Chapter 811: Changes in the Investment Strategy of the ‘Yuhang Group’!

Zhao Lijun paused for a moment and continued to respond: "That's not possible. Now that the market's bull market pattern has been established, it will definitely not end so soon. I just think that the first wave of the bull market's upward trend, at this position, should probably enter It's the end. After all, this kind of continuous crazy upward breakthrough and surge is still difficult to continue when the volume and energy cannot fully keep up, because the rapid advance of the index will rapidly increase countless profit margins.

After the continuous rise in the market, the accumulation of short- and medium-term profit orders on the market has become serious.

Now, there is such a rapid rise.

The crowd of profit-taking funds accumulated in the market is even more serious.

Moreover, this part of the profit-taking funds will most likely be difficult to resist selling when seeing the market soaring rapidly and the chips in hand making huge profits.

That’s why I worry that this kind of continuous short squeeze is going too far. "

"It shouldn't be. Doesn't it mean that the higher the price rises, the less pressure there will be?" Wang Can said, "How come the higher the price rises, the greater the risk?"

"Manager Zhao's analysis is correct." At this time, Zhu Tianyang thought for a while and took over the words, "The bullish sentiment in the market has increased to this extent. In the short term, even if there are good benefits, it will be difficult to stimulate the sentiment again, and this Under such extreme emotions, almost all active long capital forces will quickly rush into the market.

When this wave of active long capital power was quickly exhausted in the exponential surge.

Then, the potential bullish power will naturally decline.

While the power of the bulls is gradually weakening, and after the index has risen sharply, the short- and medium-term profit-making capital groups are still accumulating.

At that time, once the new influx of bull funds is greatly exhausted, it will not be able to effectively take over the market.

The market trend will naturally reverse quickly.

And the profit-making capital group that has been accumulating will naturally, under such circumstances, concentrate on selling chips to take profits.

This is also the fundamental logic behind the mutual conversion of long and short market patterns.

After all, although market conditions and individual stock prices are driven by the combined force of factors, the most fundamental driving force is the final combined force of funds.

Once buying weakens, selling increases sharply, regardless of whether the market is continuing to be positive.

Naturally, it will be difficult for the stock price and index to maintain an upward trend. "

"But trends generally have a certain degree of inertia." After hearing the concerns of Zhu Tianyang and Zhao Lijun, Liu Yuan, who pondered for a while, also responded at this time, "As long as the bull market pattern of the market remains unchanged, the macro fundamentals supporting the bull market will , and the most important thing is that the attitude of the regulators remains unchanged, and the underlying investment logic of the entire bull market is still there, then the long-term upward trend of the market will not change.

As for short-term trend changes and short- and medium-term adjustments, they should also be benign adjustments.

What's more, in the current market, the entire investment sentiment and investment confidence have developed into a quite radical situation.

Under this situation, the high-quality chips on the market will always receive the attention of the continuous influx of incremental funds.

In the entire market, there are only so many core mainline weight stocks and high-quality growth stocks with strong investment logic and strong expectation logic...

In other words, the number of high-quality chips in the market is limited.

The result of limited chips and the continuous influx of incremental funds is that as the market progresses, the stock prices of high-quality chips will only get higher and higher.

So I think the market will have demand for short- and medium-term adjustments.

We should also hold on to the high-quality chips in our hands, not be afraid of adjustments, and continue to look to the future. "

"Guobing, what do you think?" After hearing the discussion of several people, Li Meng, who was sitting next to the main control computer in the trading room, looked at the people and pondered for a while. He did not express his opinion directly, but turned his attention to the people who had been talking about it. Zhang Guobing, who has unique insights into market interpretation, asked, "What do you think of the current market trend?"

Zhang Guobing pondered for a moment, looked away from the computer screen in front of him, stood up and said: "Back to Mr. Li, I think we still need to adjust our trading strategy, gradually shrink the range of positions, reduce positions and stop profits, and harvest immediately. The market profits are rapidly expanding.”

"Oh?" Li Meng looked slightly surprised and said with a smile, "Tell me more specifically."

Zhang Guobing paused for a while before continuing: "On the whole, the macro fundamentals are improving, and the trend of the external market is also improving. At the same time, the regulators are continuing to release good news to the market, and the macro capital is also improving. Continue to develop in a good direction.

Analyzing the underlying logic of the bull market in the entire market, there is still no problem with the logic of the continuation of the bull market.

In other words, the macro trend of the bull market will definitely not end here.

However, as asset managers of fund products, in addition to analyzing macro trends, our primary responsibility is to be responsible for the net value of the fund products we manage and to the investors who trust us.

They are responsible for the net value of the fund products.

Then our first consideration is the trend of the fund's net value.

Managers Zhao and Zhu have just analyzed that the current market has reached this position, and the short- and medium-term profits have been piled up too seriously.

As far as the current situation is concerned...

The potential long financial power and the potential short financial power have shown a reversal of strength.

As the market continues to squeeze and rise, the former bulls will also be the current bears, and the bears who were completely out of the market or even short-selling before may develop into the current bulls.

The market's long and short patterns, as well as the long and short forces, are not static as the market continues to change.

We must have a clear understanding of the market and know which stage the market has reached.

When the market's long and short capital forces and the strong and weak patterns have begun to reverse, whether the market is currently in a state of continuous rise or consolidation, the trend of adjustment is inevitable.

The over-accumulated short-term profit-taking capital group cannot be quickly digested through the continuous rise of the index as before.

What's more, the previous continuous rise in the index was able to digest the profit-taking while adjusting the chip structure.

That's because the general market sentiment at the time was not as crazy as it is now. There were many bearish and bullish people in the entire market at that time.

