Chapter 770 The Impact of Diminishing Marginal Returns on the External Market!

"It's really weird. The peripheral market has been in trouble for four consecutive times!"

At about 8:30 in the morning, at this moment, inside Yinghui Fund Company in Shanghai, in the main fund product trading room of 'Yinghui No. 1', fund product manager Liu Guanhai browsed the pre-market information and stared at the impact of the US stock market. The entire Asia-Pacific stock market, which opened lower across the board, frowned: "The external market trend is broken, and the European Purchasing Managers Index for the third quarter announced last night was also seriously lower than expected. This shows that the European economic recovery is also likely to be slower than expected. It is expected that the global economic recovery situation is not optimistic.

Under such a situation, the macroeconomic sluggishness will most likely affect the underlying logic of the A-share bull market!

The Shanghai Composite Index is at 3,500 points.

I thought it was just a small pressure point, but it was not difficult to break through.

Looking at it now, without the cooperation of the right time and place, it is still very difficult to really break through this position and completely open up the space for the bull market by relying solely on changes in emotions and funds! "

"There shouldn't be any problems with the underlying logic of the bull market in the A-share market, right?" Yu Lei, the trading team leader of the 'Yinghui No. 1' fund sitting next to Liu Guanhai, heard Liu Guanhai's slightly less confident words and responded, "Europe The economy has actually not emerged from the shadow of the financial crisis, and everyone's expectations for a comprehensive recovery of the European economy are not very strong.

In fact, under the current situation.

The core engine of global economic recovery has been transferred to our country.

Moreover, judging from the various economic recovery and revitalization strategies currently introduced, as well as the stimulus effects of various policies, the phenomenon of domestic economic recovery is still relatively obvious.

Analyzing from a macroeconomic perspective, the market has gone through a brutal six-year bear market.

In fact, it still has the underlying logic for the outbreak of the bull market.

What's more, the regulatory attitude towards the A-share market is also very obvious now, and for the implementation of many macroeconomic strategies, we also need a bull market to relieve the market's direct financing difficulties and allow more High-quality companies can go public smoothly.

Therefore, from the analysis of various domestic actual factors, there is no problem with the basic supporting logic of the bull market.

It’s just the impact of external market trends on the A-share market...

At present, this does have a somewhat negative meaning, but as long as there is no problem with the underlying logic of the bull market, the overall macro-capital level continues to be loose, the market's overall investment confidence and investment sentiment, and even the money-making effect of the entire market will continue to improve. progressive development.

Well, I think the external market has an impact on the A-share market.

It should be decreasing step by step.

In other words, the marginal effect of its influence will gradually weaken. Our A-shares have the opportunity to develop an independent market under the influence of the current comprehensive factors of macro, capital and sentiment.

In fact, you can predict something by looking at yesterday's market trend.

Didn’t the U.S. stock market also close with a sharp drop last Friday? Don’t you also expect that the recent trend of the U.S. stock market will most likely not be optimistic and may fall below the bull market trend line? So yesterday morning, the overall market sentiment was not good, at least it should be worse than the current market sentiment.

Sure enough, under such worries, A shares opened lower.

However, the impact of the sharp drop in the external market only affected a lower opening.

After A shares opened lower, with the support of sufficient funds and the incremental capital groups that continued to pour into the market, they quickly reversed and established a positive trend.

I think the market trend today should be similar.

We have a high probability that the market has entered a bull market, and more and more investors inside and outside the market have entered the market aggressively, and the logic of recognition of the bull market is getting stronger and stronger.

We should always have a more positive attitude towards market trends.

Of course, if the actual market trend continues to be worse than expected and goes beyond the bad expectations, then we can only make corresponding changes in trading strategies based on the actual trend development of the market. "

"So... do you think we should continue to maintain a relatively optimistic investment attitude, maintain a high position level, and wait for further changes in the market?" Liu Guanhai turned his eyes and looked at Yu Lei, "It's not impossible. But we should still prepare corresponding plans!”

Yu Lei nodded and said: "Prepare corresponding plans in advance, that's for sure."

As the two of them talked...

At the same time, inside the same company, in the main fund trading room of 'Yinghui No. 2'.

Shao Xiaoyun, product manager of the 'Yinghui No. 2' fund, stared at the Asia-Pacific stock market, which opened lower across the board, and frowned visibly, saying: "Looking at the emotional performance of this market and the trend of external markets, it is hard to say that the market will be different today. It creates a low opening situation!”

"There is a high probability that it will open low." As he spoke, Liu Changling, the trading team leader sitting next to him, responded, "However, it can only affect a low opening situation."

"Can it also affect a low opening situation?" Shao Xiaoyun repeated with a smile.

Liu Changling nodded and said: "Isn't it? During this period, the influence of external market trends has always shown a diminishing marginal effect on the A-share market, and the 'big finance', 'big infrastructure', and 'military industry' The expectations of several core main lines, as well as the overall investment logic, are basically difficult to be affected by external market trends.

