Rebirth of the Investment Era.

After Liu Yuan's report, Zhu Tianyang also hastily responded: "Our 'Yuhang No. 2' fund position has also been reduced to about 60%. Among them, the main line of 'big infrastructure' stocks that have already experienced obvious market pressure and upward pressure , we have also completed the lightening operation.

It's just that for the field of "big infrastructure", core stocks that are still setting new highs in the market, and receiving funds are still pushing up strongly, opening up new upside space.

We also maintained a firm idea of ​​holding shares and did not make any moves to reduce positions. "

"Okay!" Su Yu responded, turned his gaze to Zhao Lijun and Wang Can, who were in line with the trading operations of the 'Yuhang No. 1' fund, and asked, "Where is your trading team?"

Zhao Lijun glanced at the background data, and responded: "The progress of our trading team's reduction in operations is similar to that of 'Yuhang No. 2' and 'Yuhang No. 3' fund products, with low liquidity and no longer sustainable growth. We have already reduced or cleared positions for stocks that hit new highs, and the current overall fund position is around 55%, of which the main investment line of 'Internet Finance' accounts for 18% of the position."

"Not bad!" Su Yu praised with a smile.

"What about the net value performance of each fund product?" After Su Yu asked about the position results, Li Meng asked again.

Liu Yuan responded: "In the past two weeks, although the main line of the "big infrastructure" and the Shanghai stock index have continued to break through upwards, our fund is actually in an operation strategy of continuously reducing positions and taking profits, and the net value performance has not exceeded There are too many trends in the corresponding core sector index of 'big infrastructure', and the net profit of our 'Yuhang No. 3' fund in the past two weeks has increased by about 15%, outperforming the Shanghai index by 6.73%."

"The net profit of our 'Yuhang No. 2' fund product increased by 15.23%, and the basic difference is not big." Zhu Tianyang responded.

Zhao Lijun glanced at the backstage of the main control computer, and said: "In general, our 'Yuhang No. 1' fund product has a slightly smaller amount of funds and a relatively more concentrated position, so in terms of net profit performance, it is slightly better than that of 'Yuhang No. 2' fund products." Yuhang 3' and 'Yuhang 17.49' funds are better, and their net profit in the last two weeks has increased by 10%, barely outperforming the Shanghai stock market by nearly points."

Su Yu was quite happy to hear this result.

Thanks to this period of time, the Shanghai stock index rose after breaking through 2500 points.

Comparing the three main fund products, when the net value and holdings of constituent stocks were announced to the market not long ago.

Now the net profit value of the three main fund products has generally increased by about 30% compared with when it was announced. The overall asset size of the three main fund products has reached about 650 billion.

At this time, calculate the asset size of the 'Yuhang No. 4' fund product.

Even without counting the asset management scale of several major funds acquired by the 'Anzhao Fund', the four major fund products of their company can almost touch the 1000 billion mark.

"Very good!" Su Yu said with a smile, "Everyone, keep going!"

"Master, since we have gradually lowered the position weight of the main line of 'big infrastructure', at this time... for the reduced positions, can we add the main line of 'big finance' that will intervene in our subsequent planned positions?" Liu Yuan thought for a while and asked, "It's better to reserve cash first, and wait until the main line of 'big infrastructure' is exhausted, and when the main line of the market changes, then we will make a large-scale incremental increase in the direction of 'big finance'." warehouse?"

Su Yu looked at Zhu Tianyang and Zhao Lijun, and saw that they both had such doubts in their eyes at the moment.

After thinking about it, I couldn't help saying: "You can use the positions and funds freed up by the reduction to gradually increase your position in the direction of 'big finance', but when buying, control the pace, don't buy when the big rise is big, and buy small when the rise is small. Buy big if it does not go up, and buy big if it goes down small, and if there is an obvious and huge correction in the direction of "big finance", then you can intervene on a large scale.

In short, in the process of adjusting positions to the main line of 'big finance'.

Don't be in a hurry, and don't be afraid.

What kind of opportunity we have, what kind of trading strategy we use.

