Chapter 505 The Choices of Major Institutions (Part 2)!
Gong Tiancheng heard Zhou Qiang's analysis and weighed it in his mind for a long time. Looking at the market conditions of the two cities, after a brief adjustment, active funds from all walks of life were still converging on the 'growth concept stocks' in the direction of the small and medium-sized boards and the GEM, and they were originally large. In the main line of 'infrastructure' with large-scale positions, a number of core popular stocks have indeed adjusted more and more. I couldn't help but nodded slightly and said: "In the market trend, only the flow of funds cannot deceive people. Since According to the direction of a large amount of capital flow on the market..."
"It proves that the market style is indeed changing, and that the main line of 'infrastructure' has indeed entered a trend of adjustment."
"Then, I'll listen to you."
"According to the current market conditions, the strong and weak concept stocks that have emerged will be timely adjusted and exchanged, and the investment direction will be changed from the main line of "infrastructure" to a balanced position, and the market will be entered into the "growth concept stocks" line, temporarily avoiding the adjustment of the main line of 'infrastructure'."
"Okay!" Zhou Qiang responded.
Immediately, he turned around and began to order the traders behind him to gradually sell the relatively weak stocks in the "infrastructure" field that he had heavily held, while at the same time gradually increasing his positions in the "hot stocks" that were performing relatively strongly in the market at the moment and could still be bought. Growth concept stocks', carry out quick position adjustment operations.
Similarly, the moment the two of them adjusted the fund's position structure in response to changes in market trends.
Yu Hang, inside Yinhua Public Fund Company, in the 'Value Investment Mixed Selection' fund product trading room, product fund manager Zhou Yang also discovered signs of obvious changes in market investment styles. He pondered for a while and said: "Look at this situation. It does not include 'film and television media', 'mobile Internet' and 'smartphone industry chain', which were the main concepts that were highly hyped last year and at the beginning of the year, but also fully undertakes the main market trends of 'infrastructure', 'military industry' and 'Internet finance'. , has become the next main line of hot speculation in the market, right?”
"Damn...this market style change is a bit too rapid!"
"The main line of 'big infrastructure' was going well yesterday. I thought it could lead the index to a stable breakthrough, but I didn't expect... that it would suddenly stop?"
Next to Zhou Yang, Zhu Peng, assistant to the fund manager and trading team leader, who had been staring at the computer screen in front of him and also closely observing changes in market trends, responded in a deep voice: "Mr. Zhou, it seems that the market trend is indeed showing signs of turning. Logically speaking, the "big infrastructure" line should not be so weak today, especially in the "infrastructure" fields such as MCC, Gemdale Group, Conch Cement, Beijiang Communications Construction, Shanghai Construction Engineering, etc. The selling situation of the core stocks of the market is really obvious. "
“I feel like the main line of ‘big infrastructure’ has reached this point, and it seems that the main funds holding positions on the market have already had relatively big differences.”
"As for the 'Film and Television Media' line... as well as the 'Growth Concept Stocks' field of the Small and Medium-sized Board and GEM, as well as the main line concept sectors such as 'Internet Software' and 'Internet Application', the disk performance is completely in line with the main line field of 'Large Infrastructure' , and on the contrary to the early popular main line fields such as 'military industry' and 'Internet finance', the main funds in the market and the active funds following the trend can be said to have poured into these main line concept sectors one after another. "
"Mr. Zhou..."
Zhu Peng paused for a moment, thought about it, and continued: "In the line of 'big infrastructure', with such huge differences in market capital, short-term adjustments should be inevitable, and the 'growth stocks' of the small and medium-sized board and GEM board This line, after frantically absorbing so much active funds and main funds, will most likely be able to undertake the market changes caused by the adjustment of the 'big infrastructure' trend, and further open up the market's money-making effect."
"So, I think..."
"Can we optimize the fund's position structure and adjust positions in a timely manner?"
After hearing Zhu Peng's words, Zhou Yang thought for a moment and asked: "How do you think we should adjust it? Reduce the stakes in the main line of 'big infrastructure' and follow up on 'film and television media' or 'Internet software' and 'Internet applications'." Are there several main line concept sectors that are currently highly hyped, competing for relatively core hot stock chips?”
"Yes!" Zhu Peng nodded, "The main line of the market development has just been in the process of transformation and rotation. It should be the right time for us to adjust positions and attack at this time."
"Let's take another look!" Zhou Yang pondered for a long time under Zhu Peng's advice and finally said, "If the Shanghai Stock Exchange Index never stands firm at the important point of 2300 points, it will affect the investment sentiment and investment confidence in the market. , forming a huge constraint, so...even if the market hot spot briefly switches to the direction of 'growth stocks' on the small and medium-sized boards and GEM, I am afraid it will not go out of the high space. "
"In general..."
