Rebirth of the Investment Era.

Xu Xiang pondered for a moment, then said: "There should be some clues in the after-hours ranking."

"Then now..." Zhou Kan thought for a while and asked, "How should we respond? Keep a static position and wait and see what happens, or take advantage of the huge divergence in the market to buy some high-quality stocks that were killed by these two main funds." Concept stocks with low-priced chips, further increasing the overall holdings of our fund?"

"and……"

Zhou Kan paused, and continued to ask with some curiosity: "Boss is optimistic about the overall trend of the market. After this wave of huge differences, in which direction will it shift? Return to 'infrastructure', 'military industry', Should the core lines of 'Internet Finance' continue to break through in the direction of 'small and medium-cap growth concept stocks'?"

Xu Xiang smiled, and did not answer directly, but asked instead: "What do you think? At this stage, how should we operate in terms of trading strategy?"

Zhou Kan pondered for a while, and replied: "From the perspective of hype logic and expectation logic, the line of "growth stocks" on the small and medium-sized board and the ChiNext board, except for the heavy positive stimulus from the news, the industry's fundamental expectations have obviously occurred. The changed field of "film and television media", the other two core themes of "Internet software" and "Internet application", compared with the main themes of "infrastructure", "military industry" and "Internet finance", are almost meaningless, at least in the medium and long term The hype logic and expected logic are not that strong."

"It's just because of the lines of 'infrastructure', 'military industry', and 'Internet finance'."

"From the bottom of the market after the Dragon Boat Festival to now, the market has continued to rebound for a period of time. The relative position is currently significantly higher than the market average level. It detonated the short-term hype sentiment of the main line of "growth stocks" on the small and medium-sized board and the gem, and siphoned a large amount of active funds originally gathered in the main lines of "infrastructure", "military industry" and "Internet finance."

"This has resulted in the loosening of the bargaining chip structure of the current main lines of 'infrastructure', 'military industry' and 'Internet finance', which are obviously weaker than the general trend of the market."

"But really, looking beyond market sentiment..."

"The hype logic and expected logic of the lines of 'infrastructure', 'military industry', and 'Internet finance' have not changed, while the main lines of 'Internet software', 'Internet application', and even 'smartphone industry chain' have not changed. The missing hype logic and expected logic have not changed."

"This shows that the market's hype on the "growth stocks" line of the small and medium-sized board and the GEM is purely purely emotional hype caused by the follow-up sentiment and the overflow of follow-up funds after the "film and television media" line exploded. , the persistence is not very strong.”

"After all, pure emotional hype like this."

"Once the profit-making effect and hype sentiment of the 'film and television media' line has dropped slightly, the follow-up sentiment and capital spillover effect that spread to the entire small and medium-sized board and the GEM's "growth stocks" route will also quickly weaken. Without the continuous enhancement of follow-up funds and sentiment, it will be quite difficult for the line of "growth stocks" on the small and medium-sized board and the ChiNext board to continue to open up space and further expand the internal profit-making effect."

"Because the stock price goes up, both the circulation and the overall market value will expand."

"Similarly, the funds needed to support the stock price, as well as the hype sentiment, will be more, and it will be more intense."

"But it is very obvious that there is no medium- and long-term solid hype logic and anticipation logic. With emotional hype alone, as the stock price rises, it is basically inevitable that the hype sentiment will decline and the funds will decline."

"In other words, the line of "growth stocks" on the small and medium-sized board and the gem, under the corresponding lack of medium and long-term hype logic and expected logic, with the passage of market trading time, if there are no other major positive stimulus The current market, fundamentals, and news analysis show that the trend will only get weaker and weaker."

"However, look at the core lines of 'big infrastructure', 'military industry', and 'Internet finance'."

"These main lines, although the current trend is a bit weak, and the discrepancies are not small, but the overall valuation, industry fundamental expectations, good news, future performance expectations... and other investment factors, as well as the broad investor groups in the market for these The recognition of investment logic, looking at the entire market, is basically the only one in each main line and industry sector.”

"There are so many relatively good investment factors and underlying investment logic, as well as the degree of recognition of these investment logic by the majority of investor groups."

