Chapter 336 Adjust the Warehouse Building Process!

While he was waiting, at 9:15, the call auction of the two markets began.

After seven consecutive days of suspension, the market opened higher in all aspects with good external trends. All main lines and major industry sectors showed signs of post-holiday funds rushing to buy.

Facing the call auction trend that was obviously stronger than expected, Su Yu did not make any move.

In his opinion, in a weak downward trend, the stronger the call auction trend is, the more dangerous the market's next trend will be, because in the continuous downward trend, "high opening is a selling point" has almost become a consensus among all parties in the market.

In addition, the market is now in a stock game with continuous liquidity depletion.

In the face of the consensus selling orders, there is not enough incremental funds outside the market to take over, so as to stabilize the stock price and sentiment.

This leads to a pattern that the high opening will inevitably be under pressure and the trend will inevitably dive.

Therefore, facing the market opening higher than expected in the call auction, and the serious shortage of positions in the entire ‘Yuhang No. 1’ and ‘Yuhang No. 2’ funds, he did not feel nervous at all, and was not in a hurry to increase his positions at this position.

In an extremely weak downward trend...

A sudden rebound in sentiment is not a buying point. On the contrary, when the market encounters a major negative, the market falls sharply, and the mood collapses, it is the real buying point.

While he was thinking, time quickly slid from 9:15 to 9:20.

All industry sectors still maintained a high opening trend, among which the communication, electronic information, computer and other industry sectors led the rise, while the "big financial" sectors such as banks, securities, and insurance lagged behind; among the various concept sectors, the "network security", "smart city", "mobile payment", "Internet finance", "Apple concept" and other concept sectors related to the two core main lines of "mobile Internet" and "smart phone industry chain", led by the GEM and SME board constituent stocks, showed a leading position in the two markets, and the funds rushed to buy related hot stocks.

Seeing that the active funds in the market are still wandering around the two core main lines of the emerging industries of "mobile Internet" and "smart phone industry chain", and there are no new concept sectors and main line concepts in the entire market, Su Yu knew that this market would not have any continuity.

After all, the two core main lines of "mobile Internet" and "smart phone industry chain"

Many related hot stocks, although they have adjusted drastically and fallen a lot since the market peaked in early December, have very limited room for continued speculation in the period of locked-in positions and expectations that have been fully raised, when the expected logic of performance growth in the new year has not been fulfilled.

In other words, last year's market explosion and performance growth have been reflected in the stock price.

And converted to this year...

For these stocks, if they want to continue to advance at a high level, they must prove that the performance of the explosion is sustainable.

Only when the logic of sustainability is confirmed, can these stocks be valued according to the logic of growth stocks.

And only then can they support their PE of more than 100 times.

Otherwise, if we simply follow the logic of concept speculation, then at this moment, when the liquidity of the entire market continues to decline and the locked-in positions in the market are stacked, these core hot stocks related to "mobile Internet" and "smartphone industry chain" that have been hyped several times in the early stage will have even less value to participate in.

In short...

In Su Yu's opinion, at this moment, the two main lines of emerging industry concepts, 'mobile Internet' and 'smartphone industry chain', do not have the opportunity to end the adjustment and lead the market again, whether in terms of timing or spatial position, and cannot generate a dynamic and sustained market.

As he pondered, time passed by.

Finally, when 9:25 came, the call auction of the two markets ended.

The Shanghai Index, Shenzhen Index, and ChiNext Index all opened higher, among which the ChiNext Index opened nearly 1% higher and re-stood at 1,100 points.

In addition to the index...

The two main core concept stocks of 'mobile Internet' and 'smartphone industry chain' that led the two markets, such as Tianyu Information, Shanghai Steel Union, Changliang Technology, Shuobei, Anjie Technology... A large number of stocks, opened higher by more than 1.5%, significantly outperforming the ChiNext Index.

Facing the overall high opening of the index and the entire call auction, funds were clearly rushing to buy.

Throughout the market, many investors who are still paying attention to the stock market and staying in the market on major online stock forums where retail investors gather, have begun to be optimistic again.

"During the Spring Festival, the US stocks rose by almost 3%. Should the market make up for the rise today?"

"Looking at the market call auction trend, the intensity of today's attack is indeed very high. It should be okay to keep the index in the red without asking for a big rise?"