"The current market is still a market for stock games!"
"Since it is a stock game, it means that the long-term trend of the index has not accumulated enough sustainable strength, and there is no support from the trend of the market's upward breakthrough. It is only driven by the positive stimulation of market news and the short-term speculation in the market. , coupled with the basic expected logic and hype logic of the 'growth stocks' line of the small and medium-sized board and GEM, are obviously inferior to the main line of 'big infrastructure'."
"Since the main line of 'big infrastructure' has not gone far, big differences have arisen today."
"I am afraid that the continuity of the line of 'growth stocks' on the SME and GEM boards that are in full swing today will not last long. I am even afraid that the hype level will not be as high as the 'big infrastructure' line, and there will be a big divergence again."
"So... we have to observe again."
"If the Shanghai Composite Index successfully stands at 2,300 points in the future and does not fall back, it will establish a good market investment confidence. After the Shanghai Composite Index completely stands at 2,300 points, the line of 'growth stocks' on the SME and GEM boards can continue to deepen and spread speculation to a larger range and more concept sectors."
"That should fully explain the change in the market's investment style."
"At the same time, we can also adjust our positions boldly at that time when the market characteristics are clear."
"As for the Shanghai Composite Index Before the full breakthrough of 2,300 points, when the market investment confidence has not been fully established and the influx of incremental funds from the off-market is not very obvious, our heavy positions are not different whether in the field of "big infrastructure" or in the field of "growth stocks" of small and medium-sized boards and GEMs. "
"In general..."
Zhou Yang pondered for a moment and continued: "When the direction of the market's macro-trend is still unclear, we should be more quiet and less active. At this time, it is only suitable for right-side investment, not left-side investment."
Hearing Zhou Yang's judgment after a long time of thinking, Zhu Peng sighed in his heart, and had to swallow some of his thoughts back, and nodded: "Since Mr. Zhou has decided, let's observe it again!"
After speaking, he put his eyes back on the trading disks of the two cities.
During the time period when the two people were talking and discussing, the market trading time had moved to around 11:20, entering the last ten minutes of trading before the midday closing.
And the market changes in the entire market...
Compared with before the two people talked and discussed, there was no obvious change.
The main capital flow of the entire market is still flowing towards the SME board and GEM "growth stocks" dominated by the three major concepts of "film and television media", "Internet software" and "Internet applications", but the net capital inflow speed has declined compared with the first hour after the opening.
And a series of previous popular main line fields such as "infrastructure", "military industry", and "Internet finance" have performed relatively weakly.
At this moment, whether it is the relevant concept sector or industry sector, its sector index trend has tended to be sideways and oscillating, no longer diving downward rapidly, and a series of popular concept stocks... such as China Metallurgical, China Construction, Gemdale Group, Shanghai Construction, etc., have also weakened their active selling volume and concentrated selling volume on the trading disk.
As for the performance of several major market indexes,
The Shanghai Composite Index still fluctuates between 2290 and 2295 points, jumping back and forth in a narrow range of points. It can neither break through 2300 points directly and return to above 2300 points, nor can it effectively break through 2290 points directly and further stimulate panic selling in the market.
Shenzhen Index, ChiNext Index, and Small and Medium-sized Board Index are several important market indexes.
When the Shanghai Composite Index has never been able to break through and stand firm at 2300 points, it has obviously restricted the overall investment confidence and speculation and follow-up sentiment of investors on and off the market. Even though its constituent stocks have absorbed most of the active funds on the market, and have also used many popular main lines such as "film and television media", "Internet applications", and "Internet software" to create a hot money-making effect on the market, the gains of several major indexes have not been further expanded.
Among them, the Shenzhen Composite Index hovered between 1% and 1.2%.
The ChiNext Index and the Small and Medium-sized Board Index hovered between 1.2% and 1.5%.
As the market's major indexes gradually returned to rationality from the peak of speculation at the beginning of the day, they were unable to create new intraday highs.
Finally, when the time moved to 11:30, the two markets welcomed the moment of midday closing.
The Shanghai Composite Index was set at 2292.31 points, only less than 2 basis points higher than yesterday's closing point, up 0.08%, while the Shenzhen Composite Index and the ChiNext Index rose by 1.05% and 1.23% respectively, while the most powerful SME Index still maintained its position as the leading index of the two markets, up 1.33%.
In addition to the index performance, the two markets' half-day turnover reached 57.849 billion.
Compared with yesterday and even several trading days last week, this turnover is at a normal average level, and there is no obvious sign of increase.