Of course, in this process, it is still necessary to keep the positions of the main fund products within the 80% position line. "

Su Yu pondered for a moment, and continued: "Currently, the main line of the market centered on 'big infrastructure', investment sentiment and hype sentiment, have been operating in depth for a period of time in an extremely hot range. At the same time, other main lines of investment in the market The field, at present, can't attract much money.

There are also incremental funds for continuous follow-up outside the market.

In the past two days, for many fringe stocks with main-line concepts, the selling pressure on the market has increased significantly, and they have not been able to further set new rebound highs and new annual highs.

The willingness to chase after these funds that have followed up one after another seems to be weakening.

It's just that under the climax of emotions, these subtle risks and market changes were subconsciously ignored by many investors for a while.

However, market trends are always objective.

No matter how beautiful the story is, it cannot be without twists and turns, and it is impossible for a strong tree to grow directly to the sky.

The follow-up will continue to evolve as the market continues.

With the interior of the main line of "big infrastructure", this sign of capital is becoming more and more obvious.

Then, I was able to resist the urge to sell before, and I am afraid that the large amount of short-term profit-making funds that have been locked up and held in chips will be poured out on a large scale, and the operation of reducing positions and taking profits will be carried out.

And when the market's willingness to continue chasing higher funds has been greatly reduced, and other market mainlines are unable to absorb much fresh blood, it is obvious that once there is a concentrated sell-off in the "big infrastructure" field at this time, the following undertakings Funds cannot support this kind of sell-off.

And once the funds can't bear this kind of profit selling.

Then the market trend of the entire market, as well as the switch of the main line market, will have a high probability of changing.

At the same time, through the observation of the traces of the current market trend, I estimate... the time for this kind of change should almost come.

So, don't worry.

The Shanghai stock index will not hit the 3000 mark in one breath.

In the next evolution of the market situation, there must be a time for the market to fluctuate and pull back, and that is... that is when we increase our positions in a large scale, change the main line of investment, and take a heavy position in the field of "big finance", and take advantage of the size of funds in our hands. When the main line of the market is switching from high to low, when the main line of investment "big finance" is pulled out. "

"Well, I also have this feeling." Li Meng replied, "The line of 'big infrastructure' has basically been rising rapidly in the past two weeks to create a short-term rising platform top. This main line has room for short-term upward movement. , after the market sentiment has been deduced to this situation, there should not be much.

At this time, once the stock index suddenly rises, it encounters extremely strong resistance.

A lot of profit-making funds that should be gathered on the main line of "big infrastructure" will sell chips and carry out profit-taking operations. "

"So we have to reserve at least 20% of the liquidity of the position to deal with the short-to-medium-term peak of the main line of 'big infrastructure', and the main line market switching operation when the market undergoes corrections and shocks, right?" Liu Yuan turned her eyes and said I fully understood the meaning of Su Yu's words, "Master, the 20% of the reserved liquidity is for us to pull the market after we finish building the chips of the main line of 'big finance', right?"

Su Yu smiled slightly and said, "Basically, I was thinking..."Big infrastructure" is the main line of market investment. After the short-to-medium term peaks, the market wants to switch the main line. If we don't give deliberate guidance, many main players will Funds should still go back to the line of 'technological growth'.

If the market is really on the line of 'technological growth', a joint force will be formed.

That is quite detrimental to our macro investment strategy.

Therefore, we must reserve part of the liquidity to stimulate the corresponding mainline market at key market nodes, and pull out the effect of continuous profit-making, so as to quickly gather investment sentiments that are beneficial to our mainline. "

"Understood!" Liu Yuan, Zhu Tianyang, Zhao Lijun, and Wang Can all nodded.

Afterwards, each trading team and the person in charge of each fund transaction began to continue to follow Su Yu's strategic policy to reduce the position of the main fund, take profit and adjust the position to buy.

And at the same time...

As a wholly-owned acquisition of "Yuhang Investment" company, it is inside the company of "Anzhao Fund".

In the trading room of the main fund, Qin Qiuyue stared at the main line sector index corresponding to the concept of "big infrastructure" and related industry sector indexes, which were still setting new highs, but her brows were slightly frowned, her eyes were full of surprise and surprise, and at the same time A trace of regret.

"This market...isn't it too crazy?" Qin Qiuyue sighed and said, "It's just going from one extreme to another!"

