He Hong heard Xu Zhongji's analysis, pondered for a while, and felt that it was indeed quite reasonable, and responded: "In this case, then we don't have to wait for the corresponding target stocks to continue to callback, and directly in this position, just fill the positions of our main fund products, right?" ”

Xu Zhongji pondered for a while and said: "Although according to our market analysis and expected judgment, the core main line of the follow-up market will most likely revolve around the two main lines of 'infrastructure' and 'military industry', but the financial trading market is ...... In general, there is still no 100% certainty of investment opportunities, and at present, our fund products have more than half of the positions in the fields of 'infrastructure' and 'military industry'. ”

"Based on the weight of this position, it is definitely considered a heavy position."

"In order to prevent extreme risks in the market, or unpredictable extreme bearishness in the fields of 'infrastructure' and 'military industry', it is still necessary for us to diversify some positions in other main areas, and at the same time, it is better to maintain the highest holding line of the fund holding line not higher than 85%."

"Of course, that's ...... In the direction of the main line of the market, more and more concentrated in the 'infrastructure' and 'military industry', it is bound to affect the net value performance of some of our funds, but correspondingly, the net value curve should be more beautiful. ”

"In fact, as long as we control the drawdown, the net value of the fund can rise steadily."

"Even if the absolute net value of the company's fund products is not particularly outstanding, it can still make investors who buy our fund products feel at ease to hand over their money to us."

"...... vs. Aggressive Trading Strategies"

Xu Zhongji said this, paused, and continued: "I always believe that in this market, it is more important to live longer than to live better in the short term. ”

As a veteran of the financial trading market, he has been in the stock market for nearly 20 years.

In the past 20 years, he has seen many fund managers with short-term performance, however...... 99% of these fund managers with explosive short-term performance ended up being flat, and only he, who has never been very outstanding in product performance, but the veteran who has relatively good drawdown control of fund products, has had the last laugh in the extreme stock market crashes again and again, and at the same time brought 'Minghui Capital' to the current asset management scale.

In the financial trading market, there is an old saying.

It is called 'twice a year, like a carp crossing the river; Twice in three years, but like a few Morningstars, many investors rarely consider the drawdown of asset size with the help of compound interest.

You know, from 500,000 to 1 million, you need to double.

But from 1 million to 500,000, only a 50% drawdown is required.

If the drawdown is not well controlled, in Xu Zhongji's view, it is not a qualified fund manager.

Therefore, in his trading thinking, no matter how optimistic he is about a main line market, no matter how optimistic he is about a stock, he will not attack with 100% of his position, and will always leave a little available cash, or partially disperse his positions, so as to eliminate the extreme sudden risk of a very small probability in the market.

After all, although the probability of a 'black swan' event is extremely small, once it happens, its lethality is quite amazing.

"Good!" He Hong nodded, "Then let's maintain the current dynamic position first, continue to observe the subsequent market changes, and wait until the market comes out of the new market hotspots and new wind directions, we are making appropriate adjustments." ”

Xu Zhongji bowed slightly, and at the same time looked at the market 'science and technology growth' on the main line of several popular stocks, thought about it, and said: "However, ...... the positions in the main line of 'science and technology growth', if there are still unfinished positions in our fund products, all positions can be cleared." ”

"Mr. Xu thinks that the main line of 'technological growth' will not have any more market performance in the future?" He Hong asked.

Xu Zhongji responded: "The main logic of the line of 'technology growth' has completely collapsed, and the performance of many growth stocks has not kept up, and the realization of expectations has become a problem, and at the same time, it has ...... In the whole main line of 'science and technology growth', due to the year before last and last year, from the 'smart phone industry chain' to 'mobile Internet', and then to 'Internet finance', until the end of last year and the beginning of this year's 'technology growth', the whole main line of hype logic has lasted for almost two years. ”

"Compared with the whole market, other core main lines ......"

