Rebirth of the investment era

Just as this investment sentiment and investment confidence continue to ferment in depth and are advancing rapidly.

In the evening and late at night, in the external market, U.S. stocks continued to open higher and move higher after opening, continuing to set new highs in recent times and even record highs.

The corresponding technology giants.

Against the macro-investment background of the global explosion of 'mobile Internet' and 'smartphone industry chain', its stock price has continued to skyrocket, continuing to set its own stock price record highs and market capitalization record highs, and indirectly stimulating related stocks in other markets around the world. and market trends.

The next day, Wednesday, November 19th arrived.

After a night of trading, several major U.S. stock indexes all rose sharply and closed near their recent highs. The Nasdaq Composite Index, driven by the strength of several major U.S. technology stocks, has already set a new record. The record high reached some time ago continues the bull market trend for many years.

Moreover, thanks to the continued strength of U.S. stocks.

At 8 o'clock in the morning, in the Asia-Pacific stock market, the Nikkei Index and the Korea Composite Index also opened significantly higher, giving higher sentiment expectations for the subsequent opening of A-shares.

Driven by the general surge in external markets or the generally higher opening pattern.

At around 8:30 in the morning, even though the domestic market has not yet opened, there are reports on major domestic stock discussion online platforms, as well as within major institutional groups in the industry, including investment departments of fund companies and brokerage companies, whether retail investors, Major investors in hot money, including fund product managers and asset management business managers, basically have a consistent high opening expectation for A-shares.

"Looking at the pre-market sentiment, there is a high probability that the market will continue to open higher today, right?"

At around 8:45, in the main fund product trading room of Huatong Bank’s proprietary investment department in Shanghai, fund manager Deng Jialun browsed the pre-market news of the two cities, as well as the discussion topics of the majority of investor groups on the Internet, and smiled. He glanced at Zheng Zhongming, the general manager of the asset management business next to him, and continued: "In recent days, the market trend is really strong. The short squeeze continues without any adjustment at all."

"Driven by the ultimate market profit-making effect, OTC capital groups are swarming into the market. With a huge incremental capital group entering the market to compete for funds, can the market not rise?" Zheng Zhongming narrowed his eyes and smiled. He responded, "Investors are all seeking profits. As long as the money-making effect of the market can continue, then this bull market will become increasingly hot and popular."

"Yes, investors are all seeking profits." Deng Jialun nodded and said with a smile, "I heard that several large public fund institutions in our industry have launched equity-oriented equity fund products with daily sales of tens of billions. A CD?”

Zheng Zhongming nodded slightly and responded: "Isn't that right? In fact, tens of billions of daily CD-ROM disks have already appeared in the market and in our industry. However, in the past few days, the enthusiasm of citizens to subscribe has continued to surge. It’s just a wave, and the tens of billions of daily CD-ROM disks are no longer big news with such hot enthusiasm for subscriptions.”

"What Mr. Zheng said has appeared a long time ago...is he referring to the 'Yu Hang Series' private equity fund products?" Deng Jialun immediately understood the target products Zheng Zhongming was referring to.

"Yes, the first tens of billions of CD-ROM fund products to appear in our industry should be the 'Yuhang No. 3' and 'Yuhang No. 4' fund products." Zheng Zhongming said, "It's just this phenomenon now. The consolidation has just been expanded to include large institutions in the entire industry."

"Well, the successful issuance of the two main fund products 'Yuhang No. 3' and 'Yuhang No. 4', as well as the behavior of Japanese CD-ROMs, are indeed landmark events in our industry." Deng Jialun said, "If it were not for 'Yuhang No. The investment legend created by the Yuhang Department and the myth of fund investment income created by the Yuhang Department should not be so fast. It can be said that the main capital of the Yuhang Department has indirectly stimulated the entire industry. The intensity of the bull market has also directly stimulated the main trend of the entire market."

"You can say that." Zheng Zhongming agreed, "This main force's judgment on the market trend is indeed accurate."

"The main line of 'big infrastructure' that we focused on previously, and the main line of 'big finance' that we focused on comprehensively adjusting positions not long ago, have now become the two core main lines of the market." Deng Jialun said, "This is not just as simple as accurate judgment. , I even wonder if this organization has any special internal information channels."

Zheng Zhongming laughed loudly and said: "In the entire industry, you are not the only one who is so suspicious. There should be many investors and many investment institutions who are so suspicious, but they can't find any evidence. Moreover, no matter how deep the connections in the industry are, I haven’t found out that this organization has any special background.”

