"The stock market crash should not be." Yu Lei responded, "After all, the market index point, as well as the overall market valuation level, is already very low, even if it falls to the historical valuation extreme, it will not fall far, I am afraid that after a few days of collapse, the market will fall into the previous negative mode!" ”

"Especially if the Shanghai Composite Index can't hold the 2200 point position......"

"Once the index falls into the large box shock range of 2,000 to 2,200 points, the negative decline pattern may be difficult to avoid, and the market in the short and medium term, I am afraid that there will not be any sustained market at all."

"Hey......" Hearing Yu Lei's words, Liu Guanhai sighed softly and said, "If the market is really developing like this, there is no way to do it, let's ...... At this stage, we do not seek profits, only seek the net value drawdown to outperform the CSI 300 Index, and do not fall into the risk warning stage, and it is a victory if it is not clear. ”

Yu Lei nodded and said, "Then I'm afraid we will have to continue to reduce our positions, and at this stage, we can further reduce the fund's position level." ”

At the current stage, the position level of the entire fund has been sharply reduced yesterday and today.

Although it has been lowered a lot, it is still above the 50% position line, and has not entered the stage of complete position defense.

According to this position line, if the index continues to fall sharply next.

The net value drawdown of the entire fund will not be small, and there is still a high probability that it will fall below the net value risk warning line, or even touch the liquidation line.

"Since the trading strategy is to move to a completely defensive state, it is necessary to continue to reduce positions." Liu Guanhai stared at the market trend of the two cities, bowed slightly, and continued, "The stock chips of the two core main lines of 'infrastructure' and 'state-owned enterprise reform' are being completely abandoned by market funds. ”

"What Mr. Liu means is that the stock chips of the two core main lines of 'infrastructure' and 'state-owned enterprise reform' in the early stage, let's not keep any of them and clear all the positions?" Yu Lei was slightly stunned and asked.

In fact, in terms of the views on the two core main lines of 'infrastructure' and 'state-owned enterprise reform'.

There is a certain difference between the two.

Yu Lei believes that at the current stage, the two core main lines of "infrastructure" and "state-owned enterprise reform", although they have been adjusted very violently, are indeed the main areas where funds from all walks of life in the market sell their chips, but the macro fundamentals of these two core main lines and the expectation of future performance explosion have not changed much.

Therefore, he believes that there are still certain investment opportunities in the market outlook for these two main lines.

I do not agree with the trading strategy of fully liquidating the two core main line related stock chips.

Liu Guanhai believes that at the current stage, the two core main lines of 'infrastructure' and 'state-owned enterprise reform' have obviously been abandoned by the main funds of the market, and the entire speculation market has ended, and the overall valuation of these two core main lines is also significantly higher than the average valuation of the market, which should naturally be an area that needs to be avoided at this stage.

"Yes!" Liu Guanhai nodded, "Is there a problem?" ”

Yu Lei thought for a while and said: "I think that the two core main lines of 'infrastructure' and 'state-owned enterprise reform', the fundamentals of the industry and long-term expectations, as well as the country's policy support and policy guidance in this direction, everything is developing in a good direction. ”

"Theoretically, there are indeed certain investment opportunities in these two core main lines." Liu Guanhai said, "However, from the current market trend, as well as the main capital movement and other feedback, the overall chip structure of the two core main lines has been completely changed, and the valuation expectation is also in a rapid decline, since we plan to transfer the overall trading strategy to a complete defensive stage, then for the investment opportunities in the market, we can not rely on simple expectations and imagination, we must respect the actual situation of the market." ”

"Judging from the actual trend of various industry sectors and concept sectors in the current market......"

"'Infrastructure', 'state-owned enterprise reform' two core main areas of a number of related industry sectors and concept plates, is still at a relatively high level, which in the market investment risk appetite rapidly decreased, the overall valuation spring was once again compressed downward, the two core main areas of a number of popular high-level stocks, that is, the market decline risk is the most concentrated place, but also the main funds of all parties in the field of the most serious sell-off, over-the-counter investors to undertake the most wait-and-see sentiment in the field."

"And then there'......"

