At 9:15, nearly 2,000 stocks participated in the trading in the two cities, half of which were red, half of them were flat or fell slightly, among them, the securities sector and the Internet finance sector index in the main line of "big finance" opened slightly higher, and the core industry sector and concept sector in the main line of "infrastructure" and "military industry" opened significantly lower, leading the market.

And yesterday, the stock of 'Chengfei Integration', which announced the failure of the restructuring, opened directly in the form of a one-word drop limit.

At the same time, it is affected by the impact of the 'Chengfei Integration' check one-word drop limit.

The whole "reform and reorganization of central enterprises and state-owned enterprises" concept of the main line, have been greatly affected, many of the "reform and reorganization of central enterprises and state-owned enterprises" core concept stocks, have appeared a sharply lower opening trend, the initial set of auction on the market, the amount of selling, extremely heavy, market investors in this regard, also suffered a very heavy blow.

Similarly, affected by the drop limit of the check of 'Chengfei Integration', the 'military' sector also obviously suffered a heavy setback at the beginning of the call auction.

For example, many core concept stocks with the expectation of "military asset restructuring" and the expectation of "military asset securitization" such as "China Airlines Heavy Machinery, China Airlines Shenfei, Aerospace Development, Aviation Power, Hongdu Aviation ......" are all opened sharply lower, and the market selling is very heavy.

Then there's the 'infrastructure' sector, some core stocks with strong restructuring expectations.

At this moment, it was also seriously dragged down by the opening form of the check of 'Chengfei Integration'.

Moreover, in addition to the "infrastructure" and "military" sectors affected by the check of "Chengfei Integration", almost all low-level stocks, low-level main lines, and low-level conceptual theme plates that were obviously out of the rebound trend yesterday and even concentrated on the counteroffensive posture did not show any premium at this moment.

This was followed by a significantly less than ideal initial call auction opening pattern.

9:16, 9:17, 9:18......

As the call auction time goes by, the overall pattern of the market begins to become weaker and weaker.

Seeing that the form is not right, and it is difficult to take the initiative to buy funds in this case, after undertaking the selling chips pouring out on the disk, many investor groups who were originally hesitant and not so determined began to follow the trend and sell on the disk, further suppressing the market disk.

"The check of 'Chengfei Integration' feels like it is going to become an obvious drag factor in today's market performance!" At 9:18, in Yanjing Yihe Capital Company, in the main fund trading room, Gao Xiang, the head of the trading team, stared at the real-time changes in the market of the two markets and frowned, "The trend pattern of this collective auction feels a little bad, and it is obviously developing towards a worse and worse trend." ”

Chen Yihe, the fund manager standing behind Gao Xiang, squinted his eyes at the performance of the market, laughed, and responded with a smile: "Affected by the failure of the restructuring of 'Chengfei Integration', the main line of the concept of 'reform and reorganization of central enterprises and state-owned enterprises' today may suffer a certain impact on the investment logic and future expectations, but on the whole, it ...... The market 'bull market' pattern has formed, and the trend should not be easily reversed.

Especially the current hot line of 'big finance'.

It is still in a continuous short-squeeze situation, and the main institutional groups that have been in the short market before are likely to continue to grab funds on a large scale in this position.

Moreover, our fund is in the position structure.

It has long been separated from the two main lines of 'infrastructure' and 'military industry' and transferred to the main line of 'big finance'.

Therefore, for the time being, this is just a small episode in the changes in the market situation, and it will not set off too much turmoil for the overall macro market trend, nor will it bring much interference to the position of our fund and the performance of the net value. ”

Gao Xiang heard Chen Yihe's words, saw that his eyes were always light and full of confidence, pondered for a moment, and couldn't help nodding in response: "I hope, but I always feel that the current profit and hedging of the market is still a bit too heavy for the market to suppress the upward market, and the position of 3300 points is not so easy to go up!" ”

"Even if you can't go up today, you should be able to go up tomorrow." Chen Yihe said, "As long as the macro form of the market's 'bull market' has not changed, as long as the market's turnover is still in a continuous increasing trend, as long as the financing balance is still increasing, as long as the over-the-counter incremental capital groups, as well as the position weights of the major institutional groups, and the position level are still in a continuous upward trend, then the market point, short-term resistance, it is impossible to stop the upward pace of the Shanghai Index."

We......

Now that we have decided to change our investment ideas and investment strategies from the previous volatile market pattern to the current bull market pattern.

Then don't worry too much about the intraday market trend.

The so-called 'bear market and shock market must be closed when they see good, and the bull market must be able to hold the chips in order to reap huge profits', let's ...... It's still a matter of patience. ”

"Okay!" Gao Xiang nodded, and then turned back to look at the two markets.

