Chapter 504 The Choices of Major Institutions (I)!
"Yeah!" Qin Qiuyue nodded, "It seems that the market trend has changed."
Zhou Hui responded: "Indeed, affected by the continued hot hype in the main line of 'film and television media', all low-level 'growth stocks' on the entire small and medium-sized board and GEM have followed suit, and a number of main-line concepts in the direction of the main board have exploded. And the core component stocks basically did not move much and did not follow the market trend at all. Especially in the lines of 'infrastructure', 'military industry', and 'Internet finance', many popular stocks did not rise but fell. "
"but……"
Zhou Hui thought for a while and then said: "Simply relying on the relatively low-level concept stocks of small and medium-sized stocks such as the Small and Medium-sized Board and the Growth Enterprise Market will not be able to stabilize the Shanghai Stock Exchange Index at 2,300 points, right?"
"And once the Shanghai Stock Index cannot stand the pressure of 2,300 points, it will continue to rise."
"The investment confidence of countless investor groups inside and outside the market, especially those who are hesitant in the first place, may not be completely established. In this way, if the market wants to usher in continuous incremental funds to take over the market, I am afraid it will be too It’s not optimistic anymore.”
"You want to say that this wave of rebound in the direction of the small and medium-sized board and GEM is not sustainable, right?" Qin Qiuyue looked at Zhou Hui with a smile, "You also want to say that the Shanghai Index is at 2300 points, I'm afraid it will Any more repetitions?”
Zhou Hui nodded and replied, "Don't you think so, Mr. Qin?"
Qin Qiuyue thought for a while and said: "Judging from market feedback, the 'big infrastructure' line that previously supported the Shanghai Index's upward breakthrough does have obvious signs of adjustment. At the same time, there are indeed no obvious signs of adjustment in other sectors in the main direction. There are signs of a market outbreak, and it is unable to take on the sluggish market trends in the 'big infrastructure', 'military industry', and 'Internet finance' lines, thus supporting the market upward. "
"That is to say, the Shanghai Stock Exchange Index is afraid of repeated judgments at 2,300 points. I agree."
"but……"
Qin Qiuyue paused for a while and continued: "Whether the market trend of the 'growth stocks' line of small and medium-sized board and GEM is sustainable, it shouldn't be obvious at the moment, right?"
"If the Shanghai Stock Exchange Index cannot truly break through and stand firm at 2,300 points, and if the main lines of 'infrastructure', 'military industry', and 'Internet finance' are adjusted, the small and medium-sized board and GEM's 'growth stocks' line will be able to get out of the independent market. "Zhou Hui insisted on her opinion, thought for a while, and continued, "Judging from the market trend, the current market situation is still a game of stocks, and the 'growth stocks' line of small and medium-sized boards and GEM are being speculated. The logic is not strong. Once the hype caused by the 'film and television media' sector wears off, I think it will most likely be difficult to continue its market trend."
Seeing Zhou Hui's firm eyes and confident face, Qin Qiuyue knew that she was quite confident in her analysis and judgment, so she couldn't help but smile and said: "So, do you think we...should stick to 'infrastructure' and 'military industry' In the main sector, wait patiently for the market trend to return to the direction of the main board after the hype in the "growth stocks" direction of the small and medium-sized board and GEM has exhausted?"
"Yes!" Zhou Hui nodded in response, "Relying solely on the amount of money in the market, the market can only produce partial trends, and can never form an effective upward breakthrough. If you want the market to form an effective upward breakthrough, it must be big. Only by attracting off-site investors and incremental funds on a large scale.”
“And if we want to attract off-market investors and incremental funds on a large scale...”
"The simplest and most direct way to build investment confidence is to reflect the trend of the Shanghai Stock Exchange Index, the most important index in the market."
"In other words, only when the Shanghai Stock Exchange Index makes a sharp breakthrough trend can it attract the entry of off-market investors and incremental funds, and can the market trend form a virtuous cycle and a long-term upward trend."
"To lead the index to a breakthrough, it is obvious... with the size of the 'growth stocks' line of small and medium-sized boards and GEM, and its ability to drive the overall market, it is simply impossible."
"So, I make a bold guess... When the wave of speculation in small and medium-sized concept stocks triggered by 'film and television media' wears off, the main direction of the market will definitely return to 'infrastructure', 'military industry', and 'internet finance' Several main lines are the core direction.”
"at the same time……"
Zhou Hui paused for a moment, glanced at the smiling Qin Qiuyue, and continued: "In terms of position weight, our fund products have already been invested in the two lines of 'infrastructure' and 'military industry'. Now we are going after the small and medium-sized boards." , the popular main line of GEM 'growth stocks', it is obviously too late, and it is difficult to turn around and adjust positions. "
"In this case... we might as well hold positions patiently and wait for the market trend to reverse, so as not to radically adjust positions and get slapped in the face on both sides."