"Fortunately, this institution does not engage in public fund business." Deng Jialun said with emotion, "Otherwise, institutions like us would not be able to survive."

Private equity funds are different from public equity funds.

Private equity funds have high investment thresholds, but public equity funds have no investment thresholds.

If based on the performance and historical performance of several main fund products of the 'Yu Hang Series', if the business is transformed into public fund products, the scale effect will definitely have an impact on the industry when the majority of ordinary investor groups can subscribe. Other institutional groups are siphoned.

Naturally, not many investors are willing to invest in other fund products.

"The 'Yu Hang Group' institution should not transition into the public fund product business." Zheng Zhongming said, "After all, the information disclosure requirements and investment holding requirements for private fund products and public fund products are different. 'Yu Hang Group' If this main fund switches to the public fund business, its positions will be exposed to all investors inside and outside the market instantly, and when the stocks that hold its positions become transparent, its holding costs will also become transparent. , by that time, there will definitely be a lot of money to attack this institution, and the main fund products of the 'Yu Hang Series' will not be able to perform as well as they do now.

Therefore, I think Mr. Su from the ‘Yu Hang Department’.

Now that we have chosen the path of driving the company's development with 'investment performance', we will definitely not give up our advantages and transform into a public fund product business that collects fixed investment income and mainly focuses on scale effects. "

"That's true!" Deng Jialun nodded slightly, "Hey, let's not talk about the institution 'Yuhang Investment'. The current position structure of our main fund products only has half of the positions in the two major companies of 'Big Finance' and 'Big Infrastructure' On the core main line, as the market trend of these two core main lines and the continuous upward trend become more and more obvious and consistent, Mr. Zheng feels that we... need to further adjust our positions and then concentrate our positions in 'Big Finance' , 'big infrastructure' are the two core main lines of the market?"

Zheng Zhongming glanced at Deng Jialun with a smile and asked, "Jialun, what do you think?"

Deng Jialun thought for a while and said: "It depends on whether the news rumored by the market that the central bank will cut interest rates and lower reserve requirements in December is true.

If there is indeed such a thing.

So, under such strong future expectations, it can be clearly predicted that the market's macro-financial aspect will undergo earth-shaking changes.

It will also affect the future expectations of the core line of ‘big finance’.

And the valuation expectations of a number of popular stocks and leading stocks in the "Big Finance" main line are further too high.

In this way, when judging the valuation expectations of a number of popular stocks and leading stocks in the main field of "big finance", there is still huge room for upward growth.

I think we should continue to further adjust our position structure towards the main line of 'big finance'.

Increase the weight of positions in the main direction of 'big finance', so as to capture more excess profits in the bull market. After all, the time has reached the end of the year, and the performance pressure of our institution is also great. In terms of investment risks and profits When the ratio is objective, it is still worth being radical.

Of course, if there are rumors about the central bank cutting interest rates and reserve requirements in December.

It is purely groundless and has nothing to do with it.

Then, we must be cautious. Not only can we not continue to increase the weight of positions in the main directions of the two core market weights of 'big finance' and 'big infrastructure', but we must also appropriately reduce part of the take-profit positions in these two directions. Hold positions to diversify the risk of holding positions.

After all, if the news is clearly false.

Well, the current market trend has initially included this news expectation.

This shows that the market outlook for the core line of 'big finance' is uncertain, and there are expected overdraft factors in it.

So...the line of 'big finance'.

In the case of expected overdraft, once the market sentiment subsides from the extreme effect.

Without the support of relatively clear and heavy positive expectations in the future, it is estimated that its market, as well as a number of popular stocks and leading stocks in the main field, will soon be under the concentrated selling pressure of a large number of profit-making capital groups. Retracement and entered into a continuous adjustment trend.

After all, looking at the technical form alone.

The line of "big finance", especially the securities sector and the Internet finance sector, has deviated too far from the major moving averages. Once there is no continuous clear and heavy positive support, there is a strong need for adjustment. "

"There are rumors about the central bank cutting interest rates and reserve requirements in December..." Zheng Zhongming paused and then continued, "As far as I know, it is not groundless. I heard that this proposal seemed to be made in an internal meeting of the central bank. , but it is still a bit uncertain whether an internal decision can be formed in the end, and whether the overall macro monetary policy will directly move towards an easing path.

exactly……

We have to take another look at the Fed's interest rate discussions at the beginning of next month.

If the Fed's interest rate hike news, and even interest rate hike expectations, continue to be shelved, then it is very likely that the central bank will cut interest rates and reduce reserve requirements against the backdrop of domestic economic recovery. "

"Then Mr. Zheng thinks there is a high probability that the central bank will cut interest rates and reserve requirement ratios, and the overall macroeconomic policy will change?" Deng Jialun thought for a while and continued to ask.

