Rebirth of the investment era

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Qin Qiuyue nodded and said: "There is no problem with the investment logic of the 'Big Finance' line, but we can't say when it will be launched."

"Well!" Zhou Hui responded, "We can only wait patiently."

At present, the position structure of several of the company's main fund products has been adjusted to the main line of 'big finance'. Faced with the 'infrastructure' and 'military industry' sectors that are already in the emotional stage and are forming a stage of rising prices, It is no longer possible for them to pursue or adjust positions.

Therefore, apart from patiently waiting for the main line of the market to switch, there is no other better investment strategy.

While the two were talking, the market trading time had already reached 3 o'clock in the afternoon, and the two markets had closed.

I saw that the Shanghai Stock Exchange Index was led by the two main industry lines of 'infrastructure' and 'military industry', as well as core concept themes such as 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road', and 'Reform and Reorganization of Central and State-owned Enterprises'. Once again, it continues to set new highs in this round of rebound and new highs for the year.

A number of popular stocks on the core lines also set new rebound highs and annual highs along with the index.

Of course, the performance of popular main lines in various markets is still in full swing.

These popular mainline marginal concept stocks, as well as many concept stocks that were made up with impure concepts, have begun to show signs of heavy volume and stagflation.

In addition to the two main industry lines of ‘infrastructure’ and ‘military industry’.

As well as the corresponding concept themes that revolve around the core popular concepts and themes of 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road', and 'Reform and Reorganization of Central and State-owned Enterprises', the performance is extremely eye-catching, and the continuous profit-making effect is extremely popular. outside.

The main line of traditional investment in other markets, as well as the main line of ‘technological growth’ in emerging industries.

The performance is still quite sluggish, with basically no independent market trends and all passive fluctuations following the index.

Of course, despite the poor performance of these investment main lines, the phenomenon of funds being siphoned off by the popular market main lines of "infrastructure" and "military industry" within each of their investment main lines has actually weakened.

Several major sectors such as ‘Big Finance’ and several major sectors in the main line of ‘Technology Growth’.

In terms of closing results.

The main capital flow within the sector only shows signs of small outflows.

"It seems that the main lines of the major market industries of 'infrastructure' and 'military industry', and even the entire 'big infrastructure' investment theme, have gradually weakened the siphon effect on the active capital groups within the market." Seeing such closing situations in the two cities , around 3:30 in the Magic City, inside Zexi Investment Company, in the main fund trading room, Xu Xiang squinted his eyes, briefly reviewed the closing results of the two cities, and chuckled, "The entire 'big infrastructure' investment theme is siphoning The weakening effect of funds indicates that the long-short pattern of this major main line is almost at the point of conversion.”

Next to Xu Xiang, Zhou Kan, who was also reviewing the market carefully, nodded and said: "The 'big infrastructure' line has weakened the capital siphoning effect on other main areas in the market, which should mean that other main areas are more active." Most of the funds have already poured into the main line of "big infrastructure", right?

It also shows that there is indeed little to squeeze out of other main investment areas in the market.

In this way, there is no continuous commitment of a large amount of active funds.

At this position, if the main line of investment in 'big infrastructure' continues to rise, as the stock price rises, the volume of circulation and the amount of funds required will continue to increase, which will inevitably lead to this The main line is insufficient to undertake, and the long and short forces reverse. "

Xu Xiang nodded slightly and said, "Yes, that's it!"

"It seems that the 'big infrastructure' line is indeed going to peak in the short term and has almost reached a position where it must be adjusted." Zhou Kan said, "In this case...Boss, we have heavily invested in the 'big infrastructure' line. As for the main fund products, are we going to slowly reduce our positions?”

If a big main line of this level needs to be adjusted, it doesn’t matter whether it’s time or space.

It shouldn't be too small.

If this is the case, then they don't need to continue to hold the chips on this big main line and waste time.

Of course, neither Zhou Kan nor Xu Xiang believe that the mid- to long-term trend of the grand investment main line of "big infrastructure" has come to an end. After all, regulators are still in the process of "reform and reorganization of central and state-owned enterprises" and "on the road to the new era." Macroeconomic strategic planning policies such as the Maritime Silk Road and the Eurasian Economic Belt have not yet been advanced in depth.

That is to say...

