Rebirth of the investment era

At 1:25, following the small and medium-sized board, the GEM index turned red and rose. At this moment, the Shanghai stock index was still fluctuating around a 1% decline, without any obvious upward intention.

At 1:30, the Shenzhen Index also turned red and rose, while the Shanghai Index's decline shrank to around 85%.

At 1:35, the two major market sectors, Film and Television Media and Apple Concepts, led the gains, with an increase of more than 5%. The intraday amplitude reached almost 4%. Among them, the core component stocks in the two major sectors, Shuobed and Changqu Technology, unexpectedly Coming from behind, it began to break through to the daily limit under the attack of the main speculator funds.

At 1:37, Changqu Technology sealed the daily limit. At the same time, the ‘mobile game’ concept sector rose rapidly.

At 1:38, the growth rate of the GEM index reached 5%, and the decline of the Shanghai Stock Exchange Index further shrank to around 7%.

At this time, the majority of investors in the market saw that the two core main lines of 'mobile Internet' and 'smartphone industry chain' have vaguely led the market, and the money-making effect on the market is constantly expanding, and they all thought that today's deep v trend It is expected that the market has hit the bottom in the short and medium term and can truly usher in a violent rebound.

Next moment, 1:40.

The core component stocks in the fields of 'infrastructure' and 'state-owned enterprise reform', which were originally trending well and were slowly rebounding, suddenly encountered extreme selling. 12 consecutive large orders of 10,000 lots were placed on the market, and they were sold at market prices. It took less than half a minute. Within a short period of time, the stock price dropped from around 35% to near the lower limit in one fell swoop. With extremely brutal selling techniques, it directly penetrated the market of this stock.

Immediately afterwards, at 1:42, MCC fell to the limit.

Similarly, with the flash crash of MCC, a number of other mid- and large-cap core stocks in the fields of 'infrastructure' and 'state-owned enterprise reform' were also affected. On the market of related stocks, the selling volume can instantly After a sharp increase, the stock price trend also dropped sharply again.

At 1:44, this avalanche effect spread to the entire ‘infrastructure’ and ‘state-owned enterprise reform’ sectors.

At 1:45, following China Metallurgical Corporation, the real estate sector's Gemdale Group also plunged towards the limit with a flash crash. At the same time, the decline of previously high-selling stocks such as China Fortune Land Development and Kumho Group also expanded instantly.

At 1:46, as a number of popular core stocks plunged in a straight line one after another, this avalanche effect continued to expand and spread to almost all state-owned holding stocks in the two cities.

At 1:47, affected by this severe impact, the Shanghai Stock Index's decline expanded to about 1%.

At the same time, under the influence of the Shanghai Stock Index's decline again expanding, a number of industry sectors and concept sectors related to the two core themes of 'infrastructure' and 'state-owned enterprise reform' continued to dive, and the decline of the 'military industry' sector also continued to expand, the Shenzhen Stock Exchange Index turned red. , the GEM index also fell back into the water again, turning green again.

At 1:48, in the important index areas of the two cities, only the small and medium-sized indexes remained in the red.

Then, when the time reached 1:50, the avalanche effect originating from MCC began to spread from stocks with state-owned assets to all relatively high-priced stocks in the two cities that had been speculated in the previous round.

From this moment on, the group of investors who had been excitedly chasing positions just now and felt that the market had probably bottomed out suddenly realized once again that the market's downward momentum had not weakened at all, and the entire 'infrastructure', Core themes such as 'state-owned enterprise reform' and 'military industry', as well as a number of relatively high-priced stocks that were speculated in the early stages of the entire market, have not really fallen.

And when everyone realized that the market had not fallen completely at all, the so-called bottoming out and reversal was still too early.

The market had just received good buying power, but it could not help but weaken again. Cautious and hesitant investment sentiments rose rapidly, and it had just produced a profit-making effect, leading the market index out of the intraday trough, and the 'mobile Internet' had a good growth trend. The two main lines of "Smartphone Industry Chain" and "Smartphone Industry Chain" also declined rapidly at this moment. The funds that actively bought on the market quickly withdrew their orders like the ebbing tide.

At 1:53, with market investment sentiment rapidly weakening and buying funds withdrawing orders, the buying volume in the entire market began to stall.

