Chapter 410 The Main Funds that Passively Sold Off!
I saw the two markets begin to beat as they stagnated.
What appears before everyone's eyes is almost entirely green. Nearly 2,000 stocks in the two cities, except for a few stocks that have been suspended and favored for resumption of trading, basically all opened at a low price. There is no red market in all industry sectors and concept sectors in the two cities. Out of the low open state.
Among them, as the most popular main lines in the early market, the conceptual sectors and popular core stocks in the two main areas of 'infrastructure' and 'state-owned enterprise reform' have not only lost their strong status in the early stage, but have shown significantly weaker performance than the market. Moreover, two popular core stocks, Beixin Road and Bridge and Beijiang Communications Construction, all opened with a one-line limit down. On the lower limit, both of them exceeded 100,000 closed orders.
"With this kind of collective bidding trend, the market is basically over today, right?"
At 9:16, at this moment in Yanjing, Chenghua Public Fund Company, in the main fund trading room, fund manager assistant Zhou Qiang said with emotion: "In the entire main line of 'infrastructure' and 'state-owned enterprise reform', there are actually 10 popular stocks. All four stocks opened at their daily limit, and even MCC, a core large-cap stock, opened lower by more than 5 points. The current selling force on the market is really terrifying. "
"Not only the main sectors of 'infrastructure' and 'state-owned enterprise reform', but other main directions of the market are also opening lower across the board." Fund manager Gong Tiancheng added, "Both the sand and mud are falling. This wave of 'IPO restart' is not only negative. Defeating the continuous rebound, the main lines of 'infrastructure' and 'state-owned enterprise reform' once created high market space, and also wiped out the market's expectations in other directions. "
"Fortunately, we reacted quickly and started to reduce our positions on a large scale the day before yesterday." Zhou Qiang breathed a sigh of relief and said luckily, "Otherwise...according to the intensity of the market's decline, in one or two days, we would have accumulated half of our stock. All the profits for more than a month were swallowed up.”
Gong Tiancheng nodded slightly and said: "If 2500 points are not broken, market expectations have been shattered, and all long-term sentiment has collapsed. This wave... the index may have to make a deep correction downwards."
"It shouldn't have much impact on us." Zhou Qiang smiled and said.
Gong Tiancheng responded: "Although it has little impact on the net value of our company's funds, it has a considerable impact on the later layout. This wave... has wiped out the market's bull market expectations. For at least several months, the market will I am afraid that the continuous profit-making trend of the past two months will not happen again. If we want to achieve a new breakthrough in net worth, it will be even more difficult to meet the performance goals set in the early stage. "
"Market changes are inherently unpredictable." Zhou Qiang responded, "I think as long as we control the retracement, we can outperform the market and the CSI 300 Index whether in the rising or falling stage of the market. That’s the best asset management manager in the industry.”
"I hope so!" Gong Tiancheng nodded.
In fact, they were able to reduce their positions in advance this time and avoid the market's collapse, which was partly due to luck.
After all, according to their original trading strategy, they wanted to wait for the Shanghai Stock Index to break through 2,500 points and market expectations to be met before properly cashing in profits and waiting for the index to break through and fall back to the buying point. As a result... the company's market news intelligence department got Second-hand news about the "IPO restart" spread from the self-operated asset management department of Huaxin Securities led them to change their trading strategies in time and avoid this plunge.
Therefore, Gong Tiancheng was not very excited about this kind of chance and luck.
Because changes in trading strategies like this are highly contingency, they cannot be copied at all and cannot help them avoid the next market risk.
If they become arrogant because of this, they will not work hard on market analysis and focus on the news.
It would be a fantasy to consistently outperform the CSI 300 Index.
"Based on today's market trend, Mr. Su from 'Yuhang Investment' probably won't be able to exit that easily, right?" Zhou Qiang paused and then said, "According to his exit chips on the dragon and tiger lists of the two cities yesterday, In terms of quantity, he sold 3 billion to 4 billion chips yesterday, and now he has almost 10 billion chips in hand, haha... It is said that Mr. Su is the stock god in the market. Whether buying or selling, he can accurately follow the pulse of the market, buy at a low level and sell at a high level. This time, he is afraid that he will miss. "
After the market turns into a unilateral short sentiment, the market's active buying volume may drop sharply.
At this time, in areas where selling volume and short sentiment are very concentrated, it will become extremely difficult for the main players with large funds to exit the market stably.
