"Okay!" Li Meng answered, and then gave instructions to the traders.

With the issuance of her instructions, in the passage of time, the market set auction trend still maintains a rather passionate state, and the number of red stocks in the two cities is still around 90%, and the one-word daily limit of 'Beixin Road and Bridge, Beijiang Jiaotong Construction' has no sign of volume.

Even, even the traders placed orders under the instructions issued by Li Meng, and took the initiative to throw out a lot of chips on the stock trading board of the main concept of "infrastructure" and "state-owned enterprise reform" that opened sharply, and the impact on the results of the disk was also minimal.

"Today's market, the buying undertaking is really strong." Seeing that the pending orders of his traders in the call auction did not have a significant impact on the market of the two markets, Li Meng paused, and couldn't help but sigh again, "I feel that no matter the market's sentiment of going long, or the funds to follow the trend, the market performance is stronger than that of yesterday's call auction, I have to say...... It really feels like a bull market! ”

Su Yu responded with a chuckle: "After the positive stimulation of the 'New National Nine', and the trend that the market continued to rise high yesterday and the Dayang line continued to break through, it is reasonable to open today, and the overall bullish sentiment and the strength of the follow-up funds are stronger than yesterday. ”

"But this situation shouldn't last long."

"After all, the current index is in a range that is already a heavier area for the market."

"As the market's long sentiment and expectations reach its peak, and with the increasing number of profit taks and floating hedging orders on the market, the long and short forces in the market, as long as there is a small external cause, may reverse again."

"This external factor ......," Li Mengmeng thought for a while, and said, "It should refer to the factor you mentioned before, the 'IPO restarts again' on the news, right?" ”

Su Yu responded: "It's not just this factor, in the case of increasingly high expectations and sentiment, in the case that most investors have quite expectations for the market pattern of the 'bull market', as long as the market volume can change, as well as the breakthrough at the key point, there is a slight decline, and there is a situation that is not as expected, then ...... The current hot investment sentiment will quickly ebb and flow, and the current consistent long situation in the market will diverge again. ”

"Even on the market news, in the short term, there is no negative immersion."

"In the short term, it is impossible for the market incremental funds to maintain a rapid upward trend and continue to support the continuous breakthrough of the index and related mainline stocks, in other words...... It always takes time for market sentiment and confidence to fully recover, but during this period, the accumulation rate of profit and floating hedging chips in the market is much greater than the expansion rate of incremental funds. ”

"That is, as the market develops, time passes."

"The potential selling force in the market is far greater than the market capacity."

"In this way, as long as there are cracks in the market's consistent long sentiment, the next divergence in the market will come, and with the current market volume, it will definitely not be able to bear it."

"The reason why the market is so strong now is that it seems that the willingness and strength to follow the trend and fund undertaking are very strong."

"That's because under the consistent long sentiment, the market profit-taking, and this position is not too deep, or slightly unbundled this part of the investor group, there is still more or less the idea of waiting to rise, and once the mood falls, the divergence appears, the idea of this part of the investor group waiting to rise gradually disappears, then the market selling force, will increase rapidly, thus forming a significant suppression of the disk."

"Hmm!" Li Meng nodded in response, "From the analysis of the chip structure in the market, there is indeed a high probability that the follow-up market will develop like this." ”

"Master, so 2500 points, there is a high probability that there is no play?" Liu Yuan answered.

Su Yu responded: "It depends on the next volume of the market to follow up the situation, as well as the changes in the news, if the turnover of the two cities can also grow month-on-month, and there is no unexpected major negative impact on the news, then the index impact of 2500 points can still be imagined, but if you want to stand firm, in the absence of other main line market to perfectly undertake the 'infrastructure', 'state-owned enterprise reform' short-term speculation to end the recession of the mood, capital, money-making effect, it is still difficult, very difficult." ”

The Shanghai Composite Index is 2,500 points, as the bull and bear dividing line of the market, and the pressure to break through is extremely high.

At present, there is no substantial change in the capital side of the market, only relying on short-term expectations and emotional support, and other main lines in the market have not revealed obvious investment opportunities, and the money-making effect of the market cannot continue to deepen and continue...... If you want to really break through 2500 points, completely reverse the view of the market bear market, and establish comprehensive bull market confidence, it is not a fool's dream, but at least it is a very small probability.

