While he waited, at 9:15 a.m., the call auction between the two cities began.

I saw that after seven consecutive days of suspension, the market opened high in an all-round way under the condition of a good external trend, and all main lines and major industry sectors showed signs of post-holiday capital rush.

In the face of a call auction trend that was obviously stronger than expected, Su Yu did not make any moves.

In his opinion, in a weak downward trend, the more strong the call auction trend is, the more dangerous the next trend of the market, because in the continuous downward trend, 'high opening is the selling point' has almost become the consensus of all parties in the market.

In addition, the market is currently in a stock game of continuous exhaustion of liquidity.

In the face of consensus selling, there is not enough incremental capital to undertake it, so as to stabilize the stock price and sentiment of the market.

This has led to a pattern in which the high opening must be under pressure and the trend will inevitably dive.

Therefore, in the face of the market opening better than expected in the call auction, and in the case of the serious shortage of positions in the entire 'Yuhang No. 1' and 'Yuhang No. 2' funds, he did not have the slightest nervousness, and he was not in a hurry to increase his position in this position at all.

In an extremely weak downtrend......

The sudden emotional recovery is not a buying point, but when the market encounters a major negative situation, it is the moment when the mood collapses, which is the real buying point.

In his musings, time quickly slipped from 9:15 to 9:20.

Among them, communications, electronic information, computers and other industry sectors led the rise, and the performance of banking, securities, insurance and other 'big finance' sectors was relatively lagging behind; among the concept plates, 'network security', 'smart city', 'mobile payment', 'Internet finance', 'Apple concept' and other 'mobile Internet', led by the constituent stocks of the gem and small and medium-sized boards, 'mobile Internet', 'mobile Internet', ' The two core main lines of the smartphone industry chain are related to the concept plates, showing a state of leading the two markets, and the related hot stocks, the capital rush is more obvious.

Seeing that the active funds in the market are still wandering around the core main lines of the two emerging industries of 'mobile Internet' and 'smartphone industry chain', and there is no new concept plate and main line concept in the whole market, Su Yu knows that there will be no continuity in this market.

After all, the two core main lines of 'mobile Internet' and 'smartphone industry chain'.

Many related popular stocks, although the market peaked in early December, the adjustment has been very drastic and has fallen a lot, but the hedging market during the period, as well as the expectations that have been full, in the new year's performance growth expectation logic, in the case of failure to materialize, the space for continued upward speculation is extremely limited.

In other words, last year's market explosion and performance growth have been reflected in the stock price.

And that translates to this year......

For these stocks, if they want to continue to sing high at a high level, they must prove that the performance of the explosion is sustainable.

Only when the logic of sustainability is confirmed, then these stocks can be valued according to the logic of growth stocks.

It can also support their PE more than 100 times.

Otherwise, if you do it purely with the logic of conceptual speculation, then at this moment, when the liquidity of the entire market continues to decline and the market is stacked with layers of traps, then these core popular stocks related to the 'mobile Internet' and 'smartphone industry chain', which have been hyped several times in the early stage, will have no value to participate.

…

All in all......

In Su Yu's view, at this moment, the two major emerging industrial concepts of 'mobile Internet' and 'smart phone industry chain', whether it is the timing or the spatial location, do not have the opportunity to adjust the end and lead the market again, and cannot produce a continuous market full of momentum.

As he brood, time marched minute by minute.

Finally, when 9:25 came, the call auction between the two cities ended.

I saw that the Shanghai Index, the Shenzhen Index, and the ChiNext Index all opened higher, of which the ChiNext Index opened nearly 1% higher, and regained its position at 1100 points.

And in addition to the index......

The two main core concept stocks of 'mobile Internet' and 'smart phone industry chain' that led the rise in the two cities, such as Tianyu Information, Shanghai Ganglian, Sunline Technology, Shuobeide, and Anjie Technology...... A large number of stocks opened higher than 1.5%, significantly outperforming the ChiNext index.

In the face of the overall high opening of the index and the entire call auction, there is an obvious rush for funds.

In the entire market, at the major online stock forums where retail investors gathered, many investors who still stayed in the stock market and still in the market began to be optimistic again.

