Rebirth of the investment era

At 9:15, of the nearly 2,000 stocks participating in transactions in the two cities, half were in the red, and half were either flat or slightly down. Among them, the securities sector and Internet financial sector indexes in the main field of 'Big Finance' opened slightly higher, and the 'Infrastructure' , the core industry sectors and concept sectors in the main line of 'military industry' opened significantly lower, leading the market down.

And yesterday, the stock of Chengfei Integration, which announced the failure of its restructuring, opened with a one-word limit drop.

At the same time, it was affected by the impact of the check of "Chengfei Integration" falling by the limit.

The entire concept theme of 'reform and reorganization of central and state-owned enterprises' has been greatly affected. Many stocks with the core concept of 'reform and reorganization of central and state-owned enterprises' have shown a trend of opening significantly lower. On the initial call auction, the volume of selling was strong. It is extremely heavy, and the expectations of market investors in this regard have also been hit extremely hard.

Similarly, affected by the check of "Chengfei Integration", the "military industry" sector also obviously suffered a heavy setback at the beginning of the collective bidding.

Such as 'China Airlines Heavy Machinery, China Airlines Shenfei, Aerospace Development, Aviation Power, Hongdu Aviation...' and many other core concept stocks with expectations of 'military asset restructuring' and 'military asset securitization', all fell sharply. Open, the selling on the market is very heavy.

There are also some core stocks in the "infrastructure" field with strong restructuring expectations.

At this moment, it was also seriously dragged down by the opening form of the check "Chengfei Integration".

Moreover, in addition to the "infrastructure" and "military industry" sectors that were affected by the "Chengfei Integration" check, almost all low-level stocks, low-level main lines, and low-level concept-themed sectors that clearly rebounded yesterday, and even concentrated on counterattacks, at this moment, also It did not show any premium due to the favorable external market trend last night.

Immediately afterwards, the market showed an obviously less than ideal initial call auction opening pattern.

9:16, 9:17, 9:18...

As the collective bidding time passes, the overall shape of the market begins to become increasingly weak.

Seeing that the shape was wrong, it was difficult for active buying funds to absorb the selling chips pouring out of the market under such circumstances. Many investors who were originally hesitant and not so determined began to follow the trend and sell on the market. , further suppressing the market.

"The check of 'Chengfei Integration' feels like it will become an obvious drag factor in today's market performance!" At 9:18, in the main fund trading room of Yanjing Yihe Capital Company, Gao Xiang, the trading team leader, stared at the real-time changes. He frowned at the market prices of the two cities and said, "The trend of this call auction seems a bit bad. It is obviously developing towards a worse and worse trend."

Fund manager Chen Yihe, who was standing behind Gao Xiang, squinted at the market performance, chuckled, and responded with a smile: "Affected by the failure of the reorganization of 'Chengfei Integration', today's 'reform and reorganization of central enterprises and state-owned enterprises'" This main line of conceptual themes, investment logic, and future expectations may be affected to a certain extent, but overall... the market's 'bull market' pattern has been formed, and the trend should not be easily reversed.

Especially the current hot line of ‘big finance’.

We are still in a continuous short squeeze situation, and there is a high probability that the major institutional groups that have shorted the market before will continue to compete on a large scale at this position.

Moreover, our fund has a position structure.

It has long since moved away from the two main lines of ‘infrastructure’ and ‘military industry’ and moved to the main line of ‘big finance’.

Therefore, for the time being, this is just a small episode in the changes in market conditions. It will not cause too much disturbance to the overall macro market trend, nor will it cause much interference to our fund's positions and net worth performance. "

Gao Xiang heard Chen Yihe's words and saw that his eyes were always calm and full of confidence. After thinking for a moment, he couldn't help but nodded and said: "I hope so, but I always feel that the market's current profit and settlement position, It is still a bit too heavy to suppress the upward trend of the market. At this position of 3300 points, I am afraid it will not be so easy to move up!"

"Even if you can't go up today, you should be able to go up tomorrow." Chen Yihe said, "As long as the macroscopic form of the market's 'bull market' has not changed, as long as the market's turnover is still in a continuous increasing trend, as long as the financing balance is still there Increase, as long as the incremental capital groups outside the market, as well as the position weights of major institutional groups, and the position level are still rising continuously, then short-term resistance at the market point will not be able to block the upward pace of the Shanghai Stock Index.

We...

Now that we have decided to change our investment ideas and investment strategies from the previous shock market form to the current bull market form.

Then there is no need to worry too much about the market trend during the day.

As the saying goes, ‘In bear markets and volatile markets, we must stop as soon as the market is good, but in bull markets, we must hold on to the bargaining chip in order to reap huge profits.’ We... still need to be more patient. "

"Okay!" Gao Xiang nodded, then turned back to focus on the two markets.

