Gong Tiancheng heard Zhou Qiang's analysis, weighed it for a long time, looked at the market of the two cities, after a short period of adjustment, all kinds of active funds are really still converging in the field of small and medium-sized boards and gems' growth concept stocks, and their original large-scale holdings of the 'infrastructure' main line area, a group of core popular stocks, do adjust more and more, can't help but nod slightly, and said: "In the market trend, only the flow of funds cannot deceive people, since it is ...... according to the direction of a large number of capital flows in the market."

"It proves that the style of the market is indeed changing, and it proves that the main line of 'infrastructure' has indeed entered an adjustment situation."

"Well, I'll listen to you."

"According to the current market stage, the strength and weakness of the concept of stocks, timely adjustment and stock exchange, the investment direction, from the heavy position of 'infrastructure' this main line area, to a balanced position, cut into the market 'growth concept stocks' line, temporarily avoid the adjustment of the main line direction of 'infrastructure'."

"Good!" Zhou Qiang responded.

Immediately, he turned around and began to instruct a group of traders behind him to gradually sell the relatively weak stocks in the 'infrastructure' field with heavy positions, and at the same time gradually increase their positions in the 'hot growth concept stocks' that are relatively strong in the market at the moment and can still be bought, and carry out rapid position adjustment operations.

Similarly, at the moment when the two of them adjusted the structure of their fund holdings in response to changes in market trends.

Yu Hang, within Yinhua Public Fund Company, in the 'Value Investment Mixed Selection' fund product trading room, product fund manager Zhou Yang also found traces of obvious changes in market investment styles, pondered for a while, and said: "Looking at this situation, it will not be 'film and television media', 'mobile Internet', 'smart phone industry chain', which were hyped last year and at the beginning of the year. Internet finance's main line market has become the next main line of the market, right? ”

"Damn...... This market style change is a bit too rapid! ”

"The main line of 'big infrastructure' was fine yesterday, I thought it could lead the index to a stable breakthrough, but I didn't expect it...... Is this suddenly out of gear? ”

Next to Zhou Yang, Zhu Peng, the assistant fund manager and head of the trading team, who has been staring at the computer screen in front of him and also closely observing the changes in the market trend, said in a deep voice: "Mr. Zhou, it seems that the market style does have signs of turning, and the line of 'big infrastructure', logically speaking, today's trend should not be so weak, especially the core stocks in the field of 'infrastructure' such as Huaguo Metallurgical, Gemdale Group, Conch Cement, Beijiang Jiaotong Construction, Shanghai Construction Engineering and other core stocks, the main funds on the disk are selling, which is really very obvious." ”

"I feel that the main line of 'big infrastructure' has come here, and it seems that the main funds of the market positions have already had a relatively large divergence."

"And the line of 'film and television media'...... As well as the small and medium-sized board, the gem 'growth concept stocks' field, such as 'Internet software', 'Internet application' and other mainline concept plates, the disk performance is completely with the 'big infrastructure' main line field, as well as 'military', 'Internet finance' and other popular main line areas in the early stage, the main funds in the field and the active funds from all walks of life can be said to be pouring into these main line concept plates again and again. ”

"Mr. Zhou......"

Zhu Peng paused for a moment, thought for a while, and continued: "The line of 'big infrastructure', under such a huge market capital divergence, short-term adjustment should be inevitable, and the line of 'growth stocks' on the small and medium-sized board and gem, after frantically absorbing so many active funds and main funds, is likely to be able to undertake the market transformation under the adjustment of the trend of 'big infrastructure', and further open up the market's money-making effect." ”

"So, I think ......"

"Can we optimize the fund's position structure and adjust the position in a timely manner?"

Hearing Zhu Peng's words, Zhou Yang pondered for a moment and asked, "How do you think it should be adjusted?" Reduce the chips of the main line of 'big infrastructure', follow up the main line of 'film and television media' or 'Internet software' and 'Internet application', which are currently hot in the hype mood, and compete for the relatively core hot stock chips? ”

"Hmm!" Zhu Peng nodded, "The development of the main line of the market has just been in the process of conversion and rotation, and it should be the right time for us to adjust our positions at this time." ”

"Let's take another look!" Under Zhu Peng's opinion, Zhou Yang pondered for a long time, and finally said, "If the Shanghai Composite Index remains unstable at the important point of 2,300 points, it will greatly restrict the investment sentiment and investment confidence in the market...... Even if the hot spot of the market temporarily switches to the direction of the 'growth stocks' of the small and medium-sized board and the gem, I am afraid that it will not get out of the space that is too high. ”

"Overall......"

"The current market is still a stock game market!"

