Rebirth of the investment era

"What the hell, the concept of 'venture capital' is actually here!"

At 1:12, in the Shenzhen Stock Exchange, inside Xiniu Fund Company, in the main fund trading room, Mou Zhengxing, the trading team leader who has been observing changes in the market, frowned visibly and said in confusion: "The current domestic financial market, whether it is the first-level The investment sentiment in both the market and the secondary market is so bad, where does the 'venture capital' come from with its expectations and logic? Aren't these funds for solicitation... not just speculation?"

Fang Xinsheng, the fund manager beside Mou Zhengxing, smiled slightly and replied: "You are right. The active funds in the market at the moment are like headless flies. Isn't it just speculation?"

"How could this happen?" Mou Zhengxing asked doubtfully, "It feels like there is no sustainable trend in the entire market."

[A novel app that has been running stably for many years, comparable to the old book-chasing tool, used by all old bookworms.]

Fang Xinsheng responded: "It is because the market did not show any signs of sustained market conditions, and the main funds active in the market were unable to open up the situation in the direction of the original market hot spots, so they had to resort to an 'oversold rebound' 'With this banner, we continue to try and make mistakes, looking for other low-level sectors to take over, and then start a new market. As for the 'oversold rebound' line, the market sustainability is weak."

"After all, the hype logic of this line is not strong."

"The fundamentals and expected logic of the relevant sectors and individual stocks that have changed have not changed before and after the change. It is just driven by speculation funds. Naturally, expectations cannot be too high."

"Hey..." After hearing Fang Xinsheng's analysis, Mou Zhengxing sighed softly and said, "The sustainability is too weak. This will not only fail to accumulate the money-making effect and bullish sentiment in the market, but will continue to consume the few active funds on the market. , and continue to dampen everyone’s enthusiasm for following the trend.”

"Continue like this for a few days..."

"I'm afraid that the market's investment sentiment and confidence in the market outlook will collapse even further."

“And the active capital groups participating in the market will continue to ebb on a large scale. It is estimated that the market will continue to decline in volume, the liquidity of the market will become weaker and weaker, the market trading will become weaker and weaker, and the willingness of funds to participate will become more and more It is in a negative falling mode, and once it falls into this mode, I am afraid that the index will fall back to the large shock range of 2,000 to 2,200 points."

"Looking at the moment..." Fang Xinsheng pondered for a moment and responded, "If the active capital groups in the market still cannot find an effective market breakthrough, the situation you mentioned has a high probability of happening."

"Then we... need to further reduce the fund position?" Mou Zhengxing asked.

Fang Xinsheng thought for a while and said: "Let's take a look again. The current market transaction volume is still above the 100 billion mark, and the volume-energy dividing line of 100 billion is obviously the dividing line between active and inactive market transactions. As long as the market volume can remain above 100 billion, even if the market has no obvious breakthrough direction yet, there will still be opportunities for breakthroughs and reversals."

“In the market, where there is volume, there are opportunities.”

"Currently, the active financial groups on the market are still trying and making mistakes."

"As long as the market volume can fall below 100 billion, in this continuous trial and error process, there is a concept theme of speculation, or a main line of the industry sector, which is recognized by all funds in the market, arouses market sentiment, and leads to a breakthrough. Waves of sustained money-making trends.”

"Then, the current continuously sluggish market performance will turn around."

"Mr. Fang feels that the market has built a periodic bottom here, and what is the chance of finding the main line market for a breakthrough?" Mou Zhengxing thought for a while and asked, "If the next market really finds an opportunity for the main line market to break through here, , in which fields might that direction appear?"

Fang Xinsheng said with a smile: "This is impossible to predict. We can only wait for the market to come out on its own, or for the moment when various funds in the market naturally form a synergy."

"but……"

Fang Xinsheng paused and then said: "Judging from the direction of attacks by active funds in the market in recent days, relying on the line of 'oversold rebound', there are not many industry sectors and concept sectors that have not seen rotation or abnormal movement. , whether the market can successfully build a staged bottom at this position and complete the switch to the real main line market, it is estimated that we will see the result soon."

As he spoke, he turned his attention to the trading boards of the two cities again.

At this time, the market trading time has moved to 1:18.

The concept of 'venture capital' and its related industry sectors have been hyped and boosted by active funds in the market, and their growth rates have squeezed into the top of the growth lists of the two cities. Moreover, thanks to the rise of the main concept of 'venture capital', 'Big In the field of finance and Internet finance, many stocks have also experienced short-term changes. It seems that the entire concept of finance in the market is picking up and recovering at this moment.

