Rebirth of the investment era

And under the influence of these major institutional groups, they continue to pursue high-level fundraising.

The main line of "big finance" continues to advance rapidly, especially the securities sector and the Internet finance sector, which have further surged. Stocks in the corresponding core components of the sector have also been attacked by concentrated active buying.

At 9:51, when 'Western Securities' continued to surge in volume, the stock of 'Oriental Securities' suddenly surged in volume and quickly rushed towards the daily limit.

At 9:52, after the volume of ‘Oriental Securities’ exploded to over 1 billion, it was blocked by ‘Western Securities’ and was the first to close the market.

At 9:53, Oriental Securities closed its daily limit, and individual stocks in the entire securities sector also rose rapidly, driven by the daily limit of Oriental Securities.

At 9:55, less than half an hour after the market opened, the trading volume of the entire securities sector has soared to more than 15 billion. At the same time, Western Securities, Huaxin Securities, Huashang Securities, Huatong Securities... a number of stocks, short The transaction volume in just twenty minutes also surged to more than 1.5 billion.

At 10:01, after "Flush" strongly closed the daily limit, "Jinzheng Shares" hit the daily limit and sealed it.

At 10:05, Changliang Technology also followed the pattern of coming from behind and hit the daily limit upwards.

And at the same time.

At a time when the securities sector and Internet financial sector indices have exceeded the 5% intraday increase mark.

The indexes of the two major market-weighted industry sectors, banking and insurance, also rose rapidly by more than 5%. The core weighted stocks in the sector also surged higher.

Moreover, the Shanghai Composite Index continued to attack fiercely and opened higher and moved higher, driven by the strong trend of "big finance".

At this moment, it also quickly crossed the 1% intraday increase mark, and once again hit a new rebound high, and reached a new annual high position this year. There was no sign of a continued decline and correction, or in other words, the weight core of 'big finance' The market support of the main line means that the index cannot fall at all.

Of course, as ‘big finance’ continues to violently riot.

At a time when the active capital groups in the entire market continue to be siphoned off by the rioting main line of ‘big finance’.

Core main areas such as 'Technology Growth', 'Big Consumption', 'Non-ferrous Cycle', 'Infrastructure', and 'Military Industry' have not been fully driven by the main line of 'Big Finance' and are still passively following the index, showing a weak position on the market. The rebound trend pattern shows no trace of the core main funds concentrating on the market to grab funds.

Overall, as market trading hours continue to advance.

The market pattern and layered shape of the two cities have not changed.

The core main funds of the entire market, as well as the active capital groups, still focus on the main line of "big finance" and make orders around the main line of "big finance".

“It’s true that the strong always stay strong!”

Seeing the changes in the market conditions of the two cities and the strong trend of the main line of 'big finance', at 10:10 in Yuhang, in a private villa somewhere, Liu Changsong, the trader at the 'Yuhang Beiyuan Avenue' trading seat, squinted at the changes in the market of the two cities. , said with emotion: "It is estimated that the market's 'big finance' line will continue for some time. The trend is ridiculously strong. The active capital groups in the entire market are still pouring in at this short-term high level." , continues to compete at a high level.”

Zhang Jianping, who was sitting next to Liu Changsong, heard what he said, chuckled, and said: "The 'bull market expectations' have basically become a clear sign. Following the logic of the 'bull market', the line of 'big finance' has nothing to do with it. There is no reason to rise. As for the continuous short-squeeze rise, it still stems from this major main line area. The weight of institutional positions and the average water level in the early stage were not high. This resulted in the main group of large funds. In this direction, there is continuous no Brainstorming situation."

"That's true." Liu Changsong nodded and continued with a smile, "It's strange to say that before the Shanghai Stock Exchange Index reached 3,000 points, the valuation and expectations of the main line of 'big finance' were already the highest in the entire market, and the price/performance ratio was relatively high. However, the main funds from all walks of life have not formed a consistent synergy on this core main line, and there are not a large number of main institutional groups to increase their positions on a large scale in this direction.

In the end, it was the funds of the 'Yu Hang Group' that continued to increase their positions by billions of dollars, which led to this big main line.

It also kicked off the bull market. "

Zhang Jianping chuckled and said: "How does the saying go? 'Once bitten by a snake, you will be afraid of the rope for ten years.' The line of 'big finance' was really bad in the early stage, and the 'national team' big fund , is also a heavy position in this field. Even if there are certain expectations, even if a large number of core stocks in this field have fallen to around 5 times the net asset value, everyone is still a little worried that once the position weight direction and position focus shift to this main line In this field, it will be suppressed by the big funds of the 'national team' and unable to push up the market.

