Of course, it's not just retail investors who are speeding up their entry into the market.

Institutional funds, as well as other over-the-counter capital groups, are also increasing their positions under the hot money-making effect of the market.

Even, many over-the-counter wealth management funds, as well as private P2P platform funds, have begun to invest in the stock market through various channels.

Except, of course, for these direct access to the market.

The financing business of over-the-counter, capital allocation institutions, and brokerage institutions has also begun to boom rapidly.

Many activist investors, seeing the increasingly hot market and money-making effect in the market, have begun to actively raise funds and use leverage to increase their capital volume, so as to expand the profitability of their accounts.

"Today, the financing balance of the two cities has increased by nearly 5 billion!"

After the market closed, in Shenzhen, within Xinniu Fund Company, in the main fund trading room, Mu Zhengxing, head of the fund trading team, sighed: "According to the speed of increase in the financing balance, the balance of the two financial markets will soon reach the threshold of 800 billion...... It's a blast. ”

Heard Mu Zhengxing's words.

Fang Xinsheng, the fund manager standing next to Mu Zhengxing, said with a smile: "Doesn't this just verify the market logic we said before?" It shows that the market capital is not really a problem, but the investment sentiment and investment confidence have affected the previous market capital.

Now, investment sentiment and investment confidence across the market have picked up across the board.

Naturally, there has been a noticeable improvement in funding.

In fact, the market trend in the recent period, pay careful attention, you can see some clues, and the market trend is basically consistent with the changes in the financing balance of the two cities. ”

"Well, indeed." Mu Zhengxing nodded and said, "No increment, no market, now that the market has continuous incremental funds, the natural market trend has become much better."

Especially after the Shanghai Composite Index broke through 2,500 points.

It can be seen that the increase in the financing balance of the two cities, at this time, has significantly accelerated.

However, now, with the Shanghai Composite Index trading sideways near 2650 points, I feel that the trend of the market and the changes in the balance of the two financial institutions have a little bit of divergence. ”

"This divergence was short-lived." Fang Xinsheng responded, "The current position of the Shanghai Index needs to be sideways to digest part of the profits, otherwise the upward pressure will only get bigger and bigger.

In fact, at this time, as long as the market volume can be maintained at this high level of about 300 billion.

Whether the Shanghai Composite Index can continue to break through in the short term is no longer very important.

There is a market, as long as the volume can be maintained at about 300 billion shocks, then ...... With the completion of the adjustment of the market chip structure again, it is a matter of time before the market continues to break through. ”

"Well, I think so too." Mu Zhengxing nodded, thought for a while, and continued, "Even in the development of the main line of follow-up investment in the market, I always feel that the two main lines of investment in 'infrastructure' and 'military industry' have risen so much, and there is not much expectation difference to fill in the follow-up."

If we continue to focus on this place, it should be difficult to obtain excess profits that far exceed the performance of market indices.

Moreover, in the two main lines of investment in 'infrastructure' and 'military industry', as well as the main lines of the core concepts of 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road', and 'Reform and Reorganization of Central Enterprises and State-owned Enterprises', with the continuous rise of these main lines, the main capital of 'Yuhang Department' and the volume of positions will become more and more huge!

When these core main lines are still at the low relative valuation of the market and the low stock price.

In these core main lines, there are still enough times when expectations are poor.

The main capital of the 'Yuhang Department' is heavily positioned, which is naturally an incentive for these core main lines.

But when these core main lines have come out of a large wave of gains, whether their valuations and stock prices, or the expected difference, are not the most advantageous main line sectors in the market, at this time, the huge holdings of the ...... 'Yuhang system' should only restrict the market of these core main lines to continue to develop, right?

After all, this main force of capital is so large, and at the same time the cost is very low.