"Hey, that's a shame." Liu Yuan heard Su Yu's answer and sighed slightly.

Su Yu smiled and said: "There is no pity, temporary pessimism is not equal to long-term pessimism, the timeline is long to half a year, a year, two years to look at, the overall trend, or gradually improving, after all, the macro economy is recovering, with 'mobile Internet', 'smart phone industry chain'-based emerging industries, as well as 'infrastructure', 'finance', ' Consumption's and other traditional industries, are showing new vitality and demand, while inflation is falling, the central bank is playing more and more cards, the future of funds, the liquidity of the entire domestic financial environment, is bound to gradually increase, so ...... Looking at the short-term trend, it is not easy for the Shanghai Composite Index to stand on the bull and bear line of 2500 points, but looking at the long-term trend, the Shanghai Composite Index stands above 2500 points, leading the market to a comprehensive bull market. ”

"It's still the same sentence......

Su Yu paused for a while, looked around at all the traders in the trading room again, and then said: "Look at the long and short, when analyzing the market, we must take a long-term view, and we must know which stage of the current market is in the long-term trend, but when it comes to specific transactions, we must focus on the present, understand the dynamic changes in emotions and the structure of chips in the field, so as to find the right buying and selling point, so as not to lose calm at any time and make wrong trading and trading decisions." ”

"yes, I see." Liu Yuan nodded in response, feeling a little touched in her heart.

"Boss, according to what you say, in fact, the two main lines of 'infrastructure' and 'state-owned enterprise reform' are only the first wave of the main rising market, right?" After listening to Su Yu's analysis, Wang Can thought for a while, and then asked, "Let's just reduce our positions and reduce costs, not clear our positions?" ”

Su Yu said with a smile: "In terms of macroeconomic development, after a short-term swing, the country has continued to firmly adhere to the domestic demand development route of 'government-led investment' and adhere to the direction of 'urbanization construction', and put forward the policy of 'mixed reform of state-owned enterprises and deepening reform of enterprises', which will naturally not be the main line of short-term speculation." ”

"At the current stage, 'infrastructure' and 'state-owned enterprise reform' are speculating on the benefits and expectations of the macro policy turn."

"In other words, the current rebound of the two main line markets is just a simple emotional reaction, and the main rising market stage of the real fundamental reversal and performance explosion has not even opened the curtain, so it is natural that the main line market speculation is completely over."

"In accordance with the implementation of the policy, the fundamentals of the industry have changed, the demand has exploded, and the performance growth has been the transmission route."

"The recovery of the performance of the core stocks in the field of 'infrastructure' and 'state-owned enterprise reform' that have benefited from the whole will be reflected at least in the second half of the year and next year."

"Therefore, the two core main lines of 'infrastructure' and 'state-owned enterprise reform'."

"Even after this round of emotional hype is over, there are still great investment opportunities when the chip structure in these two areas is stabilized again."

"Just like the two core main lines of 'mobile Internet' and 'smartphone industry chain'."

"As long as the macro direction of policy support remains unchanged and the market demand remains unchanged, then ...... Investment opportunities always exist, but there will be a big difference in investment timing and profit margins in short-term market trends. ”

"Got it!" Wang Can said, "The current hype of 'state-owned enterprise reform' and 'infrastructure' is just like last year's 'Internet finance', 'mobile Internet', and 'smartphone industry chain', all of which are just appetizers, and the big market is still to come." ”

"That's right." Su Yu smiled and replied.

"Then what is the initial reduction target of our position reduction?" Li Meng asked again.

Su Yu thought for a while and said: "Go to the weak and stay strong, and gradually reduce our current holdings of stock chips in the fields of 'infrastructure' and 'state-owned enterprise reform' to less than 50%!" Although there are still a lot of investment opportunities and speculation space in the follow-up of these two main lines, after the short-term exhaustion of market sentiment, if we want to reconsolidate the chips, establish a chip platform, and reconstruct the internal chip structure, the adjustment time is not short, and we do not need to continue to reposition the funds here after the two main lines enter the adjustment stage, wasting other investable opportunities. ”

As an asset management institution, it is the only thing that fund managers should do to fully grasp the market investment opportunities, choose the best investment strategy and investment route, and maximize the excess profits of the market...... in order to be worthy of the investors who handed over their funds to them and trusted them.

