When Gu Chijiang heard this, he glanced at the leader of the trading group and asked, "Do you think you can take it down again?" I think the underlying logic of Waigaoqiao and Shanghai-Hong Kong Group has not changed. The head of the trading team said, "And the Shanghai Stock Exchange, as an important domestic economic town, in the expectation of the economy returning to growth, such as Waigaoqiao and Shanghai-Hong Kong Group, which directly benefit from the local economic construction of the Shanghai Stock Exchange, I think it is possible to continue to hold and wait for the further reversal of the relevant fundamentals, at least after the annual report, before making a decision." ”

"Team Leader Lin, you are a little reluctant to hold logic!" Hao Weilai said with a smile, "Holding stocks, the most taboo hesitation, Waigaoqiao and Shanghai-Hong Kong Group semi-annual reports, has revealed the nature of its performance decline, and.... Looking at the second half of the year, with the various market information we have researched and mastered, it is not enough to show that these two stocks can usher in a reversal in performance in the second half of the year, that is, it cannot prove that their performance can return to the growth curve. ”

"In my opinion

"The process of holding shares is a process of trial and error."

"We can't be sure which stocks will actually turn the corner, so... It can only be to keep the weak and stay strong, leaving the target with the highest probability and the highest recognition of market funds. ’

"Judging from the performance of today's call auction, it is obvious that the market funds recognize the performance of Jincheng Fenjiu significantly higher than that of Waigaoqiao and Shanghai-Hong Kong Group."

"Market money doesn't lie

"This means that the probability of Jincheng Fenjiu's dilemma reversal is obviously greater than that of Waigaoqiao and Shanghai-Hong Kong Group."

"Moreover, compared with the overall performance and performance of the three stocks this year, as well as the current valuation level, Jincheng Fenjiu is significantly lower than Waigaoqiao and Shanghai-Hong Kong Group, and the valuation level is lower, and the performance is better. What's wrong with going to the weak and keeping the strong, and converging the future risks of the investment to individual stocks with a smaller risk probability?'

"I'm not saying that when the performance of the underlying position is lower than expected, it is wrong to go weak and stay strong." Team Leader Lin retorted, "I just said.... As a long-term investment fund, we should take a long-term view, not just look at the quarterly report in front of us to make investments. ”

"If you really do it according to the quarterly report

"In the performance report released yesterday, the widely discussed network speed technology and fenda technology, as well as many Apple industry chain stocks, such as Goertek acoustics, O-film technology, etc., have a good performance growth rate, do we want to chase these stocks that have doubled or tripled in the short term, and PE is more than 100 times?"

"That's impossible." Hao Wei said, "The bear market is heavy on quality, the bull market is heavy, and these popular stocks on the Growth Enterprise Market are too far away from the normal valuation, chasing up at a high level, and the risk is extremely high." ”

"That's it." Team Leader Lin paused and continued, "I'm not saying that Jincheng Fenjiu, or even the liquor sector is not good, compared with the overall average valuation of the liquor sector for 11 years, 12 years, and even the entire plate in the previous ten years, the liquor sector at this time has indeed been underestimated significantly, and it is very cost-effective, but."

"Aren't we already on Jincheng Fenjiu, do we already have enough positions?"

"If you increase your position in the liquor sector, I'm afraid there is a risk of concentrated holdings!"

"If you go to the weak and stay strong, how can there be a risk of concentrated shareholding?" Hao Weilai didn't quite agree with this team leader Lin's words, chuckled, and said, "Except for Jincheng Fenjiu, the current fund's positions in Huaguo Baosteel, Shenhua Coal, and Minshang Bank are not counted?"

"Moreover, I know that the current liquor sector has all the conditions and expectations for a reversal of the dilemma.

"And the valuation has hit the bottom, and the ratio of shareholding risk to future earnings is already quite attractive. Do you want to hold on to risky stocks that are relatively risky and will not show signs of reversal for a period of time in the future, and continue to lose money?"

During the debate between the two, the time had reached 9:25, and the call auction between the two cities ended.

