"How can it be just the impact of the stock 'Chengfei Integration'!" Zhao Lijun, the fund manager of 'Yuhang No. 1', who was sitting next to Wang Can, responded with a smile, "Today's market opened with a lot of killing, and the negative of 'Chengfei Integration' is just an inducement, and the real reason is that the market is in this position, because of the continuous high and high fighting, the accumulation of a large number of short-term profit suppression, and the index in this range, the amount of unhedging selling pressure."

Before, the market's bullish sentiment has always been in an extreme euphoria.

Moreover, regardless of whether the index is good or bad, it always opens higher than expected, and continues to increase the volume to play the space.

Therefore, in the previous trading hours, these profit-taking orders and hedging orders, seeing that the market has been in an extreme upward trend, holding chips in their hands, even if they have the desire to sell and take profits for a while, they have been suppressed by the extreme long-term sentiment of the market and the unexpected trend again and again.

This led to the previous market index, although there was also a lot of upward pressure.

But it didn't suffer such a big selling pressure this morning.

But last night, the resumption announcement of "Chengfei Integration" announced the failure of the restructuring, and at the same time, it also significantly shook the original expectations and investment logic of the main theme of the big concept of "reform and reorganization of central enterprises and state-owned enterprises".

The core concept of 'reform and reorganization of central enterprises and state-owned enterprises' is the main theme.

It is basically the foundation of speculation that runs through the two main lines of 'infrastructure' and 'military industry' in the early stage.

This foundation is shaken, and the confidence of the capital groups gathered in the main line of 'infrastructure' and 'military industry' will definitely be shaken quickly, so ...... It is natural to expect profit-taking and hedging selling pressure in these two main areas, or to concentrate on it this morning, which is easy to understand.

The two core main lines of 'infrastructure' and 'military industry', regardless of market capitalization.

Or the weight of the entire market, and even the core index, is not low.

As soon as the concentrated selling pressure of these two core main lines is formed, the other core main lines of the market, and the investor groups holding shares, will naturally be greatly affected.

At this time, everyone will reflect on whether there is a problem with the logic of their positions.

In particular, a large number of investors who have made a lot of profits, or have been trapped for a long time in the early historical market trend, and have just unbundled now, will definitely be worried that the market will fall back at this time, so that they who have finally made a profit or unbundled themselves have fallen into a passive situation.

Therefore, it is difficult to suppress the selling sentiment of these people.

And when the selling sentiment of these people is concentrated and rising, it is natural that the overall selling pressure of the market, and then someone takes the lead, will become bigger and more extreme.

This is the reason why the market is so explosive in the opening stage.

The fundamental reason is not the reason for the check of 'Chengfei Integration' at all, but this position, there are too many floating chips in the market, and it is indeed at the stage of cleaning up the floating chips and consolidating the chips to continue to rise.

But ......."

When Zhao Lijun said this, he laughed, his eyes flashed with a rather optimistic look, and he said with a smile: "Although today's market looks extremely heavy and the selling pressure is very large, the logic of the core of the market has not changed, and there are also a lot of funds that have gone short in the early stage."

As long as the underlying logic of the bull market remains unchanged, the willingness of the group of funds who want to enter the market at a relatively low level has not changed.

Then, the index will be killed even if it explodes.

I believe that it will quickly regain lost ground in the future, not to mention a new high in a day or two, but it will definitely continue to follow the trend line. ”

"Well, Lijun is right." Su Yu heard Zhao Lijun's analysis of the market, and his eyes, which were originally staring at the changes in the market of the two cities, flowed with appreciation, and took over with a smile, "Moreover, adjusting in this position is obviously beneficial and harmless to the overall trend of the market and the subsequent market trend."

At this stage, there are many positive things that can be expected for the market outlook.

For example, the opening of Shanghai-Hong Kong Stock Connect, A50 index futures, and the opening of China Securities 500 index futures, as well as the expected central bank interest rate cuts, RRR cuts, pension market entry, and insurance trust funds to increase the market entry standards and scale...... These benefits have not yet been officially implemented.

At this time, after the extreme correction of the market.

Under the stimulus of the subsequent continued positive news and the continued deepening of the 'bull market expectation', the market will easily recover.

If at this time, the index continues to rise high and force it to attack.

A wave of index points, according to everyone's extremely optimistic expectations, will reach 3500 points in one breath, or hit a higher point in a short period of time.

Well, after a complete overdraft is good for expectations.

Once the bullish sentiment weakened, the market suddenly suffered a bearish attack, under the pressure of the originally larger profit-taking and unhedging selling.

I am afraid that the index adjustment will be more drastic.

At the same time, due to too many favorable investment expectations, it may be difficult to recover in a short period of time.

