Chapter 521: Fight for Market Dominance (Ten)!
When all kinds of main lines related to the Shenzhen Stock Exchange's 'concept growth stocks' re-entered the extreme speculation of emotional outburst.
In the main board direction, the main line of 'big infrastructure', which originally occupied part of the market's active liquidity share, and the main line fields such as 'traditional finance', 'big consumption', and 'medicine', instantly further 'bleed', and the active acceptance funds on the market, as well as the corresponding buying funds, began to decline rapidly. At the same time... the selling funds on the market, the concentrated selling volume, also began to increase rapidly.
And the two main lines, the strong and weak trends are clearly contrasted.
The Shanghai Index retreated step by step, while the Shenzhen Index, the ChiNext Index, and the Small and Medium-sized Index rose step by step and broke through quickly, causing the strength and weakness of the Shanghai and Shenzhen Stock Markets to be clearly opened again, and at the same time, the gap between the Shanghai Index and the Shenzhen Index, the ChiNext Index, and the Small and Medium-sized Index was widened again.
Finally, when 11:30 arrived, the two markets ushered in the midday closing.
The Shanghai Composite Index retreated to the 2305 point line, and the increase was reduced to less than 0.5% again, while the Shenzhen Composite Index, ChiNext Index, and SME Index rose by more than 1% again. The situation of "Shanghai is weak and Shenzhen is strong" reappeared in the two markets, and the market's half-day trading volume, compared with yesterday, has expanded, with a total transaction volume of about 60 billion.
Faced with such a midday closing situation.
The majority of investors in the market are still relatively satisfied, but they still feel that the performance of the Shanghai Composite Index is somewhat unsatisfactory.
"The Shanghai Composite Index has shrunk back below the opening point. Alas... It seems that it is still difficult for the Shanghai Composite Index to completely stabilize at 2,300 points. Moreover, the active liquidity of funds in the main board direction seems to have been absorbed by a number of "concept growth stocks" in the Shenzhen Small and Medium Board and the ChiNext. The market trend of the main board direction in the afternoon is probably even less optimistic than in the morning."
"Indeed, the active liquidity of funds in the main board direction has been completely absorbed by a number of "concept growth stocks" in the small and medium-sized board and the ChiNext. This has also caused the traditional main line areas such as "big infrastructure", "big finance", "consumption", and "medicine" to basically have no active buying capacity."
"Today's market capacity has expanded a lot compared to yesterday, right?"
"However, it can be seen that it is still dominated by stock games. In the direction of the small and medium-sized board and the ChiNext, the line of "concept growth stocks" is strong, The main board is weak. To put it bluntly... it is still the main buying funds in the market that cannot support the overall market and achieve a general rise. "
"In addition to the reasons for the amount of funds, the most important thing is the change caused by expectations, right?"
"Well, it is obvious that the expectations of the two core themes of "mobile Internet" and "smartphone industry chain" that have been hyped for several rounds before have risen again."
"These two main themes are originally the most imaginative industry outlets in the current market."
"In fact, in the past two years, the overall performance of the market has always been a situation of "Shanghai is weak and Shenzhen is strong", and the current trend is not surprising."
"Specifically speaking, the strong breakthrough of the Shanghai Composite Index in April and May was a surprise."
"Yes, in fact, the market trend in the past two years has always been based on the two main themes of "mobile Internet" and "smartphone industry chain". The main line is the main line, and all related concept speculation is also carried out around these two main lines. Now... the main funds of all parties in the market are converging in these two directions again, which is not surprising. "
"It's not surprising, but I feel that the adjustment in these two main lines does not seem to be particularly sufficient, and compared with the entire market, both the valuation and the historical position of the stock price are not low. Besides... after so many waves of speculation, how much upward expectations can be achieved?"
"No matter how much expectations can be achieved, at least the "growth" of these tickets is still the best in the entire market, right?"
"There is definitely no problem with the growth logic of the two main lines of "mobile Internet" and "smartphone industry chain", but compared with the valuation and market expectations, there is really nothing worth investing in. There is a place for investment and continued speculation. The key is that it is almost time for the concentrated disclosure of the semi-annual report. These "growth stocks" are under high market expectations. If the performance is not as expected, the stock price will be killed, which is quite terrifying. "
"In general, participating in these tickets is high risk and high return."
