I saw that after yesterday's suspension of Huaguo Petrochemical, and the external situation is still good.

Most of the stocks in the two cities opened high, among which the gem, the small and medium-sized board direction of the "mobile Internet", "smart phone industry" two main concept stocks, rebounded strongly, leading the two cities, and the "central enterprise capital reform" concept field, in addition to a few local state-owned assets holding small-cap stocks, there are changes, large-cap stocks do not have obvious bright table.

"It seems that the suspension of Huaguo Petrochemical's mixed reform has a very good impact on the market!"

Seeing that the initial situation of the bidding in the two cities was obviously weaker than expected, Li Meng sighed: "I feel that the market's sensitivity to the news and its reaction have begun to slow down and decrease." ”

Su Yu nodded slightly and said, "The market is starting to be immune to the news, which is almost the characteristic of the bottom)"

"The attack direction of active funds is still on the two main lines of "mobile Internet" and "smart phone industry chain" led by the small and medium-sized board and the gem. Li Meng said, "It seems that the timing of the market style transformation is still not ripe, and we ...... I'm afraid I'll have to wait! ”

"It's okay!" Su Dao, "Let's take a look when the market opens." ”

"Mr. Su, inferring from the expected logic, as well as the decline of the market during this period, the reaction of various sectors, the main line of the concept of "mobile Internet" and "smart phone industry chain" in the direction of the small and medium-sized board and the industry board is still the strongest! While the two were talking, Liu Yuan, the leader of the gold trading team of "Yuhang No. 2", said, "During the entire decline, only these two main lines are resisting the downward trend, and according to the research reports of various industries collected and researched by the company's research office, the industry related to these two main lines is still the area with the strongest scale and performance...... In the next stage of the market, will there be a change in the style of the main line? ”

Su Yu saw the confusion in Liu Yuan's eyes, and said with a smile: "Your question is very good!" What do you think are the basic conditions for the existence of opportunities in the stock market? What is the underlying logic of stock price rises and falls? Where do the big opportunities come from if you want to get alpha? ”

"The fundamental logic of stock price ups and downs is naturally the difference between expectations." Liu Yuan said, "The difference between the fundamentals of the company's fundamental understanding of the future development expectations of the company has led to the continuity of transactions and the fluctuation of stock prices, as for the underlying conditions for the existence of opportunities...... It is the change in future expectations caused by changes in market information and reality, resulting in the opportunity for expected differences. ”

"And the biggest source of opportunity for excess returns......"

Liu Yuan pondered for a while, but did not understand this problem deeply, so he couldn't help but pause, and after a while, he said, "Please ask Mr. Su for advice." ”

Su Yu smiled and said, "The difference in market expectations!" ”

"Sufficient market expectation differences can generate excess market investment opportunities."

The two core main lines of "mobile Internet" and "smart phone industry chain" you just mentioned are still the leaders with the clearest investment logic and the strongest future expectations in the market. ”

"But in these two two areas, after the hype of the whole year last year, as well as the comprehensive performance explosion and stock price performance of popular stocks in various related industries, the current entire market, many investment institutions have focused on this field, deepening the investment and research capabilities of this leader."

In other words......

"The future of these two fields is good, and in the current market, everyone knows about it."

"Since everyone's expectations for the future development and performance expectations of these two areas are very good, it means that in these two areas, everyone's expectations are quite consistent, and all are good, which means that there is not much difference in market expectations between these two fields, and it is naturally difficult to generate opportunities to obtain excess profits in the market."

"When you have a card in your hand, ...... It's hard to surprise people. ”

Moreover, it is precisely because everyone is optimistic about the future of the two major fields of "mobile Internet" and "smart phone industry chain", and they all believe that there are still good investment opportunities in the market. ”

"Of course, I'm not saying that these two areas are not (this chapter is not over!) )

Chapter 337: The Core of Investment Transactions

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There are investment opportunities. ”

"Rather, in the current situation where the market's expectations for these two areas are relatively consistent, it is difficult to obtain market excess returns that exceed the index volatility."