At this time, with the passage of trading time, the market time has reached 9:20.

After the 9:19 period, a large number of false pending orders were cancelled.

At this moment, the market patterns of the two cities were shown. Compared with the initial moment of the call auction at 9:15, not only did it not improve, but it became even weaker.

There are nearly 2,000 stocks in the market, and the number of red stocks at this moment is less than 800.

Moreover, compared with the time of 9:19, the orders to be matched on the market of each stock are basically showing a growth trend without any obvious attenuation.

This is illustrated at the moment 9:19.

In the entire market, not many of the orders placed, especially concentrated sell orders, have been cancelled.

And this also shows that under the influence of the failure of the check restructuring of 'Chengfei Integration' and the initial call auction falling to the limit, the market investment sentiment and investment confidence that should have been positive have been greatly affected, and in this Under the influence, active selling increased significantly, while active buying weakened significantly.

Therefore, the market call auction trend pattern has been declining steadily.

"Boss, the overall impact of the 'Chengfei Integration' check on the market is a bit beyond everyone's expectations before the market opens!" At 9:21, in the main fund trading room of Zexi Investment Company in Shanghai, Zhou Kan saw people entering After the real collective bidding session, the market trends of the two cities showed no improvement at all. I was a little surprised. There was a look of surprise on my face. I glanced at Xu Xiang sitting next to me and said, "I feel the influence of this check." The impact, the emotional response of the entire market, is fading!"

"The fever is indeed going down." Xu Xiang squinted at the changes in the market trends of many core stocks in the market, and nodded slightly, "It seems that the market is probably going to adjust today."

"Well, I think so too." Zhou Kan responded, "I just don't know what the extent of the adjustment will be."

Xu Xiang thought about it for a moment and said: "The previous continuous high moves have accumulated a large number of short-term profit orders. Coupled with the range of 3000 to 3500 points on the Shanghai Stock Index, it is obviously the area with the heaviest hold-up orders in history, and In the recent market trend, the accumulation of unwinding orders is also quite strong.

These profits and settlements, as well as stock holding confidence, were not firm in the early stages of the bull market.

If, at this time, the mood suddenly weakens.

Their selling power should emerge relatively concentratedly.

Although the current market transaction volume has surged to the 700 billion range, and there is a lot of empty funds, and there are also many major financial groups who want to take over chips at low levels, but in the face of the accumulation of two consecutive weeks , there is at least 10% profit-making concentrated selling pressure in the short-term profit margin, which should be difficult to sustain for a while. "

"What the boss means is... drastic adjustments may be inevitable?" Zhou Kan understood the meaning of Xu Xiang's words and responded, "But it shouldn't hurt the fundamental logic and expectations of the bull market, right?"

Xu Xiang smiled slightly and said: "Of course not. In fact, it is good to kill the market violently here and clean up the chips that are not firm. Otherwise, if you force an attack, even if you cross the 3300 point, you will hit more With the high short-term market height, so many profit-taking floating chips, and the accumulated suppression of arbitrage chips, sooner or later, there will be a quick adjustment due to other negative factors.

When that time comes, maybe the space and time for adjustment will be even more drastic.

In other words, in fact, the negative impact caused by the failure of the "Chengfei Integration" check reorganization is not important at all. What is important is that the market's bullish sentiment at this time has no progress and needs a temporary outlet.

Moreover, the development of any market situation cannot be a straight line, diagonally upward.

It always develops in twists and turns.

A bull market is not necessarily a time to make money. Instead, it is a time to test investors' determination to hold shares and their belief in the bull market. "

Zhou Kan listened to Xu Xiang's analysis, pondered for a moment, smiled and said, "Since the boss said so, then I have nothing to worry about."

Xu Xiang nodded and turned his attention back to the two markets again.

During the brief exchange between the two, the market time at this moment had reached 9:25, and the collective bidding in the two cities ended.

Judging from the fixed market conditions of the two cities.

The Shanghai Composite Index opened lower at 47%, finally ending its continuous high opening trend that lasted for more than a week.

The Shenzhen Stock Exchange Index and ChiNext Index opened 42% and 39% lower respectively. Although they were slightly stronger than the Shanghai Index, they were not much stronger. Several major indexes showed a general downward trend.

In addition to the index, the major popular main lines in the two cities, as well as the performance of core industry sectors and concept sectors.

In the main line of 'Big Finance', the major weighted sectors of the securities sector, Internet finance sector, banking sector, and insurance sector are still performing quite strongly, and have achieved a slightly higher opening attitude. However, several major industry sectors have opened higher. The amplitude does not exceed 5%. Compared with the high opening trend of the past few days, it has obviously weakened.

