"Hehe, it's possible." Hearing Zhang Guangnian's words, Liao Guanghua smiled and responded, "The first fire in this market, if you want to burn up, under the huge pressure of the regulators, institutions like us, if you don't do something, I'm afraid it won't be justified." ”

Zhang Guangnian bowed slightly: "Frequent offline investment strategy meetings, macro guidance from the regulator, there will definitely be, although in the end everyone will not say it clearly, but they are all in one system, and we can't help but talk about human feelings and relationships." ”

"So!" Liao Guanghua sighed helplessly and said, "Instead of waiting for macro guidance, it is better for us to take the initiative, at least now we take the initiative, and we can still occupy relatively low-priced, high-quality target chips, and at the same time...... It can also leave a good impression on the leaders that take the overall situation into account. ”

"The A-share market, in the final analysis, is still a policy market."

"'Yu Hang Department' this wave of public signs, in the field of 'big infrastructure' big gamble, not so much to see the general direction of this line investment logic, it is indeed better to pinch the seven inches of the regulatory layer at this time, knowing the next market policy direction and good wind direction, will definitely continue to blow on the line of 'big infrastructure'."

Zhang Guangnian nodded and smiled: "This Mr. Su's investment vision and trading strategy, in the macro pattern of the market, is indeed not to be underestimated, today's Mr. Su published on the Internet The market analysis article is actually quite good, but it is just ...... There shouldn't be many people who can really recognize the value of this market analysis article. ”

"Hmm!" Liao Guanghua nodded, "I heard that at today's Modu offline investment strategy meeting, the vast majority of the industry managers attending the meeting are more optimistic about investment opportunities in the field of emerging economic industries. ”

Zhang Guangnian smiled and said: "At the strategy meeting, Mr. Liu, who is mainly from the 'Pingyin Department', is speaking, of course...... It is also true that we are more optimistic about the investment opportunities in the emerging economic industry of the market, after all, in the direction of the weight of the main board, to talk about the concept and story, the imagination space is indeed poor, and at the same time, the weight of the stocks, the circulation is large, the hedge plate is deep, and it is quite laborious to pull it up, so it will naturally not be popular. ”

"However, pro-cyclical investment and counter-cyclical investment follow different logics."

"In the field of emerging economy industries, although the market expectations are high, the concept and story are strong, but in the same way, the current valuation level is also high."

"It is said that the current market has entered the stage of emerging investment logic."

"Many people threaten that 'value investment' is destined to be unsuitable in our A-shares, and threaten to see PE investment as an old-fashioned evil road."

"But I don't know that the 'security value' is not a constant price range."

"It's one of the most important criteria for the valuation of securities."

"Due to the influence of market sentiment, the price of securities in the short and medium term will indeed be completely detached from the fundamentals, but if the timeline is extended, the 'value' will still return."

"In terms of the current market speculation of the hot 'smart phone industry chain' and 'mobile Internet' two emerging economic industries, no one doubts that these two areas will continue to be prosperous in the next two or three years, but because everyone is optimistic, so these two areas, up to now, it is difficult to have obvious differences in expectations."

"And once there is no room for expected differences, there will naturally be no excess investment profits on valuation fluctuations."

"After all, the stock price is in the short and medium term, and it still depends on expectations to feedback."

"However, on the other hand, at present, all institutions have reduced their positions and exited the market, and the volume of energy has shrunk to the historical extreme position of a number of main board weighted traditional fields, although on the whole, the investor group's expectations for these areas are very pessimistic, but the same valuation performance is also at the most pessimistic historical low valuation position."

"Low expectations, plus low valuations."

"Once the strong hurricane of policy blows, once the development of its industry fundamentals is reversed, then the upside potential space that erupts in its field is also quite huge, and it will instantly form a 'Davis double-click' trend of valuation improvement and investor expectation rise."

"I think the same thing as you." Liao Guanghua said, "Moreover, there is another point, in addition to the changes in policy and fundamentals, in the technical analysis of the market, the line of 'large infrastructure' has the potential to continue to break out." ”

"In April, and in early May, there was a wave of positive market trends."