So, today's market trend, on the surface is very scary, but from the internal essence of the analysis, in fact, it is a good thing, we do trading, everything still has to look at both sides, not only look at the surface, can not only pay attention to the current market changes, or think about the current market impact on the market outlook.

After all, the present means already happening, and the future ...... Or we can change. ”

"Well, Master is right." Liu Yuan heard Su Yu's words and nodded in response, "Actually...... According to the market trend, deviating so far from the main moving averages, it is long overdue to pull back to the moving average, and the extreme long sentiment of the original market cannot last for a long time. ”

"But today's main line of 'big finance' is still quite tenacious!" Wang Can saw that the main line of 'big finance', securities, Internet finance, banking, insurance and other major weighted sectors, did not fall much at the moment, and couldn't help but laugh, "Today's 'big finance' direction should become an obvious safe haven for funds in the market, right?" ”

Hearing Wang Can's words, Zhu Tianyang thought about it and responded: "I don't think so, if you want to talk about short-term profits, as well as the accumulation of chips to solve the hedging market, in fact, in the entire market, the two main lines of 'infrastructure' and 'military industry' are relatively not as serious as the main line of 'big finance'."

After all, the main line of 'big finance' has continued to rise in the past two weeks.

The two main lines of 'infrastructure' and 'military industry', theoretically, have been adjusted for more than a month, and the chip structure has been fully adjusted and changed, and a large number of profit plates accumulated in the early stage, as well as after this position is unbundled, the unhedging disk that intends to sell is in the core main line of the market in front, from the main line of 'infrastructure' and 'military industry' to the main line of 'big finance', most of them have already been sold.

Today's 'infrastructure' and 'military industry' bore the brunt of the morning trading, and were killed by the main force of large funds, and were killed by the panic of profit and hedging.

It is also caused by the check of 'Chengfei Integration', which loosens the investment logic of the core concept of 'reform and reorganization of central enterprises and state-owned enterprises'.

But that doesn't mean the two main lines have the most selling pressure today.

Judging by the current market reaction......

In fact, the main line area with the greatest selling pressure and the most exaggerated volume can be precisely the main line field of 'big finance'.

In the main line of "big finance", there was no panic at this moment, mainly because there were enough main capital groups on the main line of shorting, and everyone was eager to raise funds on this main line, so the buying order briefly withstood the impact of the selling order, so that the corresponding stocks did not fall sharply.

However, this morphology.

With the further decline of other core main lines, the overall bullish sentiment of the two cities has declined rapidly.

It's impossible to sustain it.

After all, after the most urgent short-term capital undertaking, those potential buying capital groups who are a little hesitant and have a slight concern will also take into account the current market decline risk, and the undertaking will not be so active, and at the same time, ...... Even if everyone's confidence in the market outlook has not changed significantly, and there is a significant opportunity to buy at a low level, then ...... There is certainly not much inclination to chase high.

In other words, in fact, at this time, inside and outside the market, many capital groups are waiting for the line of 'big finance' to make up for the decline and pull back rapidly.

In general, there should not be a single core thread today.

Under the pressure of accumulation of excessive weight and extremely concentrated profit orders and unhedging orders, it can still be alone. ”

"Well, I agree with what Manager Zhu said." At this time, Zhang Guobing, who had been silent, also answered with a smile, with a sharp edge flashing in his eyes, "Mr. Su, didn't you let us take the opportunity to buy back the core stocks in the direction of 'infrastructure' and 'military industry', which are biased towards the fields of 'machinery and equipment' and 'high-speed rail', and have the expectation of 'reform and reorganization of central enterprises and state-owned enterprises'?" I think that when the market collapses today, it should be an opportunity. ”

"I also think that after this wave of adjustments, the two lines of 'infrastructure' and 'military industry' should be about the same, right?" Li Meng, who was standing next to Su Yu, thought about it at this time, took Zhang Guobing's words, and responded, "According to the timing of our previous withdrawal from the two core main lines of 'infrastructure' and 'military industry', the adjustment time of these two main lines has indeed been almost two months, and at the same time, this wave is also seriously lagging behind the average increase in the market."

In these two main lines, the fundamental investment logic itself, as well as the future fundamental changes, macro policy is favorable...... and so on, under the premise that there are no major changes in investment factors.

This adjustment of time and space should be quite sufficient.

What's more, now that the market has entered the 'bull market' stage, all the high-quality chips in the market, especially the relatively low-level high-quality chips, are quite valuable. ”

Su Yu glanced at Li Meng with a smile and said, "Since Mr. Li said so, then the national soldier, follow your proposal and follow up on the trading strategy!" ”

Zhang Guobing nodded, and then quickly ordered the traders behind him.

