Rebirth of the investment era

"The stock market crash should not happen." Yu Lei responded, "After all, the market index points and the overall market valuation level are already very low. Even if it falls to the extreme value of historical valuation, it will not fall very far. Just be afraid. After a few days of plummeting, the market has fallen back into its previous downward trend!”

"Especially if the Shanghai Stock Index cannot hold its position of 2,200 points..."

"Once the index falls into the large box shock range of 2,000 points to 2,200 points, it will be difficult to avoid the negative downward trend, and in the short to medium term, there may not be any sustained big market trends in the market. "

"Hey..." Hearing Yu Lei's words, Liu Guanhai sighed softly and said, "If the market develops like this, there is nothing we can do about it. Next... we must completely adjust our trading strategy and do a good job. We are ready for a long-term war of resistance. At this stage, we do not seek profits, but only seek to outperform the Shanghai and Shenzhen 300 Index in net value retracement. If we do not fall into the risk warning stage, we will win if we do not clear the market."

Yu Lei nodded and said: "Then we may have to continue to reduce our positions. At this stage, we can further reduce the fund's position level."

At the current stage, the position level of the entire fund has been significantly reduced after yesterday and today.

Although it has dropped a lot, it still remains above the 50% position line and has not entered the complete position defense stage.

According to this position line, if the index continues to fall sharply next.

The net value retracement of the entire fund will not be small, and there is still a high probability that it will fall below the net value risk warning line, or even touch the liquidation line.

"Since the trading strategy is to be transferred to a completely defensive state, it is necessary to continue to reduce positions." Liu Guanhai stared at the market trend of the two cities that continued to fall, nodded slightly, and continued, "'Infrastructure', 'State-owned enterprise reform' The stock chips of these two core main lines are being completely abandoned by market funds. Since we have missed the buying and selling points of these two core main lines, we cannot make more mistakes."

"What Mr. Liu means is that we won't keep any stock chips from the two core main lines of 'infrastructure' and 'state-owned enterprise reform' in the early stage, and we will clear them all?" Yu Lei asked, slightly stunned.

In fact, in terms of views on the two core market trends of ‘infrastructure’ and ‘state-owned enterprise reform’.

There are certain differences between the two.

Yu Lei believes that at the current stage, the two core main lines of 'infrastructure' and 'state-owned enterprise reform', although the adjustments have been very violent, are indeed the areas where funds from all walks of life are mainly selling chips, but the macro fundamentals of these two core main lines The outlook and future performance expectations have not changed much.

Therefore, he believes that there is a high probability that there will still be certain investment opportunities in the market outlook for these two major market trends.

I do not agree with the trading strategy of comprehensively clearing positions related to these two core main lines of stock chips.

Liu Guanhai believes that at the current stage, the two core main lines of 'infrastructure' and 'state-owned enterprise reform' have obviously been abandoned by the main market funds. The entire hype market has ended, and the overall valuation of these two core main lines has also obviously Valuations that are higher than the market average should naturally be an area that needs to be avoided at this stage.

"Yes!" Liu Guanhai nodded, "Any questions?"

Yu Lei thought for a while and said: "I think the two core themes of 'infrastructure' and 'state-owned enterprise reform', the industry's fundamentals and long-term expectations, as well as the country's policy support and policy guidance in this direction, everything is If we are developing in a good direction, these two core main lines may still have greater investment opportunities after the market decline slows down.”

"Theoretically, there are indeed certain investment opportunities for these two core main lines." Liu Guanhai said, "However, judging from the current market trends and the movements of major funds, the two core main lines have The overall chip structure has completely changed, and valuation expectations are also declining rapidly. Since we plan to shift the overall trading strategy to a completely defensive stage, we cannot rely on pure expectations and expectations for investment opportunities in the market. Just imagine, you have to respect the actual situation of the market."

"Judging from the actual trends of various industry sectors and concept sectors in the current market..."

"A number of related industry sectors and concept sectors in the two core main areas of 'infrastructure' and 'state-owned enterprise reform' are still at relatively high levels. This has caused a sharp decline in market investment risk appetite, and the overall valuation spring has once again been pushed downwards. At the time of compression, a number of popular high-priced stocks in these two core main line areas are where the risk of market decline is most concentrated, where the selling of the main funds of all parties on the market is the most serious, and where the wait-and-see sentiment of investors taking over the side is the strongest. .”

"And..."

