Rebirth of the investment era

"The turnover of the two cities was 107.336 billion, with no sign of significant expansion. However, in terms of market development, while 'infrastructure' and 'state-owned enterprise reform' continued to lead the rise, there was no continued differentiation or financial attack as you mentioned before. This is a sign of further concentration in the field." After the two cities closed, at 3:15 pm, in the internal fund trading room of Yuhang Investment Company, Li Meng turned to Su Yu after a brief review and asked with a smile, "This Does it mean that the market situation is starting to deviate from your previous expectations?”

"Judging from the market performance, it is indeed better than expected!" Su Yu responded, "Market investment confidence and sentiment have recovered quite quickly, and the incremental funds coming in from the sidelines are also better than expected. If this trend continues, , it is not difficult for the Shanghai Stock Exchange Index to break through the bull-bear line of 2,500 points.”

"certainly……"

Su Yu paused and then said: "The financial market is changing rapidly, and the most ideal state is often not easy to achieve. Therefore, although the market is currently going slightly beyond our previous expectations, it is still not appropriate to change the investment strategy at this stage. We still need to remain cautiously optimistic.”

"Yeah!" Li Meng responded and said, "Indeed, when market sentiment is overheated, people are more likely to lose their rationality and judgment."

"Master, today's market continues to make breakthroughs, but in terms of volume and energy, there are no signs of obvious enlargement compared to yesterday. This shows that the chip structure on the market is stable and the expectations of various investors participating in the market are relatively consistent, but it is not the same as yesterday. Does it mean that the number of profit orders on the market is also increasing rapidly?" After a brief review, Liu Yuan took over the topic and said, "With such a rapid increase in profit orders, under the continuous short squeeze trend in the market, I am afraid it will When the bullish sentiment in the market drops slightly, it will cause great selling pressure on the market, thus suppressing the market’s rebound height, right?”

When Su Yu heard Liu Yuan's words, he nodded slightly and said, "You are right. As the index continues to rise high, there are indeed hidden worries in this regard. If the bullish sentiment in the market drops slightly and the chip structure on the market loosens, then More drastic adjustments are bound to come."

"However, based on the current bullish sentiment and signs of renewed confidence in the market."

"As long as in the short term, there will be no major market negative news in terms of market macro news, it will be based on the continuous inflow of incremental over-the-counter funds."

"With the Shanghai Composite Index below 2,500 points, the drastic adjustment due to the loosening of the chip structure will probably be able to withstand."

"Of course, expectations and reality sometimes don't match up."

"Although there are no risks in the current market and our holding costs are relatively low, we still cannot relax our attention to potential risk points and market news."

"Yeah!" Liu Yuan responded, lowered her head and continued to review.

"Boss, the market conditions for the two main lines of 'infrastructure' and 'state-owned enterprise reform' should have entered a comprehensive acceleration stage today, right?" Wang Can observed the changes in the overall transaction volume of these two core main lines during the review. As well as the depth of the speculation by various funds, he said, "Beixin Road and Bridge has directly reduced its volume today. I feel that this trend is approaching the peak of the hype. I am thinking... If the hype of Beixin Road and Bridge reaches the peak, it will not be able to further open up the market." If the space for speculation is high, can the market trends of the two main lines of 'infrastructure' and 'state-owned enterprise reform' continue?"

Su Yu responded with a smile: "That's a very good question. Actually, what you said...is the relationship between an on-site chip game and the degree of expected fulfillment."

"Analysis from the chip structure."

"Beixin Road and Bridge's stock price has reached its current position. The profit accumulation has been quite heavy, and the stock price has increased significantly in the short term, significantly exceeding the increase of the market index and the overall market increase. At the same time, the valuation is also significantly higher than the average estimate of other stocks in the same industry. value, which leads to a slight exhaustion of market sentiment, and these heavy profit orders will inevitably lead to selling and profit taking at the first time, which will hit the stock price."

“But when it comes to the specific investment logic and future expectations of the two core themes of ‘infrastructure’ and ‘state-owned enterprise reform’.”

