Rebirth of the investment era

"I hope so!" Li Meng nodded, "I don't know why, but the company's asset management scale has grown too rapidly, and sometimes I feel panicked."

Su Yu smiled and said: "It's normal. My mentality hasn't changed yet. I'll get used to it as time goes by."

This is like a person who expected to get only a few hundred thousand at most, but suddenly got tens of millions or even hundreds of millions of wealth that far exceeded his expectations. That is when a person suddenly feels flustered and unaware. At a loss, after all, wealth that is too easy to obtain will also be too worried that it will disappear quickly.

"Yeah!" Li Meng responded lightly, and then said, "After the market dragon and tiger ranking data came out today, did you read the related topics and comments above?"

Su Yu responded: "I haven't had time to see it yet. Why, is there anything abnormal?"

"Market sentiment has recovered much faster than we expected." Li Meng said, "Suddenly, a number of investment institutions, well-known market analysts, chief investment advisors of securities firms, on-site financial influencers, and well-known online stock commentators People, etc., have begun to stand up and publicly express bullish remarks."

"This shows that the pressure on the supervisory authorities is quite high." Su Yu smiled and said.

Li Meng nodded and responded: "Although it is a relatively clear signal in the direction expected by the regulators, everything is too much and the emotions are so fast. Those early hold-ups in the market that have not been cleaned up in today's trend, Or profit-taking chips, I'm afraid it will be more difficult to clean. The market will form consistency too quickly, which is not conducive to the formation of the chip structure at this stage, and this will also form a relative restriction on the height of the rebound."

"The market trend and market evolution are inherently unpredictable." Su Yu said, "Even if we predict the right direction and make a relatively timely trading strategy, it is impossible to achieve perfection. As long as the general trend direction is not If something goes wrong and there is a specific phased trend, then we can only take one step and look at it."

"Okay!" Li Meng responded, stopped talking, and continued to follow the drama with his head turned.

Su Yu accepted the business card from Zhou Boyang of Huijin Company, then saved the number, went into the house and changed his clothes, then started to wash and sleep.

In the evening, the bullish sentiment in the entire market recovered rapidly.

U.S. stocks continued to open lower at the opening. Although they did not repeat the plummeting trend of the previous trading day, they still cast a shadow on the bullish sentiment in the market that has fully recovered.

The next day, Thursday, June 12th.

As U.S. stocks continue to close down across the board and the entire external market also generally closes down, A-shares ushered in a new trading day.

Before the market opened, at 9 a.m., market investment sentiment showed clear signs of falling compared with yesterday when the after-hours market data came out. Under the shadow of external market trends, even though the entire market still remained stable for the vast majority of investor groups. Despite the long-term thinking, many investors undoubtedly have a little hesitation in their minds. At the same time, they are gradually returning to rationality and no longer have the crazy emotional performance after yesterday's closing.

"In the Asia-Pacific region, except for us who haven't opened yet, they are basically following the trend of US stocks. The Korean Composite Index and Nikkei Index have both opened a lot lower." At 9:05, there are only 10 minutes until the call auction of the two cities. At that moment, Yu Hang, inside the Yinhua Public Fund Company, in the 'Value Investment Mixed Selection' main fund product trading room, Zhu Peng, assistant to the fund manager and trading team leader, frowned slightly and said, "The index could bottom out yesterday. The rebound, independent of the global trend, is a surprise, but today...I am afraid that the opening moment will be the high point of market sentiment throughout the day."

"Furthermore, the market amplitude was so large yesterday, the profits for the bottom-hunting funds were not small. Today, these funds have a great desire to stop profits."

"Under such circumstances, it would be difficult for the index to continue to hold high and be independent of global trends!"

After hearing Zhu Peng's words, the fund manager Zhou Yang, who was standing behind him, pondered for a while and responded: "The trend of the external market has an impact, but under the current market sentiment, it should not be the main decisive factor. In other words By the way, it is not easy for the market to continue yesterday's sharp rise today, but it is also quite difficult for it to fall. After all, under the stimulation of this market sentiment, there will be no shortage of OTC funds who want to enter the market to increase positions and grab funds. Some of the over-the-counter funds that have increased their positions and rushed to raise funds, in the absence of clear negative news in the market, I think are enough to support and undertake the exit of the market if they want to take profits, or are uncertain about the market trend and hesitate to stop losses. Some of the funds were sold."

