Rebirth of the investment era

"It's only a 21% increase. Damn it, it's not going up even if there's good news. This market... is really weak."

Faced with the opening situation of the two cities, the vast number of retail investors gathered on stock trading platforms and stock investment forums also have a lot of opinions at this moment.

"Not surprisingly, in the face of the surge in external markets, Big A has never stood up."

"This is called an independent trend, right... an independent trend!"

"Hey, it's better to open lower than to open higher at this level."

"It feels like the market hasn't opened yet, and the bullish investor sentiment over the weekend and before the market opened this morning has already been wiped out. Sure enough... our big A is not disappointing."

"It's now time. To be honest, our expectations can't be too high."

"Yes, it's high after all."

"The index is slightly higher, but the performance of individual stocks... is obviously not the case."

"There are nearly 2,000 stocks in the two cities, and more than 900 stocks in the red market. Except for the ones that are suspended and those that open flat, the rises are still more than the falls. In fact, it is not bad, right? The key depends on the opening trend. If the index is at this If the position can be stabilized, we can still look forward to today’s market conditions.”

"Although the red market still accounts for the majority, the market as a whole has not shown any money-making effect!"

"Indeed, why are 'communication technology', 'Internet applications', 'electronic information' and 'film and television media' leading the gains? Are these major sectors sustainable? Not at all!"

"The ones that are rising are all junk stocks that were oversold in the early stage. The core mainline stocks are still in a downward trend."

"Indeed, judging from the entire collective bidding trend, there are very few funds actively rushing to follow suit, and the amount of energy generated by the entire collective bidding is still shrinking compared to the previous period. This is no reason to be bullish on the market at all!"

"Three words, and it still falls!"

"Anyway, I will lose money after the high opening. I don't plan to continue to hold it after the market opens."

"The market pressure has not been cleared at all. I don't believe that the index can reverse here. Anyway, those with positions should continue to reduce their positions, and those without positions should continue to wait and see and enter the market cautiously. It is always right."

"Depending on the situation, it is clear that the core main lines of 'infrastructure' and 'state-owned enterprise reform' in the early stage have not been completed yet."

"Yes, I feel that if the market wants to bottom out and reverse, it will only be possible after the real adjustment in the two main areas of 'infrastructure' and 'state-owned enterprise reform' that were wildly hyped in the early stage is completed."

"No, it will be possible only after Mr. Su's 'road to wealth' reappears."

"The good news does not rise, but the bad news plummets. This is obviously a downward trend of 'easy to fall but hard to rise'. When the bad news stops falling, I think it will be almost the same."

"You can tell by the heated discussions on our forum that the market has definitely not bottomed out."

"It's true that since the market has continued to fall, especially in recent days, the popularity of our forum has obviously dropped a lot."

"This shows that the funds leaving the market are still increasing."

"The index should first reach the support level of 2200 points. At this position, there is pressure on the top but no support on the bottom. It is strange that the vast investor group who are disengaged both inside and outside the market dare to boldly follow up."

"Indeed, there are too many variables in this location."

"Looking at the market performance at the opening, it is obvious that hot investors are not very active in trading on many popular stocks."

"Beixin Road and Bridge, Beijiang Communications Construction, Kumho Group, China Fortune Land Development, Shanghai Sanmao, Shanghai Steel Union... this large number of popular stocks, how much funds have been buried to take over the market in the past week, this kind of loss When the money effect is extremely obvious, it’s no wonder that hot money investors are so active in trading.”

"'Spring River Plumbing Duck Prophet', since the hot money bosses, who are the most sensitive and active in the market, are still continuing to ebb and are increasingly leaning towards cautious operating strategies, then how can we, the retail investors, be optimistic? ?I feel... if you sing too much at this time, you have bad intentions."

“If we want the market to rise, we have to let large state-owned institutions create a strong money-making effect.”

"Haha, institutions? Although they try their best to talk too much, their bodies and hands are very sincere. I hope they will continue to play the game and build the market against the trend. That is just a dream."

"Domestic institutions are all a bunch of guys without a structure."

"Yes, just try to stick together, chase the rise when it rises, and kill the fall when it falls. If you expect them to lead the market, it is better to rely on hot money."

Amidst the continuous complaints from everyone, the 5-minute brief pause in trading passed by in a blink of an eye, and then, the next moment, the time entered 9:30.

The two cities once again ushered in the formal continuous bidding transaction stage.

After a brief five-minute market sentiment brewing, the two markets had just begun to twitch. Under the influence of concentrated selling, the Shanghai Stock Exchange Index plummeted, swallowing up all the gains from the higher opening, and fell underwater. The decline continued with the market trading hours. Move quickly and gradually expand.

At 9:34, it only took 4 minutes to open.

The three major indexes, Shanghai Composite Index, Shenzhen Composite Index and ChiNext Index, all turned green. The so-called high opening situation of the two cities no longer exists.

