Before the Shanghai Composite Index broke through the shackles of 3,000 points, the main fund products managed by the entire Anzhao Fund Company, in Su Yu's analysis and guidance, concentrated the position to the main line of 'big finance', especially in the securities sector and the Internet finance sector.

Thanks to the recent half a month, the securities sector and the Internet finance sector have skyrocketed continuously.

In just this month, the net value of their main fund products, compared with before, has generally doubled, and the company's asset management scale has reached more than 20 billion.

This asset management scale is compared with the company's previous asset management scale, especially before it was acquired by 'Yuhang Investment'.

It can be said that it has skyrocketed several times.

Before this, this asset management scale was completely unimaginable to Zhou Hui and Qin Qiuyue.

After all, more than half a year ago, before the company was acquired by 'Yuhang Investment', the total asset management scale of several fund products under the entire Anzhao Fund Company did not exceed 5 billion, and the net value performance completely ranked outside the top 100 in the performance list of private equity fund products in the industry.

Now look at ......

Although the company's main fund products, in order not to expose specific position data, as well as position constituent stocks, as well as holding costs, etc., have not updated the performance trend and net value trend of the latest month, but according to the current performance ranking of private equity fund products in the industry.

Zhou Hui can clearly predict the performance of the main fund products managed by herself.

can be ranked among the top 30 in the performance list of private equity fund products in the industry without pressure, and this performance reflects that she did not dare to think of before.

"In recent days, the market trend has indeed become more and more exaggerated." Hearing Zhou Hui's words, Qin Qiuyue, the general manager of the company standing next to Zhou Hui, responded with a smile, "It's only been half a month, and the positions of our fund products have unknowingly added almost 10 billion profits."

Such a huge new profit, in the past, I will definitely not be able to hold it.

But now, the mentality is completely different.

I don't know if it's because of the influence of Mr. Su, I always feel that my heart has become bigger now, and my vision is broader than before.

Several main fund products of the 'Yuhang Department' managed by Mr. Su.

It can make tens of billions of profits and continue to stay still, and it can continue to increase its long positions without pressure at a relatively high position.

We...... There should be such a mentality!

Since Mr. Su has not let us reduce our positions at present, and the entire 'Yuhang system' fund products have not shown any signs of reducing positions and taking profits.

Then, we should relax, continue to hold, and let the profits continue to run.

The current market situation, the atmosphere of the bull market, the confidence of the bull market, and the expectation of the bull market are getting stronger and stronger, and the majority of investor groups inside and outside the market are also constantly improving their risk appetite for the market.

Coupled with the news of the central bank's interest rate cut and RRR cut next month, which is rumored in the market.

In general, the core stocks in the securities and Internet finance sectors that we focus on holding are still expected to become stronger in the future!

As long as future expectations continue to strengthen, stock price growth does not significantly change expectations.

Then, you can continue to hold the chips and let the profits continue to run.

The reason why we have become impetuous in the face of huge new profits, and we want to reduce our positions and take profits more and more uncontrollably, in the final analysis, is that human nature is difficult to overcome the psychology of falling into the bag for peace. ”

Zhou Hui heard Qin Qiuyue's analysis, nodded slightly, and said with a smile: "Mr. Qin is right, this kind of 'bag for safety' mentality is really difficult to overcome!" ”

"This is also the psychological change of many investors who hold securities and Internet financial stocks in the current market and have made substantial profits." Qin Qiuyue took over and continued, "If there is a disagreement, it means that the market has not peaked at all.

For now, there is just optimism.

But he did not lose his cool, and he did not have too high expectations for the market trend.

Therefore, the core main line of the market, even though the valuation has increased rapidly, is still in a relatively reasonable range.

I remember that Mr. Su mentioned a market theory called 'pendulum theory'.

He said that in our A-share market, the most important leading force is not fundamentals, performance, etc., but investment sentiment.

After all, our A-share market, in the final analysis, is still a retail market.

For retail investors, their cognition and understanding of the market are always limited, or due to the asymmetry of news channels, there is a certain degree of cognitive defects.