"and……"

Zhou Yang paused and continued: "Even though the overall market performance today is not satisfactory, the three core main lines of 'infrastructure', 'military industry' and 'Internet finance' absorbed so much yesterday. There are active funds and main funds on the market, and there is also the positive stimulation of the 'Yu Hang Group' large-scale increase in positions in this field. If the rebound trend continues yesterday, it should not be a big problem."

"Is everyone really that willing to help fund the 'Yu Hang Department'?" Zhu Peng asked as he was not as optimistic as Zhou Yang.

Zhou Yang smiled helplessly and said: "This is not a question of willingness or not, but based on the market's current expected logic, only these major lines have the highest cost performance, and only these major lines can carry the market's relatively consistent trend. It is expected that corresponding market synergy can be formed, otherwise...who would be willing to provide funds for the 'Yu Hang Department'?"

"In other main directions, it's not like the main funds on the market haven't tried it!"

"But what's the result?"

"White appliances, liquor, and automobiles in the 'consumer' field; vaccines, innovative drugs, generic drugs, medical technology, and in vitro diagnostics in the 'pharmaceutical' field; securities, banks, and insurance in the 'traditional financial' field; and coal, nonferrous metals, Petrochemicals, shipping, ships, electronic information, Internet software, Internet applications, smart phone industry chain... In these fields, during the period before and after the holiday, the main funds of all parties in the field have been rotated more than once, right? Which main direction, like the "infrastructure", "military industry" and "Internet finance", has been unanimously recognized by the main funds, hot money, and retail investors in the market, and has truly moved the overall market situation? None of them !”

"so……"

Zhou Yang smiled bitterly and continued: "All market trends and the evolution of the main line market are the result of the unanimous expectations and funds of investors both inside and outside the market. They cannot be changed by pure predictions and personal will. Even if we are no longer willing to provide funds to the 'Yu Hang Group', we can only follow the trend and make arrangements for the three main market lines of 'infrastructure', 'military industry' and 'Internet finance'."

"Okay, it's useless to talk about this."

Zhou Yang paused and continued: "Follow the original plan and continue to increase positions on the three main market lines of 'infrastructure', 'military industry' and 'Internet finance', and completely increase our fund's positions. Chips are scarce, and if you slow down, you will slow down every step.”

Seeing that Zhou Yang was still firmly optimistic about the market outlook, Zhu Peng could only reserve his inner opinions, nodded, and continued to follow Zhou Yang's instructions to complete the pre-market preparations.

The same is true for the internal trading rooms of bank mutual fund companies.

Some institutional groups that were still firmly optimistic last night began to hesitate when they sensed that the entire external market was clouded and there was an obvious risk of a plunge. Their bullish views on the market were no longer so firm. , at the same time...even the Shanghai Composite Index was shaken as to whether it could stand firm at 2,200 points.

And just like this, the overall market sentiment is bullish, but the bearish sentiment seems to be on the rise again.

At 9:15, the two cities ushered in collective bidding.

I saw that when the time hand moved to 9:15, the stagnant disks of the two cities began to beat again. Under the focus of countless eyes, the main market lines of 'infrastructure', 'military industry', and 'Internet finance', It can be said that the market opened higher across the board, and a number of stocks in the sector were all in red.

"There are more than 40 stocks in the two cities with daily limit, and the total number of red stocks exceeds 1,400."

Seeing the collective bidding situation presented by the two cities, at this moment, within Yuhang Investment Company, in the main fund trading room, Liu Yuan reported: "The market's bullish investment sentiment before the market, although in terms of online topics and comments, is better than yesterday's after-market It has weakened a lot, but looking at the call auction situation at the opening of the market, it is still quite strong, especially the main market lines of 'infrastructure', 'military industry', and 'Internet finance' led by our agency, with hundreds of stocks in the field 90% of the constituent stocks have opened higher, and..."