They were also heavily invested in the main line of market investment, "big infrastructure".

But since it was acquired by 'Yuhang Investment', in the communication with Su Yu, it was also after the explosive growth of asset management scale of several main funds of 'Anzhao System'.

In terms of trading strategies, they no longer have the bargaining chips to continue to increase their positions in the direction of "big infrastructure".

At the same time, during this time.

Their main energy and focus are all on the main line of the market 'big finance'.

However, due to the recent market trends, the trend of the main line of the "big finance" market is still far behind the performance of the market, while the main line of "big infrastructure" continues to hit new highs.

In a word, it is the main fund products they manage.

The recent net profit performance did not outperform the market at all, which made Qin Qiuyue quite depressed.

"This is the famous emotional interpretation process of A-shares!" Zhou Hui smiled lightly, but her mood was much better than Qin Qiuyue's. "However, when such an emotional climax is reached, the market trend in the short and medium term should be about the same."

Qin Qiuyue gave Zhou Hui a white look, and said, "I remember you said the same thing last week."

"Such a large-scale mainline market will peak in the short and medium term. There must be a time process." Zhou Hui responded, "I still stick to my point of view. At this time, the main line of 'big infrastructure' is only for shareholders. It is definitely not an investment opportunity for later pursuers."

Qin Qiuyue said: "I don't doubt this. After all, the main line of the market is 'big infrastructure'. During this period of time, it has risen so fast to this stage. It is impossible not to sell internal profits. It's just that everyone is waiting for the market sentiment. There is no way to advance, and it is expected to be further filled, and it is only when the high-level undertaking of funds is obviously exhausted.

only……

I am worried, why has there been no movement on the line of 'big finance'?

During this period of time, the main funds in the field seemed to have tried to pull the market of the main line of "big finance" a few times, but every time they pulled the market, the results were all chicken feathers, and there were very few retail investors and main funds following the trend. . "

"The market's expectations in the direction of 'big finance' are obviously not enough?" Zhou Hui said, "there is also the core line of 'big infrastructure', which has a too strong siphon effect on the active capital groups in the market. The line of "big finance" is ugly, and it cannot gather a sustained profit-making effect. The entire market, and other traditional investment lines, are actually going very ugly. On the surface, they are basically dragged by the stock index and have no initiative. .”

Qin Qiuyue nodded slightly, and said, "That's right, hey... We are still a little too early in exiting the investment strategy of the 'big infrastructure' line."

"Who would have thought that the emotions of the 'big infrastructure' line could ferment like this?" Zhou Hui said, "However, in the financial trading market, no one can accurately buy the bottom and escape the top time and time again. ' and 'Military Industry', the two main lines, have made money and enjoyed the most lucrative profits, then it's almost the same, now... mainly depends on the line of 'Big Finance', in the follow-up market performance, How did it play out."

"How do you think it will be interpreted?" Qin Qiuyue asked, "There will be the two main lines of 'infrastructure' and 'military industry'. Is there such a crazy trend in the past six months?"

Zhou Hui thought for a while and responded: "I don't know, whether there will be a crazy trend of the two main lines of 'infrastructure' and 'military industry' depends on whether the broad investor groups inside and outside the market have firm expectations of a 'big bull market'." Well, if the market expectations of the "big bull market" can penetrate into the hearts of investors, and can be firmly endorsed by major institutional groups and regulators, then as the pioneer sector of the bull market, I think the flexibility of the line of "big finance" It is still possible to surpass the performance of the two main lines of 'infrastructure' and 'military industry' in the past six months.

But... If you want to replicate the grand bull market in 06 and 07.

Based on the current volume of the "big financial" sector in the two cities, I think it is basically impossible.

Even if the trading volume of the Shanghai Stock Exchange Index exceeds one trillion in a single day, it may be difficult to form the grand occasion of 06 and 07, but anyway...

As long as the 'bull market expectations' are determined, and the vast majority of investors have such expectations.

At the same time, the Shanghai Stock Exchange Index can strongly break through the 3000-point barrier.

Then, in the direction of "big finance", I believe that there must be a big market. On this point, didn't Mr. Su make it very clear?I think...we still have to firmly believe in President Su's judgment. "