"Hopefully!" Li Meng nodded, "I don't know why, the company's asset management scale is developing too quickly, and in my heart, sometimes, I panic." ”

Su Yu said with a smile: "It's normal, the mentality hasn't changed, and I'm used to it after a long time." ”

This is like a person who expects in his heart that he only wants to get hundreds of thousands of wealth at most, but suddenly he gets tens of millions, or even hundreds of millions, that is far beyond his expectations, that is, the person will suddenly feel flustered and overwhelmed in his heart, after all, the wealth that is too easy to get will also be too worried that it will disappear quickly.

"Hmm!" Li Mengtang responded, and said, "After the data of the market dragon and tiger list came out today, have you read the relevant topics and comments on the top?" ”

Su Yu responded: "I haven't had time to look at it yet, what's the matter, is there anything abnormal?" ”

"Market sentiment has recovered much faster than we expected." Li Meng said, "Suddenly, a group of investment institutions, well-known analysts in the market, chief investment advisors of brokerages, financial influencers on the market, and well-known online stock commentators have all begun to stand up and publicly express bullish remarks." ”

"This shows that the pressure on the regulator is also quite high." Su Yu smiled and said.

Li Meng nodded and said: "Although it is a relatively clear signal in the direction of the regulator's expectations, everything is too much, and the emotions are so fast, those in the field in today's trend, have not been cleaned in the early stage, or profit chips, I am afraid it will be more difficult to clean, the market is too fast to form consistency, which is not conducive to the formation of the chip structure at this stage, and this will also form a relative constraint on the height of the rebound." ”

"The trend and evolution of the market are inherently unpredictable." Su Yu said, "Even if we predict the right direction and make a relatively timely trading strategy, it is impossible to be perfect, as long as the general trend direction is not wrong, the specific stage trend, then we can only take a step, look at a step." ”

"Okay!" Li Meng responded, stopped talking, and continued to follow the drama.

Su Yu accepted the business card of Zhou Boyang of Huijin Company, then saved the number, entered the house to change clothes, and began to wash and sleep.

In the evening, the bullish sentiment of the entire market recovered rapidly.

U.S. stocks continued to open lower at the open, although they did not repeat the plunge of the previous trading day, but still cast a shadow on the fully recovered market bullish sentiment.

The next day, Thursday, June 12.

As U.S. stocks continued to fall across the board, and the entire peripheral market also generally closed down, A-shares ushered in a new trading day.

Pre-market, 9 o'clock in the morning, market investment sentiment, compared to yesterday's after-hours market data came out, there are obvious signs of decline, in the shadow of the external market trend, even though the entire market is still the vast majority of investor groups to maintain the idea of bullishness, but many investors undoubtedly have a trace of hesitation in their hearts, but also gradually return to rationality, no longer have yesterday's after-hours so crazy emotional performance.

"In the Asia-Pacific region, except for us who have not yet opened, we are basically following the trend of U.S. stocks, and the South Korean Composite Index and the Nikkei Index are both opening a lot lower." At 9:05, only 10 minutes away from the call auction between the two cities, Yu Hang, Yinhua Public Fund Company, in the trading room of the main fund product of 'Value Investment Mixed Selection', Zhu Peng, assistant to the fund manager and head of the trading team, frowned slightly and said, "Yesterday, the index was able to get out of the bottoming out and rebound, independent of the global trend, which is a surprise, but today...... I'm afraid that the opening moment is the high point of market sentiment throughout the day. ”

"And yesterday's market amplitude was so big, the bottom of the funds, the profit is not small, today, this part of the funds has a great desire to take profit."

"In this case, it will be difficult for the index to continue to hold high and fight independently of the global trend!"

Hearing Zhu Peng's words, Zhou Yang, the fund manager standing behind him, pondered for a while, and responded: "The trend of the peripheral market has an impact, but in the current market sentiment, it should not be the main decisive factor, in other words, it is not easy for today's market to continue yesterday's big rise, but it is also very difficult to fall, after all, under the encouragement of this market sentiment, there will be no less over-the-counter funds that want to enter the market to increase their positions and grab funds. I think it is enough to support and undertake the market want to take profit and go out, or the market is uncertain, hesitant to stop the loss of part of the funds selling. ”

"And ......"