As the saying goes, where there is disagreement, there is a market.

The core point of the market is that if there are differences, there will be a turnover, which will lead to continuous changes in the chip structure, and will cause the chips in the market to be constantly exchanged, so that the profit-taking chips will always remain in a relatively constant state, so as not to cause too much continuous pressure on the market.

However, the current investment sentiment of the entire market has turned to a consistent bullish atmosphere.

That is, the apparent shorts have completely died out.

As the saying goes, shorts will not die, and longs will not stop. In this way, there are no people in the entire market who continue to be bearish, so the profit-taking chips in the market will naturally fall into a situation of short-term lock-up and further rapid accumulation.

Under this situation, once the bulls are weak, they will not be able to fully support the continuous and substantial upward breakthrough of the market.

Then, the large number of profit-taking chips that are currently locked in will inevitably surge out of the market.

At that time, the market will naturally undergo a continuous and drastic adjustment trend to digest the profit-taking chips that surge out of the market.

However, the current transaction volume of the two cities is approaching the trillion-yuan mark.

Moreover, the rate of new additions is gradually decreasing.

That is to say, the active capital groups that can be newly added in the short and medium term have almost all entered the market.

With the subsequent changes in the macro capital market and the further release of monetary liquidity, even if there are still large-scale new capital groups waiting to enter the market, it will take enough time to react and brew.

Therefore, if the current market's long and short forces reverse, the market will fall into adjustment.

In order to fully digest the huge profit-making chips since 3,000 points, as well as the huge new unwinding chips above 3,000 points.

It will definitely take a lot of time to digest.

That is to say, the space and time of market adjustment may be beyond the expectations of most current investors.

Of course, even if the possible market adjustment space and time will be a little, it will still be a benign adjustment if the underlying logic of the bull market still exists.

Just down to the trading level...

Since we have already seen that there is a high probability that there will be a benign callback node with a long time and space adjustment time, if we do not make corresponding changes in trading strategies, it will inevitably lead to a large retracement of the net value of the fund product, or it will waste a lot of subsequent market opportunities.

What's more, at the end of each year.

Basically, it is the day when industry institutions make major adjustments or settle the net value of the corresponding fund products.

At this point, the capital situation will not be particularly abundant. When the market has already begun to overdraw expectations, it is probably difficult to hit a new high space.

At least the majority of investors in the market generally expect the Shanghai Composite Index to touch the 4,000-point mark.

It is unlikely.

So I suggest that we can actually start preparing for the year-end net value liquidation now, gradually reduce the holding weight of our fund products, and gradually reduce the position and stop profit in the order of holding individual stocks from weak to strong.

Only at this time, reduce the position and stop profit, free up positions, and leave cash.

Then we wait for the serious accumulation of profit-taking and unwinding funds in the market to come out, and then we can regain what we think are the core main line high-quality chips at the subsequent relatively low correction. "

"But before Master left, didn't he ask us to maintain a dynamic position level and not change it?" Liu Yuan subconsciously refuted after listening to Zhang Guobing's market analysis, "and the current market does not show any signs of possible adjustment. Whether it is the main line weight hot stocks or a number of marginal main line component stocks, the market is very good, and the market has basically no loss effect. At the same time, today's market volume is still increasing. "

Zhang Guobing then responded: "Although there are no signs of adjustment in the current market, it can be perceived that even in the core main line field, the market trend between strong hot stocks and general core main line component stocks has shown a completely differentiated situation. What does this situation represent? Manager Liu must have his own unique understanding. Can you see that the potential long and short forces in the market have reached the critical point of transformation?

What's more, everyone knows that our company has several main fund products.

The current total holding volume has reached 200 billion. With such a large holding volume, if we really have to wait until the market situation changes completely, or the majority of investors in the market have realized the moment when the market situation turns long and short, we will reduce our positions and stop profits...

I believe that with our "Yuhang system" related trading seats, we have a current influence on the entire market.

We are unlikely to get out, and we can't achieve the trading strategy effect we need.

After all, if our funds of this volume really take profits and exit in a short period of time on a large scale, they can't hide on the market. Once it appears on the Dragon and Tiger List of the two cities, other major fund groups and a large number of retail groups will follow suit, and then there is no way to reduce positions and stop profits successfully.

Therefore, we must predict market changes and make effect strategy changes in advance. "

"Guo Bing is right. "After listening to all of Zhang Guobing's analysis, Li Meng pondered for a moment, nodded with a smile, and responded, "The most essential difference between small funds and large funds in investment strategies is liquidity. Our current holdings, no matter what investment strategy is implemented, have to consider liquidity factors first.

Whether in the position building stage or the position reduction stage.

Once the market reaches the long-short clear pattern, we start to implement the corresponding investment strategy, which is very disadvantageous.

The so-called bull market does not mean that the market can always rise. We insist on the long-term bull market thinking, but we still need to pay special attention to controlling the retracement.

At the same time, under the implementation of the corresponding strategy.

In the case of giving priority to liquidity, we must also learn to actively give up some seemingly easy profits, so as to avoid some possible risks.

When Mr. Su left, he did say that the dynamic holding level of the fund should be kept unchanged.

However, he also said that if there are extreme changes in the market, we still have to learn to actively adjust the strategy to deal with extreme market conditions. "

After saying that, Li Meng glanced at everyone with a smile.

Then seeing that no one had any other opinions, she was ready to continue to instruct everyone to change the previous investment strategy in a timely manner, and gradually reduce the holdings of stocks of each main fund product according to Zhang Guobing's idea of ​​'from weak to strong', and make corresponding profit-taking operations.

But unexpectedly, at this time...

Su Yu suddenly opened the door of the trading room and walked in with a smile. (End of this chapter)