"However, the scale of our institution's main fund holdings is not very large." Xu Zhongji paused, and said, "According to the liquidity of the current market, with a daily turnover of more than 900 billion, it is relatively easy for us to reduce our positions and take profits, or to clear our positions."

Therefore, the momentum of the market is not completely exhausted.

For the strategy of reducing positions and taking profits, there is no need to rush to execute.

Let's see how the market will go in this position, and at the same time, we must always pay attention to the movement of the main capital of the 'Yuhang Department'.

After all, there are several core threads in the current market.

'Big Finance', 'Big Infrastructure', and 'Military Industry' are among the core main areas.

The largest main position and the main force of the position that has the greatest impact on the market should be the main capital of the 'Yuhang system'.

Once this main capital changes, it will clearly appear in the selling seats of the dragon and tiger lists of the two cities.

In particular, it appears in the selling seats of the heavy-cap stocks in the core main areas of 'big finance', 'big infrastructure' and 'military industry'.

So, even though the market's bullish momentum has not yet exhausted.

In other words, the news about the central bank's interest rate cut and RRR cut has not yet been clearly landed.

Then we also have to quickly change our trading strategy, and at the moment when the main capital changes, we will immediately reduce our positions and take profits, and try to reduce our positions.

Because of this main fund, the amount of chips in his hand is too large.

Moreover, the influence on the majority of retail investors in the market is too great.

Once this capital moves and there is a clear intention to reduce positions, then, even if the market still has good support and there is still a certain potential to do long, but under the pressure of its huge chip volume, it is difficult for the index and the core main lines of 'big finance', 'big infrastructure' and 'military industry' to go up. ”

"Well, I understand." He Hong said, "I have been paying attention to the movements of the main funds of the 'Yuhang Department', as well as the movements of a number of main fund products managed by its subsidiary 'Anzhao Fund'.

But judging from the current news.

Whether it is the main fund of the 'Yuhang system' or the main fund of the 'Anzhao system', there has been no movement.

It seems that this main fund is still in a state of complete lock-up.

Maybe it's the same as we expected......

This main fund is also waiting for the news of the central bank's interest rate cut and RRR cut to land, or to wait for the news of the overseas Federal Reserve interest rate meeting. ”

"No, it won't." Xu Zhongji said, "You haven't met with the 'Yu Hang Department' of this Mr. Su, you don't know this person at all, this person's thinking on stock investment is not the same as ordinary people, and its interpretation and analysis of the market is also very interested, if everyone is waiting for the news of the central bank's interest rate cut and RRR cut, then the Su president of the ...... 'Yu Hang Department' will definitely act in advance."

Don't worry, though.

The entire 'Yuhang series' main fund products, plus the 'Anzhao series' main fund products.

The total position size of this main fund should be above 200 billion.

With such a huge scale of positions, once the position is reduced on a large scale, it is impossible to have no movement, and it is impossible to completely avoid the disclosure of the market's dragon and tiger list.

Therefore, once this main capital is reduced on a large scale, we must be able to detect it. ”

The two of them were talking......

The trading hours of the market have reached 10:45 a.m.

At this time, after the market fully counterattacked and basically recovered yesterday's intraday diving decline, the amount of energy began to decay again, whether it is the index, or the "big finance", "big infrastructure", "military industry" several core main line areas of a number of industry plates, concept plates, or related weight stocks, popular probability leading stocks, all gradually return to the sideways trend, no longer strong upward breakthrough.

At the same time, many mainline constituent stocks are relatively weaker than the broader market.

At this time, there was also a sharp divergence between selling and buying orders again, and there was an obvious stagflation pattern.

Of course, from the overall perspective of the two markets, it is still relatively strong, and whether it is the Shanghai Index or the A50 index, today has continued to refresh the intraday high, setting a new annual high, at the same time, such as "Yingkou Port", "Shanghai Sanmao", "Huake Sugon", "Great Wisdom" such core concept leading stocks, also continue to rise, continue the trend of the board, and further open up the short-term speculation space of the market.