"There is a high probability of high risk, but high return is not necessarily. Take the line of "film and television media". This is the third day of continuous surge. If you continue to increase your position and follow the trend here, who can guarantee how much room there is in the future? On the contrary, I think the adjustment of the line of "big infrastructure" is almost done. No matter which aspect you analyze, you must have expectations, emotions, and performance. The valuation is still very low. At the same time, several large funds of the "Yuhang system" headed by General Manager Su are locked in large quantities. There is no reason that there will be no market in the future! "
"The current risk of participating in the line of "film and television media" is definitely not low, but the entire field of "concept growth stocks" is not just the line of "film and television media"! Today's explosive 'Apple industry chain' line and a number of rioting 'mobile Internet' concept stocks are all pretty good. On the market of these stocks, we can clearly see the traces of large-scale intervention of major funds. "
"In terms of investment logic, no amount of analysis is useless. In fact, let me say... just one sentence, just follow the main funds in the market. After all, our funds are small, and in terms of transfer and conversion, we are not that big of institutional funds, so there is no need. Looking at the long term, wherever there is a market trend, just stick to that area.”
"That's true, but I'm afraid that if I catch up to a high point, my backhand will be buried."
"I am mainly worried about the continuity of the market in the direction of 'conceptual growth stocks'. After all, stocks are speculating in the future. If they rise today and fall back tomorrow, it is better not to buy them."
"Yes, although this morning, the entire market's small and medium-cap 'concept growth stocks' were doing well, but the overall hot market rotation was still quite fast and did not show strong continuity."
"Isn't the 'Film and Television Media' line considered to be one with strong market continuity? Huace Film and Television, Ciwen Media, and Cultural Investment Holdings are all in a row."
"Is a one-word daily limit considered to be highly sustainable?"
"Not to mention Huace Film and Television, Ciwen Media, and Cultural Investment Holdings, Huayi Brothers and LeTV can always be said to have better continuity. They have risen by the limit for three consecutive days, and they basically changed hands. ”
"Huayi Brothers and LeTV are indeed doing well today, but these two checks have hidden concerns about the large-scale profit-taking in 'Wealth Road'. The mood is not very strong. These two checks are really going to be the leader. I’m afraid we have to look at the data from the Dragon and Tiger rankings after today’s market opening and test it with tomorrow’s market trend. And although these two checks were firmly closed today, I always feel that there is something abnormal in the market trend.”
"I agree. I also feel that the trend of these two checks is quite strange today."
"Anyway, at today's offline investment strategy meeting in Shanghai, so many large institutional asset managers are optimistic about the two emerging industries of 'smartphone industry chain' and 'mobile Internet', which should be enough to illustrate this. The market conditions in the two major fields are not much different.”
"Haha, when are these people's public statements correct?"
"It is true that public opportunities are often not opportunities. However, you can still take a look at the analysis report of Mr. Liu of the Pingyin Asset Management Department. His judgment on the macro trend of the market is quite accurate."
"It doesn't matter whether these people are right or not, what's important is that today on the market of various small and medium-cap growth stocks, there is indeed a lot of main funds increasing their positions, and this feature is reflected in the core 'Apple industry chain' stocks. As well as many popular growth stocks such as LeTV, Huayi Brothers, Wangsu Technology, Inspur Information, Huaguo Software, 2345, etc., the performance is particularly obvious. Everything in the market can deceive people, but real money The flow of funds shouldn’t be able to deceive people, right?”
"Compared with the same kind, after the Dragon Boat Festival, the main line of 'big infrastructure', which once supported the market rebound and continued to absorb a lot of main funds to follow positions on a large scale, has shown signs of continuous outflow of main funds. It feels that the main funds of all parties are for There are still huge differences in the logic of the direction of ‘big infrastructure’.”
"On the two main lines of 'Apple Industry Chain' and 'Mobile Internet', there should be quite a lot of institutional funds and major funds involved in the past, right?"
"Well, quite a few. According to the first quarter reports and annual reports of various popular stocks, we can see that there are always many major institutions lurking in holding positions. It is Yu who hyped up this field last year and made huge profits. The aviation department’s funds should be significantly reduced.”
"It feels like Mr. Su is not optimistic about the market's 'conceptual growth stocks' at this stage!"
"Indeed, if Mr. Su was optimistic, he would not have taken profits yesterday and sold three core growth stocks: LeTV, Huayi Brothers, and Wangsu Technology."
"So, most of Mr. Su's positions are still in the direction of 'big infrastructure'?"
"It's most likely so."
"If this is the case, then Mr. Su's current positions should be somewhat clearly different from the direction that the majority of institutional groups in the market are optimistic about!"
"The market is already very divergent in these two directions, right?"
"If the Shanghai Stock Exchange Index does not stand firm at 2,300 points, how far can the Shenzhen Stock Exchange Index and the ChiNext Index go upward?"
