"Indeed." Next to Zhou Kan, Xu Shen, who was also observing the opening situation of the market call auction, bowed his head slightly, and said, "The overall money-making effect of the market is improving, and at the same time, the main theme and emotional expectations are also continuing to deepen and develop. ”

"However, although the main theme and emotional expectations of the market are still gradually fermenting, it should still be difficult for the market to continue to break through, right?" Zhou Kan responded, "I feel that the market is still obviously lacking in terms of quantity and energy, and incremental funds are always insufficient." ”

"The change of quantity and energy has to be slowly driven by emotions and expectations." Xu Shen said, "This is not urgent, and it is useless to be anxious, but ...... If the active capital group in the market, or the real main capital group that dominates the development of the main line, is in a hurry here and forcibly induces the market to attack, it will be unfavorable for the subsequent market breakthrough. ”

Zhou Kan said with a smile: "I also think so, the Shanghai Index forced a breakthrough here, but it will induce more profit-taking orders and a large number of precipitated chips to sell and flee, which will lead to the chip structure in the main line of the market once again loosening and falling into structural chaos." ”

"Let's wait for the market to change." Xu Shen said, "At this time, it is better to be quiet than to move." ”

He believes that the market is here, and it will not adjust very deeply in the first place.

Secondly, in the market adjustment stage, the rotation of the high probability of hot spot conversion and money-making effect will still be derived and diffused around the two main lines of 'infrastructure' and 'military industry', and the fundamental investment logic will not change.

In this way, when the core holdings of the company's main fund products are already located in the two main lines of 'infrastructure' and 'military industry', there is no need to move the position.

"Good!" Zhou Kan responded.

Immediately, the eyes turned back to the two markets that were trading in the call auction.

I saw that after the market time slid to 9:17, the market trend pattern began to move further towards the "Eurasian Economic Belt", "Reform and Reorganization of Central Enterprises and State-owned Enterprises", "New Era Road, Maritime Silk Road" Several main line concept themes, and in the "Yinkou Port" slightly exceeded the expected one-word limit, the index of the "port shipping" industry sector also continued to move up with the passage of time.

At 9:18, the 'port shipping' industry sector index rose by more than 1%.

At the same time, the "machinery and equipment", "public transportation", "non-public transportation" several major industry sector indexes, in the case of the "port shipping" sector index rose, the high opening rose by more than 0.5%, at the same time, the "infrastructure", "military" two main areas of the core concept plate, the core industry sector is still maintained a flat shock mode.

As for the main area of 'technological growth'.

Due to the expected change in the opening of 'LETV', the 'film and television media' sector has rapidly climbed up from the vicinity of the industry sector that led the decline in the two cities.

9:19 a.m., the last minute of the initial call auction.

The 'LETV' fall limit was opened, and the call auction trend of the stock price continued to rise.

At the same time, the concept of "film and television media", "domestic software", "mobile games", "smart phone industry chain", etc., is also rebounding synchronously.

Subsequently, under a large number of false pending orders and continuous order cancellation.

The market trading time entered 9:20, and the two markets entered the real call auction link that could not be cancelled.

At the same time, the main line of 'science and technology growth', which was brutally killed by the market in the past two or so trading days, and the major sectors of 'film and television media', 'domestic software' and 'smart phone industry chain', have also shown a strong bottoming out trend.

As for the core industry sectors and concept sectors in the fields of 'military industry' and 'infrastructure'.

It continued to maintain a sideways trend, and the corresponding popular stocks and weighted core stocks shrank in the market performance of the call auction stage.

"Hey, the check of 'LeTV' is finally open."

Seeing the performance of the market after entering the real call auction link, at 9:21, in the Shenzhen market, inside 'Pingyin Asset Management', in the main fund trading room, fund manager Chen Shen finally breathed a sigh of relief, and turned his head to report to Liu Ziliang: "Mr. Liu, the disk liquidity of 'LETV' has recovered, and we ...... Is it possible to concentrate on liquidation and selling at this time? ”

"What about your opinion?" Liu Ziliang looked at Chen Shen with a smile and asked.

