Rebirth of the investment era

"I didn't expect that either." Yi Xiaopeng responded, "Logically speaking, the core main lines of 'consumption', 'medicine', 'mobile Internet' and 'smartphone industry chain' were basically in the previous bear market stage. It's an area where various organizations gather together, and it's not really a low-level main line."

"Maybe the expected certainty is relatively high." Zhao Zhongming thought for a while and said, "Think carefully, in addition to the 'big finance', 'big infrastructure', 'military industry' and other industries that are already at a high level and have completed a wave of continuous growth, The main line, in terms of the certainty of future expectations, is really the main line shown by these, and the certainty is relatively high."

Yi Xiaopeng thought for a while and said: "I think many financial groups still have a little lack of confidence in this round of 'bull market'? So when the market continues to be weak, go here." The main lines of holding together in several major bear market stages are converging."

"You can say that." Zhao Zhongming nodded, "The Shanghai Stock Index did not directly break through 3,500 points, which actually affected the market's bullish confidence."

"The market did not move as expected. If the main lines of 'big finance', 'big infrastructure' and 'military industry' continue to adjust downward..." Yi Xiaopeng paused and said, " The drawdown of the net value of our fund products should still be very large!”

After the previous continuous position adjustments, increase in positions, and changes in trading strategies.

At present, the main holdings of the 'Future Investment Mixed Selection' fund product they are responsible for are concentrated in the main areas of 'big finance', 'big infrastructure' and 'military industry', and because the entire fund product Change lag in trading strategies.

As a result, their specific holding costs in main areas such as 'big finance', 'big infrastructure', and 'military industry' are relatively high.

Therefore, all of these major main areas are currently experiencing sharp corrections.

The impact on the net value of their positions can be said to be very large, and it also makes their positions appear very passive.

Zhao Zhongming heard Yi Xiaopeng mention the issue of net value retracement, and subconsciously looked at the background position data of the main control computer. He sighed helplessly again and said, "Yes, in the past two days, the net value of our fund products has retracement." The range is almost reaching 5%, and the adjustments to the core main lines of 'big finance', 'big infrastructure', and 'military industry'... seem to have just begun!"

Yi Xiaopeng said: "Based on the trend of the two lines of 'big infrastructure' and 'military industry' in the past half month, the location of the box shock range should be relatively clear and clear. The key is 'big finance' This line, the oscillation point on the lower edge of the box, is very uncertain.

I'm thinking……"

When Yi Xiaopeng said this, he paused, then looked up at Zhao Zhongming, and then continued: "Can we appropriately reduce our holdings in the main line of 'big finance' and disperse some to 'big consumption', ' "Mobile Internet' and 'Smartphone Industry Chain' are the three main themes with strong current market performance? This will diversify the chips and reduce the risk of position retracement of our fund products."

Zhao Zhongming thought for a while and said, "How do you want to adjust the position?"

Yi Xiaopeng responded: "Move 15% of the positions of our fund products to the 'White Home Appliances' sector in the 'Big Consumption' field, and focus on holding several stocks of 'Gree Electric Appliances, Midea Electric Appliances, Haier Electric Appliances, and Robam Electric Appliances'. As well as the 'automobile' sector that is in the expectation of 'consumption upgrade', such as 'Shanghai Automobile Group, Great Wall Motors, Changan Automobile' and other high-quality industry stocks.

Exceptionally, allocate another 15% of the position and move it to the fields of 'mobile Internet' and 'smartphone industry chain'.

Mainline weighted leading stocks such as LeTV, Wangsu Technology, Lexun Precision, Goertek, and OFILM Technology, which have already formed a stock price reversal pattern, are all quite good.

Then the remaining 70% of the position will remain unchanged.

Just keep holding the core mainline stocks of ‘big finance’, ‘big infrastructure’ and ‘military industry’.

Although, the core main lines of 'big finance', 'big infrastructure' and 'military industry' have shown obvious continuous adjustment trends, and based on the changes in the market trends of the two cities, it can also be seen that the main financial groups in the market have It is following up by actively adjusting positions to the low main line area where the expected certainty is higher.

But I think...

As long as the market is expected to be bullish, the balance of financing in the two cities will still remain at a scale of one trillion, and the transaction volume will remain above 800 billion.