Zhou Yang paused and continued: "Even though today's market is not performing well in the overall market, the three core main lines of 'infrastructure', 'military industry' and 'Internet finance' have absorbed so many active funds and main funds in the field yesterday, and there is also a good stimulus of 'Yuhang Department' large-scale increase in positions in this field, continuing yesterday's rebound trend, it should not be a big problem." ”

"Are you really so willing to give the 'Yu Hang Department' funds to carry the sedan chair?" Zhu Peng was not as optimistic as Zhou Yang and asked.

Zhou Yang smiled helplessly and said: "This is not a question of whether you are willing or not, but in the current expectation logic of the market, only these main lines are the most cost-effective, and only these main lines can carry the relatively consistent expectations of the market and form a corresponding market force, otherwise...... Who wants to give the 'Yuhang Department' funds to carry the sedan chair? ”

"The other main directions, it's not that the main funds in the field have tried!"

"But what was the result?"

"White goods, liquor, automobiles in the 'consumer' field; Vaccines, innovative drugs, imitation pharmaceuticals, medical technology, in vitro diagnostics in the field of medicine; securities, banking and insurance in the field of 'traditional finance'; There are also coal, nonferrous metals, petrochemical, shipping, shipbuilding, electronic information, Internet software, Internet applications, and smart phone industry chains...... In these fields, in the days before and after the holiday, the main funds of all parties in the field have been rounded more than once, right? Which main direction, like 'infrastructure', 'military industry', and 'Internet finance', has been unanimously recognized by the main funds, floating capital, and retail investor groups of all parties in the market, and has truly leveraged the overall market situation? Not a single one! ”

"So, ah......"

Zhou Yang smiled bitterly and continued: "All the trends of the market and the evolution of the main line of the market are piled up by the unanimous expectations and funds of the majority of investors inside and outside the market, not simply prediction and personal will, which can be changed. ”

"Well, it's no use talking about that."

Zhou Yang paused and continued: "Let's operate according to the original plan, continue to increase our positions on the three main lines of the market, 'infrastructure', 'military industry', and 'Internet finance', and completely hit the positions of our funds. ”

Seeing Zhou Yang's words, Zhu Peng was still firmly optimistic about the market outlook, so he could only reserve his opinion, nodded, and continued to follow Zhou Yang's instructions to complete the pre-market operation preparations.

Similarly, it is the same as the situation in the internal trading room of a bank mutual fund company.

Some institutional groups that were still firmly optimistic last night, when they perceived that the entire peripheral market was cloudy and there was a more obvious risk of a crash, began to hesitate in their hearts, and they were no longer so firm in their bullish views on the market, and at the same time ...... Even whether the Shanghai Composite Index can stand firm at 2,200 points has been shaken.

And in this situation where the overall market sentiment is more, but the bearish sentiment seems to be rising again.

At 9:15, the two cities ushered in a call auction.

I saw that the pointer in the middle of the time was drawn to 9:15, the stagnant disk of the two cities, the moment it began to beat again, under the convergence of countless eyes, the main line of the market of "infrastructure", "military industry" and "Internet finance" can be said to be high across the board, and a number of constituent stocks in the field of the sector have shown a piece of red.

"The limit of individual stocks in the two cities exceeded 40, and a total of more than 1,400 red stocks."

Seeing the call bidding situation presented by the two cities, at this moment within Yuhang Investment Company, in the main fund trading room, Liu Yuan reported: "The market bull investment sentiment before the market, although from the Internet topic, the direction of comments, compared with yesterday's after-hours attenuation, but look at the opening of the call bidding situation, it is still quite strong, especially the 'infrastructure', 'military industry', 'Internet finance' led by our institutions, the main line of the market, hundreds of constituent stocks in the field, 90% have achieved a high opening situation, and... …”

Liu Yuan paused and continued: "Huaguo Metallurgical, Huaguo Railway Construction, Beijiang Jiaotong Construction, Shanghai Construction Engineering, Tianshan Cement, Capital Co., Ltd., Valin Iron and Steel, Flush, Jinzheng Co., Ltd., Yinjie Technology, Hengsheng Electronics...... This large number of stocks has all been opened with a price limit, which is beyond our expectations. ”

"There are also new stocks, good stocks, and the overall performance is also very strong."

