Chapter 620 Funding Differences in ‘High-Low Switching’!

Xu Xiang nodded slightly and said: "Since the expected adjustment trend of the two major industry main lines of 'infrastructure' and 'military industry', as well as the main lines of several major concepts and themes such as 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road', and 'Reform and Restructuring of Central Enterprises and State-owned Enterprises' is becoming stronger and stronger, funds can no longer form a joint force in this field, so let's reduce positions!

However, the increase in positions in the direction of big finance...

Although there are indeed signs of funds switching between high and low in the market at present.

However, it is still unclear in which direction the funds will go to work together to do more.

Although we are optimistic about the performance of the market in the future, the main line of 'big finance' can replace the popular main lines such as 'big infrastructure' and 'military industry', which are already at a relatively high level in the market and have strong adjustment risks, but expectations are always just expectations. Whether the expectations can be fulfilled will ultimately depend on the actual trend of the market.

Therefore, the increase in positions in the line of 'big finance' can be done, but there is no need to be too focused In a hurry, we directly carried out large-scale position building at the beginning.

We have to ensure that if the market does not develop as we expected and predicted next.

When the process of "high-low switching" is completed, when the main line of market funds can be formed, it is not the main line of "big finance", we can also adjust the position in time to keep up with the rhythm of the market.

In short, when the trading strategy is implemented.

Especially when the current market trend is not clear, and there is switching and uncertainty in the main line.

We must pay great attention to the position of the position, not too high or too low, and we cannot intervene too deeply in other main line layouts that have not come out and formed the market funds before the market trend becomes clear. We must maintain our initiative in market changes. "

Hearing Xu Xiang's instructions, Zhou Kan nodded and said, "Okay, slowly increase the position, and keep a close eye on the changes in market conditions."

After speaking, Zhou Kan turned back and immediately instructed several trading groups in the trading room.

Within the trading strategy guidelines mentioned by Xu Xiang, quickly execute relevant trading instructions.

At the same time, Yuhang, inside Jingda Investment Company, in the main fund trading room, also realized that in the market, the two main industry lines of "infrastructure" and "military industry", as well as related sectors centered on core concepts such as "Eurasian Economic Belt", "New Era Road, Maritime Silk Road", and "Reform and Restructuring of Central Enterprises and State-owned Enterprises", as well as many core component stocks and popular concept stocks, have seen loose chips. Fund manager Lin Tingzong, who has huge callback risks, also had the idea of ​​adjusting his portfolio and changing his investment direction and investment ideas while staring at the market.

"It feels like the market trend is not stable today!"

While Lin Tingzong was thinking, the company's general manager Gu Chijiang sighed: "According to market expectations, today should have been a market trend that continued to break upward. However, in the entire market's core concept main line, whether it is the stocks of the "infrastructure" and "military industry" related sectors, or the related concept sectors centered on the "Eurasian Economic Belt", "New Era Road, Maritime Silk Road", and "Central Enterprises and State-owned Enterprises Reform and Restructuring", and their related stocks, the market trend has clearly shown signs of high volume and then falling back, or high volume and stagnation.

Such market trend traces...

It should be able to explain that the internal holdings of these major core main lines are depositing funds, and they are now continuing to take profits and stop profits, right?

At the same time, there seem to be signs of abnormal movements in the main lines such as "big consumption", "technological growth", and "big finance". These main line sectors, which were relatively weak before, are now performing better than the "infrastructure" and "military industry sectors" that have been hyped up by funds, as well as related concept sectors that are hyped around concepts such as "Eurasian Economic Belt", "New Era Road, Maritime Silk Road", and "Reform and Restructuring of Central Enterprises and State-owned Enterprises".

This should also indicate that the funds withdrawn from high positions are flowing into low positions, right? "

"Yes!" Lin Tingzong nodded slightly and replied, "From the market trend and the traces of the flow of main funds, the market does seem to be doing a "high-low switching" market.

But at present...