"Then, as long as these lines are adjusted, there will be a slight profit-making effect."

"It can quickly accumulate the market's hype sentiment in this direction, and it can also quickly attract a large number of follow-up capital groups in the market to gather in this direction."

"in other words……"

"Although 'infrastructure', 'military industry', and 'Internet finance' are the most popular lines in the early stage, the current trend is relatively weak, but they have the potential to continue to break through. That is to say, after the short-term adjustment of the chip structure is completed, the trend will be It has the expectation of getting stronger and stronger.”

"What's more...according to the data of the dragon and tiger list in the market after the Dragon Boat Festival."

"The majority of investors in the market, and most of the participants, know that the main funds of the 'Yuhang Department' have obvious heavy positions in the main lines of 'infrastructure', 'military industry', and 'Internet finance'. At least its main positions must be within these major areas."

"With the support of the main capital of Yuhang's 'Wealth Road' seat; with the support of extremely strong investment expectations and hype logic that have not changed; with the adjustment of the bargaining chip structure and the clearing of a large number of profit margins, the upward pressure is getting lighter and lighter Blessing... If you look back, how do you look at it, how do you think that the opportunities of the main lines of 'infrastructure', 'military industry', and 'Internet finance' are obviously greater than those of 'Internet applications', 'Internet software', and 'smart phones' The main line of these so-called "concept growth stocks" in the industry chain."

"Of course, the market of the line of 'film and television media' is a bit different."

"After all, the good news on this main line can really change the fundamentals of the industry. At the same time, the support for the development of the industry is also unprecedented. Therefore, this line, I think, is related to 'infrastructure' and 'military industry'. , 'Internet Finance' these lines have the same logic, you can continue to take a closer look."

"But on the whole, in terms of the development of the main line of the market, whether it is biased towards the Shenzhen stock market or the Shanghai stock market..."

"I still think that the probability of the subsequent development of the main line of the market, which is biased towards the Shanghai stock market, is obviously much greater."

"Let's not talk about the investment and hype logic of the mainline market just now, just talk about the establishment of the confidence of the majority of investors in the market, and the effect of the upward breakthrough of the Shanghai Index is obviously greater than that of the Shenzhen Index, the ChiNext Index, and the Small and Medium-sized Board Index. Much more."

"Like last year's market movement..."

"Even though the ChiNext Index has almost doubled, the Shanghai Index has not moved much, and it still has not fully activated the upward momentum of the market, and failed to attract a large number of investors outside the market to enter the market, thus bringing more to the market. incremental funding."

"This proves that focusing on the deep index, the ChiNext index, and the small and medium-sized index for market development will never get rid of the current situation of the game of stock funds, and cannot form an actual breakthrough in the market. It is also a dead end to speculate in the sky, and it is not beneficial to the breakthrough of the overall market.”

"However, the boss also said before..."

"It means that the regulators are quite dissatisfied with the current market trend."

"They need a grand bull market, and they need to attract a large number of off-market investors to enter the market, so as to provide huge incremental funds, so as to penetrate the financing channel of the secondary market, so that the stock market can better serve the real economy."

"So, no matter from the macroscopic analysis of the direction of the regulatory authorities, or the specific market mainline investment logic and hype logic analysis, the market mainline market changes, and the probability of shifting to the direction of the Shanghai Stock Exchange Index and the main board is mostly the probability."

"As for the current trading operations..."

When Zhou Kan said this, he thought carefully for a moment, and then continued: "To be more radical, we will continue to take advantage of the differences in the market, and take advantage of the core concept stocks of 'infrastructure', 'military industry', and 'Internet finance'. Falling into adjustment, further bargaining chips into these stocks, increasing the position in the direction of the core main line of the Shanghai stock market, and then waiting for the direction of the main line market, after the current huge divergence, return to the previous main line."

"To be conservative, it is to wait and see."

"Wait for the opportunity on the right side when the market expectations converge again after the huge divergence in the market."