As long as the basic logic of the core themes of ‘big finance’, ‘big infrastructure’ and ‘military industry’ is not a problem.

And the regulatory layer, the corresponding macroeconomic policy stimulus.

It is still continuing to stimulate the investment logic and future expectations of these core themes. When the future expectations of these core themes are still in a state of continuous enhancement or continuous progression, the market trends of these core themes will still be difficult to continue to fall.

Since these core themes have already blocked the channel and space for decline under the current situation.

So, where can the market, which is mainly supported by these core themes, fall? Or... where does the downward momentum come from?

This can be sensed from the market trend of the entire market yesterday.

I think that since the market bull market trend and the corresponding bull market expectations have been formed and are being recognized by more and more investor groups inside and outside the market.

Then, this gradually deepening trend development and market development will not change easily.

After all, the market development and emotional progression have strong inertia.

As long as the current global economic macro-level and domestic economic macro-level do not have such extreme fundamental changes as the so-called "financial crisis".

Then, this trend can be continued.

What's more, the current market's capital situation is essentially becoming more and more abundant.

As more and more funds flow into the market, it is basically impossible for the overall valuation level of the market to fall.

In fact, at this time, we really don't need to worry too much.

Let alone the volume of our fund products, which is not particularly large, we can quickly reduce positions and stop profits at any time. From the perspective of the regulatory authorities, they strongly hope to trigger a round of market bull market, even if the market suddenly shows a continuous extreme downward trend.

As the market regulator, they will definitely quickly introduce some heavyweight benefits to stabilize the market.

In other words, even if the market shows an extremely bad trend.

In extreme cases, we are completely able to get out of it, and there is no need to worry about such future events that have a low probability of occurrence. "

After listening to Liu Changling's words, Shao Xiaoyun pondered for a moment, nodded, and responded: "That's right, I'm too sensitive."

"Not sensitive." Liu Changling smiled and said, "It's mainly because it's not easy for our fund products to perform well. We want to step on the market rhythm as perfectly as possible and reduce the possible net value retracement. This is also a subconscious consideration. It's no wonder that Manager Shao has such a psychological change."

Shao Xiaoyun nodded and smiled again: "You are relaxed!"

"Don't worry about gains and losses, and you will naturally feel relaxed." Liu Changling said, "In the development stage of the bull market, you naturally have to have some faith. Isn't it often said that 'keeping stocks is like being widowed'? I think as long as the fundamental logic of the stocks we hold is not a problem, and the investment logic of the initial purchase has not changed significantly, we should let the profits continue to run, and then until the overall trend of the market reverses, or its fundamental changes no longer conform to the initial investment logic, we will finally stop profit and exit. "

Shao Xiaoyun nodded slightly and said, "It's easier said than done!"

As the amount of funds under his control grew, the pressure in his heart grew, and it became increasingly difficult to do what Liu Changling said.

As the saying goes, if you have a burden in your heart, it will be difficult to be calm.

Thinking of this, Shao Xiaoyun couldn't help but be curious...

I can't figure out how the young Mr. Su, who is in charge of the main fund product of the 'Yuhang system' with a scale of hundreds of billions of funds, can maintain this change in mentality, face the constantly changing market conditions, and extreme market fluctuations, and be calm and firm in holding positions.

Of course, he thought about it carefully for a while and felt that it was normal for him to be unable to figure it out.

After all, the other party is a real legend in the market, and he is currently just a small unknown fund product manager.

The two have a huge gap in investment achievements and trading understanding.

While he was thinking, unknowingly, the time had come to 9:15. The mood of the two markets in the early trading, as well as this pre-market investment view, was brewing. In the collision of points, the initial call auction was ushered in again.

The time pointer just passed 9:15.

The stagnant market of the two cities began to change rapidly in an instant, and disturbed the eyes and nerves of tens of millions or even hundreds of millions of investors inside and outside the market.

At 9:16, after a minute of rapid fluctuations in the market.

The market trend of the two markets finally stabilized, and the market situation of the initial call auction of the two markets finally became clear.

After a short and rapid trading of one minute, the market of the two markets, a number of industry sectors, concept sectors, and even most market stocks showed a clear low opening trend.

Among them, the main technology lines such as "smartphone industry chain" and "mobile Internet" led the decline.

The related industry sectors and concept sectors in the core main line areas of "big finance", "big infrastructure" and "military industry" maintained a slightly high opening trend.

Of course, the "new stock" sector, which was affected by "Huake Shuguang" yesterday, fluctuated violently.

At the beginning of today's call auction, it also showed a trend of opening significantly lower, directly leading the decline of a number of concept sectors in the two markets. Among them, the core stock in its sector, 'Huake Shuguang', showed a 'one-word limit down' opening trend in the shape of a soul-breaking sword.