Liu Changling said almost without any hesitation: "It is definitely more appropriate to focus on a conservative investment strategy, at the end of the year, there is a certain uncertainty in the market news, and at the same time, the policy will not change much at this time."

In addition, during this period, all institutions and private equity funds in the industry have certain net value settlement needs.

Moreover, the core main lines of 'big finance', 'big infrastructure', and 'military industry' are indeed the ones that have completely collapsed after a period of continuous decline.

And these core main lines still have a great impact on the market trend.

This can be seen by looking at today's market trend.

In the core main line of 'film and television media', a certain amount of money-making effect has been played, and in the three core main lines of 'big consumption', 'mobile Internet' and 'smart phone industry chain', the market has gradually condensed the sentiment of long, and the main capital investment direction is also flowing in and converging towards these main lines.

When the main lines of 'big finance', 'big infrastructure' and 'military industry' come out of the obvious collapse pattern.

It still directly destroyed the market trend of the entire market, and dragged the core main lines such as 'film and television media', 'big consumption', 'mobile Internet', and 'smart phone industry chain', which have a certain money-making effect, into deep water, resulting in a sharp decline in the entire market.

Judging by today's market performance, as well as the trend.

At least for the time being.

It is not seen that the core main lines of 'film and television media', 'big consumption', 'mobile Internet' and 'smart phone industry chain' can support the market trend and form trend of the entire market, and replace the three core main lines of 'big finance', 'big infrastructure' and 'military industry', form a new core driving force of the market, reverse the current market trend pattern, and further drive the bull market upward.

For now, the absolute sentiment of the market is at its core.

That is to say, the core main line sectors that can most affect investor sentiment are still the core main lines of 'big finance', 'big infrastructure' and 'military industry'.

There are also aspects such as future expectations, policy aspects, and performance explosion capabilities.

In fact, at present, the main line areas of 'big consumption', 'mobile Internet', and 'smart phone industry chain', which have formed a certain money-making effect and popularity, are obviously inferior to the core main lines of 'big finance', 'big infrastructure', and 'military industry', but the chip structure of the core main lines of 'big consumption', 'mobile Internet', and 'smart phone industry chain' is relatively better than the core main lines of 'big finance', 'big infrastructure', and 'military industry'.

But......

We invest, we trade.

You can't adjust your position, change your investment direction and change your trading strategy because of the advantage of chip structure.

Focusing on the chip game, focusing on the trend of emotions, and ignoring its fundamental logic, this is what short-term funds and floating funds do, not what our institutions should do.

If we invest in the horizon and time period of the trading operation.

It's really three or five days, or a week or two.

Then, there is nothing wrong with doing this, focusing on the chip game and paying attention to the trend of emotions.

However, it is very realistic that we can't do this, and we can't do it, after all, the amount of funds under our current fund management, although it cannot be compared with many large private equity institutions in the industry, but there are billions of funds, and this level of capital volume is not possible to do short-term transactions and short-term transfers.

Really to achieve excellent results.

It is still necessary to seize the opportunities in the main line of investment, deeply study the fundamentals of individual stocks, and optimize investment strategies and trading strategies. ”

"Well, there's some truth to what you're saying." Shao Xiaoyun nodded and continued, "What are the conservative strategies you are talking about? How much should we reduce the fund's position? And how to adjust the position structure after reducing the position? ”

Liu Changling thought for a while and said: "According to today's market trend, the Shanghai Composite Index is definitely unstable at 3600 points."

The Shanghai Composite Index is unstable at 3,600 points.

That is, the key support barrier of 3600 points is broken.

The point mark, which has a slightly supporting role below, is only 3500 points.

Moreover, in terms of the support of 3,500 points, at the end of the year, all major institutions have to carry out net value settlement, and the desire to increase positions is not strong, and the market is weak in long-term strength, I think it is ...... I'm afraid that there is a high probability that I will not be able to hold it.

If 3500 points can't hold up.

Then the Shanghai Composite Index continues to fall, and it can only be tested to 3300 points, 3200 points, and even the current consensus bull and bear dividing line of 3000 points.

Once the Shanghai Composite Index really goes like this, the adjustment time period and space range of the market will increase significantly.

The uncertainty of the market trend will also increase greatly.

At least the switch of the main line market will not be easily completed, and the money-making effect of the market will definitely be further reduced.

In this way, it will be more difficult to make money.

If the market does go this way, my suggestion is that we continue to reduce the fund's position to 20% of the minimum holding standard, leaving a bottom position.

As far as the current trend pattern is concerned, if we maintain a sufficient light position.

The probability of avoiding downside risk is still much greater than the concept of shorting the market.

Moreover, even if the market situation reverses, even if it is the core main lines of 'big consumption', 'mobile Internet', 'smart phone industry chain', and 'film and television media', it has unexpectedly completed the market transformation of several core main lines such as 'big finance', 'big infrastructure', and 'military industry', and the Shanghai Index has stabilized near 3500 points, forming a trend reversal, and began to further march to 3800 points, or even higher 4000 points.

After the main line of the market was further determined, after the index completely reversed and returned to the uptrend.

Make a more certain investment opportunity on the right.

It's also completely in time.

On the contrary, if we radically increase our positions at this time and take the liberty of transferring the main positions to the core main lines of 'big consumption', 'mobile Internet', 'smart phone industry chain', and 'film and television media', then once the market continues to fall.

It continues to be the core main lines of 'big finance', 'big infrastructure', 'military industry' and so on.

dragged down the plunge and lost important support.

Then, it will have a great impact on the net performance of our fund products.

Moreover, at that time, in addition to the drawdown in terms of net worth, we will also become quite passive in rebalancing and swapping shares, and it will be difficult to actively look for new opportunities.

