At 1:01, the Shanghai Composite Index retraced below the 2490 level.

At 1:02, the Shanghai Composite Index retraced below the 2485 level.

At 1:03, the Shanghai Composite Index retraced below 2480 points, and in three minutes, the retracement fell by more than 0.5%, and at the same time, the Beixin Road Bridge Fried Board, which originally sealed the price limit, surged out at the level of 100,000 hands, directly smashing the stock price from the price limit to below the 7% increase.

At 1:04, with the explosion of Beixin Road and Bridge, a number of popular stocks in the two cities sprung up violently on the disk, and as a weighted heavy-cap stock supporting the market index, this moment ...... On the relevant stock market, the concentrated active selling is also surging.

At 1:05, the 'securities' sector, which was pulled up by large-scale changes, lost its market strength and fell sharply.

At 1:06, the Shanghai Composite Index retreated to about 1%, giving up all the gains that had been spurted in the morning near midday.

At 1:07, in the real estate sector, Gemdale Group and Kewan Real Estate have seen a continuous 10,000-hand sell-off phenomenon, and the large capital flow in the entire sector has gradually changed from a large net inflow to a small net inflow, which shows that many large funds in the field are rapidly selling and reducing positions.

At 1:08, Huaxin Cement, which led the rise of the cement sector, followed the trend and fell, and the selling orders began to fully suppress the buying orders.

At 1:09, in the entire main concept field of 'infrastructure' and 'state-owned enterprise reform', all the conceptual constituent stocks have seen a short-term situation of selling and suppressing buying.

At 1:10, the Shanghai Composite Index fell all the way to around 2475 points and began to gradually stabilize.

At 1:12, after a rapid dive, the market began to rebound slowly and recover the decline in the dive, but the weakness of many popular stocks in the two markets has not been alleviated at the moment.

At 1:15, the Shanghai Composite Index rebounded to around 2480 points, and began to show a lack of upward momentum.

At 1:18, after a brief rebound and repair, the market began to slowly continue to fall.

At 1:20, on the core stocks of the real estate sector, there was a net outflow of main funds, and the ebb of large funds was extremely obvious.

At 1:21, this phenomenon of main funds, from net inflow to net outflow, began to appear in more popular concept sectors, and at the same time, ...... The impulse fluctuation of the 'securities' sector index has fallen back to the origin of the start, and even the super weight of Huaguo Petroleum, the market trading situation, at this moment, has also changed from buying to selling, and the stock price is slowly falling, giving up the intraday gains in the early stage.

So far...... The market is traded for a full 20 minutes.

It almost completely reversed the original upward trend of the market and disrupted the rhythm of the entire market.

In the face of such afternoon market changes, the entire market investor group, the vast majority of investors, were dumbfounded for a while, and did not know why.

", what's going on, a good upward trend, why did it suddenly collapse?"

At this moment, in the magic capital, inside the Yinghui Fund Company, in the 'Yinghui No. 1' fund trading room, fund manager Liu Guanhai looked at the market in surprise, frowned together, and muttered: "In the offensive trend of important passes, it is usually a big blow, and then decline, three and exhaustion, just a few points and the range does not cross, and it is still washed?" ”

Next to Liu Guanhai, Yu Lei, the leader of the trading group, responded: "The market sentiment is still there, and on the disk of the popular stocks of the main line, the amount of buying can be undertaken is still relatively ideal, and the current pullback of the index is not too deep, and it still has the momentum to hit 2500 points again." ”

"Hey, this afternoon's trend is really a little incomprehensible." Liu Guanhai continued to sigh lightly, pondered for a moment, and said, "Let's take a look again, this morning's market momentum has been played, if at the close of today's market, the Shanghai Composite Index can not hit 2500 points, then I am afraid that the follow-up market will ...... There is still repetition. ”

Yu Lei responded: "But even if there are repetitions, it shouldn't fall deep, right?" ”

"Hmm!" Liu Guanhai nodded, "But this will weaken the consensus expectations of the market, thereby restricting the height of the market, I hope the market can change according to the most ideal expectations!" ”

The fund product they manage is currently in a cross position state, and the holding cost is not low compared to the current market level, so ...... In terms of personal expectations and interests, they must hope that the market can stand firmly above 2500 points and further open up new market space.