In other words, the vast group of retail investors who make up an absolute component of the market.

Most of them are novice investors who are not very mature.

For such a large group of novice investors, valuation, value investing, fundamental analysis, ...... These things are too far away from them.

The investment logic they really follow, and the underlying logic that they are willing to follow and undertake.

There is only one, and that is the market, and the continuous money-making effect of individual stocks.

As long as the market and individual stocks can play a sustained money-making effect, then, regardless of the position, the majority of retail investors are willing to follow the trend and take on chips.

This is the weakness of human nature to seek advantages and avoid disadvantages, and it is generally difficult for ordinary investors to overcome.

When the market becomes dominated by the continuous money-making effect and investment sentiment, especially when the majority of retail investors are the leading force to participate, the 'pendulum effect' of the market is difficult to avoid under the basic conditions of the cognitive defects of the majority of investors.

And what is the 'pendulum effect'?

That is, whether it is the valuation level of the entire market or the market trend of individual stocks.

Whether it is a short-term market triggered by news or a medium- and long-term market driven by performance explosions, it is often over-rising and over-falling.

The so-called valuation is reasonable, the bull is long and the bear is short.

In the absence of a fundamental change in the investor group institutions participating in the market, it is simply impossible.

For now...... After the market broke through the shackles of 3,000 points, the market's investment sentiment and investment confidence, under the continuous surging of money-making effects, have actually changed completely, which has changed from the continuous surge in the turnover of the two cities, as well as the continuous short-term concept speculation of demon stocks and demon stocks...... It's all visible.

Since the market's investment sentiment and investment confidence have completely changed.

Then, with the continuous assistance of emotions, the pendulum of the market is already in a positive direction, and it continues to swing back.

In this 'pendulum effect', when we think that many of the core stocks in the market and the weighted stocks are reasonably valued, it is precisely when the pendulum effect begins.

That is, the excess profit of the market has just reached the stage of generation.

Understanding this layer of truth and logic, then we naturally have no reason to adjust the position structure at this time, or reduce positions and take profits. ”

"The pendulum effect." After listening to Qin Qiuyue's analysis, Zhou Hui flashed with light in her eyes, muttered, pondered carefully for a while, and chuckled, "The 'pendulum effect' summarized by Mr. Su is really in place, and the development of the market does seem to be like this." ”

"When you are optimistic, you are too optimistic, and when you are pessimistic, you are too pessimistic." Qin Qiuyue said, "This sentence is the source of excess profits in the market!" ”

Zhou Hui nodded and continued: "In this case, then let's maintain a static position, and wait until the follow-up stronger expectations are realized, the news that 'the central bank will cut interest rates and cut the reserve requirement ratio in December', since the last two days have been spread inside and outside the market, it should not be completely groundless, and this blockbuster benefit should also have the possibility of cashing in." ”

Qin Qiuyue said: "This blockbuster good news, whether it can be finally cashed out or not, in terms of the current market trend, is a strong stimulus, and then superimposed on the continuous surge in the turnover of the two cities, the majority of investors inside and outside the market, for the main line of 'big finance' market expectations, will definitely continue to ferment, even if the current 'big finance' line of technical serious deviation, passivation, in the short term, especially in the 'central bank in December interest rate cut, Before the news of the RRR cut is falsified, it is still difficult to stop its market. ”

With the discussion of the market between the two of them, as well as the analysis of the follow-up market.

At this time, the market trading time has entered after 10:15.

I saw that after 45 minutes of trading time in the morning, the market pattern of the two cities has become clearer and clearer, and the trend of soaring prices is also more clear.

The Shanghai Composite Index has risen by 1.47% at this moment, continuing to refresh new intraday highs and annual highs.

Although the rise of the Shenzhen Index, the ChiNext Index, and the Small and Medium-sized Board Index is somewhat behind the Shanghai Index, they have all stood at the 1% mark.

As for the A50 index.

Driven by the strength of a number of market-weighted blue-chip core stocks.

