Rebirth of the investment era

"That's true." Yu Lei nodded after hearing Liu Guanhai's words, "However, for the 'big financial' line, although it is necessary to move back to the moving average, and the current upward momentum is indeed insufficient, but There shouldn't be a very drastic adjustment trend, after all, the market's bull market expectations are still very strong, and the huge incremental capital group outside the market is still continuing to enter the market."

Liu Guanhai squinted his eyes and said: "There should be no problem with the medium and long-term investment logic. As for the short-term trend fluctuations, there is no way to predict it. As long as the investment logic of the core main line of 'big finance' is not broken, expectations will still be there." As we continue to strengthen, even if we make drastic adjustments, there is nothing to be afraid of. On the contrary, I feel that drastic adjustments are not a bad thing.”

"Isn't it a bad thing?" Yu Lei was slightly stunned.

Liu Guanhai chuckled and continued: "Only through drastic adjustments can we clear out this big main line more quickly. The profits and arbitrage chips that have accumulated recently are naturally not a bad thing. If there is a sideways shock adjustment, ...It is estimated that the adjustment time should be longer than the drastic adjustment.

In the bull market stage, the most precious thing is time.

Our current fund’s main holdings are focused on the two main lines of ‘big finance’ and ‘big infrastructure’.

Therefore, I naturally hope that the two main lines of 'big finance' and 'big infrastructure' can undergo a wave of drastic adjustments like last Monday, clear short-term profits and unwind arbitrage chips, and quickly adjust the chip structure. To continue the upward attack and extend the upward trend, after all... it is almost the end of the year.

Competition among fund performance rankings in the industry is still very fierce.

If our fund wants to achieve a relatively good performance ranking in the industry and at the same time make up for our investment strategy mistakes in the first half of the year, we can only hope that the two core lines of 'big finance' and 'big infrastructure' can perform as we expected. The ideal state is gone. "

"If the market development logic line of 'high-low switching' as the core main line of the market can be sustainable..." Yu Lei paused and continued, "We can also start from this direction and make appropriate adjustments to positions."

"I'm afraid it will be difficult to maintain sustainability." Liu Guanhai said, "There are still certain problems with the short- and medium-term expectations of the core line of 'big consumption', as well as the basic investment logic. The recovery of macroeconomic fundamentals has not yet begun at this stage. Reflecting on the performance of the 'big consumption' related industry sectors and related core stocks, everyone's performance expectations for related stocks are not high, so it is still difficult to form a consistent long situation.

As for the two main directions of ‘mobile Internet’ and ‘smartphone industry chain’.

Although the future industry fundamentals of these two main lines are expected to be very good and there is a lot of room for imagination, due to the active capital groups in the entire market last year, the crazy speculation on these two main lines has caused a number of stocks related to these two main lines to decline. , both valuation and stock price are seriously overdrawn.

Even after more than half a year of continuous adjustments.

There are a number of related concept stocks in these two core main areas, and there are only a few stocks with investment value for money.

The only industry sector that has huge room for imagination and is expected to continue to grow is the 'Internet Finance' sector, which is strongly linked to the trend of 'big finance'.

But the ‘Internet Finance’ sector has also seen a huge increase recently.

Moreover, our position weight in the ‘Internet Finance’ sector is already quite high.

Overall, the core main lines of ‘big consumption’, ‘mobile internet’ and ‘smartphone industry chain’ showed a certain money-making effect yesterday.

It was just a weak supplementary increase, and it briefly took over the switching pursuit of the capital group.

Judging from the basic investment logic and the expected change direction of the majority of investor groups, it is difficult for the current three core main lines to get out of the sustainable market.

If we were at this time...

If you rashly give up part of your position chips in the main areas of 'big finance' and 'big infrastructure' and chase popular stock chips in these three main areas, you will most likely not make excess profits, and you will end up staying at a short-term high point. , thus missing the further main uptrend after the completion of the adjustment of the two core main lines of 'big finance' and 'big infrastructure'.

People! It is impossible to choose two opportunities at the same time, nor to sit in two chairs at the same time.

Since we have chosen the two main directions of 'big finance' and 'big infrastructure' to carry out heavy positions, and believe that the investment logic of these two core main lines, as well as subsequent expectations, continue to strengthen, we should still have some positions. Those who believe should not throw away their chips when they see the main line direction of their positions, fall into a short-term adjustment, and easily change their previous investment strategies and trading strategies.

Be more patient!

Don’t they all say that in the bull market stage, ‘holding shares is like being a widow’?

It is impossible for the market to head north at a 45-degree angle without looking back at all.

For any strong main line, after it has risen too much, short-term adjustments are inevitable. We... still have to endure loneliness.

Also, aren’t there rumors in the market that the central bank may cut interest rates and reserve requirement ratios in December?

If this news comes true, let alone the good news, as long as the news continues to ferment in the market and the certainty continues to increase.

Then, I believe that the adjustment of the ‘big finance’ line will not take too long.

After all, the shift in macro-monetary policy has a very positive effect, whether it is stimulating the main areas of 'big finance', the banking, insurance, and securities industries themselves, or stimulating the bull market, and it is also a relatively significant benefit.

It is supported by such heavy positive expectations.

In addition, the market pattern of the bull market is getting clearer and clearer, and the expectations of the bull market are getting stronger and stronger.

At the same time, regulators, investment institutions, and financial media continue to bully the market and actively promote the bull market effect and money-making effect of the market.

