Rebirth of the Investment Era.

"Indeed." He Hong nodded slightly, "Compared with two or three months ago, the current investment sentiment in the market and the investment confidence shown are really different.

Especially after the stock index broke through 2500 points...

Whether it is the market turnover, the balance of the two financings, or the trends of the two main industries of 'infrastructure' and 'military industry', it is really imposing, either at new highs or on the way to new highs, as long as adjustments are made, the market will accept funds , will flow in continuously.

Looking at the situation, I feel that the 3000 points above should not be able to stop the Shanghai Stock Exchange Index.

At the same time, the market trend is centered on the two major industry lines of 'infrastructure' and 'military industry', as well as the main lines of the main concepts of 'Asia-Europe Economic Belt', 'New Era Road, Maritime Silk Road', and 'Reform and Reorganization of Central Enterprises and State-owned Enterprises' Style, with such a strong undertaking force in the market, should it be able to continue for a while, right? "

Xu Zhongji thought for a while and said, "It's hard to say. The main lines of these major markets are obviously increasing their volume today. From the analysis of the direction of the chip structure, it should be that some of the previously locked chips are retreating after taking profit. , but fortunately the power to undertake is still very strong.

In the follow-up, we should pay attention to these core popular main lines, after recovering today's intraday decline.

Can you continue to reduce the amount?

If the amount can be reduced, it shows that its internal bargaining chip structure, although the funds for taking profit and reducing positions are gradually withdrawing, the overall bargaining chip structure should still be stable. As firm as ever.

If in the follow-up market trend, these core main lines are moving upwards, they are still increasing in volume.

That means that its internal bargaining chip structure is indeed gradually disintegrating.

So... we also have to make corresponding strategic changes and carry out corresponding take-profit and retreat operations. "

"Mr. Xu thinks... Which direction will the follow-up trend of these popular core lines be more inclined?" He Hong thought for a while and continued to ask.

Xu Zhongji chuckled and said, "What do you think?"

"I think that these core popular main lines should still maintain the main upward trend and continue to open up the upside." He Hong said, "After all, the 'Asia-Europe Economic Belt', 'New Era Road, and the Maritime Silk Road' The medium- and long-term expectations of several major macroeconomic strategic developments, such as "road" and "restructuring and reorganization of central enterprises and state-owned enterprises", as well as the expectations of the entire "infrastructure" field under the economic stimulus policy of "big infrastructure" are still growing.

Under such circumstances, expectations are growing, sentiment remains high, and investment confidence is fully restored.

Then, in the market as a whole, there is still no major main line that can undertake these popular main line market conditions, and there is no other major main line that can condense a higher profit-making effect. Funds will still inertially converge on these major core main lines to undertake order making. "

"Hehe, not necessarily!" Xu Zhongji said, "Although the underlying investment logic has not changed for these major core lines, the medium and long-term expectations are still improving. They are all in a reverse situation.

However, after a consecutive quarter of the main upward trend.

With the accumulation of extremely heavy profits, without a reasonable correction, the upward pressure will only increase.

At the same time, although the line of "technological growth" has not yet shown that the adjustment is over, and the ability and traces that can undertake these major popular main lines have not been shown.

However, there are not no investment opportunities on other traditional main lines in the market! "

"Mr. Xu refers to... which field?" He Hong asked.

He did not see which traditional main line in the current market can compare with the two main lines of 'infrastructure' and 'military industry' in terms of future expectations. Mark of.

Xu Zhongji squinted his eyes and said, "What do you think of the line of 'big finance'?"

"Big Finance?" He Hong was stunned for a moment. He didn't expect that Xu Zhongji was referring to this main line. After pondering for a while, he said, "Currently, the banking industry is still in the stage of balance sheet reduction and internal asset structure adjustment. At the same time, it is foreseeable. The macroeconomic growth rate will also change from high-speed growth to high-quality growth, coupled with the rise of "Internet finance" institutions, the awakening of private capital financing channels, and the release of IPOs in the stock market... The banking industry should not have arrived at the moment. When industry fundamentals shift, and when expectations shift.

As for the insurance industry...

Although domestic reform measures in this area have been going on, the effect has not been very good, and there is no sign of change at present.

