, yes...it is completely useless to just focus on the ups and downs of the market. The most useful thing is to focus on individual stocks that have the effect of making money."

"No matter whether the index goes up or down, I only know that today's market is not bad at making money, the daily limit can be easily closed, and the number of stocks that exploded is much less than in the past few days."

"The main weak points are the small and medium-sized boards and the GEM."

"It feels like the market style has completely changed, right? The SME board and GEM have been really weaker than the Shanghai stock index for many days."

In the discussion of mixed emotions of long and short...

After a short break at noon, the two cities reopened for trading at 1 p.m.

I saw that after the emotional fermentation at noon and the influence of market news, the major indexes continued to fall during the 15 minutes of opening in the afternoon. Among them, the Shanghai Stock Index once touched a 0.5% drop, refreshing the intraday low to 2208.98 points. As for The small and medium-sized board index and the GEM index recently fell more than 1%.

When the Shanghai Stock Index plunged to its lowest point of 2208.98, the downward momentum of the two cities began to gradually weaken again.

At 1:25, the Shanghai Stock Index rebounded from the intraday low and returned to above 2215 points. At this time... various funds on and off the market saw that the Shanghai Stock Index did have strong support near the 2200 point position. At this time, the pursuit of buying began again.

With these funds chasing buying again.

The market pattern of the two cities also changed accordingly, and buying began to suppress selling again.

Immediately afterwards, at 1:44, the Shanghai Stock Index returned to the 2220 point mark, recovering all intraday losses and reaching above the opening point again, maintaining the red market trend.

Of course, at the moment when the Shanghai Stock Index rebounded strongly and returned to the red market.

Shenzhen Stock Exchange Index, Small and Medium Enterprise Board Index, GEM Index

The large index still maintains a weak and volatile situation. The change of capital flow in the entire market is still a net inflow towards the main board, while there is a net outflow from the core concepts of the small and medium-sized board and the GEM.

"What the hell, it's so poisonous."

Seeing that as the volatile market continues, the overall market pattern is still that the main board is strong, while the small and medium-sized board and GEM are weak, and the two core main lines of "infrastructure" and "state-owned enterprise reform" that are relatively high are getting stronger and stronger. Core stocks In the volatile trend, it is also going higher and higher. On the contrary, the two main areas of "mobile Internet" and "smartphone industry chain" in the small and medium-sized board and GEM sectors, which finally rebounded strongly yesterday, continue to be weak at a relatively low position. As the market fluctuated and went lower and lower, at this moment in the Magic City, inside Yinghui Fund, in the product trading room of Yinghui No. 1 Fund, fund manager Liu Guanhai was so anxious that he finally couldn't help but cursed.

"Manager, how about we... adjust positions!" Hearing Liu Guanhai curse, the trading team leader Yu Lei couldn't help but suggest again.

Liu Guanhai did not answer, but helplessly stared at the market trends of the two cities. He was silent for a long time. He saw that Wangsu Technology, Huaqingbao, LeTV, Huayi Brothers and other "mobile Internet" and "smartphone industry chains" "The popular stocks are still falling steadily, with endless selling on the market. There is a net outflow of major funds, and the stock price has basically lost yesterday's rebound. I finally gritted my teeth and said: "Sell it, sell it! The two core lines of "mobile Internet" and "smartphone industry chain" seem to be hopeless. Funds from all walks of life in the market simply do not converge in the field of "growth stocks". Alas...it is really a wrong step. Wrong step by step! "

He had previously been dissatisfied with Su Yu, feeling that he had created a myth of market profits.

It was just that he guessed the market rhythm last year correctly and caught the main line of the market two or three times in a row. Even at a certain moment... he felt that he was not any worse than the opponent.

Moreover, he felt that as a market veteran, he had rich experience and had a far deeper understanding of the market than the other party.