Liu Guanhai paused and continued: "The current net value of our 'Yinghui No. 1' fund is not far from the risk warning line, in other words, we do not have enough fault tolerance, after all, once the net value of the fund is lower than the risk warning line, we can only passively reduce our positions and can no longer choose to increase our positions." ”

"If we don't have enough fault tolerance, we won't be able to focus on the long-term for the time being."

"It is even more impossible to ignore short-term fluctuations and continue to hold some stocks with the most serious sell-off of major funds in the market and a high risk of decline."

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

Liu Guanhai smiled helplessly and said: "For our current situation, it is the most important thing to ensure that the net value of the fund does not retreat on a large scale. ”

"Now are we...... You can only keep a small loss first, or no loss. ”

"Then wait until the end of this wave of market adjustment and the opportunity on the right side comes out, so that we can rest assured and then intervene in the market."

"Hey, I don't don't understand the many investment opportunities you mentioned, as well as the investment logic, but due to some trading mistakes in the early stage, the investment strategies we can do now are very limited, and we can only passively follow the market trend and do limited remedial measures."

Hearing Liu Guanhai's words, Yu Lei pondered for a moment, but he also understood.

He only stood in the perspective of a trader and simply analyzed the market, but did not take into account the current situation faced by fund products, and there was no margin for error at all.

"Got it!" Yu Lei nodded, "Then let's do it according to Mr. Liu's idea." ”

After speaking, he immediately turned around and instructed the group of traders behind him to speed up the pace of reducing and clearing positions in the fund's stocks.

At this moment, in the 'Yinghui No. 2' fund trading room in another place of the same company.

Shao Xiaoyun, the fund manager of the 'Yinghui No. 2' fund product, saw that the market continued to fall unilaterally, and almost all of the industry sectors and concept sectors in the two core main areas of 'infrastructure' and 'state-owned enterprise reform' also showed a state of no resistance.

Similarly, at this moment, Yuhang, Shenzhen, and Yanjing ...... and countless other private and public institutions.

are also indiscriminately reducing positions on a large scale, and even clearing positions.

As for the floating capital and retail investor groups in the market, they have noticed that after the main funds in the market are almost crazy to kill and sell, they are also quickly following the selling, resulting in the two markets in the last ten minutes of the end of the market, not only failed to usher in the bottoming rebound, but the killing and falling efforts are getting bigger and stronger, more and more fierce, completely showing a scene of continuous diving and a significant lack of liquidity.

Eventually, at 3 o'clock in the afternoon, it was time to close.

Shanghai designated at 2238.23 points, down 2.93%, the Shenzhen Index, the ChiNext Index has plummeted more than 3%, the turnover of the two cities is 119.237 billion, although the previous Shanghai Index hit 2500 points stage has shrunk, but than yesterday, there are obvious signs of volume.

In addition to the index, the performance of the main lines of the two cities, industry sectors and concept plates.

I saw that the "infrastructure", "state-owned enterprise reform", "Internet finance", "Shanghai Free Trade Zone" and other early market continued to rise in the hot stage, today have become the main line of the market, related industry plates, concept plates, also led the decline of the two cities, the overall performance can be described as miserable, among them, the real estate sector, film and television media two major industry sectors, the decline of more than 3.5%.

Even the main line areas such as 'big finance', 'consumption', and 'medicine', which were once relatively strong in the intraday.

In the late stage, they also turned green, showing an obvious downward trend, but the decline was slightly smaller than the performance of the major indexes in the two cities.

Among them, the 'military' sector was stimulated by the good news at noon.

Although it finally closed with the decline of the industry sector index, compared with the overall pattern of the two cities, this main line is still in the position of the two cities leading the rise, which can be regarded as the only bright market area in today's market.

In general, through the performance of the major industry sector indices in the two cities.

Today's market is a one-sided downward trend that opens low and moves low, with occasional struggles during the session.

As for the performance of individual stocks in the two cities......

In addition to the "military industry" in the main line of the "China Airlines" stock performance is very bright, the rest of the basic show an obvious loss effect, among them, this loss effect, in the "infrastructure", "state-owned enterprise reform" two major market attention in the core main line areas, the most prominent.

Like 'Beixin Road and Bridge, Beijiang Communications Construction, Kumho Group, Shanghai Sanmao' and other top 10 popular stocks in the market, almost all of them closed with a falling limit, and the trend can be described as extremely tragic, and in one day, billions of investors on and off the market were buried.