The last securities industry...

Thanks to the recent continuous excellent performance of the market, as well as the increasing balance of financing and financing, as well as the sharp increase in the turnover of the entire market.

Its performance in the second half of the year, as well as its expected performance, must have improved significantly compared with last year and even the first half of the year, but it is still uncertain whether this is a reversal.

At the same time, during this period of time, the main capital group in the market.

I also pulled the market of the 'securities' sector more than once, but did not form a consistent expected situation, nor did it attract the succession and continuous relay of the main capital groups of other parties, and the expectations were not recognized, and the consensus of funds could not be formed If there is no joint force, it will be difficult to produce a sustainable market.

What's more, affected by the past two years, the performance of the entire "big financial" sector was obviously weaker than that of the market.

And valuations that continue to be compressed.

In its entire main line area, the holding plate is extremely heavy.

The market cannot form a financial synergy in this direction, coupled with the obvious lack of confidence of the retail investor group in this direction, and the active hot money group in the market, they will never touch the "big financial" heavyweight stocks. These factors are superimposed...' It is basically unrealistic for the line of "big finance" to take over the current hot main market and gather the huge main force and speculation capital groups in the market in this direction.

On the contrary, in the direction of the financial branch line of 'Internet Finance', there are certain investment opportunities.

But this branch direction.

Also due to the early layout of the "Yuhang System" and the continuous speculation in the market on the concept stocks held by the entire "Yuhang System", the valuation level of this branch line and the corresponding core concept stocks have already left the so-called underestimation stage. Although in the medium and long term in the future, the expectation of this branch line is still good.

However, in terms of the overall valuation level, the cost performance of this branch line is obviously weaker than that of the main lines of the current market centered on 'infrastructure' and 'military industry'.

In addition, the overall distribution volume of this branch line is not large.

It is simply impossible to sustain the accumulation of funds in the core market of the major markets of 'infrastructure' and 'military industry'.

in other words……

The main capital groups of all parties inside and outside the market have been centered around the main lines of 'infrastructure' and 'military industry', as well as the concepts of 'Asia-Europe Economic Belt', 'New Era Road, Maritime Silk Road', and 'Reform and Restructuring of State-owned Enterprises' It is also a helpless move to hype and market the main theme.

After all, it is really impossible to condense the same hype sentiment and investment confidence in other main line directions.

Still can't open the market space. "

"Your analysis of the direction of 'big finance' is not bad." Xu Zhongji nodded slightly, responded, and continued, "But you have overlooked a very important factor, that is, on the macro level, the current currency liquidity , and the macro monetary policy, in fact, there is a possibility of turning.

As long as the macro monetary policy turns, it will change from the previous state of tightening money supply to the state of loosening money supply and even flooding again.

Then, the ecology of the banking industry has completely changed.

At the same time, the insurance industry is closely related to changes in the financial trading market.

Coupled with the continuous fiery market changes and the continued growth of the "bull market" expectations, the fundamental changes in the securities industry are actually predictable.

In this way... the fundamentals of the entire 'big finance' mainline area may usher in a reversal. "

"The shift in macro monetary policy?" He Hong heard Xu Zhongji pointed out that this key point that affects the mainline expectations of 'big finance', pondered for a while, and said, "Xu always expects that the central bank will further release currency in the short to medium term. Liquidity, in the form of lower interest rates, directly stimulates the macroeconomy and financial markets?"

Xu Zhongji said with a smile: "I think it is possible. After all, there have been two Fed interest rate meetings in a row, and the direction of the wind has changed. The central bank has obviously more cards. In addition, the market is growing rapidly amid economic growth. Financing needs, in order to stimulate the economy more, make the economy enter the recovery channel faster, and lower the market interest rate, it is absolutely necessary."

"If the central bank re-enters the easing strategy in terms of monetary policy, then the line of 'big finance'... the future expectations may indeed be reversed." He Hong pondered for a long time before responding, "President Xu still has a long-term vision , I didn't expect this to come out at all.

If the expectation of the 'big finance' line is completely changed, and the market's 'bull market' is expected to become stronger and stronger.

That is based on the size of the circulation of the line of 'big finance', as well as ample liquidity on the market.

