"GEM refers to 1221 points!"

Seeing that the GEM index once again refreshed a new annual high, and saw that among the constituent stocks of the GEM, almost all the popular concept stocks in the early stage were driven by a large amount of funds to rush to raise funds, and the investors of the entire market were exclaiming: "The market is too fragmented, is this a bull market or a bear market?" Is there any salvation for the Shanghai Index? ”

"Judging from the Shanghai Composite Index and the 50 index, which are constantly at new lows, as well as the trading volume of the two markets, it is an absolute bear market."

"Judging from the trend and increase of the GEM this year, it is already in the range of a bull market, and many core concept stocks such as 'Internet finance' and 'mobile games' are popular sectors such as 'Internet finance' and 'mobile games', and the increase this year has generally more than doubled, can this be said to be a bear market?"

"It should be considered a local bull market, right?"

"I really didn't expect that the GEM could be so strong this year, it seems that it ...... Tomorrow I also have to open the trading privileges of the GEM. ”

"It must be opened, and now the active funds of the entire market are basically gathered on the GEM."

"The motherboard is already like an old antique, and it can't keep up with the times, and I have a feeling...... Maybe in the future, the GEM index will be able to catch up with the Shanghai Index. ”

"Can't you? The gap between the two is more than 850 points. ”

"Nothing is impossible, if the market continues to follow the current style, the GEM will be able to catch up with the Shanghai Index at the end of the year."

"If the GEM index really catches up with the Shanghai Index, then the valuation will not be able to go up to the sky?"

"The stocks of companies in the emerging economy cannot be valued according to the stocks of companies in the traditional economic field, and the institutions are not clearly aware of this, so in the past six months, they have seriously stepped on the GEM market, so ...... If you really speculate on stocks according to PE, it is really a misunderstanding. ”

"If you don't press PE, then press what?"

"Future industry and company growth expectations."

"I carefully read the market analysis article posted by Fortune Road on the Internet forum in June yesterday, and it really makes sense, I decided that the future investment direction will be placed on the GEM, don't look at Internet Speed Technology, Fenda Technology, Huaqingbao, Changqu Technology...... These tickets have risen 2 or 3 times, and in my opinion, compared to their future growth expectations, their stock prices are completely still at the bottom at the moment. ”

"Say 1,000, 10,000, the flow of market funds can't be faked, the core blue chips of the main board have absolutely no future."

"Yes, science and technology are the primary productive forces, and the GEM is the future."

"I didn't say it, just do the GEM, even if many constituent stocks of the GEM are not easy to intervene at a high level, I especially buy the GEM ETF directly, which is better than sticking to such a big blue-chip stock."

More and more investors are abandoning the main board and following the trend to enter the GEM stocks, chasing Netspeed Technology, Fenda Technology, Huaqingbao, Changqu Technology, LeTV, Huayi Brothers, Oriental Fortune...... Among the core hot stocks, with the passage of time, the scissors difference between the growth of the ChiNext index and the Shanghai index has become wider and wider.

And just when this situation of 'ice and fire' is getting more and more intense......

Previously, after the disclosure of the semi-annual report, Gu Chijiang, the fund manager and company boss of Waigaoqiao and Shanghai-Hong Kong Group's 'Jingda Investment', saw that the momentum was like a rainbow, the gem index that was constantly reaching new highs, and many core popular stocks on the gem, couldn't help frowning slightly, and said secretly: "Is the valuation system of the market really not working?" The core assets of the main board, the high-performing stocks, really have no future? ”

In his opinion, the core hot stocks of the GEM that have skyrocketed in the current market.

None of them have long-term value at all.

However, he is not optimistic, the rise is the most fierce, and it is not a short speculation, but a continuous trend of upward trend, and the attack of large funds in the intraday is wave after wave, and investors from all walks of life who are rushing to raise funds at a high level are simply endless.

This made him seriously suspect that something was wrong with his investment philosophy.

"Mr. Gu, through the observation of recent trading days, in the market, the funds of large institutions on the main board are indeed constantly adjusting their positions to enter the GEM." In Gu Chijiang's contemplation, Team Leader Lin in the trading room said, "The trend of the liquor sector, in recent trading days, although the overall trend is still slightly stronger than the Shanghai Index, but compared with the performance of the GEM Index, it is still far behind...... Try to take a little more position in the core constituents of the GEM to balance this style change in the market? ”

"Is Team Leader Lin planning to go in at this time to take over?"