"During the Spring Festival, peripheral U.S. stocks rose by almost 3%, and the market should make up for it today, right?"

"Looking at the trend of the market call auction, the intensity of today's attack is indeed very high, and it should be okay to keep the red plate without seeking a sharp rise in the index, right?"

"Yes, it's not very demanding, just get off to a good start!"

"Don't say anything about a good start, on New Year's Day, the market will sing a lot of one-sided, say what a good start, the result is ...... After the index opened higher, it continued to fall all the way. ”

"This time ...... different"

"What's different?"

"On New Year's Day, the market was obviously a downward relay, and now, the market has reached the end!"

"In the end, in the end, in the end?"

"Look at the moving averages of the index trend, since the fall in early December, the major indices are unilateral downward trend, and they have long been seriously overfalling, and now the major indices are far away from the moving averages, according to the past historical trend, the index in this case, will definitely return to the moving average."

"Moreover, the Shanghai Index has now reached around 2050 points, almost touching the bottom of the early box shock of 2000 to 2200 points, and the core industry sectors such as big finance, real estate, and infrastructure that support the Shanghai Index have hit new lows in valuation and stock prices, and are near the historical extreme, how can they fall?"

"Anyway, you can't be bearish here!"

"I hope I can really get off to a good start, hey, I thought the market would be good this year, but from the first two months, I'm afraid it's even more difficult than last year!"

"It is recommended not to look at the Shanghai Index, the traditional industry, there is no growth expectation for a long time, and the future ...... It is the world of GEM! ”

"Yes, no matter from the disk selling pressure, or future expectations, the GEM does have much more potential than the main board, and today looking at the trend of call bidding, it is indeed that the GEM and the small and medium-sized board are stronger than the main board."

"In the future, the core of the market is the logic of 'growth', not the logic of 'core assets'."

"It means that you can still buy Netspeed Technology, Huaqingbao, Changqu Technology, and LeTV?"

"Probably can! The strong are always strong, and these votes, in the past two months, have almost been cut in half, and the adjustment is indeed very sufficient. ”

…

"Hey, I think, let's see."

"I always feel that the index should not break 2,000 points again."

"Immeasurable is the end, right? When the volume of the two markets can shrink by another wave, to less than 50 billion, it should be safe. ”

In the midst of everyone's discussion, 9:30 came, and the two cities officially began trading......

I saw that in the mood of a short period of recovery, at the beginning of the session, the major indices continued to rise and fight high under the trend of opening high, among them, the concept of "mobile Internet" and "smart phone industry chain" related to the two core main concepts, as well as their popular stocks, still led the list of gainers in the two cities.

However, the heavy on-field trap.

In the case of a short break in the undertaking funds and a slight dive, it was like a frightened bird in an instant, smashing the plate and pouring out.

So, when the time entered after 9:45.

That is, when the time-sharing volume of the market begins to gradually decay, the major indexes that are holding high and playing high, and the diving range begins to expand rapidly.

Then...... When the time crossed to 10 o'clock.

Several major indices have dived from the high platform and went straight underwater, changing from rising to falling.

As the index changed from rising to falling, the mood that had been briefly warming up collapsed again, and the entire market fell back into a downward trend.

Seeing that the market was open and diving, it got off to a good start, and it became a 'black start' again.

Su Yu smiled, stood up from the computer desk in the office, and walked towards the company's fund trading room.

When he arrived at the company's fund trading room, looking at the traders who were quietly staring at the market in the room, and listening to the occasional keyboard sound, Su Yu asked Li Meng: "How?" There was no aggressive increase in early trading, right? ”

Li Meng looked up and saw that it was him, and responded with a smile: "The two funds are still running at a low position, without your instructions, everyone will naturally not increase their positions aggressively, but this index is around 2050 points, and I feel that there is not much room for down, most of our positions have been vacant for so long, it is time to take action, right?" ”

"What is the current net value of the two funds, and what is the available funds?" Su Yu continued to ask.

Li Meng replied: "The net value of the 'Yuhang No. 1' fund is 10.25, the capital scale is 4.107 billion, and the available funds are 3.536 billion; the net value of the 'Yuhang No. 2' fund is 1.57 and the capital scale is 7.812 billion. ”

"In which direction are we holding our main position now?" Su Yu continued to ask.

