"In the direction of the weight of the main board, in the past year or so, the weight of the positions of various institutions in the industry has not only decreased." Liu Ziliang emphasized, "As far as I know, many industry institutions have no position weight in the main board weighted stocks, except for a small part of the bottom positions that must be held. ”

"Money is like flowing water, and it is normal to go where to make money." Mr. Gao of E Fund said with a smile, "The direction of the main board weighted stocks is insufficient, the growth space is insufficient, there are too many chips deposited in the hedging market, and there are too many continuous incremental funds required in the market-driven market, and the 'value recognition' of the entire market investor group for the entire weighted stocks is too low, which makes it extremely difficult to speculate in the market in the direction of the weight, and at the same time, it is ...... In addition, the overall volume of the market is insufficient, and the amount of active funds and new funds is extremely limited, where can it support the main line market speculation in the direction of weight? It is not normal for the funds gathered by all parties in these weighted directions not to escape. ”

"After the shape and expectation of the market have changed in the past two years, there should be a fundamental change in the entire investment ecology of the domestic market, right?" Mr. Shan pondered for a moment and said, "I feel that the road of 'value investment' has never been feasible in China. ”

Mr. Ning of the investment strategy department of CEFC Securities smiled and agreed: "It must not work, the US financial trading market, has been developed for 100 years, has long been a mature market ecology, and in the market, the most important investor groups involved in the transaction are institutional investors with a relatively complete trading system. ”

"On the other hand, the domestic market ......"

"In the case that the development of our fund industry and asset management industry is in its infancy, the absolute proportion of market investors is still dominated by retail investors, and it is not a joke that retail investors account for 90% of the investor weight in the A-share market, in essence."

"When the retail investor group occupies an absolute proportion position in a financial trading market."

"Since the vast majority of retail investors do not have sufficient experience and investment knowledge in financial market trading, let alone a mature trading system and the so-called awareness of the value of securities, then ...... The fluctuation of the price of securities is destined to be separated from the central system of value pricing and kidnapped by emotions. ”

"Similarly, due to the weakness of human nature, under the limited cognition, it has become the norm for retail investors to chase up and down."

"It is also because of this kind of group chasing up and down."

"Therefore, the investment ecological environment of our A rising market is always short bulls and long bears, over-rising, and over-falling, and it is difficult to have a sustained long bull and slow bull market like abroad."

"Well, it's still Mr. Ning's analysis thoroughly." Liu Ziliang was very appreciative of the analysis of Mr. Ning of the Strategic Investment Department of CEFC Securities, took over with a smile, and continued, "Indeed, although the system of 'value investment' is good, it is destined to be unsuitable in the current environment of our A-share market. ”

"This investment system really wants to be realized in A-shares."

"At least the domestic asset management industry has become more and more mature, the institutional investment group has begun to occupy a dominant position in the market investor group, the retail investor group has gradually declined, and the fund industry has developed greatly, and the road of 'value consensus' can be realized, and the 'value investment' theory of Ba Lao can also be applied in the domestic financial trading market."

"Before that, the domestic trading market should still be unable to get rid of the investment environment and investment ecological pattern where emotions dominate stock prices, bulls are short and bears are long."

"Therefore, at this time, whoever still holds on to performance-weighted stocks, talks about 'value investment', and talks about performance expectations, is really stupid." Mr. Shan agreed with the analysis theory of the two very much, smiled, and said, "In the case that market sentiment is the most important dominant factor in stock prices, concept hype, various story meetings, and emotional expectation hype ...... Naturally, it has become the real mainstream in the development of the market. ”

"In fact, this is essentially the real hype logic of the main line of the Shenzhen market's 'concept growth stocks', right?" Mr. Gao of E Fund pondered for a moment and said with a smile.