Judging from the early historical trend of this major main line.

It's not like this has never happened before.

Moreover, the main line of 'big finance' in the early stage, before the Shanghai Stock Index hit 3,000 points, the fundamentals had not completely changed. First of all, the direction of the central bank's monetary policy was not clear, and everyone was not sure that the subsequent monetary policy would continue the previous tightening strategy. Or turn to looseness.

Secondly, the financing balance and transaction volume of the two cities did not come up at that time.

In that case, it is very normal for everyone to have doubts and worries.

On the other hand, the main force of the 'Yu Hang Group'... was so courageous. It seized the most critical opportunity for market making and abruptly kicked off the bull market, creating a hot money-making effect for the entire 'Big Finance' main line. "

"With 'big finance' as the core driving force of market conditions..." Liu Changsong took over and said, "It is estimated that the index will not stop for a while."

Zhang Jianping chuckled and responded: "The bull market trend of the entire market has become established. Although there are considerable differences between long and short positions in this range, OTC capital groups continue to enter, and the central bank's monetary policy has shifted. The overall capital situation has Under the changed situation, it is basically impossible for the index to fall back again.

However, although various macro-level policy benefits are constantly emerging.

However, in the major industries of the current market, except for the main line of 'big finance', the fundamental situation has shown a clear reversal, and future expectations are still increasing, and the expectation gap is still very large, other core main lines of the market... For example, the main line of 'technological growth', as well as the previous main lines of 'infrastructure' and 'military industry', it is probably not time to clearly define the main upgrade, let alone 'big consumption', 'non-ferrous cycle', 'petrochemical industry' and so on. It is a main line area that is strongly related to macroeconomic recovery.

Therefore, at this stage, even though the overall investment sentiment and financial aspects have changed.

However, it is certainly difficult to form a relatively consistent bullish resonance among the main sectors of various industries in the market.

If various industry sectors cannot form a consistent bullish resonance market, then the long-short differences in the market will always exist, and the generally rising market trend will be difficult to continue for the time being. "

"What you mean is that the next market trend of the market will still be dominated by market differentiation, right?" Liu Changsong responded with a smile, "And it will be market rotation with the main line of 'big finance' as the core, or sector rotation. The differentiated market trend of dynamic development."

Zhang Jianping nodded and said, "That's pretty much what it means."

"I think this approach is actually a good thing for the current market." Liu Changsong chuckled, "The so-called 'haste makes waste', the market trends brought about by forced pullbacks and forced stimulation will never last long. It is difficult to have strong support. As long as the overall expectations are consistent, but the partially differentiated market trend continues, I think the bull market we all expect can last longer and reach a higher height. Higher.

After all, whether it is an emotional reaction or a financial reaction.

They all take time to ferment slowly.

And you just said that in this range of the index, the historical hold-up is actually very heavy.

If this problem is not solved and the index is forcibly raised, then... the foundation of the bull market will not be solid. Maybe it will fall back violently in the market outlook and continue to consolidate the core support position of this bull market. "

"That's what I mean." Zhang Jianping nodded slightly, "So, at this stage, if the regulatory authorities are smart, they should allow the market to react and develop on its own, and cannot continue to add fuel to the fire and forcibly stimulate the market's investment sentiment. It has pushed up the market’s market conditions and valuation space.”

"It's obvious that the regulatory authorities understand this, right?" Liu Changsong said, "Obviously, the current team of regulators is much smarter than the previous team in maintaining the market. This year In the past half year, many policy effects have been significantly more effective than before."

"That's true!" Zhang Jianping nodded and had to admit.

Liu Changsong thought for a while and then said: "However, Lao Zhang, the line of 'big finance' has been so continuously squeezed and raised. Once a large number of incremental funds are chasing the highs and the enthusiasm of the main institutional groups declines, the backlog will The profit-taking chips and the holding chips deposited in this range rushed out, and the adjustment was also very violent!"

"When it is time to adjust, with such a steep upward trend, the adjustment must be violent!" Zhang Jianping said, "However, according to the current expected difference in the main line of 'big finance' and the actual trend of fundamental reversal, there are also Various macro-level news are good, as well as the continuous influx of over-the-counter incremental funds and large-scale institutional main funds increasing positions... The line of 'big finance' is still far away from adjustment. .”