The huge group of potential investment funds outside the market will definitely be fully activated.

In other words, the incremental capital groups that continue to pour into the market will definitely accelerate their influx into the market under these factors.

And when these huge groups of incremental funds come in, what will they buy?

There is no doubt that in terms of priority for buying chips, the core stocks related to the main line of 'Big Finance' must have the highest priority. After all, any investor who has been exposed to the market and has experience in stock trading should know that 'Big Finance' The main line of finance is the vanguard of the outbreak of the bull market.

The saying that before the bull market moves, securities will move first is by no means just an empty talk.

This is everyone’s trading experience summarized based on the historical market trends, and it is also one of the basic investment expectations for the recent continued outbreak of the securities sector. "

After hearing what Liu Guanhai said, Yu Lei nodded slightly and responded with a smile: "Mr. Liu's words make sense. If that's the case... let's observe and see how the market will go at this position. , and also look at the two core main lines of the market, 'big finance' and 'big infrastructure', will they develop according to our expectations?"

After saying that, Yu Lei turned his attention back to the trading boards of the two cities.

I saw that as the two people were talking at this stall, the trading time of the two cities had already entered 9:20.

When the time entered 9:20, the two cities passed the initial call auction trading period and entered the real call auction stage where orders cannot be cancelled.

The overall market performance of the two cities... is obviously more distinct than that at 9:15.

In the core main line of the crowd.

Industry sectors related to the main line of 'big consumption', such as 'automobiles, food and beverages, retail, household appliances, electronic information' and other industry sectors, still led the industry sectors in the two cities, and the related industry sector index rose by 9 points. At 15 minutes, it was obviously enlarged.

And the concept section related to the main line of ‘big consumption’.

Concept sectors such as 'liquor, white goods, Internet e-commerce, consumer electronics, auto parts...' have also taken the form of leading the gains in the two cities' concept sectors.

It ranks behind the main line performance of ‘big consumption’.

There are still two main conceptual themes of ‘mobile Internet’ and ‘smartphone industry chain’.

Although the growth rates of the industry sectors and concept sectors related to the main lines of these two concepts are relatively lagging behind those of the industry sectors and concept sectors in the 'big consumption' field, they have still achieved this despite the fact that the overall opening of the market is not very good. All red plate situations.

In particular, for the concept-themed sectors such as 'domestic software', 'Apple concept', 'Internet online education', 'Internet TV', 'consumer electronics', and 'mobile games', the sector indexes opened higher at the moment, with gains above 3%. , compared with the time of 9:15, it is obviously enhanced.

As for the main lines of ‘big finance’ and ‘big infrastructure’, which performed relatively weakly in the initial collective bidding stage.

The performance of these two core main lines at this moment is weaker than that at 9:15. Among them, the securities sector index has fallen by about 65% at this moment; the 'Internet Finance' sector index has dropped by 62%. %; the two major sector indexes, banking and insurance, also opened lower by more than 3%.

In the field of 'big infrastructure', the 'building decoration' sector index has reached a low of 42%; the 'building materials' sector has a low of 37%; the 'commercial real estate development' sector index has a low of 35%; machinery and equipment, public transportation, Non-public transportation and other industry sector indexes opened at a low range, all around 3%.

In general……

The two main lines of 'Big Finance' and 'Big Infrastructure' are still the weakest performers in the two cities and are the two core main lines leading the market decline.

However, although the overall market pattern of the two cities was weaker than at 9:15, the selling on the weak popular stocks and industry leading stocks was not that serious.

Compare the call auction trends and morphological performance of many stocks yesterday at the same time period.

Many popular stocks today have obvious signs of shrinkage in the orders to be matched on the market.

In this collective bidding situation...

At 9:21, the popular stock 'Huake Shuguang', which has attracted much attention from market investors, opened its daily limit, and the stock price fell to about 8%. At the same time, the stock price of 'Chengfei Integration' continued to fall by the limit, and 'Blue Stone Heavy Equipment' 'The low opening range also expanded to 2%.

At 9:22, the ‘sub-new stocks’ sector index turned from red to green.

At the same time, the securities sector index opened lower by 7%; 'Flush' opened lower by 12%; 'Great Wisdom, Oriental Fortune' opened lower by 1%, and both of them reached the 1% decline mark. .

At 9:23, when the main line core stocks of 'big finance', 'big infrastructure' and 'military industry' were trending further downwards, such as 'Shanghai Steel United, Shanghai Sanmao, Quantong Education , Huayi Brothers, Huaqingbao, Changqu Technology...' and other old monster stocks, the stock prices are gradually rising.

At 9:24, 'Shanghai Steel Union, Shanghai Sanmao, and Quantong Education', the three popular stocks that attracted the most attention and discussion among investors in the two cities, all opened higher by more than 5%. At the same time, 'Huake Shuguang' is trading sideways at an increase of 8%, and the volume of orders to be matched can expand rapidly.

Finally, when 9:25 arrived, the collective bidding in the two cities ended.

The Shanghai Stock Exchange Index opened 39% lower again, while the Shenzhen Stock Exchange Index and ChiNext Index opened lower by 31% and 28% respectively.

Among them, the small and medium-sized index opened almost flat, while the A50 index opened as low as 71%.

Compared with the previous trading days when the A50 index was strong, the core index patterns of the two cities have obviously changed in style.

Faced with the opening situation of the two cities...

The investor groups inside and outside the market are not as disappointed as yesterday.