"It is a stock game, which shows that the long-term trend of the index has not accumulated enough sustained strength, and there is no trend support for the continuous breakthrough of the market, only relying on the positive stimulation of market news, only driven by the short-term hype in the field, coupled with the basic expectation logic and hype logic of the small and medium-sized board and gem 'growth stocks' line, which is obviously not as good as the main line of 'big infrastructure'."

"Since the main line of 'big infrastructure' has not gone out of much space, there is a big difference today."

"I'm afraid that the continuity of the 'growth stocks' line of today's small and medium-sized board and gem in today's comprehensive riot will not last long, and I am even afraid that the hype is not as high as the 'big infrastructure' line, and there will be a big divergence."

"So...... We'll have to wait and see. ”

"If the follow-up Shanghai Index successfully stood at 2,300 points and no longer fell back, it established good market investment confidence, and the small and medium-sized board, the growth stock 'growth stock' line, after the Shanghai Index completely stood at 2,300 points, can also continue to go deeper, to a wider range, more concept of the plate spread speculation."

"That should be a complete indication of the market's investment style shift."

"At the same time, we can also rebalance positions boldly at that time, when the market characteristics are all clear."

"As for before the Shanghai Index completely breaks through 2,300 points, in the market investment confidence has not been fully established, and the influx of over-the-counter incremental funds is not very obvious, our heavy position direction is not bad in the field of 'large infrastructure', or in the field of small and medium-sized boards and gem 'growth stocks'."

"Overall......"

Zhou Yang pondered for a moment and continued: "In the case that the direction of the market macro trend is still unclear, it is better for us to be more quiet and less moving, at this time it is only suitable to do right-side investment, but not to do left-side investment." ”

Hearing Zhou Yang's judgment that he had pondered for a long time, Zhu Peng sighed lightly in his heart, and had to swallow back some of his thoughts, and nodded: "Since Mr. Zhou has decided, then let's observe and observe!" ”

After speaking, he put his eyes back on the trading board of the two markets again.

I saw that during the time period when the two were talking and discussing, the market trading time had shifted to about 11:20, and it had entered the last ten minutes of trading session before the noon closing.

And the situation of the whole market changes......

Before the two of them spoke and discussed, there was no obvious change.

The main capital flow of the entire market is still flowing in the direction of the small and medium-sized board and the growth stock of the gem based on the three concepts of 'film and television media', 'Internet software' and 'Internet application', but the net inflow rate of funds has decreased compared with the first hour after the opening.

The performance is relatively weak, such as 'infrastructure', 'military industry', 'Internet finance' and a series of popular main areas in the early stage.

At this moment, whether it is a related concept plate or an industry sector, the trend of its sector index has tended to be sideways, no longer diving sharply downward, and a series of popular concept stocks are ...... Such as Huaguo Metallurgical, Huaguo Construction, Gemdale Group, Shanghai Construction Engineering, etc., on the trading disk, the active selling capacity, as well as the concentrated selling capacity, have also weakened a lot.

As for the performance of several major indices in the market.

The Shanghai Composite Index is still oscillating between 2290 and 2295 points, jumping back and forth in a narrow point range, neither can it directly break through 2300 points in one breath and return to above 2300 points, nor can it directly and effectively break through 2290 points, further stimulating the market to panic selling.

The Shenzhen Index, the ChiNext Index, and the Small and Medium-sized Board Index are several important market indices.

In the Shanghai Index has been unable to break through and stand firm at 2,300 points, which obviously restricts the overall investment confidence and speculation and follow-up sentiment of investors inside and outside the market, even though its constituent stocks have absorbed the vast majority of active funds in the market, and have also used many popular main lines such as 'film and television media', 'Internet application', and 'Internet software' to play a hot money-making effect on the disk, but the rise of several major indices has not been able to further expand.

Among them, the Shenzhen index hovered between 1% and 1.2% gains.

The ChiNext index and the small and medium-sized board index hovered between 1.2% and 1.5% gains.

The major indices in the market have been unable to hit new intraday highs in the process of gradually returning to rationality from the peak stage of the intraday speculation.

In the end, when the time crossed to 11:30, the two markets ushered in the moment of noon closing.

Shanghai was listed at 2292.31 points, only less than 2 basis points higher than yesterday's closing point, up 0.08%, the Shenzhen Index and the ChiNext Index rose 1.05% and 1.23% respectively, while the strongest small and medium-sized board index still maintained the position led by the important indexes of the two cities, up 1.33%.

In addition to the index performance, the half-day turnover of the two cities reached 57.849 billion.

This turnover, compared with yesterday and even last few trading days, is at a normal average, and there is no obvious sign of increment.

And according to this amount can be performed.