"The line of 'big infrastructure', under the strong effect of the 'Yuhang system' funds, has played a good leading role in the entire market, and after a period of continuous pull-up, over the years, the huge hedging chips on this line have been loosened a lot."

】

"This is the chip structure advantage that other traditional main line areas do not have in the direction of the main board."

"So, ah......"

Liao Guanghua paused and said: "Next, if the regulator wants to really create a wave of sustainable market, the direction of macro guidance will inevitably be the line of 'large infrastructure', and at the same time, only this line can carry a huge amount of 'state-owned assets' and complete some of the goals of the senior leaders in the 'reform and reorganization of state-owned enterprises and central enterprises' and the 'new Silk Road at sea and on the road'." ”

"Agreed!" Zhang Guangnian said with a smile, "Therefore, ...... the current card played by the 'Yuhang Department', although the recognition of all parties in the industry is not high, everyone is reluctant to enter the market to increase the position of this capital sedan chair, so as to quickly begin to concentrate on the emerging economic industry, in a vain attempt to open up the situation in other main directions, but it is undoubtedly to hit the heart of the regulator, for the regulator to find a breakthrough node." ”

"Haha......" Liao Guanghua laughed, "It seems that the legend of the 'Yu Hang Department' will continue!" ”

"This main fund has been standing in the 'right direction' of market trend development, and there is no reason not to succeed!" Zhang Guangnian said, "However, there are many people who are popular, and the higher they climb, the more painful they are...... In the face of unpredictable financial trading markets, no one can always stand in the 'right direction' of market trends. ”

Liao Guanghua nodded and said: "That's right, concentrated investment is an evil path after all, I just hope that this kid can understand and understand this after he really grows up!" ”

The two chatted about small talk......

And the market time, also in the small talk between the two, quickly slid forward, and it was time for the peripheral market to open.

As a whole, the sentiment of the global market recovered during the day, the U.S. stock market opened slightly higher, and a series of technology giants stock prices trended strongly, among which Apple rebounded quickly and continued to recover the losses in the early stage, and a series of Apple industry chain stocks, as well as the entire smartphone industry chain stocks, have also all been out of the weak state in the early stage, following the stock price trend of Apple, out of a strong rebound.

In the face of the trend of U.S. stocks opening higher and moving higher, and the pattern of 'technology stocks' leading the market trend.

At this moment, whether it is a group of retail investors who are optimistic about the direction of 'concept growth stocks' in the Shenzhen Stock Exchange, or even a group of investors who hold positions, as well as institutional groups that are optimistic about investment opportunities in the field of emerging economic industries, or institutions such as 'Pingyin Asset Management', which have been deployed on a large scale in emerging technology fields such as 'smart phone industry chain' and 'mobile Internet', their confidence in holding shares and investment confidence is further rising.

And under such emotional interpretation.

In the evening, late at night, and during the day, a number of 'Apple industry chain' stocks, as well as core hot stocks in the fields of 'film and television media' and 'mobile Internet', have once again climbed to the top of the hot stock discussion list in the two cities, and even many people have begun to place orders late at night to snap up chips related to core stocks.

However, under the fiery emotional reaction of the crowd and the heated topic discussion.

The next morning, when everyone woke up, they found that after the U.S. stock market opened high at the beginning of the session, at the end of the second half of the night, it dived again to recover all the intraday gains, and the K-line pattern became a relay yin cross, causing the entire trend pattern to change from a clear rebound to a less certain downward relay, or a downward trend continuation pattern.

In short, in the morning pre-market phase of the A-share market.

Affected by the trend of U.S. stocks, everyone's original confidence has suffered a huge impact.

Of course, when the trend of the U.S. stock market is obviously lower than the expectations of the majority of domestic investors, the 'technology stocks' that everyone is more concerned about, the so-called emerging economy industry investment field, are still performing relatively well, and a series of Internet technology stocks listed in the United States, as well as smartphone industry chain stocks, have maintained a continuous rebound trend, out of the performance of the broader market index is significantly stronger than the market index.

