"There's some truth to what you're saying." Liu Guanhai heard Yu Lei's analysis, pondered for a moment, and responded, "We have made a lot of money this time, since the certainty of the follow-up market is weakening and the uncertainty is increasing, let's reduce positions and take profits in a timely manner, first reduce some positions, and leave enough flexibility in the change of our trading strategy, then, no matter how the market goes next, we can grasp the initiative." ”

Yu Lei nodded, and asked again: "Then Mr. Liu thinks that at this moment, how many positions should we reduce?" ”

Liu Guanhai thought for a while and said: "The current market, the overall logic of the bull market, there must be no problem, even if we expect to be adjusted, it should be a benign adjustment, since this is the case...... Then you can't be too pessimistic about the adjustment situation, and you can't reduce the position too low.

After all, if we reduce our position too low.

Once we misjudged the subsequent market trend, the market developed in the opposite direction according to our expectations.

Then, we don't have time to buy back the chips quickly and refill the position, so it is bound to be a big short market and cause a bad performance of the fund's net value.

So, I think......

Even if we want to reduce our position and take profit at this moment, we must keep our fund position above 50%.

Only in this way can we achieve a comprehensive and active situation in which we can attack and retreat, and will not have an excessive impact on the trend of net worth because of temporary expectations and judgment errors. ”

"Okay." Yu Lei nodded, and agreed with Liu Guanhai's opinion.

Indeed, in the case of no change in the long-term logic of the bull market, and the bull market pattern of the entire market is still firm, it is not appropriate to reduce the position too low.

After all, a correction in a bull market.

Whether it is the space for adjustment or the time, it is very difficult to predict.

"There are ......," Liu Guanhai paused and continued to add, "In the process of reducing positions and taking profits, I think we can give priority to reducing the weight of popular stocks on the main line of 'big finance', after all, the weighted stocks of this main line are the areas that are most affected by the current news." ”

"Hmm." Yu Lei nodded and said, "I think so too." ”

After speaking, Yu Lei hurriedly began to instruct the group of traders behind him.

Let everyone adjust the corresponding trading strategy, and do a good job of gradually reducing the position and taking profit after the market officially opens for trading.

And when the two discussed carefully and quickly made trading strategy adjustments.

It is next door to the trading room where the two of them are located, in the trading room of the company's 'Yinghui No. 2' main fund products.

As a fund manager, Shao Xiaoyun stared at the two markets, pondered for a moment, but put forward the opposite idea of Liu Guanhai, and said: "Changling, do you feel that the core main lines of the market, as well as the market trend, have been further concentrated in the direction of the main line of 'big finance'. ”

As the head of the fund product trading team, Liu Changling carefully looked at the two markets, pondered for a moment, and responded: "Judging from the market trend in the past two days, as well as market changes, the line of 'big finance' has indeed restarted the upward trend after continuous shock adjustment in recent days.

But ......"

Liu Changling paused and continued: "I think the position of 'big finance' will continue to rise upward, and in the short term, there will not be much space. ”

"Why?" Shao Xiaoyun asked.

Liu Changling responded: "Let's not talk about the core main line of 'big finance', the huge group of short-term profit funds gathered for its disk suppression, let's just say that this big main line, after soaring in front of it for almost a month, has basically fulfilled the expectations of the bull market, as well as some of this year's performance expectations. The line of 'big finance' is relatively sufficient, and the future expectations are relatively consistent, and it is difficult for the market to break through. ”

"Isn't there a good support for the central bank to cut interest rates and reserve requirements?" Shao Xiaoyun said, "And according to the predictions of many domestic institutions, as well as the news obtained by many institutions, the probability of the central bank cutting interest rates and RRR this month is very large. ”

Liu Changling pondered for a moment and responded: "If the central bank's interest rate cut and RRR cut are suddenly released, it will definitely be a blockbuster for the market, and it will indeed bring a very big positive stimulus to the core main line of 'big finance' and even the market trend of the entire market, and at the same time bring higher future performance expectations and fundamental change expectations to the core sectors in the main line of 'big finance'."