I saw that at this time, with the passage of trading time, the market time had come to 9:20.

After the 9:19 period, a large number of false pending orders were cancelled.

At this moment, the market pattern of the two markets, compared with the initial moment of the call auction at 9:15, not only did not improve, but became weaker.

There are nearly 2,000 stocks in the market, and the number of red stocks at the moment is less than 800.

And on the stock market, the list to be matched into a transaction, compared with the moment of 9:19, basically showed a growth trend, without obvious attenuation.

This illustrates the moment at 9:19.

In the entire market, the orders that were put out, especially the concentrated sell orders, did not realize much of the order cancellation.

This also shows that under the influence of the failure of the check restructuring of 'Chengfei Integration' and the one-word drop limit of the initial call auction, the market investment sentiment and investment confidence that should have been positive have been greatly affected, and under this influence, the active selling has increased significantly, and the active buying has weakened significantly.

Therefore, it has caused the trend pattern of the market call auction to fall steadily.

"Boss, the check of 'Chengfei Integration' has an overall impact on the market, which is a bit beyond everyone's expectations before the market!" At 9:21, inside the magic capital, Zexi Investment Company, in the main fund trading room, Zhou Kan saw that after entering the real call auction link, there was no improvement in the market trend pattern of the two cities at all, and he was slightly surprised, with a look of surprise on his face, and glanced at Xu Shen, who was sitting next to him, and said, "I feel affected by this check, and the emotional reaction of the entire market is fading!" ”

"It's really feverish." Xu Shen squinted at the changes in the market trend of many core stocks, and nodded slightly, "It seems that most of the market is going to adjust today." ”

"Well, I think so too." Zhou Kan responded, "I just don't know what the magnitude of the adjustment will be?" ”

Xu pondered for a moment and said: "The continuous high and high fighting in front has accumulated a lot of short-term profits, coupled with the range of 3000 points to 3500 points of the Shanghai Index, it is obviously the heaviest area of historical hedging disks, and in the recent market trend, the accumulated unhedging is also quite strong."

These profit-taking orders and unhedging orders, and the confidence in holding shares, in the early days of the bull market, were not firm.

If, at this time, the mood suddenly weakens.

Their selling power should emerge in relative concentration.

Although the turnover of the current market has skyrocketed to the volume energy range of 700 billion, and there are a lot of funds that go short, and there are many main capital groups who want to undertake chips at a low level, but in the face of the accumulation of two consecutive weeks, there is at least 10% of the short-term profit space to concentrate on selling pressure, and it should be difficult to bear it for a while. ”

"What does the boss mean...... Drastic adjustments, may be inevitable? Zhou Kan understood the meaning of Xu Shen's words, and responded, "However, it shouldn't hurt the fundamental logic and expectations of the market bull market, right?" ”

Xu Shen smiled slightly and said: "Naturally not, in fact, it is good to kill the market here violently and clean the chips that are not firm in the position, otherwise it will be forced to attack, even if it crosses the 3300 point level, it has played a higher short-term market height space, so many profit plate floating chips, and the accumulated unhedging chip suppression, sooner or later it will be adjusted quickly due to other negative factors."

At that time, perhaps, the space and time for adjustment will be more drastic.

In other words, in fact, the negative impact of the failure of the check restructuring of 'Chengfei Integration' is not important at all, the important thing is that the market at this time is long-term sentiment, and there is no way to enter, and a temporary vent is needed.

Moreover, the development of any market situation cannot be a straight line, oblique upward.

It's always a tortuous development.

A bull market is not necessarily a good way to make money, but it is a time to test investors' determination to hold stocks and their belief in the bull market. ”

Zhou Kan listened to Xu Shen's analysis, pondered for a moment, smiled hehe, and said, "Since the boss said so, then I have nothing to worry about." ”

Xu Shen nodded, and once again put his gaze back on the two markets.

I saw that during the short exchange between the two, the market time at this moment had come to 9:25, and the call auction between the two cities ended.

According to the two markets that have been fixed.

The Shanghai Composite Index opened lower at 0.47%, finally ending a continuous high opening trend that lasted for more than a week.

The Shenzhen Index and the ChiNext Index opened 0.42% and 0.39% lower respectively, although they were slightly stronger than the Shanghai Index, but they were not much stronger, and several major indices showed a general downward trend.

In addition to the index, the major popular main lines of the two cities, as well as the performance of core industry sectors and concept plates.

In the main line of "big finance", the securities sector, the Internet finance sector, the banking sector, and the insurance sector are still quite strong, and they have achieved a small red plate high opening attitude, but the high opening range of several major industry sectors has not exceeded 0.5%, compared with the high opening trend of the previous few days, it is obviously still weakened.

