Rebirth of the investment era

Of course, it’s not just retail investors who are accelerating their entry into the market. (Due to caching reasons, please visit the COM website directly with your browser to watch the fastest chapter updates)

Institutional funds, as well as other OTC financial groups, are also increasing their positions one after another due to the hot money-making effect of the market.

Even many OTC financial management funds and private P2P platform funds have begun to be invested in the stock market through various channels.

Of course, in addition to these direct market funds.

The financing business of over-the-counter financing institutions and securities firms has also begun to flourish rapidly.

Many activist investors, with their own funds limited, saw the increasingly hot market and the money-making effect, and began to actively raise funds, using leverage to increase their funds, thereby expanding account profits.

"Today, the financing balance of the two cities has increased by nearly 5 billion!"

After the market closed, in the main fund trading room of Xinniu Fund Company in Shenzhen Stock Exchange, Mou Zhengxing, the head of the fund trading team, lamented: "At this rate of increase in financing balance, the balance of market financing and financing will soon reach the 800 billion mark. The recent increase in incremental funds in the market has been really rapid."

Hearing Mou Zhengxing's words.

Fund manager Fang Xinsheng, who was standing next to Mou Zhengxing, chuckled and said: "Doesn't this just verify the market logic we talked about before? It shows that there is not really a problem with market capital, but investment sentiment and investment confidence have affected the previous market capital.

Now, the investment sentiment and investment confidence in the entire market have recovered overall.

Naturally, there has been a significant improvement in the financial aspect.

In fact, if you pay careful attention to the market trends in the recent period, you can see some clues, and the market trends are basically consistent with the changes in the financing balances of the two cities. "

"Well, indeed." Mou Zhengxing nodded and said, "There is no increase, no market. Now that the market has continuous incremental funds, the natural market trend will become much better.

Especially after the Shanghai Stock Index broke through 2,500 points.

It can be seen that the increase in the financing balance of the two cities has obviously accelerated at this time.

However, now, with the Shanghai Stock Index trading sideways near 2650 points, I feel that the market trend and the changes in the balance of financing and financing are a little bit different. "

"This divergence is only short-lived." Fang Xinsheng responded, "The current position of the Shanghai Stock Exchange Index requires sideways shocks to digest some profits. Otherwise, the upward pressure will only become greater and greater. Let's adjust the shocks here and further There is nothing bad in consolidating the chip structure.

In fact, at this time, as long as the market volume can remain at this high level of about 300 billion.

Whether the Shanghai Stock Index can continue to break through in the short term is no longer very important.

Where there is volume, there will be a market. As long as the volume can maintain fluctuations around 300 billion, then... with the completion of another adjustment to the market chip structure, it will be a matter of time before the market continues to make breakthroughs. "

"Well, I think so too." Mou Zhengxing nodded, thought for a while, and continued, "In terms of the development of the main lines of follow-up investment in the market, I always feel that the two main investment lines of 'infrastructure' and 'military industry' have already risen. After so many situations, there is not much expected gap left to fill in the future.

If we continue to focus mainly on this place, it will be difficult to obtain excess profits that far exceed the performance of the market index.

Moreover, in the two major investment main lines of 'infrastructure' and 'military industry', as well as the core conceptual themes of 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road' and 'Reform and Reorganization of Central and State-owned Enterprises' , as these major main lines continue to rise, the holding volume of the main funds of the 'Yu Hang Group' will become larger and larger!

When these core main lines were still at relatively low market valuations and low stock prices.

In these core main lines, there are still times when expectations are far from enough.

The main capital of the 'Yuhang Department' has a heavy position here, which will naturally have an motivating effect on these core lines.

But when these core main lines have gone through a big wave of gains, regardless of their valuations, stock prices, or expected differences, they are not the most advantageous main line sectors in the market. At this time...'Yuhang Department 'The huge volume of positions should only restrict the continued development of the market of these core main lines, right?

After all, this main force has such a large amount of funds and its cost is very low.