“It’s still far from time for the real expectations to be realized.”

"All the so-called hype must be based on expectations of an explosion in industry demand and performance expectations."

"At the current stage, the news on the two main lines of 'infrastructure' and 'state-owned enterprise reform' is continuing to ferment, which means that the room for explosive demand in the industry, the room for growth in future performance, and various fundamental changes are still at their most anticipated. In the strong stage, as long as this expectation is still there and the news and performance are not significantly lower than market expectations, then there is not a big problem with the market continuation."

"In this way, if the basic investment logic of the main line has not changed...it will be easy to judge the trend of Beixin Road and Bridge stock."

"That is because in the short term, because the profit market is too heavy, once the sentiment drops slightly, the stock price will experience relatively extreme fluctuations. However, it is still unlikely to affect the main line market in the two major fields of 'infrastructure' and 'state-owned enterprise reform'. , and... in the current market, except for a part of the investor group that has been completely locked up, the rest of the investor groups do not have heavy positions. That is to say, as long as market expectations are still there, then for the relatively high-quality stock chips in the market, there will be no profit. If the order is cashed out quickly, there will be no shortage of funds to undertake it.”

"In fact, after this period of time, the two main market trends of 'infrastructure' and 'state-owned enterprise reform' have continued to deepen."

"The main funds from all walks of life have been deeply involved in these two fields, and the market has spread, and the concept stocks involved have also occupied a considerable share of the entire market."

"In this case, the main line market is spreading. Even if the hype reaches its peak, it will not be a peak trend."

"In other words, even if we have a very heavy position in this area and want to exit when the market turns, we will not encounter liquidity problems."

"In other words, after the Beixin Road and Bridge hype is over, there is a high probability that there will be a third wave of market prices?" After listening to Su Yu's analysis, Wang Can didn't really understand it in his heart, and he didn't fully understand the logic, but he knew that Su Yu Judging the trend of the Beixin Road and Bridge stock, this is probably what I meant. He smiled and said, "Then it seems... I was just worried. I thought the two main lines of the market that we have a heavy position in are almost over?"

Before joining the company, he was a retail investor and independently traded in stocks.

This is a typical retail investor's thinking. Losing money can hold the chips. Once profits are made, they will think about all things, feel uneasy, and have a strong desire to cash in profits.

Now that I have entered the company, I have made a lot of progress in many aspects despite being influenced by what I have heard and seen.

But this kind of psychology, after seeing the profit figures of tens or hundreds of millions in the accounts that I operate, is still uncontrollable and comes to my mind from time to time.

"The relationship between investment logic and chip game..."

When Wang Can breathed a long sigh of relief and felt that he was thinking too much, Zhao Lijun, who was silent on the side, had a lot of enlightenment in his mind. He couldn't help but asked Su Yu, "Mr. Su, this should be long-term investment and short-term trading." The essential difference and trading principles, right?”

"In short-term trading, no matter how strong the expectations are, the essence is still a chip game."

"But in terms of long-term logic, no matter what kind of chip game is played, as long as the logic of expectations is still there, and as long as investment expectations have not been realized, then all extreme shocks will not be able to change the trend."

"Smart!" Su Yu praised with a smile.

Zhao Lijun's understanding of trading, through observation during this period, he felt that it should be the most outstanding among the traders present, besides him, Li Meng, and Liu Yuan. At this time, Su Yu suddenly made a move to promote him Get up and let him and Liu Yuan jointly manage a major fund.

After all, as the company's operations expand, he can't keep an eye on every transaction.

In the end, there is always a need for some core backbone to complete the transaction tasks independently.

Li Meng can basically rest assured now, but it is impossible for Li Meng alone to manage several trading teams and multiple major funds.

Therefore, he still hopes to have more trustworthy talents who can grow up quickly and take on important responsibilities.

It is also for this reason that when he was in the trading room, he would patiently answer various questions raised by everyone, and teach each trader everything he could based on his more than ten years of trading experience accumulated over two lifetimes.

