At 1:25, following the small and medium-sized board, the ChiNext index rose in the red, and at this moment, the Shanghai index is still fluctuating around the 1% decline, without any obvious upward intention.

At 1:30, the Shenzhen Composite Index also turned red, and the Shanghai Composite Index fell to around 0.85%.

At 1:35, the two major market leading sectors of film and television media and Apple concept rose by more than 2.5%, and the intraday amplitude reached almost 4%.

At 1:37, Changqu Technology blocked the price limit, and at the same time, the concept of 'mobile game' rose rapidly.

At 1:38, the ChiNext index rose by 0.5%, and the Shanghai Composite Index fell further to around 0.7%.

At this time, the majority of investors in the market, seeing that the two core main lines of 'mobile Internet' and 'smartphone industry chain' have vaguely led the market out, and the money-making effect in the market is expanding, they all think that today's deep V trend is in sight, the market has touched the bottom of the short and medium term, and can really usher in a wave of violent rebound.

The next moment, 1:40.

Originally a good trend, is slowly rebounding in the field of 'infrastructure', 'state-owned enterprise reform' in the field of core stocks, Huaguo Metallurgical suddenly encountered extreme selling, 12 consecutive 10,000 large orders on its disk, sold at the market price, but in half a minute, its stock price from 1.35% of the decline nearby, in one fell swoop to near the fall limit, with a very tragic selling technique, directly through the stock disk.

Immediately afterwards, at 1:42, Huaguo Metallurgical fell to the limit.

Similarly, with the flash crash of Huaguo Metallurgical, a number of other core stocks in the field of "infrastructure" and "state-owned enterprise reform" have also been affected.

At 1:44, this avalanche effect spread to the entire 'infrastructure' and 'state-owned enterprise reform' sectors.

At 1:45, following Huaguo Metallurgical, the 'Gemdale Group' in the real estate sector also fell to the limit with a flash crash and diving, and at the same time, the decline of high-level hot stocks such as China Fortune and Kumho Group also expanded instantly.

At 1:46, in a series of hot core stocks dived in a straight line, this avalanche effect continued to expand, spreading to almost all state-owned holding stocks in the two cities.

At 1:47, affected by this drastic impact, the Shanghai Composite Index fell again to about 1.1%.

At the same time, under the influence of the Shanghai Composite Index falling again, the industry sectors and conceptual sectors related to the two core main lines of 'infrastructure' and 'state-owned enterprise reform' continued to dive, and the decline of the 'military' sector also continued to expand, the Shenzhen Index and the ChiNext Index that turned red once again fell back underwater and turned green again.

At 1:48, in the field of important indices in the two cities, only the small and medium-sized board index remained in the red market.

Then, when the time arrived at 1:50, the avalanche effect of 'Huaguo MCC' began to spread from the stocks with state-owned assets to all the relatively high-level stocks that had been speculated in the last round in the two cities.

It was also from this moment that the part of the investor group that was originally excited to chase positions and felt that the market had probably bottomed out realized once again that the momentum of the market had not weakened at all, and the entire core main lines such as 'infrastructure', 'state-owned enterprise reform', and 'military industry', as well as a number of relatively high-level stocks that had been speculated in the early stage of the entire market, did not really fall through.

And when everyone realizes that the market has not fallen through at all, the so-called bottoming reversal is still too early.

The market has just undertaken a good buying force, but also weakened again, cautious and hesitant investment sentiment rose rapidly, and just played a money-making effect, leading the market index out of the intraday trough, the good rise of the 'mobile Internet' and 'smart phone industry chain' two main lines, at this moment, also followed by rapid decline, the disk initiative to buy to undertake the funds, like the ebb tide, quickly withdrawn orders.

At 1:53, under the rapid weakening of market investment sentiment and the withdrawal of buying funds, the buying volume of the entire market can begin to break down.

At 1:55, the industry sectors such as 'film and television media', 'electronic information', 'Internet software', and 'Internet application', which were led by the two cities, followed the diving of the industry sectors and conceptual plates related to the main lines of 'military industry', 'infrastructure', and 'state-owned enterprise reform', and once again ushered in a relatively rapid and rapid dive.