Chen thought for a while and said: "My opinion is to concentrate on selling, and then quickly adjust positions to the core main line of the market, and correct our previous wrong trading strategy, although from the current market, the entire 'technology growth' main line has ushered in the intervention of a large number of bottom-buying funds after the extreme decline in the past few days." ”

"At the same time, the check of 'LETV', after 2 consecutive falling limits, has also fully released certain negative expectations."

"However, in general, the investment logic and future expectations of the entire main line of 'technology growth' are completely loosened, and although there is a short-term rebound, there is a high probability that it will continue to adjust after the rebound."

"Moreover, the reason why today's 'technology growth' line can once again usher in large-scale capital dipping."

"First, because the entire main line of 'science and technology growth' has obviously overfallen in the short-term trend; second, it is a number of core industry sectors, concept plates, and many core weighted stocks in the two core main lines of 'infrastructure' and 'military industry', which are just in the midst of short-term adjustment, resulting in short-term speculation funds and choosing other hot directions to attack."

"Overall, however, ......"

"Whether it is in the sideways adjustment of the 'military', 'infrastructure' core industry sector and concept plate, or yesterday's new 'port shipping', 'machinery and equipment', 'transportation' and other plates, as well as 'Eurasian Economic Belt', 'new era on the road, the Maritime Silk Road', 'central enterprises and state-owned enterprises reform and reorganization' and other conceptual main lines, the hot diffusion of the entire market and the final speculation logic are still around the 'military industry',' The basic investment logic of the two main lines of infrastructure is unfolding, which shows that the core development direction of the market is still the two main directions of 'military industry' and 'infrastructure', and the line of 'technological growth'...... There is still no reversal logic and reversal hope in it. ”

"In this way, we are holding the main line of 'technological growth', and the position is still heavy."

"When taking into account the liquidity of the market at the time of playing."

"Then you can't hesitate, thinking about reducing the loss when you go out of the market through a short-term rebound of the 'technology growth' line, so as to miss the best time to stop loss."

Liu Ziliang heard Chen Shen's analysis, pondered for a moment, nodded, and responded: "That being the case, then don't hesitate, as long as the 'technology growth' main line stocks we hold have sufficient liquidity on the disk, then we will sell and reduce our holdings as many chips as we have." ”

"As for the conversion strategy, in this position, we will quickly increase our positions and undertake the ...... of core constituent stocks in the fields of 'infrastructure' and 'military industry'."

Liu Ziliang hesitated, paused, turned his eyes to the two trading team leaders, and asked: "Gao Yixiang, Wang Jinglun, what do you think?" ”

Gao Yixiang saw Liu Ziliang asking, his eyes hurriedly moved away from the two markets, and responded: "I think Manager Chen's suggestion is reasonable, the current market, whether it is from expectations, or from the sentiment, and the macro policy direction, 'infrastructure', 'military industry' is the main core direction of investment, and these two main lines, whether in terms of expectations, or technical trends, have not been fulfilled, with a high probability, the follow-up can continue to rise, we are involved in the adjustment of positions at this time, in fact, the risk is not very great." ”

"But ......"

Speaking of this, Gao Yixiang thought for a while, and said: "I think if we want to fully adjust our positions to the two main areas of 'infrastructure' and 'military industry', the specific target stock landing point can actually be considered in combination with the main lines of the 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road' and 'Reform and Reorganization of Central Enterprises and State-owned Enterprises', which have just been hyped and expected by the market." ”

"I feel that the main conceptual themes of the market will fall in the future, and there is a high probability that they will be in these aspects."

"At the same time, the recent market policy direction has also been blowing in this direction."

"In fact, due to the continued sluggish performance in the past few years, as well as the abandonment of the investment logic of the entire market for blue-chip weighted stocks, the current major institutions do not have many positions in these tickets, and the overall institutional positions are also low."

"In general, it is to take advantage of the two main lines of 'infrastructure' and 'military industry', and encounter short-term profit-selling pressure here, as well as index point pressure, for us, it should be a good time for strategic adjustment and position adjustment and stock exchange."