"Naturally." Liu Ziliang nodded in response, "To talk about expectations, to talk about concepts, to tell all kinds of stories, the promising prospects in the emerging industry field of 'smart phone industry chain' and 'mobile Internet' are undoubtedly the best breeding ground in the entire market." ”

"And we can already feel ...... clearly"

Liu Ziliang paused, glanced around at a few people, and then continued: "More and more major institutions in the industry, and even many large investors in the industry, have formed a very strong consensus expectation in these fields. ”

"It seems...... The era of PE investment is destined to pass. Mr. Shan of Huarui Public Fund Company sighed, "And a new market investment ecology is taking shape." ”

Liu Ziliang nodded and responded with a smile: "The new market investment ecology has arrived a long time ago, otherwise in the past two years, why would the trend of the Shenzhen Growth Enterprise Market and the small and medium-sized board index be significantly stronger than the Shanghai Index and the Shenzhen Index?" Looking at the entire market, the Shanghai Composite Index is still looking for the bottom, feeling the bottom, and is still crawling in the quagmire of the bear market, while the ChiNext Index and the Small and Medium-sized Board Index have obviously walked out of the bottom of the bear market and are excited. ”

"After my thinking during this time......"

"Whether it is from the ecological situation of the market investment group, or the fundamentals of the development of various industries, or even the changes in the macro economy and macro policies, or the emotional reaction of the overall market, the obvious position adjustment trend of the main institutions in the industry, as well as the most basic K-line pattern trend, the flow of active funds in the market, and the amount of funds following the trend can be biased...... According to the analysis of various factors, the market will inevitably revolve around the two general directions of 'smart phone industry chain' and 'mobile Internet' in the general direction of the market. ”

"In these two directions, no matter how you look at it, they all have long-term investment logic and have enough hype factors."

"Speaking of which......"

Liu Ziliang smiled and continued: "Mr. Su of 'Yuhang Investment' is really keen on the market, and in terms of trading operations, there are indeed some things, and he was able to fully tap these two main investment lines last year, and fully captured the profits on these two main investment lines. ”

"It's just that this Mr. Su, in my opinion...... In terms of the macro pattern, it is still a little worse. ”

"In the case of occupying the core bargaining weights of these two main investment lines, the other party has not been able to consistently drive and hype these two main lines, but at the critical moment, a large-scale comprehensive reduction of positions has poured into the main board 'big infrastructure' The weight of the main line."

"In my opinion, this is the main line area where the overall investment sentiment of the market is the hottest, and it is also the main line area with the strongest expectations of all investment groups inside and outside the market, and the choice of the main line sector with a clear lack of expected consensus, conceptual hype and story expansion is extremely difficult, and it is difficult to arouse the overall resonance of the market investment group.

"The direction of market development has always been to change in the direction of least market resistance, which is the so-called macro trend and long-term trend."

"And there is no doubt about it, according to the changes in the market in the past two years."

"The macro market trend, as well as the long-term direction of the market development, is in the 'smart phone industry chain' and 'mobile Internet' on the two main lines of investment."

"The 'Yu Hang Department' is now moving against the trend, and in my opinion, it is a matter of time before the performance altar falls and the investment myth is shattered."

"Mr. Liu said it well!" Mr. Shan of Huarui Public Fund agreed very much, and raised his glass to Liu Ziliang with a little excitement, and said, "This person is too young after all, and he has seen too few market storms...... The higher this man climbs, the harder he falls. ”

"The investment method of the 'Yuhang system' is originally a gambling investment method, which is extremely risky." Mr. Gao of E Fund said, "If you bet on the right direction and the right outlet, you will naturally make huge profits, but if you bet wrong, you will also lose a lot of money, and you will fall from the clouds into the abyss in an instant. ”

Mr. Ning of the strategic investment department of CEFC Securities pondered for a moment and said: "Judging from the recent trading actions and market public remarks of the 'Yuhang Department', the other party really wants to leverage the market and drive the line of ...... 'big infrastructure' to rush out. ”

"Young people, it is inevitable to be vigorous, and they feel that once they succeed, they will be the gods of the world." Mr. Shan smiled and said with a little contempt, "I don't know how to fear the market at all!" ”

"However, it is precisely because of the main capital of the 'Yuhang Department' that we can obtain relatively low core chips on the line of 'concept growth stocks' in the Shenzhen Stock Exchange." Liu Ziliang thought for a while and said, "In this regard, the other party can be regarded as helping us, temporarily suppressing the market's sentiment in this direction, and providing a higher space for the market outlook and emotional speculation." ”

"Haha, Mr. Liu said that, but there is some truth." Mr. Shan thought about it for a moment and laughed.