At 1:58, Changqu Technology, which had a daily limit, broke the board, and the concept of 'mobile game' quickly rose and fell.

At 2:01, the only red index in the two cities, the small and medium-sized board index turned green again, so far...... After an intraday rebound, the major core indexes of the market have fallen underwater again.

"Damn, this trend is simply poisonous!"

Seeing the good rebound trend of the market, after the flash crash and dive of 'Huaguo MCC', it was cut off by the waist, the magic capital at this moment, inside Zexi Investment Company, in the fund trading room, Zhou Kan was shocked for a while, and said: "It is not the sudden flash crash of the check of 'Huaguo MCC', today's market rebound trend, there is a high probability that it can be, 'mobile Internet', 'smart phone industry chain', the two main lines of last year's hype, almost fully recovered, opened up the market to make money, I didn't expect ...... It was cut off. ”

"I'm thinking about ......"

Zhou Kan paused, and then said: "Huaguo MCC's check, suddenly there is such a big selling force, who is throwing it?" State-owned institutions? Or is it the Mr. Su of the 'Yuhang Department'? ”

"The check of 'Huaguo MCC', which caused an avalanche in the entire market, is really unsure who is selling." Xu Shen responded, "But this check, there should be data on the Dragon and Tiger List today, just take a look at the closing." ”

"As for the performance of the whole market......"

Xu thought about it for a while and continued: "Even if there is no flash crash trend of 'Huaguo MCC', the two core main lines of early speculation of 'infrastructure' and 'state-owned enterprise reform', as well as the relatively high stocks that have been hyped in the early stage have not completely fallen through, and the chip structure in the market has not been completely adjusted, it is still quite difficult for the two lines of 'mobile Internet' and 'smart phone industry chain' to play a continuous money-making effect and market space, thereby driving the entire market to bottom out and reverse, and these two lines ...... I always feel that logically, there is always something lacking, and it is difficult to undertake the direction of the main breakthrough of the market and completely drive the market! ”

"Logically lacking?" Zhou Kan was slightly stunned and said, "Not really, right?" ”

By observing the market, he can clearly feel that the two core main lines of 'mobile Internet' and 'smart phone industry chain', regardless of the time or space for adjustment, have basically been in place, and the current domestic primary market, the investment heat in the direction of 'mobile Internet' is still rising, and many equity investment funds have poured into this field.

What's more, the tide of the era of 'mobile Internet' and 'smart phones' has indeed arrived.

It is foreseeable that the business development environment, revenue environment, and profit scale of large-scale listed companies in related fields will also increase dramatically in this huge era of the wind.

In other words, the expected effect of these two main areas in the future is not bad in any case.

It is natural to have a story and performance explosion space, which means that it naturally has the gene of hype.

Of course, there are disadvantages, that is, these two main lines, in the market performance last year, and even the year before last, have been active main funds, speculation round after round, whether it is the valuation level, or the historical position of the stock price, compared with other main areas of the market, are not low.

"There are hype genes, but the cost performance is not high compared to the entire market!" Xu Shen took over and continued, "And last year, the performance of these two main areas generally grew high, which raised the base of this year, and it is a little unrealistic to think that the performance of these two major areas will continue to explode." ”

"And ......"

Xu Shen paused and continued: "Everyone expects the arrival of the 'mobile Internet' and 'smart phone' era, and the expectations in their hearts have been raised. ”

"Of course, due to the continued high future expectations of market investors in these two major areas, the core constituent stocks related to these two main lines will not fall anywhere, after all, falling is an opportunity, and on and off the market, smart funds, there are definitely a lot, we will not give follow-up funds, too cheap to pick up opportunities."

"Similarly, investors' strong expectations in these two directions have also caused a chip structure in these two main areas, which is difficult to convert cleanly."

"And the chip structure cannot be converted cleanly, that in the case of limited market liquidity and limited incremental funds."

"In these two areas, it is difficult to continue to attack the incremental funds, so as to get out of the continuous money-making effect."