At 9:36, as the 'small and medium-sized board index' turned green, all important indexes in the two cities swallowed up the gains at the opening and showed a decline.

Then, at 9:42.

The decline of the Shanghai Stock Exchange Index expanded to more than 5%, and the decline of "infrastructure", "state-owned enterprise reform", "military industry", "Internet Finance" and other early popular main lines, as well as related industry sectors and concept sector indexes, further expanded to more than 1%, and The market trends of many core component stocks in the field have shown a sharp sell-off by major funds.

At 9:46, the 'venture capital'-related industry sectors and concept sectors, which had been performing strongly during the session last Friday, experienced a rapid plunge. Early participation funds have completely ebbed, and many have stopped their losses and cut their positions.

At 9:52, the industry sectors and concept sectors related to the two main lines of 'smartphone industry chain' and 'mobile Internet', including electronic information, communication technology, film and television media, and Internet applications, which showed strong strength at the beginning of the session, showed obvious signs of decline. Falling back and diving, and related core concept stocks in its field, the market buying orders also began to have problems.

At 9:58, the 'military industry' sector fell by more than 5%, leading the decline in the two markets, and the time-sharing volume continued to increase, indicating a certain panic selling situation.

"This trend is seriously below expectations!"

Seeing that the 'military industry' sector once again led the market decline, and the Shanghai stock index continued to fall, the market situation of the two cities not only did not improve, but became worse and worse. At this moment, Yuhang, Anzhao Fund Company, has already In the field of 'military industry', the 'Hybrid No. 1' fund product has formed a substantial position. The eyes of Zhou Hui, assistant to the fund manager, became obviously nervous. She turned to Qin Qiuyue and said: "Mr. Qin, the situation is not good. !”

Qin Qiuyue's eyes were fixed on the changing market trends, and her expression became slightly uneasy. After hearing Zhou Hui's words, she responded: "Don't be anxious, stabilize your mentality, and take another look. The previous index has fallen a lot. There is already a lot of room for adjustment. Even if the market is weak, the risk of a plunge is not great. At this time, we cannot get into chaos and lose our minds."

When Zhou Hui saw what she said, she couldn't help but simply agreed.

Then he gritted his teeth, forced himself to calm down, and turned his attention back to the market.

As time goes by, the market has not ushered in the rebound that Zhou Hui and Qin Qiuyue expected. Instead, it has become weaker and weaker, gradually forming a unilateral downward trend.

Finally, at 10:28, one hour passed during market trading time.

The Shanghai Composite Index broke through 2,232 points, setting a new low since the Shanghai Composite Index fell to a high of 2,500 points. Moreover, its intraday decline today also officially expanded to more than 1%.

When the Shanghai Composite Index refreshed this round of adjustment to a new low, all hot spots in the session were almost wiped out.

At 10:31, the bullish belief among the active market investment groups in the entire market finally collapsed completely, and they began to sell out desperately.

One minute after the emotional breakdown.

At 10:32, panic selling broke out in the market. The Shanghai Stock Exchange Index encountered almost no resistance. It broke through the 2230 point mark in lightning and continued to expand the decline to more than 2%. At the same time, real estate, real estate, and other industries with a large backlog of short-term hold-up orders faced little resistance. The index declines in military industry, architectural decoration, building materials, Internet finance and other industry sectors and concept sectors also expanded instantly, almost in the form of a straight dive, pushing the decline to more than 2%.

Among them, in particular, the short-term hold-up market is extremely heavy, and at this moment, a number of popular high-level concept stocks in the fields of 'infrastructure', 'state-owned enterprise reform', 'Internet finance', and 'military industry' have lost their hype value. The falling state is even more crazy.

Stocks such as Beixin Road and Bridge, Beijiang Communications Construction, Shanghai Sanmao, Kumho Group, Shanghai Steel Union, Huake Financial, Oriental Fortune, Hongdu Airlines, Huagang Tianyuan... etc. have plummeted. Both exceeded 3 points, and the time-sharing capacity expanded rapidly, to more than three times the previous average capacity.

Especially the check of 30 cents on the Shanghai Stock Exchange.

Due to the excessive hype in the early stage, at this moment, all the funds on the market left the market crazily and fell.

In one fell swoop, the price dropped from around 8 points to the limit, suffocating more than 50,000 lots of major funds that were sold in a panic on the market.

"Mr. Qin, what should I do?"

Seeing that the market trend, while continuing to wait, not only did not improve, but became worse and worse, and the trend of the market plummet had already begun to take shape. All the funds in the market were trying to stop losses. At a glance, the entire market was hot. For the top popular concept stocks, almost all buying orders were suspended. At this moment, Zhou Hui finally panicked and turned to look at Qin Qiuyue again and said: "We have a heavy position in the 'military industry' line. What we observed in the early stage is The strong force to take over the main funds has not appeared today, and the selling force of the 'military industry' line has expanded a lot year-on-year after the market opened. This gives me a... very bad premonition!"

