"When most of the original active investor groups in the market have already participated in the market transactions, the main incremental funds in the market will come from the new potential investor groups outside the market, as well as the opening of new products by various institutional groups." Hearing Yu Lei's words, Liu Guanhai said with a smile, "Whether it is to attract potential investors from the OTC market or to open positions in the market of newly issued products from various institutional groups, it will take time to react."

The average intraday turnover at the current time has reached the threshold of about 900 billion.

According to the increase in the volume of turnover of the two markets in recent trading days, the volume of about 900 billion is basically the limit of the volume of energy under the concentrated participation of active investors in the market.

Therefore, in a state of exhaustion of the bullish power of the active investor group in the market.

Relying on the entry of potential investors from the OTC market and the establishment of new fund products by institutional groups to provide new major incremental funds, it is normal for the volume growth rate of the market to gradually slow down.

It's like the physical limit of a person's long-distance running, which is 10,000 meters.

Then, this person will definitely be relatively easy in the first 3,000 meters and the first 5,000 meters, but when he runs to 8,000 meters and 9,000 meters, it will be slower and more difficult.

Therefore, the decrease in the growth rate of market volume and energy in recent days does not mean that the market trend is unhealthy.

Opposite......

At present, we can still perceive that the overall bullish sentiment in the market is still rising, and the consensus expectations of the bull market are still strengthening.

As long as the bull trend of the market does not change, the money-making effect has not decreased significantly.

And the overall volume of the market, the number of incremental funds pouring into the market is still increasing.

Then, I think there is no problem in holding shares with peace of mind, continuing to let profits run, and continuing to 'choose the best of the best' to seize the core mainline leading stock chips in the market." ”

Yu Lei heard Liu Guanhai's market insights, pondered for a while, and always felt that something was wrong, but he couldn't say the reason why it was wrong for a while, as well as other opinions, so he responded: "Although the bull market trend of the market is becoming more and more clear, and the market's investment sentiment and investment confidence have completely recovered to the atmosphere of the bull market."

However, after all, in the short term, the market has continued to rise short, and has continued to accumulate a lot of short- and medium-term profits and hedging.

With such a large amount of short- and medium-term profit orders and unhedging orders deposited in the market, I always feel that it will be a huge obstacle for the market to continue to break through.

Moreover, once the market investment sentiment and investment confidence have declined.

In other words, on the external market and internal news, there is a major negative for a while.

Then, it is foreseeable that these short- and medium-term profit-taking chips that have made substantial profits, as well as large-scale unhedging chips that have been unbundled and profitable.

It is certainly not possible to continue to maintain a good lock-up posture on a large scale as it is now.

At that time, the free chips in these markets, or the potential selling forces, will definitely subconsciously concentrate on pouring out and doing profit-taking operations.

And when so many profit-taking orders are pouring out.

When the active investor group in the market has basically participated in the market, and the main incremental funds in the market, as well as the long-term undertaking funds, have been provided by the potential over-the-counter investor groups and the newly established fund products of the institutional group, can the continuously increasing amount of long-term funds be able to withstand the large number of profits and unhedging chips that have poured out...... There is still a great deal of uncertainty.

If the incremental funds are not able to bear such a concentrated profit and unhedge chips.

Then the market is bound to have extreme market volatility.

There is a high probability that there will be a continuous downward sharp adjustment, and the loosening of the overall chip structure of the market will inevitably form a test for the logic of the market bull market and the overall upward trend.

So, Mr. Liu ......"

When Yu Lei said this, he glanced up at Liu Guanhai before continuing: "I think the current potential risks in the market still exist, and we still can't be too aggressive in the holding and trading of fund products, and not only can't be too aggressive...... Instead, I think it's time to shrink the line, change your trading strategy in a timely manner, and take profit accordingly for many stocks that already have obvious upward pressure. ”

"The logic of the market change you are talking about, as well as the potential market adjustment risk you mentioned, have also been analyzed by many people in the previous market changes." Liu Guanhai took over, smiled, and continued, "However, the turnover of the market basically remains very active every day, and the overall liquidity and turnover rate of the two cities are quite sufficient.

