Chapter 600 The Bull Market Comes Earlier than Expected (XII)!

Of course, it’s not just retail investors who are accelerating their entry into the market.

Institutional funds, as well as other OTC financial groups, are also increasing their positions one after another due to the hot money-making effect of the market.

Even many OTC financial management funds and private P2P platform funds have begun to be invested in the stock market through various channels.

Of course, in addition to these direct market funds.

The financing business of over-the-counter financing institutions and securities firms has also begun to flourish rapidly.

Many activist investors, with their own funds limited, saw the increasingly hot market and the money-making effect, and began to actively raise funds, using leverage to increase their funds, thereby expanding account profits.

"Today, the financing balance of the two cities has increased by nearly 5 billion!"

After the market closed, in the main fund trading room of Xinniu Fund Company in the Shenzhen Stock Exchange, Mou Zhengxing, the head of the fund trading team, lamented: "At this rate of increase in financing balance, the balance of market financing and financing will soon reach the 800 billion mark. The recent increase in capital in the market has been really rapid.”

Hearing Mou Zhengxing's words.

Fund manager Fang Xinsheng, who was standing next to Mou Zhengxing, chuckled and said: "Doesn't this just verify the market logic we talked about before? It shows that there is not really a problem with market capital, but investment sentiment and investment confidence have affected the previous market capital.

Now, the investment sentiment and investment confidence in the entire market have recovered overall.

Naturally, there has been a significant improvement in the financial aspect.

In fact, if you pay careful attention to the market trends in the recent period, you can see some clues, and the market trends are basically consistent with the changes in the financing balances of the two cities. "

"Well, indeed." Mou Zhengxing nodded and said, "There is no increase, no market. Now that the market has continuous incremental funds, the natural market trend will become much better.

Especially after the Shanghai Stock Index broke through 2,500 points.

It can be seen that the increase in the financing balance of the two cities has obviously accelerated at this time.

However, now, with the Shanghai Stock Index trading sideways near 2650 points, I feel that the market trend and the changes in the balance of financing and financing are a little bit different. "

"This kind of deviation is only short-lived." Fang Xinsheng responded, "At the current position of the Shanghai Stock Index, it is necessary to move sideways to absorb part of the profits. Otherwise, the upward pressure will only get bigger and bigger. Let's adjust the shock here and further There is nothing bad in consolidating the chip structure.

In fact, at this time, as long as the market volume can remain at this high level of around 300 billion.

Whether the Shanghai Stock Index can continue to break through in the short term is no longer very important.

Where there is volume, there will be a market. As long as the volume can maintain fluctuations around 300 billion, then... with the completion of another adjustment to the market chip structure, it will be a matter of time before the market continues to make breakthroughs. "

"Well, I think so too." Mou Zhengxing nodded, thought for a while, and continued, "In terms of the development of the main line of subsequent investment in the market, I always feel that the two main investment lines of 'infrastructure' and 'military industry' have already risen. After so many situations, there is not much expected gap left to fill in the future.

If we continue to focus mainly on this place, it will be difficult to obtain excess profits that far exceed the performance of the market index.

Moreover, in the two major investment main lines of 'infrastructure' and 'military industry', as well as the core conceptual themes of 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road', and 'Reform and Reorganization of Central and State-owned Enterprises' , as these major main lines continue to rise, the holding volume of the main funds of the 'Yu Hang Group' will become larger and larger!

When these core main lines were still at low relative market valuations and low stock prices.

In these core main lines, there are still times when expectations are far from enough.

The main capital of the 'Yuhang Department' has a heavy position here, which will naturally have an motivating effect on these core lines.

But when these core main lines have gone through a big wave of gains, regardless of their valuations, stock prices, or expected differences, they are not the most advantageous main line sectors in the market. At this time...'Yuhang Department 'The huge volume of positions should only restrict the continued development of the market of these core main lines, right?

After all, this main force has such a large amount of funds and its cost is very low.