I saw that Jincheng Fenjiu opened 2.1% higher, and a total of 1,231 orders were traded in the call auction, which was more than the previous trading days, and the volume was significantly larger; The trading volume of Shanghai-Hong Kong Group and Waigaoqiao checks is also more than 1,000 lots, which also reflects the trend of increasing volume.

It's just that Jincheng Fenjiu is on the upside, and these two checks are on the downside.

Faced with such an opening scene, Gu Chijiang was silent for a moment and said: "Let's see how the market goes after the opening, just like Director Hao said, in the face of the fundamentals and future of stocks, everyone's psychological expectations are different, and it is difficult to make a decision, but the market's choice of funds will not deceive people."

"If Jincheng Fenjiu, and even the entire liquor sector, have indeed been significantly recognized by market funds."

"The on-site funds of Waigaoqiao and Shanghai-Hong Kong Group have been showing an outflow, and the undertaking force is not strong, and the stock price is also declining, so there is really nothing to hesitate."

"As for the funds released by stop-loss if the stock trend of Waigaoqiao and Shanghai-Hong Kong Group is seriously lower than expected

"We can plan and discuss it again and see where we go."

The market is at 2000 points, has been fluctuating back and forth for almost 20 days, and the GEM index has obviously broken through with volume, although Gu Chijiang does not understand the logic of the GEM has been strong, and like many institutional fund managers, he thinks that the market is floating on the GEM, taking advantage of the ease of market supervision to speculate, but at the same time he also clearly feels that this is the bottom of the market.

In terms of the overall investment strategy.

Here, he no longer needs to panic, and he can rest assured that he can boldly take a position.

Therefore, even if the fund's holdings are withdrawn from Waigaoqiao and Shanghai-Hong Kong Group, he will not let the funds sit idle in the fund account.

Of course

As Hao Weilai's seriously optimistic liquor sector, can it reverse, can it lead the blue-chip sector of the main board market in the second half of the year, get out of the quagmire, and return to the upward trend.

At the moment, he is not entirely sure.

We have to wait patiently for a few days to see how strong and recognized the market funds are attacking this sector.

in order to make the final decision on whether to increase the position of this sector.

However, from the fundamental analysis of the major sectors of the current market, it is true that the liquor sector has fallen seriously and has a great cost performance.

At least since he was involved in market trading,

I have never seen the liquor sector, which is the core of 'big consumption', have such a general valuation of less than 15 times PE.

Therefore, when Hao Wei came to see this sector well, and suggested that he appropriately reduce the weighted core votes of Shenhua Coal, Huaguo Baosteel, and Minshang Bank, and increase the position of Jincheng Fenjiu, which has the best relative performance, in the liquor sector, he did not hesitate much, and directly agreed.

After all, in the face of the temptation of valuation in this sector, his heart is really a little moved.

During this period, the younger generation of the company like Mu Yao and Liu Ze also suggested that he chase some popular stocks on the GEM such as Netspeed Technology, Fenda Technology, and LeTV.

Seeing that the trend of the GEM is significantly stronger than the main board recently, he was also moved.

It's a pity that in the face of the 100-fold PE valuation of the so-called growth stocks such as Netspeed Technology and Fenda Technology, as well as the trend of continuing to be hyped by the relay of floating capital, he really can't get his hands on it, and only when the market pulls back, he symbolically bought some LeTV as a supplement to participate in the GEM market.

Of course, the valuation of LETV is also more than 100 times PE.

As a result, even if he participated in the opening of this stock, he did not dare to make a heavy hand at all.

After all, for such a ticket ... With his years of experience in the market, speculation is easy, but once there is no money to continue to attack, the decline is also very fast.

At present, the net value of the company's three funds is below 0.9.

He really doesn't have the courage to gamble on the gem concept stocks dominated by gambling funds.

Therefore, the entanglement comes, the entanglement goes, and more and more misses the gem market, and can only focus on the main board of the research object, and study the so-called 'dilemma reversal' sector with low risk and serious overfall, but the future upside potential is not low.

"Okay, Mr. Gu

Hao Weilai and Team Leader Lin saw that Gu Chijiang had already spoken, so they stopped arguing and nodded one after another.