That is to say...... Profit orders and unhedging chips deposited on the market.

In the process of continuous market growth, it is not static, or large-scale lock-up.

A lot of profit-taking and unhedging orders, as the index rises.

Especially when the technical aspects of the market have diverged, they are continuing to sell, and they are continuing to rebalance and change their chips.

You can also fully understand this from the specific chip structure and changes in the cost of chip concentration in many popular stocks.

These phenomena, as well as the market itself, can change in the volume of turnover, and the turnover rate changes...... All of them show that the overall cost of holding positions for investors in the market continues to rise.

That is to say, the amount of short- and medium-term profits in the market, as well as the amount of chips deposited to solve the hedging chips, is not as huge as many people expect.

Since the deposition of short- and medium-term profit orders and unhedging orders is not as large as everyone expected, then its obstacles to changes in market trends and continuous rise are naturally not so big, at least for now...... The overall upward trend of the market, as well as the changes in the market, have not yet shown any signs of reversal or lag.

At this time, if we change our trading strategy, from an aggressive strategy to a conservative strategy, and take profits and reduce positions in a timely manner, we will miss a lot of market opportunities.

You know, at a time when market sentiment continues to be high and intense.

When the bull market trend of the market is becoming more and more clear, basically, the investor groups inside and outside the market have become aware of and begin to fully agree with the logic of the market bull market.

It is also the time when the market is the most aggressive to do long.

At the same time, it is also the time when the market is developing the fastest, the main rising wave is the most rapid, and the stock price is rising the most fiercely.

There is also the year-end fund performance ranking......

Many institutional groups in the industry, in order to have a good performance ranking, will definitely aggressively adjust their positions at this juncture at the end of the year.

That is to say, at this juncture at the end of the year, institutions will increase their positions on a large scale to chase the probability of the market.

It is obviously greater than the probability of reducing the position and taking profit.

This means that the potential short selling power of the market is not too large, and the potential long capital power has not reached the point of exhaustion.

What's more, there is heavy good news that the central bank will cut interest rates and reserve requirements next month.

At present, although it is not completely clear, there is a certain expectation.

If this good news comes true, the macro capital will completely change, and it will quickly bring at least 100 billion incremental funds to the market.

In addition, I heard that there are also 'pensions' that are also urgently preparing to enter the market.

In general, there are many potential long factors in the market, especially those that can change the capital side of the market.

In addition, the valuation level of the current market as a whole is not high, and many mainline stocks and many popular industries, under the macro situation of comprehensive macroeconomic recovery, have the possibility of rapid changes in fundamentals and large-scale outbreaks in performance...... It's all the tough logic that supports the continuous rise of its stock price.

Moreover, the external market, especially the U.S. stock market, looks like a trend.

It is also in a situation of continuous breakthrough.

So all things considered...... I still think that the current position reduction and take profit is too early.

Although we need to guard against potential investment risks in the market, it is more important to ...... It is also necessary to have a clear understanding of the market, to understand the current market stage, what position it is in, and what kind of trend change it is.

In addition, our fund products, in the first half of the year, lagged behind other competitors too much.

If we don't take advantage of this wave of good market trends to catch up with the performance, this year's industry fund product performance ranking target is very likely to be incomplete.

If you really can't achieve your goal......

At that time, not only will you and I not look good, but I am afraid that next year, our fund products will also be reduced in terms of the company's resource investment. ”

"Okay!" Yu Lei listened carefully to Liu Guanhai's words, pondered for a moment, nodded involuntarily, and said, "Then according to what Mr. Liu said, we are maintaining a static position to observe for a while, see how the market will change in the next market trend, and then adjust the trading strategy appropriately." ”

After speaking, without waiting for Liu Guanhai to respond, Yu Lei put his eyes back on the two markets.