Li Meng counted it and said: "The current two funds hold a total of 2.851 billion chips, of course, if you don't count the 1.5 billion chips that Lixun Precision has locked and restricted, the number of sellable chips we hold is about 1.351 billion, of which the main direction of the position is the core blue-chip stocks of the military, real estate, and state-owned enterprise reform that we discussed before, as well as the bottom position of a small number of core stocks of the remnants of the 'mobile Internet' and 'smartphone industry chain'. ”

"I'll take a look!" Su Yu replied.

Then, he sat down next to Li Meng, in front of the computer he usually used, logged in to the fund background management account, and counted the specific holdings of the two funds.

I saw that the military industry, real estate, and state-owned enterprise reform are all the leading weights in the industry.

The stocks held in the direction of 'mobile Internet' and 'smartphone industry chain' have been adjusted to a number of Internet financial stocks such as 'Oriental Wealth, Flush, Hengsheng Electronics, Yinjie Shares, Huake Jincai, Jinzheng Shares' in accordance with his previous instructions, as well as leading stocks in the film and television media industry such as 'LeTV and Guangguang Media'.

…

"I feel that the market has not moved much in the direction of real estate, military industry, and state-owned enterprise reform!" When Su Yu checked the specific holdings of the fund, Li Meng said, "The news of the relaxation of real estate, as well as the reform of state-owned enterprises, the reform of the military industry, and the news of restructuring, have not come out for a day or two, and they have not made waves in the market at all, and it seems that there is no main capital to do this. ”

"The news is out, but the opportunity for the market to break out has not come!" Su Yu responded, "The market index and sentiment have not bottomed out, and there is no clear event signal, and the storm in the entire market in this direction is still brewing...... All we can do is wait patiently and gradually enter the warehouse and ambush. ”

"As long as the policy is stimulated, the expectations of these directions are changing rapidly."

"Then the market in this area of the outbreak is a matter of time, let's not rush, trade, before the moment of making a choice, in fact, 99% of the time, are waiting."

"Yes!" Li Meng nodded, "Do you need to speed up the pace of entering the warehouse?" We still have more than 8 billion available funds in our hands, and according to the current intraday turnover of this market, if the market comes too fast, we should not be able to react, and ...... Even if the index continues to adjust downward, it will not be in the range of 10% at most, and we can withstand this retracement range by gradually increasing our positions and buying. ”

Su Yu pondered for a while, thinking that what Li Meng said also made some sense.

The index is already around 2,000 points, and the market correction has not yet reached the end, but it is already the end.

The downward space is limited, and the timing of the upward reversal is constantly approaching, this time ...... If the fund still maintains the minimum position operation, it is indeed a little inappropriate.

"Hurry up!" Su Yu said, "But before we complete the opening of the position, we still have to avoid the dragon and tiger list, and it is not appropriate to cause excessive stock market fluctuations." ”

Li Meng smiled and said, "I understand this, don't worry!" ”

As she spoke, she began to give instructions to the two groups of traders to accelerate the increase in the target stocks.

According to the intraday turnover of the entire market, which is now less than 70 billion, it will take at least 20 trading days and a month for them to quietly complete the conversion of fund positions from the lowest position to the full position.

With the discussion between Li Meng and Su Yu, the position building process of the company's main fund was adjusted.

In the next ten trading days, the Shanghai Index has been hovering back between 2000 points and 2050 points, sideways towards the deviation of the moving averages, and the turnover of the two cities, during this period, continued to shrink to about 50 billion, so that the entire market, really caught in the dilemma of liquidity, and even many marginal stocks, intraday turnover, has been less than 2 million, completely into the situation of no one buying, no one trading, resulting in the field of trapped funds can not get out, over-the-counter funds, see this situation, I don't want to come in at all.

Then, when the time travels to the end of February......

When the 'Yuhang No. 1' and 'Yuhang No. 2' fund holdings returned to 70% of the water level.

On February 27, Huaguo Petrochemical suddenly suspended trading and issued an announcement that it planned to introduce private capital to achieve mixed operation, so far...... The news detonated the market and opened a grand prelude to the theme of 'state-owned enterprise reform'!

The era of rebirth of investment