Liu Guanhai paused and continued: "The current net value of our 'Yinghui No. 1' fund is not far from the risk warning line. In other words, we do not have enough error tolerance. After all, once the net value of the fund is lower than the risk warning line, We can only passively reduce our positions and can no longer choose to increase our positions."

"Without sufficient error tolerance, we cannot focus on the long term for the time being."

"It is even more impossible to ignore short-term fluctuations and continue to hold some stocks that have been the most severely sold by major funds in the market and have a high risk of falling."

"Again……"

Liu Guanhai smiled helplessly and said: "For our current situation, the most important thing is to ensure that the net value of the fund does not withdraw on a large scale. As for the selection of specific investment opportunities, as well as the so-called long-term underlying logical thinking I can only give up for the time being."

"Right now... we can only maintain a small loss or no loss at all."

"Then when this wave of market adjustment is over and opportunities come out on the right side, we can feel at ease to intervene in the market again."

"Hey, it's not that I don't understand the many investment opportunities and investment logic you mentioned. It's just that due to some early trading mistakes, the investment strategies we can do now are very limited, and we can only passively follow the market. Trends, limited remedial measures.”

Hearing Liu Guanhai's words, Yu Lei pondered for a moment, but he also understood.

He only analyzed the market from the perspective of a trader, but did not take into account the current situation faced by fund products, and there was no room for error at all.

"Understood!" Yu Lei nodded, "Then let's follow Mr. Liu's idea."

After saying that, he immediately turned around and ordered the traders behind him to speed up the pace of reducing and clearing positions in the fund's stocks.

At this moment, in the trading room of the 'Yinghui No. 2' fund in another part of the same company.

As the fund manager of the 'Yinghui No. 2' fund product, Shao Xiaoyun saw that the market continued to fall unilaterally, and almost all industry sectors and concept sectors in the two core main areas of 'infrastructure' and 'state-owned enterprise reform' showed no resistance. The last hope in their hearts was shattered, and traders were quickly ordered to increase their efforts to lighten their positions and reduce fund positions to a safe area as soon as possible.

Similarly, at this moment, there are countless private equity and public equity institutions in Yuhang, Shenzhen, Yanjing, etc.

They are also reducing or even clearing positions on a large scale without distinction.

As for the hot money and retail investors in the market, they all noticed that after the main funds in the market were selling at an almost crazy price, they also quickly followed the market and sold. As a result, the market prices in the two markets not only failed to reach the bottom in the last ten minutes of the trading session, but also failed to hit the bottom. On the contrary, the rebound has become stronger and fiercer, completely showing a picture of continuous diving and a significant lack of liquidity.

Finally, when the market closed at 3 p.m.

The Shanghai Stock Exchange Index fell 2.93%, while the Shenzhen Stock Exchange Index and ChiNext Index plummeted by more than 3%. The turnover of the two cities was 100 million. Although it was smaller than the previous stage when the Shanghai Stock Index hit 2,500 points, it was significantly lower than yesterday. signs of heavy volume.

In addition to the index, the performance of major main lines, industry sectors and concept sectors in the two cities.

I saw that 'infrastructure', 'state-owned enterprise reform', 'Internet finance', 'Shanghai Free Trade Zone' and other major main lines that were hot in the previous stage of the market's continuous rise have become the main lines leading the market decline today. Related industry sectors, The concept sector also led the decline in both cities, and the overall performance was disastrous. Among them, the two major industry sectors, real estate sector and film and television media, both fell by more than 3.5%.

Even the main areas such as 'big finance', 'consumption' and 'medicine' were relatively strong during the session.

In the late trading stage of the decline, they also turned green one after another, showing an obvious downward trend, but the decline was slightly smaller than the performance of the major indexes in the two cities.

Among them, the 'military industry' sector was stimulated by the good news at noon.

Although the industry sector index finally closed down, compared with the overall pattern of the two cities, this main line is still in the leading position of the two cities, and it can be regarded as the only brighter market area in today's market.

Generally speaking, judging from the performance of the major industry sector indexes in the two cities.

Today's market is a unilateral downward trend that opens low and moves low, with occasional struggles during the session.

As for the performance of individual stocks in the two cities...

Except for the "China Airlines" stocks in the main field of "military industry", which performed very well, the others basically showed obvious money-losing effects. Among them, this money-losing effect occurred in the areas of "infrastructure" and "state-owned enterprise reform". The two core main line areas, which have received high market attention, performed most prominently.

Almost all of the top ten popular stocks with the most attention in the market, such as Beixin Road and Bridge, Beijiang Communications Construction, Kumho Group, and Shanghai Sanmao, closed at their daily limit. The trend was extremely tragic. In one day, they were buried in It has attracted billions of investors both on and off the market.

