Gong Tiancheng heard Zhou Qiang's analysis and weighed it in his mind for a long time. Looking at the market conditions of the two cities, after a brief adjustment, active funds from all walks of life were still converging on the 'growth concept stocks' in the direction of small and medium-sized boards and GEM, and they were originally large. In the main line of 'infrastructure' with large-scale positions, a number of core popular stocks have indeed adjusted more and more. I couldn't help but nodded slightly and said: "In the market trend, only the flow of funds cannot deceive people. Since According to the direction of a large amount of capital flow on the market..."
"It proves that the market style is indeed changing, and that the main line of 'infrastructure' has indeed entered an adjustment trend."
"Then, I'll listen to you."
"Based on the current market conditions, the strong and weak concept stocks that have emerged will be timely adjusted and exchanged, and the investment direction will be changed from the main line of "infrastructure" to a balanced position, and the market will be entered into the "growth concept stocks" line, temporarily avoiding the adjustment of the direction of the main line of 'infrastructure'."
"Okay!" Zhou Qiang responded.
Immediately, he turned around and began to order the traders behind him to gradually sell the relatively weak stocks in the "infrastructure" field that he had heavily held, while at the same time gradually increasing his positions in the "hot stocks" that were performing relatively strongly in the market at the moment and could still be bought. Growth concept stocks', carry out quick position adjustment operations.
Similarly, the moment the two of them adjusted the fund's position structure in response to changes in market trends.
Yu Hang, inside the Yinhua Public Fund Company, in the 'Value Investment Mixed Selection' fund product trading room, the product fund manager Zhou Yang also discovered signs of obvious changes in the market's investment style. He pondered for a while and said: "Look at this situation. It does not include 'film and television media', 'mobile internet' and 'smartphone industry chain', which were the main line concepts that were highly hyped last year and at the beginning of the year, but also fully undertakes the main line markets of 'infrastructure', 'military industry' and 'Internet finance'. , has become the market’s next main line of hot speculation, right?”
"Damn...this market style change is a bit too rapid!"
"The main line of 'big infrastructure' was going well yesterday. I thought it could lead the index to a stable breakthrough, but I didn't expect... that it would suddenly stop?"
Next to Zhou Yang, Zhu Peng, assistant to the fund manager and trading team leader, who had been staring at the computer screen in front of him and also closely observing changes in market trends, responded in a deep voice: "Mr. Zhou, it seems that the market trend is indeed showing signs of turning. Logically speaking, the "big infrastructure" line should not be so weak today, especially in the "infrastructure" fields such as MCC, Gemdale Group, Conch Cement, Beijiang Communications Construction, Shanghai Construction Engineering, etc. The selling situation of the main funds in the core stocks of the market is really very obvious. "
"I feel that when the main line of 'big infrastructure' reaches this point, it seems that the major funds holding positions on the market have already had relatively large differences."
"As for the 'Film and Television Media' line... as well as the 'Growth Concept Stocks' field of the Small and Medium-sized Board and GEM, as well as the main line concept sectors such as 'Internet Software' and 'Internet Application', the disk performance is completely in line with the main line field of 'Large Infrastructure' , and on the contrary to the early popular main line fields such as 'military industry' and 'Internet finance', the main funds in the market and the active funds following the trend can be said to have poured into these main line concept sectors one after another."
"Mr. Zhou..."
Zhu Peng paused for a moment, thought about it, and continued: "In the line of 'big infrastructure', short-term adjustments should be inevitable under such huge differences in market capital, while the 'growth stocks' of the small and medium-sized board and GEM board This line, after frantically absorbing so much active funds and main funds, will most likely be able to undertake the market transition under the adjustment of the 'big infrastructure' trend, and further open up the market's money-making effect."
"So I think……"
"Can we optimize the fund's position structure and adjust positions in a timely manner?"
After hearing Zhu Peng's words, Zhou Yang thought for a moment and asked: "How do you think we should adjust it? Reduce the stakes in the main line of 'big infrastructure' and follow up on 'film and television media' or 'Internet software' and 'Internet applications'." Are there several main line concept sectors that are currently highly hyped, competing for relatively core hot stock chips?"
"Yes!" Zhu Peng nodded, "The main line of the market development has just been in the process of transformation and rotation. It should be the right time for us to adjust positions and attack at this time."
"Let's take another look!" Zhou Yang pondered for a long time under Zhu Peng's advice and finally said, "If the Shanghai Stock Exchange Index never reaches the important point of 2300 points, it will affect the investment sentiment and investment confidence in the market. , forming a huge constraint, so... even if the market hot spot briefly switches to the direction of 'growth stocks' on the small and medium-sized board and GEM board, I am afraid it will not go out of too high a space."
"In general……"
"The current market is still a market for stock games!"