In order to avoid encountering this kind of thing and situation, they will definitely choose to avoid the core holding stocks of the "Yuhang Department", as well as the two main lines of "infrastructure" and "military industry", as well as the "reform and reorganization of central enterprises and state-owned enterprises", "Eurasian Economic Belt", "on the road of the new era, The Maritime Silk Road's several core concepts and main line areas, so as to choose other market main lines as the landing point for market breakthroughs. ”

"Do you think the main line of market investment style will be changed?" Fang Xinsheng asked.

Mu Zheng thought about it and responded: "I'm just guessing, after all, looking up from this position, the two main lines of 'infrastructure' and 'military industry', as well as the 'reform and reorganization of central and state-owned enterprises', 'Eurasian Economic Belt', 'On the Road of the New Era, and the Maritime Silk Road'...... There are a lot of big funds in the field, and it is not easy to relay the hype.

In particular, the capital of the 'Yuhang Department' has a position volume of tens of billions.

If you continue to speculate and continue to carry the sedan chair for the capital of the 'Yuhang Department', who is not afraid of being smashed?

Looking at other main investment areas in the market, whether it is 'big finance', 'big consumption', or the main line of 'technology growth' that focuses on small and medium-cap growth stocks, in fact, compared with the two main lines of infrastructure and 'military industry', as well as the main lines of 'reform and reorganization of central and state-owned enterprises', 'Eurasian Economic Belt', 'New Era Road, and Maritime Silk Road', they all have certain valuation advantages and expected difference advantages.

I think...... It is difficult to ensure the main line of market investment, and in this position, there will be no further conversion? ”

Fang Xinsheng thought for a while and responded: "What you said has a certain amount of truth, but the market has not shown any traces of the transformation of the main line investment style.

And, the logic you just said.

In the first two months, in June, many of the major communities basically thought the same way.

At that time, everyone was reluctant to give the 'Yuhang Department' this share of funds to lift the sedan chair, so they concentrated their efforts to pull up the main line of the market of 'scientific and technological growth', and wanted to use this as a breakthrough to drive the market up.

Results...... You saw it too.

The market doesn't buy it at all, and the final direction of the market is still in the two main lines of "Yuhang Department" heavy position infrastructure and "military industry", as well as "reform and reorganization of central enterprises and state-owned enterprises", "Eurasian Economic Belt", "New Era Road, Maritime Silk Road" several core concepts and main line areas, and at the same time, it also makes all roads focus on the main line of "scientific and technological growth" The capital group was forced to cut positions and had no choice but to follow the market trend, so that it was also forced to carry the sedan chair for the "Yuhang Department".

Of course, I know that.

In the two main lines of infrastructure construction and military industry, as well as the core concepts of "reform and reorganization of central and state-owned enterprises", "Eurasian Economic Belt", "on the road of the new era, and the Maritime Silk Road", in two months, the general increase of 30 or 40 percent.

The situation certainly cannot be completely compared to the time.

However, the final landing point is the same.

That is, all speculation and expectations, must be verified by the actual market, the current market has no trace of the main line of investment style change, then before the market trend has not changed, our most suitable trading operations and investment strategies, can only follow the market trend to do.

Let's make a deal...... No matter what time it is, you can't go against the trend!

Moreover, under such a large amount of capital in the market, the formation and development of any main investment line is not determined by a major force, but must be the result of the unanimous joint efforts of the market.

As you say.

In the current market, the main lines such as 'big finance' and 'big consumption', in terms of overall valuation and expectations, are beginning to be better than the two main lines of infrastructure and 'military industry', as well as the main lines of 'reform and reorganization of central and state-owned enterprises', 'Eurasian Economic Belt', 'On the road of the new era, and the Maritime Silk Road', but ...... Before the market formed a consensus expectation and consensus expectation in this direction.

It was also thankless for us to change our investment strategy and adjust our positions in the past.

The so-called one step ahead of the market is legendary; Two steps ahead, it's cannon fodder.