Especially recently, there is the largest room for growth.

Relatively speaking, the circulation volume is also relatively large, and the accumulated profit orders and settlements of arbitrage are more securities sectors.

Today, during the entire call auction process, there was an obvious trend of heavy volume, such as 'Huaxin Securities, Huatong Securities, Huashang Securities, Western Securities, Orient Securities, Founder Securities, Pacific Securities...' and other component stocks, call auction The transaction volume has reached a new high during this period.

In addition to the main line of ‘big finance’.

Other core main lines, such as 'technological growth', 'infrastructure', 'military industry', 'big consumption' and other fields, are basically opening at a low level across the board.

Especially the two main areas of ‘infrastructure’ and ‘military industry’.

Affected by the failure of the check reorganization of "Chengfei Integration" and the impact of the limit-down at the opening, it can be said that it opened sharply lower, leading the decline in the two markets.

Among them, stocks that are closely related to the two core themes of "reform and reorganization of central and state-owned enterprises" and "securitization of military assets", as well as a group of component stocks that followed these two major concepts and themes in the early stage and were seriously speculated, are now rising sharply. The selling price on the market is quite heavy.

A series of stocks with "restructuring expectations" and "asset injection" expectations, such as China MCC, China Communications Construction, China Railway Construction, China Airlines Heavy Machinery, China Airlines Shenyang, Aviation Power, Aviation Development... are basically low. The opening range is no less than 2%.

Faced with such an opening situation in the two cities that was seriously lower than expected.

The broad investor group, both inside and outside the market, is still relatively positive and optimistic despite the overall sentiment.

However, many investors who have obviously made profits, or have just unwinded their positions, and whose holding costs are relatively high, are obviously worried at this time. They are more worried about the market, and their confidence in holding positions is no longer what it was yesterday. So intense, obviously a little worried and anxious.

And just under this emotional interpretation...

When the short 5-minute suspension time between 9:25 and 9:30 passed, the market ushered in the official continuous bidding trading period.

I saw that the market prices of the two markets had just started to beat.

The Shanghai Stock Exchange, Shenzhen Stock Exchange Index and ChiNext Index all fell rapidly.

At the same time, the 'National Defense and Military Industry' industry sector jumped from an 89% decline at the end of the call auction to a 53% decline within one minute. Its related core component stocks, especially the leading concept stocks in the early stage, The checks for 'Bluestone Heavy Equipment, Aerospace Development, Hongdu Airlines, and China Airlines Heavy Machinery' exploded in volume, falling below the 5% drop mark in an instant.

Then, at 9:31.

The two major concept sector indexes of 'Reform and Reorganization of Central Enterprises and State-owned Enterprises' and 'Military Asset Securitization' also fell sharply in a straight line, with a drop of more than 3%. Moreover, the early core leading stocks and weighted stocks of these two major concept sectors were all. Fall with volume.

At 9:32, the major industry sectors of construction decoration, building materials, and real estate development also fell simultaneously with volume.

At 9:33, the entire main line of 'infrastructure' and 'military industry', as well as the hype surrounding the 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road', and 'Reform and Reorganization of Central and State-owned Enterprises' All industry sectors and concept sectors were also affected across the board and fell one after another.

At 9:34, the selling effect that broke out from the main concept of "reform and reorganization of central and state-owned enterprises" quickly spread to the entire market.

At 9:35, the spreading concentrated selling effect spread to the core main line area of ​​'big finance'. The major weighted sectors of securities, Internet finance, banking, and insurance all gave up everything that opened higher. increase, and fall into a state of decline.

And at the moment when market selling broke out, the core indexes of the two cities also plummeted further.

In just five minutes, the Shanghai Composite Index increased its decline from 47% at the opening to 13%, and it continues to expand.

The declines of the Shenzhen Stock Exchange Index and the ChiNext Index also expanded along with the Shanghai Stock Exchange Index.

The entire market has entered a comprehensive downward trend in these five minutes and is no longer as strong as everyone expected.

"Damn it, this killing and falling situation is too fierce, isn't it?"

Seeing the Shanghai stock index's decline instantly expand to more than 1%, at 9:36, inside Yuhang and Yuhang Investment Company, in the main fund trading room, Wang Can, the trading team leader who had been observing the changes in market conditions, was slightly shaken. I couldn't help but exclaimed: "Moreover, there is still an obvious surge in volume. The opening trend of the market today... is completely beyond everyone's expectations. I feel that there is not much negative news in the news? Shan'chengfei If the reorganization of Integration' check failed, could the impact be so big?"