According to the funds of the 'Yu Hang Group', on the two main lines of 'infrastructure' and 'state-owned enterprise reform', the position level is tens of billions. At this time, the focus is on the buying volume on the two main lines of 'infrastructure' and 'state-owned enterprise reform'. Yes, it simply cannot support such a large amount of funds.
And, more importantly...
They are the two major trading seats of the ‘Yu Hang Series’, and their influence on the market is already quite huge.
This huge influence, when the market conditions are good, will give a huge upward thrust to the related stocks held by the "Yu Hang Group" funds.
But when the market takes a turn for the worse, all the funds on the market that are eager to get out of the market, in order to compete for the buying liquidity that is not much available on the market, and in order to worry that the "Yu Hang Group" funds will completely collapse the market, will rush to place orders at low prices. Being the first to hit the market and exit the market, the same... at this time, OTC funds with the intention of buying the bottom will also intentionally avoid the 'Yu Hang Series' related concept stocks, which will lead to the market liquidity of the 'Yu Hang Series' related concept stocks. further reduction.
This is also the reason why in the current market performance, the performance of stocks related to the concept of "Yuhang System" is far weaker than that of the market, and even leads the two markets to fall.
In other words, with a huge amount of main capital investment.
Zhou Qiang believes that the two major trading seats of the 'Yu Hang Department' have become a double-edged sword for the 'Yu Hang Department' itself, which means it is a bit of a cocoon.
"We can get inside information about the IPO restart in advance, why can't others?" Gong Tiancheng responded, "This Mr. Su from 'Yuhang Investment' was able to start from scratch and expand the company's asset management scale in one year. This situation is definitely not due to luck or luck.”
"Although this bad news broke out suddenly, the market turned around very suddenly."
"But I think...the other party must be prepared."
"Furthermore, the other party should be the first to deploy the main funds of the two main market lines of 'infrastructure' and 'state-owned enterprise reform' in this round of market. And if we seriously calculate it, this round of vigorous rebound market is basically He continued to make progress with the funds and influence he had. ”
“There is no doubt that the ‘Yu Hang Series’ funds are the biggest winners in this wave of market rebound.”
"As for whether the other party can reduce its position in time and realize profits, this actually has nothing to do with us. Even if the other party cannot reduce its position in time and is temporarily trapped in the market, based on the holding cost of their intervention, they will only lose some profits. It’s not harmful at all.”
"Okay, let's take a look at the trend results of collective bidding first..."
"If the market trend shows no resistance at all, then we may have to further reduce our positions."
"Yeah!" Zhou Qiang responded, and then returned his gaze to the trading boards of the two cities.
At this time, the time has passed 9:20, and the two cities have entered the real collective bidding stage where orders cannot be canceled, and the entire market... In the minute from 9:19 to 9:20, After a large number of funds with false orders were withdrawn, the scene that emerged was even worse than the initial call auction in the two markets at 9:15.
Not only are all industry sectors and concept sectors not in the red.
Even when ranked according to the gainer lists of the two cities, there are less than 80 stocks that are still in the red. The tragic situation is self-evident.
And as the main areas of "infrastructure" and "state-owned enterprise reform" where selling forces have gathered the most serious strength.
Not only did the 'Yuhang series' concept stocks that had been sought after by active funds from all walks of the market all open sharply lower, leading the decline in the two markets, other popular stocks also continued to fall as the call auction time went by, and even followed the market selling. The power continued to increase sharply, and the stock prices rushed towards the limit.
"As the main line area with the hottest market focus before, today it has become the sector with the heaviest selling and the most violent decline." At 9:21, inside the fund trading room of Zexi Investment Company in Shanghai, fund manager Zhou Kan Seeing the market trends of these two cities, I felt a little emotional and said, "It's really a 'wealth road' that succeeds and a 'wealth road' that fails. The whole market saw that the 'wealth road' appeared on the dragon and tiger list to sell seats, and instantly everyone It collapsed, and at a glance...the market was filled with crazy selling orders."
"'Fortune Road' only amplified the bad news in the market in an instant." Xu Xiang, who was next to Zhou Kan, added, "Without the selling and direction guidance of 'Fortune Road', the market would still fall, but it wouldn't be so violent all of a sudden. That’s all.”
Zhou Kan nodded slightly and said: "Mr. Su's 'Fortune Road' seat is really the market's natural long-short amplifier. Once you buy it, everyone will buy it, and if you sell it, everyone will sell it. Look at this situation...Mr. Su is so The large size of the position may have been buried under the influence of my own seat.”
