Rebirth of the investment era

"However, the size of our institution's main fund holdings is not very large." Xu Zhongji paused and then said, "According to the current market liquidity, with a daily turnover of more than 900 billion, whether we want to reduce our positions or take profits, , or liquidation and settlement, both are relatively easy.

Therefore, the long momentum in the market has not completely exhausted.

There is no need to rush into implementing the strategy of reducing positions and taking profits.

Let’s see how the market will behave at this position. At the same time, we must always pay attention to the movements of the main funds of the ‘Yu Hang Group’.

After all, there are several core main lines in the current market.

Among the core main areas of ‘big finance’, ‘big infrastructure’ and ‘military industry’.

The largest main force holding positions, as well as the main force holding positions that have the greatest impact on the market, should be the main force funds of the ‘Yu Hang Group’.

Once there is a change in the main capital, it will clearly appear in the selling position on the dragon and tiger lists of the two cities.

In particular, it appears in the selling seats of the Dragon and Tiger List of heavyweight large-cap stocks in the core main areas of 'big finance', 'big infrastructure' and 'military industry'.

Well, even if the market's long momentum has not exhausted yet.

In other words, the news about the central bank's interest rate cuts and reserve requirement ratio cuts has not yet been clearly implemented.

Then we have to quickly change our trading strategy. When the main capital changes, we should immediately reduce our positions and stop profits, and try to reduce our positions as much as possible.

Because of this main force, the amount of holding chips in hand is really too large.

Moreover, its influence on the vast number of retail investors in the market is really too great.

Once this capital moves and there is a clear intention to reduce positions, then even though the market still has favorable support and there is still a certain amount of long potential, under the huge amount of follow-up orders and the suppression of its huge chip size, It is also difficult for the index and the core lines of 'big finance', 'big infrastructure' and 'military industry' to move up. "

"Yes, I understand." He Hong said, "I have been paying attention to the news of the main funds of the 'Yu Hang Group', as well as the news of many main fund products managed by its subsidiary 'An Zhao Fund'.

But judging from the current news.

No matter whether it is the main fund of the 'Yu Hang Series' or the main fund of the 'Anzhao Series', there has been no movement.

It seems that this main force of funds is still in a complete lock-up state.

Maybe it's as we expected...

This main force of funds is also waiting for the news of the central bank cutting interest rates and reserve requirement ratios, or waiting for the news of the overseas Federal Reserve interest rate meeting to come to light. "

"No, it won't be." Xu Zhongji said, "You have never met Mr. Su from the 'Yuhang Department', and you don't know him at all. This person's thinking on stock investment is different from ordinary people, and , its interpretation and analysis of the market is also very useful. If everyone is waiting for the news of the central bank's interest rate cut and reserve requirement ratio cut, then... Mr. Su from the 'Yu Hang Group' will definitely act in advance.

However, don’t worry.

The entire "Yuhang Series" main fund products, plus the "Anzhao Series" main fund products.

The total holding size of this main force fund should be more than 200 billion.

With such a huge position size, once a large-scale reduction of positions is carried out, it is impossible for there to be no movement, and it is impossible to completely avoid the disclosure of the market's dragon and tiger list.

Therefore, we will definitely be able to detect this major capital's large-scale reduction of positions. "

While the two were talking...

The market's trading time has already reached after 10:45.

At this time, after the market fully counterattacked and basically recovered yesterday's intraday plunge, the volume and energy began to decline again, whether it was the index or the core main fields of 'big finance', 'big infrastructure', and 'military industry' A number of industry sectors, concept sectors, or related heavyweight stocks and popular probability leading stocks have all gradually returned to sideways and oscillating trends, and no longer have strong upward breakthroughs.

At the same time, many mainline component stocks are relatively weaker than the broader market.

At this time, a sharp divergence between selling and buying began to appear again, and an obvious pattern of heavy volume and stagflation appeared.

Of course, from an overall perspective, the two cities are still relatively strong. Moreover, both the Shanghai Stock Exchange Index and the A50 Index have continued to set new intraday highs today and set new annual highs. At the same time, like 'Yingkou Port' , 'Shanghai Sanmao', 'Huake Shuguang', 'Great Wisdom' and other core concept leading stocks have also continued to rise by the limit, continuing the trend of the board, further opening up the market's short-term speculation space.

