Chapter 614 More and More Market Consensus!

Qin Qiuyue nodded and said: "There is no problem with the investment logic of the 'Big Finance' line, but we can't say when it will be launched."

"Well!" Zhou Hui responded, "We can only wait patiently."

At present, the position structure of several main fund products of the company has been adjusted to the main line of 'big finance'. In the face of the 'infrastructure' and 'military industry' sectors that are already in the emotional stage and are forming a stage of rising market prices, It is no longer possible for them to pursue or adjust positions.

Therefore, apart from patiently waiting for the main line of the market to switch, there is no other better investment strategy.

While the two were talking, the market trading time had already reached 3 o'clock in the afternoon, and the two markets had closed.

I saw that the Shanghai Stock Exchange Index was led by the two main industry lines of 'infrastructure' and 'military industry', as well as core concept sectors such as 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road', and 'Reform and Reorganization of Central and State-owned Enterprises'. Once again, it continues to refresh this round of rebound highs and new yearly highs.

A number of popular stocks on the core lines also set new rebound highs and annual highs along with the index.

Of course, the performance of popular main lines in various markets is still in full swing.

These popular mainline marginal concept stocks, as well as many concept stocks that were made up by force and whose concepts are not pure, have begun to show signs of heavy volume and stagflation.

In addition to the two main industry lines of ‘infrastructure’ and ‘military industry’.

As well as the corresponding concept themes that revolve around the core popular concepts and themes of 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road', and 'Reform and Reorganization of Central and State-owned Enterprises', the performance is extremely eye-catching, and the continuous profit-making effect is extremely popular. outside.

The main line of traditional investment in other markets, as well as the main line of ‘technological growth’ in emerging industries.

The performance is still quite sluggish, with basically no independent market trends and all passive fluctuations following the index.

Of course, despite the poor performance of these investment main lines, the phenomenon of funds being siphoned off by the popular market main lines of "infrastructure" and "military industry" within each of their investment main lines has actually weakened.

Several major sectors such as 'big finance' and several major sectors in the main line of 'technological growth'.

In terms of closing results.

The main capital flow within the sector only shows signs of small outflows.

"It seems that the main lines of the major market industries of 'infrastructure' and 'military industry', and even the entire 'big infrastructure' investment theme, have gradually weakened the siphon effect on the active capital groups within the market." Seeing such closing situations in the two cities , around 3:30 in the Magic City, inside Zexi Investment Company, in the main fund trading room, Xu Xiang squinted his eyes, briefly reviewed the closing results of the two cities, and chuckled, "The entire 'big infrastructure' investment theme is siphoning The weakening of the effect of funds indicates that the long-short pattern of this major main line is almost at the point of conversion.”

Next to Xu Xiang, Zhou Kan, who was also reviewing the market carefully, nodded and said: "The 'big infrastructure' line has weakened the capital siphoning effect on other main areas in the market, which should mean that other main areas are more active." Most of the funds have already poured into the main line of "big infrastructure", right?

It also shows that there is indeed little to squeeze out of other main investment areas in the market.

In this way, there is no continuous commitment of a large amount of active funds.

At this position, if the main line of investment in 'big infrastructure' continues to rise, as the stock price rises, the volume of circulation and the amount of funds required will continue to increase, which will inevitably lead to this The main line is insufficient to undertake, and the long and short forces reverse. "

Xu Xiang nodded slightly and said, "Yes, that's it!"

"It seems that the 'big infrastructure' line is indeed going to peak in the short term and has almost reached a position where it must be adjusted." Zhou Kan said, "In this case...Boss, we have heavily invested in the 'big infrastructure' line. Are we going to slowly reduce our positions in our main fund products?”

If a big main line of this level needs to be adjusted, it doesn’t matter whether it’s time or space.

It shouldn't be too small.

If this is the case, then they don't need to continue to hold the chips on this big main line and waste time.

Of course, neither Zhou Kan nor Xu Xiang believe that the mid- to long-term trend of the grand investment main line of 'big infrastructure' has come to an end. After all, regulators are still in the process of 'reform and reorganization of central and state-owned enterprises' and 'on the road to a new era. Macroeconomic strategic planning policies such as the Maritime Silk Road and the Eurasian Economic Belt have not yet been advanced in depth.

