Rebirth of the investment era

At 9:31, there is only one minute left before the opening bell.

The 'Blue Stone Reload', which opened sharply lower, quickly hit the limit and fell to the limit again.

At the same time, the stock price of 'Huake Shuguang' is also approaching the limit in a flash, and there are also nuclear power and military sectors that are strongly related to the stock of 'Blue Stone Heavy Equipment', such as 'Fushun Special Steel, Dchain Heavy Industry, China Airlines Heavy Machinery, and Hongdu Aviation , aerospace development...' and other related stocks that followed the trend also fell rapidly and plummeted one after another.

At 9:32, the 'Military Industry' industry sector index fell 75% during the day, with heavyweight stocks in sectors such as China Airlines Shenyang Aircraft Co., Ltd., China Airlines Xi'an Aircraft Corporation, Aviation Power, Northern Navigation, Huaguo Heavy Industry, and Huaguo Shipbuilding. , have reached a drop of more than 5%, especially the stocks of the 'Yu Airlines' series that were once determined by a lot of funds in the market, such as 'China Airlines Shenyang, China Airlines West, and Aviation Power', their disk declines are even higher. In just two minutes, it fell by more than 5%.

At 9:33, in the market, the concept stocks held by the 'Yu Hang Group' continued to fall rapidly. The index of the concept sector 'Fortune Road Concept Stocks held' showed a sharp decline of 56%. The corresponding stocks in the entire concept sector, It was sold wildly by the main funds in the market.

At 9:34, the securities sector index fell by about 5% during the day.

At 9:35, the ‘Internet Finance’ concept sector index fell by about 5%.

At 9:36, the two major weighted sectors of banking and insurance fell by about 5% during the day. At the same time, the four major weighted sectors of the "big infrastructure" main line area of ​​'building decoration, building materials, commercial real estate development, and non-public transportation' The index's intraday decline also expanded to more than 5%.

At 9:37, "Huaxin Securities" exploded to 2 billion in just 7 minutes. At the same time, the stock price continued to fall during the day, with the market drop reaching 73%.

At 9:38, after struggling near the lower limit for 8 minutes, ‘Huake Dawn’ closed the lower limit at this moment, completely losing its previous strong momentum.

At 9:39, ‘Great Wisdom’ fell by 5% during the day, leading the decline of ‘Oriental Fortune, Flush, and Great Wisdom’, the three musketeers in the Internet financial sector.

At 9:40, the Shanghai Stock Index's intraday decline expanded to 13%.

At 9:41, the A50 index's intraday decline expanded to 3%.

At 9:42, the check for 'Yingkou Port' suddenly collapsed. The entire 'Eurasian Economic Belt', 'Northeast Revitalization', and 'China-Japan-Korea Free Trade Zone' concept sectors suffered heavy losses. Correspondingly, Stocks with the same concept were affected by the stock price trend of Yingkou Port and plummeted one after another.

At 9:43, the two checks of "Shanghai Sanmao and Shanghai Steel Union" plunged deeply.

At 9:44, the "Shanghai Free Trade Zone" concept sector plunged 33%, and the corresponding early popular stocks in the sector plummeted across the board.

At 9:45, the ‘sub-new stocks’ sector index fell 2%.

At 9:46, the volume of "Huaxin Securities" reached the 3 billion mark, and the intraday decline expanded to 3%.

At 9:47, 'Huaguo Construction' plunged 21%. At the same time, the check of 'Huaguo MCC' showed a straight diving trend, with an intraday drop of about 6%.

At 9:48, the stock price of Oriental Fortune expanded to 33% during the day.

At 9:49, the intraday stock price decline of 'Flush' also expanded to more than 5%.

At 9:50, the three infrastructure-heavy stocks with the prefix "Hua" - China Railway, China Railway Construction, and China Communications Construction - showed a synchronized straight-line diving trend, and their intraday losses expanded to more than 4%.

At 9:51, the check of 'Huagong International' showed a flash crash trend, and the intraday decline suddenly expanded to 7%. At the same time, the two stocks of 'China North Locomotive and Rolling Stock Corporation' and China South Locomotive and Rolling Stock Corporation's stocks fell simultaneously, and the market fell. , have expanded to more than 4%, and have not regained the strong momentum in the early stage.

At 9:52, the check of 'Hua Ke Financial' experienced a flash crash, with an intraday drop of about 7%. The one that came from behind became the leading stock in the 'Internet Finance' sector, which was very active.