"Hey, it's so miserable, the Shanghai Composite Index almost closed at the lowest point of the session."

In the face of the unilateral plunge and the closing results of the two markets with an extremely obvious loss effect, on the Internet, in the discussion areas of major trading platforms, and on stock investment forums, various retail investor groups gathered everywhere.

"Really bull, the two core main lines of 'infrastructure' and 'state-owned enterprise reform', and several related industry sectors, such as real estate, steel, building materials, and building decoration, have a total net outflow of 6.78 billion yuan...... The main funds are all gone! ”

"Barefoot big black line, this market ...... It's all over! ”

"I can't leave anything to chance, hey...... Cut the meat early, relax early. ”

"I thought that when it came to this point, there would be at least a weak rebound, but I didn't expect that in the final end stage, I could panic and fall, I was really speechless."

"In a downtrend, all intraday rebounds are tempting."

"Today's 'military industry' line is really not at the right time, and it is not easy to concentrate on pulling a wave, and the tail plate is instantly beaten again."

"Hey, stop and stop, create evil!"

"In this week, the main funds in the field have a net outflow of almost 30 billion, right?"

"The market has plummeted so unilaterally, and the turnover is less than 120 billion, which is obvious...... The more it falls, the more no one takes over! ”

"Who's going to take over? The more you take it, the more you lose. ”

"Joke, do you continue to lose money when you take the plate? At this stage, whoever picks up is stupid. ”

"I feel that the defensive sectors such as 'finance', 'consumption', and 'medicine', which did not rise much in the early stage, have some resistance, and the other main sectors are basically panicking, especially the two major areas of 'infrastructure' and 'state-owned enterprise reform', which should be completely finished, right?"

"It's over, in the entire market, in these two main areas, the main capital sell-off is the heaviest."

"After Mr. Su's large-scale position reduction, these two main lines will be completely finished."

"The main thing is that the short-term hype is too much, right? Beixin Road and Bridge has been speculated for a full 4 or 5 times in the short term, but looking at the fundamentals of this check, it has basically not changed much. ”

"To put it bluntly, the market is still short-speculating logic."

"If the long-term logic can't hold up, the market should only be left with conceptual speculation, right?"

"It's not that the long-term logic can't hold up, but the current market's investment risk appetite is declining rapidly, coupled with the spread of panic, suppressing the long-term logic, in fact, from the fundamentals and future performance expectations, the investment logic of the two core main lines of 'infrastructure' and 'state-owned enterprise reform' has not changed much at all."

"I feel that the market is going on like this, and the two main lines of 'infrastructure' and 'state-owned enterprise reform' have to fall back to the original point, right?"

"it, fall back to square one, won't it?"

"If the check of Beixin Road Bridge falls back to square one, then what is it...... I lost 70%. ”

"Hey, see if the Shanghai Composite Index can hold up at 2200 points, after the Shanghai Composite Index plummeted today, the index is less than 2 points away from the 2200 point support position."

"It feels like I'll be at 2200 tomorrow."

"The index is falling faster than at the beginning of the month, and I feel that the Shanghai Composite Index is at 2,200 points, and there is a high probability that it cannot be stopped."

"It doesn't matter if it can hold up or not, anyway, with two words, 'clearance' will be over!"

"More than half of the top 10 stocks in the market today are blocked on the fall limit, and the two cities have fallen to the limit of individual stocks, and according to the final closing results, there are 56 down limits!"

"One word, miserable!"

"It is estimated that today's dragon and tiger list data is also extremely ugly."

"You don't need to look at it to know that it must still be a large-scale sale of the main funds of all parties."

After the close of the market, many retail investor groups had heated discussions, and at half past five in the afternoon, the dragon and tiger lists of the two cities were refreshed.

As expected, the vast majority of stocks on the list, among the disclosed trading seats, the main funds have shown a net outflow trend, and all the capital trading seats disclosed in the entire Dragon and Tiger List have a total net sale of more than 1.17 billion, setting the highest selling volume in the market in the past two months.

And seeing such a dragon and tiger list buying and selling data......

Although the majority of investors in the market had quite pessimistic expectations before, at this moment, they still showed a shocked look, and the belief in holding shares completely collapsed!