"Do you estimate...how much room is left for this kind of short-squeeze rise?" Liu Changsong asked.

Zhang Jianping stared at the market, pondered for a while, and responded: "I'm not sure, but I think that before the central bank officially makes the expected interest rate cuts and RRR cuts, the rising trend of the 'big financial' line's continued short squeeze should be It can be continued. After all, the current expectations of this major main line are really strong, and the increase in the overall level of institutional positions is not reflected in the market trend that quickly.

The line of ‘big finance’ needs to fully reflect the expected difference in the first wave.

I think the time span for the market to rise should be more than a month.

We do not seek to benchmark the continuous rise of the two core main lines of "infrastructure" and "military industry" in the early stage, but there is at least room for more than doubling. "

"Well!" Liu Changsong nodded, "I also think that when the biggest good news comes to light in terms of macro news, the market situation of the main line of 'big finance' will come to an end. Before that... you really don't have to worry too much. , but... the current market volume can be expressed. With the continuous surge of 'big finance', facing the extremely heavy volume of hold-up orders in this range, and the suppression of short-term profit orders, it still feels not enough!"

Zhang Jianping smiled and said: "Don't worry too much about this. The expectations and emotional reactions of the 'bull market' are actually continuing to deepen, and under the continued profit-making effect of the still hot market, the incremental capital groups outside the market , as well as the risk appetite of investors on the market, are continuing to rise.

The continued entry of incremental funds off-site will push up the total volume of active capital groups on the market.

The increase in the risk appetite of on-site investors will lead to a further increase in financing balances and the growth of over-the-counter capital allocation business.

In any case, as long as the expectations of a ‘bull market’ remain, they will continue to deepen.

under the influence of these factors.

The current active market turnover of around RMB 600 billion is probably not a high point at all. There is definitely room for greater growth in the subsequent turnover of the two cities.

Now, when everyone sees that the financing balance is approaching the trillion mark, everyone is shocked.

I'm thinking... when the market's daily turnover exceeds one trillion, what will everyone's expression be like? "

"The daily turnover exceeded one trillion?" Liu Changsong said in shock, "This should be... difficult to achieve, right? This is only possible if the market turnover continues to double."

Zhang Jianping chuckled and said: "It has been almost 7 years since the bull market in 2007, right? In recent years, the growth of the national economy and the growth of M2... Once the central bank's monetary policy changes, the entire market, both inside and outside, will not change at all. Those who are short of funds, not to mention the fact that financing is a big killer now. As long as the investor group on the market is willing, various leverage funds will continue to pour in.

Moreover, human greed is endless.

Making money in the stock market becomes easy.

How many investors can resist the temptation, can keep their inner awareness of trading risks very calmly, and will not choose leverage to increase the size of their investment funds, so as to maximize the market excess profits that seem to be easily available? I think... not many people can resist this temptation, right?

So, I judge...

Since the regulatory authorities have opened the door to leverage, they have not strictly controlled the entry of leveraged funds into the market.

So, under the endless greed of human nature, when the expectations of the bull market are getting stronger and stronger, the market's money-making effect is getting stronger and stronger, and it is getting easier and easier to make money.

The turnover of the two markets will definitely continue to rise rapidly.

In the future, it is not completely unattainable to see the daily turnover of one trillion yuan. "

Liu Changsong heard Zhang Jianping's rather confident analysis, thought about it for a while, laughed, and said: "Okay, I believe in your judgment. In the entire market, except for the grasp of market conditions and changes in trend patterns, I’m afraid that Mr. Su from the Yuhang Department, whom I have never met before, belongs to you, Lao Liu.”

"I don't dare to be so conceited." Zhang Jianping said with a smile, "There is a sky outside the sky, and there are people outside the world!"

While the two were discussing, the market's trading time was still moving forward rapidly...

And as time goes by, the main line of ‘big finance’ is getting stronger and stronger.

When the time passed 11 o'clock in the morning and entered the last half-hour trading period at noon, the indexes of the securities sector and the Internet financial sector had risen by more than 3%, and the turnover of the two cities had reached around 310 billion. Compared with yesterday , and even in the past few trading days, the volume continued to increase.

As for other core market lines.

Driven by the tyrannical trend of 'Big Finance', although it has not gone out of an independent trend like 'Big Finance' where the main funds are violently attacking, it is still changing hands and fluctuating upwards, no matter how serious the market selling is. Neither can suppress the pace of the bulls. (End of chapter)