That is to say...

The future expectations of the grand investment main line of "big infrastructure" are actually continuing to increase.

It's just that at this current stage, after two or three consecutive months of violent and continuous rises, too many short- and medium-term profits have been accumulated.

In other words, the sedan is too heavy.

Without consolidation, if some people on sedan chairs are thrown off, the capital group that the market has taken over will not be able to carry it away.

Xu Xiang thought for a while and said: "It's almost time to reduce our positions on the main investment line of 'big infrastructure'. However, the market conditions, medium and long-term investment expectations and investment logic of this main line are still quite good. We can reduce our positions. But there is no need to completely clear out the stock.

At the same time, when reducing positions on the main line of "big infrastructure".

It’s time for us to start building the main line of ‘big finance’. "

"Build a position in the 'big finance' line?" Zhou Kan was slightly stunned and asked, "Boss, do you think that when the 'big infrastructure' line enters the cleansing and adjustment stage of short-term profit-taking, the 'big finance' line can take over the funds pouring out of the 'big infrastructure' line and form the high and low switching of the market's main line?

But I think...

Compared with the future expectations of the 'big finance' line and the fundamentals.

I am afraid that the 'technological growth' line, which is mainly composed of SME and GEM constituent stocks, will be better. Maybe the 'technological growth' line is the core main line development direction when the 'big infrastructure' is adjusted to take over the withdrawal funds and switch the main line up and down!

Moreover, based on the market performance last year and the first half of this year.

The Shanghai Composite Index and the GEM The industry index has been moving in a seesaw market.

Furthermore, the "technological growth" line has actually been adjusted quite fully in the case of the "big infrastructure" frantically siphoning funds from inside and outside the market in the past two or three months. It can re-aggregate financial strength, consolidate the internal chip structure, and give birth to another wave of main rising market.

In addition, in the entire market, in addition to the expectations of the "big infrastructure" line.

It should be said that the expectations of the "technological growth" line, under the dual-core drive of "mobile Internet" and "smartphone industry chain", are also incomparable to other market investment main lines. After all, these two major industry fields are truly incremental industries. Whether it is the expected performance realization or the growth of the industry scale, there is a lot of room for imagination. "

Xu Xiang smiled and replied Ying said: "The two major investment themes of 'mobile Internet' and 'smartphone industry chain' and related emerging industries are indeed the most imaginative investment areas in the current economic development, but the market's future expectations in these two areas have been hit very early.

Look at the corresponding core hot stocks of the main line of 'technological growth'.

Both its valuation level and its stock price position are far beyond other main lines of the market.

Although after such a long period of adjustment, the technical forms of many stocks have been very good, but in terms of expectations, there is still a little difference!

At present, the vast majority of investors in and outside the market are still focused on the main board.

And the line of 'technological growth' has been in a row for several months. During the adjustment, the loss of blood was too serious. There was no new breakthrough in the expectations of the majority of investors in the market for this line. At the same time, the performance expectations of many core hot stocks in this field did not keep up.

It is still difficult to quickly gather enough emotions and consistent expectations in this direction.

It will eventually bear the vanguard force of market breakthroughs and take over the huge amount of funds pouring out of the "big infrastructure" line.

Compared with the "technological growth" line.

It is obvious that at the current stage, the "big finance" line seems weak, but its potential explosive power is obviously stronger.

First of all, the turnover of the two markets has stabilized at 350 billion.

Compared with the overall volume performance of less than 150 billion at the beginning of the year, and the volume performance of less than 200 billion at the low peak last year.

This almost doubled volume can bring substantial profit growth to various securities institutions.

Secondly, the surge in financing balances in the two markets can also bring very rich profit growth to securities institutions.

Finally, let's look at the increase in the Shanghai Composite Index this year. Judging from the current position, the Shanghai Composite Index has risen from around 2,000 points at the beginning of the year to more than 2,800 points now, an increase of nearly 40%.

And this year, the biggest contribution to the index is the core market line of "big infrastructure".