At this moment, the increase has once again broken through the 2% increase mark, and the main contract of A50 index futures has broken through to 2.35% in one fell swoop, once again opening the gap with the actual trend of the A50 index, forming a certain degree of premium.

The core main line of the market, the core sector and the core stock performance.

The securities sector still maintained the trend of leading the industry sectors of the two cities, and the securities sector index rose by about 3.81%.

The core constituent stocks in the sector field, 'Pacific Securities, Huatou Capital, Jinlong Shares', 'Southwest Securities, Xiangcai Securities, Oriental Securities' rose by more than 6%, 'Western Securities, Founder Securities, Huaxin Securities' rose by more than 5%, and 'Huaxin Securities, Huashang Securities, Huatai Securities, Huatong Securities' rose by more than 3% following the sector index, and the amount of energy is also in a continuous expansion trend.

The performance of the Internet finance sector is also similar to that of the securities sector, and it still maintains the first place in the list of gainers of the conceptual theme sector in the two cities.

The important constituent stocks in the sector field, "Great Wisdom, Flush" continued to maintain the daily limit, "Oriental Wealth, Yinjie Technology, Jinzheng Shares" rose by more than 6%, "Hengsheng Electronics, Sunline Technology, Tianyu Information" rose by about 5%, "Shanghai Ganglian, Hengwei Technology, Yingshi Technology ......" rose by more than 3.5%, and the entire Internet financial sector index rose to 4.31%.

And the constituent stocks within the entire sector, the trend of main funds rushing to raise funds is still intensifying.

There is a trend of setting off a rising tide.

In addition to securities and Internet finance, the two major markets have the highest attention, and the main capital groups have followed the trend and undertaken the most popular sectors.

The 'sub-IPO' sector is also extremely strong in terms of performance.

In the field of plates, not to mention the two checks of 'Huake Sugon and Bluestone Reloading', there are already 6 stocks in other near-end new stocks, which have closed the price limit.

As for the weighted industry sectors of banking and insurance, the two main areas of 'big finance'.

Compared with the performance of the securities and Internet finance sectors, although the increase is somewhat lagging behind, the net inflow of the main capital group is indeed ranked first and second in the two cities. It has reached 4.233 billion, and the net inflow of the main funds in the insurance sector has also reached the scale of 2.479 billion, but it is the securities sector with the highest turnover in the market industry sector, and the market divergence is a bit big, and the net inflow of the main funds is only 979 million.

Other related sectors in the main line of 'big infrastructure'.

For example, 'building decoration, building materials, commercial real estate development, non-public transportation, machinery and equipment, steel, cement, ......' and other industry sectors, although the performance is not weak, the main capital also continues to be in a net inflow trend, but the capital group to follow the trend, is still significantly inferior to the main line of 'big finance'.

But even if it's not as good as the main line of 'big finance'.

In terms of performance, it is still stronger than the main line areas of 'technological growth' and 'big consumption'.

Among them, in the situation that the main line of 'big finance' continues to soar and continues to play out of the market space, the main lines of the main concepts of 'New Era, Maritime Silk Road', 'Reform and Reorganization of Central Enterprises and State-owned Enterprises', 'Mobile Internet', and 'Smartphone Industry Chain' have also shown signs of continuous change in parallel.

And the market continues to move forward according to this market trend pattern.

It was after 10:30.

After the market spent an hour after the opening of the trading session, the two markets were able to share the time and gradually stabilized.

In the main field of 'big finance', the divergence of securities, banking, insurance, and Internet finance sectors has gradually begun to increase, and whether it is a sector index, or the core weight stocks within the sector, and the leading stocks in the industry, they can no longer continue to go further to open up the situation.

At the same time, the main line of 'big infrastructure'.

A number of core weighted stocks and industry leading stocks in related industry sectors and concept sectors have also begun to trend sideways after surviving a wave of extremely rapid bullish shocks.

On the contrary, it is a stock in the field of 'big consumption'.

and stocks in the fields of 'mobile Internet' and 'smartphone industry chain'.

At this time, it began to gradually break away from the market shape, and with the assistance of many followers and capital groups, the stock price continued to climb and became the main driving force for the market.