"Alas...... The differences are really big! ”

At about 10:30, Zheng Zhongming, general manager of the asset management business of the Magic Capital, Huatong Bank's proprietary investment department, stared at the market trend of the two cities, sighed helplessly, and said: "In only 1 hour, the market turnover has reached more than 400 billion. I really don't know where the amount suddenly came from. ”

"It's normal, too." Next to Zheng Zhongming, Deng Jialun, as a fund manager, responded, "The favorable release of the central bank's interest rate cut and RRR cut has activated the bullish sentiment of the entire market, and also activated all potential long funds outside the market to enter the market, so this amount can explode, although it is somewhat unexpected, but it can also be understood." ”

Zheng Zhongming said: "It is understandable that the potential bulls can explode, but ...... At this moment, the increasing amount of short selling in the market, what is going on? ”

Deng Jialun said: "It is all the latent profit plate in front, as well as the recent unhedging plate is selling, this round of central bank interest rate cuts, RRR news, many institutions are expected, so following this good, there are not many lurking funds in advance, which has caused such a big divergence in the market after today's good landing."

However, I think there is a big divergence between bulls and bears in today's market.

However, on the whole, the long funds that are passively undertaken are obviously still able to withstand it.

Moreover, depending on the situation, 'big consumption', 'non-ferrous cycle', 'petrochemical', 'mobile Internet', 'smart phone industry chain'...... Many stocks in these main line areas show a gradual inflow of funds in the direction of their main capital flows on the disk.

This shows that from the popular main line areas such as 'big finance', 'big infrastructure', and 'military industry', the latent profit orders that take profits and take profits, as well as the recent unhedging orders, have not left the market after selling their chips, but are flowing into the main line at a low level.

As long as the funds do not flee the market.

Then, the amount of energy can be amplified, and the long-short divergence will intensify, which is a good thing for the adjustment of the market chip structure.

Overall, the pattern of the market bull market is still there.

Moreover, after the central bank cuts interest rates and RRR cuts, it is indeed able to bring at least more than one trillion incremental funds to the market, in other words, no matter what the situation of the latent sell-off is, this news will have a heavy impact on the subsequent market of the market.

It can bring a very positive effect to the subsequent market trend. ”

Zheng Zhongming squinted his eyes and thought for a while, turned his gaze to Deng Jialun, and continued: "According to what you mean, we don't need to adjust our investment strategy and trading strategy at present?" ”

Deng Jialun responded: "Since there is no problem with the basic logic of the bull market, then we naturally do not need to adjust our investment strategy, and we just need to continue to take a heavy position long, but ...... You can try to increase your position in the main areas of 'big consumption', 'non-ferrous cycle', 'petrochemical', 'mobile Internet', and 'smartphone industry chain', which are relatively stagnant, but there are already obvious main capital inflows. ”

"I'm worried...... Today's market divergence, another major institution with a huge amount of capital in the market, will not be able to help it. Zheng Zhongming does not fully agree with Deng Jialun's views and opinions, "If this main institution with a large number of positions is also like those short-term profit-taking and unhedging orders, wantonly reducing positions and taking profits, and selling chips publicly, the impact on the market should not be underestimated, and at the same time, the benign adjustment and uncertainty of the market you are talking about will be very large." ”

Deng Jialun knew that the main institutions with huge holdings of funds mentioned by Zheng Zhongming were the 'Yuhang system' institutions with heavy positions in the main line fields of 'big finance', 'big infrastructure' and 'military industry'.

According to the position data previously disclosed by this institution, as well as the position data summarized by various institutions in the market later.

Pretty much sure.

'Yuhang Department' plus 'Anzhao Department' two institutions.

The scale of positions in the main areas of 'big finance', 'big infrastructure' and 'military industry' is at least above 200 billion yuan.

The size of the position at this level.

Even the intraday turnover of the current market has exploded to more than one trillion yuan.

But if the other party really reduces positions on a large scale and resolutely sells chips, the pressure on the market and the emotional impact caused by it are indeed quite large.

What's more, this is the main capital with a huge position.