It is still unclear which of the several main line sectors at low positions will become the ones to take over the funds withdrawn from high positions, form a new form of funds gathering and hyping up, and condense market sentiment and continuous money-making effects. "

"Which main line do you prefer?" Gu Chijiang asked.

Lin Tingzong thought for a while and said: "From the perspective of market expectations and the current strength of capital attacks, I feel that the 'technological growth' line will have a higher probability of taking over the popular main line market such as 'infrastructure' and 'military industry' from a low position. After all, after this quarter's adjustment, the 'technological growth' line is obviously more cost-effective than in June.

At the same time, the main line of 'technological growth' such as 'Internet finance', 'mobile Internet', 'smartphone industry chain', etc., whether it is industry scale or performance growth, are actually happening, and their future expectations are still increasing.

Let's look at the corresponding core stocks in these major fields.

After these few months of adjustment, not only did it fail to keep up with the sharp rise of the Shanghai Composite Index, but it fell back a lot.

At the same stage, the Shanghai Composite Index rose by nearly 20%.

Expectations for the future continue to increase, the overall market valuation is reduced, and the index is rising rapidly... Considering these factors, in a sense, the line of "technological growth" has a logic of compensating for the rise.

In addition, according to the market's past historical performance.

Usually, there is an obvious seesaw effect between the Shanghai Stock Exchange's main board market and the "growth stocks" market in the SME board and GEM direction.

For example, last year, it was mainly the market in the field of "growth stocks" in the SME board and GEM. The GEM index nearly doubled last year, while the Shanghai Stock Exchange Index did not move.

This year, it is just the opposite.

But now, when many funds clearly feel that the chips in the main board direction and the "big infrastructure" field are beginning to loosen, and seek to switch the market up and down.

Then according to investment inertia and thinking inertia.

It is highly likely that many main funds will converge on the main line of "technological growth".

What's more, the line of "technological growth" has sufficient cost-effectiveness at its current position. As long as funds converge and the market forms a joint force in this field, it can pull out a wave of sustained market conditions. "

Gu Chijiang listened to Lin Tingzong's analysis, pondered for a moment, nodded slightly and said: "The line of 'technological growth' is indeed worthy of attention, but I think... the market will not be a simple repetition, right? This year's overall market volume is much higher than last year. It should not form a clear seesaw trend between the Shanghai Composite Index and the Small and Medium-sized Board Index and the ChiNext Index, right?

After all, the two markets are now able to maintain a volume of 400 billion.

With this level of volume, the line of 'technological growth' should not be able to absorb so many main funds. At the same time, it feels that although the future expectations of the line of 'technological growth' are very strong, the performance of many hot core stocks has not been obviously caught up. There is still a risk of logical falsification. At the same time, the majority of investors in the market should also have certain concerns about this main line.

I think...

Compared with the line of 'technological growth', the two main lines of 'big consumption' and 'big finance' are not without opportunities, right?

The current valuation of the "big consumption" line can be said to be compressed very low. Stocks of white appliances such as "Gree Electric, Midea Group, Haier Electric...", stocks of automobile industry such as "Great Wall Motors, Shanghai Automobile Group, Changan Automobile...", and stocks of liquor brands such as "Qianzhou Moutai, Wuliangye, Luzhou Laojiao...", their performance is currently in the recovery channel.

At the same time, under the background of "economic recovery".

Although the "big infrastructure" strategy has become the core driving force of economic recovery, consumption will definitely have a certain obvious recovery performance in economic recovery.

I think there is a strong space for expected differences here.

Moreover, in this field, in the hot main lines related to "infrastructure" and "military industry", on the macroeconomic strategic planning route of "New Era Road, Maritime Silk Road", it is also obviously sideways, lagging behind the market index, and there is also a demand for catch-up growth, which also meets the logic of switching the main line at a low level.

As for the market main line of "big finance",

I think that if the Shanghai Composite Index still has the potential to continue to rise and break through, and can break through the 3,000-point limit above, just like breaking through 2,500 points.

