"The turnover of the two cities is 107.336 billion, and there is no sign of significant expansion, but in terms of market development, in the case of 'infrastructure' and 'state-owned enterprise reform' continuing to lead the rise, there is no continuous differentiation as you said before, and the performance of further concentration in the field of capital attacks." After the two cities closed, at 3:15 p.m., in the internal fund trading room of Yuhang Investment Company, Li Meng turned to face Su Yu after a brief review and asked with a smile, "Does this mean that the market has begun to deviate from your previous expectations?" ”

"Judging from the performance of the market, it is indeed better than expected!" Su Yu responded, "The market investment confidence and sentiment have picked up quite quickly, and the incremental funds from the OTC have entered more than expected, and if this trend continues, it is not difficult for the Shanghai Index to break through the bull and bear line of 2,500 points." ”

"Of course ......"

Su Yu paused, and said: "The financial market is changing abruptly, and often the most ideal state is not easy to achieve, so although the market is currently slightly beyond our previous expectations, at this stage, it is still not appropriate to change the investment strategy, and it is still necessary to maintain a cautious and optimistic attitude." ”

"Hmm!" Li Meng responded and said, "Indeed, when the market sentiment is overheated, people are more likely to lose their reason and judgment. ”

"Master, today's market continues to break through, but in terms of volume, compared with yesterday, there is no obvious sign of amplification, which shows that the chip structure in the market is stable, and the expectations of investors from all walks of life participating in the market are more consistent, but does it also show that the number of profit orders in the market is also increasing rapidly?" After Liu Yuan briefly reviewed, he took over the topic and said, "Such a rapid increase in profits, under the continuous short trend of the market, I am afraid that it will cause great selling pressure on the market when the market bullish sentiment falls slightly, thereby suppressing the rebound height of the market, right?" ”

Su Yu heard Liu Yuan's words, and said with a slight bow: "You are right, under the trend of successive high and high indexes, there are indeed hidden worries in this regard, if the market bullish sentiment falls slightly and the chip structure in the field is loosened, then a more drastic adjustment will inevitably come." ”

"However, according to the current signs of bullish sentiment and confidence recovery in the market."

"As long as in the short term, on the macro news side of the market, there will be no major market bearishness, according to the continuous inflow of over-the-counter incremental funds."

"Below 2,500 points in the Shanghai Composite Index, most of the drastic adjustments under the loosening of the chip structure can still be undertaken."

"Of course, expectations and reality sometimes don't coincide."

"Although there is no risk in the current market and our holding cost is relatively low, the potential risk points and the attention to market news must not be relaxed."

"Hmm!" Liu Yuan answered, lowered his head and continued to review.

"Boss, the two main lines of 'infrastructure' and 'state-owned enterprise reform' should have entered a comprehensive acceleration stage today, right?" In the review, Wang Can observed the changes in the overall trading volume of the two core main lines, as well as the depth of the speculation of various funds, and said, "Beixin Road and Bridge directly shrank the volume of the board today, and I feel that this trend is almost at the peak of the hype, I am thinking...... If the speculation of Beixin Road and Bridge peaks and cannot further open up the speculation space of the market, then the two main lines of 'infrastructure' and 'state-owned enterprise reform' can continue? ”

Su Yu replied with a smile: "Very good question, in fact, what you said is ...... This is the relationship between an on-floor chip game and the degree of expected cash-out. ”

"Analyze from the chip structure."

"The share price of Beixin Road and Bridge has come to this position, and the profit disk has been quite heavy, and the stock price has risen greatly in the short term, greatly exceeding the increase in the market index, as well as the overall increase in the market, and the valuation is also significantly higher than the average valuation of other stocks in the same industry, which has led to a slight exhaustion of market sentiment, and these heavy profit orders will inevitably sell and take profit in the first time, hitting the stock price."

"But when it comes to the specific investment logic and future expectations of the two core main lines of 'infrastructure' and 'state-owned enterprise reform'."

"The real expectation is far from fulfilled."

"The so-called all the hype must be implemented in the expectation of the outbreak of industry demand, as well as the performance expectation."

"At the current stage, the news of the two main lines of 'infrastructure' and 'state-owned enterprise reform' is continuing to ferment, that is to say, the outbreak of industry demand, the growth space of future performance, and various fundamental changes are still in the stage of the strongest expectations.

"In this way, there is no change in the basic investment logic of the main line...... When it comes to the trend of Beixin Road and Bridge, it is easy to judge. ”

"That is, in the short term, because the profit plate is too heavy, once the sentiment falls slightly, the stock price will have relatively extreme fluctuations, but if it is said that the main line market that affects the entire 'infrastructure' and 'state-owned enterprise reform' two major areas, it is still unlikely, and it is ...... In the current market, except for a part of the investor groups that have been completely trapped, the positions of the rest of the investor groups are not heavy, that is to say, as long as the market expectations are still there, then for the relatively high-quality stock chips in the market, there will be no shortage of funds to undertake under the rapid cashing of profits. ”

"In fact, after this period of time, the two main lines of 'infrastructure' and 'state-owned enterprise reform' have continued to deepen."