"Since it is a stock game, it means that the long-term trend of the index has not accumulated enough sustainable strength, and there is no support from the upward trend of the broader market. It is only driven by the positive stimulation of market news and short-term speculation in the market. , coupled with the basic expected logic and hype logic of the 'growth stocks' line of the small and medium-sized board and GEM, are obviously not as good as the main line of 'big infrastructure'."
"Since the main line of 'big infrastructure' has not gone far, big differences have arisen today."
"I'm afraid that the continuation of the 'growth stocks' line on the small and medium-sized board and GEM board, which are experiencing full-scale riots today, will not last long. I'm afraid that the level of speculation is even not as high as the 'big infrastructure' line, and there will be bigger differences again. .”
"So... we have to keep an eye on it."
"If the Shanghai Stock Index successfully reaches 2,300 points in the future and does not fall back, good market investment confidence will be established, and the 'growth stocks' line of the small and medium-sized board and the GEM board, after the Shanghai Stock Index completely stands at 2,300 points, will It can also continue to deepen and spread speculation to a wider range and more concept sectors.”
“That should completely explain the market’s investment style shift.”
"At the same time, we can also boldly adjust positions at that time when all market characteristics are clear."
"As for before the Shanghai Stock Index completely breaks through 2,300 points, market investment confidence has not been fully established, and the influx of incremental off-market funds is not very obvious, our heavy positioning direction will be in the field of 'large infrastructure' or in the small and medium-sized board. , there is no difference in the GEM 'growth stock' sector."
"In general……"
Zhou Yang pondered for a moment and continued: "When the direction of the market macro trend is still unclear, it is better for us to be more quiet and less active. At this time, it is only suitable to invest on the right side, not the left side." .”
Hearing this judgment that Zhou Yang had pondered for a long time, Zhu Peng sighed softly in his heart and had to swallow some of his thoughts back. He nodded and said: "Since Mr. Zhou has decided, let's observe again." Observe!”
After saying that, he turned his attention back to the trading market of the two cities.
I saw that during the time period when the two people were talking and discussing, the market trading time had moved to around 11:20, entering the last ten minutes of trading before the midday closing.
And the changes in the entire market...
Compared to before the two people talked and discussed, there was no obvious change.
The main flow of funds in the entire market is still flowing in the direction of the "growth stocks" of the small and medium-sized boards and the GEM based on the three concepts of "film and television media", "Internet software" and "Internet applications". It is just the net inflow rate of funds. Comparatively There was some decline in the first hour after the opening.
However, a series of early popular main areas such as 'infrastructure', 'military industry', and 'Internet finance' performed relatively weakly.
At this moment, whether it is related concept sectors or industry sectors, the sector index trends have tended to fluctuate sideways and no longer dive sharply downwards, and a series of popular concept stocks... such as MCC , Huaguo Construction, Gemdale Group, Shanghai Construction Engineering, etc. On the trading board, the volume of active selling and the volume of concentrated selling have also weakened a lot.
As for the performance of several major market indexes.
The Shanghai Stock Index still fluctuates between 2290 and 2295, jumping back and forth in a narrow range. It can neither directly break through 2300 points in one breath and return to above 2300 points, nor can it effectively break through directly downwards. 2290 points, further stimulating panic selling in the market.
The Shenzhen Stock Exchange Index, the GEM Index, and the Small and Medium Enterprises Index are several important market indexes.
While the Shanghai Stock Exchange Index has never been able to break through and stand firm at 2,300 points, which has obviously restricted the overall investment confidence and hype and trend-following sentiments of investors on and off the market, even though its constituent stocks have absorbed the vast majority of active funds on the market, they have also taken advantage of ' Many popular main lines such as "Film and Television Media", "Internet Applications", and "Internet Software" have created a hot money-making effect on the market. However, the gains of several major indexes still failed to expand further.
Among them, the Shenzhen Index hovered between 1% and 1.2%.
The ChiNext Index and the Small and Medium Enterprises Index hovered between 1.2% and 1.5%.
As the market's major indexes gradually returned to rationality from the peak stage of speculation at the beginning of the day, they were unable to set new intraday highs.
Finally, when the time moved to 11:30, the two cities ushered in the midday closing moment.
The Shanghai Index was set at 2292.31 points, which was less than 2 basis points higher than yesterday's closing point, up 0.08%. The Shenzhen Stock Exchange Index and the ChiNext Index rose 1.05% and 1.23% respectively. The strongest small and medium-sized index was It still maintained its leading position among the major indexes of the two cities, rising 1.33%.
In addition to the index performance, the half-day turnover of the two cities reached 57.849 billion.
Compared with yesterday and even several trading days last week, this turnover is at a normal average level, with no obvious signs of increase.
And according to this quantity can be expressed.