The time to intervene in the main line of 'big finance', 'big infrastructure' and 'military industry' is very early, and the floating profit is very large.

Once the position is fully reduced and the profit is taken, it is not likely to consider the cost of reducing the position at all.

In other words, with such a huge amount of funds, once the position is fully reduced, the market will inevitably fluctuate violently, and it is very likely to change the development of the trend.

"The capital of the 'Yuhang Department' should be ...... It's unlikely that you will significantly reduce your position at this level, right? Deng Jialun thought for a while and said, "The basic logic of the bull market, no matter how it is analyzed, is no problem, and there is no doubt that the core main line of this round of bull market is the two core main lines of 'big finance' and 'big infrastructure'."

'Yuhang Department' and 'Anzhao Department' are the main funds of these two institutions.

finally got the high-quality chips of these two main lines in the low position, and had enough cost advantages.

Now, when the bull market has not yet ended, and the market's long sentiment and long momentum are still very strong, they have no incentive to significantly reduce their positions and exit at this position.

To know the main mechanism of this volume.

Once the position is fully reduced and exited, it is basically unrealistic to want to enter the market on a large scale and buy back the chips in the bull market trend.

At that time, once the main funds of all parties in the market are found, the funds of the 'Yuhang system' are re-established on a large scale.

It is inevitable to use the cost advantage in hand to force the short upward, and use the huge capital building demand of the 'Yuhang Department' to lift the sedan chair for itself.

Therefore, if it is not for the clear bearish market, I feel that this round of bull market will not last long.

I think that the main capital of the 'Yuhang Department' will definitely not be in this position, large-scale position building and profit-taking, and will give up the trading initiative in the two core main areas of 'big finance' and 'big infrastructure' to other core main capital institutions. ”

"There is some truth in your analysis." Zheng Zhongming thought for a while and said, "However, today's market volume can explode too much, and the market divergence is much more serious than we expected, although according to our analysis just now, the main capital of the 'Yuhang system', in this position, the motivation for large-scale position reduction and profit taking will not be very strong, but ...... We also have to guard against it. ”

Seeing that Zheng Zhongming was still worried, Deng Jialun couldn't help but sigh lightly in his heart and asked: "Then according to Mr. Zheng's meaning, how should we adjust our investment strategy and trading strategy?" ”

Zheng Zhongming thought for a while and said: "Or follow the differences in the market, first reduce the position of the main line of 'big finance' and 'big infrastructure', as for the positions in the main line areas of non-these two main lines, you can keep it for the time being, after all, the core main capital of the 'Yuhang system', the main position direction, is the two major directions of 'big finance' and 'big infrastructure'."

Even this money, in today's great divergence.

The strategy of reducing positions and taking profits was made.

According to their key holding areas, it is also the two core main areas of 'big finance' and 'big infrastructure' that have been most affected.

Not to mention......

The benefits of the central bank's interest rate cut and RRR cut have landed.

No matter how far-reaching the long-term impact this good has on the market, at least in the short term, the market is going to digest a floating profit and unhedge.

In this case, the two main areas of 'big finance' and 'big infrastructure'.

There is enough logic and motivation to reduce positions and take profits.

At this moment, we are partially reducing the chips in these two main line areas, one is to appropriately avoid unexpected risks, and the other is to free up this part of the position, and then move to the 'big consumption', 'non-ferrous metals', 'petrochemical', 'mobile Internet', 'smart phone industry chain' and other relatively stagflationary main line areas, according to the logic of 'high and low switching' to appropriate layout. ”

"Okay!" After listening to Zheng Zhongming's thoughts, Deng Jialun nodded slightly, and said in his heart, "Then I will immediately instruct the traders to trade according to this strategy." ”

After speaking, Deng Jialun did not wait for Zheng Zhongming to continue to command, and immediately turned back and instructed several trading groups in the trading room to quickly make changes in trading strategies.

With the change in the trading strategy of the proprietary investment department of Huatong Bank.

In the two markets, the divergence continues to widen.