"This plate, let's say it's strong, it's not particularly strong, let's say it's weak, but it's constantly reaching new highs."

Approaching 11 o'clock in the morning, in the Shenzhen market, inside the Xinniu Fund Company, in the main fund trading room, Mu Zhengxing, as the product manager of the 'Manniu No. 2' fund, looked at the fierce trading of the two cities, smiled helplessly, and said: "It's really difficult to chase the position, I'm afraid of chasing high, reducing the position, and I'm afraid of continuing to miss the market." ”

Next to Mu Zhengxing, Fang Xinsheng, who was also staring at the two markets, said: "This is like eating fish, close to the tail of the fish, there are always more spines and less meat. ”

"The so-called chicken rib market." General Manager Liu Xin said with a smile.

Fang Xinsheng nodded and said: "That's pretty much what it means, this trend is a bit tasteless and a pity for many funds participating in the market." ”

"Since 'more thorns and less meat', let's give up." Liu Xin said, "Anyway, our company's two main fund products, this year's performance has also reached the standard, investors who invest in our fund products, there should be nothing to say, keep enough energy, next year, I think it's good." ”

"But the market continues to rise after all." Mu Zhengxing was a little reluctant to give up, and said, "And seeing that the central bank has cut interest rates and cut the reserve requirement, if this big benefit can be landed, then the current market capital, there will be a huge change, it is difficult to guarantee that the market will not take advantage of this good fortune to rush to the 4000 point mark, if we ...... at this time If we continue to reduce our positions and further reduce our positions, in case of a misjudgment and the market rushes to 4,000 points, it will be very difficult for us to find a suitable entry position next year and get back the high-quality chips we have reduced. ”

Fang Xinsheng said: "In the world, there is no way to have the best of both worlds, investment, after all, it is necessary to make a choice between profit and risk, and in the current form, especially from the expression of the disk trend of the two cities, it is difficult for the Shanghai Index to continue to break through in a large range of upward in a short period of time."

Although we are in this position, we will further reduce our positions and take profits.

It is possible to take a short stance on the next market.

But there is also a high probability that it will be able to avoid the accumulation of profit orders after the serious accumulation of positive expectations, and the possible continuous extreme pullback!

In terms of potential profits and possible risks in the future, I think it would be better to be more risk-averse.

After all, the money in the market is inexhaustible.

In the case that the money-making effect of the market has begun to gradually weaken, and the trend of individual stocks has begun to gradually lose momentum.

Instant take-profit and profit harvesting is the right thing to do.

Because at this time, the overall chip structure of the market is actually very chaotic, and from the analysis of the chip structure, it is difficult for the market to force a continuous upward offensive in this situation. ”

"I agree with Manager Fang." Liu Xin said, "We don't need to take risks." ”

He is not a risk appetite in the first place, and at the same time, he is not too ambitious, and now that the fund's performance has been completed, he is naturally reluctant to take risks.

Mu Zhengxing saw that the two leaders of the company were in favor of continuing to reduce positions and take profits.

After thinking about it, I could only nod and agree.

At the same moment, Modu, Huaxin Securities Proprietary Investment Department, E Fund Trading Department.

The manager in charge of the relevant main fund products saw that the index briefly retraced, and a number of weighted stocks began to move sideways again.

However, it has completely made a trading strategy that is completely opposite to that of 'Xinniu Fund Company'.

These large institutional asset managers.

For the year-end fund ranking, for the year-end year-end rewards.

Although many people have realized that it may be difficult for the market to go up, they have realized that the long-short divergence between the popular main lines of 'big finance', 'big infrastructure' and 'military industry' is indeed gradually increasing.

But in the face of the enthusiasm of the people who continue to subscribe.

In the face of the fund products for which they are responsible, the continuous inflow of subscription funds, and the more they increase their positions, the fund positions are getting lower and lower.

Or is it only to continue to buy at a high level regardless of the risk, and take over a large number of weighted core stocks without brains.

After all, for these mutual fund managers.

You buy it, the market rises, you make a lot of money, that's your cow, and the market falls, and in the end, you can dump the pot to the market.