"This market is strong, but it's not particularly strong. It's weak, but it keeps hitting new highs."

At close to 11 o'clock in the morning, in the main fund trading room of Xinniu Fund Company in the Shenzhen Stock Exchange, Mou Zhengxing, the product manager of the 'Manniu No. 2' fund, looked at the fierce trading in the two cities, smiled helplessly and said : "Chase the position, because you are afraid of chasing higher prices. Reduce the position, but you are also afraid of continuing to miss the market. It is really difficult."

Next to Mou Zhengxing, Fang Xinsheng, who was also staring at the two markets, said: "It's like eating fish. There are always more thorns and less meat near the tail of the fish."

"The so-called useless market." General Manager Liu Xin laughed.

Fang Xinsheng nodded and said: "That's more or less the meaning. For many funds participating in the market, this market trend means that it is a pity to abandon it."

"Since there are more thorns and less flesh, let's give up." Liu Xin said, "Anyway, the performance of our company's two main fund products this year has also met the standards. Investors who invested in our fund products should have nothing to say. I think it’s good to keep enough energy and fight again next year.”

"But the market is still rising after all." Mou Zhengxing was a little unwilling to give up, and said, "And seeing that the central bank is cutting interest rates and cutting reserve requirements, if this big benefit can be realized, then the current market capital will still be there. There is a huge change. There is no guarantee that the market will not take advantage of this good news and rush to the 4,000 point mark. If we...continue to reduce our positions at this time and further reduce our positions, if we make a mistake in judgment and the market rushes to 4,000 points, next year we will It’s very, very difficult to find a suitable entry position and get back the high-quality chips we lost.”

Fang Xinsheng said: "There is no way to get the best of both worlds. In the end, investment requires constant choices between profits and risks. Judging from the current situation, especially from the expression of the market trends of the two cities, In the short term, it will be difficult for the Shanghai Stock Exchange Index to continue to make a large-scale upward breakthrough.

Although we are at this position, we will further reduce our positions and take profits.

It is possible to miss the next market trend.

But there is a high probability that it can avoid the possible continuous extreme correction after the profit accumulation is serious and the positive expectations are realized!

Considering the potential profits and possible risks in the future, I think it would be better to avoid risks.

After all, there is endless money to be made in the market.

When the money-making effect of the market begins to gradually weaken, the trend of individual stocks begins to gradually lose momentum.

Taking profit immediately to harvest profits is the correct approach.

Because at this time, the overall chip structure of the market is actually very messy. From the analysis of the chip structure, in this case, it is difficult for the market to force a sustained upward attack. "

"I agree with Manager Fang's opinion." Liu Xin said, "There is no need for us to take risks."

He was not a risk-seeker to begin with, nor did he have lofty ambitions. Now that the fund's performance has been completed, he was naturally unwilling to take risks.

Mou Zhengxing saw that the two leaders of the company agreed to continue reducing positions and taking profits.

After thinking about it, he could only nod his head in agreement.

At the same moment, in Magic City, Huaxin Securities’ proprietary investment department and E Fund Trading Department.

The manager responsible for the relevant main fund products saw the index briefly retracting and a number of heavyweight stocks began to fluctuate sideways again.

But it has adopted a trading strategy that is completely opposite to that of Xiniu Fund Company.

Asset management managers of these large institutions.

For the fund ranking at the end of the year, for the year-end rewards at the end of the year.

Even though many people have realized that it may be difficult for the market to rise, they have realized that the long-short differences in the popular main lines of "big finance", "big infrastructure" and "military industry" are indeed gradually increasing.

But in the face of the enthusiasm of Christians who continue to subscribe.

Facing the fund products that I am responsible for, there is a steady inflow of new subscription funds, and the more I add positions, the embarrassing situation is that the fund positions are getting lower and lower.

Or can we just continue to buy at high prices regardless of the risks and take over many heavyweight core stocks without any thought?

After all, for these public fund managers.

If you buy, the market goes up and you make a lot of money, then you are the bull, but if the market goes down, you can completely blame the market in the end.