"Yes, the requirements are not high, just a good start!"

"Don't say a good start. On New Year's Day, the market was one-sidedly bullish. It was said to be a good start, but... after the index opened high, it continued to fall."

"This time is different..."

"What's different?"

"On New Year's Day, the market was obviously in a downward relay. Now, the market has reached the bottom!"

"What do you mean by bottom, bottom?"

“Looking at the moving averages of the index trend, since the decline in early December, all major indexes have been in a unilateral downward trend, and have long been seriously oversold. Now the major indexes are far away from the moving averages. According to past history, In this case, the trend of the index will definitely return to the moving average.”

“Furthermore, the Shanghai Stock Index has now reached around 2050 points, almost touching the bottom of the previous box shock between 2000 and 2200 points. The valuations and stock prices of core industry sectors such as large finance, real estate, and infrastructure that support the Shanghai Stock Index have all declined. It has reached a new low and is near the historical extreme value. How can it fall further?”

"No matter what, we can't be bearish here!"

"I hope I can really get off to a good start. Hey, I thought the market would be good this year. Judging from the first two months, I'm afraid it will be even more difficult than last year!"

"It is recommended that you don't look at the Shanghai Stock Exchange Index. Traditional industries have no growth expectations for a long time. The future... will be dominated by the GEM!"

"Yes, regardless of the market selling pressure or future expectations, the GEM does have much more potential than the main board. Looking at the call auction situation today, it is true that the GEM and small and medium-sized boards are stronger than the main board."

"From now on, the core of the market will be the logic of 'growth' rather than the logic of 'core assets'."

"It means that Internet Speed ​​Technology, Huaqingbao, Changqu Technology, LeTV, etc. can still be purchased?"

"It should be possible! The strong will always be strong, and these votes have almost been cut in half in the past two months, and the adjustments are indeed very sufficient."

"Hey, I think it's better to take a look before talking about it."

"I always feel that the index will never break 2,000 points again."

"Is this the end of Wuliang? It should be safe once the volume of the two markets can shrink again to less than 50 billion."

Amid everyone's discussion, 9:30 came and the two cities officially started trading...

I saw that under the temporary recovery of sentiment, at the beginning of the session, the major indexes continued to rise high under the trend of opening higher. Among them, the concept sectors related to the two core main concepts of 'mobile Internet' and 'smartphone industry chain' , and its popular stocks, still lead the gainer lists of the two cities.

However, the heavy floor holdup plate.

With the index holding high and beating high, when there was a short-term lull in receiving funds and a slight dive, the prices suddenly fell like frightened birds, and they smashed the market one after another and poured out.

So, when the time entered after 9:45.

That is, when the market's time-sharing trading volume begins to gradually decline, the diving range of the major indexes that are held high begins to expand rapidly.

And then...when the time crossed to 10 o'clock.

Several major indexes have dived from the high platform into the water, changing from rising to falling.

As the index turned from rising to falling, the sentiment that had briefly recovered collapsed again, and the entire market fell back into a downward trend.

Seeing the market opening high and diving, a good start has turned into a "bad start".

Su Yu smiled, stood up from the computer desk in the office, and walked towards the company's fund trading room.

Arriving at the company's fund trading room, looking at the traders who were quietly watching the market, and listening to the occasional sound of the keyboard, Su Yu asked Li Meng, "How is it? There was no aggressive increase in positions in the early trading, right?"

Li Meng looked up and saw that it was him, and responded with a smile: "The two funds still maintain a low position operation trend. Without your instructions, no one will naturally increase their positions aggressively, but the index is near the 2050 point. It feels like there isn’t much room to go down. Most of our positions have been vacant for so long, so it’s time to take action, right?”

"What are the current net values ​​of the two funds and the available funds?" Su Yu continued to ask.

Li Meng replied: "The net value of the 'Yuhang No. 1' fund is 1.025, the capital scale is 4.107 billion, and the available funds are 3.536 billion; the net value of the 'Yuhang No. 2' fund is 1.57, the capital scale is 7.812 billion. Due to the participation of the No. 2 fund in Lixun Precision's 1.5 billion For the fixed increase, 1.5 billion of funds have been locked, so the available funds are only 5.532 billion.”