When the three of them fell back to the trading disk of the two cities, they saw that the time had crossed 9:30, and the stock prices of Jincheng Fenjiu, Shanghai-Hong Kong Group, and Waigaoqiao jumped rapidly, showing different trends and forms in the continuous trading of on-site and off-site funds.

At 9:35, Jincheng Fenjiu climbed to a 3.78% increase in stock price under the main attack of three consecutive 1,000 large orders, while Shanghai and Hong Kong Group and Waigaoqiao continued to decline, falling by more than 2.7%, and during this period, the Shanghai Index, Shenzhen Index, and ChiNext Index all showed a continuous upward trend.

Within these 5 minutes, the main fund of "Jingda Investment" was traded.

Gu Chijiang stared closely at the changes in the volume of the three stocks, without any action or placing any trading orders. :37, 9:42, 9:48

When the time marched to 10 o'clock, the net inflow of Jincheng Fenjiu exceeded 10 million, and the entire liquor sector also showed a net inflow of funds, the core leader of the plate Qianzhou Moutai finally walked out of the first 3% increase in this month after a continuous downturn for many days, and at this time, Jincheng Fenjiu led the liquor sector, up more than 5%, becoming the first stock in the sector.

On the other hand, at this time, the two stocks of Shanghai-Hong Kong Group and Waigaoqiao.

At the time of the sharp rise in Jincheng Fenjiu, they still continued to decline, and the amount of funds flowing out continued to expand, and the entire market was extremely weak.

And due to the drag of these two stocks, as well as the performance of motionless Huaguo Baosteel, Shenhua Coal, Minshang Bank and other stocks, in the Shanghai Index, Shenzhen Index, ChiNext Index have been strongly attacked, today's 'Jingda Investment' fund net value performance, still seriously lagging behind the market, underperforming the market.

"Sell it!" Seeing that half an hour after the opening of the market, the market funds had two completely different attitudes towards Jincheng Fenjiu, which had good performance, and Shanghai-Hong Kong Group and Waigaoqiao, which had poor performance, Gu Chijiang sighed softly, and finally gave an order to sell Shanghai-Hong Kong Group and Waigaoqiao, "It seems.... Market funds have made their choices, and the liquor sector does seem to have ushered in the dawn of a 'reversal of difficulties'. ’

Hearing Gu Chijiang's words, standing behind him, Hao Weilai, who had been silent, finally smiled, glanced lightly at the Lin team leader who had predicted and stopped, and said with a smile: "Mr. Gu's judgment is not wrong, today's capital attack on the liquor sector is obviously much larger than in the previous period, and the bottom volume is seriously overfalling, which is a sign of the stock price reversal, I estimate.... In half a month at most, Jincheng Fenjiu will be able to fill the pit of the decline in the previous two months. ”

"Hopefully!" Gu Chijiang bowed slightly, "Most of the funds managed by our fund are idle internal reserve funds of Pengyuan Real Estate, if at the end of the year, the net value of our fund is still so half-dead, then Wang Dong will not be able to speak for us anymore."

"Mr. Gu rest assured." Hao Weilai said with a smile, "In the second half of the year, the liquor plate will definitely reverse!"

While the two were talking, Team Leader Lin sighed helplessly, and could only follow Gu Chijiang's instructions and give instructions to the waiting traders to reduce their holdings of Shanghai-Hong Kong Group and Waigaoqiao.

Of course, he did not rush to explain, let the traders insist on Waigaoqiao, Shanghai-Hong Kong Group stocks.

The freed up funds will be added to the liquor sector that has shown signs of reversal at the bottom.

He believes that in order to determine the 'dilemma reversal' of the liquor sector, it is necessary to observe at least a week, and in the face of the fact that the net value of the fund is less than 0.9 and the risk tolerance space is not large, it is still reasonable to make a right investment before insurance.

And with his instructions, traders sold off their positions in Waigaoqiao and Shanghai-Hong Kong Group in large sums.

This moment

In the trading room of 'Yuhang Investment', Su Yu and Li Meng, who were also selling chips and suppressing the stock prices of Waigaoqiao and Shanghai-Hong Kong Group, instantly sensed it.