When the corresponding stocks of 'Huake Financial, Shanghai Steel Union, and Great Wisdom' crashed, front-line stocks such as 'Hengsheng Electronics, Changliang Technology, and Tianyu Information' also rose relative to the lagging market. Stocks that have not been significantly hyped are relatively resilient at this time.

Of course, it's not just these stocks that are showing more resilience.

The entire "big consumption", "non-ferrous metal cycle", "petrochemical industry", "mobile Internet", "smartphone industry chain" and other main areas.

A number of stagnant stocks that are at historical stock price levels.

At this time, they all behaved more defensively.

In other words, at this time, the real panic effect selling mainly occurred in the early support market breakthroughs of 'big finance', 'big infrastructure', 'sub-new stocks', and 'film and television media'. In the past month or so, they have successively The corresponding concept stocks and weight stocks that have skyrocketed.

At 9:53, ‘Western Securities’ fell by 7% during the day, and the leading brokerage showed signs of collapse.

At 9:54, the 'Securities' sector index's intraday decline expanded again, reaching 12%.

At 9:55, the intraday declines of several popular stocks in the securities sector, including Xiangcai Securities, Harbin Investment Capital, and Hua Investment Capital, also expanded to more than 5%.

At 9:56, ‘Great Wisdom’ lost the main buyer’s funds, and the stock price quickly fell to the limit.

At 9:57, ‘Great Wisdom’ sealed the limit before everyone could react.

At the same time, under the influence of the stock price of "Great Wisdom" hitting the daily limit, the two stocks of "Flush" and "Oriental Fortune" also suddenly fell rapidly, showing a flash crash trend that could rapidly expand in volume.

At 9:58, the stock price of Flush fell, touching a 7% drop on the day.

At 9:59, the stock price of Oriental Fortune also fell by 7%.

At 10 a.m., the 'Internet Finance' sector index fell during the day and expanded to the position of 335. Other conceptual sectors related to the entire 'mobile Internet', such as 'network security', 'mobile games', 'domestic software', and 'Internet software' Application'... and other concept sector trends have shown obvious and serious deviations.

At 10:01, software stocks such as "Huaguo Software, 2345, Wangsu Technology, LeTV, Inspur Information, Inspur Software, Ren Zixing..." bucked the trend and turned red.

At 10:02, the capital groups fleeing from the main areas of 'big finance' and 'big infrastructure' began to intervene in the low-level 'Apple Concept' sector on a large scale, and drove the 'Everwin Precision' check. At this moment , lightning sealed the daily limit upward.

At 10:03, driven by the daily limit of ‘Changying Precision’.

Related stocks such as Goertek, Ofilm Technology, Anjie Technology, Xinwei Communications, Shuobed... have shown rapid rises with volume.

However, because the check of 'Leixun Precision' was affected by the trend of the concept theme sector of 'Fortune Road Holding Concept Stock', not only did it not have a strong counter-trend rebound trend, but it was promoted by a number of Apple concept stocks. Still going down steadily.

At 10:04, in the main line of "big consumption", Qianzhou Moutai rose rapidly.

At 10:05, the white goods concept sector also moved again. The three giants of home appliances, such as "Gerry Electric, Midea Electric, and Haier Electric," all saw rapid rises, explosive growth, and an obvious upward trend against the trend. .

At 10:06, in the sluggish 'petrochemical' sector, stocks such as 'Wanhua Chemical', 'Lehman Petroleum', and 'Petrochemical Oil Services' experienced sharp gains.

At 10:07, stocks such as Shanxi Coal, Shenhua Coal, and Pingmei Energy in the 'coal' sector showed signs of rising against the trend. Among them, Pingmei Energy bucked the trend and rose by more than 1%.

At 10:08, in the ‘pharmaceutical’ sector, there were signs that major funds were focused on raising funds.

At 10:09, in the automotive sector, stocks such as Shanghai Automotive Industry Corporation, Great Wall Motors, BYD, Huaguo FAW, Huatong Bus, Changan Automobile, Guangdong Automobile Group... showed signs of rising against the trend. Among them, 'Huaguo FAW' FAW' bucked the trend and surged 3%.

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At 10:10, the Shanghai Stock Index began to rebound slightly after falling to its lowest level of 96%.

At 10:11, the A50 index also stopped at a 3% decline and began to gradually recover.