"The five new stocks listed yesterday all continue to have a word board limitless limit today, and the three stocks that were good for the review last night are also a word board limit."

"Overall, looking at this situation, the risk appetite of the entire market is obviously rising."

"In other words, the situation of the strong and the strong is estimated to be staged intensively."

"Although Huaguo Metallurgical, Huaguo Railway Construction, Beijiang Jiaotong Construction, Shanghai Construction Engineering, Tianshan Cement, Capital Shares, Valin Iron and Steel, Flush, Jinzheng Shares, Yinjie Technology, Hengsheng Electronics...... This large number of stocks opened the call auction to the limit, but many of these stocks are not willing to close the board. Wang Can took over and said, "It is estimated that after 9:20, a large number of false pending orders will be cancelled, and the market should be more rational. ”

"But it cannot be denied that the risk appetite of active funds in the entire market has increased." Zhao Lijun heard Wang Can's words, and responded in a timely manner, "On the whole, the development of the market is still in accordance with our previous expectations and judgments, that is, the Shanghai Index should be able to fully stand at 2200 points, and at the same time, the lines of 'infrastructure', 'military industry' and 'Internet finance' led by us are also likely to be unanimously recognized by all funds in the market and continue to open up space." ”

"I think the peripheral market fell last night, and it's a good thing to pour a basin of cold water on the domestic market a little." Zhu Tianyang thought for a while and said, "In this position, the chips still need to be further exchanged and stabilized, and too early consensus expectations and market sentiment reactions are not conducive to the breakthrough trend of the market." ”

"I agree with Tianyang." Zhang Guobing also said, "At this time, the overly high consensus expectations are not a good thing for the market, such an opening situation, the hierarchy is clear, the strength is different, the investment sentiment and risk appetite of the entire market are picking up, but it has not reached a particularly high point, it is the best." ”

"At the same time, the opening state of the main lines of 'infrastructure', 'military industry' and 'Internet finance' is also in stark contrast to the relatively weak sectors such as 'venture capital', 'finance', 'consumption', 'medicine', 'nonferrous metals' and 'coal', which also helps the funds in the field to further concentrate on the relatively strong and active main line sectors such as 'infrastructure', 'military industry' and 'Internet finance', which will help the market to further open up the money-making effect."

"Overall......"

"Judging from the opening call auction, the market's recognition of our company's 'Fortune Road' trading seats is still very high."

"As long as the majority of investors in the market still agree with our company's 'Wealth Road' trading seats, then we can take this opportunity to guide the market in a timely manner and make the market more conducive to our development."

Su Yu listened to everyone's discussion and analysis, bowed slightly, then raised his eyebrows, and asked Zhang Guobing with a smile: "Then what do you think we should do to guide the plate in the current situation?" Only then can we further open up the market rebound space and expand the profitability of our positions? ”

Hearing Su Yu's question, Zhang Guobing thought for a while and responded: "Several of our main funds have completed comprehensive positions at the moment, and the direction of the position is in line with the development of the current market mainline, so there is naturally no need for much change in the main position." ”

"The main thing we need to do at the moment is ......"

"It is to further induce all kinds of funds to follow the trend in the main areas of 'infrastructure', 'military industry' and 'Internet finance', so as to further open up the market to continue to make money, and as long as there is a continuous money-making effect in the market, no matter how the index fluctuates in the short term, the direction of funds inside and outside the market will be a net inflow, which will lay the foundation for further breakthroughs in the market outlook."