When these core main lines no longer have a very high cost performance, many other main funds who are afraid that the "Yu Hang Series" will hit the market at a high level to take profits will definitely choose to avoid such things and situations in order to avoid them. The core holding stocks of the funds that open the 'Yu Hang Group' are to avoid the two main lines of 'infrastructure' and 'military industry', as well as 'reform and reorganization of central and state-owned enterprises', 'Eurasian Economic Belt', and 'new era road and sea' Silk Road's several core conceptual themes and main line areas, so as to choose other market main lines as the starting point for market breakthroughs. "

"Do you think the main style of market investment will change in the future?" Fang Xinsheng asked.

Mou Zheng thought for a while and responded: "I am just guessing. After all, looking up from this position, there are two main lines of infrastructure' and 'military industry', as well as 'reform and reorganization of central and state-owned enterprises', 'Eurasian Economic Belt', The expectations and explosive potential of the core concept themes of 'New Era Road and Maritime Silk Road' are really not high. At this time... there are a lot of big funds in the market, and it will be very difficult to continue the hype. .

In particular, the funds of the ‘Yu Hang Group’ have tens of billions of positions.

If we continue to push the market up and continue to support the capital of the Yuhang system, who wouldn’t be afraid of being smashed?

Looking at other main investment areas in the market, whether it is ‘big finance’, ‘big consumption’, or the ‘technological growth’ main line that focuses on small and medium-sized growth stocks, in fact, compared with the two main lines of ‘infrastructure’ and ‘military industry’, there are also the main lines of ‘reform and reorganization of central enterprises and state-owned enterprises’, ‘Eurasian Economic Belt’, and ‘new era road and maritime Silk Road’, which have certain valuation advantages and expectation gap advantages.

I think... it is hard to guarantee that the main investment line of the market will not be further transformed at this position? "

Fang Xinsheng thought about it and responded: "What you said makes sense, but the market has not shown any signs of a transformation in the main investment style.

Moreover, the logic you just said.

In the first two months, in June, many main institutional groups basically thought so.

At that time, everyone was not willing to support the capital of the Yuhang system, so they concentrated their efforts to pull up the main line of the market, "Technology Growth", hoping to use this as a breakthrough to drive the market up.

But the result... you have seen it.

The market did not buy it at all. The final direction of the market's joint force still occurred in the two main lines of "Infrastructure" and "Military Industry" where the Yuhang system held a heavy position, as well as the main lines of "Reform and Restructuring of Central Enterprises and State-owned Enterprises", "Eurasian Economic Belt", "New Era Road, Maritime Silk Road", and other core concept themes. At the same time, it also forced the various capital groups that concentrated on the main line of "Technology Growth" to cut their positions and follow the market trend, and thus were forced to support the capital of the Yuhang system.

Of course, I also know.

In the case of the two main lines of "Infrastructure" and "Military Industry", as well as the main lines of "Reform and Restructuring of Central Enterprises and State-owned Enterprises", "Eurasian Economic Belt", "New Era Road, Maritime Silk Road", the general increase of 30 to 40 percent in two months.

The situation is definitely not completely comparable to that time.

However, the final landing point is the same.

That is, all speculations and expectations must be verified by the actual market. At present, there is no sign of the transformation of the main investment style in the market. So before the market trend changes, our most appropriate trading operations and investment strategies can only follow the market trend.

When we trade... no matter when, we can't go against the trend!

Moreover, with such a large amount of funds in the market, the formation and development of any investment main line is not determined by a main force. It must be the result of the concerted efforts of the market.

According to what you said.

In the current market, the main lines such as "big finance" and "big consumption" are beginning to outperform the two main lines of "infrastructure" and "military industry" in terms of overall valuation and expectations, as well as the main lines of "reform and reorganization of central enterprises and state-owned enterprises", "Eurasian Economic Belt", "new era road, maritime Silk Road", etc. However... before the market forms a general expectation and consistent expectation in this direction.

It would be thankless for us to rashly change our investment strategy and adjust our positions.

The so-called one step ahead of the market is legendary; two steps ahead is cannon fodder.