It is also enough to show that the current market, although the money-making effect is still relatively hot, with hot concept stocks, popular concept sectors, newly added hot market main lines and other hot spots of speculation emerging one after another, but overall, it is still in the stage of game of existing funds, with the intervention of incremental funds from the off-site Still not enough.
After closing at noon, we were faced with such closing results and market trends.
The differences of opinions among the broad investor groups in the market have significantly expanded.
In terms of index trends, some people feel that the Shanghai Stock Index has been unable to rise above 2,300 points, so it has to fall back to 2,200 points to confirm further support; some people feel that the 2,300 point mark of the Shanghai Stock Index is no longer under pressure, and the Shanghai Stock Index is trading sideways below 2,300 points. But it is further accumulating the power of breakthrough; some people think that the Shanghai Stock Exchange Index will continue to fluctuate sideways in the range of 2200 points to 2300 points. At the same time, the ChiNext Index and the Small and Medium Enterprises Index will copy the trend of last year, all the way Breaking upward and completely breaking away from the Shanghai Stock Index...
on specific market trends.
Some people think that the differences in the line of 'big infrastructure' have widened, the hype has ended, and it no longer has the value of participation, while the popular main lines such as 'film and television media', 'Internet applications', and 'Internet software' have extremely strong explosive power. There is room for extremely high speculation.
Some people think that the market style has fully converged in the direction of small- and mid-cap concept stocks. At this time, we should avoid all large-cap blue-chip stocks and embrace small- and mid-cap concept stocks with "beautiful stories." They also believe that the core investment logic of the market is "growth." Rather than logic like 'dynamic valuation' or 'PE investment'.
Some people think that the market's core market breakthrough direction is still on the main line of 'big infrastructure'. After all, only 'big infrastructure', a big main line with hype logic, investment logic, and valuation advantages, can completely drive the entire market. The large-cap stocks in the market will drive the Shanghai Index to break through upward, truly opening up the market space. The so-called concept hype and growth hype are just evil ways. They will break through the entire market and will not help. At the same time, they are not sustainable for investment.
Generally speaking, it means whether it is the direction of the index trend or the direction of the market style.
Under the market trend this morning, the differences are huge.
Moreover, this kind of divergence of opinions does not only occur among the majority of retail investors, but also among the main institutional groups at this moment, there are also huge differences in these opinions.
Among them, Yuhang Anzhao Fund chose to wait and see, waiting for further market movements.
Yuhang Jingda Investment has chosen to invest heavily in the 'film and television media' sector to capture the maximum market profits under the hot hype.
Yuhang Minghui Capital chose to buck the trend and increase its position in the main line of 'big infrastructure'.
Yuhang Yinhua Public Fund chose to wait and see.
Yanjing Chenghua Public Fund chose to follow up with balanced positions.
Yanjing Anlan Fund Company has chosen to wait and see, and agrees that the popular concept sectors related to 'film and television media' are just short-term emotional hype.
Modu Yinghui Fund Company, with two main fund products and two major trading room fund managers, finally chose to abandon the main line of 'big infrastructure' chips at the right time and follow up on the popular concept sectors related to 'film and television media', believing that the market has reached the stage of investment. When styles change.
Modu Xin'an Financial Investment Co., Ltd., under the premise that the company's main fund product originally obtained relevant high-quality concept stocks before the announcement of the "Film and Television Media" blockbuster news, today also continued to increase its positions on a large scale in the small and medium-sized board and the GEM board. Growth stocks' direction chips believe and promote market style conversion.
Shanghai Zexi Investment Co., Ltd.'s main fund products followed suit slightly, but its heavy position is still in the field of "big infrastructure".
At the Magic Capital E Fund Management Center, many mixed investment products follow the direction of 'growth stocks' on the small and medium-sized boards and the GEM. However, there are also many main fund products, and the key positions are still on the main line of 'big infrastructure'. The views are ambiguous, and the internal opinions are ambiguous. Fund managers also have mixed opinions.
Fang Xinsheng of Shenzhen Xiniu Fund Company firmly believes that the market situation will quickly turn back to the direction of "big infrastructure".
The main fund products of Shenzhen Pingyin Asset Management Center have followed the direction of "growth stocks" on the small and medium-sized boards and GEM on a large scale. At the same time, they are also using their huge amount of self-owned funds to actively guide the market style and move towards this direction. Aspect changes.
As for Yuhang Investment Company, which has attracted much attention from the market and has been speculated by the majority of investor groups and many major institutional groups as the main fund's heavy positions are in the main areas of 'big infrastructure', 'military industry', and 'Internet finance', At this moment, in the main fund trading room, everyone returned to the trading room after lunch and stared at the already fixed market trading disk. After a brief review, they also had quite different opinions on the next trading strategy recommendations.
(End of chapter)
