Chapter 718: Same board, different strategy choices!

"Isn't it?" Fang Xinsheng smiled and said, "I thought that before the benefits of 'Shanghai-Hong Kong Stock Connect' were achieved, the market would be relatively high, and then when the benefits of 'Shanghai-Hong Kong Stock Connect' were implemented, I could harvest the influx of 'southern' capital groups. , but they forgot... What kind of market stage is the current market in?

This is a bull market!

Moreover, the market has developed to this point, and the basic logic and expectations of the bull market have become more and more solid in the hearts of the majority of investors both inside and outside the market.

Since it is a bull market, the main line of 'big finance' is the core main line of speculation that the market cannot avoid.

At this time, they are selling off the chips of the two core main lines of "big finance" and "big infrastructure" to do some high-low market rotation.

It's just giving away the chips that originally had cost advantages.

The period when the basic investment logic and expectations of a bull market are fermenting wildly among investor groups both inside and outside the market is the early stage of the bull market.

Faced with countless incremental capital groups on and off the market that are flocking to the main line of "big finance".

It can be said that no matter what the current position is, the core line of 'big finance' has no room for downward adjustment at all.

And in the face of the two core main lines of 'big finance' and 'big infrastructure', which have the strongest basic logic and the strongest future expectations in the market, as long as the expectations of these two core main lines have not been speculated by various main funds, they have not reached the majority of retail investors. I didn’t dare to follow the market at all, as the long and short forces continued to be imbalanced on the market.

So, the market trends of these two core main lines are based on the logic of increasingly strong ‘bull market’ expectations.

It won't stop at all.

And the financial groups that have gathered in these two core main lines will not be dispersed to other main line areas to do trading.

So... in my opinion, funds will only continue to gather in this direction when the main line expectations of 'big finance' have not been fully realized and the future expectations are still very strong. Other so-called low main lines are currently far away. It is not time to take on the two core market trends of 'big finance' and 'big infrastructure'.

These people think that they will take advantage of the favorable conditions to ship goods and bring down the market.

And then use this to harvest the influx of "southern" funds in an attempt to create a capital group that can "switch high and low" in the market's main market trend.

If nothing unexpected happens...there is a high probability that the chips sold today will be recovered at a high price later. "

"I also feel that 'petrochemicals, large consumption, non-ferrous metal cycle, coal...' and other main sectors that lack fundamental reversal and future expected support have no sustained market development momentum." Mou Zhengxing took over and said, "Today's On the board, it’s obviously very awkward to move.”

"According to your opinion... the prices of the main sectors such as 'petrochemicals, large consumption, non-ferrous metal cycle, coal...' which just made some money in the afternoon will fall back?" Liu Xin, the general manager of the company, standing next to Fang Xinsheng and Mou Zhengxing As for the changes in the two cities, I couldn't see as clearly as the two of them. At this moment, I heard the conversation between the two, thought about it, and couldn't help but ask, "How will the two main lines of weight of 'big finance' and 'big infrastructure' continue to change?" Will it continue to rise?”

Facing Liu Xin's question, Fang Xinsheng nodded slightly: "Say, there is a high probability that it will develop like this. In fact...'Petrochemicals, large consumption, non-ferrous cycle, coal...' and other marginal main lines, there are currently no new benefits. , or the news is stimulating, it is simply that the capital groups that have previously made substantial profits in the main areas of 'big finance' and 'big infrastructure' are taking advantage of the expectations of the positive implementation of the 'Shanghai-Hong Kong Stock Connect' to carry out profit-taking and position adjustments, stimulating the market. The board has just changed.

However, any market trend that has a sustained money-making effect.

It is not decided by one or two main funds at all. Whether the market can continue and whether it can really come out depends on the final result of the entire market after the main funds are ignited.

If the main funds are ignited on a large scale, the market will not be able to form a final synergy.

Then, the market in this direction, which is ignited by the main funds, will naturally lose the effective support of the bulls, and it will easily fall back.

Actually, at this time...