In other words, as long as there is no problem with the basic logic of the bull market, as long as the people are still subscribing in a steady stream, then ...... Regardless of the ups and downs of the market, they have a steady stream of bullets to cover their positions and continue to buy.

And because of the brainless buying and continuous high undertaking of these large groups.

In disguise, it has created a short-term illusion of prosperity for the market trend, causing countless retail groups without high market cognition to follow the trend brainlessly.

Of course, it is this illusion of prosperity and brainless follow-up.

It held up the market in this position.

So that the 'big finance', 'big infrastructure', 'military industry' in the core main line of a number of industry sectors, the weak constituent stocks of the concept sector, although the amount of energy has been very large, but the stock price is difficult to fall, but also so that countless short-term profit orders in the market, can be safely out of the market.

It is in the midst of this long-short divergence that continues to be interpreted.

Unconsciously, 11:30 p.m. arrived, and the two cities ushered in the noon close.

I saw that after violent shocks, Shanghai finally settled in the 1.12% rise position, although this position, from its highest point in the intraday, slipped a lot, but it is still near the high before yesterday's intraday diving, that is, on the whole, the Shanghai Index is still in a strong upward trend.

As for the Shenzhen Index, the ChiNext Index, and the Small and Medium-sized Board Index.

The performance in the half day is still weaker than the Shanghai Index.

The specific market performance of the two cities is ......

On the whole, the entire market is still revolving around popular main areas such as 'big finance', 'big infrastructure', 'military industry', 'sub-new stocks', and 'film and television media'.

Just compare the previous few trading days, or the previous month's market trend.

The market performance of these main lines still shows obvious signs of weakening.

However, like the trend of the Shanghai Index, even though the number of weighted stocks and popular concept leading stocks in these main areas are not as easy to break through as before, the trend of stock prices is still in a volatile upward trend, that is to say, although the market trend has slowed down, it is still breaking through.

In addition, the turnover of the two cities is still growing today, and the half-day turnover has reached 550 billion yuan.

Faced with such a closing situation in the two markets at noon.

Most of the investor groups inside and outside the market are still relatively satisfied.

After all, several major indices in the morning are only slightly red, and it is not easy to go into such an increase in midday, not to mention, today's securities sector, Internet finance sector, and sub-IPO sector are a full-scale outbreak of market trends, and the market has returned to the rhythm that everyone is familiar with.

"The index is still breaking through in intraday trading today, which is really tenacious."

After the close of trading at noon, at about 11:35, Modu, Zexi Investment Company, the main fund trading room, Zhou Kan stared at the two markets, and after a brief review, he sighed: "Boss, the market volume can continue to increase, depending on the situation, it is really possible to hit the trillion turnover mark today."

Moreover, whether it is a number of popular mainline core stocks in the market, or many concept leading stocks.

The turnover rate yesterday and today is not low.

According to such a fierce turnover rate, there should have been a lot of short- and medium-term profit orders in the market.

You say that the market will continue to move upwards according to this kind of continuous shock, a little bit of upward attack every day, and continue to move at the same time, while maintaining a relatively active market money-making effect, it is possible to completely clean the profit plate in the market, so that the overall chip structure is re-concentrated and cohesive?

You said earlier that the market volume is insufficient and the profit order is too heavy, which may lead to a continuous extreme correction in the market.

Look now......

These two conditions are not very sufficient.

If the market follows a more aggressive situation, through this continuous shock upward way, gradually retreats to the moving average, so that the original divergence of the technical side is better again, and another round of conversion and adjustment of the chip structure is completed, then there will be no extreme continuous adjustment with a high probability.

And we are in this position, the strategy of large-scale position reduction and profit-taking is probably about to fail. ”

Xu Shen heard Zhou Kan's words, smiled, and said: "Don't think too much, the situation you said is basically unlikely, and the market should be complete, many popular main line weight stocks, concept leading stocks, although the stock price is still at a new high today, but the overall main capital inflow is showing a weakened state, and many stocks, while the stock price is rising, the main capital performance trend is completely net outflow." (End of chapter)