"Well, that makes sense." Liu Ziliang bowed slightly, and his eyes turned to Wang Jinglun again.

Wang Jinglun thought about it and said: "I think what Manager Chen and Team Leader Gao said is quite reasonable, the current node, we must be decisive, but I think the target stock of the position adjustment should be more precise, the current market played several core concept themes." ”

"'Eurasian Economic Belt', 'On the Road of the New Era, Maritime Silk Road' two conceptual themes."

"Its fundamental logic is expected to improve the entire 'infrastructure' industry, and the growth of external demand, at present...... There is a certain amount of room for this expectation logic, but the realization of expectations is actually relatively slow and has considerable uncertainty, that is, the intensity of expectations is very limited. ”

"On the other hand, the main theme of the concept of 'reform and reorganization of central enterprises and state-owned enterprises'."

"As long as the corresponding stock has the expectation of reform and restructuring in this regard, then the realization of this expectation will be extremely strong and fast."

"Just look at the current market, the hotly hyped 'Chengfei Technology' can be known."

"So, my advice is...... In terms of the rebalancing target, we should first select stocks with the expectation of 'reform and reorganization' in the two main areas of 'infrastructure' and 'military industry'. ”

"In the so-called current market, a number of blue-chip stocks in traditional industries, although they have taken the macroeconomic policy policy express of the 'Eurasian Economic Belt' and the 'New Era Road and the Maritime Silk Road', and have the expected space for the growth of external demand, but the growth of domestic demand in the entire traditional industry is limited, and the current situation of not seeing the inflection point of the industry's recovery is still not seen, and it is difficult to support the continuous breakthrough of stock prices by relying on the investment logic of the expectation of external demand growth."

"Only by inserting the wings of 'reform and reorganization' that can seriously catalyze the company's fundamentals and growth expectations."

"That's what will make the stock price soar and get out of the magnificent upward trend."

"This investment logic analysis is not bad." After listening to Wang Jinglun's analysis, Liu Ziliang showed obvious appreciation in his eyes, and said with a smile, "Okay, since everyone has the same idea, then according to what Manager Chen said, with the maximum and fastest time, we will comprehensively cut the chips of the main line of 'science and technology growth', correct the previous trading strategy, and change the way of thinking after quickly cutting the position and stopping the loss and recovering the funds, and quickly layout the ones that are still at a low level, with the basic investment logic of 'infrastructure' and 'military industry', and at the same time have ' The core target stocks of the reform and restructuring of central enterprises and state-owned enterprises are expected. ”

Seeing that Liu Ziliang was able to admit the mistakes of his previous trading strategy, and was able to absorb everyone's opinions, change the overall direction of fund layout, and re-embrace the core main line of the market.

In the trading room, Chen Shen, Gao Yixiang, and Wang Jinglun were still quite impressed.

After that, immediately after that......

Under Liu Ziliang's signal, Chen Shen turned his eyes and immediately began to instruct the traders in the trading room to quickly place orders, execute according to the latest trading strategy, and adjust the main position structure of the fund.

With the change in the trading strategy of the main institution of 'Pingyin Asset Management'.

In the last three minutes of the call auction time, a huge number of main sell orders emerged on the disk of many core concept stocks, which continued to suppress the rising stock price.

Among them,Call auction matching combined documents have accumulated to 32,000 hands,The stock price rebounded all the way from the falling limit to the 6.8%decline of'LETV',In the case of "Pingyin Asset Management", which holds a large number of "LETV" stock chips, the institution decisively sold off, at 9:24, the stock price fell back to near the falling limit, and on the disk, the matching of synthetic orders broke through to the 53,000 hand level in one fell swoop.

Finally, when 9:25 a.m. arrived, the call auction between the two cities ended.

I saw that the Shanghai Index, the Shenzhen Index, and the ChiNext Index were all open near the flat.

However, although the major indices of the market are only flat and the performance is not shocking, the specific performance of the two markets is obviously turbulent.

(End of chapter)