However, when the market style completely changed, the "growth stock" investment route of small and medium-sized boards and GEM, which was still significantly stronger than the broad market at the beginning of the year, was instantly abandoned by the main funds in the market and became abandoned by people in the two markets. There was no sustainability at all. The field of money-making effect has formed numerous "Prisoner's Dilemma" market sectors that have been suppressed by the market. At the same time... the other party has blatantly invested heavily in the main areas of "Infrastructure" and "State-owned Enterprise Reform" on the main board, continuing to lead the market and create new market profits. Myths and legends, he finally realized...the one with the surname Su is indeed powerful!

"Okay!" Seeing Liu Guanhai relent, Yu Lei finally breathed a sigh of relief.

These days, we are seeing the two major market main lines of "infrastructure" and "state-owned enterprise reform" making breakthroughs in succession. In this round of rebound, not only did they not make any money, they also fell into a state of losses against the trend, and at the same time The company's net worth originally lagged behind another product of their trading group, but the net worth has surpassed theirs. Everyone felt the same useless and anxious, and at the same time, they also had some complaints about Liu Guanhai's persistence and slowness.

Now, Liu Guanhai couldn't hold on and had no choice but to admit his mistake to the market. The resentment that everyone had been holding in their hearts was relieved.

"Our goal of adjusting positions is still to focus on the two main lines of "infrastructure" and "state-owned enterprise reform", right? "Yu Lei responded and continued to ask.

Liu Guanhai stared at the board, continued to ponder for a while, and nodded.

Although he is very reluctant to sell low-priced core stocks related to "mobile Internet" and "smartphone industry chain" at this position, pursue positions in core stocks in the fields of "infrastructure" and "state-owned enterprise reform", and provide heavy positions in these two main areas. Su Yu carried the sedan chair, but the market trend was like this, and he really had no choice.

After all, if he does not do this, the net value of the fund product he manages will only be further dwarfed by another product of the company and other competitors in the industry, affecting his performance, income, and even reputation in the industry.

And as the "Yinghui No. 1" fund had no choice but to adjust its positions, it was forced to lift the sedan...

During the market trading hours, after entering 2 o'clock in the afternoon, in the overall turbulent pattern, the main lines of various concepts, industry sectors, and concept sectors began to show more obvious signs of differentiation.

I saw the two core main lines of "infrastructure" and "state-owned enterprise reform". With the index almost trading sideways, it gradually rose to near the morning's market high. Among them, the core stocks Huaguo MCC, Huaguo China Railway, Huagong International, China Communications Construction and other votes directly hit a new intraday high and once again set a new high for this round of rebound.

The two major defensive sectors of "pharmaceuticals" and "consumption" have slowly fallen back from their intraday highs while the two core main lines of "infrastructure" and "state-owned enterprise reform" have risen again.

The "big finance" sector has remained volatile at a low level and is still an area that no one pays attention to.

The "growth stock" route dominated by the small and medium-sized board and GEM, especially the sharp rebound yesterday, once gave people hope for the two main areas of "mobile Internet" and "smartphone industry chain", which are directly related to "infrastructure" and "state-owned enterprises". The two major fields of "reform" formed a sharp contrast. Amid the fluctuations in the index, it gradually fell. The main funds in the field completely showed an outflow state. Its related core popular stocks also led the decline in the two markets, showing a relatively weak state. .

As for other nonferrous metals, coal, agriculture, electronics and semiconductors and other industry sectors, they fluctuated with the index. There was no obvious market trend, but there were no obvious signs of large-scale selling by the main players.

"Market differentiation seems to be accelerating!"

At 2:15, in the internal trading room of Yuhang Investment Company, Li Meng looked at the clearly differentiated market trend under the volatile situation. He tilted his head and reported to Su Yu with a smile: "According to this differentiated trend, It should be able to show that the main funds on the market are further converging on the popular main areas. The accelerated main market rise of the two main lines of "infrastructure" and "state-owned enterprise reform" should be coming, right? "

"Well!" Su Yu nodded slightly after hearing Li Meng's words, "Looking at this situation, the flow of funds in the market is indeed further converging into the fields of "infrastructure" and "state-owned enterprise reform." "

"It seems that the market's consensus expectations are also accelerating." Li Meng continued with bright eyes.