At 10:12, the index of industry sectors and concept sectors such as securities, banking, insurance, Internet finance, architectural decoration, building materials, non-public transportation, commercial real estate development, film and television media, sub-new stocks, national defense and military industry, etc., There was a brief recovery.

At 10:13, the intraday trading volume of ‘Huaxin Securities’ reached 5 billion. At the same time, the stock price fell back to 79% during the day.

At 10:14, the stocks of the three giants of home appliances, Gerry Electric, Midea Electric, and Haier Electric, surged by more than 5%, driving the concept sector of "white goods" to rise by more than 1%, becoming one of the two cities. Among the concept sectors, the concept sector leads the gains.

At 10:15, the automobile industry sector index turned red.

At 10:16, the major industry sectors of food and beverage, retail, automobile, home appliance manufacturing, pharmaceutical and commercial, coal, and animal husbandry have all achieved red and upward growth. Among them, the three major industries of automobile, home appliance manufacturing, and food and beverage sector, leading the gains in both cities and other industry sectors.

At 10:17, amidst the "high and low switching" of numerous financial groups in the market, the Shanghai Stock Index's intraday decline was reduced to less than 5%, and the three major industry sector indexes of securities, national defense and military industry, and film and television media, which had originally led the decline, also reduced their losses from More than 4% has been reduced to between 3% and 75%.

At 10:18, the share price of Shanghai Automobile Group rose by more than 2%.

At 10:19, the three major liquor stocks, Qianzhou Moutai, Wuliangye and Luzhou Laojiao, saw their intraday gains expand to 1%.

At 10:20, ‘Haixin Food’ suddenly hit the daily limit in a straight line.

At 10:21, "Haixin Food" sealed its daily limit, and the food and beverage sector was once again further attacked and scrambled by major financial groups.

At 10:22, the intraday trading volume of "Huaxin Securities" increased to about 6 billion.

At 10:23, the securities sector's decline rebounded to around 5%. At the same time, the intraday decline of the 'Western Securities' check rebounded to around 5%.

At 10:24, the "Yingkou Port" that had been closed to the lower limit suddenly opened the lower limit.

At 10:25, in the entire main line of 'big infrastructure', many sector trends have diverged to a certain extent. The commercial real estate development sector, as well as the 'steel' and 'machinery equipment' sectors, have begun to gradually pick up and strengthen, together with 'building decoration, construction Materials, non-public transportation...' and other core sectors widened the gap in decline.

However, as the market's "high-low switching" trend becomes more and more obvious, the main financial groups in the market have clearly begun to shift from active offense to active defense.

The ‘Fortune Road Position Concept’ sector, which had been favored and pursued by various funds in the market for more than a month in a row, continued to suffer brutal losses from various funds.

At 10:26, the Shanghai Stock Index's intraday decline reduced to less than 2%.

At 10:27, there are more and more industry sectors and concept sectors in the red market. Even the most vulnerable, the main line of 'big finance' with a net outflow of main funds reaching more than 4 billion in the past hour, is now gradually having many The stocks that were stagnant in the early trading began to rebound sharply, recovering from the early panic and killing the market losses, and gradually turned red and rose.

"It seems that the market is going to 'switch between high and low', and the financial attack path and morphological changes from aggressive attack to conservative defensive state are becoming more and more obvious." At around 10:30 a.m., Yan Jingyi Inside He Capital Company, in the main fund trading room, Gao Xiang, as the leader of the company's fund product trading team, stared at the changes in the two markets, turned to fund manager Chen Yihe and said, "Mr. Chen, we should follow the 'high-low switch'. This idea of ​​switching from aggressive offense to defense has changed the position."

As the company's main fund product manager, Chen Yihe looked at the main areas of 'big finance' and 'big infrastructure', which were still very weak, and the main funds were still showing a large outflow trend. He sighed helplessly and said, "What do you think... …Shouldn’t we continue to stick to the two main areas of ‘big finance’ and ‘big infrastructure’?”

Gao Xiang also sighed softly and said: "I don't think it is necessary to stick to it. The main funds of the 'Yu Hang Group' have reduced their positions and stopped profits on a large scale. At this stage, there should be no main funds that dare to continue to pull up the 'Big The two core main lines are finance' and 'big infrastructure'.

After all, everyone knows...

In the hands of the core major institutions of the 'Yu Hang Group', they are betting heavily on the two main lines of 'big finance' and 'big infrastructure', holding more than 200 billion in chips.