When Qin Qiuyue heard this, she nodded slightly and said: "No matter how sustainable the hype in the 'growth stocks' line of small and medium-sized boards and GEM is, at least you are right about one thing, that is, since we missed the best yesterday The time to intervene is that it is indeed inappropriate to follow the trend and pursue positions now. It is better to be still than to move. Since the basic speculation logic and future expectation logic of the two core main lines of 'infrastructure' and 'military industry', as well as the important component stocks of our positions, currently There are no major changes in fundamentals or expectations, so just follow what you said, hold positions patiently, wait and see the market, and wait for changes!”
"Yeah!" Zhou Hui nodded and turned his attention back to the trading boards of the two cities.
At this time, the market trading time has moved to 10:15. The overall market trend is still shifting towards the SME board and the GEM "growth stocks". The "infrastructure", "military industry", and "Internet finance" core main line areas in the early stage, whether related industry sectors, concept sectors, or related core concept stocks, still show a weak trend, and such as China Metallurgical, North Frontier Communications, Gemdale Group, Shanghai Construction Engineering, Conch Cement and other component stocks, the active selling volume is still increasing with the times.
At 10:21, with the market trend becoming more and more obvious, the Shanghai Composite Index fell all the way to 2295 points, and the increase was reduced to about 0.27%.
At 10:25, the core concept stock of the "infrastructure" main line field, "North Frontier Communications", hit the limit price directly under the concentrated selling pressure of many profit-taking plates.
At 10:26, Beijiang Jiaojian hit the limit down, with a daily turnover of 278 million.
At 10:28, under the influence of Beijiang Jiaojian's limit down, short-term profit-making funds, as well as funds that were not firm in holding positions in the main line of "big infrastructure", accelerated their escape from the weak main line of "big infrastructure". At the same time... when a large amount of funds fled the field of "big infrastructure", "mobile games", "Internet software", "Internet applications", "Apple concepts" and other main line concept sectors and industry sectors that tended to the SME board and GEM began to rise rapidly, and the sector index rose further.
At 10:30, when the market trading time reached one hour, the gap between the Shanghai Index and the GEM Index widened to about 1.25%. The performance of the two major markets of Shanghai and Shenzhen can be described as ice and fire.
At 10:32, after a brief adjustment, the GEM Index and the SME Index rushed to the 1.5% increase mark.
At 10:35, the stock of Huaguo Software went straight up and hit the daily limit. The entire "Internet Software" and "Internet Application" industry sector indexes also experienced a rapid explosion. The sector index rose to about 2.3%, and the net inflow of main funds within the sector also increased rapidly.
At 10:38, the sector index of "Film and Television Media", the core industry sector with the highest market attention, rose to about 4.2%. All the constituent stocks within the sector, except for Oriental Fortune and several stocks that were hit by obvious negative factors, all achieved red market rises.
At 10:42, within the "Film and Television Media" sector, Huace Film and Television, Wasu Media, Phoenix Media, Boshi Communication, Shengda Media, Zhejiang Digital Culture, Yanjing Culture, Wentou Holdings, Ciwen Media, LeTV, Huayi Brothers, Guangguang Media... and other core concept stocks all achieved daily limit. The entire "Film and Television Media" industry sector broke out a daily limit wave, and the money-making effect and capital following sentiment were pushed to the extreme.
At 10:44, driven by the sentiment of the surge in the price limit of ‘Film and Television Media’, active funds in the market further poured into small and medium-sized concept stocks, driving the growth of the two major indexes of the SME Board and the ChiNext Board, which refreshed the intraday highs and stood at the 1.75% increase mark.
At 10:45, at the moment when the two major indexes of the SME Board and the ChiNext Board refreshed the intraday highs, the Shanghai Composite Index still hovered around 2295 points, and could not break through 2300 points again and stand firm.
At 10:46, after the stock of ‘Beijiang Jiaojian’ was abandoned by a large number of funds, ‘Shanghai Construction Engineering’, a popular leading stock in the field of ‘infrastructure’ in the early stage, was also abandoned by funds on a large scale. The decline in the market instantly expanded to 7%, and there was a trend of limit down. At the same time, the demon stock ‘Beixin Road and Bridge’, which performed extremely well in April and May, was also suddenly abandoned by funds collectively, and there was a trend of flash crash and limit down.
At 10:48, the core industry sector in the main field of "infrastructure", the "real estate" sector, fell by 1.53%, leading the decline in the two market sectors.
