Li Meng responded: "Today's position reduction, a total of 4.278 billion, from our scheduled position reduction target, there are still about 2 billion chips that have not been reduced, and at the same time, the two main funds, the current position, have dropped to below 65%, and the position risk has been fully released." ”

"Good!" Su Yu nodded slightly, and then asked, "The 'infrastructure' with relatively lack of liquidity, the 'state-owned enterprise reform' main line edge concept stocks, and the small-cap concept stocks in our position range have basically been reduced, right?" ”

This time, the market turned faster and more aggressively than he expected.

This also led to the fact that his previous trading strategy was not able to be executed.

And according to the change of the market, the next ...... The amount of active buying in the market will definitely shrink rapidly, such as some mainline edge concept stocks, as well as high-level mainline small-cap concept stocks, under the crazy ebb of the buying tide, there will inevitably be a liquidity crisis on the disk.

In this way, for the main force of big money who failed to play at the moment and was still trapped in the field.

If you want to play stably at the minimum cost of loss, it is a very difficult thing to do when the liquidity of the market is extremely limited.

So, at this juncture......

I heard Li Meng say that there were still about 2 billion chips, and he didn't reduce his holdings in place.

Su Yu's first concern is the position of 'small-cap concept stocks' that are the most difficult to sell and have relatively limited liquidity in the subsequent market changes.

After all, in the whole 'infrastructure' and 'state-owned enterprise reform' main line market speculation.

Although most of the company's two main fund holdings are distributed in core large-cap blue-chip stocks with relatively abundant liquidity, there are also many chips gathered in a number of popular concept stocks dominated by floating capital.

Li Meng continued to check the specific position data of the fund account in the background, smiled lightly, and responded: "Fortunately, we got the news two days ahead of the market, and the direction of reducing holdings is advancing, which is from concept stocks to core blue-chip stocks. ”

"No matter how bad the market sentiment is tomorrow, as long as there is liquidity."

"With the huge circulation of these blue-chip large-cap stocks, our remaining 2 billion or so chips can also be quickly reduced."

Follow the previously developed trading strategy.

At present, the two main funds, the main remaining chips that have not been reduced in place, are basically distributed in the "Huaguo Metallurgical Corporation, Huaguo Communications Construction, Huaguo Railway Construction, Huaguo Construction, Huaguo North Locomotive, Huaguo South Locomotive, Gemdale Group, Kewan Real Estate, Poly Real Estate" and other "infrastructure", "state-owned enterprise reform" main line blue-chip core stocks, and a single stock, the maximum amount of chips that need to be reduced, does not exceed 300 million.

Such a distribution of chips to be reduced, even if the subsequent market trend is very poor.

There will also be no situation where you can't reduce your chips by pressing the down limit.

Therefore, when Li Meng saw that the holding level of the two major funds and the amount of chips to be reduced were still far higher than the established trading strategy goals, there were not too many worries in his heart.

Of course, today's market trend, as well as the change in the long and short situation, still surprised them.

The entire company, including Su Yu, never expected that the intraday amplitude of several major indices would be so large, and they didn't expect that there would be a unilateral plunge in the afternoon, directly from the high point, and the market collapsed in one fell swoop.

"What is the net value of the two main funds?" Su Yu paused and continued to ask.

Li Meng responded with a smile: "After the continuous rebound of the market in the past half month, the net value of the 'Yuhang No. 1' fund has changed from 13.01 at the end of last month to 15.87, an increase of 22.11% in the month, and the scale of funds has increased from 5.215 billion at the end of last month to 6.368 billion. ”

"The net value of the 'Yuhang No. 2' fund changed from 1.98 at the end of last month to 2.36, an increase of 19.37% in the month, and the scale of funds increased from 9.866 billion at the end of last month to 11.777 billion."

"Among them, the net value of the 'Yuhang No. 1' fund has increased by 54.07% this year; Yuhang No. 2's fund, this year's net value increased by 51.29%, and now, our company's two main funds, with a total scale of 18.145 billion, are quite close to the scale of 20 billion. ”

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Although, the growth rate of the net value of the two funds this year has slowed down compared with last year.

However, in the case of increasing scale, the growth rate of this net value is still appalling in the entire domestic asset management industry.

Of course, the performance of the company's two main funds in the first half of the year can be so good.

Almost all thanks to Su Yu's complete grasp of the two main lines of 'infrastructure' and 'state-owned enterprise reform'.

In this round of speculation on the main line of 'infrastructure' and 'state-owned enterprise reform'.