Moreover, the core industry sectors and conceptual sectors of the entire main line of 'big finance', such as securities, banking, insurance, and Internet finance, are becoming larger and larger, and the speed of decline is also getting faster and faster.

At 10:47, the opening of the two markets was only more than 1 hour old, and the intraday turnover of 'CEFC Securities' directly exploded to the 10 billion mark.

At 10:48, the stock sector index fell back to about 4.3%.

At 10:49, the rise of the two major financial weighted sector indices of banking and insurance has fallen back to about 2%.

At 10:50, the Shanghai Composite Index rose during the day and fell back to about 1.2%.

At 10:51, the intraday decline of 'Bluestone Reloading' expanded to 7%, and there were traces of a fall limit.

At 10:52, the intraday increase of 'Straight Flush' fell to about 3.5%, and the stocks of "Great Wisdom", "Shanghai Ganglian", "Huake Sugon" and other stocks also fell back to about 5% in the day.

At 10:53, the A50 index retraced its intraday gains to less than 2%.

At 10:54, the rise of the securities sector index fell back to less than 4%, and at the same time, the intraday turnover of 'CEFC Securities' was still expanding wildly, and it had crossed the 11 billion mark.

Seeing the market divergence.

The bearers' undertaking, after one and a half hours, has begun to show a decline.

At this moment, Yu Hang, Yu Hang Investment Company, in the main fund trading room, Su Yu stood in front of the big screen showing the market in the trading room with his hands on his back, was silent for a while, and turned back to Li Meng, who was sitting in front of the company's fund product main control computer, and asked: "Several of our company's main fund products, from the previously agreed position reduction target, how many positions and chips are there that have not been reduced?" ”

Li Meng glanced at the data in the background and said: "The current position level of several major fund products is already below 40%, but there is still a distance from the 30% position target we require. ”

"Let's increase the efforts to reduce positions." Su Yu saw several main fund products, the position is still around 40%, couldn't help frowning slightly, said, "The central bank's interest rate cut, RRR cut news surface landing speed, than we expected, to come earlier, today's market has a huge divergence, basically after the good news landed, the last position reduction and take profit trading window, miss this position reduction and take profit window period, the probability of the market will continue to fall, reconsolidate the already completely scattered chip structure, and once we fall into the continuous downward trend of the market."

Based on the size of our fund products, as well as the market influence of the relevant trading seats.

If you want to quickly exit the position and take profit, it will only be more difficult. ”

"But we are already actively buying in the market, and we are reducing our positions to the maximum." Li Meng said, "If you accelerate again, you can only continue to push down the price, and maximize the buying liquidity of the current market through smashing, but this is ...... It will greatly affect the market trend and cause a certain degree of panic selling, after all, in the current market, we are not the only ones with a strong demand for profit and position reduction.

And, one more point......

If we lower the price and smash it, a lot of funds will also follow us.

Once there is a panic sell-off situation on the market, we are afraid that it will be difficult for us to avoid the disclosure of today's data on the dragon and tiger lists of the two cities. ”

Su Yu pondered for a moment and said: "At this time, there is no need to care about whether the seats are exposed or not, since the final window period for reducing positions and taking profits has arrived, and today's market liquidity can support us to sell the chips in our hands in large quantities and on a large scale, then we can directly reduce the price on a large scale."

Just reduce our position to 30% of the position we have set up as soon as possible.

Complete the entire plan to reduce positions and take profit.

Then, even if our trading seats are exposed, it will have no impact on us.

Because after we completed the deleveraging, we freed up a lot of funds, and we changed from a potential short position to a potential long position in the market.

Instead, we can take advantage of the market to adjust violently.

Gradually get back the chips we want at a low level, further reduce the cost of holding positions, or occupy the initiative in the development of the market later, and seize more high-quality chips on the main line. ”

"Okay, got it." After listening to Su Yu's words, Li Meng immediately nodded, then turned around and instructed the trading teams in the trading room, "According to Mr. Su's intention, increase the speed of position reduction, and be sure to reduce the overall position to 30% of our plan before today's closing." (End of chapter)