Rebirth of the investment era

"How could it be that it's just the influence of 'Chengfei Integration'?" Zhao Lijun, the fund manager of 'Yuhang No. 1' sitting next to Wang Can, responded with a smile, "Today the market opened with a huge drop, 'Chengfei Integration' 'The bad news is just an inducement. The real reason is that the market is at this position, because of the continuous high pressure and high pressure, the accumulation of a large number of short-term profit-making suppression, and the index is in this range, and the huge amount of unwinding selling pressure has led to of.

Before, the market's bullish sentiment was always in an extremely high state.

Moreover, regardless of whether the index is good or bad, it always opens higher and moves higher than expected, continuing to increase its upward volume to create space.

Therefore, in the previous trading hours, these profit orders and unwinding orders, seeing that the market has been in an extreme rising trend, holding chips in hand, even if there is a temporary desire to sell and take profits, they are still affected by the extreme long sentiment of the market. And the unexpected trends have been suppressed again and again.

This has led to the previous market index, although the upward pressure is also strong.

But it did not encounter such heavy selling pressure in early trading today.

But last night, the resumption announcement of Chengfei Integration announced the failure of the reorganization. At the same time, it also clearly shaken the original expectations and investment logic of the major concept theme of "reform and reorganization of central and state-owned enterprises".

The core concept theme of "reform and reorganization of central and state-owned enterprises" is the main line.

Basically, it is the foundation of speculation supported by the two main early market trends of ‘infrastructure’ and ‘military industry’.

If this foundation is shaken, the confidence of the capital groups gathered in the main fields of 'infrastructure' and 'military industry' will definitely be shaken quickly. In this way...the profit taking and unwinding of selling pressure in these two main fields will also It is natural to expect it, or it was formed intensively in early trading today, and it is easy to understand.

As for the two core main lines of 'infrastructure' and 'military industry', regardless of market value.

Still in the entire market, even the weight of the core index is not low.

Once these two core main lines have concentrated selling pressure, other core main lines of the market and the investor groups holding shares will naturally be greatly affected.

At this time, everyone will reflect on whether there is any problem with their position logic.

In particular, a large number of investors who have made a lot of profits, or who have been trapped for a long time in the previous historical market trends and have just got out of the trap, will definitely be worried at this time that the market will fall back again, leaving them with a hard-earned profit. Or after getting out of the trap, you fall into a passive situation again.

Therefore, it is difficult for these people to suppress their selling emotions.

And when the selling sentiment of these people increases intensively, it is natural that the overall selling pressure in the market will become bigger and more extreme if someone takes the lead.

This is the reason why the market was so explosive during the opening period.

Investigating the root cause, it is not the reason for the "Chengfei Integration" check at all, but the reason for this position. There are too many floating chips in the market. It is indeed the stage to clear the floating chips and consolidate the chips to continue the upward trend.

But..."

When Zhao Lijun said this, he chuckled, with a rather optimistic look in his eyes, and said with a smile: "Although today's market seems to be extremely heavy selling and the selling pressure is huge, the core logic of the market has not changed, and There are also a lot of financial groups who have lost money in the early stage.

As long as the underlying logic of the bull market remains unchanged, the willingness of financial groups hoping to enter the market at a relatively low level and grab funds remains unchanged.

Then, the index will continue to explode.

I believe that the lost ground will be quickly recovered as shorted funds rush in to raise funds. Not to mention reaching a new high in a day or two, but it will definitely continue to follow the trend line. "

"Well, Lijun is right." When Su Yu heard Zhao Lijun's analysis of the market, his eyes, which were originally staring at the changes in the market prices of the two cities, showed a burst of appreciation. He took over the words with a smile and said, "Besides, in this position Adjustments are obviously beneficial and harmless to the overall market trend and subsequent market trends.

At this stage, there are still many good things that can be expected in the market outlook.

Such as the opening of Shanghai-Hong Kong Stock Connect, the opening of A50 index futures, and the opening of China Securities 500 index futures, as well as the expected central bank interest rate cuts and reserve requirement ratio cuts, the entry of pension funds into the market, and the increase in the standards and scale of insurance trust funds entering the market... These benefits are all It has not been officially launched yet.

At this time, the market has undergone an extreme adjustment.

Under the stimulation of continued positive developments and the continued deepening of ‘bull market expectations’, the market will easily recover.

If at this time, the index continues to hold high, it will force an upward attack.

In one wave, the index reached 3,500 points in one fell swoop, according to everyone’s extremely optimistic expectations, or in other words, it hit a higher point in a short period of time.

Then, after the complete overdraft is expected to be positive.

Once the bullish sentiment weakens, the market suddenly encounters a negative attack and is suppressed by the originally larger profit-taking and arbitrage selling pressure.

I am afraid that the index adjustment will be more drastic.