"In which direction is our current main position?" Su Yu continued to ask.

Li Meng took stock and said: "The two funds currently hold a total of 2.851 billion chips. Of course, if we do not count the 1.5 billion chips that Lixun Precision has locked for sale, the number of sellable chips we hold is around 1.351 billion, of which The main direction of holdings is the blue-chip stocks that we have discussed before in the core sectors of military industry, real estate, and state-owned enterprise reform, as well as the remaining positions in a small number of core stocks in the 'mobile Internet' and 'smartphone industry chain.'

"Let me take a look!" Su Yu replied.

Then, he sat down in front of his usual computer next to Li Meng, logged into the fund's backend management account, and counted the specific holdings of the two funds.

It can be seen that military industry, real estate, and state-owned enterprise reform are all industry leading weights within the sector.

The holding stocks in the direction of 'mobile Internet' and 'smartphone industry chain' have been adjusted to 'Oriental Fortune, Tonghuashun, Hengsheng Electronics, Yinjie Shares, Huake Financial, and Jinzheng Shares, as he had previously instructed. ' and other Internet financial stocks, as well as leading stocks in the film and television media industry such as 'LeTV.com and Enlight Media'.

"It feels like the market has not made any movement in the direction of real estate, military industry, and state-owned enterprise reform!" Li Meng said when Su Yu checked the specific holdings of the fund, "The news of the loosening of real estate, state-owned enterprise reform, military industry reform, and restructuring has been out for more than a day or two, but it has not caused any waves in the market. It seems that there is no main capital to do this. The entire market, active funds are still around the "mobile Internet" and "smartphone industry chain". The main board direction is still weak."

"The news is out, but the opportunity for the market to explode has not arrived!" Su Yu responded, "The market index and sentiment have not bottomed out, and there are no clear event signals. The storm in this direction of the entire market is still brewing. When can all aspects resonate and explode? We know that before that, all we can do is wait patiently and gradually enter the warehouse to ambush. "

"As long as the policy stimulus, the expectations in these directions are changing rapidly."

"Then the market explosion in this aspect is a matter of time. We don't need to rush. As for trading, before making a choice, 99% of the time, we are waiting."

"Yeah!" Li Meng nodded, "Do we need to speed up the pace of entering the warehouse? We still have more than 8 billion available funds. According to the current intraday trading volume of this market, if the market comes too fast, we should not be able to react, and... even if the index continues to adjust downward, it will not exceed 10% at most. We gradually increase our positions and buy, and we can withstand this retracement range. "

Su Yu pondered for a while, thinking that what Li Meng said made some sense.

The index is already near 2000 points. Although the market adjustment has not yet reached the end, it is already the end.

The downward space is limited, but the opportunity for upward reversal is constantly approaching. At this time... if the fund still maintains the lowest position, it is indeed inappropriate.

"Speed ​​up!" Su Yu said, "But before we complete the position building, we still have to avoid the Dragon and Tiger List, and it is not advisable to cause too much stock market fluctuations."

Li Meng smiled and said, "I understand this, don't worry!"

As she said, she began to issue instructions to the two groups of traders to accelerate the increase of target stocks.

According to the daily turnover of the entire market, which is less than 70 billion, they have to quietly complete the conversion of fund positions from the minimum position to the full position, which will take at least 20 trading days, a month.

As Li Meng discussed with Su Yu, the position building process of the company's main fund was adjusted.

In the next ten trading days, the Shanghai Composite Index has been hovering between 2000 and 2050 points, moving sideways towards the deviated moving averages, and the trading volume of the two markets has continued to shrink to about 50 billion during this period, making the entire market truly trapped in a liquidity dilemma. Even many marginal stocks have a daily trading volume of less than 2 million, and are completely trapped in a situation where no one buys or sells, and no one trades, causing the funds trapped in the market to be unable to go out. Seeing this situation, the off-market funds do not want to come in at all.

Then, when time moves to the end of February...

When the holding water level of the "Yuhang No. 1" and "Yuhang No. 2" funds returns to the 70% water level.

On February 27, Huaguo Petrochemical suddenly suspended trading and issued an announcement that it plans to introduce private capital to achieve mixed operation. So far... the news has detonated the market and opened the grand prelude to the theme of "state-owned enterprise reform"!