And when 9:15 came, the two cities entered the call auction.

I saw that the main line core stocks in the two cities, the industry sector index, the concept plate index, etc., were all in the pre-market sentiment and the aggressive rush of long funds to assist, generally opened high, among them, the market investors paid more attention, the popularity and discussion of the main line of core stocks and concept leading stocks, is showing a trend of a significant higher opening.

Especially after the release of the data of the market dragon and tiger list yesterday, the stocks ranked among the top 10 in terms of attention and discussion in the two cities.

Such as 'Western Securities, Flush, Huake Sugon, Hengsheng Electronics, Jinzheng Shares, LeTV, Oriental Fortune ......' and other stocks, but also opened higher in the position of more than 3% of the rise, among them, 'Huake Sugon' continued to maintain the limitless one-word board of the limit, Western Securities, Flush is the initial high opening range, are in the position of more than 5% of the rise.

"It's high open again!"

At 9:16, in the Modu, Zexi Investment Company, in the main fund trading room, Zhou Kan, who observed the changes in the two markets, sighed: "It is really a complete short-forcing trend, and the investment sentiment of the entire market is ridiculously strong, and the active attack of all kinds of funds is also outrageous."

Looking at the current market form, compared with half a year ago, and even compared with the first half of the year, it is simply incomparable.

But if you say how much the fundamentals of the market and the macroeconomic fundamentals have changed in the past six months, or most of the year, I think ...... It hasn't changed much.

However, the trend pattern of the market has formed two extremes in this short period of half a year.

More than half a year ago.

No one should have thought that the market turnover would reach 600 billion in the last two months of the year, right? I didn't expect that the financing balance would rush to the trillion mark.

Seeing the current market performance, and thinking of the first half of the year, the main capital institutions from all walks of life have said that the market cannot get up, which is a problem of capital, and said that under the 'money shortage crisis', the market cannot have a bull market, and the results are ...... Now it's a slap in the face!

As it turns out, the market is not short of money at all.

As long as the market has a continuous money-making effect, the investment risk appetite of the investor group is improving.

Then, even if the overall capital side is tight inside and outside the market, there will be countless capital flows, in various forms, through various channels, into the stock market. ”

Xu Xiang, who was sitting next to Zhou Kan, squinted his eyes, and also looked at the changes in the initial call auction trend of the two cities, and responded with a smile: "Whether it is a domestic financial market or a foreign financial market, it has been proved that expectation and confidence are more important things than gold.

In fact, before the central bank made substantive monetary policy measures.

That is, before the substantial large-scale release of liquidity to the market, interest rate cuts, RRR cuts, and large-scale public operations.

The capital situation of the market, compared with half a year ago, or even more than half a year ago, has not changed substantially.

However, why did the overall market turnover skyrocket several times in just half a year? Why is the overall turnover of the market at the beginning of the year generally only about 50 billion to 80 billion, but now it can stabilize at about 500 billion or 600 billion? Where does so much incremental funding come from? Why is there such a radical rush to enter the market?

The root cause of this is the role of the market's investment confidence and investment expectations.

This is an investment era in which expectations and confidence are more important than essential fundamental performance.

As long as there is expectation and confidence, then the continuous money-making effect of the market can continue to expand step by step, and the bull market can naturally come out.

In fact, whether it is the broader market, the overall performance of the entire market.

Or we should follow this logic in terms of investment ideas and trading operation ideas.

In the market, many stocks that seem to have poor fundamentals are the main funds that are quite aggressive, that is, they are supported by future expectations and confidence.

It is like securities and Internet finance, which are the hottest and most crazy popular mainline sectors with the craziest capital gathering.

During this period, many popular stocks, why the performance has not moved, but the stock price has doubled, is also driven by strong expectations in the future. ”

"Indeed!" Zhou Kan deeply agreed with what Xu Shen said, nodded and responded with a smile, "Stock prices always react before fundamentals, such as securities and Internet finance...... In the future, if the central bank begins to officially cut interest rates and reserve requirements, the expected benefits will begin to land, and the stock prices of these core stocks will most likely slow down, right? ”

Xu Shen said: "This is certain, the logic of the rise and fall of the stock price, not the expected fulfillment, but the strength of the expected difference, can be expected to be good, even if it is good to cash, it is also within expectations, will not increase the original expected difference of the stock, naturally there will not be much stimulation of the stock price, which is also the so-called 'good out, but negative' fundamental logical reason."