Otherwise, if they do not pursue excess profits in the market, then they and the company will lose the value of their existence.

"Okay, got it!" Li Meng responded.

At the same time, the final deleveraging target was communicated to other traders in the trading room.

And with everyone's discussion and Su Yu's on-the-spot analysis, at this time...... The trading time of the market has passed 9:20, and the two cities ushered in the real call auction link that cannot be cancelled.

I saw that after the first five minutes of the call auction......

After a large number of pending order funds were withdrawn, the situation presented by the whole market, compared with the market situation before 9:20, fell a little, nearly 2,000 stocks in the two cities, the number of red disks from around 90% before, fell to around 85%, and the main line of popular stocks on the disk, the volume of the call auction order to be matched into the exchange, compared with the previous has been expanded, showing a small volume of state.

However, on the whole, the investment sentiment and capital follow-up effect of the entire market are still very strong.

In particular, in addition to the suspended stocks, the rest of the stocks, up to 97% of the number of stocks, have achieved a high opening in the red market, of which ...... For example, popular leading stocks such as 'Beixin Road and Bridge, Beijiang Communications Construction, Shibei High-tech, and Chongqing Development' are either one-word daily limits, or they have opened higher at more than 7 or 8 points, and the buying orders on the disk have also reached more than 10 million funds.

And, it is rare to see, such as 'Huaguo Construction, Huaguo Railway Construction, Huaguo Communications Construction, Huaguo Metallurgical, Huaguo North Locomotive, Huaguo South Locomotive, Wuhan Iron and Steel Co., Ltd., Conch Cement' and other "infrastructure", "state-owned enterprise reform" in the field of medium and large-cap blue-chip stocks, at the moment is also showing a strong trend of high opening, the high opening range is more than 2% increase.

As for the other main areas of the two cities, such as the relatively strong 'Internet finance', 'Shanghai Free Trade Zone', 'mobile Internet', 'smart phone industry chain', and the relatively weak 'military industry, consumption, nonferrous metals, coal, finance' and other fields, although the sentiment of the bulls and the amount of follow-up funds are not as good as the two main areas of 'infrastructure' and 'state-owned enterprise reform', but they also show a slightly higher opening trend, and are not as extremely differentiated as yesterday.

Of course, this is basically an extravagant opening call auction situation.

It also illustrates the consistency of market expectations and sentiment, as well as the reluctance of investors holding shares on the market.

At 9:21 a.m., the two cities set the bidding situation remained stable, the entire market all industry plates, concept plates, all remained in the red state, none of them fell, of which the "Beixin Road and Bridge, Beijiang Jiaotong Construction" two leading stocks, continue to maintain a word limit, the disk sell orders were 3700 hands, 4600 hands, follow the trend of funds to grab the attitude, at a glance.

At 9:22, the number of red stocks in the two cities continued to slide slightly to 83% of the proportion, yesterday's abnormal pulse of the securities sector, there was a green decline, becoming the only industry sector and concept plate in the two cities, but the "infrastructure", "state-owned enterprise reform" two main areas of stocks, and their popular stocks, but is still soaring, the call auction rose higher and higher, while the volume of the disk can not be obvious signs of rapid expansion.

At 9:23, the two popular core leading stocks of 'Beixin Road and Bridge and Beijiang Jiaotong Construction' can burst to more than 10,000 hands in terms of the number of orders on the disk, but they still maintain the trend of a one-word price limit, and at the same time, the non-ferrous metals and coal fields have become the second and third green plates of the industry sector and the concept sector after the securities sector because of poor future performance expectations.

At 9:24 a.m., the "infrastructure", "state-owned enterprise reform" main line areas related to the weight stocks that have maintained a strong collective bidding state, as well as popular concept stocks, finally showed signs of significant volume on the disk, "Shibei High-tech, Pudong Development, Shanghai Construction Engineering, Financial Street, Gemdale Group, China Fortune, Kumho Group, Bayi Iron and Steel" and other popular concept stocks, the rise began to fall slightly.

In the end, when the time passed to 9:25, the call auction between the two cities ended.

