Chapter 531: The Battle for Market Dominance (Twenty)!

"Hey, it's really possible." After hearing what Zhang Guangnian said, Liao Guanghua smiled and responded, "The first fire in this market wants to be ignited. Under the huge pressure from the regulators, institutional groups like us, I’m afraid it won’t be justified if I don’t do something.”

Zhang Guangnian nodded slightly and said: "There will definitely be frequent offline investment strategy meetings and macro guidance from regulators. Although no one will say it clearly in the end, they are all in the same system, and we have to pay attention to human relationships and relationships. "

"So!" Liao Guanghua sighed helplessly and said, "Instead of waiting for macro guidance to come, we should be more proactive. At least now we are proactive and can occupy relatively low-priced and high-quality target chips. At the same time... …It can also leave a good impression on leaders that they take the overall situation into consideration.”

"The A-share market, in the final analysis, is still a policy market."

"The 'Yuhang Group' has publicly unveiled its cards and made huge bets in the field of 'big infrastructure'. Rather than focusing on the general investment logic of this line, it is better to say that it is based on the regulatory direction at this time. Qicun, knowing the direction of market policy and favorable trends, will definitely continue to move towards the direction of ‘big infrastructure’.”

Zhang Guangnian nodded and said with a smile: "Mr. Su's investment vision and trading strategies cannot be underestimated in terms of the macroeconomic structure of the market. The market analysis article that Mr. Su published on the Internet today is actually quite good. Well, it’s just that… there shouldn’t be many people who can really realize the value of this market analysis article.”

"Yes!" Liao Guanghua nodded, "I heard that at today's offline investment strategy meeting in Shanghai, most of the managers of industry institutions participating in the meeting are more optimistic about investment opportunities in emerging economic industries."

Zhang Guangnian smiled and said: "At the strategy meeting, Mr. Liu from the 'Pingyin Group' mainly spoke. Of course... everyone is more optimistic about investment opportunities in the market's emerging economic industries. This is also true. After all, in the direction of the weight of the main board, When it comes to things like concepts and stories, the imagination space is indeed a bit low. At the same time, stocks of various weights have large circulations and deep holdings. It is also quite laborious to pull up, so naturally they will not be popular. "

"But, procyclical investment and countercyclical investment follow different logics."

"In the field of emerging economic industries, although market expectations are high and the concepts and stories are strong, the current valuation level is also high."

"It is said that the current market has entered the stage of emerging investment logic."

“Many people claim that ‘value investing’ is destined to be incompatible with our A-share market, and that PE investment is simply an old-fashioned evil path.”

"But they don't know that the 'security value' is not a constant price range."

"It is the most important criterion for securities valuation."

"Due to the influence of market sentiment, security prices in the short to medium term will indeed completely deviate from fundamentals, but if the time line is extended, the 'value' will still return."

"As far as the two emerging economic industry fields of 'smartphone industry chain' and 'mobile Internet' that are currently hotly hyped in the market, no one doubts that these two fields will continue to be highly prosperous in the next two to three years. However, just because everyone Both are optimistic, so it is difficult to see significant differences in expectations in these two areas.”

“And once there is no room for expected differences, there will naturally be no excess investment profits to speak of from valuation fluctuations.”

"After all, in the short and medium term, stock prices still rely on expectations for feedback."

“However, looking at the current areas where institutions have reduced their positions and left the market, and their capacity has shrunk to historical extremes in a number of traditional areas with main board weights, although overall, the investor group’s expectations for these areas are very pessimistic, they also estimate The value performance is also at the most pessimistically low valuation position in history.”

“Expectations are low, coupled with low valuations.”

"Once a powerful hurricane of policy blows, and once the fundamentals of the industry reverse dramatically, the potential for growth in the field will be huge, and it will instantly lead to an increase in valuations and investor expectations." Double click on 'trend'.

"I have the same idea as you." Liao Guanghua said, "Moreover, there is another point. In addition to changes in policies and fundamentals, in terms of market technical analysis, the line of 'big infrastructure' also It has the potential to continue to explode.”