"In fact, compared with the two core main lines of the 'smart phone industry chain' and 'mobile Internet', I am still more optimistic about the market in the two main areas of 'infrastructure' and 'state-owned enterprise reform' after the thorough adjustment."

"The market of the two main areas of 'infrastructure' and 'state-owned enterprise reform'?" Zhou Kan was a little surprised, and answered, "Look at today's scene, these two main lines have been completely abandoned by the main funds in the field, almost a crash, where is there still the slightest sign of strength?" ”

Xu Shen said with a smile: "If you fall hard, then the chip structure will be fully adjusted, in my opinion, this is not a completely bad thing." ”

"But the effect of losing money is so obvious, and there are obvious concerns about the subsequent intervention of the main funds." Zhou Kanying said, "And it fell so hard, although the internal chip structure was disrupted, but the vast number of retail investors who undertook all the way to trap the chips on the plate were also piled up on it like a mountain, forming a huge pressure on the disk. ”

Xu Shen smiled and said: "As long as the logical expectations are still there, the stock price has fallen through, and the cost performance is revealed, the hedging of retail investors has never been a problem, after all, the retail investor group is the most emotional, and it will be quite easy to collect the chips in their hands, or the market to make money, and induce them to follow the trend and consume each other." ”

"That's right!" Zhou Kan bowed slightly, thought about it, and said, "What does Mr. Xu think of the line of 'military industry'?" ”

In Zhou Kan's inquiry, Xu Shen turned his attention to the main line of 'military industry' that still leads the market, and the main line of 'military industry' is more miserable than the main line of avalanche's 'infrastructure' and 'state-owned enterprise reform', and the concept plate has fallen miserably, and said: "It's hard to say, the line of 'military industry' is really a little incomprehensible, originally I thought that this line should have a period of market, but I didn't expect the market to be on this line, completely unable to form a joint force." ”

"However, the trend of this line today is also a little strange, and I always feel that I have killed too much."

"There is no downside, but it is worse than the avalanche's 'infrastructure' and 'state-owned enterprise reform' main line of industry sectors and conceptual plates, and I feel that there are obvious traces of excessive selling of the main funds in the field."

"I also feel that the trend of the 'military industry' line is too tragic." Zhou Kan said, "But this line is indeed not a hot spot in the market, whether it is retail investors or active main funds in the market, they are more pessimistic expectations for this line, and excessive selling can also make sense." ”

Xu Shen was silent for a moment, nodded and responded: "Indeed, I have been observing for most of the day, but I still haven't seen a strong main fund undertaking on the line of 'military industry', I am thinking...... We may have misjudged this line before. ”

"Luckily, we don't buy much." Zhou Kan said with a little luck in his heart, "And after most of the day's continuous liquidation, it has been basically sold out, and the total position loss is less than 5 points, which is within our tolerance range and will not affect the net value performance of the fund too much." ”

Xu Shen responded: "Since you have withdrawn, you don't need to pay too much attention to it, or think deeply about the rights and wrongs of past trading strategies, or keep an eye on the present and the future!" ”

"Hmm!" Zhou Kan responded and said, "Since Mr. Xu thinks that the two main lines of 'infrastructure' and 'state-owned enterprise reform' are very likely to be the direction of market breakthrough after market adjustment, then we are ...... Do you want to re-follow up some positions in these two main areas and pick up a little panic selling chips? ”

Xu thought about it for a while and said: "The market stop falling signal has not appeared, and the Shanghai Composite Index is 2200 points, which is expected to be so strong, most of them can't hold on, I estimate that the most panicked selling moment in the market has not yet come, so ...... Wait a little longer, at this time, patience is more important. ”

After speaking, he continued to look at the two markets that were trading fiercely, and stopped talking.

And almost at the same moment.

Yu Hang, within Anzhao Fund Company, the 'Selected No. 1' fund product trading room is still on the market, and Zhou Hui and Qin Qiuyue, who took the initiative to sell and fell, saw that after the market entered 2:30, they fell into a unilateral plunge of liquidity depletion, and their hearts were almost cold.