In particular, there has been the largest room for growth recently.

Relatively speaking, the circulation is also relatively large, and the securities sector with more accumulated profits and unhedging orders.

Today, in the whole call auction process, there is an obvious trend of volume increase, such as 'CEFC Securities, Huatong Securities, Huashang Securities, Western Securities, Oriental Securities, Founder Securities, Pacific Securities, ...... and other constituent stocks, the volume of call auction turnover, all hit a new high during this period.

And in addition to the main line of 'big finance'.

Other core main lines, such as 'scientific and technological growth', 'infrastructure', 'military industry', 'big consumption' and other fields, are basically a trend of low opening across the board.

In particular, the two main areas of 'infrastructure' and 'military industry'.

Affected by the failure of the cheque restructuring of 'Chengfei Integration', as well as the impact of the wordless drop limit at the opening, it can be said that it opened sharply lower, leading the two markets.

Among them, the stocks that are precisely related to the two core themes of "reform and reorganization of central enterprises and state-owned enterprises" and "military asset securitization", as well as a number of constituent stocks that followed these two major concepts in the early stage and were seriously speculated, are all falling sharply at the moment, and the selling orders on the disk are quite heavy.

Like Huaguo Metallurgical, Huaguo Communications Construction, Huaguo Railway Construction, Huahang Heavy Machinery, Huahang Shenfei, Aviation Power, Aviation Development...... A series of stocks with 'restructuring expectations' and 'asset injection' expectations are basically lower than 2%.

Faced with such a seriously lower than expected opening situation of the two markets.

Inside and outside the market, the majority of investor groups, although the overall sentiment performance, is still relatively positive and optimistic.

However, many investor groups who have obviously made a profit, or have just unbundled and have a high holding cost, at this time, their hearts are obviously raised, and they have a little more worry about the market, and their confidence in holding positions has become no longer as strong as yesterday, and they are obviously a little worried and anxious.

And it's under this emotional interpretation......

When the short 5-minute stoppage between 9:25 and 9:30 a.m. passes, the market ushers in the official continuous auction trading session.

I saw that the two markets had just begun to beat.

The Shanghai Index, Shenzhen Index, and ChiNext Index have fallen rapidly.

At the same time, the 'national defense and military' industry sector, from the 0.89% decline at the end of the call auction, jumped to a decline of 1.53% in one minute, and its related core stocks, especially the early leading concept stocks 'Blue Stone Heavy Equipment, Aerospace Development, Hongdu Aviation, China Airlines Heavy Machinery', these checks, are rapidly killing, falling through the 5% decline mark in an instant.

Immediately after, at 9:31.

The two major concept sector indices of "reform and reorganization of central enterprises and state-owned enterprises" and "military asset securitization" also fell sharply in a straight line, falling by more than 3%, and the core leading stocks and weighted constituent stocks in the early stage of these two major conceptual sectors were all killed and fell.

At 9:32, several major industry sectors such as building decoration, building materials, and real estate development also fell simultaneously.

At 9:33, the entire main line of "infrastructure" and "military industry", as well as a number of industry sectors and conceptual plates hyped around the "Eurasian Economic Belt", "On the Road of the New Era, the Maritime Silk Road", and "Reform and Reorganization of Central Enterprises and State-owned Enterprises" were also affected by the whole line and fell one after another.

At 9:34, the killing effect that broke out from the main line of the concept of "reform and reorganization of central enterprises and state-owned enterprises" quickly spread to the audience.

At 9:35, the concentrated selling effect that spread spread to the core of the main line of 'big finance', and several major weighted sectors such as the securities sector, the Internet finance sector, the banking sector, and the insurance sector gave up all the gains that opened high and fell into a state of decline.

And at the moment when the market sell-off broke out, the core indices of the two cities also took a further sharp turn.

In just five minutes, the Shanghai Composite Index refreshed its decline from 0.47% at the opening to 1.13%, and it continues to expand.

The decline of the Shenzhen Index and the ChiNext Index also followed the Shanghai Index.

The market of the whole market, in the development of five minutes, has entered a comprehensive downward trend, no longer the strength that everyone expected.

"Damn, this killing and falling trend is too fierce, right?"

Seeing that the decline of the Shanghai Index instantly expanded to more than 1% mark, at 9:36, Yu Hang, Yu Hang Investment Company, in the main fund trading room, Wang Can, the head of the trading team who has been observing the changes in the market, was slightly shocked, and couldn't help but exclaim: "Moreover, it is still an obvious explosion to kill the fall, and the market is opening today...... It's really completely unexpected by everyone, and I feel that there is not much disadvantage on the news? Can the restructuring failure of the single 'Chengfei Integration' check have such a big impact? (End of chapter)