And in addition to these simple external market trend effects.

Before the market opened, close to 9 o'clock in the morning, the main institutional groups of all parties in the market, and even many financial investment institutions, the so-called chief investment advisers, analysts, and well-known fund managers within their internal pre-market analysis, analyzed their views, and still pointed directly to the two major emerging economic industry areas of 'smart phone industry chain' and 'mobile Internet', indicating that the main line of 'concept growth stocks' in Shenzhen will still be the most core main line investment area for market development.

Among them, the Shenzhen market, 'Pingyin Asset Management', the core main institution in the market.

In addition, the positions of a number of proprietary funds and public funds were disclosed before the market, indicating that they will continue to be optimistic about the market of emerging economic industries such as 'smartphone industry chain', 'mobile Internet', and 'film and television media', as well as the future business and performance development of their related core companies.

Guided by the investment views of these groups, as well as the trend performance of a number of technology stocks in the peripheral market.

Before the market, the majority of retail investors in the market, as well as many medium and large investor groups, in the market view of the upward, also began to be greatly affected, no matter the hot spots of discussion, or the eyes have converged more on the 'smart phone industry chain', 'mobile Internet', 'film and television media' and other emerging economic industry main areas.

"Boss, the overall emotional reaction of the market has shown signs of becoming more and more biased towards the main areas of emerging economic industries such as 'smart phone industry chain', 'mobile Internet', and 'film and television media'." At 9 o'clock in the morning, that is, about fifteen minutes before the market, within Yuhang Investment Company, in the main fund trading room, Wang Can, the head of the trading team, constantly refreshed the news on the computer interface, and reported to Su Yu who walked into the trading room, "This sentiment turned a little fast, the main board direction of a number of traditional main line investment areas, except for the main line of 'big infrastructure', yesterday's outstanding performance of several popular leading concept stocks, basically there is no topic of heat, I feel that under this emotion, today's opening of the Shanghai Index trend is not good." ”

Su Yu sat in front of his own computer in the trading room, and carefully refreshed many market news and the hottest topics in the general discussion of retail investor groups, and responded: "How do you say a sentence? At this moment, the overall sentiment of the market is to the relatively high level of market speculation in the "Apple industry chain", "mobile Internet", "film and television media" these emerging economic industries converge, then after the opening, under the high-pitched pre-market expected sentiment, the more space there is in the intraday. ”

"Don't worry too much about ......"

Su Yu said this, paused, and continued: "This kind of market sentiment reaction is, in fact, better than we expected. ”

The stronger the pre-market sentiment, the more difficult it is to hit the intraday expected space and stock price height after the opening.

In particular, the overall trend of the current market has not made a macro breakthrough, that is, the market incremental funds are insufficient, the overall investment confidence is not high, and the overall market liquidity and trading volume are also limited, so ...... In this situation, it is difficult to go high if you open high in an all-round way supported by short-term emotions.

On the contrary, the sentiment expectation is reduced, and they plan to attack the "Internet finance", "Ahri Baba concept", and even the "big infrastructure" small and medium-sized popular concept stocks on the market, the current heat is not high, and once the funds are strongly attacked, it is easier to open up the money-making effect and stock price upside.

"Agreed!" Li Meng smiled, very much agreed with Su Yu's words, and said with confidence, "LETV was so big yesterday, and it was so obvious that it was a dominant situation on the Dragon and Tiger list, the hotter the stock was before the market today, the higher the opening range, the greater the pressure on the disk, the greater the pressure on the disk, I don't believe that yesterday's attacking institutional funds, today can still be as strong as yesterday's strong closure of this stock." ”

"If the other party continues to buy, I'm afraid it will touch the 5% line, right?" Zhao Lijun answered.

"Master, we should still have a lot of positions on the check on LeTV, right?" Liu Yuan pondered for a moment and asked.

Although the trading team she managed had basically sold off the chips of this check, she remembered that Su Yu was still more optimistic about this stock before, and in the position structure of the 'Yuhang No. 1' fund, the weight of the position of this check was increased.