"Good!" Su Yu praised with a smile, and then said, "What you just said is a strategy in the direction, what about the specific operation?" ”

Zhang Guobing's eyes flickered, his eyes swept back and forth on the rapidly changing disks of the two cities, and continued to respond: "Maintain the strong disk pattern of several core leading concept stocks with the highest market attention, so that the market evolution trend of 'the stronger the stronger' has once again penetrated into the hearts of the majority of retail investors who follow the trend in the market, usually speaking...... As long as the core concept leader can come out and continue to open up the speculation space and enhance the risk appetite of market funds, the market can continue to speculate. ”

"The core leading concept stock with the most attention in the market?" Su Yu's eyes swept over the two cities, and said, "Huaguo Metallurgical, Beijiang Jiaotong Construction, Shanghai Construction Engineering, Tianshan Cement, Hengsheng Electronics, and Huake Jincai?" ”

Zhang Guobing nodded and replied: "It's not just that, the top 20 stocks in the two cities that we have a position in can be counted, of course...... Maintaining a strong position does not mean that these stocks have to rise to the limit, as long as the stock price is going up during the entire call auction process, it is a strong performance. ”

"Okay!" Su Yu smiled and said, "The strategy is good, just do what you say!" ”

After speaking, he glanced at Li Meng like this, and asked Li Meng to quickly convey the relevant trading instructions to all the trading teams in the trading room.

Immediately afterwards, with the official delivery of the directive.

On the disk, a number of "infrastructure", "military industry", "Internet finance" in the field of more popular strong concept stocks, such as Huaguo Metallurgical, Shanghai Construction Engineering, Tianshan cement, Capital shares, Valin steel, Flush, Jinzheng shares, Yinjie technology, Hengsheng Electronics, Hongdu Aviation...... In this large number of stocks, active buying orders have further advanced, and the stock price has become stronger and higher with the passage of time in the call auction.

Then, when the call auction time of the two cities officially entered 9:20.

With a large number of false pending orders in the entire market, the overall set bidding situation presented by the market, compared with the moment at 9:15, is relatively weaker, in addition to the "infrastructure", "military industry", "Internet finance" several "Yuhang system" funds large-scale position building of the main line still maintains a strong state of large opening high, other market main lines, have fallen to the point of flat opening, or slightly higher opening.

However, the overall call auction situation in the entire market is getting weaker and weaker.

"Infrastructure", "military industry", "Internet finance" several main line areas of popular stocks, especially yesterday's dragon and tiger list, there are "wealth road" obviously bought a number of concept stocks, but it is getting stronger and stronger, on the disk, you can clearly see the trend to raise funds, is more and more.

"On the Dragon and Tiger list yesterday, the 14 market concept stocks that appeared on the 'Fortune Road' were 6 up and down after the time entered 9:20, and 8 stocks opened higher than 5%." Seeing the performance of the market after entering the real call auction link, at this moment, in the magic capital, within Principal Financial Company, in the trading room of the 'Future Mixed Investment Selection' fund product, fund manager Zhao Zhongming was a little shocked, "The influence of Mr. Su of the 'Yuhang Department' is really not to be underestimated!" ”

"The key is that the check of 'Huaguo MCC', such a large circulation, in the absence of other obvious blockbuster benefits, can still be opened with a word limit, which is outrageous." On Zhao Zhongming's side, Yi Xiaopeng, the leader of the trading team, said very incomprehensibly, "I really don't understand, where are so many fools in the market to take over?" ”

In his opinion, the check of Huaguo MCC, with such a large amount of circulation, has no value for speculation at all.

As for the value of the investment...... The performance of this check in the same industry is not the most prominent, and the investment value is naturally even less obvious.

"Thinking inertia!" Zhao Zhongming said with emotion, "For the majority of retail investors in the market, what are the investment expectations, speculation logic, and investment value...... They don't understand these things at all, they only know the concept of stocks sold by the 'Fortune Road', and it is enough to say that they have no money, which can support them to follow the trend without brains. ”

"Hey, to put it bluntly, it's still an amplification effect of emotions." Yi Xiaopeng sighed, and said helplessly, "When it rises, it goes up too much, and when it falls, it goes too down, if our domestic financial trading market has been dominated by retail investors, I'm afraid it will be difficult to return to rational investment." ”

Zhao Zhongming smiled and said, "You are right, so ...... We don't have to be one of those few sober rational investors. ”

Mr. Zhao said this...... What do you mean? When Yi Xiaopeng heard Zhao Zhongming's words, he was a little dazed.