The two main areas of "non-ferrous metals" and "coal" have previously led the gains.

Although it is still leading the rise in the two cities at this moment, the increase has dropped very significantly, and the net inflow of main funds in the two main-line related industry sectors is also constantly decreasing.

As for ‘infrastructure’ and ‘state-owned enterprise reform’, the two core themes that are popular in the early stage.

At this moment, in the stage where the market trend of the main line of "venture capital" concept is gradually taking over the market trend of "coal flying and color dance", it is not rising but falling, which is even more weak.

Among them, the main line of 'military industry' showed a strong state in the morning and attracted the attention of many major funds in the market.

At this moment, the funds of the 'Yu Hang Group' have completely given up and continued to reduce positions, and after briefly stopping pallets and buying, just like the two popular core themes of 'infrastructure' and 'state-owned enterprise reform', the selling pressure on the market is increasing, and related industry sectors , core component stocks, the trend is getting weaker and weaker.

"Hey, it's strange. Why do I feel that after a strong rise in the 'military industry' sector in the morning, the market is getting weaker and weaker, and the buying power on the market is also continuing to decline!" Seeing the market conditions. The rapid changes in the situation showed that within Yuhang and Anzhao Fund at this moment, fund manager assistant Zhou Hui, who noticed traces of the 'Yuhang Department' funds building a position, couldn't help but feel a trace of doubt in his heart, and the look on his face gradually became nervous. , hurriedly looked back at Qin Qiuyue, and reported, "Mr. Qin, I feel that the market situation in the 'military industry' line has changed!"

Qin Qiuyue was still staring at the 'venture capital' concept section that had obviously changed. Seeing that Zhou Hui, who was staring at the 'military industry' section, was obviously nervous, she hurriedly asked: "What's the matter?"

"I can't detect the trend of the main funds that we followed the trend before." Zhou Hui said, "On the 'military industry' line, whether it is Huaguo Heavy Industry, China Airlines Electromechanical, China Airlines Optoelectronics, etc. that we noticed before, Whether it is core component stocks such as Aviation Power, China Great Wall, Aviation Technology... or other component concept stocks, the buying volume on the market is rapidly weakening, and the buying capacity is also rapidly weakening. It feels... The main force of funds that we followed the trend before has given up building positions and stopped buying."

"Isn't everything normal this morning?" Qin Qiuyue also wondered.

"I don't know what's going on." Zhou Hui responded, "The market suddenly weakened in the afternoon. This trend gives me a very bad feeling!"

Qin Qiuyue turned her attention to the 'military industry' industry sector that was undergoing intense trading. After careful observation for a while, she found that the performance of many component stocks in this field was significantly weaker than that in the morning, and the volume of buying orders was lower than that in the morning. , almost showing a discontinuous trend, which shows that indeed, as Zhou Hui said, the huge main buying funds that they had found in this field, "broken into parts", have completely disappeared from the market.

"Mr. Qin, what should we do now?" Zhou Hui couldn't help asking again anxiously when she saw Qin Qiuyue's eyes staring at the disk and not speaking for a long time.

After Qin Qiuyue's bold decision to continue increasing her position yesterday.

Now, the position level of the main fund they manage in the military industry sector has greatly exceeded the previous expectations for opening a position, reaching the point of heavy positions, and... because their previous position opening costs were not low, it can be said that the current position level is not low. The overall holding cost is significantly higher than the overall performance of the 'military industry' sector at this moment, which makes them more difficult to control risks and passive in trading strategies when the performance of the 'military industry' sector is significantly lower than expected. sex.

It can be said……

Opportunities in the 'military industry' line have become increasingly uncertain.

Then, the only trading option given to them is to passively reduce their positions and stop losses in time.

After all, if you continue to hold on to riskier mainline sectors in the form of heavy positions, the impact on the net value of the fund will most likely be extremely heavy.

The fund they managed performed very well despite the market conditions throughout April and early May.

However, the net worth has not increased significantly to the point where it is possible to continue aggressive operations and relatively ignore investment risks. Naturally, it is impossible to take reckless gambles when the opportunities are slim.

Qin Qiuyue gritted her teeth gently and said: "Give up the plan to continue buying for the time being. Wait and see again. I don't believe in the 'military industry' line. It continues to slump like this, let alone the stocks we have observed." The buying funds, after buying large positions, just went silent.”