"For example, the core main areas such as 'big finance', 'big consumption', 'cycle', 'medicine', 'agriculture and animal husbandry', and a number of growth stocks in the main line of the entire 'science and technology growth' are all valued high, which can be said to have already reflected too high expectations, even if the follow-up performance can barely keep up, there is not much difference in expectations."

"Of course, what is more worrying is the whole 'science and technology growth' main line, in the market speculation and market performance for two consecutive years, a large number of institutional positions have been gathered, you look at many core institutions in the industry, the main promotion of a number of 'technology growth mixed investment' products to know, the current institutional group in the 'technology growth' main line of the field, basically or heavy position."

"This kind of main line of institutional collective heavy positions will collapse once the investment logic is loosened and collapsed."

"Well, the adjustment will be very miserable."

"At least in the short and medium term, with the community's bargaining chips, it is difficult to continue to concentrate and consolidate the bargaining chip structure in the main line of 'technological growth'."

"Although the current main line is somewhat over-falling, it has the basis for a short-term rebound."

"However, from the perspective of long-term investment logic, a number of major institutions inside and outside the market will definitely continue to reduce their positions in the line of 'science and technology growth', so as to continue to increase their positions in the two main lines of 'infrastructure' and 'military industry', as well as follow the 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road', 'Reform and Reorganization of Central Enterprises and State-owned Enterprises', which are strongly supported by the main line of macro policies."

"And predictably ......"

"The follow-up market trend, the core market landing point, is still on the Shanghai Index."

"Although the purpose of our trading strategy is not to put all our eggs in one basket, we must also fully avoid the weak main line areas in the market where the money-losing effect is the strongest and the investment logic has obviously collapsed."

"Got it!" He Hong responded.

Immediately, according to Xu Zhongji's analysis of the market and the delineated trading strategy, he instructed the traders to further clear the chips in the main line of 'technological growth'.

And at the same moment, another place in Yuhang, Jingda Investment Inside.

In the main fund trading room, fund manager Lin Tingzong stared at the big screen of the trading room, watching the Shanghai Index slowly retreat to around 2400 points because of the obvious shortage of market volume and undertaking funds, but at the same time, it ...... the two main lines of "infrastructure" and "military industry", as well as the main lines of the extension of the "Eurasian Economic Belt", "New Era Road, Maritime Silk Road", and "Reform and Reorganization of Central Enterprises and State-owned Enterprises". The main line of science and technology growth did not usher in a rebound trend under the bottom of the capital after the short-term over-fall as he expected, and his brows couldn't help but wrinkle significantly.

"Lao Lin, I feel that the market trend seems to be a little different from our expectations!" When Lin Tingzong was observing the market trend, Gu Chijiang, the general manager of the company standing beside him, also frowned slightly, and said, "The over-falling rebound trend of the line of 'science and technology growth' has not been formed, and the core sectors in the main line of 'infrastructure' and 'military industry', as well as the core stocks, have not formed a pullback trend, this trend is ...... Our current position, as well as the original trading strategy plan, are not very good! ”

Lin Tingzong nodded and responded: "The market trend is indeed a little different from our previous expectations, the line of 'technological growth' is weaker than I expected, and the two main lines of 'infrastructure' and 'military industry' have been able to maintain a strong sideways shock at a high level in the intraday, and even near the new high position of this round of rebound, which is also stronger than I expected, hey...... It seems that the combined force of market funds is coming faster than we thought. ”

"Hmm!" Gu Chijiang nodded and asked, "Now...... What should we do? ”

Lin Tingzong thought for a while and said: "'LETV' check is on the third drop limit today, after being pried by a large number of funds, it failed to pull red, and after 10 o'clock, it was sold one after another, and the stock price was smashed back to near the price of the drop limit, which shows that the internal selling pressure of this check is still extremely great, and its main funds, as well as many institutional holding groups in this stock, and even the entire 'technology growth' main line of the main line of position reduction, liquidation motives, than we expected, more resolute. ”

"Since a large number of investment institutions have been gathered in the field of 'technology growth', they have chosen to flee this field."