Zheng Zhongming thought for a while and responded: "In terms of the macroeconomic strategic plan of 'New Era Road and Maritime Silk Road' that has been introduced, there are also the 'Ten Real Estate Rules' regulations that have been introduced previously, the resolution to loosen restrictions on the property market, and the continued Accelerated urbanization, these macroeconomic development policies that use investment to stimulate the economy... Judging from this series of policy directions, the probability of a major turn in macroeconomic policy and continued easing is actually very high, otherwise the market will not There will no longer be strong expectations in this direction."

"In this case, we can try to further increase our positions in the main lines of 'big finance' and 'big infrastructure' and increase the weight of the positions in these two core main lines." Deng Jialun said, "The expectation of a comprehensive bull market, Coupled with the major shift in macro-monetary policy, the expectations of 'big finance' will only become stronger and more radical before the news of the central bank cutting interest rates and lowering reserve requirements comes to fruition."

Zheng Zhongming nodded and said: "The logic of your analysis of the market conditions just now is correct. OK, let's continue to increase the weight of our positions in the direction of 'big finance' and 'big infrastructure'. Judging from the current market trend, There is no main line area with higher expected certainty than these two core main lines.”

"Okay!" Deng Jialun nodded.

Immediately, he turned around and gave instructions to the various trading groups in the trading room to continue to increase their positions in the main lines of 'Big Finance' and 'Big Infrastructure' after the market opened.

And as his orders were issued...

After a while, when all traders turned their attention to the two markets.

The time has reached 9:15, and under the spotlight, the two cities have ushered in the moment of initial collective bidding.

I saw that when the time crossed 9:15, the stagnant trading market of the two cities began to jump instantly, and countless stocks jumped directly from the suspended state to the red market state.

At 9:16, after just one minute, the market changed.

The initial collective bidding patterns of the two cities were initially clearly presented to all investors.

I saw that the securities sector and the Internet finance sector, which have attracted the attention of a large number of investors both inside and outside the market, directly opened higher by more than 5%, continuing to lead the gains in the industry sectors and conceptual theme sectors in the two cities.

Then, banking, insurance, building materials, commercial real estate development, machinery and equipment, film and television media, public transportation, non-public transportation, Internet software, Internet applications and other industry sectors, as well as 'high-speed rail, nuclear power, military industry, cement, steel, domestic Software, mobile payment, smart city, film and television production' and other conceptual theme sectors each lead the way, ranking behind the securities sector and the Internet finance sector.

In the consumer sector, liquor, white goods, food and beverages, and retail.

As well as non-ferrous cycle, petrochemical, coal, animal husbandry, agriculture, medicine and other industry sectors.

There are also conceptual sections such as 'gold, minor metals, coal mining, petroleum refining, fisheries, pork, rural revitalization, innovative drugs...'.

The performance is relatively lagging, or it opens slightly higher, or opens flat, or opens slightly lower.

Overall, these relatively weak main-line sectors are still relatively weak, generally ranking behind the growth lists of industry sectors and concept sectors in the two cities.

As for the top 20 popular stocks that attract the most attention and discussion among investors in the two cities.

Among them, except for the three checks of "Chengfei Integration, Shanghai Sanmao, and Quantong Education", the remaining 17 stocks are all in the red market.

Moreover, the three swordsmen of ‘Great Wisdom, Flush, and Oriental Fortune’.

The high opening range is all above 3%.

Also on yesterday's Dragon and Tiger list, the two checks of China South Locomotive and China North Locomotive and Rolling Stock Corporation Limited, which were heavily purchased by the seat of "Fortune Road" and its related institutions, also opened at a price increase of more than 3%. In its initial call auction, active buying was particularly strong, and a lot of funds followed suit.

The rest of the popular core stocks…

'Huaxin Securities' opened 65% higher; 'Huazhong Capital' opened 11% higher; 'Pacific Securities' opened 49% higher; 'Western Securities' opened 43% higher; 'Bluestone Heavy Equipment' opened 22% higher;' Huake Shuguang' opened sharply higher by 39%, and continued to hit the daily limit, setting a 19-game streak.

Overall, the market stocks showed positive and sustained profit-making effects during the session yesterday.

Regardless of large-cap or small-cap stocks.

Today, in the initial stage of collective bidding, positive market effects have been formed, and they have attracted the attention of the main financial groups who are active in the market, as well as various buying capital groups that are following the trend.