So, there are two main lines of ‘big finance’ and ‘big infrastructure’.

There is a high probability that after the shock adjustment and after the technical form is repaired, it will be able to continue to have one or even multiple waves of sharp upward trend.

It’s just that the time and space for adjustment are difficult to grasp.

Now, the annual performance review time is too close, forcing us to choose relatively radical trading operations. "

After listening to Yi Xiaopeng's position adjustment plan, Zhao Zhongming thought about it for a while and responded: "According to what you said, it is a way, but if we adjust positions like this, it will actually increase our position in 'big finance', 'big infrastructure', The holding costs of the core main line areas of 'military industry', when the time comes...what if the market trend still does not go as we expected.

In other words, wait until we adjust the position.

This reversal in the core main lines of ‘big consumption’, ‘mobile Internet’ and ‘smartphone industry chain’ has come to an abrupt end.

The main line of the market has quickly returned to the main lines of "big finance", "big infrastructure" and "military industry".

Then we will appear more and more passive.

At that time, it is basically impossible to quickly reduce and adjust the position and buy back the chips. "

"According to the current trend of the main market trends of 'big finance', 'big infrastructure' and 'military industry', there shouldn't be a sudden and rapid rebound, right?" Yi Xiaopeng said, "After all, there are too many technical deviations, and these main line areas , the main capital groups are still experiencing substantial net outflows.

So many major capital groups have flowed out, and have followed up in the fields of 'consumption', 'medicine', 'mobile Internet', and 'smartphone industry chain' which are relatively low and have high expected certainty. There is no certain success in these main lines. Under extreme circumstances, the main capital groups who switched did not make any money.

These capital groups have no motivation to return!

Of course, if there is a heavyweight and extremely positive stimulus in terms of market macro news, this can naturally forcibly stimulate the stock price and stimulate a comprehensive reversal of the main market trend.

But at present, the probability of such heavyweight good news appearing is still extremely small.

The only message with anticipation.

That is to say, the rumored expectations of the central bank cutting interest rates and reserve requirement ratios should come out in December before clear news comes out. After all, the central bank's monetary policy formulation still depends on other peripheral central banks, especially the Federal Reserve. The result of the interest rate meeting early next month, right?

So, overall, I think we're at this point in time.

It is quite reasonable to adjust positions according to this strategy, and it can also avoid the net value of our fund. When the core main lines of 'big finance', 'big infrastructure' and 'military industry' continue to fall, it is a relatively reasonable way to have a sharp retracement. . "

Zhao Zhongming carefully weighed the pros and cons during Yi Xiaopeng's analysis, and finally nodded and said: "Okay, let's adjust positions according to the strategy you mentioned. Look at this, the Shanghai Index is at 3400 points, with a high probability If it cannot hold on, and 3400 points cannot hold it, there is only 3300 points as a support level below.

And when the Shanghai Index reached the support level of 3300 points.

As the core main lines of "big finance" and "big infrastructure" that have recently supported the index, the downward correction is at least between 10% and 15%.

I took a look at the magnitude of the correction.

The downward movement can just go back to the 20-day line position of these two core main lines, which are popular heavyweight stocks and leading stocks.

Since it is a high probability event that these core main lines will continue to adjust downward, it is very reasonable for us to change our trading strategy to avoid the sharp retracement of net worth caused by this continuous decline. "

Seeing that Zhao Zhongming agreed to adjust the position, Yi Xiaopeng couldn't help but smile and nodded.

Then, amid the fierce trading in the market, he turned his head and quickly went to the trading room. Each trading group issued an order to reduce the core holdings of funds such as 'big finance', 'big infrastructure', and 'military industry', and at the same time used the reduction to The funds held will enhance the overall trading strategy of weighted high-quality stocks and industry-leading stock chips in the main areas of 'big consumption', 'mobile Internet' and 'smartphone industry chain'.

And when he quickly issued relevant trading strategies...

Almost at the same time.

Shenzhen Stock Exchange, Pingyin Asset Management Center, main fund trading room.