Liu Yuan paused and continued: "Huaguo MCC, Huaguo Railway Construction, Beijiang Communications Construction, Shanghai Construction Engineering, Tianshan Cement, Capital Shares, Valin Steel, Flush, Jinzheng Co., Ltd., Yinjie Technology, Hengcheng Bioelectronics... this large number of stocks have all opened at their daily limit, which is beyond our previous expectations."

"There are also new stocks and stocks that are good for review, and the overall performance is also very strong."

"The five new stocks that were listed yesterday all continue to have unlimited daily daily limits today, and the three stocks that had a favorable resumption of trading last night also have unlimited daily daily limits."

"Generally speaking, looking at this situation, the capital risk appetite of the entire market is obviously rising."

"In other words, the situation of the strong always becoming stronger is expected to be concentrated."

"Although there are a large number of stocks such as MCC, Huaguo Railway Construction, Beijiang Communications Construction, Shanghai Construction Engineering, Tianshan Cement, Capital Shares, Valin Steel, Tonghuashun, Jinzheng Shares, Yinjie Technology, Hengsheng Electronics... The opening call auction has reached the daily limit, but many stocks are not willing to close the market with funds." Wang Can took over and said, "It is estimated that after 9:20, a large number of false pending orders will be cancelled, and the market will become more rational. , by then, among this large number of stocks, I am afraid that only a few will be able to continue to seal their daily limits."

"But it cannot be denied that the risk appetite of active funds in the entire market has increased." Zhao Lijun heard Wang Can's words and responded promptly, "Overall, the development of the market is still in accordance with our previous expectations and judgments, that is, the Shanghai Stock Exchange Index It should be able to completely stand firm at 2200 points. At the same time, the lines of 'infrastructure', 'military industry' and 'Internet finance' that we lead will most likely be unanimously recognized by various funds in the market and continue to open up space."

"I think it's a good thing that the external market fell last night and poured cold water on the domestic market." Zhu Tianyang thought for a while and said, "The market is at this position and the chips need further exchange and stabilization. It's too early. In my opinion, excessively high consensus expectations and market sentiment reactions are not conducive to the market’s breakthrough trend.”

"I agree with Tianyang." Zhang Guobing also said, "At this time, too high consensus expectations are not a good thing for the market. With such an opening situation, there are clear levels, strong and weak differences, and the investment in the entire market It’s best if sentiment and risk appetite are picking up but haven’t reached a particularly high level.”

"At the same time, the opening status of the main lines of 'infrastructure', 'military industry' and 'Internet finance' is also in line with the relative weakness of 'venture capital', 'finance', 'consumption', 'medicine', 'non-ferrous metals' and 'coal'. Sectors, forming a sharp contrast, which also helps the funds on the market to further concentrate on relatively strong and active main sectors such as 'infrastructure', 'military industry', and 'Internet finance', which will help further open up the market's money-making effect. "

"Overall……"

“Judging from the collective bidding at the opening of the market, the market’s recognition of our company’s ‘Fortune Road’ trading seats is still very high.”

"As long as the broad investor group in the market still recognizes our company's 'Fortune Road' trading seat, we can use this to guide the market in a timely manner and make the market develop in a direction more conducive to us."

Su Yu listened to everyone's discussion and analysis, nodded slightly, raised his eyebrows, and asked Zhang Guobing with a smile: "Then what do you think, how should we guide the market in this current situation? Just now there is more information Only if it is beneficial to our positions can we further open up the market rebound space and expand our position profits?"

Hearing Su Yu's question, Zhang Guobing thought for a while and responded: "Several of our main funds have now completed comprehensive position building, and the position direction is in line with the development of the current main line of the market. In this way, in terms of main positions, naturally There won’t be any need for big changes.”

"What we mainly need to do now..."

"It is to further induce various funds to follow the trend in the main areas of 'infrastructure', 'military industry' and 'Internet finance', thereby further opening up the market's continuous profit-making effect. As long as the market continues to make money, no matter the short-term index No matter how it fluctuates, the direction of funds on and off the market will be net inflows, which lays the foundation for further upward breakthroughs in the market outlook."

"Very good!" Su Yu praised with a smile, and then said, "What you just said is a directional strategy, what about the specific operations?"