"On the other hand, some areas in the direction of the motherboard ......"

"Under the overall pessimism of the market, the bottom of the market has already reached the bottom of the market limit valuation, and this time ...... As long as the market picks up slightly and a gust of wind rises, then the next period changes slightly, and the valuation recovers, it is easy to obtain super market returns. ”

"Of course, when the wind doesn't pick up."

"The active funds in the market will naturally converge to the areas with the most expectations and the most certainty in the current market, that is, the fields of "mobile Internet" and "smart phone industry chain" that you have just placed. ”

"Got it! Liu Yuan said, "The core of investment transactions is still the words "expected difference". ”

"Yes!" Su Yu said, "In the financial trading market, it is impossible for most people to make money, so ...... If it is an obvious opportunity, it is extremely likely that it is not an opportunity. ”

"Mobile Internet" and "smart phone industry chain" are the two core mains. ”

"When the market expectations are consistent, there is no good investment opportunity, only when the two areas in the passage of time and the development of the industry, there is a difference in expectations, that is, a high degree of consensus expectations are disappointed, the valuation is recompressed, and the related stocks are clearly differentiated, it is a good opportunity to invest."

"Prior to this, many of the main board industry sectors that have been compressed to the valuation limit, completely abandoned by the market, and the future expectations have also hit the bottom under the policy stimulus and have a reversal period, there are better opportunities, so our next investment focus should also be on this."

"Mr. Su is talking about the real estate industry chain and infrastructure-related fields?" Liu Yuan asked.

Su Yu bowed his head slightly and said: "Yes, since the nuclear drive of the macro economy is still back to the development of "urbanization construction" with "real estate economy" as the core, the real estate chain, which has been in the doldrums for several years and has been controlled by policies for several years, has enough reversal expectations in the fields of urban construction and infrastructure. ”

The three of them said that it had reached 9:20.

I saw that after 5 minutes of bidding transactions, the market pattern of the two cities has fallen a lot, nearly 2,000 stocks, only 53% of the stocks are red, and at the beginning of the bidding, the "mobile Internet", "smart phone industry chain" related concept plates that led the rise in the two cities, as well as its related concept stocks, have fallen sharply, but it is Su Yu who just arrived in the real estate and construction-related industry sectors, and climbed to the top of the list of industry sectors in the two cities.

Moreover, in the field of the concept of state-owned assets reform of central enterprises, local state-owned enterprises related to real estate and infrastructure have also entered the forefront of the concept sector under the promotion of selling funds.

Seeing this scene, Su Yu couldn't help but smile and said, "It seems that ...... In the market, there are still a lot of smart money, and they know how to attack in this direction. ”

The reform of state-owned assets of central enterprises superimposes the concept of real estate and infrastructure industries with recovery conditions.

Su Yu tested, this should be the most investment opportunity in the market, the most predictive leader.

"But overall, there is still a lack of buying." Li Meng said, "What's more, the capital attacks are all Gemdale, Poly, Kewan, Huatie, Jian, Huaye and other central enterprise stocks, with the current market as a whole, I am afraid that it will not be able to pull these, the concept of "central enterprise state-owned assets reform" is too big, and there should not be much opportunity if the market is fully recovered)

Su Yu said, "The current market volume can be difficult to pull these suddenly, but there is no doubt that it is ...... This is a signal that proves that the market style is indeed slowly changing, and that there are smart investment opportunities, and they have actively adjusted their positions and made orders in this regard. ”

"For us, as long as it's in the right direction, that's fine."

"Patience, we have."

"Then we ......," Liu Yuan asked, "can we radically follow the position and take the opportunity to heat up the market?" ”

Su thought for a while and said: "Don't worry, although the index is currently at the bottom of the range of 2000 to 2200 points, and the market has indeed shrunk to the limit, (this chapter is not finished!) )

Chapter 337: The Core of Investment Transactions

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But the panic in the market did not release quickly, and the index ...... There's still one last fall! ”

"Wait patiently, the panic in the market will not be released in a centralized manner."