The future expectations of the grand investment main line of ‘big infrastructure’ are actually continuing to increase.

It's just that at this current stage, after two or three consecutive months of violent and continuous rises, too many short- and medium-term profits have been accumulated.

In other words, the sedan is too heavy.

Without consolidation, if some people on sedan chairs are thrown off, the capital group that the market has taken over will not be able to carry it away.

Xu Xiang thought for a while and said: "It's almost time to reduce our positions on the main investment line of 'big infrastructure'. However, the market conditions, medium and long-term investment expectations and investment logic of this main line are still quite good. We can reduce our positions. But there is no need to completely clear out the stock.

At the same time, when reducing positions on the main line of "big infrastructure".

It’s time for us to start building the main line of ‘big finance’. "

"What is the bargaining chip for building a position in the 'Big Finance' line?" Zhou Kan was slightly stunned and asked, "Boss, do you think that when the 'Big Infrastructure' line enters the cleaning and adjustment stage of short- and medium-term profit taking, 'Big Can the financial line absorb the funds pouring out of the "big infrastructure" line and form a high-low switch in the main line of the market?

But I think...

Compare the future expectations and fundamentals of the 'Big Finance' line.

I am afraid that the 'technological growth' line, which is mainly composed of small and medium-sized board and GEM stocks, will be better. Maybe the 'technological growth' line will be the time for the adjustment of the 'big infrastructure' to take over the withdrawal funds and carry out The core main line development direction of switching between high and low main lines!

Moreover, judging from the market performance last year and the first half of this year.

The Shanghai Stock Exchange Index and the ChiNext Index have been following a seesaw market.

Furthermore, the line of 'technological growth' has actually been adjusted quite fully as 'big infrastructure' has been frantically absorbing funds from both inside and outside the market in the past two or three months. It is possible to regroup financial strength and consolidate the internal chip structure. Another wave of rising market conditions is born.

There is also the current expectation in the entire market, except for the "big infrastructure" line.

It should be said that the expectations of the 'technological growth' line, driven by the dual core of 'mobile Internet' and 'smartphone industry chain', are also unmatched by other market investment main lines. After all, these two major industry fields are the real Incremental industries, whether it is the realization of expected performance or the growth of industry scale, have a lot of room for imagination. "

Xu Xiang responded with a smile: "The two major investment themes of 'mobile Internet' and 'smartphone industry chain' and related emerging industries are indeed the most imaginative investment fields in the current economic development, but the market is here. Future expectations in these two major fields have been filled up early.

Take a look at the corresponding core popular stocks on the main line of 'technology growth'.

Whether it is its valuation level or the position of its stock price, it far exceeds other main lines of the market.

Although after such a long period of adjustment, the technical form of many stocks has gone very well, but in terms of expectations, it is still a little bit behind!

At present, the majority of the eyes of the broad investor community, both inside and outside the market, are still focused on the direction of the main board.

Moreover, the line of 'technological growth' has suffered too much in the adjustment for several consecutive months. There is no new breakthrough in the expectations of the majority of investors in the market for this line. At the same time, many core popular stocks in this field have performance expectations. Without following up.

In this direction, it is still difficult to quickly gather enough emotions and consistent expectations.

In the end, it will be the vanguard of market breakthroughs and absorb the huge amount of funds pouring out of the "big infrastructure" line.

Compare the line of ‘technological growth’.

Obviously, at the current stage, the line of 'big finance' seems weak, but in fact its potential explosive power is significantly stronger.

First of all, the turnover of the two cities has stood at 350 billion.

Compared with the overall energy performance of less than 150 billion at the beginning of the year, and the low peak last year, the energy performance was still less than 200 billion.

This almost doubled capacity can bring substantial profit growth to various securities firms.

Secondly, the surge in financing balances in the two cities can also bring very substantial profit increases to securities firms.

Finally, let’s look at the rise of the Shanghai Stock Exchange Index this year. Judging from its current position, the Shanghai Stock Exchange Index has risen from around 2,000 points at the beginning of the year to more than 2,800 points now, an increase of nearly 40%.

This year, the core market main line of "big infrastructure" has made the largest contribution to the index.

The line of ‘big infrastructure’ covers the direction of the main board, with many blue-chip and white horse stocks.