When the two of them expressed emotion about the market and pondered the next step of the market.

In the same company, in the trading room of the 'Yinghui No. 2 Fund' on the other side, the fund manager Shao Xiaoyun looked at the performance of the market, and he was also shocked, revealing a trace of worry: "Diving at a critical moment, and such a large amount, I feel that this trend is obviously a little abnormal!" ”

"This means that the pressure of 2,500 points is greater than we all imagined, right?" Liu Changling, the head of the trading team, answered.

Shao Xiaoyun pondered for a moment and replied: "The pressure of 2500 points is huge, which is predictable, but at the critical moment, there is no need to be so concentrated in selling, right?" Looking at the buying situation of major popular stocks in the market, it is obvious that high-standard stocks, the main funds bought by following the trend, are all in a large-scale ebb and flow. ”

"Hmm!" Liu Changling responded, "The wave of bombing of Beixin Road and Bridge is indeed quite hurtful, but fortunately, another high-standard leader, Beijiang Jiaotong Construction, is still in a state of sealing the price limit, which gives the market hope to continue to speculate, and it depends on the situation...... The leading stock of Beijiang Jiaotong Construction has already replaced the first leading stock in the two cities of Beixin Road and Bridge. ”

"I'm not just afraid of the collapse of the Beixin Road Bridge!" Shao Xiaoyun sighed with emotion and continued, "Did you see the huge order of 100,000 hands smashed on the board when the Beixin Road Bridge blew up the board? This stock, the main force with such a huge amount of positions in the field, in addition to the major shareholders of this check, there is basically only 'Yuhang Investment' Mr. Su, I think...... After the Beixin Road and Bridge was blown up, the impact on the market was so huge, which directly led to the retreat of many popular concept stocks in the two cities, and the endless sell-off of large funds, which is the fundamental reason. ”

Hearing Shao Xiaoyun's analysis, Liu Changling thought about it carefully and felt that it was indeed very possible.

"Shall we ...... Now what? After a pause, Liu Changling asked.

Shao Xiaoyun scratched his head helplessly, and was silent for about half a minute before gritting his teeth and saying: "Although the Shanghai Composite Index 2500 points are in front of us, and this wave of adjustment has not broken through the high opening point of the morning, and has not yet formed too great a lethality to the overall market of the entire market, we still have to consider the worst-case scenario, sell it, and then sell a little chips, at this time...... If I don't reduce my position, I'm not sure. ”

"How much?" Liu Changling continued to ask.

Shao Xiaoyun replied: "Let's first reduce the chips we have increased in the past two days, although this time the reduction is a bit in conflict with the trading strategy we formulated before, but at the same time reduce the risk of holding positions, we should also be able to make a little money, like this...... Even if the follow-up index goes up again and breaks through 2,500 points perfectly, we will not lose too much. ”

"Okay!" Liu Changling nodded, and then turned around and gave instructions to the traders in an instant.

And with his command, at the same time......

Yanjing, Yuhang, Shenzhen, Jinling and other asset management institutions across the country, there are fund managers to make the same strategic response, of course, behind the same trading strategy, everyone's motivation is different, the trading logic followed is not the same, some people are simply from the disk aware of the wrong, follow the past trading experience, subconsciously reduce positions, and others are based on the new market news, in the making a trading strategy of reducing positions and selling.

But it doesn't matter what kind of trading logic these people follow.

With the passage of market trading time, the selling of the main funds in the market is getting heavier and heavier, and the pressure on the major indices is also increasing.

"The long and short pattern in the field is reversing rapidly!"