"Then we have nothing to hesitate about."

"After all, in the final analysis, the market is driven by the fundamental role of capital."

"When a core main line, the main capital group is not optimistic at all, and is in a state of comprehensive collapse and position reduction, then no matter what, there is little hope for the market in the short and medium term of this main line."

"Fortunately, the line of 'technological growth', although it failed to form a 'super fall rebound' trend today."

"However, due to the intervention of a large number of bottom-buying funds at the beginning of the market, as well as the relatively good money-making effect and speculation support of the entire market, the overall liquidity of this line is not bad.

"It's just...... Compared to the cost of our intervention, it is a bit of a busy time. ”

Gu Chijiang listened to Lin Tingzong's analysis, sighed lightly, and said: "The financial trading market, pay attention to the joint effect of capital and expectations, emotions, and do not take personal will as the transfer at all, since the entire main line of 'scientific and technological growth', under the comprehensive collapse of the'LeTV', the logic of expectation and investment have collapsed, and at the same time, the main funds are also fleeing in an all-round way, then we naturally have nothing to be nostalgic about, I agree with your opinion, let's cut positions comprehensively, while we are in' Technology growth's position, and a little profit. ”

For the financial trading market, which is constantly changing.

Since the previous trading strategy is wrong, it is necessary to correct it decisively.

Otherwise, has been under the wrong trading strategy to insist, the subsequent losses will only be greater, the so-called want to live in the financial trading market for a long time, then you must know the mistake to change, blindly head iron, whether it is an individual investor, or an institutional investor, will only be quickly eliminated by the market.

"What happens after the full liquidation, how to operate?" After a pause, Gu Chijiang asked again.

Lin Tingzong thought for a while and responded: "After the comprehensive liquidation, let's follow the previous strategy, we will reduce the positions, all added to the two main lines of 'infrastructure' and 'military industry', since these two main lines refuse to callback, and in the 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road', 'Reform and Reorganization of Central Enterprises and State-owned Enterprises' With the blessing of several core concepts, the main funds in the market are expected to be stronger and stronger for the future of these two main lines, so we can only chase high positions to obtain the corresponding chips." ”

"Don't wait a little longer?" Gu Chijiang asked.

Lin Tingzong shook his head and said: "Don't wait, according to this trend pattern of the market, if we continue to wait, maybe the cost of chasing up the chips will continue to rise." ”

"Good!" Gu Chijiang responded, "Then act according to your ideas!" ”

Lin Tingzong nodded, and then immediately followed the adjusted trading strategy after discussing with Gu Chijiang, and instructed the traders to quickly reduce their positions and even clear the core stocks in the main line of 'technology growth', and on the other hand, they used the funds from the reduction to quickly buy the core target stocks in the main line of 'infrastructure' and 'military industry'.

With the ...... of 'Pingyin Asset Management', 'Minghui Capital', and 'Jingda Investment' and other major market institutions trading strategy changes and trading operations.

The market entered after 11 o'clock......

At the same time, the core industry sectors and concept sectors of "infrastructure" and "military industry", as well as the "port shipping", "machinery and equipment", "public transportation" and other industry sectors that have been newly excavated by the main funds are in the "Eurasian Economic Belt", "New Era Road, Maritime Silk Road", " Under the expected blessing of several core concepts such as the reform and reorganization of central enterprises and state-owned enterprises, it is getting stronger and stronger, and the net inflow of main funds is becoming more and more obvious.

Finally, when 11:30 arrived, the two markets ushered in the moment of midday closing.

Shanghai was designated at 2401.29 points, up 0.31%; The Shenzhen Index and the ChiNext Index were dragged down by the main line of 'science and technology growth', and gradually fell from the intraday red plate state, closing at a decline of 0.39% and 0.52%, making the two cities show an obvious trend of Shanghai strength and Shenzhen weakness!

(End of chapter)