I saw that the construction decoration, building materials, real estate, steel, public transportation and other industry sectors in the two main areas of 'infrastructure' and 'state-owned enterprise reform' all rose by more than 1%, leading the rise of various industry sectors in the two cities, and the rest ...... With 'mobile Internet' and 'smart phone industry chain' as the core of the growth stock route, such as 'electronic information', 'communication technology', 'Internet software application', 'Internet software development', 'film and television media' and other industry sectors, the high opening is second only to the 'state-owned enterprise reform' and 'infrastructure' two main line related fields of industry sectors, and the remaining two city industry sectors are basically hovering in the range of 0.4% higher to 0.2% down.

As for the index.

The Shanghai Composite Index opened 0.73% higher, fixed at 2441.77 points, and the Shenzhen Composite Index and ChiNext Index opened 0.52% and 0.49% higher, respectively.

In terms of individual stocks, especially in the popular stocks that have received a lot of market attention.

Beixin Road and Bridge opened with a one-word daily limit, and the entire collection auction had a turnover of nearly 10 million, which was smaller than yesterday; Beijiang Jiaotong Construction also opened with a word limit, the entire set of bidding, the turnover of about 4.7 million, is the two cities of the market sentiment, capital performance of the most consistent board high-level stocks, but also 'infrastructure', 'state-owned enterprise reform' in the two main areas of the strongest trend of a concept stocks; Shibei high-tech, Shanghai Construction Engineering, Gemdale Group, China Fortune and other popular concept stocks, high opening range of 2% to 5%, although the strong state does not change, but the disk set auction volume can, but there are obvious signs of expansion, overall, The consistency of the market sentiment and the funds that follow the trend is not as good as everyone imagined before the market.

Popular 'infrastructure', 'state-owned enterprise reform', and large-cap stocks.

Huaguo Construction, Huaguo Communications Construction, Huaguo China Railway, Huaguo Railway Construction, Huaguo Metallurgical and other 'Huazi' stocks, in the case of a significantly higher opening, the entire disk set auction volume can be stable, and even compared with yesterday, there is a significant shrinkage.

Other non-core mainline popularity, hot stocks.

Like LeTV, Netspeed Technology, Oriental Wealth, Huake Jincai, Huayi Brothers, etc., the high opening range is not small, outperforming several major indexes, but the disk volume can also show a shrinking state, and in the details of the transaction order, there are not many large orders of more than 100 hands.

Faced with such an opening scene......

The vast number of retail investors in the market are naturally excited and excited.

However, many of the main institutional investors who had stronger expectations before, some of whom were keen, frowned slightly at the moment, and always felt that the market performance was still slightly lower than expected.

"Not a single point of high opening gains?" After the end of the call auction, in the short pause time before the arrival of 9:30, at this moment, in the magic capital, inside Zexi Investment Company, in the fund trading room, Zhou Kan looked at the opening performance of the two cities, and was somewhat disappointed, "With such a strong mood and long desire, the index did not even stand at 2450 points, and ...... The performance of the entire call auction volume in the two cities has shrunk even more than yesterday. ”

Xu took a look at the overall opening status of the two cities, and said: "From the perspective of quantitative performance, there is a big difference between the over-the-counter follow-up investor groups and the overall funds and the performance of market sentiment, it seems that there is ...... In terms of the amount of incremental funds, it is almost reaching the short-term limit. ”

"Fortunately, the market sentiment is more consistent, and many positions in the market have chosen to stay and see."

"This led to the entire call auction stage, although the volume of energy is not enough, but the index, various industry sectors, and various concept markets have been expressed, and a large upward trend has been achieved."

"Let's take a look at how the market will perform after it opens......"

Xu Shen paused and continued: "If today's market volume can not be played, and the index is showing a decline in such a good mood, then the expectations in our hearts will begin to decrease, and at the same time, everyone's optimistic estimate of 2500 points may not be able to go up." ”

"Hmm!" Zhou Kan responded and replied, "However, the two main areas of 'infrastructure' and 'state-owned enterprise reform' are still performing very well. ”

He originally thought that the two checks would most likely continue to change hands by a huge margin, opening at a high of 5 or 6 points.

I didn't expect ...... As a result, both checks were opened.

In this way, the unexpected opening of these two checks, especially the continued upward opening of Beixin Road and Bridge, is very conducive to the continued speculation of the two main concepts of "infrastructure" and "state-owned enterprise reform".