At 1:55, the industry sectors such as 'film and television media', 'electronic information', 'Internet software' and 'Internet applications', which led the gains in the two cities, followed the main lines of 'military industry', 'infrastructure' and 'state-owned enterprise reform'. After the industry sector and concept sector plunged, they once again experienced a relatively rapid plunge.

At 1:58, Changqu Technology, which was originally trading at its daily limit, broke the board, and the concept of "mobile games" quickly surged higher and fell back.

At 2:01, the only red index in the two cities, the small and medium-sized index, turned green again. At this point... After an intraday rebound, the major core indexes in the market fell underwater again.

"Damn it, this trend is simply poisonous!"

Seeing that the good rebound trend of the market was cut off again after the flash crash of MCC, in the magic city, inside Zexi Investment Company and in the fund trading room, Zhou Kan's jaw dropped for a moment. , said: "It's not the sudden collapse of the 'China MCC' check. Today's market rebound trend has a high probability of happening. 'Mobile Internet' and 'Smartphone Industry Chain', the two main lines of speculation last year, almost failed." The overall recovery has opened up the market's potential to make money, but unexpectedly... it was suddenly cut off."

"I'm thinking……"

Zhou Kan paused for a moment and then said: "This check from China Metallurgical Metallurgy suddenly has such a strong selling force. Who is selling it? The state-owned assets agency? Or Mr. Su from the 'Yuhang Department'?"

"It's really hard to say who is selling the 'China MCC' check that triggered the avalanche of the entire market." Xu Xiang responded, "But for this check, there should be data on the Dragon and Tiger List today. You'll know after the closing. .”

"As for the overall performance..."

Xu Xiang thought for a while and continued: "Even if there is no flash crash trend of 'China Metallurgical Corporation', the two core main lines of early speculation, 'infrastructure' and 'state-owned enterprise reform', as well as a number of relatively high stocks that were previously speculated Without a complete fall, and without a thorough adjustment of the chip structure on the market, the two lines of 'mobile Internet' and 'smartphone industry chain' must create sustained money-making effects and market conditions, thereby driving the entire market to touch the market. Bottom reversal is still quite difficult, and these two lines... I always feel that the logic is always lacking, and it is difficult to assume the direction of the market's main breakthrough and completely drive the market!"

"Is there something lacking in logic?" Zhou Kan was slightly startled and said, "Isn't that true?"

By observing the market, he can clearly feel that the two core main lines of 'mobile Internet' and 'smartphone industry chain' have basically been in place regardless of the time and space for adjustment. Moreover, in the current domestic primary market, Investment enthusiasm in the direction of 'mobile Internet' is still rising, and many equity investment funds have poured into this field. Logically speaking, in such a hot investment atmosphere, the secondary market should also perform well.

What's more, the era of 'mobile Internet' and 'smartphones' has indeed arrived.

It is foreseeable that the business development environment, revenue environment, and profit scale of large-scale listed companies in related fields will also increase dramatically in this huge era.

In other words, the expected future effects of these two main areas are not bad no matter what.

Naturally, there is room for storytelling and performance, which means that it naturally has the gene for hype.

Of course, there are also disadvantages, that is, these two main lines have been speculated round after round by various active main funds in the market performance last year and even the year before. Whether it is the valuation level or the historical position of the stock price, Compared with other main areas of the market, it is not considered low.

"The genes for speculation are there, but the price/performance ratio is not high compared to the entire market!" Xu Xiang took over and continued, "And the performance of these two main areas last year generally grew at a high rate, which raised the base this year. It is somewhat unrealistic to think that the performance of these two major areas will continue to explode."

"besides……"

Xu Xiang paused and continued: "Everyone is anticipating the arrival of the 'mobile Internet' and 'smartphone' eras, and their expectations have been raised. In this case, there is no difference in expectations. Thinking about these two fields, It’s difficult to perform beyond expectations.”

"Of course, as the future expectations of market investors in these two major areas continue to be high, the core component stocks related to these two main lines will not fall much. After all, if they fall, it will be an opportunity. On and off the market, smart funds will It’s definitely a lot, and we won’t give subsequent entry funds an opportunity to raise money too cheaply.”

"Similarly, investors' strong expectations in these two directions have also caused the chip structure of these two main areas to be difficult to switch cleanly."

"And the chip structure cannot be converted cleanly, when market liquidity is limited and incremental funds are limited."