"According to Mr. Liu's analysis just now, in the follow-up on the line of 'concept growth stocks' in the Shenzhen market, especially in the field of 'smart phone industry chain' and 'mobile Internet', your 'Pingyin Asset Management Department' is planning to continue to increase positions and continue to short, right?" Mr. Gao of Yi Fangda's eyes were bright, guessing Liu Ziliang's inner thoughts, "Mr. Liu, is this going to leave us a mouthful of soup to drink?" ”

When Liu Ziliang heard Mr. Gao's words, a smile instantly appeared on his face, and he said: "What Mr. Gao said, how can we, 'Pingyin Department', have the ability to force short, and we can't rely on your 'E Fund' to dominate and trigger the market market, so we can drink soup in the back!" ”

"Mr. Liu's words, I should say it to Mr. Ning, we are a small family, and we don't have the ability." Mr. Gao smiled, and his eyes instantly turned to Mr. Ning of the strategic investment department of CEFC Securities.

Mr. Ning responded with a smile: "We can only follow the trend, how the market trend goes, how we adjust the trading strategy, all the market performance, that is the reasonable capital of all parties, it is impossible to say which side of the main institutions of the influence, in essence, no one has this ability." ”

"Haha......"

Hearing Mr. Ning's words, everyone at the banquet laughed in unison, and they all understood the meaning behind this sentence in their hearts.

As the dinner continues, everyone is in the exchange, the views on the follow-up market collision are becoming more and more consistent, the same is the same for the "Yu Hang Department" led by the "big infrastructure", "military industry" and other main board weight direction, it is also more and more pessimistic, and they feel that the "Yu Hang Department" is destined to be abandoned by the core of the market this time, and go to the opposite side of the market trend development.

At the same time, everyone is also happy to see the 'Yuhang Department', which is on the cusp of the industry and has extraordinary influence, fall off the altar of performance and become mediocre.

However, financial markets have always been two sides of the same coin.

The same thing, the same trend pattern, some people see opportunities, and naturally some people see risks.

At this moment, in a villa in Yanjing, Liao Guanghua, general manager of the proprietary investment department of China Commercial Securities, after in-depth analysis of the market with Zhang Guangnian, chief analyst of the company, and various subtle news changes on the market news, is more and more determined to increase the investment strategy in the direction of the main line of 'large infrastructure'.

"Lao Zhang, your view of 'people abandon me to take, buy from others and dislike dogs, and sell to you to fight for me' is very novel!" After Liao Guanghua made up his mind, he couldn't help but praise what Zhang Guangnian said in the market analysis just now, "The 'Yuhang Department' is almost openly heavy on the line of 'big infrastructure', and there are indeed some things to bet on it!" This kid surnamed Su is aimed at the direction of the main board of the entire market, only the line of "big infrastructure" has a strong macro expectation logic, and only this line can lead the market to make a rapid breakthrough! ”

Zhang Guangnian said with a smile: "Not only that, this guy dares to show his cards publicly, much more than you think, I guess he guessed that the direction of the regulatory level at this moment is under considerable pressure, and he urgently needs to quickly launch a round of bull market to solve the dilemma of market financing." ”

"To put it bluntly......"

Zhang Guangnian's eyes were sharp, and he exclaimed: "This guy is waiting for the 'national team' to enter the market to increase his position, and drive the market to lift a sedan chair for him!" ”

(End of chapter)