When these core main lines no longer have a very high cost performance, many other main funds who are afraid that the "Yu Hang Series" will hit the market at a high level to take profits will definitely choose to avoid such things and situations in order to avoid them. The core holding stocks of the funds that open the 'Yu Hang Group' are to avoid the two main lines of 'infrastructure' and 'military industry', as well as 'reform and reorganization of central and state-owned enterprises', 'Eurasian Economic Belt', and 'new era road and sea' Silk Road's several core conceptual themes and main line areas, so as to choose other market main lines as the starting point for market breakthroughs. "

"Do you think the main style of market investment will change in the future?" Fang Xinsheng asked.

Mou Zheng thought for a while and responded: "I am just guessing. After all, looking up from this position, there are two main lines of infrastructure' and 'military industry', as well as 'reform and reorganization of central and state-owned enterprises', 'Eurasian Economic Belt', The expectations and explosive potential of the core concept themes of 'New Era Road and Maritime Silk Road' are really not high. At this time... there are a lot of big funds in the market, and it will be very difficult to continue the hype. .

In particular, the funds of the ‘Yu Hang Group’ have tens of billions of positions.

If you continue to speculate and continue to support the 'Yu Hang Group' with funds, who won't be afraid of being smashed?

Looking at other main investment areas in the market, whether it is 'big finance', 'big consumption', or the main line of 'technology growth' which focuses on small and medium-cap growth stocks, in fact, compared to the two main lines of infrastructure' and 'military industry', there are also ' The core concepts and themes of "Reform and Reorganization of State-owned Enterprises", "Eurasian Economic Belt", "New Era Road, Maritime Silk Road" all have certain valuation advantages and expected difference advantages.

I think...it is difficult to guarantee that the main line of market investment will not be further transformed at this position? "

Fang Xinsheng thought for a while and responded: "What you said makes sense, but the market currently shows no signs of a change in the main investment style.

Moreover, the logic you just mentioned.

In the first two months, in June, many major institutional groups basically thought this way.

At that time, everyone was not willing to support the "Yu Hang Group" funds, so they concentrated their efforts to boost the market's main line of "technological growth", hoping to use this as a breakthrough to drive the market upward.

But the result... you also saw it.

The market did not buy it at all. The final direction of the market's combined efforts still occurred in the two main lines of the 'Yuhang Group', which is heavily invested in infrastructure' and 'military industry', as well as the 'reform and reorganization of central and state-owned enterprises', the 'Eurasian Economic Belt', The New Era Road and the Maritime Silk Road are several major core concept themes. At the same time, various financial groups that focus on the main line of "technological growth" are forced to cut their positions and have no choice but to follow the market trend, and thus are forced to give money to Yu. Aviation Department' This stock of funds is lifting the sedan.

Of course, I know that too.

In the two main lines of "infrastructure" and "military industry", as well as "reform and reorganization of central and state-owned enterprises", "Eurasian Economic Belt", "New Era Road, and Maritime Silk Road", in two months, Generally rose by 30 to 40%.

The situation certainly cannot be completely compared to that time.

However, the final destination is the same.

That is to say, all speculations and expectations must be verified by the actual market. At present, there are no traces of mainline investment style conversion in the market. So before the market trend changes, our most suitable trading operations and investment strategies can only be It is to follow the market trend.

When we trade... no matter when, we can't go against the trend!

Moreover, with such a large amount of funds in the market, the formation and development of any main line of investment cannot be determined by a single main force of funds. It must be the result of the concerted efforts of the market.

As you said.

In the current market, main lines such as 'big finance' and 'big consumption' are beginning to outperform the two main lines of infrastructure' and 'military industry' in terms of overall valuation and expectations, as well as 'reform and reorganization of central and state-owned enterprises', 'Asia-Europe' "Economic Belt", "New Era Road" and "Maritime Silk Road" are several core concepts and themes, but... before the market has formed general expectations and consistent expectations in this direction.

If we rashly change our investment strategy and adjust our positions, it will be thankless.

The so-called one step ahead of the market is a legend; two steps ahead is cannon fodder.