The main line of 'big finance' can be expected to fall in the first wave of gains.

There is a high probability that the central bank's monetary policy will turn substantially, that is, when the expected interest rate cut and RRR cut news will officially land.

But ......."

Xu Shen paused, and said: "As long as the pattern of the market's 'bull market' continues, and the turnover of the two markets in the market continues to rise, even if the central bank's monetary policy turns to a positive landing, 'big finance' loses the momentum of the radical short-forcing trend and falls into adjustment, and the decline should not be deep."

It is like the core main line of the two early stages of 'infrastructure' and 'military industry'.

Although its internal chip structure has been temporarily dissipated, and with the landing of many good news, many main capital groups have been cashed in and profit-taking, but in the case of the continuation of the bull market pattern and the increasing liquidity of market funds, and the long-term investment logic of the two core main lines, the long-term expectations are still strong, once the downward adjustment, the funds undertaken will still be very strong. ”

"The boss is saying that the two main lines of 'infrastructure' and 'military industry' in the early stage are likely to fall in this market trend pattern?" Zhou Kan probably understood the meaning of Xu Shen's words, "Does the boss think that the two core main lines of 'infrastructure' and 'military industry', will there be a big market in the future?" ”

Xu thought about it and responded: "Whether the two core main lines of 'infrastructure' and 'military industry' can continue to get out of the third wave of the main rising market, I can't see it yet, what I can see is...... After all, under such a strong market active capital undertaking force, especially the actual valuation level of the two core main lines of 'infrastructure' and 'military industry' is not high, and the future expectation difference is still not small...... Some of the active capital groups that have overflowed from the main line of 'big finance' are fully able to undertake this market.

And also......

The two major macroeconomic structural strategic policies of 'the road of the new era, the Maritime Silk Road' and the reform and reorganization of central and state-owned enterprises, are the real top-level design policies.

With such a top-level design policy, there will definitely be countless supporting favorable policies in the future.

That is to say, in the main line of 'infrastructure' and 'military industry', there is no shortage of good news in the follow-up area, and the expected difference in the field is completely possible to be further expanded.

What's more, the increase in defense spending and the reform of military enterprises are basically a clear line.

There is a high probability that it will not change for a few years or ten years.

With such a long-term expectation, it is naturally impossible for the main line market to go only such a wave, or in just a few months, it will be completely over.

There is also the policy orientation in the direction of 'big infrastructure', as well as the changes in the real estate market.

Its role in promoting the performance of related industrial chain companies is relatively lagging behind.

Like real estate companies, after the property market is hot, it will be transmitted to the profit statement of the enterprise in the second or even the third year.

This also means that the continuity of the market cannot be just two or three months, or even a quarter.

The pattern of the bull market continues.

The two core main lines of 'infrastructure' and 'military industry' will definitely have the opportunity to be hyped by the main funds in the future, and there is a high probability that a larger main line market will be born.

Of course, at present, the adjustment pattern of these two core main lines is not over.

Many of the main capital groups gathered in these two core main line areas are still flowing out and converging on the main line of 'big finance' under the stimulus of the continuous short-selling trend of the main line of 'big finance'.

Specific these two main lines, can they come out again in the future?

It depends on the expectation of the main line of 'big finance' to fully reflect for a period of time, the divergence of the disk increases again, and the siphon effect of active capital flow on the entire market decreases. ”

"What about the 'technological growth' line?" Zhou Kan asked, "I think compared with the two core main lines of 'infrastructure' and 'military industry', the line of 'scientific and technological growth', it stands to reason that the expectation difference is greater, and the future expectation is stronger, right?" And the line of 'science and technology growth' has also been adjusted for a long time, regardless of the strong rebound in June, the starting point of the adjustment of the line of 'science and technology growth' should be at the end of last year.

In fact, last year's GEM index was able to get out of the market of doubling the index, and it has the trend of the 'small bull market' that everyone calls it, which is completely driven by the main line of 'technological growth'.

And after almost a year of adjustments.

The high valuation left by last year's speculation has basically returned to a reasonable range under the digestion of the sustained high growth of many core stocks this year.

The current market has entered a bull market pattern.

According to the confidence and expectations of investors in the bull market pattern, the valuations of these high-growth stocks should be overvalued.