At 1:35, when the Shanghai Composite Index retraced again and broke through the 2470 points, almost engulfing all the intraday gains after the index opened high at the beginning of today's session, Yu Hang, Jingda Investment, the main fund trading room, Gu Chijiang, the general manager who had previously maintained a calm look, his face instantly became nervous, and asked Lin Tingzong, the fund manager on the side: "Lao Lin, do you still think this is a benign pullback, the wash before the breakthrough?" ”

Lin Tingzong stared at the rapidly changing disk of the two cities, did not reply for a while, and was silent for about ten seconds before saying: "Judging from the disk, the main funds have indeed become an overwhelming selling situation, although the overall mood has not collapsed at the moment, but it goes on like this...... The majority of high-level undertaking funds that follow the trend will definitely not be able to hold on. ”

"I don't understand why the market suddenly dived when it was only a kick in the door at 2,500 points."

"Even if someone catches market expectations and cashes in advance, they shouldn't be so concentrated selling."

"So, I guess...... There is a high probability that there is a significant negative in the market, Mr. Gu, use your information channels and contacts to explore the market news, if there is really any more significant negative occurrence, then we should completely change the trading strategy and carry out a large-scale cash out. ”

"The news is negative?" Gu Chijiang's heart was shocked, and he said without hesitation, "I'll call right away." ”

With that, he immediately walked out of the trading room and came outside.

Immediately after, 5 minutes later, Gu Chijiang returned, his face had become a little ugly, and said: "Lao Lin, your market sense of smell is really keen, the major negative you said has indeed appeared, according to internal information, the regulator has planned to restart the IPO review in the near future." ”

"No wonder!" Lin Tingzong breathed a sigh of relief in his heart, "This can be explained." ”

"Hey, the regulators are too anxious." Gu Chijiang sighed, feeling that the market failed to break through the bull and bear line of 2500 points, it was a pity, "At this time, this kind of major negative news is almost devastating for the market sentiment to hit, and the dream of 'bull market' seems to be ...... It's still like a flower in the water and the moon in the mirror! ”

"Hmm!" Lin Tingzong responded, "Some people are indeed too anxious, if they wait until the Shanghai Composite Index breaks through 2,500 points, really reverses the bull and bear situation, beats the long-term trend, and then restarts the IPO, then the situation will be completely different, and it will be restarted at this time...... The subsequent long-term trend of the market has really become unpredictable again. ”

"Since it's unpredictable, let's lower our expectations and change our current trading strategy." Gu Chijiang responded, "According to what you just said, large-scale position reduction, cash in and leave, this dream of the market bull market, we should also wake up, and I am glad that you just reminded me, otherwise we will be in this wave...... The net value is afraid that it will have to be withdrawn again. ”

Lin Tingzong smiled and said, "Looking at the market trend, we get the news, it should be too late." ”

As he spoke, the market trading time crossed 1:42, and the Shanghai Composite Index has retraced below 2465 points, completely giving up all the gains recorded in today's intraday after the index opened high, and on the daily K-line chart of several major indices, the K-line pattern has shown a negative state.

", the market trend of this pattern, it is estimated that after 2 o'clock, it will collapse!"

In various asset management institutions, the main forces of large funds who have received the news have cashed in their profits, reduced their positions, and sold a large number of chips, many people in the group of capital have also realized the coming of risks, among which Su Yu is in the internal group of Yuhang's main capital group, someone has issued a serious warning.

"Today's afternoon trend is very different from the morning trend."

"The pattern that was originally a strong breakthrough has been completely destroyed."

"What's more, institutions don't behave, but when the afternoon opens, a little bit of stability, the index will have already broken through 2,500 points, and the market trend will be another completely different situation."

"What do you think? When did these institutions do things? ”

"Indeed, Quante is a soft-footed shrimp, and at the critical market breakthrough moment, there is no one to help, all of them are singing the opposite, cashing in on interests, and selling a large number of plates."

"There's no way, the downside is coming, and everyone can't have a long-term vision."

"Compared with these soft-footed shrimp institutions, the regulator is crazy, and at this time to restart the IPO review, isn't it not good to see the market situation at all? It is said that the regulator is eager for a bull market to open up direct financing channels in the market and solve the problem of listed dammed lakes, I see...... They don't think that way in their hearts. ”

"Both, and, and...... Naturally, this will be the case. ”

"This wave of 2,500 points can't be broken, and the next time it comes up, it's even more difficult."