With tens of billions of dollars, 'Yuhang Investment', which is heavily positioned in these two main areas, is undoubtedly the biggest winner in the A-share market in the past two months.

"Is it already 18.145 billion?" When Su Yu heard this number, he was also slightly stunned.

"Hmm!" Li Meng nodded and replied, "According to the initial net value of last year, the 'Yuhang No. 2' fund has greatly exceeded the excess profit sharing node in the net value settlement cycle. ”

According to the terms of fund product subscription formulated at the beginning, every profit earned by the 'Yuhang No. 2' fund is now earned.

All have half of the company's profits in it.

Su Yu said with a smile: "Continue to work hard, and strive to cross the 20 billion mark before the end of June." ”

"There is still one and a half months to go, and the net value of the two main funds will be increased by more than 10%, and the performance pressure you plan for everyone is not ordinary!" Li Meng responded with a smile, "And the market has obviously entered the adjustment stage, and in the next month, I am afraid that it will be difficult to have a market, I think it is ...... It would be good if we could maintain the current level of net worth, and the profits we received would not be significantly withdrawn. ”

The market sentiment has turned, the bearish is coming, and the speculation of the two core main lines of 'infrastructure' and 'state-owned enterprise reform' has also come to an end temporarily...... In this case, Li Meng's estimation index is afraid that it will be difficult to continue to go up in the short term, so it ...... She is obviously pessimistic about the performance goals Su Yu said, and even feels that Su Yu's pursuit of net worth is a little too blind, arrogant and paranoid.

"Regardless of the fluctuation of short-term sentiment in the market, in addition to the negative of 'IPO restart', is there any other negative news in the entire market?" Regarding Li Meng's relatively pessimistic market view, Su Yu was unimpressed, and responded with a smile, "In fact, there is no substantial change in the fundamentals on the macro side. ”

"The 'IPO restart' of the market is ...... It is also a foreseeable bearish for the market. ”

"Moreover, the news we have gotten at all, if some of the details of the IPO restart, especially in the scale of new share issuance and the distribution mode of online and offline subscription shares, are really like Director Lin inquired, then in terms of the real market, it is really unclear whether it is good or bad."

"To put it bluntly, the market is adjusting ...... at the moment"

"Although it was directly detonated by the negative news of 'market IPO restart', the fundamental reason is that the market has continued to attack in the past month and a half, has not really pulled back and recuperated, and has accumulated a large number of on-site profits, and it is in the field of serious sedimentation of hedging disks in the early stage of the market."

"In other words, even if there is no negative news of 'market IPO restart'."

"In this wave, it is difficult for the index to stand firm at 2,500 points."

"Originally, the market was about to adjust, but the negative of the 'market IPO restart' accelerated the adjustment trend, and the essence of the market has not changed, and the underlying logic that affects the long-term development of the market has not changed at present, and all the underlying logic is still there."

"The short-term impact is only the fluctuation of market bullish and bearish sentiment."

"When this wave of accumulated profits is almost cleared, and when the benefits of 'market IPO restart' fall, then...... Once again, we will realize that the overall fundamentals of the market are still improving, and we will realize that the long-term upward trend of the market still exists. ”

"When the time comes...... The bullish power of the market will regain the upper hand. ”

"And ......"

Su Yu paused and continued: "In my opinion, this wave of negative direct blows is actually a good thing, not a bad thing, for the market trend. ”

"A good thing?" Li Meng's head was a little dazed, and he didn't know how this had become a good thing?

Su Yu nodded and continued: "The direct blow of the bearish will accelerate the adjustment of the market, and it will also cause the profit-taking chips in the market to be cleared more thoroughly. ”

"The vast number of retail investors in our A-share market can usually hold the chips that are loss-making, but the chips that are profitable can't be held."

"After clearing this wave of profits, the pressure will be much lighter when the next wave of the market rises again, in other words...... This time the market adjustment and decline is to give the Shanghai Composite Index a new impact of 2,500 points in the near future, and directly cross the 2,500 points to open a new market space and accumulate strength. ”

"Furthermore, you look at the volume of the market ......"

"At present, the turnover of the entire market has exploded to 180 billion."

"The whole market, under this kind of trading volume, has begun to be fully active, as long as the market is briefly adjusted, a little guidance, the market's long flame, will be rekindled."