Although the continued sluggish performance of blue-chip and white horse stocks in the market in the past few years has caused many institutional groups in the industry to reduce a lot of positions in this direction, making the level of institutional positions in this direction generally low, but in the entire 'big market' In the core sectors related to infrastructure's main line, the annual growth rate is basically close to 100%.

These institutional groups rely on such increases and subsequent continued operations to increase their positions.

It is also possible to gain a lot of profits during this stage, and among them, balanced allocation of securities firms, banks, insurance and other asset management institutions are the direct beneficiaries.

Substantive performance change logic in several aspects...

In addition, both inside and outside the market, whether it is retail investors, hot money, or institutional groups, there is an increasingly strong desire to do more, as well as calls for a bull market.

The line of 'big finance', whether it is a change in fundamentals or a change in long-term expectations for the future.

At present, it can be said that we have reached a turning point.

There are a lot of smart funds in the market, and I believe that at this moment, there must be a lot of main funds secretly building positions in the main line of market investment, "big finance."

In general……

If the "big infrastructure" line reaches the top position in the short term.

Moreover, with its main rising market, the incremental funds that continue to enter the market, and the funds flowing out of other main investment fields, are no longer able to fully undertake this main line, carry out short-term profit-taking profit orders, and obtain liberated hold-ups. Trading time.

In the main line of "big infrastructure", huge amounts of accumulated and locked-up funds poured out.

And under the guidance of the regulatory authorities, we must find the next main line of market investment to undertake the adjustment of the main line of 'big infrastructure', so that the index can continue to maintain high investment sentiment and investment confidence during the main line transformation, and continue to make money in the market. If the effect expands and triggers a round of 'bull market' market conditions.

So, at this moment, there should be no more appropriate line than ‘big finance’.

If the market enters the short-term adjustment stage after the investment main line of 'big infrastructure' enters the short-term adjustment stage, the main line market switches between high and low, and there is a 20% probability of choosing 'technological growth' as ​​the breakthrough and main direction of attack, then, by then... the market The main internal and external capital groups choose 'big finance' as the main line of undertaking the 'big infrastructure', and the probability of the Shanghai Stock Index hitting the 3,000-point mark as the main direction of attack is 80%. "

After listening to Xu Xiang's analysis, Zhou Kan thought about it for a while.

However, I also feel that the main line of market investment, "technological growth", does not seem to be able to fulfill expectations and fundamental performance to further enhance the imagination.

And the line of ‘big finance’.

The current market valuation is extremely low.

At the same time, according to Xu Xiang's analysis, there will be a significant change in its fundamentals and future expectations.

In this way, the expected difference is indeed much larger than the 'technological growth' line, and the probability of funds choosing this direction as a core breakthrough is also greater than choosing the 'technological growth' line.

"Okay!" Zhou Kan nodded, "Since the boss already has an overall investment strategy in mind, let's... adjust our positions in the direction of 'big finance'."

Xu Xiang nodded slightly, smiled, and continued: "However, although the investment strategy direction has been decided, there is no need to be too anxious about the position building plan. 'Big infrastructure' is such a grand main line, even if the short-term sentiment is overheated and expectations are poor, If it is beaten down and excessive profits need to be adjusted and cleared, then this short-term peaking platform will not be a sharp top, but will probably be the top of a range box.

Since it won't be the top, it will most likely be the top of the box.

Then, our reaction time in strategy switching is obviously sufficient.

Let’s first use our newly established ‘Zexi No. 2’ main fund product to build a preliminary position.

The ‘Zexi No. 1’ fund product allows us to slowly adjust our trading strategies and gradually reduce our holdings in the ‘big infrastructure’ field from weak to strong in the subsequent market performance. "

"Okay!" Zhou Kan responded and immediately began to arrange and make tomorrow's trading plan.

When the two discussed and planned to adjust the fund's investment strategy and trading strategy.

At this moment, in and outside the market after the market closed, on the online stock investment discussion platform where a large number of retail investors gathered, everyone's views and remarks were as radical and positive as ever. No one thought or realized that 'big infrastructure' The market's core main line market has reached a point where it must be adjusted, and almost no one has noticed that many concept stocks in the main line field of 'big infrastructure' have experienced heavy volume and stagnant growth, and their trends are turning from strong to weak.

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