"One boom, then decline, three and exhaustion, a market synergy is already rare, hey...... It's a pity, I really don't know when I want to have such a good situation next time. ”

"The expectations of the bull market have been shattered again!"

"I don't know how many times it's been broken, and it's not bad this time, but after this time it's broken, not many people should believe it in the future, right?"

"It's easy to break down the bullish sentiment in the market, but it's quite difficult to get back together."

"The sky is falling, there is a tall man on top, what are we afraid of?"

"That's right, when the market falls, there are also local markets to do, and at worst, it should be worse than the situation at the beginning of the year."

"Damn, this news is really not coming at the right time, what the hell...... Lao Tzu also increased his position in the morning, thinking about helping the market break through 2500 points, and it is really a full set at this moment. ”

"There should be many people who increase their positions in the morning."

"Just looking at the pattern trend in the morning, the operation of increasing positions is also correct."

"Fortunately, I held back, otherwise I would probably have to eat noodles today."

"The current news is just a rumor, and I don't know if it's true, and the whole market news, this secret bearishness, has not surfaced, the majority of retail investors, the sentiment of doing long has not collapsed, and there is still more than an hour of trading time behind, in fact, there is still a chance to stabilize."

"It's hard! Under the asymmetry of news, there is always some money to be dumped. ”

"Although the news has not yet surfaced, but with the passage of time, the impact of this news must be gradually expanding, which leads to the sale of the market over time, is gradually expanding, and the buying is gradually weakening, in this situation, the market has no reason not to fall, and at this stage, after the continuous rise of the market, the accumulation of profit orders in the field has been very heavy, these profits are not cashed, it is simply impossible."

"Now it depends on the market's Dinghaishen needle, can Mr. Su throw it away?"

"If Mr. Su also sells chips on a large scale, then the next trend of the index is probably not good-looking."

"The worst thing should be this morning, the person who took the stock chip of Beixin Road and Bridge, right? Once this leading stock does not have the support of Mr. Su's seat, and at the same time, the market direction of long and short winds turns sharply, and the follow-up trend ...... I can't think about it. ”

"Damn...... Isn't that what I'm talking about? Amazing...... I picked up 5 million in the morning! ”

"I can't sell it today, so let's make at least three down limits in the future!"

"Damn, is it so scary? Then Lao Tzu will have to clear all the warehouses and leave. ”

"There may be more terrifying, 2500 points can not be broken, the bearish is coming again, then the market will completely enter the negative feedback of emotions, the bull market into a bubble, the expectation of 2500 points into a bubble, and the continuous blood-sucking effect on the active funds in the market after the IPO restart, the logic of doing long, all gone, what can the market do next?"

"The two core main lines of 'infrastructure' and 'state-owned enterprise reform' are probably over, right?"

"Not necessarily, the long-term expectations of these two main lines are actually still there, so I don't know...... In the follow-up market sentiment quickly turned, active funds decreased on a large scale, and market speculation also declined rapidly, how will the trend be interpreted, preliminary estimates, violent pullbacks, should be inevitable, right? After all, these two main lines, in more than a month, the increase has exceeded the average increase in the market too much, and there are too many funds in the field in these two main directions to make a profit. ”

"Hey, let's see Mr. Su's next move!"

"Yes, at this time, as soon as such a negative situation comes out, the market trend and rhythm are all chaotic."

"Anyway, regardless of whether the news is true or not, this time ...... I was able to reduce all of them, but unfortunately the new positions in the morning were afraid to eat the limit. ”

"What's special, I rushed 8 million on the stock of Northern Xinjiang Jiaotong Construction in the morning, and it's over."

"Don't panic, Beijiang Jiaotong Construction hasn't exploded yet, this check may be the last hope of the market!"

However, with the news in the group, the stock of Beijiang Jiaotong Construction was just mentioned, and the next moment, at 1:55, this leading stock, which was chased by the majority of retail investors and active capital groups in the market, also quickly exploded in another wave of straight line diving in Beixin Road and Bridge, and the stock price fell rapidly.