And based on this volume performance,
It is enough to explain that in the current market, although the money-making effect is still relatively hot, hot concept stocks, hot concept sectors, new hot market main lines and other hot spots are emerging in an endless stream, but overall, it is still in the stage of stock capital game, and the intervention of incremental funds off the market is still insufficient.
After the midday closing, facing such a closing result and market trend.
The differences of opinion among the vast investor group in the market have obviously widened.
In terms of index trends, some people think that if the Shanghai Composite Index fails to reach 2,300 points, it will have to fall back to 2,200 points for further support confirmation; some people think that the 2,300-point mark of the Shanghai Composite Index is no longer under pressure, and the Shanghai Composite Index is trading sideways below 2,300 points, but it is just accumulating strength for a breakthrough; others think that the Shanghai Composite Index will continue to fluctuate sideways between 2,200 and 2,300 points, while at the same time, the ChiNext Index and the Small and Medium-sized Enterprise Index will replicate last year's trend, break through all the way upward, and completely break away from the Shanghai Composite Index...
In terms of specific market trends.
Some people think that the differences in the line of "big infrastructure" have widened, the hype has ended, and it is no longer worth participating in, while the popular main lines such as "film and television media", "Internet applications", and "Internet software" have extremely strong explosive power and there is a very high hype space.
Some people think that the market style has been fully converged towards the direction of small and medium-sized concept stocks. At this moment, we should avoid all large-cap blue-chip stocks and embrace small and medium-cap concept stocks with "beautiful stories". At the same time, they also believe that the core investment logic of the market is "growth", rather than "dynamic valuation" and "PE investment".
Some people think that the core market trend breakthrough direction is still on the main line of "big infrastructure". After all, only when the main line of "big infrastructure" with hype logic, investment logic and valuation advantages comes out, can it completely drive the large-cap stocks of the entire market, thereby driving the Shanghai Composite Index to break upward and truly open up the market space. The so-called concept hype and growth hype are just evil ways, which are of no help to the breakthrough of the entire market, and at the same time, they do not have sustainable investment.
In general, whether it is the index trend direction or the market style direction.
Under this market trend this morning, the differences are huge.
Moreover, this difference of opinion does not only occur among the majority of retail investors. At this moment, there are also huge differences in these opinions among the main institutional groups.
Among them, Yuhang Anzhao Fund chose to wait and see, waiting for further market rotation.
Yuhang Jingda Investment chose to invest heavily in the field of "film and television media" sector to grab the maximum market profit under the hot speculation sentiment.
Yuhang Minghui Capital chose to increase its position in the main line of "big infrastructure" against the trend.
Yuhang Yinhua Public Fund chose to wait and see.
Yanjing Chenghua Public Fund chose to follow up with balanced positions.
Yanjing Anlan Fund Company chose to wait and see, and agreed that the hot concept sector related to "film and television media" was just a short-term emotional speculation.
Modu Yinghui Fund Company, two main fund products, and two major trading room fund managers finally chose to abandon the main line of "big infrastructure" chips at the right time, and follow up with the hot concept sector related to "film and television media" with heavy positions, believing that the market has reached the time for a change in investment style.
Shanghai Xin'an Financial Investment Company, under the premise that the company's main fund products had obtained relevant high-quality concept stocks before the announcement of the major positive news of "Film and Television Media", also continued to increase its holdings in the direction of "growth stocks" of the SME Board and the ChiNext Board on a large scale today, believing that it would promote the market style transformation.
Shanghai Zexi Investment Company, its main fund products have followed up slightly, but the heavy position is still in the field of "big infrastructure".
Shanghai E Fund Asset Management Center, many mixed investment products follow up the direction of "growth stocks" of the SME Board and the ChiNext Board, but at the same time, there are also many main fund products, and the key holdings are still on the main line of "big infrastructure", with ambiguous views and inconsistent opinions among internal fund managers.
Shenzhen Xinniu Fund Company, Fang Xinsheng firmly believes that the market will quickly return to the direction of "big infrastructure".
Shenzhen Pingyin Asset Management Center, its main fund products have been following up the direction of "growth stocks" of the SME Board and the ChiNext Board on a large scale, and at the same time, it is also using the huge amount of its own funds to actively guide the market style and change in this direction.
As for Yuhang Investment Company, which has attracted much attention from the market and has been speculated by the majority of investors and many major institutional groups that the main funds are heavily invested in several major areas such as "big infrastructure", "military industry", and "Internet finance", at this moment, in the main fund trading room, everyone returned to the trading room after lunch and stared at the market trading board that had already been frozen. After a brief review, there were great differences of opinion on the next trading strategy recommendations.