It is indeed possible to perfectly undertake the current market hotspots of 'infrastructure' and 'military industry', and complete the high and low switching market trends of the core major lines.

that is……"

He Hong paused for a while, and then said: "In the current market trend, everyone has no confidence in the line of 'big finance', and has always been worried, unless everyone sees the central bank's action to lower interest rates, or It is said that the Shanghai Stock Exchange Index has completely broken through the 3000-point mark, and the bull market expectations have become clear.

Otherwise, the line of big finance.

I am afraid that it is still difficult to gather market investment sentiment and hype sentiment, open up a continuous market space, and attract continuous main capital inflows!

The so-called one step ahead of the market is a legend, and two steps ahead of the market is a martyr.

At present, we can only say that the main line of the market 'big finance' has the basic logic to become the core main line of the market, and has a certain probability of becoming the next core main line investment direction to replace the current popular core main lines such as 'infrastructure' and 'military industry'. , but it is not certain that the line of 'big finance' will be able to come out!
In summary...

In fact, the future expectation of the line of "technological growth" is also good.

It is that the performance of many core stocks has not kept up, and the internal bargaining chip structure has not been adjusted, so that the market has not been able to form a joint force in this direction.

But compared to the explosive potential and probability of the line of 'Big Finance', the line of 'Technology Growth' is still not weak at all.

If we act ahead of time and shift our positions to the direction of 'big finance'.

Afterwards, the market formed unanimous expectations and concerted efforts on the line of 'technological growth', so we...were quite passive. "

"Well, there is some reason for your worry." Xu Zhongji said with a smile, "There is no rush to adjust the position in advance. What we should do now is to carefully observe the changes in the market and see the next step of the market. From the 'infrastructure' Where will the funds retreating and selling on the core main lines of these major markets such as "Military Industry" and "Military Industry" gather? At the same time, we must also pay attention to the movement of the main force of the "Yuhang Department" at this stage.

The funds of the 'Yuhang Department'...

Recognized as the main funds of all parties in the market, it is the most intelligent market main funds.

When we can all perceive that the core main lines of "infrastructure" and "military industry" need to be adjusted to resolve the accumulation of excessive profit margins, and there are changes in the main line of high and low switching in the market, I believe it is impossible for the other party not to notice, even if they do not Knowing the other side's changes in the main line of the market, whether the "low" main line of high-low switching is biased towards the "big finance" or "technological growth" field, or other "big consumption" fields?
But no matter which main line he prefers, the capital volume of the 'Yuhang System' is tens of billions or hundreds of billions.

It is absolutely difficult for him to complete the position adjustment plan quietly in the market.

With such a large amount of funds, if you want to adjust positions on a large scale, you must show certain traces in the market.

What we have to do now is to keep an eye on the movement of this stock of funds on the market, to capture the other party's buying and selling trends and suspected traces of position adjustments.

After all, put aside the influence of market news and macroeconomics.

The position adjustment direction and the main market direction of the 'Yuhang Department' are also quite strong and important for intensifying market sentiment and investment confidence.

Wherever this main force moves its positions, it is very likely that there will be a change in the direction of the main line. "

"En!" He Hong nodded and replied with a smile, "I agree. At this time, we are waiting for further certainty in the market. Whether it is the top, or other low-level main lines condense the effect of making money and popularity continuously, then we can make corresponding investment strategy changes.”

While the two were analyzing the market and discussing the change of investment strategy...

Unknowingly, the market time has come to around 5:30 p.m., and the list of dragons and tigers in the two cities is announced. I can see that the hot money group is still quite active, and although the index has not risen much today, the market’s profit-making effect is quite strong. There are 48 stocks on the list.

Moreover, the entire dragon and tiger list.

The total amount of trading funds still shows a trend of substantial net inflows.

This proves that the overall amount of buying funds accepted by the market is still greater than the amount of selling funds.

Of course, through the data of the Dragon and Tiger List, it can also be seen that many popular stocks in the core areas of "infrastructure" and "military industry" have sold seats, and there are already heavyweight institutional seats, which shows that they are focusing on these core lines Under the influence of the sharp drop in the external market, the profit-making funds in the field indeed have the desire to take profits and reduce their positions.