Xu Xiang pondered for a moment and said, "There should be some clues on the post-market dragon and tiger rankings."
"Now..." Zhou Kan thought for a while and asked, "How should we respond? Keep static positions and wait and see what happens, or take advantage of the huge differences in the market and buy some high-quality stocks that were bought out by these two main funds. Are low-priced chips on concept stocks to further increase the overall position level of our fund?"
"and……"
Zhou Kan paused and continued to ask with some curiosity: "The boss is optimistic about the overall market trend. After this wave of huge differences, in which direction will it shift? Is it going to return to 'infrastructure', 'military industry', Will the core themes of 'Internet finance' continue to break through in the direction of 'small and medium-cap growth concept stocks'?"
Xu Xiang smiled and did not answer directly. Instead, he asked: "What do you think? How should we operate our trading strategy at this stage?"
Zhou Kan pondered for a while and replied: "From the perspective of hype logic and expectation logic, in the direction of 'growth stocks' on the small and medium-sized board and GEM board, in addition to the heavy stimulus from the news, the industry's fundamental expectations have obviously changed." In the changing field of 'film and television media', the other two core main lines of 'Internet software' and 'Internet applications' are almost meaningless compared to the main lines of 'infrastructure', 'military industry' and 'Internet finance', at least in the medium and long term. The logic of hype and anticipation is not that strong.”
"It's just because of the lines of 'infrastructure', 'military industry' and 'Internet finance'."
"In the period between the market bottoming after the Dragon Boat Festival and now, the market has continued to rebound for a period of time. The relative position is currently significantly higher than the average market level, and due to the sudden positive explosion in the 'Film and Television Media' line, It triggered short-term speculation in the main line of 'growth stocks' on the Small and Medium-sized Board and GEM, and attracted a large amount of active funds that were originally concentrated in the main areas of 'infrastructure', 'military industry' and 'Internet finance'."
"This has resulted in the current loosening of the chip structure in the main lines of 'infrastructure', 'military industry' and 'Internet finance', which is obviously weaker than the market trend."
"But actually, looking beyond market sentiment..."
"The hype logic and expectation logic followed by the lines of 'infrastructure', 'military industry', and 'Internet finance' have not changed, while the main lines of 'Internet software', 'Internet applications', and even the 'smartphone industry chain' The lack of hype logic and expectation logic has not changed."
"This shows that the market's speculation on the 'growth stocks' line of small and medium-sized boards and GEM is purely emotional speculation caused by following the trend and the overflow of follow-up funds after the 'film and television media' line broke out. , the sustainability is not that strong.”
"After all, it's pure emotional hype like this."
"Once the money-making effect and hype of the 'film and television media' line subsides slightly, the following sentiment and follow-up capital spillover effects that spread to the entire small and medium-sized board and GEM's 'growth stocks' route will also quickly weaken, and Without the continuously increasing funds and sentiment to follow the trend, it will be quite difficult for the 'growth stocks' line of small and medium-sized boards and GEM to continue to expand upward and further expand the internal money-making effect."
"Because the stock price rises, both the circulation and the overall market value will expand."
"Similarly, the funds required to support the stock price and the hype will be more and more intense."
"But it is very obvious that there is no solid speculation logic and expectation logic in the medium and long term. If you rely solely on emotional speculation, as the stock price rises, it is basically inevitable that the speculation sentiment will decline and the funds received will decline."
"In other words, the 'growth stock' line of small and medium-sized boards and GEM, in the absence of corresponding mid- to long-term speculation logic and expected logic, as the market trading time goes by, without other major positive stimulations, it will Based on the current market, fundamentals, and news analysis, the trend will only become weaker and weaker.”
"However, looking at the core main lines of 'large infrastructure', 'military industry' and 'Internet finance'."
"Although the current trend of these main lines is somewhat weak and the market divergence is not small, their overall valuation, industry fundamental expectations, good news, future performance expectations... and other investment factors, as well as the broad investor group in the market, are not optimistic about these Looking at the entire market, the recognition of investment logic is basically unique among all main lines and industry sectors.”
“With so many relatively good investment factors and underlying investment logic, as well as the recognition of these investment logics by the majority of investor groups.”