As a fund manager, Chen Shen stood in the trading room, clasping his hands behind his hands and staring at the big screen showing the market conditions of the two cities. He saw that the main lines of 'big finance', 'big infrastructure' and 'military industry' were all leading the decline in the two cities. , and the trend is getting weaker and weaker, the net outflow of main funds is getting more and more serious, and I can't help but frown slightly.

Like many large institutions in the industry, it is also the same as the main institutions of the "Yu Hang Group" that provoked the core market trend of "big finance".

Currently, he manages several major fund products.

The core structure of its positions and the direction of its heavy positions are all in the main areas of 'big finance', 'big infrastructure' and 'military industry'.

Previously, several funds still held a lot of main-line stock chips of 'mobile Internet' and 'smartphone industry chain'. They had already continued to increase their positions in main-line stocks such as 'big finance', 'big infrastructure', and 'military industry'. , has been completely reduced, and has no impact on the net value of the fund at all.

"Look at this market pattern, the main line market is changing obviously!" After observing for a long time, Chen Shen said with emotion, "And it seems that this adjustment of the main line of 'big finance' is not a small level."

"Manager Chen, do you think the main lines of 'big consumption', 'mobile Internet' and 'smartphone industry chain' can be independent at this point in time?" Hearing Chen Shen's sigh, the people sitting next to him Fund trading team leader Wang Jinglun couldn't help but smile and said, "I find it difficult!"

When Chen Shen heard the last half of his words, he couldn't help but feel surprised. His eyes turned to him and asked, "Oh, why are you so sure?"

Wang Jinglun replied with a smile: "Obviously, these major main lines and performance expectations have not yet been realized. Their own investment expectations and basic investment logic are still far behind the 'big companies' at this stage." Finance', 'Large Infrastructure', and 'Military Industry' are the core main lines.

The so-called ‘consumption upgrade’ is something that happens after the economy recovers.

The two core main lines of 'mobile Internet' and 'smartphone industry chain'.

After all, the market has been speculating for almost two years, right? In the past two years, no matter which concept sector or branch line of these two core main lines, they have been fully explored and speculated by various smart funds in the market for several rounds.

At the same time, because we are on the two core lines of ‘mobile Internet’ and ‘smartphone industry chain’.

It is expected to have quite strong consistency.

That is to say, everyone knows that these two major industry fields are bound to explode in the future. Therefore, in terms of expectations, everyone has already given excessively high psychological expectations to these two main line fields.

And such high psychological expectations.

This has also led to the fact that these two core main lines, related industry sectors, and concept sectors have not been fully adjusted in the recent half year of adjustments. Overall... the core weight stocks and industry leading stocks in these two main lines have not been fully adjusted in the past six months. , take the stocks of 'LeTV, Wangsu Technology, Huaguo Software, Inspur Information, Huaqingbao, Changqu Technology, Lexun Precision, Goertek, OFILM Technology, Anjie Technology...' At present, The valuations are still high, generally above 100PE.

At this valuation level, it is difficult to have a sufficient expected difference.

Moreover, since there are still many major financial groups silent in these two main lines, the pressure on these two main lines to open up space is no more than the current main lines of 'big finance', 'big infrastructure' and 'military industry'. Be small.

Overall, look at the entire market.

The core main lines of "big finance", "big infrastructure" and "military industry" are still the main line areas in the market with the strongest current expectations and the most room for expected differences and market explosions.

I think the current adjustment and decline of these major main lines is even the so-called technical divergence that everyone is generally aware of.

They should all be blinding methods, just one leaf in the "one blinding leaf". "

Chen Shen heard Wang Jinglun's analysis and roughly understood his thoughts, and said with a smile: "So, do you think that the current trends of 'big consumption', 'mobile Internet', and 'smartphone industry chain' are the core... As for the main line, it is still difficult to get out of the sustainable market, and do you think the core main line of the market will soon return to the main lines of 'big finance', 'big infrastructure' and 'military industry'?"

"This is natural!" Wang Jinglun nodded and said very firmly, "And I think this time is not only not an opportunity to reduce the holdings of the core main lines of 'big finance', 'big infrastructure' and 'military industry', but it should be At this position, continue to add to long positions without any scruples, and continue to buy high-quality stocks with corresponding weights and mainline leading stocks with high market attention and recognition." (End of this chapter)