In other words, as long as there is no problem with the basic logic of the bull market, and as long as the citizens are still subscribing continuously, then... no matter whether the market rises or falls, they will have a steady stream of bullets to cover their positions and continue to buy.

And due to the mindless buying and continuous high-level undertakings of these large institutional groups.

This also creates a short-term false prosperity for the market trend in disguise, causing countless retail investors who do not have high market awareness to follow the trend without thinking.

Of course, it is this kind of false prosperity and mindless following.

It supports the market at this position.

As a result, stocks with weak components in the industry sectors and concept sectors in the core main areas of 'big finance', 'big infrastructure' and 'military industry', although their capacity has been greatly increased, it is difficult for their stock prices to fall. This enables countless short-term and medium-term profit taking on the market to be safely exited.

As this long-short divergence continues to unfold.

Unconsciously, 11:30 noon arrived, and the two cities closed at noon.

After violent shocks, the Shanghai Stock Exchange finally settled on a 12% increase. Although this position has fallen a lot from its highest intraday point, it is still close to the high point before yesterday's intraday dive. That is, overall, , the Shanghai Stock Index is still in a strong upward trend.

As for the Shenzhen Stock Exchange Index, GEM Index, and Small and Medium Enterprises Index, there are several major indexes.

The mid-day performance was still weaker than the Shanghai Index.

As for the specific market performance of the two cities...

Overall, the entire market situation still revolves around popular main areas such as 'big finance', 'big infrastructure', 'military industry', 'sub-new stocks', and 'film and television media'.

Just compare the market trends of the previous few trading days, or the previous month.

The market performance of these major main lines still shows obvious signs of weakness.

But just like the trend of the Shanghai Stock Exchange Index, even though the breakthroughs of a number of heavyweight stocks and popular concept leading stocks in these major main areas are not as easy as before, the trend of stock prices is still in a volatile upward trend. That is to say, although the market trend has slowed down, it is still making breakthroughs.

Moreover, the trading volume of the two cities is still growing today, with the half-day trading volume reaching 550 billion.

Facing the closing situation of the two cities at noon.

Most of the investor groups inside and outside the market are quite satisfied.

After all, several major indexes were only slightly red in early trading, and it is not easy to achieve such gains as midday. What's more, today's securities sector, Internet finance sector, and sub-new stock sector are experiencing a full-scale market trend, and the market is also It's back to the familiar rhythm.

"The index is still breaking upward today. It's really tenacious."

After the market closed at noon, around 11:35, in the main fund trading room of Zexi Investment Company in Shanghai, Zhou Kan stared at the market of the two markets. After a brief review, he sighed: "Boss, the market volume is still increasing. Ah, depending on the situation, it may really touch the trillion-dollar turnover mark today.

Moreover, whether it is a group of popular mainline core stocks in the market or many concept leading stocks.

The turnover rate yesterday and today is not low.

Based on such a fierce turnover rate, there should be a lot of short- and medium-term profit taking on the market.

You said that the market will continue to fluctuate upward according to this kind of continuous upward trend, rising a little bit every day, and continue to move forward. At the same time, it will maintain a relatively active market profit-making effect. It is possible to completely clean out the profit-making market and change the overall chip structure. , to refocus and condense?

You said before that insufficient market volume and excessive profit taking may lead to continuous extreme adjustments in the market.

Watch now……

These two conditions are not very sufficient.

If the market follows a more radical trend and continues to fluctuate upward, gradually moving back towards the moving average, allowing the originally divergent technical aspects to improve again, and completing another round of transformation and adjustment of the chip structure, then there is a high probability that extreme Continuous adjustments will not occur.

And at this position, our strategy of reducing positions on a large scale and taking profits may be ineffective. "

When Xu Xiang heard Zhou Kan's words, he smiled and said, "Don't think too much. The situation you mentioned is basically unlikely to happen, and you need to look at the market completely. Many popular mainline heavyweight stocks, Although the stock prices of leading concept stocks are still at new highs today, the overall main capital inflows are weakening, and for many stocks, while the stock prices are rising, the main capital outflows are completely net outflows." (This chapter) over)

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