In the two main lines of infrastructure' and 'military industry', as well as the main line of 'reform and reorganization of central and state-owned enterprises', 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road', we can dig out other main line investment directions in the market, but in terms of investment strategy, we should respect the development of market trends and proceed from reality, which is better. ”

Mu Zhengxing nodded and said, "The manager is right, in fact, I don't want to say that we should change our investment strategy at this time......

"Understood!" Fang Xinsheng interrupted him with a smile and said, "There is a lot of smart money in the market, if the two main lines of infrastructure and 'military industry', as well as the main lines of 'reform and reorganization of central enterprises and state-owned enterprises', 'Eurasian Economic Belt', 'On the road of the new era, the Maritime Silk Road' do not have the cost-effective ability to continue to participate."

Then, a group of smart funds in the market will definitely make corresponding choices and look for other more cost-effective investment lines to participate.

For now, though......

The time has not yet come for this shift in the main line of investment.

You must know that in our A-share investment ecosystem, although we also talk about value investment, more market drivers are driven by investment sentiment and consistent funds.

Under this basic logic, the pendulum effect of the market will be greater.

That is, the market reaction, when everyone is not optimistic about the unanimous expectations, the valuation will fall too much; When everyone's expectations are unanimously optimistic, valuations can also be overpriced.

The two main lines of 'infrastructure' and 'military industry', as well as the main lines of 'reform and reorganization of central and state-owned enterprises', 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road', are gradually filling in the gap between expectations in the early stage, and they are no longer as underestimated as before.

However, on the whole, it has only just entered a reasonable valuation range.

That is, on these main lines, the market pendulum effect occurred, the pointer just swung to the other side, just off the center position, from the swing back, there should be a long time.

In other words, under the unanimous expectations, and under the hot money-making effect.

With the entry of over-the-counter incremental funds.

The expected sentiment of these main lines should continue to soar further, that is, the main rising market, not only will not reach the end, but will continue to accelerate the rise. ”

Speaking of this, Fang Xinsheng glanced at Mu Zhengxing seriously with a smile, and continued: "In fact, at this time, it is the two main lines of infrastructure' and 'military industry', as well as the main line of 'reform and reorganization of central enterprises and state-owned enterprises', 'Eurasian Economic Belt', 'On the road of the new era, the Maritime Silk Road'...... Continue to be patient and wait, maybe the harvest will be a little more. ”

"Okay!" Mu Zhengxing saw that Fang Xinsheng's investment strategy, in fact, there is no problem with the logic, and it is obviously better than some of the ideas he just proposed, and he couldn't help nodding and responding, "Then let's continue to hold positions and wait patiently, and wait until the two main lines of infrastructure' and 'military industry', as well as the main lines of 'reform and reorganization of central enterprises and state-owned enterprises', 'Eurasian Economic Belt', 'On the road of the new era, and the Maritime Silk Road' There is a real emotional premium." ”

"That's right! Sentiment premium. Fang Xinsheng had an obvious smile on his face.

"However, I have to say......" Mu Zhengxing thought for a while, and said, "The general manager of the 'Yuhang Investment' company, this position is really powerful, holding heavy positions in infrastructure', 'military industry' two main lines, as well as 'reform and reorganization of central enterprises and state-owned enterprises', 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road' Several core concepts of the main line of so many chips, and has been extremely profitable, he has not reduced his position at all, and has locked his position all the way to this. ”

When Fang Xinsheng heard this, he couldn't help sighing in his heart, and said helplessly: "Can it be so sought after by the majority of investors in the market, and so envied by major institutional groups inside and outside the market, as well as countless asset managers in the industry?" ”

It is on the performance ranking of private equity fund products that are still in the operation stage in China.

Every time, when the 'Manniu No. 1' fund product he was in charge of began to catch up with the 'Yuhang system' fund product in terms of performance, when the 'Yuhang system' fund product announced the net value again, it opened the gap again.

This made Fang Xinsheng feel a sense of powerlessness in his heart, and he really had to admire the other party.

(End of chapter)