Zhao Zhongming's eyes stared at the market, his eyes gradually became sharp, and continued: "Everyone is drunk, and you are awake, then you are destined to be the one who is difficult to fit in, the same is true in the financial trading market, following the value investment, in the irrational market, even if the concept is right, it is difficult to get a good rate of return." ”

"Trends, Sentiments, ......"

"For so many years, in fact, the domestic market has been staged repeatedly, and these two basic conditions are followed."

"Value, fundamentals, performance, these things are not useless, but in a market where 90% of retail investors participate, it is difficult to play a decisive role in driving the market."

"It's like the check of 'Huaguo MCC'."

"Before and after the holiday, the trend of this check can be described as polarized."

"But on closer analysis, have the fundamentals of its companies changed significantly in such a short period of time? Has there been an obvious abrupt change in a series of conditions such as the company's operating conditions, operating data, and performance? Not really! The company is still that company, and the company is still that company, but the stock price has undergone earth-shaking changes, from a situation where everyone sells and everyone spurns, to a situation where everyone grabs chips and everyone chases. ”

"What does Mr. Zhao mean......" Yi Xiaopeng was shocked when he heard Zhao Zhongming's analysis of the market, and asked, "We also have to change our thinking, follow market trends and emotions, and chase up and down?" ”

"It's not about chasing up and down." Zhao Zhongming emphasized, "It follows the original market development logic. ”

"But ......" Yi Xiaopeng always felt that something was wrong.

Zhao Zhongming didn't wait for Yi Xiaopeng to finish speaking, and continued: "The laws of the market are like this, if we don't abide by them, we can only be controlled everywhere and completely lag behind the market, Xiaopeng, under the current market structure and investor group structure, there will not be much way out of insisting on value investment, this is a lesson we have practiced, so ...... Even if we don't agree with some of the ideas and logic, we have to follow them. ”

Seeing the rapid rise of 'Yuhang Department' in the domestic asset management industry.

Seeing that the 'Yuhang Department' has used and induced market sentiment to speculate again and again, and constantly seeks market profits.

Seeing that the field of 'traditional finance', which is the core layout of their institution, has risen rapidly in the emerging concept of 'Internet finance' and the valuation of related concept stocks has soared, the valuation has been compressed lower and lower, and the trend of its related constituent stocks has not only seriously underperformed the market, but also has no recognition and follow-up from all major funds in the market, and even the majority of retail investors.

】

The 'value investment concept' that Zhao Zhongming has always adhered to in his heart is really a bit collapsed.

At this moment, seeing that the market is still moving by leaps and bounds in the direction of 'emotional speculation', and has been lagging behind the growth of the broader market, the 'traditional finance' field, which he believes is of great investment value, is still seriously underperforming the market, and he finally can't help but want to change his trading strategy.

Moreover, he believes that the market has just bottomed out, reshaping the support at 2200 points.

If you change your trading strategy at this time, change your thinking, grasp the hot spots of the market, and hype with market sentiment, it is a very suitable entry point and a good opportunity to adjust your position.

Yi Xiaopeng was silent for a while, thinking that since Zhao Zhongming had already decided, he would not object, but in fact, it would not be of much effect, so he couldn't help but say: "I still insist on my idea, but since Mr. Zhao has already decided, then according to the principle, I will also obey." ”

"Hmm!" Zhao Zhongming bowed slightly, but he was not angry at Yi Xiaopeng's insistence, and said with a smile, "In the financial trading market, the rate of return is the only teacher to test the truth, right or wrong, let's practice it first, it's always good, after all, ...... Half a year has passed, and the performance of our fund this year is almost at the end of the crane in the industry, which is not only impossible to explain to investors, but also to the company and ourselves! ”

"Good!" Yi Xiaopeng nodded and asked, "In which direction does Mr. Zhao plan to follow the position, and at the same time...... How many positions are followed up overall? ”