In the two main lines of infrastructure' and 'military industry', there are also several core concepts and themes such as 'reform and reorganization of central and state-owned enterprises', 'Eurasian Economic Belt', 'new era road, and maritime Silk Road'. The market trend has not been exhausted before , we can explore other main investment directions in the market, but in terms of investment strategies, we should still respect the development of market trends and proceed from reality, which is better. "

Mou Zhengxing nodded and said: "The manager is right. Actually, I don't mean to say that we should change our investment strategy at this time..."

"Understood!" Fang Xinsheng interrupted him with a smile and said, "There is a lot of smart money in the market. If there are two main lines of infrastructure construction and military industry, there are also the reform and reorganization of central and state-owned enterprises and the Eurasian Economic Belt. ', 'New Era Road, Maritime Silk Road' and several core conceptual themes are no longer cost-effective to continue participating in.

Then, the smart funds in the market will definitely make corresponding choices and look for other investment lines that are more cost-effective and cost-effective to participate.

However, for now...

The time has not come for this change in the main line of investment.

You know, in our A-share investment ecology, although we also talk about value investing, more of the market is driven by investment sentiment and capital.

Under this basic logic, the pendulum effect of the market will deviate even more.

That is to say, the market reaction: when everyone expects to be unfavorable, the valuation will fall too much; when everyone expects to be bullish, the valuation will also rise too much.

The two main lines of "Infrastructure" and "Military Industry", as well as "Reform and Reorganization of Central and State-owned Enterprises", "Eurasian Economic Belt", "New Era Road, Maritime Silk Road", are currently gradually filling in the early stage. The expected difference no longer appears to be as underestimated as before.

However, taken together, it has just entered a reasonable valuation range.

That is to say, the market pendulum effect occurred on these major lines. The pointer has just swung to the other side, just off the center. It should still be a long time before it swings back.

In other words, under consistent expectations and a hot money-making effect.

With the increasing amount of off-site funds entering the market.

The expected sentiments of these major main lines should continue to surge further, that is, the main rising market will not only not end, but will continue to accelerate. "

Having said this, Fang Xinsheng smiled and looked at Mou Zhengxing seriously, and continued: "Actually, at this time, there are two main lines: infrastructure and military industry, as well as the reform and reorganization of central and state-owned enterprises, the Eurasian Economic Belt, When the profits of the main line holding groups of the New Era Road and the Maritime Silk Road, several core concepts and themes, start to skyrocket, let's... continue to wait patiently, and maybe we will gain more."

"Okay!" Mou Zhengxing saw that the investment strategy mentioned by Fang Xinsheng had no problem with its logic, and was obviously better than some of the ideas he had just put forward. He couldn't help but nodded in response, "Then let's continue to hold positions and wait patiently. The two main lines of "Infrastructure" and "Military Industry", as well as "Reform and Reorganization of Central and State-owned Enterprises", "Eurasian Economic Belt", "New Era Road, and Maritime Silk Road" have shown real emotional premiums."

"Yes! Emotional premium." Fang Xinsheng had a clear smile on his face.

"However, I have to say..." Mou Zhengxing thought for a while and then said, "This Mr. Su from Yuhang Investment Company has really strong position holding power. He holds heavy positions in the two main lines of infrastructure and military industry." , as well as the "reform and reorganization of central and state-owned enterprises", "Eurasian Economic Belt", "New Era Road, Maritime Silk Road" and several core concepts and themes. With so many chips and extremely profitable profits, just a little bit I won’t reduce my position, I’ll lock it all the way up to this point.”

When Fang Xinsheng heard this, he couldn't help but sigh in his heart, and said helplessly: "How can it not be great to be so sought after by the broad investor group in the market, to be so envied by major institutional groups inside and outside the market, and by countless asset managers in the industry?"

It ranks among the performance rankings of domestic private equity funds that are still in the operational stage.

Every time, the performance of the 'Manniu No. 1' fund product he was in charge of began to catch up with the 'Yu Hang Series' fund products. When the 'Yu Hang Series' fund products announced their net values ​​again, the performance of the 'Yu Hang Series' fund products dropped again. widen the gap.

This made Fang Xinsheng feel a sense of powerlessness in his heart, and he really had to admire him.