Zhang Guobing's eyes flickered, and his eyes swept back and forth on the rapidly changing market of the two cities, and continued to respond: "Maintaining the strong market pattern of several core leading concept stocks that have received the most market attention makes the 'stronger get stronger' trend This market evolution trend has once again penetrated into the hearts of retail investors who are following the trend in the market. Generally speaking... the hype interpretation of the main line market, as long as the core concept leader can come out, continue to open up the space for speculation, and increase the market capital risk preference, then The market can continue to be hyped.”

"The core leading concept stocks that attract the most attention in the market?" Su Yu glanced at the two markets and said, "Huaguo MCC, Beijiang Communications Construction, Shanghai Construction Engineering, Tianshan Cement, Hengsheng Electronics, Huake How many gold and wealth branches are there?"

Zhang Guobing nodded and responded: "It's not just that. The top 20 most popular stocks in the two cities that we hold positions can be counted. Of course... maintaining a strong strength does not mean that these stocks have to reach their daily limit. As long as During the entire call auction process for these tickets, the stock price is going up, which is a strong performance."

"Okay!" Su Yu said with a smile, "The strategy is good, just implement it as you said!"

After saying that, he glanced at Li Meng and asked Li Meng to quickly convey the relevant trading instructions to all the trading teams in the trading room.

Immediately afterwards, with the formal transmission of instructions.

On the market, there are a number of relatively popular strong concept stocks in the fields of 'infrastructure', 'military industry', and 'Internet finance', such as MCC, Shanghai Construction Engineering, Tianshan Cement, Capital Shares, Valin Steel, Flush, and Jinzheng. The active buying of stocks such as Alibaba, Yinjie Technology, Hengsheng Electronics, Hongdu Airlines... this large number of stocks has further surged, and the stock prices have become stronger and higher as the call auction time goes by.

Then, when the collective bidding time of the two cities officially entered 9:20.

With a large number of false orders and cancellations in the entire market, the overall collective bidding situation presented by the market is relatively weaker than that at 9:15. In addition to the "infrastructure", "military industry" and "Internet finance", the two cities The main line of "Yu Hang System" funds building large-scale positions still maintains a strong state of opening sharply higher, while other main lines of the market have fallen to the point of opening flat or opening slightly higher.

However, the overall collective bidding situation in the entire market is relatively getting weaker and weaker.

A number of popular stocks in the main areas of 'infrastructure', 'military industry', and 'Internet finance', especially the concept stocks that were clearly bought by 'Fortune Road' on the Dragon and Tiger List yesterday, are getting stronger and stronger. , on the market, it can be clearly seen that more and more funds are being raised following the trend.

"Yesterday, among the 14 market concept stocks that appeared on the 'Wealth Road' list on the Dragon and Tiger List, after the time entered 9:20, 6 stocks still had their daily limit, and 8 stocks opened higher with an increase of more than 5%." Seeing the market enter The performance after the real call auction session, in the Magic City at this moment, inside the Principal Financial Company, in the 'Future Hybrid Investment Selection' fund product trading room, the fund manager Zhao Zhongming was a little horrified, "The influence of the 'Yu Hang Department' President Su The power cannot be underestimated!"

"The key is that the 'Huaguo MCC' check, with such a large circulation, can actually open at the daily limit without other obvious major benefits. It is outrageous if it is true." Beside Zhao Zhongming, the trading team leader Yi Xiaopeng said very uncomprehensively, "I really don't understand, how come there are so many fools taking over the market?"

In his view, MCC's check has no hype value at all given such a large volume of circulation.

As for the investment value... the performance of this check is not the most outstanding in the same industry, and the investment value is naturally even less obvious.

"What an inertia of thinking!" Zhao Zhongming lamented, "For the majority of retail investors in the market, they don't understand investment expectations, hype logic, investment value... these things at all. They only know the concept of 'wealth road' It is enough to say that stocks are not losing money, and this can support their mindless pursuit of funds."

"Hey, to put it bluntly, it's still the amplification effect of emotions." Yi Xiaopeng sighed, and sighed helplessly, "When it rises, it rises too much, and when it falls, it falls too much. If our domestic financial trading market continues to be based on the retail investor group, If we take the lead, I’m afraid it will be difficult to return to rational investment.”