"Hey, it's so miserable. The Shanghai Stock Index almost closed at the lowest point in the session."

Faced with the unilateral plunge and the obvious money-losing effects of the closing results of the two cities, the Internet, the discussion areas of major trading platforms, and stock investment forums, where various retail investor groups gathered, were filled with grief.

"It's really awesome. The two core main lines of 'infrastructure' and 'state-owned enterprise reform', as well as several related major industry sectors, such as real estate, steel, building materials, and building decoration, have a total net outflow of main funds of 6.78 billion, especially Well...all the main funds have gone away!"

"Barefoot Da Yinxian, this market... is really over!"

"You really can't take any chances. Hey... the sooner you cut off the flesh, the sooner you can relax."

"I thought that after reaching this point, there would be at least a weak rebound. I didn't expect that at the end of the trading period, there would be a panic sell-off. I'm really speechless."

"In a downward trend, all intraday rebounds are bullish inducements."

“Today’s ‘Military Industry’ line was really untimely. It took a lot of effort to pull in a wave, but it suddenly fell down again at the end of the session.”

"Hey, it's hitting the limit again and again, what a sin!"

"In this past week, the net outflow of the main funds on the market has been almost 30 billion, right?"

"The market has plummeted so unilaterally, and the turnover is less than 120 billion. It's obvious...the more it falls, the less people will take over!"

"Who will take over? The more you take over, the more you lose."

"It's a joke. Are you going to continue to lose money if you take over? At this stage, whoever takes over will be stupid."

"It feels like the defensive sectors such as 'financial', 'consumer' and 'pharmaceutical', which did not rise much in the early stage, have shown some resistance. Other mainline sectors are basically falling in a panic, especially 'infrastructure' and ' The two major areas of state-owned enterprise reform should be completely finished, right?"

"It's already finished. In the entire market, in these two main areas, the main funds are selling the most."

"After Mr. Su's large-scale reduction of positions, these two main lines were completely finished."

"The main reason is that the short-term speculation has gone too far, right? Beixin Road and Bridge has been speculated a full 4 or 5 times in the short term, but looking at the fundamentals of this check, it has basically not changed much."

"To put it bluntly, the market still follows the logic of short-term speculation."

"If long-term logic cannot be sustained, the market will be left with only conceptual hype, right?"

"It's not that the long-term logic cannot hold up, but that the current market's investment risk appetite is declining rapidly, coupled with the spread of panic, which suppresses the long-term logic. In fact, from the perspective of fundamentals and future performance expectations, 'infrastructure', 'state-owned enterprises' Reform'The investment logic of these two core main lines has not changed much at all."

"I feel like if the market continues like this, the two main themes of 'infrastructure' and 'state-owned enterprise reform' will have to fall back to their original point, right?"

"Damn it, you're going to fall back to where you started, right?"

"If the check of Beixin Road and Bridge falls back to its original point, then... I will lose 70%."

"Hey, let's see if the Shanghai Stock Index can hold on to 2,200 points. After the Shanghai Stock Index plummeted today, the index is only less than 2 points away from the support position of 2,200 points."

"It feels like we can reach 2200 tomorrow."

"The index fell faster than it rose at the beginning of the month. With this trend, I feel that the Shanghai Stock Index is at 2,200 points and there is a high probability that it will not be able to stop."

"It doesn't matter whether it can hold up or not, it's just two words, 'clearance' and it's over!"

“More than half of the top ten most popular stocks in today’s market are locked at their daily limit, and judging from the final closing results of the stocks in the two cities, 56 of them have hit their daily limit!”

"One word, miserable!"

"I guess today's Dragon and Tiger ranking data are also extremely ugly."

“You don’t even have to look at it to know that it is definitely still a large-scale fire sale of the main funds of all parties.”

Many retail investor groups were having heated discussions after the market closed. At 5:30 pm, the rankings of the two cities were refreshed.

As everyone expected, most of the stocks on the list have shown a net outflow of main funds in the disclosed trading seats, and the total net sales of all the capital trading seats disclosed in the entire Dragon and Tiger List have exceeded 11.7 billion, setting the highest sales volume in the market in the past two months.

And seeing this kind of buying and selling data on the Dragon and Tiger List...

Although the majority of investors in the market had already had quite pessimistic expectations in their hearts, at this moment, they still showed looks of shock, and their belief in holding shares completely collapsed!

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