Rebirth of the investment era

However, even if the selling volume of the entire market can increase sharply again, the funds actively accepted on the market have declined.

'Real Estate', 'Building Decoration', 'Building Materials', 'Military Industry', and 'Public Transportation' several major industry sectors, as well as 'State-owned Enterprise Reform', 'Internet Finance', 'Real Estate Development', 'Cement', and 'High-speed Rail' ' and other conceptual sectors still maintained the trend of leading the gains in the two cities, completely replacing the previous pattern of defensive main lines such as 'consumption', 'medicine', and 'finance' leading the gains, making the market's core focus and main hot spots, It has returned to its original trajectory of focusing on 'infrastructure' and 'state-owned enterprise reform'.

Of course, the weak are always weak.

Concept fields such as ‘venture capital’, ‘restructuring backdoor’, and ‘ST sector’, which have been generally abandoned by market funds, are still continuing to fall to the limit, and many concept stocks have experienced flash crashes resulting in a lack of market liquidity.

As for the market in the morning, 'mobile Internet' and 'smartphones' can still compete with the main lines of 'military industry', 'infrastructure' and 'state-owned enterprise reform' for active funds in the market, and have overcome the short-term rebound effect in the market to a certain extent. The two main lines of the industrial chain are also showing their weakness at this moment. Many concept stocks have seen a continuous net outflow of main funds.

At 2:35, the Shanghai Stock Exchange Index was still oscillating around 2185 points, while the declines in the Shenzhen Stock Exchange Index, ChiNext Index, and the Small and Medium Enterprises Index further expanded. In particular, the decline of the Small and Medium Enterprises Index was close to the intraday low set previously. It once broke through the 3% decline mark.

At 2:38, the ChiNext Index also fell and once again broke through the 3% decline mark.

At 2:40, mid- and small-cap stocks in the two cities began to generally lose liquidity, and panic selling in the two cities took shape again.

At 2:42, active funds in the market began to generally converge towards large-cap stocks with relatively abundant liquidity in the direction of the main board. The defensive sectors of 'Consumption', 'Medicine' and 'Finance' were once again actively attacked by many risk-averse funds. At the same time, The industry sectors and concept sectors in the main areas of 'infrastructure', 'state-owned enterprise reform', 'Internet finance', and 'military industry' that once led the market rebound have also rapidly expanded in volume and gradually declined amid panic selling. .

At 2:45, the Shanghai Stock Index fell and fell back to 2185 points.

At 2:46, in the four main areas of 'infrastructure', 'state-owned enterprise reform', 'Internet finance' and 'military industry', Gemdale Group, China MCC, China Fortune Land Development, Huaxin Cement, Conch Cement, China Airlines Mechanical and Electrical, and China Airlines Radio and Television , Hangfa Technology, Hengsheng Electronics, Flush, Oriental Fortune... and more than 20 core concept stocks, etc., a huge number of super large single trays once again appeared on the market, which strongly withstood the panic of surging selling on the market. plate.

At 2:48, the Shanghai Stock Index returned to the 2185 point mark, but the decline of the small and medium-sized index further expanded to 29%.

At 2:51, as the market entered the last ten minutes of the late trading session, bargain-hunting funds that speculated on a favorable closing began to enter the market, giving the two markets that had plummeted once again a chance to breathe.

At 2:52, the market once again experienced a short-term rebound.

At 2:54, the Shanghai Stock Index reached the 2190 point mark again.

At 2:55, the decline of the small and medium-sized index shrunk back to the 3% mark, and the decline of the ChiNext index shrank to 87%. At the same time, the small-cap concept stocks in the two cities had smaller circulation and less liquidity. The main funds on the market that were trapped began to take advantage of the short-term rebound of the market to launch self-rescue.

At 2:56, the stock price of a small-cap concept stock in the field of restructured backdoor called 'Cologne Shares' soared from the daily limit. In less than half a minute, nearly 10,000 large orders were bought, and the stock price was pulled up. It rose to red, ranking first on the instant gain list of the two markets, attracting the attention of the majority of retail investors, and also tempting the retail investors to follow suit.

Finally, the closing time at 3 o'clock.

When the market conditions of the two cities were settled, the Shanghai Index stagnated at 39 points, down 31%, the Shenzhen Index fell 98%, and the ChiNext Index fell 73%. The two cities had a total transaction volume of 3.3 billion. Compared with the market performance before the holiday, it can be said to be a substantial increase in volume.

In addition to the index, the main lines of the market, the performance of various industry sectors, and concept sectors.

It can be seen that the final leaders were several related industry sectors and concept sectors, mainly "infrastructure" and "state-owned enterprise reform", and then the performance of main concepts such as "military industry", "Internet finance" and "Shanghai Free Trade Zone" Following closely behind, defensive mainline concepts such as 'Consumption', 'Pharmaceutical' and 'Finance' also performed significantly better than the market, while 'Venture Capital', 'Restructuring Backdoor', 'ST Sector', 'Mobile' A number of main lines, such as the Internet' and 'Smartphone Industry Chain', which mainly focus on small and medium-cap concept stocks, performed relatively weakly and underperformed the market one after another.