"The wave of positive market trends in April and early May."

"The 'big infrastructure' line, under the strong influence of the 'Yu Hang Group' funds, has played a very good leading role in the entire market. After that period of continuous market growth, over the past few years, the backlog has The huge holding chips on this line have been loosened a lot.”

"This is a chip structure advantage that other traditional major mainline fields do not have in the direction of the main board."

"So..."

Liao Guanghua paused and said: "Next, if the regulators want to truly create a sustainable market, the direction of macro guidance will undoubtedly be the line of 'big infrastructure'. At the same time, there is only this This line can carry a huge amount of 'state-owned assets' and can achieve some of the strategic goals of senior leaders in the 'reform and reorganization of state-owned enterprises and central enterprises' and the 'New Silk Road on the sea and on the road.'

"I agree!" Zhang Guangnian said with a smile, "So... although the recognition of the current card played by the 'Yuhang system' is not high among various institutions in the industry, everyone is reluctant to enter the market to increase their positions to support this fund, and thus quickly began to gather together in the emerging economic industry field, trying to open up the situation in other main directions, but it undoubtedly hit the heart of the regulators and found a breakthrough node for the regulators."

"Haha..." Liao Guanghua laughed, "It seems that the legend of the 'Yuhang system' will continue!"

"This main force has always been standing in the 'right direction' of market trend development, there is no reason not to succeed!" Zhang Guangnian said, "But the popularity of people There are many right and wrongs. The higher you climb, the more you will fall. If this fund does not change its investment style of concentrating on one or two main lines in the future, it will sooner or later become mediocre. After all, facing the unpredictable financial trading market, no one can always stand in the "right direction" of market trend development. "

Liao Guanghua nodded and said, "That's right. Concentrated investment is a wrong way after all. I just hope that this kid can understand and understand this after he really grows up!"

The two chatted ramblingly...

And the market time also slid forward quickly during the two people's chat, and it was time for the peripheral market to open.

Because the sentiment of the global market recovered overall during the day, the US stock market opened slightly higher, and the stock prices of a series of technology giants were strong. Among them, Apple rebounded quickly and continued to recover the previous losses. A series of Apple industry chain stocks, as well as the entire smart phone industry chain stocks, have also all broken away from the previous weak state and followed the stock price trend of Apple, and rebounded strongly.

Faced with the trend of the US stock market opening high and going high, and the form of "technology stocks" leading the market trend.

At this moment, whether it is the retail investors who are optimistic about the direction of the Shenzhen Stock Exchange's "concept growth stocks", or even the holding investors, as well as the institutional groups that are optimistic about the investment opportunities in the emerging economic industry, or the participating institutions that have already made large-scale layouts in emerging technology fields such as "Pingyin Asset Management", the confidence in holding shares and investment in their hearts has further increased.

And under such emotional interpretation.

In the evening, late at night, and during the day, a group of "Apple industry chain" stocks that performed well, as well as the core hot stocks in the fields of "film and television media" and "mobile Internet", have once again climbed to the top of the hot stock discussion list in the two cities, and even many people have begun to place orders late at night to buy related core stock chips.

However, under the hot emotional reactions of the crowd and the fierce topic discussions,

The next morning, when everyone woke up, they found that after the U.S. stock market opened high and went high at the beginning of the trading session, it actually plunged again in the late trading session in the second half of the night, recovering all the intraday gains. The K-line pattern became a relay Yin cross, causing the entire trend pattern to change from a clear rebound to an uncertain downward relay, or a continuation of the downward trend.

In short, in the morning pre-market stage of the A-share market.

Affected by the trend of U.S. stocks, everyone's originally confident mood suffered a huge impact.

Of course, when the trend of the U.S. stock market was obviously not as good as the expectations of domestic investors, the "technology stocks" that everyone paid more attention to, the so-called emerging economic industry investment field, performed relatively well. A series of Internet technology stocks listed in the United States, as well as stocks in the smart phone industry chain, have maintained a continuous rebound trend and performed significantly better than the overall market index.