Xu Xiang listened carefully to Zhou Kan's analysis, smiled, and said: "Although from all aspects, the probability of the market's main market continuing to turn back to the Shanghai stock market is indeed much higher, but the market will follow the trend of the small and medium-sized board, There are really a lot of main buying funds gathered in the direction of growth stocks on the GEM.”

"Also, you forgot one thing..."

Xu Xiang stared at the changes in the two markets with sharp eyes, and reminded with a smile: "It is because the majority of investors in the market are basically aware of the heavy positions of the main fund products of the 'Yuhang Department', which are in the 'infrastructure', "Military industry" and "Internet finance" are the three main directions, so there are not small variables in the direction of the main market."

"Why?" Zhou Kan was slightly taken aback when he heard Xu Xiang say that, and became a little confused again.

Xu Xiang's eyes remained unchanged, and he responded: "Just like our thinking in short-term operations, let's use the main line of the industry's full-scale market explosion under the impact of the 'film and television media' as an example. If this main line, there is a A stock with a relatively pure concept, at first glance, is in line with hype factors in all aspects, but there is a huge main force that has already ambushed in this stock in advance, what do you think will be the follow-up trend of this check?"

Hearing this, Zhou Kan already understood, and said: "There is a high probability that no other major funds are willing to touch this stock, and the follow-up trend of this stock will depend on the main funds lurking in this stock pulling the market by themselves." , otherwise it can only follow the fluctuations of the market, there will be no independent market trend, and it will not be created as a leading concept stock as the main market."

"That's right!" Xu Xiang nodded slightly, "The overall market value of the lines of 'infrastructure', 'military industry', and 'Internet finance' can accommodate a lot of hype funds, but the current' The funds of the Yuhang system are in the tens of billions!"

"Funds of this size are lurking on these main lines."

"Other main funds who want to follow up will somewhat hesitate while pulling up the market and building the market."

"In other words, if the three main lines of 'infrastructure', 'military industry', and 'Internet finance' are compared to a stock with hype factors, then the funds of the 'Yuhang series' are what I just said lurking here. In a stock, the huge main force hinders the trend of this stock."

"I once said that the seat of 'Fortune Road' is influential."

"For the gradually growing 'Yuhang System' funding system, it will most likely be a double-edged sword."

"Now, this double-edged sword has already started to bite back at himself after Mr. Su of the 'Yuhang Department' has turned his holdings into a well-known bright card."

"Even though the various hype factors and investment expectations of the main lines of 'infrastructure', 'military industry', and 'Internet finance' are good, when the major financial institutions that guide the development of the main line of the market are concerned about these few There are concerns about participation in the main lines, and these main funds that have concerns will deliberately avoid these main lines and open up new hype territories."

"After all, there are so many main lines of speculation and speculation to choose from in the market, there is no need to stick to the lines of 'infrastructure', 'military industry', and 'Internet finance' to speculate."

"So, I said that although from all aspects of analysis, the probability of the market's main market trending towards the Shanghai stock market is higher, but under the guidance of the main capital groups who are unwilling to give the 'Yuhang' funds a lift, the main line market is biased towards the small and medium-sized board. , the direction of "growth stocks" on the GEM, and eventually form a continuous pattern of "weak Shanghai and strong deep" is also possible."

"Then we now..." Zhou Kan's heart tightened when he heard this, and he understood the danger of the market trend under the calm water, and asked, "How should we adjust the position structure and trading strategy?"

Xu Xiang thought for a while, and said: "The overall level of our fund's positions should be kept constant first, and we will not rashly increase or decrease positions. In terms of specific position structure, there are several items of 'infrastructure', 'military industry', and 'Internet finance'. The position chips on the main line can be properly removed from the weak and retain the strong, that is, to reduce the holdings of weak stocks, and then add the reduced positions to the corresponding strong stocks. Of course... overall, we still maintain positions in one direction The weights don't change."

"and……"

"Temporarily avoid the 'Yuhang series' heavily held stocks that have played their cards on the Dragon and Tiger List."

"At the same time, on the line of 'growth stocks' on the small and medium-sized board and the ChiNext board, on the premise that the overall position weight remains unchanged, positions should be concentrated."