As for individual stocks...

Mid- and large-cap stocks with better liquidity performed significantly better than small-cap concept stocks.

Among them, stocks such as Gemdale Group, Huaguo MCC, Conch Cement, and Huaxin Cement in the "infrastructure" field, and Changqu Technology, Huaqingbao, Anjie Technology, Li Stocks such as Xun Precision and Huayi Brothers are in stark contrast.

The previous batch of stocks basically showed a net inflow of large funds at the closing time.

As for the subsequent batch of stocks, at the closing time, the market performance basically showed a large net outflow of large funds.

Faced with such a closing situation...

At this moment, within Yuhang Investment Company, in the main fund trading room, Li Meng finally breathed a sigh of relief and said: "Our hand, although it failed to restore the market's decline, has finally supported the index. Not far from 2200 points, there is a glimmer of hope for the market outlook to regain 2200 points, which is the trend of the small and medium-sized board and the GEM. Today is a bit miserable!"

Su Yu nodded slightly and responded: "We have supported the two core main lines of 'infrastructure' and 'state-owned enterprise reform', indicating the possible main line of speculation in the market. In a weak situation, it is natural... small and medium-sized boards, entrepreneurship The line of 'growth stocks' in the board sector was instantly abandoned by the market."

"so……"

Su Yu paused and said: "In the final stage of the market, the small and medium-sized boards and GEM were killed like this. This is also a normal market reaction. After all, in the current market, the amount of active funds is very limited and cannot support multiple main lines. If the market breaks through, you must make a choice."

"Oh, by the way..." Su Yu thought for a while and then said, "From the time we issued the pallet buying order to the closing, how many new chips were purchased?"

Li Meng looked at the fund's background data and replied: "After more than an hour of full-scale buying, we bought a total of 2.9 billion new chips in the corresponding target stocks, among which the 'Yuhang No. 1' fund product The position level of the 'Yuhang No. 2' fund product has reached the 70% position mark, and is not far from the 85% full position line."

"How much has the net worth retracted?" Su Yu continued to ask.

Li Meng replied: "Today is slightly stronger than the performance of the Shanghai Stock Index, but our overall position is already close to the heavy position level. If the subsequent market trend is still not as good as our expectations, and we are unable to control the market and guide the sustainable main line of the market, we will open If the situation worsens, I’m afraid the magnitude of the net worth retracement will expand instantly.”

"at the same time……"

Li Meng hesitated for a moment, thought for a while, and continued: "Since the scale of funds managed by our company is already very large, and the three main funds under it have a relatively large overlap in terms of stock holdings and investment directions, then In addition, the heavier the position, the more passive we become in operations, and the risks we face in the follow-up are still very high!"

Don’t worry about winning, think about defeat first.

In terms of market trading operations, compared to Su Yu's personal operating style, she still seems more cautious.

Therefore, when she sensed the extreme risks that the fund might have after the positions were added, she said it directly without the slightest concern.

Under the current market liquidity, once the position volume reaches tens of billions.

Especially in basically the same main line direction.

Li Meng believes that if you choose the wrong direction in the overall investment strategy, it will be extremely difficult to adjust or reduce positions.

In other words, by increasing their positions to this point, they have lost the initiative in their trading strategy.

This was the reason why she felt uneasy and anxious.

"Don't worry too much." Su Yu said with a smile, "Our steps to increase positions are not very big. So far, we still have a maximum of more than 9 billion funds that can be used, which is enough to maintain our trading strategy. initiative, and at the same time... Looking at the market performance today after we support the two core themes of 'infrastructure' and 'state-owned enterprise reform', the majority of investors in the market still have a high degree of recognition of these two core themes. of."

"In other words, the hype logic of these two core main lines is still there."

“It’s just that the current market’s overall investment sentiment and confidence are too weak, coupled with the poor external market trends, and internal new stock listings, even if everyone realizes that the two lines of ‘infrastructure’ and ‘state-owned enterprise reform’ still have the logic of speculation, And the adjustments are basically in place, but they still seem hesitant and dare not follow up boldly.”

"Follow-up, as long as we re-stimulate the market nerves of these two main lines at the critical moment, we can quickly gather the money-making effect in this direction."

"The following sentiment and shareholding confidence among the broad investor groups in the market will improve in this direction."

"Hopefully!" Li Meng nodded and continued, "Today we have quite obvious traces of pallets on the lines of 'infrastructure', 'state-owned enterprise reform', 'Internet finance', and 'military industry'. After the market closes, there should be a lot of market speculation about this. Will this affect our subsequent trading strategy plan?"

Su Yu smiled and said, "It doesn't matter, let them guess. It's best if the more people guess, the deeper the relevant information will be fermented, the better."