Su Yu responded with a smile: "As the money-making effect gathers, the strong will become stronger and the weak will become weaker. This pattern will continue to be interpreted in the future. Once the two main concepts of "infrastructure" and "state-owned enterprise reform" rise, the market will continue to rise. The differentiation phenomenon will become more serious, and the "growth stocks" line should be uncomfortable for a long time. "

"Why are the two main concepts of "infrastructure" and "state-owned enterprise reform" rising, while the "growth stocks" route, led by the small and medium-sized board and the GEM, have a difficult market? "Hearing Su Yu's words, Liu Yuan, the trading team leader in the internal trading team, asked in confusion, "It stands to reason that the rise of the two main concepts of "infrastructure" and "state-owned enterprise reform" will inevitably drive the index further upward. It opens up space and attracts more OTC funds to enter the market. As the index rises and incremental funds enter the market... it should be good for all stocks! "

Seeing Liu Yuan's doubts, Su Yu knew that most of the people had this kind of doubt in their hearts, so he couldn't help but smile and explained: "The recovery of market sentiment and the establishment of confidence are gradually formed. "Infrastructure" and "state-owned enterprise reform" are The two main lines involve hundreds of stocks, and they are basically mid- and large-cap stocks. The upward expansion of these two main lines will inevitably create a huge capital siphoning effect on the market. "

"The generation of this siphon effect will definitely not be filled by the incremental off-market funds attracted through the market's money-making effect in a short period of time."

"This also means that most of the funds to undertake the two core main lines of "infrastructure" and "state-owned enterprise reform" must be market existing funds. "

"And the game of existing funds..."

"Excessive capital flows into the fields of "infrastructure" and "state-owned enterprise reform" will definitely mean that there will be huge capital outflows in other sectors of the market. "

"However, looking at the entire market, the profit-making effect is the lowest, and the "Prisoner's Dilemma" effect has been formed in the sectors. The areas with the most serious selling are only the small and medium-sized boards and the GEM that have accumulated a large number of hold-up orders and their relative positions are not low. "Growth stocks" is the line. "

"The fields of "mobile Internet" and "smartphone industry chain" on the Small and Medium-sized Board and GEM have experienced several consecutive waves of strong market prices last year, which means that a large amount of active market funds have accumulated in this field. Once these funds see the this

This field is really unable to produce sustained money-making effects and can never outperform the market. It is easy to understand that it is easy to sell the chips in this field and continue to pursue the most profitable field in the market. If you want to quickly recover the funds lost in this field. "

"so……"

"The follow-up will be driven by the acceleration of the two main market trends of "infrastructure" and "state-owned enterprise reform." "

"The 28/20 market divide will definitely become more and more serious."

"In this stage of market development, a large number of investors who cannot change their ideas, or a large number of investors with inertia of thinking and path dependence, will probably have accounts in their hands that make money but not the index, or worse, make money. The phenomenon of losing money despite losing money on the index.”

"I understand!" After listening to Su Yu's analysis, Liu Yuan felt enlightened.

Similarly, other traders in the trading room were deeply touched by Su Yu's words, and they vaguely gained a deeper understanding of market transactions.

And when everyone communicates and discusses with each other, and makes continuous analysis and predictions in response to changes in market conditions.

The time has quickly passed 3 o'clock in the afternoon, and transactions in the two cities have been frozen.

After the final shock in the late trading, the Shanghai Index ended slightly higher, regaining 2228.33 points, up 0.48%, while the Shenzhen Index and ChiNext Index closed slightly lower, down 0.36% and 0.49% respectively. The two cities are important. In the index, there is an obvious phenomenon of ups and downs, and the differentiation is more obvious.