It is a smart move to continue to pull the main lines of 'big finance' and 'big infrastructure' and continue to squeeze upwards, so that the newly entered 'southern system' funds are forced to continue to lift the sedan at a high level. It is a pity... In the macro pattern of the market On the market, many of the main funds that guide the market do not have this awareness. "

"In fact, it is easy to understand that many major financial groups in the market today are selling off chips in the main areas of 'big finance' and 'big infrastructure' at this time, reducing positions and taking profits." Mou Zhengxing took over the words and said, "This is a The problem with inertial thinking is that although the market has entered the 'bull market' stage, and many investors have realized that this is a bull market, it has been a bear market for six years.

Many major financial institutional groups are focusing on market operations and investment strategies.

The idea of ​​taking a bite and taking profit first has been formed when the market rebounds.

For a while, it should be difficult to change this kind of thinking, and at the same time... it is also difficult to form the large-scale position holding method you mentioned, Mr. Fang.

The so-called authorities are obsessed with it.

Even if it is a bull market, facing a lot of profits already in the account, and the expectation of good things coming true.

Once on the market, there is a concentrated take-profit and profit-taking selling.

Then, the remaining groups of major financial institutions that have made large short-term profits and have not yet converted their thinking to bull market positions will naturally quickly follow the trend and move higher.

But I think... it would be good to spend these funds here.

After all, after the market crash last Monday, the main lines of 'Big Finance' and 'Big Infrastructure' have rebounded from Monday's plummeting position for four or five consecutive trading days, and have re-accumulated a large amount of concentrated profit-taking chips. Now Smashing these profit-making orders will make everyone have an expectation that the market will definitely "switch high and low". This is still very conducive to a large amount of profit-taking and re-consolidating the main lines of "big finance" and "big infrastructure". Field chip structure.

In other words, the current short-term correction, or the profit-taking measures of these main funds.

The impact on the overall market trend and trend should be minimal, and will allow the two core main lines of 'big finance' and 'big infrastructure' to clear out profits and unsteadily unwind the arbitrage again. , the subsequent trend will be more ideal and relaxed. "

"That's understandable." Fang Xinsheng nodded after listening to Mou Zhengxing's words.

Liu Xin saw that the two people were still talking optimistically, and asked with a smile: "In that case... then we shouldn't need to adjust positions, right?"

"Not only do you not need to adjust positions, but you can also take advantage of this period when the two core lines of 'big finance' and 'big infrastructure', some weighted blue-chip stocks and industry leading stocks with strong expectations and strong fundamental logic, have experienced a sharp correction, and make appropriate use of them. We have the remaining available cash to increase our positions." Fang Xinsheng said, "For the two core lines of 'big finance' and 'big infrastructure', under this change in market conditions, everything has indeed dropped significantly during the session. points are rare and certain buying points.”

"But our main fund positions are already around 85%," Mou Zhengxing said. "Add any further, and the extreme risks of holding positions will increase rapidly."

Fang Xinsheng said: "Attack with a small position, bring the market to overcome the divergence, and return to the time when the two core main lines of 'big infrastructure' and 'big finance' took the lead, and then slowly reduce it back to the 85% position line, and change In other words... we can take advantage of this obvious buying opportunity to further reduce the holding costs of our two main fund products.

Under the basic conditions of earning excess market profits, the strategy still needs to be flexible.

After all, the two main funds under our company have performed well this year. Since there is an opportunity to break into the top five in the performance rankings of private equity funds in the industry at the end of the year, we should still actively do it. "

"Okay!" Mou Zhengxing saw that the look on Fang Xinsheng's face was quite confident. At the same time, judging from the analysis results of the two of them, the current position and the market development node are indeed a relatively certain buying point, so he couldn't help but nodded. I completely agree with Fang Xinsheng's strategic suggestions.

Immediately, he turned back to the traders who had not dispersed in the trading room.

The afternoon operation ideas were given.

At the same time, inside Yanjing Yihe Capital Company, the main fund trading room.

Chen Yihe, the fund manager and general manager of the company, and Gao Xiang, the trading team leader, stared at the fixed disks of the two cities, but their opinions and approaches were completely different.