At the same time, due to too many positive investment expectations, it may be difficult to recover in a short period of time.

So, today’s market trend looks scary on the surface, but when analyzed from the inside, it’s actually a good thing. As traders, we still have to look at both sides of everything. We can’t just look at the surface, nor can we just pay attention to the current market. changes, we still need to think about the impact of the current market on the market outlook.

After all, the present means what has happened, and the future... is something we can change. "

"Well, Master is right." Liu Yuan heard Su Yu's words and nodded in response, "Actually...according to the market trend, if it deviates so far from the major moving averages, it should have been corrected to move closer to the moving averages. The original extreme market situation It’s impossible to go long on emotions forever.”

"However, the main line of 'big finance' is still quite tenacious today!" Wang Can couldn't help but chuckled when he saw that the main line of 'big finance', including securities, Internet finance, banking, insurance and other major weighted sectors, had not fallen much at this moment. , "Today's 'big financial' direction should become an obvious safe haven for funds on the market, right?"

After hearing Wang Can's words, Zhu Tianyang thought for a while and responded: "I don't think so. When it comes to short-term profits and the accumulation of chips to unwind, in fact, in the entire market, the two major sectors of 'infrastructure' and 'military industry' are The big main line is relatively less serious than the 'big financial' main line.

After all, the main line of 'big finance' has been short-selling and skyrocketing in the past two weeks.

In theory, the two main lines of 'infrastructure' and 'military industry' have been adjusted for more than a month. The chip structure has been fully adjusted and changed hands. A large number of profits accumulated in the early stage have been unwinded at this position. After that, when the core main lines of the market switched from 'infrastructure' and 'military industry' to the main line of 'big finance', most of those who intended to sell had sold off long ago.

Today's "infrastructure" and "military industry" were the first to bear the brunt in early trading. They were driven down by the main players of big funds and panicked by profit taking and settlement of arbitrage.

Or is it because the check of "Chengfei Integration" has loosened the investment logic of the core concept theme of "reform and reorganization of central and state-owned enterprises".

But this does not mean that these two main lines have the greatest selling pressure today.

Judging from the current market reaction...

In fact, the area with the greatest selling pressure and the main line area with the most exaggerated capacity is precisely the main line area of ​​"big finance".

In the main line of 'big finance', there was no panic-driven decline at this moment. The main reason was that there were enough major financial groups that had shorted this big main line in the past. Everyone was eager to grab funds on this main line, so the buying temporarily withstood it. The impact of selling prevented the corresponding stocks from falling sharply.

However, this form.

As other core main lines fell further, the overall bullish sentiment in the two cities declined rapidly.

It is impossible to maintain it.

After all, after taking over the most urgent funds, those potential buying capital groups who have a little hesitation and worry will also take into account the current risk of market decline and will not be so active in taking over. At the same time... even if everyone is concerned about There is no big change in confidence in the market outlook, and there is an obvious opportunity to buy at a low price, so... there is definitely not much willingness to chase the price high.

In other words, at this time, many financial groups, both inside and outside the market, are waiting for the "Big Finance" line to make up for the decline and make a rapid correction.

Generally speaking, there should be no core thread today.

Under the excessive accumulation and extremely concentrated profit taking and arbitrage selling pressure, we can still survive alone. "

"Well, I agree with what Manager Zhu said." At this time, Zhang Guobing, who had been silent, also answered with a smile, his eyes flashing with sharpness, "Mr. Su, didn't you let us take the opportunity to buy back 'infrastructure' and 'military industry'? In terms of direction, are they biased towards core stocks in the 'machinery equipment' and 'high-speed rail' sectors, as well as the expectations of 'reform and reorganization of central and state-owned enterprises'? I think there should be an opportunity after the market falls completely today."

"I also think that after this wave of adjustments, the two lines of 'infrastructure' and 'military industry' should be almost there, right?" Li Meng, who was standing next to Su Yu, thought for a moment, took Zhang Guobing's words, and responded. , "Based on the timing of our previous withdrawal from the two core main lines of 'infrastructure' and 'military industry', the adjustment time for these two main lines has indeed been almost two months. At the same time, this wave is also seriously behind the market average. Increased.

On the premise that there are no major changes in investment factors such as these two main lines, its own fundamental investment logic, future fundamental changes, favorable macroeconomic policies, etc.

This adjustment of time and space should be quite sufficient.

What's more, now that the market has entered the "bull market" stage, all high-quality chips in the market, especially relatively low-quality chips, are quite valuable. "

Su Yu glanced at Li Meng with a smile and said, "Since Mr. Li said so, the national soldiers will follow up on the transaction strategy according to your proposal!"

Zhang Guobing nodded, and then quickly gave instructions to the traders behind him.

At the same time, the other trading team leaders and fund managers in the trading room also responded hurriedly and quickly ordered the traders in each group to prepare corresponding trading strategies.