At 10:50, the "defense and military industry" industry sector index also fell by about 1.37%.
At 10:52, Hongdu Aviation, the concept leader in the "military industry" sector, fell by 5%, and there was also a concentrated sell-off with a rapid expansion of volume.
At 10:55, under the influence of the obvious differentiation of the two markets and the fact that the Shanghai Composite Index could not stand above the 2,300-point mark, the overall market investment confidence and investment sentiment began to cool down. Whether it was the Shanghai Composite Index, or the Shenzhen Composite Index, the ChiNext Index, and the SME Index, which had just refreshed the intraday high, their intraday trends began to turn around and pull back again.
At 10:57, the Shanghai Composite Index fell back to the 2,291-point mark, almost swallowing up all the gains during the session and returning to the vicinity of yesterday's closing point.
At 11:01, the market entered the last half hour of the noon trading session. The Shanghai Composite Index completely wiped out all the gains during the session and continued to turn green and go down. At the same time, under the influence of the continued sluggishness of the Shanghai Composite Index, the Shenzhen Composite Index, the ChiNext Index, and the Small and Medium-sized Board Index, which had originally broken through with great momentum, were also pulled back. The growth of the ChiNext Index and the Small and Medium-sized Board Index fell from more than 1.5% to around 1.1% within a few minutes.
"Today's market trend, the volatility is really not small!"
At 11:03, inside Yanjing Chenghua Public Fund Company, in the main fund trading room, Zhou Qiang, assistant to the fund manager and leader of the trading team, lamented: "The Shanghai Stock Index has opened in such a good state, but it has not moved out of the market at all, and The position at 2300 is still not stable.”
Standing behind Zhou Qiang, fund manager Gong Tiancheng, whose eyes were also staring at the trading disks of the two cities, shook his head slightly, and said rather helplessly: "Gathered on the early popular main lines such as 'infrastructure', 'military industry', and 'Internet finance'" Many active capital groups, under the fierce hype in the 'film and television media' line today, were completely siphoned off by the small and medium-sized concept stocks in the direction of the small and medium-sized board and the GEM. "
“And there is no support from this large group of active financial groups.”
"'Infrastructure', 'Military Industry', and 'Internet Finance' are the core and popular main lines in the early stage. It is really difficult to continue to make room for growth!"
"Moreover, all the active funds gathered in these main directions have been completely siphoned off."
"It is obvious that the chip structure on the market in these main lines has lost the strong support of buying funds and has begun to loosen. For many related popular core stocks, the selling volume on the market has kept pace with the times. The increase cannot be eliminated in a short period of time.”
"It seems... short-term adjustments to the main lines of 'infrastructure', 'military industry' and 'Internet finance' are inevitable."
"However, with the 'Film and Television Media' line, as well as the small and medium-sized concept stocks such as the Small and Medium-sized Board and the Growth Enterprise Market, as market trends, we will continue to create a sustained money-making effect in the market. Even if these main lines are adjusted, the macro trend of the market index will remain unchanged. , even if it cannot break through the upper pressure mark, it should not fall much lower.”
"Then we..." Zhou Qiang heard Gong Tiancheng's analysis and asked hurriedly, "Since the core main lines of 'infrastructure', 'military industry', and 'Internet finance' will inevitably be adjusted in the short term, there is no need for us to focus on this direction." If you are facing death, you should adjust your trading strategy in a timely manner, avoid risks, and adjust positions and stocks appropriately, right?”
Gong Tiancheng's eyes narrowed slightly as he stared at the trading boards of the two cities. After weighing and pondering for a while, he said: "I can judge that the lines of 'infrastructure', 'military industry', and 'Internet finance' will most likely be adjusted, but small and medium-sized enterprises In the direction of the GEM and GEM, it’s hard to tell how long this wave of speculation about low- and mid-cap concept stocks will last!”
"Such an obvious sign of style change, such a strong capital siphoning effect..." Zhou Qiang thought for a while and said, "There should be a lot of market space, right? After all, with such a large number of capital groups entering, if there is no space, the new The main funds that have been invested cannot safely withdraw after the hype subsides. "
"So, Mr. Gong..."
Zhou Qiang paused for a while, then continued: "We must seize the opportunity while the current market trend has just begun to change significantly! Even if we cannot adjust positions in an all-round way, we should diversify our positions to prevent The main lines of 'infrastructure', 'military industry', and 'Internet finance' continue to adjust, which will bring the risk of a substantial net value retracement to the fund, and... to be honest, in the direction of the small and medium-sized board and the GEM, these changes today The position of 'growth concept stocks' is already quite low. Even if we follow the trend and pursue positions, the risk of loss after entering is not high. "