However, this news about the central bank's interest rate cut and RRR cut.

At present, it has been brewing and fermenting in the market for many days.

In other words, everyone has long expected this blockbuster good news, and the core industry sectors and leading stocks of 'big finance' have also completed the breakthrough of the increase and the fulfillment of expectations in this expectation.

In this way, even this blockbuster good news can be further clarified and can really land.

Under everyone's expectations.

It should also be difficult to have too much stimulating effect on the market.

Therefore, I said that the core main line of 'big finance', even if it is forced to break through under the favorable expectation of subsequent central bank interest rate cuts and RRR cuts, the upside space is very limited. ”

"Since the core main line of 'big finance', even if it breaks through upward, the increase is very limited, so ...... At present, many major institutions that are frantically increasing the core main line of 'big finance', why are they generally in this position and are increasing their positions in a big way? Shao Xiaoyun did not quite agree with Liu Changling's analysis and opinions, and said, "Looking at the changes in the turnover of the market in the past two days, as well as the confrontation of long and short forces on the disk, I feel that everyone's expectations for the core main line of 'big finance', as well as the news of the central bank's interest rate cut and RRR cut, are not as you said, there are consistent expectations, but I think everyone's expectations in this direction are still very different."

Since the expectations are not consistent, and the long and short divergence is very large.

Then, it shows that the core main line of 'big finance', especially the banking and insurance weighted sectors that are relatively lagging behind, has not risen in place, let alone fulfilled expectations.

Compared with the increase of a number of weighted stocks in the core main line area of 'big infrastructure' this year.

Today's 'big finance' mainline weight stocks are really lagging behind in an all-round way, and even some core constituent stocks have not kept up with the rise of the broader market this year.

That's the upside.

I don't think the 'big finance' line has risen to the conclusion that it has risen in place. ”

"What do you think, Mr. Shao...... What should we do now? Liu Changling saw that the other party was still strongly optimistic about the market of the main line of 'big finance', frowned slightly, and did not think of continuing to refute, but asked, "What does Mr. Shao mean, is it for us to continue to hold static positions and let profits run?" ”

After his interpretation of the market market, he actually preferred to be in this position and reduce his position and take profit first.

Then, observe the subsequent trend of the market after the news is clear, and finally make the next trading strategy...... With his understanding of Shao Xiaoyun.

The net value performance of the 'Profit Exchange No. 2' fund product.

When you are only one step away from the 'Profit Exchange No. 1' fund product.

Shao Xiaoyun did not see the reversal of the bullish trend in the market, did not clearly see the reduction of the market's money-making effect, and did not see the obvious pullback trend of the main line of 'big finance', he definitely did not agree to reduce positions and take profits in this position, actively shrink positions, and change active offense to passive defense.

"No......" Shao Xiaoyun said, "I mean...... Since the line of 'big finance' continues to become the absolute engine of the market, and continues to become the core area of the main capital groups in the entire market to increase their positions and raise funds, and shows a trend of continuing to break through, then we might as well further concentrate our positions on the core main line of 'big finance', maximize the excess profits of the market, and make the net value of our fund products higher.

After all, it's almost the end of the year.

If at the end of the year, when the net value of each fund product is settled, the net value of our fund products can have an excellent performance.

Then, no matter what resources the company has next year, they should be tilted towards the fund products we manage, which is good for all of us. ”

"Continue to concentrate positions on the main line of 'big finance'?" When Liu Changling heard this, he almost thought that Shao Xiaoyun was crazy, and hurriedly persuaded, "Mr. Shao, at this time, the radical increase in positions at a high level and the increasing concentration of positions are already a manifestation of overoptimism and relative greed.

Although the current market is a bull market, and the basic logic of the bull market, there is no problem.

However, a bull market does not mean that the market will always rise.