"The involvement of all major funds in these two areas has been very deep, and the market has spread, and the concept stocks involved have also occupied a considerable share of the entire market."

"In this case, the main line market spreads, even if the hype reaches the top, it will not be a spire trend."

"In other words, even if we have a heavy position in this field and want to exit the market when the market turns, we will not encounter liquidity problems."

"In other words, after the end of this wave of hype in Beixin Road and Bridge, there is a high probability that there will be a third wave of the market?" After listening to Su Yu's analysis, Wang Can didn't really understand it in his heart, and didn't completely sort out the logic, but he knew that Su Yu's judgment on the trend of the stock of Beixin Road and Bridge was probably what it meant, and said with a smile, "That seems to be ...... I'm blindly worried, I thought that the two main lines of our heavy positions were coming to an end? ”

Before entering the company, he was a retail investor in the market and traded stocks independently.

It is a typical retail investor thinking, losses can hold the chips, once the profit is made, they want to think about the west, nervous, and have a strong desire to cash in profits.

Now that I have joined the company, I have made a lot of progress in many aspects.

But this kind of psychology, after seeing the profit figures of tens of millions or hundreds of millions in the accounts he operates, from time to time, it is still difficult to suppress the floating in his mind.

"The ...... of the Relationship between Investment Logic and Chip Game"

When Wang Can breathed a long sigh of relief and felt that he was thinking too much, Zhao Lijun, who was silent on the side, had a lot of understanding in his heart at the moment, and couldn't help but ask Su Yu, "Mr. Su, this should be the essential difference between long-term investment and short-term trading, as well as trading principles, right?" ”

"In short-term trading, no matter how strong the expectation is, in fact, the essence is still a chip game."

"But in the long-term logic, no matter what kind of chip game, as long as the logic of expectation is still there, as long as the investment expectation is not realized, then all extreme shocks cannot change the trend."

"Clever!" Su Yu smiled and appreciated.

Zhao Lijun's comprehension ability in trading, through the observation during this time, he felt that it should be the most prominent among the traders present, in addition to him, Li Meng, and Liu Yuan, and at this time, Su Yu suddenly moved to promote him and let him and Liu Yuan jointly run a major fund.

After all, as the company grows, he can't keep an eye on every transaction.

In the end, there is always a need for some core backbone to complete the trading task independently.

Li Meng can basically rest assured now, but Li Meng alone is unable to manage several trading teams and multiple major funds.

Therefore, he still hopes that there will be more talents who can be trusted, grow up quickly, and take on important responsibilities.

It is also for this reason that when he is in the trading room, he will patiently answer all kinds of questions raised by everyone, and teach each trader according to his more than ten years of trading experience accumulated in his two lives.

"Mr. Su, according to today's market performance, the concept of 'growth stocks' in the direction of the small and medium-sized board and the gem also has the characteristics of a bottom reversal." In the discussion, Zhu Tianyang thought about it and also raised questions, "You said before that the two main lines of the emerging industry's 'mobile Internet' and 'smart phone industry chain' are the main lines of long-term trends that can continue for three or five years. ”

Su Yu responded: "From the perspective of the disk, in the direction of 'mobile Internet' and 'smart phone industry chain', there are indeed signs of re-convergence of the main funds, but whether the adjustment is in place depends on the next two main areas, many popular stocks have exceeded expectations in terms of expected fulfillment, and whether they can regather enough continuous money-making effect, so as to liberate the backlog and precipitation in the market." ”

"If the hot stocks in these two main areas have exceeded market expectations in terms of delivering expectations."

"And these popular stocks, if they can get out of a wave of continuous upward trend, will raise the investment confidence and future expectations of the majority of investors in the market for these two main areas, then even if it is a real bottom, we can also appropriately switch positions and re-deploy to these two major areas."

Hearing Su Yu's analysis, Zhu Tianyang thought about it and responded: "What does Mr. Su mean...... Is it the market in the two main areas of 'mobile Internet' and 'smartphone industry chain', and we have to observe it again? ”

"Yes!" Su Yu bowed slightly, "Wait until many popular stocks in this field, the mid-year performance forecast is out, let's talk about it, the overall chip structure of the current two main areas is very chaotic, and many of the main funds that are set are still holding a glimmer of hope, and they are reluctant to cut their positions, and the new main funds are too hesitant, and on the whole, confidence and expectations have not yet fully recovered." ”

"Of course, it is necessary to continue to pay attention to the market changes in these two main areas."

"After all, the users of the 'mobile Internet' and the sales of 'smart phones' are still growing rapidly, and the investment confidence and future expectations in these two main areas will return to a high point, and the internal chip structure adjustment will be completed, and there should be a lot of investment opportunities in these two areas."