"Looking at the market trend this morning, the two core main lines of 'big infrastructure' and 'big finance' may have to adjust sideways for a period of time." Gao Xiang, the trading team leader, said, "The market's 'high-low switching' pattern is very Obviously, and after the benefits of the 'Shanghai-Hong Kong Stock Connect' are implemented, in the short term, there are no new major benefits to be expected on the main lines of 'big finance' and 'big infrastructure'. In front of these two main lines, prices have already risen so much. , when the valuation has increased by 15% to 20% from the bottom, it is still unrealistic to continue to attack upwards without clear expected assists.

On the other hand, look at the low-level main areas such as "big consumption, non-ferrous metal cycle, petrochemical industry, coal...".

It is still hovering at the bottom of history.

Facing the Shanghai Stock Exchange Index, which has risen by almost 50% since the beginning of the year, and the ChiNext Index and the Small and Medium Enterprises Index, which have more than doubled from the bottom area of ​​500 points last year.

These main-line stocks that are still at the bottom of history, especially core-weighted blue-chip stocks with good fundamentals, blue-chip stocks, and industry-leading stocks.

It is indeed time for an increase, and there is indeed a strong demand to make up for the increase.

Therefore, I think the market trend this morning should be a watershed in the recent market transition and a clear signal for position adjustment. "

"Do you think the main lines of 'big consumption, non-ferrous metal cycle, petrochemicals, and coal' that took over the main lines of 'big finance' and 'big infrastructure' this morning and created a certain market profit-making effect can have sustained money-making effects in the near future?" Chen Yihe squinted his eyes and asked, "How much room do you think there is for short-term supplementary growth for these major main lines?"

Gao Xiang thought for a moment and responded: "The Shanghai Stock Index has risen by about 50% so far this year. Even if it is discounted in half and does not take into account factors such as subsequent changes in expectations and pure valuation increases, the short-term supplementary growth space of these major main lines should still be on average. There is about 25%.

There are also two core main lines of ‘big finance’ and ‘big infrastructure’.

In particular, the "Securities and Internet Finance" sector in the main line of "Big Finance" is currently too far away from the trend center line, that is, the 20-day line, and each moving average is in the process of diverging and gradually flattening.

According to technical analysis, when these moving averages flatten, the K-line entity falls to the 20-day line.

Or wait until these moving averages rewind.

In terms of adjustment time, it should be unlikely that it will be less than one month.

My suggestion is... Mr. Chen, at this time, we can diversify part of the main line positions of 'big finance' and enter the 'liquor' and 'white goods' sectors, which are the strongest in the 'big consumption' field, to make a round of supplements. If the market goes up, then when the situation of the 'big financial' field and the two core sectors of 'securities and Internet finance' improves again, we will move the position back and build a second position. "

Chen Yihe pondered for a while, thinking that after the implementation of the "Shanghai-Hong Kong Stock Connect", the main lines of "big finance" and "big infrastructure" did not have new short-term major positive support, and had already accumulated a large number of short-term profit-making settlements. In the case of arbitrage, the motivation to continue to advance and fight high was obviously insufficient. I couldn't help but nodded, agreed to Gao Xiang's suggestion, and said: "Since the market trend has given a relatively obvious signal, then in the afternoon After the market opens, we will reduce our main holdings of 'Big Finance' by 30%, and follow the smart main capital groups in the morning to make up for the market increase!"

"Okay!" Hearing that Chen Yihe completely agreed with his analysis, Gao Xiang's face was filled with joy and he quickly agreed. Before eating, he began to lay out his trading strategy for the afternoon.

The so-called "bull market" cannot be just an independent bull market of a certain main line or a certain sector.

Obviously, the market trading volume that exceeds the historical high will definitely give birth to a comprehensive bull market.

Therefore, both of them believe that at this time, when the strong main line at a high level gradually loses strong expectations and power to attack, the probability of success is still very high if the valuation of the main line at a low level is increased to make up for the market increase.

Just when Xiniu Fund Company and Yihe Capital Company made completely different investment strategy choices based on the same disk performance...

Throughout the lunch break.

Regarding the market's main line market switching between high and low, the market expectation that the low-level main line will fully make up for the increase, and the corresponding emotional changes.

It is also rapidly fermenting among the vast investor groups both inside and outside the market.

And amid this emotional evolution, the expected changes in market opinions, and everyone's higher expectations for the market outlook.

Come 1pm.

After being suspended for one and a half hours, the two cities once again ushered in an intense trading session.