"Pull up in this position, the pressure is not small, and even if it is played, the space is not large, only out of the meat cutting plate, the internal pressure is small, there is enough rebound space, let's ...... can also do a good wave of market. ”

"Okay!" Liu Yuan nodded and stopped talking.

And this, the time has reached 9:25, and the bidding of the market *** is over.

I saw that although the Shanghai Index, the Shenzhen Index, and the ChiNext Index all opened high, the high opening range was only between 0.11% and 0.15%, which was still lower than the expectations of market investors, and the concept of "state-owned assets reform of central enterprises" detonated by Huaguo Petrochemical only rose by 0.35%.

Subsequently, at 9:30 a.m., the two cities officially opened for trading.

More than 100 stocks in the whole "central enterprise reform" concept plate, after temporarily rushing higher, began to fall, undertook weakness, and sold sharply.

The two main areas of "mobile Internet" and "smart phone industry chain" in the direction of small and medium-sized board and gem.

Many popular stocks that were continuously speculated last year have also come out of the pattern of rising and falling with the passage of time, and there is no sign of the end of the adjustment at all.

Overall......

Even if the market has a corresponding positive effect, the money-making effect is still sluggish.

After the concept of "state-owned assets reform of central enterprises" on the main board, the concept of "mobile Internet" and "smart phone industry chain" of the small and medium-sized board and the gem board and the "smart phone industry chain" can not produce a sustainable market and attract large-scale funds to follow the hype, after 10 o'clock in the market trading time, all walks of life are still active in the field and begin to focus on the low-level "Shanghai Free Trade Zone" concept of speculation, pulling "Waigaoqiao, Shanghai Sanmao, Shanghai Ganglian, Shibei High-tech" and other pure Shanghai Free Trade Zone concept stocks, in order to speculate the market and drive market sentiment.

However, after a brief gathering of funds.

When the Shanghai market Sanmao was raised, it was smashed from the price limit.

This move by the investors was a complete failure, and the market returned to a downward stance.

In the afternoon, when the market continued to fall, when the weight could shrink the limit, the trapped capital pulled up the concept of "sub-IPO" in order to save market sentiment.

In the end, in the face of really sluggish market sentiment, in the face of a market that has no follow-up effect.

This kind of behavior of various tour capitals still ended in failure.

Finally, at 3 o'clock, the Shanghai Composite Index fell 0.75% again, reaching 2018.19, approaching the 2000 point mark, and the GEM index fell below 1100 points and returned to the early shock support platform of 1000 to 1100 points.

In the face of such a weak market performance......

Several attacks, several failures, the living tour capitalists are desperate; Under the favorable situation of "Huaguo Petrochemical Mixed Reform and Suspension", the institutions that follow up the theme of "state-owned assets reform of central enterprises" are also full of grievances and feel that the market is really unreasonable; The vast number of scattered people who have been buried for many consecutive years and have not dared to look at their accounts have even collapsed in their hearts, feeling that the stock market is really completely gone.

And due to the continued sluggish performance of the market after the Spring Festival)

After several major indices closed in December and January last year, they have now once again issued a negative line, which has broken the upward trend that was difficult to recover in the first half of last year, pulling the market back into the deep bear market, and also hitting the bottom of market confidence and investment again.

"Look at this form, next...... 2000 points will be broken! ”

After the end of the month, in the market, there are assertions among the collapsed and desperate retail investor group.

"Hey, to the bottom of the box, it doesn't have a reverse, just like that, it's strange that 2000 points can live."

"Damn, the year before last year, I was shouting for 2,000 points, and last year I was shouting for 2,000 points, and now I'm still roaring...... It's really nothing (this chapter is not finished!) )

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Looking back on the past ten years, the Shanghai Composite Index is still hovering around 2,000 points, and looking at the global market, I have never seen anything outrageous. ”

"Ten years of floating zero, do you think it's nonsense?"