"Do you suspect that the main funds we observed before are also following the trend and selling now?" Qin Qiuyue took a deep breath, and her face gradually became serious.

Zhou Hui responded: "There is... it is possible."

"Why?" Qin Qiuyue was anxious, but there were a series of question marks in her mind, "The logic doesn't make sense!"

"Mr. Qin..." During Qin Qiuyue's brief meditation, Zhou Hui said again, "The market situation is very bad. Regardless of the index or the 'military industry' line, this drop has completely penetrated all the previous support positions. , continue downward...I can’t see the bottom yet!”

"If we continue to hold on..."

"With heavy positions already in place, not only will the fund's net value retrace quite rapidly, but it will also quickly devour the profits we finally harvested from the market in the early stage, causing the fund's net value to return below the baseline. If the fund If the net value falls below the baseline, then our fund will become more passive in its trading strategy."

At this moment, their positions in the 'military industry' line have already incurred considerable losses.

If we continue to carry on and face the continuous plummeting of the market, once the index directly breaks through 2200 points, the 'military industry' sector will fall by another 15% to 20%, and the consequences will be unimaginable. , and the price of such consequences is beyond their ability to bear.

After all, heavy positions bear the continuous plummeting market, the speed of losses, and the psychological pressure.

It would be extremely scary.

In extreme cases, it only takes a few trading days to push the net value of their funds to the risk warning zone, causing them to lose the initiative to operate and can only reduce their positions passively.

"You mean..." Qin Qiuyue frowned visibly, stared at Zhou Hui, and said, "We should be at this position, following the decline of the funds in the market, and quickly reducing the positions we entered before, so as to Curb the rapidly expanding position losses?”

Zhou Hui responded: "Under extreme market performance, if we want to avoid the worst situation and consequences, we have no other choice."

Qin Qiuyue quickly turned her attention back to the trading boards of the two cities, but did not respond for a moment, thinking of rapid weighing and hesitation in her heart.

"It doesn't make sense. Why did it suddenly disappear?" Qin Qiuyue stared intently at Huaguo Heavy Industry, Huahang Mechanical and Electrical, Huahang Optoelectronics, Aviation Power, Huaguo Great Wall, Aviation Technology... and many other 'military industry' fields were working at full speed. The stocks that were the core components of the decline still didn't understand why the huge main force funds lurking under the market that I had clearly observed before suddenly completely lost their traces, and murmured, "Is it really wrong for me to follow up with a heavy position? This fund is in the field of 'military industry', so it really doesn't have any ideas?"

"Mr. Qin..." Seeing that Qin Qiuyue was still hesitating, Zhou Hui couldn't help but hesitate to speak.

Qin Qiuyue came back to her senses and saw that 2 minutes had passed. Concentrated selling forces once again emerged on the market of core component stocks such as Huaguo Heavy Industry, China Airlines Electromechanical, China Airlines Optoelectronics, Aviation Power, Huaguo Great Wall, Aviation Technology... and It was still falling crazily, and at the same time, there was already a lack of liquidity on the market. I couldn't help but grit my teeth, and finally made the decision to modify my previous trading strategy to reduce my position and stop the loss. I turned to Zhou Hui and said: "Little Hui, we have no other choice, so let’s follow your advice and reduce the position first, stop the loss, and reduce the fund position again. Alas... I didn’t expect that we worked hard and thought we found an opportunity, but in the end, we had to I have no choice but to cut myself off."

As Qin Qiuyue made up her mind.

Zhou Hui responded, turned to the traders in the room, and without hesitation issued the order to immediately cut off the position and stop the loss, and sell at the market price regardless of the situation.

And at the same time...

When Qin Qiuyue and Zhou Hui had no choice but to make the choice to close their positions and stop their losses.

In the Magic City, within Zexi Investment Company, Xu Xiang, who had previously observed traces of major funds secretly building positions in the 'military industry' sector, saw at this moment that the military industry sector plummeted without resistance, and the selling force on the market was extremely heavy, with no sign of stopping at all. After the speculation failed, he had to order Zhou Kan to close the position and abandon the test position established in this field last week.

Likewise, at the same time.

Yuhang, within the Yuhang Investment Company, the main fund trading room.

After Su Yu observed that the market had entered a unilateral plummeting pattern of panic selling, and noticed that the "military industry" line, the market sentiment and chip structure had completely collapsed, he quickly issued a trading order to follow the trend and sell. Let traders follow suit and sell down on the market.

However, although they are all the same kill and stop loss operations.

However, the main funds focused on this by Anzhao Fund, Zexi Investment, and Yuhang Investment have completely different motives.