Before the two main lines of infrastructure and military industry, as well as the main lines of core concepts and themes such as "reform and restructuring of central enterprises and state-owned enterprises", "Eurasian Economic Belt", and "new era road and maritime Silk Road", are completed, we can explore other main investment directions in the market, but in terms of investment strategy, we should still respect the development of market trends and proceed from reality. It is better. "

Mu Zhengxing nodded and said, "The manager is right. In fact, I don't mean to say that we should change our investment strategy at this time..."

"Understood!" Fang Xinsheng interrupted him with a smile and said, "There are many smart funds in the market. If the two main lines of infrastructure and military industry, as well as the main lines of core concepts and themes such as "reform and restructuring of central enterprises and state-owned enterprises", "Eurasian Economic Belt", and "new era road and maritime Silk Road" do not have the cost-effectiveness to continue to participate.

Then, a group of smart funds in the market will definitely make corresponding choices and find other investment lines with better profit and loss cost-effectiveness to participate.

However, at present...

The time for this kind of investment theme change has not come.

You should know that in our A-share investment ecology, although we also talk about value investment, more market drivers are driven by investment sentiment and funds.

Under this basic logic, the pendulum effect of the market will be more biased.

That is, when everyone's expectations are unanimously pessimistic, the valuation will fall too much; when everyone's expectations are unanimously optimistic, the valuation will also rise too much.

The two main lines of "infrastructure" and "military industry", as well as the main lines of "reform and restructuring of central enterprises and state-owned enterprises", "Eurasian Economic Belt", and "new era road and maritime Silk Road", are now gradually filling the previous expectation gap and are no longer as underestimated as before.

However, on the whole, it has just entered a reasonable valuation range.

That is, on these main lines, the market pendulum effect has occurred, and the pointer has just swung to the other side, just deviating from the center position, and it should be a long time before it swings back.

In other words, under consistent expectations and the hot money-making effect.

With the entry of huge amounts of incremental funds from the OTC market.

The expected sentiments of these major main lines should continue to surge further, that is, the main rising market will not only not end, but will continue to accelerate. "

Having said this, Fang Xinsheng smiled and looked at Mou Zhengxing seriously, and continued: "Actually, at this time, there are two main lines: infrastructure and military industry, as well as the reform and reorganization of central and state-owned enterprises, the Eurasian Economic Belt, When the profits of the main line holding groups of the New Era Road and the Maritime Silk Road's core concepts start to surge, let's... continue to wait patiently, and maybe we will gain more."

"Okay!" Mou Zhengxing saw that the investment strategy mentioned by Fang Xinsheng had no problem with its logic, and was obviously better than some of the ideas he had just put forward. He couldn't help but nodded in response, "Then let's continue to hold positions and wait patiently. The two main themes of "Infrastructure" and "Military Industry", as well as "Reform and Reorganization of Central and State-owned Enterprises", "Eurasian Economic Belt", "New Era Road, and Maritime Silk Road" have shown real emotional premiums."

"Yes! Emotional premium." Fang Xinsheng had a clear smile on his face.

"However, I have to say..." Mou Zhengxing thought for a while and then said, "This Mr. Su of Yuhang Investment Company has really strong position holding power. He holds heavy positions in the two main lines of infrastructure and military industry." , as well as the "reform and reorganization of central and state-owned enterprises", "Eurasian Economic Belt", "New Era Road, Maritime Silk Road" and several core concepts and themes. With so many chips and extremely profitable profits, just a little bit I won’t reduce my position, I’ll lock it up all the way.”

When Fang Xinsheng heard this, he couldn't help but sigh in his heart, and said helplessly: "How can it not be awesome to be so sought after by the vast investor group in the market, to be so envied by major institutional groups inside and outside the market, and by countless asset managers in the industry?"

It ranks among the performance rankings of domestic private equity funds that are still in the operational stage.

Every time, the performance of the 'Manniu No. 1' fund product he was in charge of began to catch up with the 'Yuhang Series' fund products. When the 'Yuhang Series' fund products announced their net values ​​again, they started to fall again. widen the gap.

This made Fang Xinsheng feel a sense of powerlessness in his heart, and he really had to admire him.