Xu Xiang smiled and said: "I don't think so!"
"Isn't it?" Zhou Kan responded, "Looking at the market, it is obvious that... the 'Yu Hang Series' concept stocks in the main directions of 'infrastructure' and 'state-owned enterprise reform' have been more completely abandoned by funds. At the same time, these ticket markets The accumulation of profit margins is also the most serious. When it rises, it leads the rise. When it falls, it is afraid that it will also lead the decline. "
"The short-term trend of these stocks is definitely as you said. After the large-scale retreat of 'Fortune Road', it will not get better." Xu Xiang said, "But why do you think that the funds of the 'Yuhang Department' will be given by you?" Bury it in?"
"Mr. Su from 'Yuhang Investment' has an ability to speculate on market sentiment and make judgments that are basically obvious to everyone in the industry. According to their company's market information intelligence capabilities, although I cannot guarantee that they have obtained it in advance. The main institutions that received the news, but their timing of getting the news should not be behind us. "
"Moreover, the impact of the two major trading seats of 'Fortune Road' and 'Fusheng Road' on market sentiment."
"I think he himself should know better than us."
"If he hadn't already made a good response, he definitely wouldn't have exposed his two major trading seats on the Dragon and Tiger list. Even if bad news breaks out and they can't react, then on the most appropriate strategy to reduce their positions, We also need to avoid trading on the Dragon and Tiger List, not to mention that their holding costs are so low that there is no need to be so extreme.”
"With such extreme operations now, I guess he has almost reached the point of reducing his position, or... I'm not sure what other motives he has."
"We have already reduced our positions. Isn't this possible?" Zhou Kan said in surprise.
Xu Xiang smiled and said: "Why is it impossible? In early December last year, the two main market trends of 'mobile Internet' and 'smartphone industry chain' suddenly collapsed from the high point of speculation, and 'Wealth Road' appeared on the Dragon and Tiger List. Looking at it in hindsight, isn’t it the last appearance after the position reduction is in place?”
"But this time, it is a sudden bad news!" Zhou Kan said, "Before this, the market continued to break upward. Everyone was optimistic that the market would break through 2,500 points, and the market volume would continue to increase. There was no selling point in the entire market. Moreover, judging from the previous market, there is no sign of the 'Yu Hang Group' capital reduction."
Xu Xiang said: "This person's style is that he is always quiet when buying and selling his main positions. By the time you find his traces, it will actually be too late."
Zhou Kan carefully reviewed the movements of the ‘Yu Hang Series’ funds in the market in the past year.
But he had to admit that the other party's trading techniques and ideas were indeed the same as what Xu Xiang said.
"If he really escaped in advance, then Mr. Su is too powerful!" Zhou Kan paused and said, "Even sudden bad news can't lock this person away!"
Xu Xiang responded with a smile: "Looking at his efforts to influence the two main market trends of 'infrastructure' and 'state-owned enterprise reform', I have to admit that this person is a natural big money trader. Well... don't think about the other party's operations first. Thinking of it, continue to place an order to sell. The market has turned around. The two main lines of 'infrastructure' and 'state-owned enterprise reform', as well as the concept stocks of 'Yu Hang Series', have all been hit by huge selling prices. The important forces supporting the index have completely withdrawn. , collapsed, the market will not see better trends in the short term, and there is no need to keep our remaining positions in the two main directions of 'infrastructure' and 'state-owned enterprise reform.'
"Yes! Got it." Zhou Kan responded.
Then, he turned his head and quickly ordered the traders behind him to continue placing orders and sell regardless of the cost.
At the same time, in the Shenzhen Stock Exchange, inside Xiniu Fund Company, in the fund trading room of the company's main fund 'Manniu No. 1' fund product, fund manager Fang Xinsheng looked at such market trends, especially when he saw the two trends of 'infrastructure' and 'state-owned enterprise reform'. Stocks in the major main line areas, as well as the concept stocks held by the 'Yuhang series', have become the most important areas for market funds to sell off, and the brows are obviously frowning.
Due to the company's disadvantage in market information channels.
They didn’t get the news that the IPO was about to restart until 3:25 yesterday afternoon after the two markets closed.
Therefore, in terms of the 'position reduction strategy', there is basically no preparation and no time to respond in advance. Until now, it still maintains about 88% of the positions, and more than 75% of the positions are concentrated in 'infrastructure' and 'state-owned enterprise reform'. 'Two major market main lines.