So, I think it's time to take advantage of the market just falling below 3600 points.

Taking advantage of the investment sentiment in the market, it has not deteriorated further.

It is a very opportune time for us to quickly further reduce our position and reduce the fund's position to 20% and control the net value of the fund in the downward trend of the subsequent market with a high probability.

As for the arrangement of the position structure after reducing the fund position to 20%, ......"

Liu Changling paused and continued: "At present, the line of 'film and television media' should be very strong, and in this time cycle at the end of the year, there are strong hype expectations and fundamental change expectations.

Small position layout, even if it is lost, will not affect the net value of the entire fund too much.

And if you make it, it's an unexpected surprise. ”

"The line of film and television media ......" Shao Xiaoyun squinted his eyes, pondered for a moment, and said, "It's also a good investment direction, what about the specific target?" ”

The overall market value and circulating volume of the film and television media line are not large.

There is a limit to the amount of money that can be carried.

Since they have decided to build a position in the main field of this conceptual theme, they naturally have to study and discuss the selection of targets.

Liu Changling said: "On the line of 'film and television media', stocks with excellent fundamentals and strong expectation logic in the short and medium term have basically been selected by the market, and the first echelon of 'LeTV, Huayi Brothers, Guangguang Media, Huace Film and Television' are all very good, and then the 'Ciwen Media, Tangde Film and Television, Huawen Media, Chinese media is also very good, I think in the selection of the target, according to the main market capital flow, as well as the strength of the market trend to choose, and try to choose popular stocks, do not choose unpopular stocks.

After all, hot stocks are always in the spotlight.

What are the advantages and disadvantages, they are obvious, and they are easy to study and grasp.

However, it is difficult to perceive the specific positive and negative of unpopular stocks, or what potential hidden major negative and fundamental risks.

In this way, unpopular stocks are relatively large in terms of investment risk.

Although our institution now has a little reputation in the industry, and the company's investment and research level is okay, in terms of news channels and information collection capabilities, it is obviously not as good as many large institutions in the industry.

Therefore, we are in the selection of investment targets.

I think it's better to stay as close to the popular stocks as possible and be a little safer.

At this stage, we don't seek to earn much excess market profits, but only to have a stable net value of the fund, and be able to keep up with the market trend, grasp the market direction and hot spots, and maintain a keen sense of market conditions. ”

"Okay, then follow the investment strategy and trading strategy you said."

Shao Xiaoyun pondered carefully for a while, and then he felt that Liu Changling's analysis was reasonable, and the investment strategy and trading strategy proposed by the other party were quite rigorous and complete compared to his ideas just now.

Liu Changling saw that Shao Xiaoyun had retracted his thoughts just now and listened to his own opinion.

I couldn't help but breathe a sigh of relief and nodded with a smile.

This was accompanied by a discussion between the two on the market trend, as well as further revisions to their previous investment strategies and trading strategies.

In the market, the discussion about the market trend, as well as the debate on the long and short views, and the debate on the gain and loss of the Shanghai Composite Index at 3600 points, are still extremely intense.

And in the evening, this kind of long-short debate is getting more and more intense.

Especially in the middle of the night, when the external market trend opened low again, a sharp decline was formed.

Throughout the weekend, bullish sentiment was suppressed by bearish sentiment, and as bearish sentiment became more and more dominant, many investors' worries were also getting heavier.

However, everyone is worried about the market trend next Monday.

Worried that the market will plummet further and continue to break through the lower support level, and worry that their holdings will plummet, and they are worried that they will lose money.

Really when Monday comes.

On December 15, the two markets ushered in the opening of trading again.

The Shanghai Index, the Shenzhen Index, and the ChiNext Index have not opened low, but have maintained a fairly stable flat opening trend when the external market is bearish and the domestic sentiment is not very good.

and after the opening.

Without waiting for everyone to fully react, the Shanghai Index, the Shenzhen Index, and the ChiNext Index all achieved a red rise.

And, in the process of the Shanghai Index, the Shenzhen Index, and the ChiNext Index turning red, the core main lines of 'big finance', 'big infrastructure', and 'military industry', which were extremely weak last week, have gone up one after another, forming a more obvious sign of rebound, but the three core main lines of 'big consumption', 'mobile Internet' and 'smart phone industry chain', which were relatively strong last week, are relatively weak at the moment, lagging behind the market trend.

Of course, among them, the only other is the line of 'film and television media'.

The entire 'film and television media' sector, following the 'big consumption', 'mobile Internet', and 'smartphone industry chain' last week, was synchronously interpreted, and it got out of the local money-making effect, attracting the attention of many major funds and investor groups, and condensing a certain amount of discussion in the market.

Nowadays, when the market rebounds the direction of the market.

When it becomes the three core main lines of 'big finance', 'big infrastructure' and 'military industry'.

The entire 'film and television media' sector has begun to follow these three core main lines to fluctuate and rise, continue to gather the heat of market discussions, continue to show a local money-making effect, and continue to attract many main funds to follow the trend, as well as short-term speculation funds to intervene.

"Hehe, this trend is really weird."

Seeing the main lines of 'big finance', 'big infrastructure' and 'military industry', and the main lines of 'big consumption', 'mobile Internet' and 'smart phone industry chain' have become an obvious seesaw effect, and at the same time see the 'film and television media' sector like a wall grass, which side rises and which side of the market trend, at this moment, the magic capital, Zexi Investment Company, in the main fund trading room, Zhou Kan was surprised to look at the changes in the market of the two cities, and couldn't help laughing lightly, and sighed: "The seesaw effect of the two cities has reappeared." , such a pattern trend...... I'm afraid that the adjustment time will be more and more extended! (End of chapter)