"Overall......"

Su Yu paused for a while, and then said: "As an asset management institution, in addition to the investment direction, we must choose the right one, and we should also perform in terms of market timing. ”

"Got it!" After listening to Su Yu's analysis, Zhu Tianyang nodded in response.

Then, the eyes turned back to the computer interface, continued to review and study today's market, and combined with the market news, to find possible potential investment opportunities.

Similarly, at the moment, within Minghui Capital.

After the meeting of the internal investment strategy group, several managers who are in charge of the company's main fund products also expressed relatively optimistic views.

"The index is estimated not to step back on 2200 points, this round of rebound, as high as 2500 points, there should be no problem, Mr. Xu ...... As the company's number one flagship product, our 'Ming Hui No. 1' fund should also change its investment thinking, from a conservative strategy to a relatively aggressive strategy, right? ”

"Mr. Su has already shouted the slogan of the bull market, and at this stage, increasing positions should be the only option."

"'Infrastructure', 'state-owned enterprise reform' the two core main lines, although the current position is not low, but obviously there is still space, we still have an advantage in the cost of holding positions on these two main lines, at this time if we continue to increase positions, the fault tolerance rate should also be ideal."

"If the expected high of the index rebound is 2,500 points, there is no problem at all in adding some chips here."

"Mr. Xu, the current market in the direction of 'restructuring backdoor', there is no market at all, I think we can slightly reduce some of the chips in this direction, concentrate on positions, as much as possible in the 'infrastructure', 'state-owned enterprise reform' two main line of the main market stage, more profit market profits."

"I agree with the strategy of restricting the investment direction and concentrating on the main line of the market."

"'Infrastructure' and 'state-owned enterprise reform' should be the main macro lines this year, just like last year's 'mobile Internet' and 'smart phone industry chain' two main lines."

"It feels like it's an obvious 28 market pattern, and the core focus of this year, if it's not good, is on the main board."

"Well, judging from the market trend in the past month or so, the performance of the Shenzhen Index, the Small and Medium-sized Board Index, and the Growth Enterprise Market Index is indeed significantly lower than the performance of the Shanghai Index.

"The scope of the macro main line of 'state-owned enterprise reform' is very large, in fact, the current market of this main line has been quite deeply differentiated, if we take into account the pursuit of high risk, we can also follow up some lower positions, excellent performance, and have the concept of 'state-owned enterprise reform' stocks."

"Well, especially the 'infrastructure' stocks with state-owned backgrounds in many places, I think there is a lot of potential."

"This year is definitely a big year for 'infrastructure'!"

"According to market news, on the macroeconomic route, the road of 'deepening reform' should have been determined and will be unswervingly implemented."

"The key is that this round of market continues to force short, in fact, it also caught everyone off guard."

"In the current market, many asset management institutions should still be at a fairly low position level, and these main funds that have not entered the market are all potential bullish forces in the market! So...... I think we will continue to increase our positions at this time, and it will be difficult to lose money if we take the lead again. ”

Everyone's opinion......

General Manager Xu Zhongji looked at several fund managers with a smile, laughed twice, and said: "It is natural to be optimistic at this time, but prudence is the only magic weapon to win in the financial trading market, and we must not forget that the market continues to be short, and the upward trend has been achieved, we can do trading on the right side and continue to increase positions appropriately, but at the same time, we must maintain a 20% cash bottom line." ”

"The so-called extreme trend, although the probability of occurrence, is extremely small."

"But once it appears, the lethality is indeed quite amazing, and the financial trading market, living for a long time, is far more important than a temporary profiteering harvest."

"Okay!" Under Xu Zhongji's admonition, several fund managers finally dismissed the investment strategy of full positioning.

Of course, like Xu Zhongji, the investors who are still calm at the moment are already very few sector investors in the vast investor group of the market.

Especially at 5:30 p.m., the dragon and tiger lists of the two cities were refreshed again.

We see that Su Yu's two major trading seats continue to lock up, and the rest of the well-known tour seats, such as 'Qingchun Road', 'Hongqiao Road', 'Chunhui Road', 'Yanjing Outdoor Street', 'Jiefang South Road', 'Modu Huaxin Securities Branch', etc., all appear on the buy list, and at the same time, a large number of institutional seats also appear, the entire Dragon and Tiger List discloses trading data, and there is a net buying situation for the fourth consecutive day.

And under the influence of this increasingly explosive bullish sentiment......

The next day, Thursday, May 8, the market continued to open higher, and the Shanghai Composite Index continued to rebound to a high of 2370.37 points.

Then, on May 9, the Shanghai Composite Index continued to fluctuate higher, closing out the seventh white candle.

Out of the seven consecutive yang situation that shocked the investor groups who stepped on the short, completely got rid of the sluggish trend of the entire market in the first quarter, broke through all shackles, and directly pointed to the pressure range of 2400 points to 2500 points.

(End of chapter)