Zhao Zhongming stared at the plate that was still changing rapidly, pondered for a moment, and said: "The direction of 'infrastructure', the current stage of the two cities, and only in this direction, has the potential to continue to have good market news, and the relevant stories of 'state-owned enterprise reform', 'Shanghai Free Trade Zone' and 'New Silk Road' are also closely connected with the direction of 'infrastructure', as well as 'rural revitalization', 'urbanization construction' and other old stories to tell. The implementation of the strategy of large infrastructure will also bring great potential for performance explosion to the industry with a high probability, and this series of hype factors ...... It is enough to bring continuous hype momentum and anticipation to this direction. ”

"Good!" Yi Xiaopeng continued to nod and said, "In fact, this direction, whether it is analyzed from the level of emotional hype or the direction of value investment, is still good." ”

Zhao Zhongming chose the direction of 'infrastructure' as a breakthrough direction for strategic change, which made Yi Xiaopeng slightly relieved.

After all, compared with the two more ethereal hype main lines of 'military industry' and 'Internet finance', the line of 'infrastructure' is still much more stable.

"Where's the subject?" After a pause, Yi Xiaopeng continued to ask.

Zhao Zhongming asked with a smile: "In the general direction of 'infrastructure', which targets do you think have the most potential for continuous speculation, or which targets are relatively stronger?" ”

"Compared with Huaguo MCC, I think Huaguo Railway Construction, Conch Cement, Pudong Construction, and Beijing New Building Materials ...... Better it! Yi Xiaopeng said, "Of course, in terms of the direction that is conducive to capital speculation and control, it must be the best of the current popular small-cap concept stocks, but this kind of ticket, the market capital bearing is limited, and it is too affected by emotions, I think it does not meet the basic buying standards of our fund." ”

After listening to Yi Xiaopeng's analysis, Zhao Zhongming agreed with it in his heart, and said: "Yes, the target is similar to what I expected, even so...... Then according to the targets you just mentioned, let's lay it out, the goal is ...... One-third of the overall position position, at the same time, when increasing the position of "infrastructure" in the direction of chips, at the same time reduce some relatively weak "traditional finance" positions on the market trend, since the decision has been made, then we can not hesitate, we must complete the specific position adjustment and stock exchange plan as soon as possible. ”

"Good!" Yi Xiaopeng responded, and then quickly issued trading instructions to the traders in the trading room.

And with his instructions given.

At this moment, the market trading time has entered 9:24.

I saw that on the two markets, due to the "infrastructure", "military industry", "Internet finance" several main line areas, the related popular concept stocks are getting stronger and stronger call bidding trend driven, the overall pattern is slightly better than the moment at 9:20, the number of red stocks in the two cities, from the lowest more than 1,100, up to nearly 1,300.

However, although the overall situation has improved somewhat, the strength and weakness of the specific main line direction of the two cities are still very obvious.

For example, 'infrastructure', 'military industry', 'Internet finance' several main line related concept plates, industry plates, all have stronger and stronger, active funds follow the trend of higher and higher participation in the signs, but yesterday's slight performance of the "smart phone industry chain" direction, especially the "Apple concept", as well as "traditional finance", "big consumption" field, but there are signs of active selling of funds, the trend of collective bidding, there are generally obvious signs of weakening.

Overall, from the perspective of the entire call auction process......

After yesterday's trend and last night's mood brewing, in terms of the effect of over-the-counter funds gathering to follow the trend, in the degree of net inflow of over-the-counter funds, and in the attitude of locking funds in the market, it is somewhat less than the expectations of the majority of investors in the market, and there is also an obvious market differentiation.

In the end, when the last minute of the call auction passed, 9:25 arrived, and the two markets were frozen again.

Under the attention of tens of millions of eyes in the entire market, several core indices of the market that have been hidden in the call auction have revealed their true faces, only to see that the Shanghai index was fixed at 2234.51 points, up 0.32%, while the Shenzhen index and the ChiNext index opened 0.27% and 0.11% higher respectively.