The core main line of 'big finance', even if there is still a huge market, but at this stage, it is indeed almost fulfilled as expected.

I admit that compared with the core main line of 'big infrastructure'.

At present, the general increase in the line of 'big finance' is not large, at least compared with the line of 'big infrastructure', it is relatively backward.

However, in the line of 'big infrastructure', the stock price of many core stocks has risen more than that of many core stocks in the line of 'big finance', which is also the reason why these stocks have come out of the market for almost 7 or 8 months in a row, with the continuous increase in fundamental changes and expected logic.

In other words, the market of the line of 'large infrastructure' has come to this height.

It took 7 or 8 times more than the start time of the 'big finance' line to finally form, and according to the market trend of the first wave of 'big infrastructure' in April and May in the first half of the year, after that wave, the core main line of 'big infrastructure' was also adjusted for almost 2 months, and it almost fell back to the original point before it came out again.

That is to say, any mainline market, any individual stock market.

Even if it is a change in fundamentals, a change in investment logic, and a good support, it is not something that can be fully realized in a short period of time and can be completed in one breath without adjustment.

For now......

The corresponding stocks of the 'big finance' line have generally doubled in the short term.

The need for adjustments and concepts is enormous.

At this time, if we concentrate our positions on the main line of 'big finance', it is very likely that we will not be able to eat any profits, but will fall into a huge drawdown adjustment, which will have a greater impact on the net value of our fund products.

If Mr. Shao has to operate aggressively, he will take a gamble at this juncture at the end of the year and continue to increase the net value of our fund products.

So, I think it is better to concentrate positions on the main line of 'big infrastructure' instead of concentrating positions on the core main line of 'big finance'. ”

"Concentrate on the main line of 'big infrastructure'?" Shao Xiaoyun was slightly stunned.

Liu Changling nodded and said: "At present, the internal chip structure of the main line of 'big infrastructure' is obviously better than the core main line of 'big finance', and the core main line of 'big infrastructure' has been adjusted for a long time since the Shanghai Index continued to break through from 3,000 points last month, and it has only recently kept up with the rise of the main line of 'big finance' and become the main line of market leadership."

Moreover, in terms of the investment logic of the two main lines, as well as the logic of future expectations.

In fact, there is not much difference between the line of 'big infrastructure' and the expected logic of the line of 'big finance'.

So, I think.

The short-term market trend of the 'big infrastructure' line is likely to be stronger than the 'big finance' line. ”

Shao Xiaoyun pondered Liu Changling's words carefully, and finally said: "Since you think that there is still a risk of a sharp correction in the line of 'big finance', then we ...... Let's take a look at the two core main lines of 'big finance' and 'big infrastructure', who will be stronger, and then wait for the market trend and the performance of the main line to be clearer and clearer. ”

Liu Changling saw that Shao Xiaoyun gave up the idea of continuing to concentrate on the main line of 'big finance' to adjust his position to long, although he did not persuade Shao Xiaoyun to appropriately reduce his position and take profit in this position to defend against the risk of possible adjustment in the market, but to be able to maintain a static position, which can be regarded as a relatively moderate choice, he couldn't help but say: "Okay, then let's maintain a static position first, and then see how the market will change, and then make adjustments." ”

As the two finally agreed on a trading strategy, they continued to maintain a locked position on the individual stocks held by the fund.

At this time, the trading time of the market has entered 9:30, and the short-term stagnant market, under the brewing of market sentiment again, once again ushered in the formal continuous auction transaction.

I saw that the market had just opened, and the disks of the two cities had just begun to beat.

Aggressive bulls are once again flocking to the main line of 'big finance' with a number of heavyweight leading stocks, as well as related concept leading stocks.

Then, just a minute.

Yesterday's strong performance, and the disclosure of the list of dragons and tigers is more eye-catching, "Harbin Investment Capital" and "Huaxin Securities" two brokerage stocks.

was directly frantically gathered by the heavenly master to buy orders, pushing the stock price up to more than 5%. (End of chapter)