It is enough to show that the current market, although the money-making effect is still relatively hot, and the hot hype hotspots such as hot concept stocks, hot concept plates, and new hot market lines are emerging in an endless stream, but on the whole, it is still in the stage of stock capital game, and the intervention of over-the-counter incremental funds is still insufficient.

After the midday close, we faced such a closing result and market trend.

There are broad groups of investors in the market, and the differences of opinion have widened significantly.

In terms of the index trend, some people feel that the Shanghai Composite Index will not rise to 2300 points, so it will have to fall back to 2200 points for further support confirmation; Some people feel that the Shanghai Composite Index at 2300 points is no longer under pressure, and the Shanghai Composite Index is trading sideways below 2300 points, but it is further accumulating the strength to break through; Some people think that the Shanghai Composite Index will continue to fluctuate sideways in the range of 2,200 to 2,300 points, while at the same time, the ChiNext Index and the Small and Medium-sized Board Index will replicate last year's trend, breaking through all the way up, completely breaking out of the Shanghai Index......

In terms of specific market trends.

Some people feel that the divergence of the line of 'big infrastructure' has expanded, the hype has ended, and it no longer has the value of participation, while the popular main lines such as 'film and television media', 'Internet application', and 'Internet software' have strong explosive power and there is a very high space for hype.

Some people feel that the market style has fully converged in the direction of small- and medium-cap concept stocks, and at this moment we should avoid all large-cap blue-chip stocks and embrace the small- and medium-cap concept stocks with a "beautiful story", and at the same time, they also believe that the core investment logic of the market is 'growth', rather than some logic such as 'dynamic valuation' and 'PE investment'.

After all, only the main line of "big infrastructure", which has the advantages of speculation logic, investment logic and valuation, can completely drive the large-cap stocks of the entire market, thereby driving Shanghai to break through and truly open up the market space, and the so-called concept hype and growth hype are just crooked ways, breaking through in the entire market, which is useless, and at the same time does not have sustainable investment.

Generally speaking, it is whether it is the direction of the index trend or the direction of the market style.

In this kind of market trend this morning, the divergence is huge.

Moreover, this difference of opinion is not only happening among the majority of retail investors, but also among the main institutional groups at the moment.

Among them, Yuhang Anzhao Fund chose to wait and see, waiting for further market rotation.

Yuhang Jingda Investment chose to bet heavily on the field of 'film and television media' to grab the largest market profits under the hot speculation.

Yuhang Minghui Capital chose to increase its position in the main line of 'big infrastructure' against the trend.

Yuhang Yinhua Public Fund chose to wait and see.

Yanjing Chenghua Public Fund chose to follow up with a balanced position.

Yanjing Anlan Fund Co., Ltd. chose to wait and see, and agreed with the view that the popular concept sector related to 'film and television media' is only a short-term emotional hype.

Modu Yinghui Fund Co., Ltd., two main fund products, and two major trading room fund managers, finally chose to abandon the main line of "big infrastructure" in a timely manner, and followed up the popular concept sectors related to "film and television media", believing that the market has reached the time for the investment style to turn.

Modu Xin'an Financial Investment Co., Ltd., on the premise that the company's main fund products originally obtained the relevant high-quality concept stocks before the announcement of the blockbuster good news of the 'film and television media', also continued to increase the chips in the direction of the 'growth stocks' of the small and medium-sized board and the gem on a large scale today, believing and promoting the transformation of market style.

Modu Zexi Investment Company, its main fund products followed up slightly, but the direction of heavy positions is still in the field of 'large infrastructure'.

Modu E Fund Asset Management Center, a number of hybrid investment products follow the direction of the small and medium-sized board and the growth stock of the gem, but at the same time, there are also many main fund products, and the key holdings are still on the main line of 'big infrastructure', with ambiguous views and inconsistent opinions of internal fund managers.

Shenzhen Xinniu Fund Company, Fang Xinsheng firmly believes that the market will quickly turn back to the direction of 'big infrastructure'.

Shenzhen Pingyin Asset Management Center, its main fund products have been following the direction of 'growth stocks' on the small and medium-sized board and ChiNext board on a large scale, and at the same time, it is also using the huge amount of its own funds to actively guide the market style and change to this aspect.

As for the Yuhang investment company that has attracted much attention from the market, has been speculated by the majority of investor groups, as well as many main institutional groups, the direction of the main fund is in the "big infrastructure", "military industry", "Internet finance" and other major main line areas, at this moment, in the main fund trading room, everyone returned to the trading room after lunch, staring at the market trading disk that has been fixed, after a brief review, for the next trading strategy suggestions, there are also quite different opinions.

(End of chapter)