She reviewed the trend of the 'military industry' sector in the past few trading days.

It was found that this line became independent of the market trend in the past few days. As the overall transaction volume of the two cities gradually declined, the trading volume continued to expand. According to the average of the 'Military Industry' sector in the first half of the month, During the few days when the daily turnover was obviously fluctuating, the overflow of energy significantly exceeded 1 billion.

This means that they captured this main force of funds on this line.

At least in the 'military industry' line, at least 1 billion levels of chips have been purchased.

With chips of this magnitude involved, Qin Qiuyue simply didn't believe that the other party came in just to kill this main line, deliberately cutting flesh and losing money.

And if the other party comes in, it's not for cutting off flesh and losing money.

At this moment, the other party suddenly gave up buying and did not protect the market at all, allowing various short-term speculation funds that had intervened in this line in the early stage to continue to kill the market, which was very thought-provoking.

"You just said that this line started to weaken suddenly after the market opened in the afternoon, right?" Qin Qiuyue seemed to have captured something else from the market, paused, and asked again.

Zhou Hui nodded and responded: "Yes, when the market opens in the afternoon, the market of this line feels very wrong."

"Actually, the market trend of this line in the morning is very wrong." Qin Qiuyue added, "According to the capital position building style we captured before, the concentration of the 'military industry' line in the morning can boost the trend. , it’s very abnormal, I guess... the other party may have noticed that new speculation funds from all walks of life have followed suit, and they don’t want to expose their motives and traces of opening positions so quickly, so they temporarily canceled all orders.”

"If that's really the case..."

Qin Qiuyue pondered for a moment and continued: "The current weak market situation not only does not explain the weakness of the 'military industry' line, but it deepens our speculation and further explains the huge force involved in the 'military industry' line. The main funds really have high ambitions for this line, and there is a high probability that they want to get more chips at a low position."

"At the same time, it also shows that the other party has a high probability of being on this line and has not yet completed the opening of a position."

"At least 1 billion funds are required to open a position..."

"As long as this capital is still on the market, we don't have to worry too much for the time being."

"Is this going to be the case?" Zhou Hui still had some doubts in her heart after hearing Qin Qiuyue's optimistic analysis.

But now that Qin Qiuyue has made up her mind and made adjustments to her trading strategy, even if she has some doubts and doesn't agree with some of Qin Qiuyue's views, she will still execute the relevant trading instructions unconditionally.

As Qin Qiuyue was responsible for the main fund products, he once again adjusted his trading strategy on the 'military industry' line.

The buying power of the 'military industry' sector began to become weaker.

And almost at the same moment when the 'Anzhao Series' funds reacted and adjusted their trading strategies, Zhou Kan, who had been staring at the 'Military Industry' line within Zexi Investment Company in Shanghai, also discovered the 'Military Industry' sector. The trend was abnormal, and he let out a soft "Eh" and said: "Mr. Xu, it's really strange. After we followed the trend and bought, the buying funds we observed on the 'military industry' line not only Instead of following up simultaneously, they gave up completely. What does this mean? The other party gave up on this line and regarded us as a successor? "

"Moreover, the sales in the 'military industry' line in the afternoon were much more fierce than in the morning!"

"It really feels like the other party is taking advantage of us to buy, but is selling at a loss."

When Xu Xiang heard Zhou Kan's words, he quickly turned his attention to the 'Military Industry' sector. After observing it for a long time, he said: "The trend is a bit abnormal, but based on the way we have observed the buying of funds, the other party should not be afraid of it." This is the right pattern, but suddenly he completely gave up his position and gave up buying. This move... is really thought-provoking!"

"Then what should we do now?" Zhou Kan asked, "Should we continue to buy it?"

Xu Xiang was silent for a while. He saw that the index was near the 2260 point and could not go up no matter what. Moreover, the market hot spots switched too frequently and there was no continuity. He guessed that the index was here and there was a high probability that it would not be stable, so he hesitated. After a while, he couldn't help but give up the more radical strategy of building a position and said: "Since the trend of the 'military industry' line is obviously not as good as expected after we tried to build a position, let's take another look."

He intuitively felt that the main funds lurking in the 'military industry' line were not simple.

But he couldn't understand the other party's momentary motives and actions in a short period of time, so... he could only do the next best thing, take another look, and wait for the other party's next move. After all, in addition to changes in funds, In addition, he felt that the hype logic and future expectation logic of the 'military industry' line still lacked some fire.