"Mr. Su, based on today's market performance, the conceptual field of 'growth stocks' in the direction of small and medium-sized enterprises and GEM also has the characteristics of bottom reversal." During the discussion, Zhu Tianyang thought for a while and also raised a question, "You said before that the two main lines of emerging industries, 'mobile Internet' and 'smartphone industry chain', are long-term trend main lines that can last three to five years. Now many popular stocks in these two main lines have good expectations in the future. Under such circumstances, the stock price is already at a relatively low level compared to last year's hype high point. Now that major funds are once again flowing into this direction, does this mean that the adjustment of these two main lines has basically been in place?"

Su Yu responded: "Looking at the market, there are indeed signs of major funds re-gathering in the direction of 'mobile Internet' and 'smartphone industry chain', but whether the adjustment is in place depends on the next two main areas. Whether many popular stocks have exceeded expectations in terms of expected fulfillment, and whether they can regain enough sustained profit-making effect to release the huge amount of hold-up that has been accumulated and accumulated in the market."

“If the popular stocks in these two main areas have fulfilled their expectations, their performance has exceeded market expectations.”

"And if these popular stocks can start a continuous upward trend and raise the investment confidence and future expectations of the broad investor group in the market for these two main areas, then even if it has truly hit the bottom, we can also switch positions appropriately. , re-positioning towards these two areas.”

After hearing Su Yu's analysis, Zhu Tianyang thought for a while and responded: "What Mr. Su means... is that the market conditions in the two main areas of 'mobile Internet' and 'smartphone industry chain' need to be further observed?"

"Yes!" Su Yu nodded slightly, "Let's wait until the mid-year performance forecasts for many popular stocks in this field are released. The current overall chip structure of these two main areas is very messy, and many of the main funds that have been trapped still have a glimmer of hope. , are reluctant to cut their positions and exit, and the newly entered main funds appear to be too hesitant. Overall, confidence and expectations have not yet fully recovered.”

"Of course, it is necessary to continue to pay attention to market changes in these two main areas."

"After all, the number of 'mobile Internet' users and the sales of 'smartphones' are still growing rapidly. When investment confidence and future expectations in these two main areas return to highs and the internal chip structure adjustment is completed, these two There should be many investment opportunities in large areas.”

"In general……"

Su Yu paused for a while and then said: "As an asset management institution, in addition to choosing the right investment direction, we should also perform well in market timing. The direction of attack by the main funds in the market has always been towards Places with the best expectations, the strongest money-making effects, and relatively abundant liquidity are gathered. What we have to do is to create and guide such market opportunities in the right investment direction through timing methods, so as to obtain Market excess profits.”

"Understood!" Zhu Tianyang nodded in agreement after listening to Su Yu's analysis.

Then, he turned his attention back to the computer interface, continued to review today's market conditions, and combined with market news to look for potential investment opportunities that may exist.

Similarly, at this moment, inside Minghui Capital.

After the internal investment strategy group meeting, several managers in charge of the company's main fund products also expressed relatively optimistic views.

"It is estimated that the index will not go back to 2,200 points. This round of rebound, it is expected to be as high as 2,500 points. There should be no problem. Mr. Xu... our 'Minghui No. 1' fund, as the company's number one flagship product, should also Have you changed your investment thinking from a conservative strategy to a relatively radical strategy?"

"Mr. Su has already shouted the slogan of a bull market. At this stage, increasing positions should be the only option."

"Although the current position of the two core main lines of 'infrastructure' and 'state-owned enterprise reform' is not low, there is obviously still room. Our holding costs on these two main lines are relatively advantageous. If we continue to By increasing positions, the fault tolerance rate should also be ideal.”

"If the expected high point of the index rebound is 2,500 points, there is absolutely no problem in adding some chips here."