Gu Chijiang hadn't spoken yet, and Hao Weilai, a fund investment consultant and market analyst who didn't deal well with Team Leader Lin, had already said with a smile: "The current surge in Internet speed technology, fenda technology, Huaqingbao, and Changqu technology ...... These core popular concept stocks on the GEM, not to mention their valuation, there is no check PE is below 100 times, from the technical analysis of these stocks, it can be clearly seen that these stocks are already in the final stage of speculation risk game, at this time and then rush in to take over, there is a high probability that the meat will not be eaten, and it will be beaten. ”

"And ......"

"Even according to what the market says, the concept of 'new economy' has to be valued according to the new market."

"Then these stocks, the most optimistic, support 50 times PE, an average of 4 times higher than the main board, it's about the same, right? But how many now? It's more than 100 times more common...... This is no longer the so-called 'new market, new valuation', but a pure bubble. ”

"At this time, going in to chase the gem is basically a reason to chase Huaguo Petroleum at 6000 points in 07."

"On the other hand, the liquor sector, although it has not risen much for the time being, it can already be determined to be the bottom, and it is difficult to compress the valuation downward, I think...... It's not wise to give up quality chips in favor of bubble chips. ”

"Mr. Hao thinks that the blue-chip stocks and high-performance stocks on the main board still have a bright future?" From the bottom of his heart, Gu Chijiang didn't feel that chasing the high point of market sentiment and chasing popular concept stocks that had risen several times was a good idea to adjust his position, so he turned his head to Hao Weilai with a smile and asked.

Hao Weilai nodded, and said with a smile: "Value investment is not a lie, I think the bubble of the Growth Enterprise Market will burst, and the core performance stocks, white horse stocks, and even many blue-chip stocks with excellent performance on the main board and good performance growth expectations in the future will definitely usher in a reversal." ”

"Among them, the liquor sector was the most severely suppressed by the market in the early stage, and the valuation was also the lowest."

"I think it is the long-term investment sector with the most investment potential in the future market development, and I also think that it ...... At this time, we should not give up. ”

"The prospect of the future is very beautiful, but we also have to live to the future!" Team Leader Lin did not agree with Hao Weilai's opinion, "The trend of the market proves that the GEM is indeed the sector with the strongest money-making effect in the two cities, and it is ...... All kinds of big money in the market are indeed continuing to flow into the GEM. ”

"Investment, the most important thing, is to follow the trend."

"I think...... At this time, what we need most is performance, and we should not have the idea of 'the world is drunk alone, I am awake', and we should not ignore the market trend. ”

"Substantially ......"

"Since July 16, we have increased our position in the liquor sector on a large scale."

"Although the liquor sector as a whole outperformed the Shanghai Index, the overall trend was still lower than this expectation under the market expectation of 'dilemma reversal'."

"And, especially since last week."

"From the observation of Jincheng Fenjiu and Qianzhou Moutai, the funds involved in various funds are also continuing to flow out, and there is no way to pass the pressure position of the plate in front of it, in other words...... The liquor sector, if you want to be strong independently, is simply unrealistic. ”

"On the other hand, we have some positions in LeTV, and the trend is simply several times stronger than Jincheng Fenjiu, the first heavy stock in our fund."

"Admittedly...... LETV's PE valuation,Whether static,Or dynamic,Analytically speaking,It's at least six or seven times higher than Jincheng Fenjiu,But now the style of the market is like this,All funds are abandoning tradition,And embracing the 'new economy',We don't follow,Performance can't be improved at all。 ”

Let's be honest...... He also doesn't like the style of the market in the last six months.

I also don't understand what the underlying logic of all kinds of funds in the market is to continue to speculate on these so-called 'new economy' bubble stocks.

But he knows that the most important thing in investing is to follow the trend.

Since the market trend has been deduced for half a year, and the gem bears the signs of the main line of the market breakthrough, which is becoming more and more obvious, and the money-making effect of gathering is becoming more and more intense, there is no reason to continue to turn a blind eye, even if you do not agree with the logic, then you have to adjust your position appropriately, balance the relationship between the two styles of the market, so that the performance of the fund will not be too miserable, seriously lagging behind the market situation, and hitting investor confidence.