Zhao Zhongming smiled and said: "You are right, so... we don't have to be those few sober and rational investors."

"What do you mean by Mr. Zhao's words?" Yi Xiaopeng felt a little confused when he heard Zhao Zhongming's words.

Zhao Zhongming stared at the market, his eyes gradually becoming sharper, and continued: "Everyone is drunk, and you are sober alone, then you are destined to be the one who is difficult to get along with. The same goes for the financial trading market, which follows value investment. In Africa, In a rational market, even if the concept you adhere to is correct, it will be difficult to obtain a better rate of return."

"Trends, sentiments..."

"Over the years, the domestic market situation has actually been repeated repeatedly, and it still follows these two basic conditions."

"Things like value, fundamentals, and performance are not useless, but in a market where 90% of retail investors participate, it is difficult to play a decisive role in promoting the market."

"Just like the check from MCC."

"Before and after the holiday, the trend of this check can be described as polarized."

"But after careful analysis, has the fundamentals of its company changed significantly in such a short period of time? Has its business situation, operating data, performance, and a series of other conditions changed significantly? And? No! The company is still the same company, and the enterprise is still the same enterprise, but the stock price has undergone earth-shaking changes. From a situation where everyone sold and everyone despised it, it instantly transformed into a situation where everyone is rushing to raise funds and everyone is chasing after it. "

"What Mr. Zhao means..." Yi Xiaopeng was shocked when he heard Zhao Zhongming's analysis of the market and asked, "We also need to change our thinking and follow the market trends and emotions to chase the rise and the fall?"

"It's not about chasing the rise and killing the fall." Zhao Zhongming emphasized, "it's about following the market's original development logic."

"But..." Yi Xiaopeng always felt that something was wrong.

Zhao Zhongming didn't wait for Yi Xiaopeng to finish, and continued: "The market rules are like this. If we don't abide by them, we will be restricted everywhere and completely lag behind the market. Xiaopeng, under the current market structure and investor group structure, insist on Value investing will not have a big way out. This is a lesson we have already learned, so...even if we don’t agree with some of the concepts and logic, we have to follow it.”

Watching the rapid rise of the ‘Yuhang Department’ in the domestic asset management industry.

Watching the ‘Yu Hang Group’ time and time again exploit and induce market sentiment to speculate, and continue to seek huge profits in the market.

Seeing that the 'traditional finance' field, which is the core layout of their organization, is rapidly rising as an emerging concept of 'Internet finance', and the valuations of related concept stocks are soaring, the valuations are being compressed lower and lower, and its related component stocks are being compressed lower and lower. The trend not only seriously underperformed the market, but also lacked the recognition and follow-up of the main funds in the market and even the majority of retail investors.

The 'value investment concept' that Zhao Zhongming has always adhered to has really collapsed.

At this moment, seeing that the market was still advancing by leaps and bounds in the direction of 'emotional speculation' and had been lagging behind the growth of the market in the 'traditional financial' sector, he still seriously underperformed the market on the basis of what he believed to be great investment value. He finally I can't help but want to change my trading strategy.

Moreover, he believes that the market has just bottomed out, reshaping support at 2,200 points.

If you change your trading strategy at this time, change your thinking, grasp the market hot spots, and follow the market sentiment, it will be a very suitable entry point and a good opportunity to adjust positions.

Yi Xiaopeng was silent for a while, thinking that since Zhao Zhongming had already decided, it would not be of much use whether he objected or not. He couldn't help but said: "I still stick to my idea, but since Mr. Zhao has already decided, in principle, I also obey."

"Well!" Zhao Zhongming nodded slightly, not angry at Yi Xiaopeng's persistence, and said with a genuine smile, "In the financial trading market, the rate of return is the only teacher who tests the truth. Whether it is right or wrong, let's practice it first. It's always good, after all... half a year has almost passed, and our fund's performance this year is almost at the bottom of the industry. This is not only hard to explain to investors, but also to the company and ourselves. !”

"Okay!" Yi Xiaopeng nodded and asked, "In which direction does Mr. Zhao plan to follow up the position, and at the same time...how many positions will he follow up overall?"