"I'm tired, I'm tired! Again and again I have expectations, but every time I am disappointed.

"In the second half of last year, I really didn't expect that in 3 months, the market would fall back to the original point."

"The index has returned to the original point, but many individual stocks have hit a record low!"

"Hey, I can't keep 2,000 points, I really don't know, what's the bottom in the end? It's all on sale next week, so what's the deal...... This market, Lao Tzu doesn't play anymore)"

"It's really miserable, not only our retail investors are miserable, but recently, the investors who have shot have also suffered a lot of losses!

"Today, the tour capitalists, in the attack path, are changing and changing, and they have never brought up emotions, see...... Next week's new January, the tour capital that goes in today, all cut meat. ”

"Hey, the bear market is bottomless, it's really falling to the point of despair."

"It's been falling for more than 3 years, and the bear market from 02 to 05 doesn't feel so difficult."

"What is outrageous is that today's large brokerage institutions and securities media are still shouting that the future is promising, and the bull market is up, and 2,000 points are not guaranteed, where can it be bullish?"

"Look at the K-line upside down, won't the cow come?"

"Hehe, these institutions and media may really be looking at the K-line upside down.

"Hey, I feel that there are fewer on the forum, and the number of hot topics has almost doubled compared to the beginning of December last year!"

"I don't want to open my account anymore, so I still have the mood to chat, stock market quotes, and watch forum news? I feel that if the market falls again, I have to return to the trend of more than 1,000 stocks in the two cities. ”

"It's almost now, I bought stocks, and the daily turnover is only 1.36 million, can you believe it? It's the turnover, it's the volume, I feel that 1 million, I can pull the limit, but it's a pity...... It can be in or out, and this kind of turnover cannot be sold by large investors in the market at all. ”

"The liquidity crisis is getting closer and closer."

"Hey, there is no money-making effect, over-the-counter funds, and the original will not come in, there is no incremental capital, no matter how big the benefit."

"To earn the effect, you also need real money to pull it, the country is not at this time, who will pull it? Do you want to look at the capital and count on the institution? You Zi pulled a few waves, all in the quilt cover, the machine ...... I heard that 90% of the public institutions in the market can't send out their products, and the redemption tide of existing products is also one after another. ”

"Public institutions can't do it, let alone private equity structures."

"In just these three months, the market has continued to fall unilaterally, and at least more than 500 private equity investment companies have closed down in the Lujiazui area."

"I can only count on Mr. Su's ......"

"Yes, Mr. Su now has nearly 10 billion in cash, and the "Fortune Road" has great appeal to the market. As long as the mood and money-making effect can rise, it can attract incremental funds. ”

"Kesu's seat has disappeared for three months after it was cleared in early December last year."

"Hey, I'm sorry for waiting for the flowers."

"When will the "Fortune Road" return?

The "key" Yuhang No. 1 "fund" and "Yu No. 2" fund have not announced their net value and position data recently, and they fully know Mr. Su's movements! ”

"Wait! Wait patiently, I won't enter the market if I don't see the "wealth road", no matter how the index and the market change. ”

In the pessimistic discussion of the majority of retail investors, everyone is also looking forward to Su Yu and the "Fortune Road seat......

At this moment of the "Yuhang Investment" company, the entire trading department.

In terms of macro trading strategy, we still maintain the regular dragon and tiger list, gradually build positions, patiently wait for the opportunity for further expected differences and market resonance in the market, and still maintain silence to the outside world.

And at this moment, Su Yu, after being busy with the company's affairs, is already in Delena's (this chapter is not finished!) )

Chapter 337: The Core of Investment Transactions

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Accompanied)

came to the agreed place with Yang Hao, and further negotiated about the other party's desire to acquire the "riverbank land in the eastern suburbs of the Qianjiang River" in his hands.

Chapter 337: The Core of Investment Transactions