At the same time, the market volume performance can maintain the 400 billion level.

In other words, the financing balance of the two cities can always remain above the active area of ​​800 billion.

Then, the market'bull market' is not unpredictable.

As long as the market's expectations for a 'bull market' continue to increase, the sentiment and confidence of market investors are increasing.

Then, when the market volume remains high, the balance of the two financings remains high, and the overall market profit effect is not bad, 'big finance' is definitely the industry field with the first and direct benefits.

What's more, under the expected economic recovery.

After the banking industry adjusts its asset structure and cleans up off-balance sheet investments and off-balance sheet assets, its credit scale will definitely return to the expansion route as the economy recovers.

As for the demand for the insurance industry, it will definitely increase dramatically against the backdrop of economic recovery.

As for securities, let alone, the surge in market turnover in the past few months has made major brokerage institutions earn a lot of commission fees. At the same time, many brokerage institutions' proprietary fund products should have also made a lot of money in this wave of the main rising market of the "big infrastructure" main line, and now there is also an increase in profits from the margin trading business...

From these aspects, under the premise that the domestic financial trading market is getting hotter and hotter, the fundamentals of securities have actually been gradually changing, and there is a strong expectation gap.

In this way, although the main line of "big finance" has performed very weakly before, the majority of investors in the market also hate this main line sector and continue to curse it, but from the perspective of expectations and investment and speculation, the line of "big finance" also has strong expectations and obvious investment and speculation value.

In addition, the market size of the main line of "big finance" is not small.

It is able to accommodate all kinds of funds from popular main lines such as "infrastructure" and "military industry", concentrate the market funds, and lead the Shanghai Stock Exchange Index to further open up space.

After all, the weight of "big finance" in our index weaving is quite high.

It is actually more appropriate to use the "big financial" line to drive market index trends, open up space for the Shanghai Stock Exchange Index further upward, and condense the basis and consistent expectations of a "bull market".

And judging from the market trend...

The active funds in the market are indeed flowing in and deployed in these major main directions. "

After listening to Gu Chijiang's analysis and understanding of the market, Lin Tingzong thought for a while and said: "From a more comprehensive perspective, Mr. Gu is right. At present, 'technological growth', 'big consumption', ' Big Finance's major main lines all have the opportunity and probability to take over the high-level popular main line market such as "infrastructure" and "military industry", guide the inflow of funds to the low-level main line, further condense emotions and consistent expectations, and create a new market main line.

But at present, there are obviously still big differences in funding in these aspects.

If we want to make arrangements in advance, the choice may be... not easy to do. "

Gu Chijiang smiled and took over the words and said: "There is nothing difficult to do. Since we can't see which low-level main line will eventually come out, form consistent expectations, condense market sentiment, and achieve the sustained profit-making effect, then we will Relying on the core popular stocks in these three main directions, a balanced layout is enough.

First follow the funds to buy, and then see which line has the strongest trace of consistency and the strongest sustained money-making effect.

Then we will slowly adjust the positions in the next step based on further changes in the market. What do you think? "

Lin Tingzong smiled and responded: "Although this method is clumsy, it is obviously practical for the current market performance. Okay, let's adjust positions according to what Mr. Guo said, and balance the popular cores of several main lines. stocks, and then look at the further gathering of funds and make focused fine-tuning.”

At this moment, the market has already shown signs of a 'high-low switching' market trend.

Although there is a consistent expected low main line, which is currently unclear, in order to grasp the initiative of the market, they must still make corresponding strategic changes.

At least, there are obvious signs of loosening chips in several core main lines of the market.

Take profits first and keep them for these few months, on the main lines of 'infrastructure' and 'military industry', as well as in the market for the 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road', and 'reform and reorganization of central and state-owned enterprises' 'In the midst of the hype of several major concepts and themes, it is correct to gain profits, stabilize the net profit value of the fund, control the possible huge retracement risks, and first reduce the positions that are currently concentrated on several popular core lines in the market. of! (End of chapter)