"This is not necessarily true. If the market conditions can replicate the trend in the second half of last year, it is not impossible for the ChiNext Index to catch up with the Shanghai Stock Exchange Index."
"History will repeat itself, but it won't be exactly the same every time."
"Yes, I also think... the small and mid-cap 'concept growth stocks' line, at this position, is unlikely to replicate the trend in the second half of last year."
"But it is a fact that funds from all walks of life in the market are converging on the 'concept growth stocks' areas of the small and medium-sized boards and the GEM!"
"Let's take a look at the market trend in the afternoon. If it still maintains the trend of 'Shanghai is weak and Shenzhen is strong', and the market trend of relevant popular stocks is getting stronger and stronger, then there is nothing to hesitate."
As time flew by after the market closed at noon, the discussion among retail investors in the market became more and more intense.
And the direction of the discussion topic is increasingly focused on the "concept growth stocks" field of small and medium-sized boards and GEM, especially the two lines of "Apple industry chain" that have exploded, and the "film and television media" that continue to be strong. The enthusiasm and investment sentiment are getting more intense.
As for the early popular main lines such as ‘infrastructure’, ‘military industry’ and ‘Internet finance’.
Except for the discussion heat and investment sentiment of "Internet finance", which is still at the forefront of the major core themes in the market, the discussion heat of other themes is rapidly decreasing. A large number of investor groups are increasingly focusing on the "concept growth stocks" of the SME board and the GEM.
Facing such market sentiment reaction...
Around 12:30, at this moment, Yuhang, inside Yuhang Investment Company, in the main infrastructure trading room.
After a group of traders returned to the trading room after dinner, they briefly reviewed the market and observed the market sentiment reaction. Fund manager Li Meng couldn't help but frowned, feeling a little crisis in the trading strategy. He couldn't help but turn his head to the side and look at the two markets. Su Yu, who was carefully reviewing and thinking, said: "Mr. Su, the change in market sentiment is very unfavorable to us. If we don't do something, I'm afraid that all the trading strategies and expectations we formulated before will be in vain."
"What do you think we can do at this time?" Su Yu asked, retracting his gaze from the market.
Li Meng thought for a while, and finally took a look at the fund background data. She saw that the positions of several main funds were almost gone. After a wave of consumption in the morning, the available liquidity had dropped sharply to less than 2 billion. According to the current situation of several funds, it would be quite difficult for them to pull the market sentiment and attention back to the core line of "big infrastructure". So she was silent for a long time, and didn't know how to start. She couldn't help but sighed and said, "It's not realistic to rely on funds to induce emotions from the market. I don't know what we can do at this time, but I don't think we can just wait and see, right?"
The feeling of sitting and waiting for death is what she hates the most.
Once the market situation forms a situation of comprehensive transformation to "growth stocks" of small and medium-sized boards and GEMs, the tens of billions of chips they have deployed on the main line of the main board weight will really become useless. At that time, not only will the performance of the entire "Yuhang system" fund fall from the altar of the industry, but the business development of their "Yuhang Investment" will also be greatly affected. These... are all what she doesn't want to see.
"Actually... don't worry too much." Su Yu said with a calm and smiling face, "When it's full, it's full, and too much is as bad as too little. The market's 'concept growth stocks' line has not been low in the past two years, and the performance has obviously not kept up with expectations. Although the overall growth is good, the expectation gap is very small. In addition, due to the continuous speculation in the past two years, under the clear growth logic and industry development logic, there are many main funds that have been gathered in these fields."
"Although this line has cleared a lot of locked-in plates and free chips after the adjustment in the past six months."
"But the overall pressure is still there."
"At present, except for the substantial positive support of 'Film and Television Media' that exceeds expectations, the other main growth lines are no different from the hype last year and at the beginning of the year. In other words, there is no change in the difference in expectations. It is just a simple emotional reaction and the deliberate guidance of the main funds. "
"And the simple emotional reaction cannot last long, and the main funds that are deliberately guided will not be able to support the market."
"What's more, there are already a lot of profit-taking orders on this line. Once the emotions pass the peak, the market will reverse very quickly."
"Of course..."
Su Yu paused here, and then continued: "Although the other party's forced pull is shooting itself in the foot, we should also take some actions to stimulate the market, so that the market changes and the market trend are always within our expectations, and accelerate the differentiation and reversal of the market."
"What are you going to do?" Li Meng asked when she saw that Su Yu did not look nervous.
Su Yu smiled and responded: "The positions of several of our funds have reached their limits and we can't do more on the market. In this case, we can only cut in from the market news."