"Mr. Xu, the current market is completely devoid of market trends in the direction of 'restructuring and backdooring'. I think we can slightly reduce some of the bargaining chips in this direction, concentrate our positions, and try our best to focus on the two major areas of 'infrastructure' and 'state-owned enterprise reform'." When the main line is in the rising market stage, more market profits will be made.”

"I agree with the strategy of narrowing investment direction and focusing on the main line of the market."

"'Infrastructure' and 'state-owned enterprise reform' should be the main macro themes this year, just like last year's two main themes of 'mobile Internet' and 'smartphone industry chain'."

"It feels like the market pattern is very obvious on February 8th. The core focus this year may be on the main board."

"Well, judging from the market trends in the past month or so, the performance of the Shenzhen Stock Exchange Index, the Small and Medium Enterprises Index, and the ChiNext Index is indeed significantly lower than the performance of the Shanghai Stock Exchange Index. The overall market situation has indeed changed from the previous concepts of 'growth stocks' and ' Stocks' speculation is a sign of transition to the direction of 'value investment' such as white horses and blue chips."

"The scope of the macroeconomic main line of 'state-owned enterprise reform' is very large. In fact, the current market situation of this main line has been quite deeply differentiated. If we consider the risk of pursuing high prices, we can also follow up on some lower-level companies with excellent performance and high performance. Stocks with the conceptual nature of 'state-owned enterprise reform'."

"Well, especially the 'infrastructure' stocks with many local state-owned assets, I think there is great potential."

“This year is definitely a big year for ‘infrastructure’!”

"According to market news, on the macroeconomic roadmap, the path of 'deepening reforms' should have been determined and will be implemented unswervingly."

“The key is that in this round of market conditions, the continued short squeeze has actually caught everyone off guard.”

"In the current market, many asset management institutions should still be at a very low level of holding positions. These major funds that have not entered the market are all potential bull forces in the market! So... I think we are in At this time, if you continue to increase your position and follow up, and grab the first move, it will most likely be difficult to lose money.”

In everyone’s opinion…

General Manager Xu Zhongji looked at several fund managers with a smile, laughed twice, and said: "It is natural to be optimistic at this time, but caution is the only way to win in the financial trading market. We must not forget that the market continues to be shorted. , and the upward trend has become established, it is okay for us to trade on the right and continue to increase our positions appropriately, but at the same time we must maintain a 20% cash bottom line."

"The so-called extreme trend, although the probability of it occurring, is extremely small."

"But once it appears, the lethality is indeed quite astonishing. In the financial trading market, long-term survival is far more important than temporary huge profits."

"Okay!" After Xu Zhongji's persuasion, several fund managers finally gave up the investment strategy of pushing in all positions.

Of course, investors like Xu Zhongji who remain calm at this moment are already a very small number of investors in the broad investor group in the market.

Especially when at 5:30 pm, the dragon and tiger rankings of the two cities were refreshed again.

Everyone has seen that Su Yu's two major trading seats continue to be locked up, and other well-known hot money seats, such as 'Qingchun Road', 'Hongqiao Road', 'Chunhui Road', 'Yanjing Outdoor Street', 'Jiefang South Road', 'Magic Road' All branches of Huaxin Securities and others appeared on the buy list, and a large number of institutional seats also appeared. The entire Dragon and Tiger list disclosed buying and selling data, with net buying appearing for the fourth consecutive day. The bullish sentiment was raging throughout the market. , the majority of investors are unanimously bullish, as if the bull market is reappearing.

And under the influence of this increasingly explosive bullish sentiment...

The next day, Thursday, May 8, the market continued to open higher and move higher. The Shanghai Stock Exchange Index continued to rebound from highs and refreshed to 2370.37 points.

Immediately afterwards, on May 9, the Shanghai Stock Index continued to fluctuate higher and closed the seventh positive line.

It has broken away from the seven-day positive trend that shocked the short-term investors, completely got rid of the sluggish trend of the entire market in the first quarter, broke through all constraints, and directly pointed at the pressure range of 2400 points to 2500 points. There is a lot of potential. Soaring into the sky, the bull market is back with a bang!

wap.