Chapter 774 Institutions Passively Increase Their Holdings!
"Indeed, it is rare to see such a tenacious bullish pattern in our A-share market!" When Deng Jialun exclaimed, Zheng Zhongming, the general manager of asset management business, also sighed, "The continued sharp decline in the external market has obviously begun to show a diminishing marginal effect on the A-share market.
At the same time, the domestic market's bullish capital group.
Under the continued hot market money-making effect and the increasingly strong bull market expectations.
Has gradually begun to lose reason, regardless of the large number of people pouring into the market, and began to indiscriminately increase the corresponding core main line.
Six years!
This scene in the past happened six years ago.
There is no doubt that this wave of bull market, to the current market form, is likely to be successful, but I don't know how high ”
“The exact bull market pattern is still lacking some heat, right?” Hearing the words of General Manager Zheng Zhongming, Deng Jialun hesitated for a moment and responded, “There are still many uncertainties in the market at present. The most important thing is that the basic logic of the bull market outbreak is still lacking.
The full recovery of the global economy is not expected to come so soon.
At least the European economies seem to have not yet emerged from the quagmire of the financial crisis.
As for our country, although the overall economic situation is better, there are still many hidden dangers, especially the prices of bulk commodities have not moved. The prices of bulk futures of coal, steel, and non-ferrous metals are still falling, and the problem of serious overcapacity in various industries has not been solved. To be solved.
The bull market under this situation still has an unstable foundation.
Of course, the expected speculation of the core themes of this round of "big finance", "big infrastructure", and "military industry", as well as the influence of the market trend on the entire market, are indeed worthy of great attention. However, one is the expectation of the macroeconomic strategy of "new era road and maritime Silk Road", one is the expectation of "central bank interest rate cuts and reserve requirement ratio cuts" and even "macro-monetary policy turns to easing", and the other is the expectation of "increasing national defense spending", "strengthening the military", "reform and restructuring of military enterprises", "asset restructuring of military enterprises", "securitization of military assets", etc., but these expectations, from a substantive analysis, are difficult to accurately land and fulfill, right?
Once they cannot be fulfilled, then this round of business ......
It will appear like a castle in the air, without any substantial support. "
Zheng Zhongming heard what Deng Jialun said, but he did not rush to refute. Instead, he smiled and said: "Although it is difficult to realize the macroeconomic development strategy of 'New Era Road, Maritime Silk Road', it is the macroeconomic will of the top leaders. Even if it is difficult to realize, it will continue to advance, and the new market demand brought by this to the entire 'big infrastructure' strategic planning is also real. Although it is difficult to realize, it is not without imagination.
As long as there is an expectation, there is room for stock prices to rise.
There is no doubt that such a large policy support and strong long-term expectations for the future.
Even if it is difficult to realize, it can change the relevant valuation system of the entire 'big infrastructure' main line industry field.
Therefore, the core main line of 'big infrastructure', under this macroeconomic strategic planning concept, the medium- and long-term valuation system can be supported.
Otherwise, in the past six months, there would not be a huge group of main capital institutions with hundreds of billions and hundreds of billions of levels.
Brazenly advance to this major main line field and carry out large-scale continuous increase in positions.
As for the core logic of the line of "big finance".
As you said, it is indeed the "big shift in the macro-funds", the expectation that the macro-funds will shift from tightening to easing, and the expectation of a bull market.
You said that this expectation is difficult to fulfill, but that is not entirely true.
Although according to our news channels, there is no clear news from the central bank at present.
But the related rumors are definitely not groundless. Maybe someone is deliberately testing the market and deliberately leaking the news.
In fact, if you analyze it carefully...
Given the current domestic macroeconomic situation, the central bank may still make a monetary easing strategy.
After all, the Federal Reserve is facing a delay in economic recovery, and in the near future, it is highly likely that it will not dare to directly step into the interest rate hike channel.
This gives us time to buffer our domestic monetary policy.
Moreover, don't forget that there are many smart people in the market, and there are even more smart funds.
Everyone is gambling and investing in it with real money, so the actual market trend is basically made by the joint efforts of various funds.
Since the market trend of the "big finance" line is so strong.
Then naturally there is an internal logic that is collectively recognized by the majority of investors in the market. We may not agree with it, but we must respect the market's development and know how to follow the trend.
And the line of "military industry".
In fact, compared with the two core lines of "big infrastructure" and "big finance".
The logic of the line of "military industry" is much clearer, but this sector has always had limited information disclosure, and there are great uncertainties in performance, which makes it difficult to value, and there is no constant valuation standard, so... although the logic is clearer, the market is more difficult to do. "
"Does Mr. Zheng think that the central bank's monetary policy shift is still a high probability event?" Deng Jialun asked.
Zheng Zhongming responded: "Whether it is a high-probability event or not, we are about to enter December, and I believe the news will soon become clear."
"Does Mr. Zheng think that the line of 'big finance' can continue to move upward?" Deng Jialun continued to ask.
Zheng Zhongming responded: "Once the trend has been formed, it will not be easily reversed. There are so many active funds in the market gathered on the main line of 'big finance'. Before the expectations are completely clear, and the expectations are not completely fulfilled, or completely unfulfilled, everyone will not easily leave.
What's more, driven by extreme bullish sentiment.
The bull market atmosphere in the market is becoming more and more intense.
In addition, the financing balance and transaction volume of the two cities are still rising, which gives the main line of 'big finance' a higher speculation expectation.
In this way, will the market of this line and the upward trend end easily?
Since the main funds of all parties in the market are doing this, they are all increasing their positions in the core main lines of 'big finance', 'big infrastructure', and 'military industry'.
We If you don't want to fall behind, you have to be forced to follow.
This is the market trend. We have no ability and no way to reverse it. Therefore, the most correct way is to try our best to follow it. "
"I understand!" After listening to Zheng Zhongming's interpretation of the market, as well as the specific investment logic of the three core main lines of "big finance", "big infrastructure" and "military industry", and the analysis of the market outlook, Deng Jialun nodded and responded, "In this case, we can only passively increase our positions and go long. I hope that this wave... The Shanghai Index can continue to exceed expectations, develop an independent trend, and stand firmly at 3500 points in one go. Otherwise... If the position of 3500 points cannot stand firmly, I will always be worried about the logic of the bull market in my heart. "