In addition to these simple external market trends,

Before the market opened, at around 9 a.m., the main institutional groups of the market, and even many financial investment institutions, their so-called chief investment consultants, analysts, and well-known fund managers, when doing pre-market analysis, still pointed directly to the two emerging economic industries of "smartphone industry chain" and "mobile Internet", indicating that the main line of "concept growth stocks" in the Shenzhen Stock Exchange will still be the core investment area of ​​the market development.

Among them, the Shenzhen Stock Exchange, "Pingyin Asset Management", the core main institution in the market.

It also disclosed the holdings of multiple proprietary funds and public funds before the market opened, indicating that they will continue to be optimistic about the market of emerging economic industries such as "smartphone industry chain", "mobile Internet", "film and television media", and the future business and performance development of related core companies.

Under the guidance of the investment views of these institutional groups, and the performance of a number of technology stocks in the peripheral market,

Before the market opened, the market's vast retail investor groups, as well as a number of medium and large speculative investor groups, began to be greatly affected in terms of their views on market conditions. Both the hot topics of discussion and attention were focused more on the main areas of emerging economic industries such as the "smartphone industry chain", "mobile Internet", and "film and television media".

"Boss, the market's overall emotional response shows signs of being increasingly biased towards the main lines of emerging economic industries such as the 'smartphone industry chain', 'mobile Internet', and 'film and television media.'" 9 a.m., about fifteen minutes before the market opens. , inside Yuhang Investment Company, in the main fund trading room, the trading team leader Wang Can constantly refreshed the information on the computer interface, and reported to Su Yu who walked into the trading room, "This mood has turned a bit fast. A sudden change in the direction of the main board. In the traditional main investment field, except for the "big infrastructure" main line, there are basically no hot topics except for a few popular leading concept stocks that performed well yesterday. I feel that under this mood, the trend of the Shanghai Stock Index at the opening of today is probably not good. "

Su Yu sat in front of his own computer in the trading room, and carefully refreshed many market news and the most popular topics discussed among retail investors, and responded: "How do you say this? Want to To destroy it, it will first make it crazy. At this moment, the more the overall market sentiment is converging on emerging economic and industrial fields such as 'Apple Industry Chain', 'Mobile Internet', and 'Film and Television Media', which have relatively high levels of market speculation, then after the market opens, in With the high pre-market expectations, there will be less room during the market.”

"Don't worry too much..."

When Su Yu said this, he paused and continued: "Such a market sentiment response is actually better than we expected."

The stronger the pre-market sentiment, the more difficult it will be to achieve the intraday expected space and stock price height after the market opens.

In particular, the current overall market trend has not made a macro breakthrough, that is, the market has insufficient incremental funds, the overall investment confidence is not high, and the overall market liquidity and trading volume are also very limited. So... under this situation, in the short-term emotions If it opens higher under the support, it will be difficult to move higher.

On the contrary, emotional expectations are lowered. They plan to attack the 'Internet Finance', 'Alibaba Concept', and even 'Big Infrastructure' popular concept stocks in small and medium-cap stocks that are driving the market. The current popularity is not high. Once funds attack strongly during the session, it will be even more It is easy to open up the space for making money and increasing the stock price.

"Agree!" Li Meng smiled, agreeing with Su Yu's words, and said with full confidence, "LeTV has such a large capacity yesterday, and it is so obvious that one company is the dominant player on the Dragon and Tiger list. This stock before the market opens today The hotter it is, the greater the opening range, and the greater the market pressure it will face. I don’t believe that the institutional funds that attacked yesterday can block this stock as strongly as yesterday.”

"If the other party continues to buy, I'm afraid it will hit the 5% mark, right?" Zhao Lijun continued.

"Master, we should still have a lot of positions in the LeTV check, right?" Liu Yuan pondered for a moment and asked.

Although the trading team she managed had basically sold out all the holding chips for this check, she remembered that Su Yu was still relatively optimistic about this stock before. In the position structure of the 'Yuhang No. 1' fund, there had been an increase in the amount of this check. Position proportion weight.