Immediately afterwards, at 1:56, it was affected by the explosion of the stock of Northern Xinjiang Communications Construction.

A number of popular concept stocks in the fields of 'infrastructure' and 'state-owned enterprise reform' in the two cities, on the disk of each stock, there has been a huge amount of concentrated selling, and the stock price has also fallen wildly with the construction of Northern Xinjiang Communications.

At 1:58, Beixin Road and Bridge turned from red to green, with an intraday amplitude of more than 10%, a turnover of more than 860 million, and a turnover rate of more than 20%.

At 1:59, on the disk of Gemdale Group, there were 10 consecutive large orders of 10,000 hands.

At 2:01, the real estate sector index fell and turned green, and the main capital inflow in the sector has completely shown a net outflow trend.

At 2:02, the Shenzhen Index and the ChiNext Index turned green, and the Shanghai Composite Index entered the flat position.

At 2:03, the number of stocks in the two cities has dropped sharply from more than 50 at the peak in the morning to 26, and the number of stocks on the board is endless.

At 2:04, the turnover of the two cities exceeded 130 billion, which has reached the full-day turnover of the previous few trading days.

At 2:05, Huaguo Construction was smashed to the green, and the selling forces of the two cities have fully suppressed the buying forces, and there is a strong momentum to continue to actively kill and fall.

At 2:06, the Shanghai Composite Index turned green, and the market began to show signs of collapse.

And at this moment, inside Yuhang, Yuhang Investment Company, in the fund trading room, Su Yu stared at the big screen of the market in the trading room, and his originally calm face became a little dignified.

The adjustment of the market came faster and more violently than he expected.

According to his previous inference, the market can still survive today, and the most dangerous trend should be tomorrow.

However, after the spread of negative news, this dangerous trend has been advanced.

"Mr. Su, the market has already shown signs of collapse." In Su Yu's contemplation, Li Meng hurriedly reminded, "The market volume can be rapidly expanded, but the disk liquidity of each stock is also rapidly decreasing at the same time. ”

Although they have made a trading strategy to reduce their positions in advance, the open interest is simply too large.

According to the position reduction target set by Su Yu, they have close to 7.5 billion position chips to reduce, and such a volume of position reduction is not an easy task compared to market liquidity.

Especially when there are other main funds in the market, and they are also competing for liquidity in the market on a large scale, and actively obtaining buying orders, it will be more difficult for them to quickly exit the market and completely reduce their positions.

Therefore, at this moment, Li Meng felt that he had to make a quick decision.

Su Yu came back to his senses under Li Meng's reminder and said decisively: "Since the market has begun to react to the bearish in advance, and the long and short situation has been reversed, then...... Let's decisively reduce positions on a large scale, while the market has not completely collapsed and lost liquidity, while the negative news has not really been revealed on the market news, affecting the entire market sentiment, and smashing out the chips we need to reduce positions, as long as there is still liquidity on the market, and there is the buying power to undertake, we can sell as much as we can. ”

"Don't you have to worry about the Dragon and Tiger list?" Liu Yuan asked anxiously.

Su Yu responded: "At this time, the long and short pattern has been completely reversed, and 2500 points is hopeless for the time being, so naturally there is no need to worry so much." ”

"Okay!" Liu Yuan responded and immediately gave instructions to the trading team he was in charge of.

At the same moment, the two groups of traders in charge of Wang Can and Zhao Lijun were also simultaneously executing Su Yu's instructions.

Then, as the instructions are communicated and executed......

In the next moment, on the trading disk of the two cities, the two main funds of the 'Yuhang Department' held a number of 'infrastructure' and 'state-owned enterprise reform' main line core stocks, all of which quickly broke out with a huge concentrated selling force, tens of millions, hundreds of millions of chips, frantically smashed the disk of these stocks, and smashed their stock prices to the water.

And at the same moment, with the dive of these mainline core stocks.

The Shanghai Composite Index also fell in a straight line, straight into the water, and the decline and time-of-use trading volume were lightning expanded, causing the entire market to panic and sell, and it rose rapidly.