I saw that in the gap between the two of them, the market trading time had passed 9:25, the two cities had ended the call auction, and the entire market was frozen again.

And after a ten-minute call auction process.

The two markets that were frozen down again were obviously more popular than at 9:20.

I saw that the Shanghai Composite Index opened at a rise of 0.67%, the Shenzhen Index and the ChiNext Index opened 0.52% and 0.49% higher respectively, as for the small and medium-sized board index and the A50 index, one opened 0.45% higher, and the other opened 1.01% higher, directly crossing the high point set yesterday, forming a slight adjustment of the high opening gap.

In addition to the performance of the major core indices......

The performance of a number of popular main lines, industry sectors, and concept sectors in the two cities.

I saw that the popular main lines of 'big finance', 'big infrastructure', 'military industry', and 'film and television media' still showed a leading trend, while the non-popular main lines such as 'big consumption, non-ferrous cycle, petrochemical, and pharmaceutical business ......' followed the fluctuations of the market.

Among them, the Internet finance sector in the main line of 'big finance' led the conceptual sectors in the two cities, opening sharply higher to 1.07%.

In terms of industry sectors in the two cities, the 'public transportation' sector has come from behind, surpassing the 'securities' sector and becoming the leading sector among the industry sectors in the two cities, and has opened significantly higher at 0.96%, which is much higher than the 'securities' sector at 0.79%.

As for the performance of the leading conceptual stocks in the top discussion and attention of investor groups in the two cities.

'Blue Stone Heavy Loading' opened 5.33% higher, and the turnover of the entire collective auction reached more than 12 million, which can be described as a huge volume, and the long and short forces on the disk once again appeared obvious differences.

'Sugon' opened 2.19% higher, and the entire call auction turnover was 8.7629 million, compared with the previous few trading days, it was slightly reduced, and the stock price showed an obvious rebound trend, and its entire call auction process was a trend of rising and going, which gave the majority of investors higher expectations for the subsequent official opening trend of the check.

'Straight Flush' opened 1.29% higher, and more than 37 million were sold in the entire call auction.

This high opening amplitude and volume energy performance still illustrate the long and short divergence on the check disk, but the reversal trend from flat opening to large high opening in the call auction process also shows that the strength of the main buying capital group of the check is still significantly greater than the selling power on the disk.

The check of 'Huagong International' was also opened above 1%.

In addition, its entire collective auction has traded more than 40 million yuan, and has become the main line of the entire 'big infrastructure' and the core leading target.

There are also a large number of popular leading stocks in the market, such as "Great Wisdom, Yingkou Port, Shanghai Ganglian, Huahang Heavy Machinery, Leiman Optoelectronics, Western Securities, ......".

They have also achieved a high opening trend.

And "Great Wisdom, Shanghai Ganglian, Yingkou Port" three stocks.

It has opened higher than 5% of the increase, and there is a trend of continuing to connect the board.

In the face of such an opening situation in the two markets, most of the investor groups inside and outside the market feel that they have exceeded their expectations.

Of course, all the leading stocks and popular stocks are opening higher.

The money-making effect of the market is still bursting, with nearly 1,780 stocks in the pattern of high opening in the red market.

Some technology growth stocks such as 'LeTV, Netspeed Technology, Inspur Information, Huaguo Software ......', as well as weak stocks in the fields of coal, petroleum, chemicals, and nonferrous metals, are still showing a flat opening, or a slightly lower opening trend, without any dividends from the high opening of the market, nor any disk premium effect.

"Judging from the results of the call auction, the strongest leading stocks in the market should be the four checks of 'Blue Stone Heavy Equipment, Shanghai Steel Union, Great Wisdom, and Yingkou Port'...... Which one is better? ”

"Four checks, four directions, I can't say which one is better."

"I'm optimistic about the check of 'Blue Stone Reloading', after all, today's 'Huake Sugon' check is also up, and the leading stocks of the two sub-new stock sectors should resonate with the market."