"You're changing your long and short views too quickly, aren't you?" Li Meng still didn't ease up in his heart, and didn't sort out the logic in Su Yu's words for a while, and said, "Since you judge that the market is not deep, why are we doing such a large-scale reduction with such fanfare and a clear point of view?" ”

Su Yu smiled and said, "First, induce emotions, and second, adjust positions and exchange shares." ”

"Even if the market adjustment is not too deep, and the follow-up long-term market trend is still optimistic, the specific main development of the market and the direction of hot speculation cannot remain unchanged."

"'Infrastructure' and 'state-owned enterprise reform' are the two main lines of the market."

"At present, they have fulfilled their mission, loosened the overall chip structure of the market, and heated up the market investment sentiment."

"Although the investment expectations of the two main lines of the market are still there, in the case of relatively concentrated and serious accumulation of profit orders, and the structure of the first wave of speculation chips is completely loose, if you want to reconsolidate the chips and start the second wave of rising market, I am afraid that the adjustment time will be longer than other main directions in the market."

"That is to say, in this field, at the end of the subsequent market adjustment, in the short term, there is a high probability that there will be no big market that far exceeds the performance of the index."

"In this way, we can only take advantage of the market correction stage, close when we see a good situation, and re-choose the main line direction to invest."

"At the same time, it is also in view of the fact that the future expectations of the two main lines of 'infrastructure' and 'state-owned enterprise reform' still exist, and the follow-up two main lines still have greater long-term investment value, so in the case of our holding costs, I let you leave half of the chips here, so as to re-layout and occupy the opportunity after the adjustment of the two main lines."

Except, of course, for these reasons......

There is another reason, that is, as the market continues to improve in the later period, chips will become more and more scarce in some key core stocks.

If he sells a lot of core stock chips at this time.

With their increasing capital scale, it will be quite difficult to build a large-scale position in this field at that time, and there is no cost advantage and fault tolerance.

"Okay!" Li Meng responded, and only agreed with the investment logic that Su Yu said.

After all, the fund's trading strategy has been changing according to Su Yu's investment logic, and even if she has a different understanding of the market, she can only reserve her opinion, of course...... In her heart, she still hopes that what Su Yu said is right, after all, only the better the overall performance of the market, they can make more money from the market, and the company can usher in greater development.

"Master, so you think the underlying logic of the 'bull market' still exists, right?" Hearing the continuous discussion between Su Yu and Li Meng, in the trading room, Liu Yuan, who had completed the review and completed today's work plan, pondered for a while and asked, "The market is still in the pattern of 'bull market'?" ”

Su Yu bowed slightly, and said: "The so-called 'one leaf obstacle', in market trading, the one leaf of the obstacle, is the market sentiment, whether long or short, extreme market sentiment will affect personal judgment, so ...... You must see the essence through the phenomenon, and you can't see it clearly in the short term, then stretch the timeline, and you will see the real development of the market and the changes in the shape, which is what I often say, no matter when, trading can only affect emotions, and can not be affected by emotions. ”

"Got it!" Liu Yuan nodded.

"Mr. Su, what do you mean...... That is to say, it may be that after the negative news of 'IPO restart' lands, there will be new buying points in the market, right? Zhu Tianyang paused, and also asked, "Looking at today's market trend, the selling force in the market is extremely fierce, basically a unilateral panic selling trend, such a serious selling force, in the case of the market capacity can obviously and gradually retreat, will it really be quickly contained after the bearish landing?" ”

Su Yu responded: "The specific trend in the short term, no one can say, but the probability will be so different, from the perspective of market expectations, uncertainty, is the majority of investors are most afraid of the most worried, the most worried thing, but the negative falls, everything becomes certain, can be expected, then there is nothing to fear, worry, this psychological and emotional changes, not only A shares, in the global financial trading market, is the same." ”

"Hey...... Then let's wait for the profit to land, and then kill the horse pistol. Wang Canli didn't know the investment logic in Su Yu's words, but it didn't affect his excited look at all.

With everyone's review and discussion, 6 o'clock in the afternoon came.

In the slow coming of the night, in the process that all institutional investment companies have gone to work, rumors about the 'market IPO restart' are still widely circulated among the majority of investors in the market, and at the same time, everyone's pessimism and panic about the market outlook are also spreading and fermenting wildly in various investment occasions online and offline.

And in this instant, from the extreme bullish sentiment, to the panic bearish mood in an environment.

Late at night, the peripheral market also gave a fatal blow, and several major U.S. stock indexes closed with a decline of more than 1%, which cast a shadow on the market opening the next day, May 16, and Friday.

In the end, everyone was nervous, quite panicked, and fearful.

On Friday, May 16, at 9:15 a.m., when everyone's hearts were raised, the two cities ushered in a key call auction!