"Then, as long as these lines are adjusted, they will have some money-making effects."
"It can quickly accumulate the market's hype sentiment in this direction, and it can also quickly attract a large number of follow-up capital groups in the market to gather in this direction."
"in other words……"
"Although the current trend of the popular main lines of 'infrastructure', 'military industry' and 'Internet finance' is weak, they have the potential to continue to break upward. That is to say, after the short-term chip structure adjustment is completed, the trend is With the expectation of getting stronger and stronger.”
"What's more...according to the market dragon and tiger ranking data after the Dragon Boat Festival."
"The vast investor base in the market, and most participants, all know that the main funds of the 'Yu Hang Group' have significant positions in the main areas of 'infrastructure', 'military industry' and 'Internet finance'. At least its main positions must be within these main areas."
"With the blessing of the 'Fortune Road' seat of Yuhang's main fund; with the blessing of extremely strong investment expectations and speculation logic that have not changed; with the adjustment of the chip structure on the market and the clearing of a large number of profits, the upward pressure is getting lighter and lighter Blessings... Looking back, no matter how you look at it, how do you feel that the opportunities in the main lines of 'infrastructure', 'military industry', and 'Internet finance' are significantly greater than 'Internet applications', 'Internet software', and 'smartphones' The industrial chain is the main line of these so-called 'conceptual growth stocks'."
"Of course, the market situation in the 'film and television media' line is a bit different."
"After all, the positive news on this main line can really change the fundamentals of the industry. At the same time, the support for the development of the industry is unprecedented. Therefore, I think this line is similar to 'infrastructure' and 'military industry' , 'Internet Finance', these lines have the same logic, so you can continue to take a high look."
"But overall, in terms of the development of the main line of the market, the question is whether it is biased towards the Shenzhen stock market or the Shanghai stock market..."
"I still feel that the probability that the subsequent development of the main market market will favor the Shanghai stock market is obviously much greater."
“Let’s not talk about the main line market investment and speculation logic just now. Just talking about the establishment of investor confidence in the market, the effect of the Shanghai Index’s upward breakthrough is obviously greater than that of the Shenzhen Stock Exchange Index, the GEM Index, and the Small and Medium-sized Index. Much more.”
"Just like last year's market trends..."
“Even though the ChiNext Index almost doubled, the Shanghai Stock Index didn’t move much. It still failed to fully activate the market’s upward momentum and failed to attract a large number of investors outside the market to enter the market, thus bringing more to the market. of incremental funding.”
“This proves that market development that focuses on the Shenzhen Stock Exchange Index, ChiNext Index, and the Small and Medium Cap Index can never get rid of the current game of existing funds and cannot form an actual breakthrough in the market. In other words...the weights remain unchanged and small and medium-cap concept stocks Speculating on the sky is also a dead end and will not help the overall market breakthrough."
"However, the boss also said it before..."
"It shows that the regulatory authorities are quite dissatisfied with the current market trend."
"They need a huge bull market and attract a large number of off-market investors to enter the market, thereby providing huge incremental funds to connect the financing channels of the secondary market and enable the stock market to better serve the real economy."
“So, regardless of whether it is analyzed from the macro perspective of the regulatory authorities or from the specific main line investment logic and hype logic of the market, there is a high probability that the main line of the market will shift towards the Shanghai Stock Exchange Index and the main board.”
"As for the current trading operations..."
Zhou Kan said this, thought carefully for a moment, and then continued: "To be more radical, we will continue to take advantage of the differences in the market and take advantage of the core concept stocks of 'infrastructure', 'military industry', and 'Internet finance'." If you fall into an adjustment, you will further bargain-hunt for these stocks, increase your positions in the core main line direction of the Shanghai stock market, and then wait for the main line market direction to reverse the previous main line after the current huge divergence."
"To be conservative, we just wait and see what happens."
"Waiting for opportunities on the right side when market expectations converge again after huge market divergences."
Xu Xiang listened carefully to Zhou Kan's analysis, smiled, and said: "Although from all aspects, the probability of the main market trend continuing to turn around in the Shanghai stock market is indeed much greater, but the market is following the trend towards small and medium-sized boards, small and medium-sized boards, There is really a lot of major buying funds gathered in the direction of 'growth stocks' on the GEM."