"I thought that the check of 'Blue Stone Reloading' would be opened today."

"Fortunately, there is no word board to open the limit, otherwise this check will be dangerous, I think this position is just right now, if it is too high, the intraday game is too low, if it is too low, the market sentiment will continue to be damaged, resulting in a huge increase in the disk selling, and now this position is ...... It is just suitable for the active participation of long and short funds, and suitable for the progressive turnover rate. ”

"Haha, agreed...... At this opening position, it is estimated that the check of 'Bluestone Reloading' will definitely touch the price limit position in today's intraday. ”

"Now, I think the intraday space of 'Huake Sugon' is even larger."

"Yes, 'Huake Sugon' has hope of rising and falling today."

"The check of 'Huake Sugon' still depends on how effective the market is after the official opening of the market, and if it is well undertaken, there is a high probability that it will rise and fall."

"The two checks of 'Shanghai Ganglian' and 'Great Wisdom' are also good, and the 'Internet Finance' sector, depending on the situation, will still be the core of the focus of the entire market."

"In this call auction situation, there are a lot of stocks that can be done."

"A lot of leading concept stocks, just buy one, and there should be no money-losing effect today."

"The A50 index opened higher and directly crossed yesterday's intraday high, which is really strong, and I feel that the Shanghai Composite Index should hit 3600 points today."

"There is no doubt that the Shanghai Composite Index will definitely continue to reach new highs today."

"If it weren't for the ChiNext and the small and medium-sized board, the Shanghai Composite Index would have crossed the 3,600 point level long ago."

"Hey, 'science and technology growth' and 'mobile Internet', 'smart phone industry chain', these major market hot main lines last year, are really hurt, the Shanghai Index continues to break through, these main lines are hard to move, the first two days finally rebounded a wave, and now it has almost fallen back."

"The so-called bull market is heavy, the bear market is heavy, this is all a bull market, it must be chasing strong stocks, in order to make a large profit, continue to outperform the index!"

"Indeed, the main line of 'big finance' is really powerful."

"Especially the core stocks of the two major sectors of securities and Internet finance, there is really no opportunity to buy a pullback, and you have to chase high to buy."

"Good stocks are not cheap, cheap stocks are not good, this is the same as buying clothes."

"Since the bull market is heavy, it is natural to buy good stocks, and the strong will always be strong."

"Chase 'Straight Flush', chase 'Western Securities'...... As long as you still have funds in hand, you can buy it without brains! ”

"Hehe, the day before yesterday, I used a small account to chase a few 'straight flush' stocks, and now I have a floating profit of more than 20 points, so ...... This profit is really fast! ”

"Basically, during this time, there will be a premium for leading stocks every other day!"

"The money-making effect of the market is so hot, the leading stocks are all high-quality chips, and there are so many funds that want to be grabbed, can there be no premium when the market opens the next day?"

"If there is no premium, it means that it is not a real leading stock."

"Hehe, under this market pattern, even if it is chasing high...... There's nothing to be afraid of, right? ”

"The bull market is not stopping, the stock price is rising more than rising, where is there anything to chase high? Looking at the long term, the vast majority of stocks in the two cities are currently at the bottom of the mountain. ”

"Not only are the vast majority of stocks at the bottom of the mountain, but the indices are also at the bottom of the mountain."

"Anyway, in my heart, I have preliminarily expected this round of bull market, and the high point of the Shanghai Composite Index is above 10,000 points."

Extremely fierce discussions among investor groups inside and outside the market......

The market pause time from 9:25 to 9:30 a.m. passed in a flash, and then the two markets ushered in the time of official continuous auction trading.

I saw that in a short five minutes, the bullish mood continued to brew.

At the moment when the pointer of time had just crossed 9:30, several core indices in the two cities, as well as a number of popular stocks, and the corresponding industry sector index and concept plate index, were all pouring out of the huge bullish capital force, rising rapidly, and they all rushed to the high point that had been set yesterday. (End of chapter)