Gu Chijiang listened to Team Leader Lin's words.

Knowing that there is a huge difference between the two in terms of investment philosophy, I couldn't help but think for a moment and said: "From the perspective of the actual trend of the market, the upward trend of the GEM is indeed stronger than the Shanghai Index...... Although I don't understand short-term speculation, I also know that once a stock and a sector reach the climax stage of emotions, it is basically not far from adjustment and end. ”

"I admit that after the wave of emotional hype is over, when the adjustment is completed, the style of the market may still develop with the GEM as the center."

"But at this moment, the high is chasing up...... Something is really out of place. ”

"That's it......"

Gu Chijiang paused and said: "When the next opportunity to adjust positions, that is, the opportunity for market sentiment to change, we can appropriately increase our holdings of core popular stocks on the Growth Enterprise Market to balance our holding style, but before that...... Let's keep the original position unchanged first! ”

"After all, when the mind is disturbed, it happens to be more and more wrong."

"Mr. Gu ......" Hao Weilai wanted to say something, but Gu Chijiang stretched out his hand to plan his words.

And Team Leader Lin glanced at Hao Weilai, who wanted to speak and stopped, knowing that Gu Chijiang had made up his mind, he didn't speak anymore, nodded lightly, sighed secretly, and couldn't help but continue to sit in front of the computer, observing the continued evolution of the market in the two cities.

In the same amount of time......

The same disagreement with 'Jingda Investment' also occurred in the proprietary investment departments of many large private equity and public offering institutions, and even large financial institutions.

The Shanghai Composite Index and the ChiNext Index are extremely torn up.

The internal analysts and fund managers of these large investment institutions were suddenly divided into two factions, the trend of investment thought rose rapidly, and the trend of value investment thought fell into a trough again, and even began to be ridiculed by many analysts, saying that 'value investment' in China is simply an evil road.

Thanks to the rapid rise of 'trend investing', thanks to the temporary destruction of 'value investing'.

A large number of retail investors and institutions that have been trapped on the blue chips of the main board have begun to cut their positions one after another, enter the Growth Enterprise Market, chase hot stocks, and participate in the speculation of floating capital.

In the midst of this atmosphere......

The GEM refers to popular core stocks, which are becoming more and more sought after, and the core concepts of the future 'new economy' such as 'new economy, new valuation', as well as macro-level 'financial technology', 'financial innovation', 'smart terminal equipment transformation tide', 'mobile Internet', 'mobile games', etc., have also been recognized by more and more large financial institutions, and more and more funds have penetrated into these fields.

Finally, at 3 p.m., it was time to close.

The Shanghai Composite Index rose 0.35%, almost unchanged, while the ChiNext Index rose 1.98%, and the index point was fixed at 1226.36 points, a new annual high, and less than 100 points away from the record high.

And the GEM index is rising.

The 'Internet Finance' sector once again led the rise of the concept sector of the two cities, with as many as 6 stocks with a daily limit, and as many as 12 stocks with an increase of more than 5%; The concept of 'mobile games' and 'wearable devices' followed closely after the concept of 'Internet finance', and the sector rose by nearly 3%, which is still the core attack sector of market funds.

Of course, in addition to the best performance and the strongest money-making effect of the major sectors.

The overall money-making effect of the market is not good, and the overall energy of the two cities has not been significantly amplified, which is superficially ...... All the market performance of the current market is just a stock game, not incremental support.

And, in the midst of this......

Coal, nonferrous metals, iron and steel, petroleum, chemicals, building materials, real estate...... These pillar industries of the real economy have fallen sharply across the board.

The whole market of the two cities, and its style.

There is an obvious trend of 'from real to virtual', from traditional fields to new economic fields such as 'Internet' and 'intelligent electronic equipment'.

And, just after the closing......

When the financial media of all parties hyped up the GEM index to refresh the annual high, and retail investors discussed the Shanghai Ganglian, a big demon stock, which can continue to board several boards and go to which point, a senior analyst of "Huatai Junan" publicly shouted the view that the future economy will develop from real to virtual, and investment opportunities will also develop from real to virtual.

For a time, it triggered the attention and heated discussion of the entire market, many well-known analysts, financial Vs, and fund managers.

PS: There will be follow-up, it will be a little later!