At the same time, the other trading team leaders and fund managers in the trading room also hurriedly responded and quickly instructed the traders in each group to prepare for the corresponding trading strategies.

At the time when the entire 'Yuhang Investment' company made new trading strategy adjustments according to market changes.

Just when everyone is making an in-depth analysis of the market.

The market trading time has come to around 9:55.

And just like Zhu Tianyang, Zhang Guobing, and Zhao Lijun...... Wait for the prediction over there.

At this time, the main line of 'big finance', which was struggling to support at the beginning of the session, and its core sectors, including securities, Internet finance, banking, insurance, etc., finally could not withstand the continuous concentrated selling on the disk, whether it was a sector index or the core constituent stocks within the plate.

At this moment, they began to explode further and plummeted.

At 9:56, the Internet financial sector index fell to more than 1.5% in a straight line, of which the leading stock flush entered the position of 3.5% underwater.

At 9:57, the securities sector index, the insurance sector index, and the banking sector index all fell to around 1%, the core leading stocks, Western Securities fell more than 3 points, and CEFC Securities fell more than 2 points, and the check of CEFC Securities, in less than half an hour of opening trading time, has exploded to the threshold of 4 billion energy, and the long and short fight can be described as extremely intense.

At 9:58, the entire market, there was only the 'new stock' sector, which could still maintain a red plate.

All the capital groups in the audience, especially the active capital groups, in the market weakened in an all-round way, inevitably plummeted, and finally chose the "new shares" sector to hedge, and the "new shares" sector, has been among the top three in the two cities of the hot list of the 'Huake Sugon' check, in today's market trend, still maintain the trend of the limitless limit, creating the 12th price limit since the listing.

At 10:01, the market experienced an extreme downward trend for half an hour.

At this time, the intraday decline of the Shanghai Index has expanded to the 2% mark, and the decline of the Shenzhen Index and the ChiNext Index is also approaching the 2% mark.

In half an hour of the two cities, a total turnover of 250 billion yuan was turned, which can be called terrifying.

At the same time, many of the high-ranking stocks in the market that had been continuously speculated before were even more under the extreme panic selling, and the stock prices went straight to the falling limit, and stocks such as 'Bluestone Heavy Equipment, Chengfei Integration, Shanghai Construction Engineering, Beijiang Communications Construction, Hongdu Aviation, Aerospace Development, Sunline Technology, Huace Film and Television, 2345...... have hit the falling limit at this moment, and have stubbornly sealed the falling limit.

There are almost 2,000 stocks traded in the two cities.

At this moment, there are only more than 200 stocks, and they are still in a state of rising in the red market, and the limit of individual stocks, in addition to the listed new stocks and the good review of the word board of the daily limit of individual stocks, the natural change of hands of the daily limit of stocks, is already less than 10, but the two cities fell to the limit of stocks, a significant increase, has reached the number of 23.

At 10:10, the market of the two cities fell further.

At 10:20, the Shanghai Composite Index fell to the 2.5% mark, forming a unilateral volume plunge pattern.

At 10:25, the highly core leading stocks within the securities sector, Western Securities, after the explosion of 3.3 billion, quickly touched the fall limit, although there was no instant closure of the fall limit, but the overall impact on the market was great, but also extremely bad.

At the moment when the check of 'Western Securities' touched the fall limit.

The securities sector index fell straight to an intraday decline of 2.22%, and a number of securities-weighted stocks, such as 'CEFC Securities, Huashang Securities, Huatong Securities, Huatong Securities, Orient Securities, ......', these votes are also rapidly exploding and falling, and the concentrated outpouring of selling can be called terrifying.

At the same time, the Internet finance sector also fell sharply to the 2.5% mark.

As for the main line of 'scientific and technological growth', the main line of 'infrastructure' and 'military industry'.

Such as 'film and television media', 'national defense and military industry', 'building decoration', 'building materials', 'real estate development' and other industry sectors, is even more rapid, the decline has expanded to more than 3.5%, and the main line of the concept of "reform and reorganization of central enterprises and state-owned enterprises", related small-cap concept stocks, small concept stocks in circulation, has set off a large-scale plummeting tide mode, the entire concept of the theme of the internal limit stocks, has approached the number of 10.

At 10:30, during the trading hours of the two markets, I spent an hour at the beginning of the session.

The Shanghai Composite Index fell, in a comprehensive killing form, the decline further expanded to 3%, and the market turnover has reached more than 370 billion.

In the face of such a unilateral downward trend......

Inside and outside the market, tens of millions or hundreds of millions of investor groups, especially retail investors, are staring at the market, or staring at their stock accounts, compared with the previous few trading days, and even the first two weeks of trading days, the market has continued to soar, and the account is profitable every day.

For a while, it can be described as jaw-dropping and unbelievable! (End of chapter)