Zhao Zhongming stared at the still rapidly changing market, pondered for a moment, and said: "In the direction of 'infrastructure', at the current stage of the two cities, this is the only direction that has continued potential for good market news, and 'state-owned enterprise reform',' Stories related to the "Shanghai Free Trade Zone" and "New Silk Road" are also closely related to the direction of "infrastructure". There are also old stories such as "rural revitalization" and "urbanization construction" to tell. At the same time, for the sake of the country's economy this year, The implementation of the 'big infrastructure' strategy oriented by government investment will most likely bring great performance explosion potential to this industry. This series of hype factors... is enough to bring continuous hype and motivation to this direction. Expected.”

"Okay!" Yi Xiaopeng continued to nod and said, "Actually, this direction is still good whether analyzed from the perspective of emotional speculation or value investment."

Zhao Zhongming chose the direction of ‘infrastructure’ as a breakthrough direction for strategic change, which made Yi Xiaopeng slightly relieved.

After all, compared to the two more ethereal hype lines of ‘military industry’ and ‘Internet finance’, the line of ‘infrastructure’ is still much safer.

"Where's the target?" After a pause, Yi Xiaopeng continued to ask.

Zhao Zhongming asked with a smile: "In the general direction of 'infrastructure', which targets do you think have the greatest potential for sustained speculation, or which targets have relatively stronger expectations?"

"Compared to MCC, I think China Railway Construction, Conch Cement, Pudong Construction, Beixin Building Materials... are better!" Yi Xiaopeng said, "Of course, from the perspective of conducive to capital speculation and market control, , it must be the best small-cap concept stock that is currently popular, but this type of ticket has limited fund carrying capacity and is greatly affected by emotions. I think it does not meet the basic buying criteria of our fund.”

After listening to Yi Xiaopeng's analysis, Zhao Zhongming agreed with Yi Xiaopeng's analysis and said: "It's not bad. It's almost the target I expected. In that case... Then let's make a layout according to the targets you just mentioned. The target... One-third of the overall holdings. At the same time, while adding chips in the direction of 'infrastructure', we will simultaneously reduce our holdings of some 'traditional financial' stocks that are relatively weak in terms of market trends. Now that we have made a decision, we cannot hesitate. , we must complete the specific position adjustment and stock exchange plan as soon as possible.”

"Okay!" Yi Xiaopeng responded, and then quickly issued trading instructions to the traders in the trading room.

And as his order was issued.

At this moment, the market trading time has reached 9:24.

On the market of the two markets, driven by the increasingly strong collective bidding trend of related popular concept stocks in the main areas of 'infrastructure', 'military industry', and 'Internet finance', the overall pattern was slightly lower than that at 9:20. A little better, the number of red stocks in the two cities has risen from a low of more than 1,100 to nearly 1,300.

But even though the overall situation has improved a bit, the strength and weakness of the specific main lines of the two cities are still very obvious.

For example, 'infrastructure', 'military industry', and 'Internet finance', several main-line related concept sectors and industry sectors, are getting stronger and stronger, and active funds are following the trend with increasing participation. However, 'smart', which showed a slight performance yesterday, The direction of the mobile phone industry chain, especially the 'Apple concept', as well as the 'traditional finance' field and the 'big consumption' field, have all shown signs of active selling of funds, and the call auction trend also shows generally obvious signs of getting weaker.

Generally speaking, from the perspective of the entire collective bidding process...

After yesterday's trend and last night's emotional brewing, the effect of over-the-counter funds gathering to follow the trend, the degree of net inflow of over-the-counter funds, and the attitude of on-site fund lock-ups are somewhat lower than the expectations of the majority of market investors. There is an obvious market differentiation situation.

Finally, when the last minute of the collective bidding passed and 9:25 arrived, the two markets were once again frozen.

Under the gaze of tens of millions of eyes in the entire market, several core market indexes that had been hidden in call auctions revealed their true colors. The Shanghai Stock Exchange index was set at 51 points, up 32%, while the Shenzhen Stock Exchange Index and ChiNext Index were set at 51 points, up 32%. Opened 27% and 11% higher respectively.

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