When the market has reached this point, there are very few funds that still insist on being bullish and dare to increase their positions against the trend.

Therefore, without publicly exposing their trading seats, these few funds that can identify their motives and firmly follow the trend will not have a big impact on their overall increase plan. At the same time... market investment sentiment and Confidence is too low. In order to prevent the market from completely sliding into the abyss of the early bottom of 2,000 points, Su Yu also hopes that some smart market funds can see through their motives and firmly follow the trend to stabilize the market.

In other words, the public pallet is open today, and a huge amount of money is used to openly scan the market for goods.

He also did it on purpose.

And just as Li Meng predicted, in the current domestic financial market, countless investor groups, after a brief review, are all interested in which stock will undertake large-scale undertakings in the fields of 'infrastructure' and 'state-owned enterprise reform' at the critical time in the afternoon. The core component concept stocks quickly pulled up the market, and in the last ten minutes of the late trading, the huge main force funds once again scanned the pallets, arousing strong interest, and also led to countless discussions and speculations.

"In the afternoon, the main themes of 'infrastructure' and 'state-owned enterprise reform', and the funds that withstood the panic selling pressure in the market, should be the only bright spot in today's market, right?"

Some people in the main hot money group of Yuhang, where Su Yu belonged, sighed.

"Indeed, the very tough tray approach is a bit like the main funds of the 'state-owned' background. However, the fly in the ointment is that although this fund temporarily supported the market, it did not actually open up the market situation, nor did it solve the market problems. The fundamental trend is in crisis.”

"It's useless to just push but not pull!"

"The index has broken through the 2,200-point mark and is supported. To be honest, this kind of pallet does mean a waste of money and cannot achieve the purpose of reversing the long-short situation in the market."

"It would be a good thing if the funds can settle down after being bought."

"If it is a major fund with a 'state-owned' background, it should be able to settle down, right?"

"Looking at the closing results, are the two lines of 'infrastructure' and 'state-owned enterprise reform' almost in place? Although the performance of these two lines today is suspected to be the role of the 'state-owned assets' background fund tray, looking at it Looking at the market trend in the last hour of late trading, this line is still one of the few net inflows of buying funds in the entire market."

"It should be almost adjusted in place, right?"

"But once the adjustment is in place, it may not necessarily rise. The key depends on how the market's overall investment sentiment and investment confidence change next."

"How else can it change? If the Shanghai Stock Index loses the 2,200-point support level, it will definitely drop to 2,000 points."

"Once the 2200 point position is lost, it will probably change from an important support level to an important pressure level in an instant, right?"

"Hey, I have to say that market sentiment is really bad."

"There are basically no stocks that can do anything today, and the money-losing effect in the market is almost reaching its extreme."

"The money-losing effect has not reached its extreme? In my opinion, the current node is the freezing point of emotions."

"Today's decline in the Shanghai Stock Index is not very big, but the small and medium-sized board and the GEM are really miserable. Many conceptual fields that are mainly small-cap stocks have seen a trend of falling to the limit!"

"It is estimated that according to today's Dragon and Tiger List data, funds from all walks of life have been net sold again."

"There is no other way to go except to cut positions and stop losses. Seeing that today's 'infrastructure', 'state-owned enterprise reform', 'military industry', and 'internet finance' lines have outperformed in the last hour of late trading. There is a hint of strong performance and money-making effect, but believe it or not, when the market opens tomorrow, these main lines will quickly fall back."

"Why don't you believe it? Generally speaking... in the current market, there is still no clear and sustainable profit-making effect."

"Short position, continue to be short position."

"Yes, short position and rest is the only safe choice."

"Short positions during this period really beat 99% of the investors in the market, but... is no one still optimistic about the market outlook? I don't think there is really any need to be too pessimistic here, and today's index, whether it is morning or afternoon, is at the extreme After the panic selling, there was an obvious and powerful upward rebound trend, which should explain some problems. At the same time, judging from the closing results of the index, compared with the opening point, it actually did not fall much."

"Weren't the two upward rebounds in the session suppressed by selling? It doesn't mean anything!"

"If at the end of the trading session, the Shanghai Stock Exchange Index stands back at 2,200 points, then you can still take a high look. Now, if the golden needle has not reached the bottom, then today's intraday low will definitely be refreshed again in the market outlook. In other words... a low point If we haven’t found out yet, we have to continue to find out!”

"At this critical moment, both the outside and inside are negative at a glance. How can the market rise?"

As the news in the group was refreshed, in the discussion among the hot money tycoons, the views on the market outlook were still dominated by the short side, with only a few bullish views.

Among the vast retail investors in the market, the bearish groups are even more overwhelming.

However, among the institutional groups, especially the main institutions with a "state-owned" background, there are some institutions that are well-informed and sensitive. 'After waiting for the main source of funds related to the main line, I couldn't help but quietly began to adjust my trading strategy. Regardless of public comments or actual operations, I began to switch from idle to long.

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