"Besides, you forgot one thing..."
Xu Xiang's eyes were sharp, staring at the changes in the two markets, and reminded with a smile: "This is because the vast investor base in the market has basically realized that the main fund products of the 'Yuhang Series' have heavy positions in the areas of 'infrastructure', 'Military industry' and 'Internet finance' are the three main directions, so there are quite a few variables in the main direction of the market."
"Why?" When Zhou Kan heard Xu Xiang say this, he was slightly startled and confused again.
Xu Xiang's eyes remained unchanged and he responded: "Just like our thinking in short-term operations, let's use the main line of the sector's full-scale explosion under the positive impact of 'Film and Television Media' as an example. If on this main line, there is a A stock with a relatively pure concept, at first glance, meets the hype factors in all aspects, but there is a huge main force of funds that has already ambushed this stock in advance. What do you think the follow-up trend of this check will be?"
When Zhou Kan heard this, he understood and said: "There is a high probability that no other major funds are willing to touch this stock, and the subsequent trend of this stock will not be determined unless the major funds lurking in this stock pull the market by themselves. , otherwise it can only follow the fluctuations of the market, there will be no independent market trends, and it will not be created as a leading concept stock in the main market."
"That's right!" Xu Xiang nodded slightly and said, "Although the overall market value of the 'infrastructure', 'military industry', and 'Internet finance' lines can accommodate a lot of speculation funds, the current Yuhang Department’s funds amount to tens of billions!”
“Funds of this size are lurking in these main lines.”
"Other major funds that want to follow up will be somewhat hesitant while pulling up the market and building market trends."
"In other words, if the three main lines of 'infrastructure', 'military industry' and 'Internet finance' are compared to a stock with speculation factors, then the 'Yu Hang Group' funds are what I just said are lurking here. On this stock, there is a huge main force that hinders the trend of this stock."
"I once said that the seat of 'Fortune Road' has great influence."
"For the gradually growing 'Yu Hang System' capital system, it is most likely to be a double-edged sword."
"Now, this double-edged sword has started to backfire on him after President Su of the 'Yuhang Department' made his position a well-known bright card."
"Even though the various hype factors and investment expectations for the main lines of 'infrastructure', 'military industry', and 'Internet finance' are very good, when the main financial institutions that guide the development of the market's main lines, they have no idea about these main lines. If there are concerns about participating in the major main lines, then the main funds with these concerns will deliberately avoid these main lines and open up new areas for speculation."
"After all, there are so many main lines of speculation and speculation in the market to choose from. There is no need to stick to the lines of 'infrastructure', 'military industry' and 'Internet finance'."
"So, I say that although analyzed from all aspects, the probability of the main market trend favoring the Shanghai stock market is higher, but under the guidance of the main financial groups who are unwilling to support the 'Yu Hang Group' funds, the main line market trend is biased towards the small and medium-sized boards. , the GEM's 'growth stock' direction, and ultimately forming a sustained 'Shanghai is weak and Shenzhen is strong' pattern is also possible."
"Then let's..." Zhou Kan's heart tightened when he heard this. He understood the danger under the calm waters of the market trend and asked, "How should we adjust the position structure and trading strategy?"
Xu Xiang thought for a while and said: "In terms of the overall position level of our fund, we should keep it constant first and neither increase nor reduce positions rashly. In terms of the specific position structure, there are several items such as 'infrastructure', 'military industry' and 'Internet finance'. The position chips on the main line can be appropriately removed from the weak and retained by the strong, that is, reducing the holdings of weak stocks, and then adding the reduced positions to the corresponding strong stocks. Of course... on the whole, the positions are still maintained in one direction. The weight remains unchanged.”
"and……"
"We should temporarily avoid the heavily-positioned stocks of the 'Yu Hang Group' that have made a name for themselves on the Dragon and Tiger List."
"At the same time, on the 'growth stocks' line of small and medium-sized boards and GEM, positions must be concentrated on the premise that the overall position weight remains unchanged."