With such a large scale of chips, it has been determined that the chips are loose.

Before the main force of the 'Yu Hang Group' has completely sold out its chips and has not decided to continue to lock up the two main chips of 'Big Finance' and 'Big Infrastructure', who dares to catch this flying knife.

At this time, although the future expectations of 'big consumption', 'non-ferrous cycle', 'mobile Internet', 'smartphone industry chain'... these main areas are still lower than those of 'big finance' and 'big infrastructure' It's a bit worse, but the chips in these main areas are clean and the stock prices are generally low.

Since the chip structure of the two main areas of ‘big finance’ and ‘big infrastructure’ has been loosened.

So, under the premise that the bull market pattern of the market has not changed much and the underlying logic of the bull market is still solid, the funds withdrawing from the main areas of 'big finance' and 'big infrastructure' in the market will inevitably move towards these relatively certain expectations. , stock prices are very low, valuations are cheap, and areas with clean chips are gathered.

In this way... At this time, we really no longer need to stick to the main areas of 'big finance' and 'big infrastructure'.

It can be clearly predicted.

In the short to medium term, the three major institutions of "Yuhang Group", "Big Finance", "Big Infrastructure", and "Military Industry" have been continuously speculated in the early stage without clearly announcing their exact positions. The core main line will definitely not be able to outperform the major main lines of 'big consumption', 'non-ferrous cycle', 'mobile Internet' and 'smartphone industry chain' that are already showing signs of reversal.

Especially in the main line of 'big consumption'...

If the macro-economy is to recover, it will be impossible without the assistance of the core line of ‘big consumption’. "

"Okay!" Chen Yihe saw that the current market performance has indeed formed the situation that Gao Xiang said. At the same time, the main institutions of the 'Yu Hang Group' have large-scale operations in 'big finance' and 'big finance'. The operations of reducing positions and taking profits in the main areas such as infrastructure and military industry have also become a fact. In other words, at this time, it is indeed meaningless to continue to stick to the original trading strategy. I couldn't help but ponder for a moment and responded. , "Then follow the strategy in your mind and make timely position adjustments!"

Gao Xiang saw Chen Yihe and agreed.

He couldn't help but nodded quickly, and immediately ordered the traders to adjust their positions quickly according to his own ideas.

Similarly, at this moment, many investment institutions and many core major institutions in the industry are seeing that the market has indeed begun to move out of the 'high-low switch' situation, and that the two core main lines of 'big finance' and 'big infrastructure' have loosened their chips, while 'big consumption' has become loose. ', 'Mobile Internet', 'Smartphone Industry Chain' and other low-level main areas are indeed frantically absorbing the main financial groups active in the market. They are also moving in this direction like 'Yihe Investment Company'. Adjust positions.

However, these people feel that market buying can support the index at this position.

And there are a group of major financial groups who feel that the market's "bull market" logic has no problems, or in other words, a large number of retail investors who are relatively optimistic in the market.

It is still too optimistic to estimate the market's profit-taking selling pressure and the market's selling sentiment.

I can see that many major funds have been trying to boost 'big consumption', 'non-ferrous cycle', 'petrochemical industry', 'mobile Internet', and 'smartphone industry chain' through adjustment for a long time. The chip structure is relatively good, and there is basically nothing. The main line of profit-taking is to take over the strong selling pressure on the market from the main line areas of 'big finance', 'big infrastructure', 'military industry', 'film and television media', and 'sub-new stocks', and want to achieve the smoothness of the main line market. Switch and stabilize the index.

At 11:09 a.m., the two cities were about to enter the last 20 minutes before closing at noon.

'Western Securities', which was unable to make an upward attack, suddenly turned down again and showed a flash crash trend again. It was crushed by the continuous large sell orders of thousands of hands and was crushed to the limit.

It was affected by the limit drop of ‘Western Securities’, a popular heavyweight stock in the securities sector, and leading stocks.

The related industry sectors and concept sectors in the main line fields such as 'big finance', 'big infrastructure', 'military industry', 'film and television media', and 'sub-new stocks', which were originally slightly stabilized, and their corresponding popular concept stocks and heavyweight stocks, have gradually Panic concentrated selling occurred again, and the corresponding stock prices, industry sector indexes, concept sector indexes... once again exploded and plummeted at a more violent speed than at the beginning of the market. (End of chapter)