Just as the entire 'Yuhang Investment' company made new trading strategy adjustments based on changes in market conditions.

Just when everyone is making in-depth analysis of the market.

The market trading time has reached around 9:55.

And just like the predictions of Zhu Tianyang, Zhang Guobing, Zhao Lijun... and others.

At the beginning of the market, the main line of "big finance", which was struggling to support, its core sectors, including securities, Internet finance, banking, insurance sectors, etc., finally could not withstand the continuous concentrated selling on the market, regardless of sector index. , or a core component stock within the sector.

At this moment, one after another began to further explode in volume and plummet.

At 9:56, the Internet Financial Sector Index plummeted to a drop of more than 5%. Among them, the leading stock Flush fell to 5% below the water level.

At 9:57, the securities sector index, insurance sector index, and banking sector index all fell to around 1%. The core leading stocks, Western Securities fell more than 3 points, Huaxin Securities fell more than 2 points, and The check from CEFC Securities has already reached the 4 billion level in less than half an hour of opening trading. The battle between bulls and bears is extremely fierce.

At 9:58, in the entire market, only the ‘sub-new stocks’ sector was still in the red.

All the capital groups in the market, especially the active hot money groups, finally chose the 'sub-new stocks' sector for hedging when the market was weakening across the board and a plunge was inevitable. Moreover, the 'sub-new stocks' sector has become one of the hottest stocks in the two cities. The check of 'Huake Shuguang', which ranks among the top three in the list, still maintains an unlimited daily limit trend under today's market trend, setting a 12th daily limit since its listing.

At 10:01, the market experienced an extreme downward trend for half an hour.

At this time, the Shanghai Stock Exchange Index's intraday decline has expanded to the 2% mark, and the declines of the Shenzhen Stock Exchange Index and the ChiNext Index are also approaching the 2% mark.

In half an hour, the two cities had a total transaction volume of 250 billion, which is terrifying.

At the same time, many high-level stocks in the market that had been continuously speculated before were even under extreme panic selling, and the stock prices went straight to the limit, and such as Bluestone Heavy Equipment, Chengfei Integration, Shanghai Construction Engineering, and Beijiang Communications Construction , Hongdu Aviation, Aerospace Development, Changliang Technology, Huace Film and Television, 2345...' These stocks have reached the lower limit at this moment, and have firmly sealed the lower limit.

Almost 2,000 stocks participated in transactions in the two cities.

At this moment, there are only more than 200 stocks that are still rising in the red market, and the daily limit stocks, in addition to the newly listed stocks and the daily limit stocks that are good for the resumption of trading, there are less than 10 daily limit stocks that naturally change hands. On the contrary, the number of stocks in the two cities has increased significantly, reaching 23.

At 10:10, the market prices in the two cities fell further.

At 10:20, the Shanghai Stock Index's decline hit the 5% mark, forming a unilateral heavy-volume plunge.

At 10:25, Western Securities, a highly core leading stock in the securities sector, quickly hit the limit after its volume exploded to 3.3 billion. Although the limit was not sealed in an instant, it had a great and negative impact on the overall market.

At the moment when the check of 'Western Securities' hit the limit.

The securities sector index plummeted to an intraday drop of 22%, and a number of securities-heavy stocks, such as 'Huaxin Securities, Huashang Securities, Huatong Securities, Huatong Securities, Orient Securities...' these stocks also exploded rapidly. The volume is killing the decline, and the concentrated selling volume is terrifying.

At the same time, the Internet financial sector also fell rapidly to the 5% mark.

As for the main areas of ‘technological growth’, ‘infrastructure’ and ‘military industry’.

Industry sectors such as 'Film and Television Media', 'National Defense and Military Industry', 'Architectural Decoration', 'Building Materials', and 'Real Estate Development' have experienced even sharper declines, with the decline extending to more than 5%, and the 'Reform and Reorganization of Central and State-owned Enterprises' In the main field of concept themes, related small-cap concept stocks and concept stocks with very small circulation have already set off a trend of heavy volume and slumping. The number of stocks in the entire concept theme sector that has dropped by the limit is approaching 10.

At 10:30, during the trading time of the two markets, we spent the first hour of the session.

The decline of the Shanghai Stock Exchange Index has further expanded to 3% in a comprehensive sell-off pattern, and the market turnover has reached more than 370 billion. The selling volume of the Shanghai Stock Exchange has almost no attenuation.

Faced with such a unilateral decline in the overall market trend...

Inside and outside the market, tens of millions or hundreds of millions of investors, especially retail investors, are staring at the market at this moment, or at their own stock accounts, comparing the continuous market performance of the previous few trading days, or even the previous two trading days. The short squeeze has skyrocketed and the account is making profits every day.

For a moment, it can be described as jaw-dropping and unbelievable!