In addition, there is a huge overlap between the constituent stocks of their fund and the concept stocks held by the 'Yu Hang Group'. Therefore... at the opening of the market today, they became the main party that suffered the most serious capital losses in the overall market decline. .
The collective bidding is not over yet...
The net value of the fund that Fang Xinsheng is concerned about has retreated by about 4.5% compared to yesterday's closing net value. Compared with yesterday's intraday high when the Shanghai Stock Index hit 2,500 points, the total net value has retreated by nearly 10%, returning to 5 on the net worth platform at the beginning of the month.
"Hey, I'm really not sure about this round of selling points." Seeing that the time was gradually approaching 9:25, and the general market trend continued to decline, Fang Xinsheng sighed helplessly and said, "Now we want to reduce our positions, don't we?" So easy, even if we can quickly reduce the position to a low-risk area, we will have to withdraw at least half of the floating profits we have worked so hard for the past two months.”
Mou Zhengxing, the head of the fund trading team, also replied helplessly: "The negative impact has caused the market to collapse too quickly. In addition, our fund's positions overlap and are too closely related to the stocks held by the 'Yu Hang Group'. It has completely become a "
"but……"
Mou Zhengxing paused and then said: "It's no wonder that our trading department has not kept up with market news, which has prevented us from responding in a timely manner."
"It's no longer useful to complain and shirk responsibility." Fang Xinsheng adjusted his mentality and said, "We can only look at how to make up for it and reduce retracements and losses."
Mou Zhengxing asked: "How should we do it?"
Fang Xinsheng was silent for a few seconds and responded: "The Shanghai Stock Index failed to go up to 2,500 points, and the market could not open up market space. Now the market's bullish sentiment has collapsed, and expectations have completely collapsed. There is no other way... except Decisively reduce positions immediately and reduce losses as quickly as possible.”
"The negative news has not yet materialized. If you hesitate at this time, think about waiting for the market's emotional rebound after a short-term oversold."
"I'm afraid the losses will be more serious."
"And the index is currently around 2400 points. At this stage, there is no expected support platform."
"The next support platform, everyone expects and agrees, is 2200 points, but the 2200 point position is still about 10% away from now. If the index falls by 10%, the decline of individual stocks, especially those in the field where the market is concentrated, may go straight to the 30% decline range."
"Sell..."
Fang Xinsheng paused for a moment and said firmly: "Regardless of the cost, take the initiative to sell at a loss, grab the only liquidity left on the market, sell as much as you can, and strive to reduce the position to less than 70% today."
"Okay!" Mou Zhengxing responded, and then quickly conveyed the order to all traders behind him.
And as his order was conveyed, the main funds, active hot money, and the majority of retail investors in the market at the same time almost unanimously sold.
The trading market of the two markets is in the call auction stage.
In the one minute from 9:24 to 9:25, it fell sharply again. Among them, the two main core sector indexes of "infrastructure" and "state-owned enterprise reform" all climbed to a drop of more than 2%, and before the official opening, the number of constituent stocks in the field that hit the limit had reached 11.
Finally, when 9:25 came, the call auction of the two markets ended.
The Shanghai Composite Index flashed for a moment and then stopped at 2371.12 points, a drop of 1.48%, of which the Shenzhen Component Index fell by 1.19% and the ChiNext Index fell by 1.23%. The three major indexes of the two markets all showed a trend of opening sharply lower, and the entire call auction trading volume of the two markets did not shrink at all compared with yesterday.
In addition to the indexes that opened sharply lower, industry sectors, concept sectors, and individual stocks.
Only the relevant sectors in the two core main lines of the market, "infrastructure" and "state-owned enterprise reform", led the decline, while "big finance" led the two markets with a smaller decline. The trends of other main lines and their related sectors all followed the index fluctuations, and the opening range was almost the same as the index.
In terms of individual stocks, the main concept stocks of "infrastructure" and "state-owned enterprise reform" that were heavily hyped by the market in the early stage.
All suffered a tragic setback today.
The most popular core stocks in the two markets, such as Beixin Road and Bridge, Beijiang Jiaojian, Shanghai Sanmao, Shanghai Construction Engineering, and Shibei Hi-Tech, all opened in the form of a one-word limit down, and popular mid- and large-cap stocks such as China Metallurgical, China Construction, China Fortune Land Development, Kumho Group, and Gemdale Group all opened more than 5% lower.