Xu Shen bowed slightly: "The trend of these two checks is indeed slightly beyond expectations, and the two core main lines of 'infrastructure' and 'state-owned enterprise reform' seem to be ...... It is indeed entering the main rising stage of strong consistency between expectations and emotions, and you can hold the stock for a few days with peace of mind and enjoy this period of space profits. ”

"What does the boss mean...... Shall we continue to lock up? Zhou Kan asked.

Xu Shen nodded and responded: "Continue to lock up positions, although there are a few small problems in the overall volume and performance of the market at present, the risks are not highlighted." ”

"Okay!" Zhou Kan responded.

Then he let go of the worry that had just risen in his heart, and turned his eyes back to the two markets, waiting for the two markets to officially open for trading.

At the same time, Yanjing, Chenghua public fund company, the main fund trading room.

Fund manager Gong Tiancheng looked at the index that opened higher and hit a new high in the rebound, as well as a number of core popular stocks in the two major fields of "infrastructure" and "state-owned enterprise reform", which broke through one after another, his face was slightly ugly, and he couldn't help but sigh, and instructed Zhou Qiang, who was the assistant and head of the trading team, and said: "The entire market funds are still further converging in the field of 'infrastructure' and 'state-owned enterprise reform'. ”

"Hey...... We followed the position yesterday to chase into the securities field, and now we look at it, it is really a big mistake! ”

"You shouldn't be smart!"

"This wave, one buys and one sells, not to mention missing the market, but also losing a lot of high-quality chips, such as 'Beixin Road and Bridge, Beijiang Jiaotong Construction' such chips, now I want to chase, I can't chase back."

"Mr. Gong, then let's ...... now" Hearing the boss's sigh, Zhou Qiang hurriedly asked.

Gong Tiancheng was silent for a moment, gritted his teeth, and said: "Since the choice is wrong, we must correct it in time, and clear the stock chips in the securities field after the opening, and then buy all the vacated positions into the existing positions of the two core main lines of 'infrastructure' and 'state-owned enterprise reform'...... Obviously, the two main lines of 'infrastructure' and 'state-owned enterprise reform' are about to accelerate their rise. ”

"Okay!" Zhou Qiang responded and quickly gave instructions to the traders.

In fact, he also believes that it is enough to follow the trend of the two main lines of "infrastructure" and "state-owned enterprise reform", and there is really no chance for the time being in finance, securities or something, after all, on the macro level, monetary liquidity, for the time being, there is no possibility of easing again.

Of course, unlike the worries of 'Zexi Investment', the anxiety of 'Chenghua Fund'.

At this moment, in the face of the two main lines of 'infrastructure' and 'state-owned enterprise reform', there are obvious signs of the main upward trend, such as 'Minghui Capital', 'Anzhao Fund', 'Jingda Investment', and 'China Commercial Securities Proprietary Investment Department'...... and a series of medium- and large-scale asset management institutions that have a heavy position in the core stocks of 'infrastructure' and 'state-owned enterprise reform', as well as 'Yuhang Siji Road', 'Chunhui Road', 'Hongqiao Road', 'Shenzhen Huaxin Road', 'Shaoxing Branch', 'Yanjing Beiwai Street'...... The top investors in the market who are highly involved in the hype of the main line of "infrastructure" and "state-owned enterprise reform" are all excited and excited, looking forward to the opening of the two cities, and looking forward to the two core main lines of the "infrastructure" and "state-owned enterprise reform" that have formed an obvious upward trend, which can lead the index to continue to create a new high for the rebound and break through the 2500 point position in one fell swoop.

In this kind of long sentiment, it is extremely enthusiastic, and the majority of investors are in the spotlight.

At 9:30 a.m., the two cities ushered in an official continuous auction transaction.

I saw that the time had just passed 9:30, nearly 2,000 stocks in the two cities, the moment the stock price began to beat again, affected by the trend of the two leading stocks of "Beixin Road and Bridge, Beijiang Communications Construction", and the trend of "Shibei High-tech, Shanghai Construction Engineering, Bayi Iron and Steel, Huaxia Happiness, Kumho Group, Huaxin Cement" and other "infrastructure" and "state-owned enterprise reform" popular concept stocks have been greatly grabbed by countless funds, and the stock prices have risen in a straight line.

(End of chapter)