So, I see opportunities in the main area of 'technology growth'.

The market outlook should not be worse than the main line of 'infrastructure' and 'military industry' just mentioned by the boss. ”

Xu Xiang said with a smile: "It's not bad, but the capital carrying capacity of the line of 'science and technology growth' is still very limited, and if the bull market wants to play a high level, it still has to be led by the two main lines of 'infrastructure' and 'finance', otherwise it will not be able to really stimulate the sentiment and confidence of market investors."

This looks at last year's GEM index out of the index doubling market, and the entire main line of 'technology growth' skyrocketed on a large scale.

However, it was not able to drive the Shanghai Index and the Shenzhen Index, and there was no core main line stock that could drive the market, resulting in the two markets in the first quarter of this year. ”

"That's right!" Zhou Kan thought about it, and finally nodded.

With the discussion of the two of them on the market, as well as the analysis of the development of the market outlook.

At this time, when the two of them looked back on the trading board of the two cities.

The time has come to about 9:22, only to see that after the initial call auction between the two cities, after a large number of orders were cancelled on a large scale from 9:19 to 9:20, the pattern shown was not only not obvious but stronger than the pattern at 9:15.

It seems that the index has not been adjusted, but has a strong trend of continuing to break through.

Finally, when the time came to 9:25, the call auction between the two cities ended.

I saw that Shanghai was fixed near a 0.56% increase, which was obviously higher; The Shenzhen Index and the GEM Index opened higher around 0.45%, which is also a trend of opening higher.

And in addition to the three core indices.

The core main line of the two cities, as well as the performance of the concept sector.

On the whole, it is still the main line of 'big finance' leading the rise, and the other main lines follow the performance of the index, either slightly higher or weak.

The only ones that open low are the 'military' industry sectors that are affected by the check of 'Blue Stone Heavy Equipment'.

As for the popular stocks, the concept of leading stocks in terms of performance.

The top 10 stocks that investors pay attention to in the two cities, as well as the top 10 stocks that are hotly discussed.

Under the trend of yesterday's fall limit, 'Bluestone Heavy Loading' opened 4.22% lower today, and the entire call auction process reached more than 37.8 million disk turnover; 'Huake Sugon' maintained an immeasurable one-word price limit, and its entire call auction process only traded 320,000 funds, and the trend can be described as extremely strong.

'Flush', the core leading stock of the Internet financial sector, opened 3.29% higher today, and the turnover of the entire collective bidding process was only more than 3 million, compared with yesterday, it has shrunk significantly, and this form of high shrinkage also proves that the capital group in the field is still further optimistic about the future market of this stock, and continues to lock up the essence.

'Western Securities', the core leading stock of the securities sector, opened 2.75% higher today, and the intensity has decreased, but the trading volume in the entire call auction process is still shrinking compared with yesterday, and the securities sector index is still 1.35% higher, leading the industry sectors of the two cities.

This shows that in the field of the securities sector, the enthusiasm of the capital group chasing high-level undertaking is still undiminished.

It also shows that the capital group in the market, after the market divergence yesterday and the day before yesterday, has once again turned to the expected signs of unanimous long locking.

Other stocks such as LeTV, Hengsheng Electronics, Oriental Fortune, Huace Film and Television, Yanjing Culture ......'.

They have also achieved a trend of opening high.

On the whole, according to the opening form of the two cities, the investment sentiment and investment confidence of the market have not been attenuated, and the continuous money-making effect of the two cities, as well as the main line market pattern, are still in continuation, and the trend of a virtuous cycle of the market is still maintained.

Faced with this opening situation......

The investor groups on and off the floor are obviously high-pitched and excited.

And everyone also has higher expectations for the market trend after the official opening of the market and entering the continuous auction stage.

It's in the midst of this high-pitched, excited emotional rendition.

The short 5-minute suspension time of the market passed in a flash, and before I knew it, the time reached 9:30, and the two cities ushered in the continuous auction trading stage.

I saw that the market had just officially opened, and the two markets had just begun to beat.

At the same time, many previous trading days, the "infrastructure" and "military" main line stocks, which have always been weak, have suddenly ushered in a large number of funds to buy the bottom, and several related industry sector indices and concept sector indices have risen rapidly under the effect of large-scale active buying, and lightning squeezed into the industry sectors of the two cities. The concept sector is at the top of the list.