"In these two major areas, it is difficult for incremental funds to continue to attack vigorously, thereby achieving a sustained money-making effect."

“Actually, compared to the two core main lines of the market, ‘smartphone industry chain’ and ‘mobile Internet’, I am still more optimistic about the market conditions of the two main lines of ‘infrastructure’ and ‘state-owned enterprise reform’ after thorough adjustment.”

"What's the market situation in the two main areas of 'infrastructure' and 'state-owned enterprise reform'?" Zhou Kan was a little surprised and continued, "Looking at today's scene, these two main areas have been completely abandoned by the main funds in the market. , it’s almost a collapse trend, where is the slightest sign of strength?”

Xu Xiang smiled and said: "If it falls hard, then the chip structure will be fully adjusted. In my opinion, this is not a completely bad thing."

"But the money-losing effect is so obvious, and there are obvious concerns about the follow-up intervention of main funds." Zhou Kan responded, "And it has fallen so hard. Although the internal chip structure has been disrupted, the vast number of retail investors who have been involved along the way have held on to their chips. , are also piled up on top like a mountain, forming a huge suppression on the market. Under this situation, it will not be easy for these two main lines to regain momentum."

Xu Xiang smiled and said: "As long as the logical expectations are still there, the stock price drops completely, and the price-performance ratio is revealed, the lock-up of retail investors gathered will never be a problem. After all, the retail investor group is the most emotional. Collect the chips in their hands, or When the market makes money, it will be quite easy to induce them to follow suit and consume each other."

"That's true!" Zhou Kan nodded slightly, thought for a while, and then said, "What does Mr. Xu think of the 'military industry' line?"

During Zhou Kan's inquiry, Xu Xiang turned his attention to the main line field of 'military industry' which was still leading the market decline. Compared with the industry sectors and concept sectors related to the avalanche of 'infrastructure' and 'state-owned enterprise reform', Xu Xiang sighed softly. He made a sound and said: "It's hard to say, the 'military industry' line is going really hard to understand. I originally thought that this line should have a market trend, but I didn't expect that the market would not be able to form a synergy at all on this line. .”

"However, the trend of this line today is also a bit strange. It always feels like it is too much."

“It’s not negative, but it’s worse than the avalanche’s ‘infrastructure’ and ‘state-owned enterprise reform’ main lines of industry sectors and concept sectors. It feels like there are obvious signs of over-selling by the main funds in the market.”

"I also feel that the trend of the 'military industry' line is too tragic." Zhou Kan said, "But this line is indeed not a hot spot in the market. Both retail investors and active main funds in the market are relatively pessimistic about this line. expectations, oversold, but it makes sense."

Xu Xiang was silent for a moment, nodded and replied: "Indeed, I have been observing for most of the day, and I still haven't seen strong main funds to take over the 'military industry' line. I was thinking... we may have used this line before. It was indeed a misjudgment.”

"Fortunately, we didn't buy much." Zhou Kan said with some luck, "And after more than half a day of continuous liquidation, we have basically sold out. The total position loss is less than 5 points, which is within our tolerance. , will not greatly affect the net value performance of the fund.”

Xu Xiang responded: "Since you have withdrawn, there is no need to pay too much attention or ponder over the rights and wrongs of past trading strategies. It is better to keep a close eye on the present and focus on the future!"

"Yeah!" Zhou Kan responded and said, "Since Mr. Xu feels that the two main lines of 'infrastructure' and 'state-owned enterprise reform' will most likely be the direction of market breakthroughs after market adjustment, then we are now... going to Don’t you want to re-follow up some positions in these two main areas and pick up some chips for panic selling?”

Xu Xiang thought for a while and said: "The market's signal to stop falling has not appeared, and the Shanghai stock index is at 2,200 points. With such strong expectations, it may not be able to hold on. I estimate that the market's most panic selling moment has not yet arrived, so... wait a little longer Wait, at this time, patience is more important.”

After saying that, he continued to focus on the fierce trading of the two markets and said no more.

And almost at the same moment.

Yuhang, in the 'Selected No. 1' fund product trading room within Anzhao Fund Company, was still on the market. Zhou Hui and Qin Qiuyue, who were actively selling to kill the decline, saw that the market fell into another trap after entering 2:30. When the liquidity is exhausted and the unilateral plunge occurs, my heart is almost as cold as ice.