The line of "big infrastructure" covers the main board direction, many weighted blue chips and white horse stocks.

Although due to the continued sluggish performance of blue chips and white horse stocks in the market in the past few years, many institutional groups in the industry have reduced a lot of positions in this direction, making the positions of institutions in this direction generally low, but in the case of the annual increase of the core sectors related to the "big infrastructure" main line, which is basically close to 100%.

These institutional groups, relying on such an increase and subsequent continuous increase in positions.

It is also possible to make a lot of profits in this stage, and among them, balanced securities institutions, banks, insurance and other asset management institutions are the direct beneficiaries.

The logic of the actual performance transformation in several aspects...

In addition, inside and outside the market, whether it is retail investors, hot money, or various institutional groups, the willingness to do more and the call for a bull market are getting stronger.

The line of "big finance", whether it is a fundamental change or a change in long-term expectations in the future.

At present, it can be said that it has reached a turning point.

There are many smart funds in the market. I believe that at this moment, there must be a lot of main funds that are secretly building positions in the main investment line of "big finance".

In general...

If the line of "big infrastructure" reaches the top position in the short term.

And its main rising market, with the incremental funds that continue to enter the market and the funds flowing out of other main investment areas, can no longer fully take over the profit-taking and locked-in positions on this main line.

When the huge amount of funds deposited and locked in the main line of "big infrastructure" pours out.

And under the guidance of the regulatory authorities, it is necessary to find the next main line of market investment to take over the adjustment of the main line of "big infrastructure", so that the index can continue to maintain a high investment sentiment and investment confidence in the main line conversion, continue to expand the market's money-making effect, and stimulate a round of "bull market" market.

Then, at this moment, there should be no more suitable line than "big finance".

If the market switches the main line of the main line of "big infrastructure" after entering the short-term adjustment stage, and the probability of choosing "technological growth" as the breakthrough and main attack direction is 20%, then at that time... the main capital groups inside and outside the market will choose "big finance" as the main line of "big infrastructure" and the probability of the Shanghai Composite Index hitting the 3,000-point mark is 80%. "

After listening to Xu Xiang's analysis, Zhou Kan pondered for a while.

But he also felt that the main investment line of 'Technology Growth' seemed to be short of the expected and fundamental performance to further enhance the imagination space.

And the line of 'Big Finance'.

The current market valuation is suppressed to an extremely low level.

At the same time, according to Xu Xiang's analysis, its fundamentals and future expectations will have a significant change.

In this way, the expectation gap is indeed much larger than the line of 'Technology Growth', and the probability of funds choosing this direction as a core breakthrough is also greater than choosing the line of 'Technology Growth'.

"Okay!" Zhou Kan nodded, "Since the boss already has the overall investment strategy direction in mind, then we... will adjust the position in the direction of 'Big Finance'. ”

Xu Xiang nodded slightly, smiled, and continued: "However, although the direction of the investment strategy has been determined, there is no need to rush the position building plan. With such a grand main line of "big infrastructure", even if the short-term sentiment is overheated and the expectation gap is eliminated, it is necessary to adjust and clear the excessive profit-taking. Then this short-term peak platform will not be a peak, but most likely a range box top.

Since it will not be a peak, but most likely a box top.

Then, our reaction time in strategy switching is obviously sufficient.

Let's use our newly established "Zexi No. 2" main fund product to conduct preliminary position building.

For the "Zexi No. 1" fund product, we can slowly adjust the trading strategy, and in the subsequent market performance, gradually reduce our holdings in the field of "big infrastructure" from weak to strong. "

"Okay! "Zhou Kan responded and immediately began to make arrangements and formulate tomorrow's trading plan.

While the two were discussing and planning to adjust the fund's investment and trading strategies.

At this moment, inside and outside the market after the closing, on the online stock investment discussion platform where the majority of retail investors gathered, everyone's views and opinions were as radical and positive as ever. No one thought or realized that the core market trend of "big infrastructure" had reached a point where it must be adjusted. Almost no one noticed that many concept stocks in the main field of "big infrastructure" had already experienced a situation of volume stagnation, and its trend was turning from strong to weak. (End of this chapter)