Rebirth of the Capital Legend

"I feel that the momentum of the Oriental Yuhong check is a little lacking at the moment, right?" Before Zhao Qiang could respond, Lao Qian took over and continued, "Today, the main line of 'big infrastructure' and the main line related to market weight can clearly be seen to be adjusting. At the same time, after the Shanghai Composite Index broke through 3000 points, the overall investment sentiment in the market has warmed up. I think the ChiNext Index, China Securities 500 Index, and the All-China Securities 1000 Index, which are in oversold positions and represent small and micro-cap stocks in the market, should also make up for the rise. So I think the market's 'high-low switching' should be a reasonable market trend. The active capital groups in the market focus on these industry sectors and concept sectors, and I don't think there is any problem."

"Yeah, I think so too." Zhao Qiang nodded and continued, "The 'big infrastructure' line feels like it has already achieved its stage-by-stage rising target. From the perspective of the main line rotation, it should be the turn of small and medium-sized stocks and micro-cap stocks that are in oversold positions."

"Shouldn't the strong always be strong?" Sun Chengyu smiled and continued.

Lao Qian replied: "It can be said that in terms of the trend of individual stocks, but it is not necessarily true for the main trend, right? In general, the underlying logic of the "big infrastructure" line is still very strong, and the industry fundamentals are still continuing to improve, but the short-term increase is a bit large, and the upper side has reached the heaviest area of ​​historical locked-in positions, and there is also a large amount of recent profit-taking suppression.

At present, most of the so-called positive factors are within expectations.

It feels like it will be quite difficult for the main line of "big infrastructure" to repeat the previous trend of continuous short squeeze and rise that exceeded expectations.

Unless many related companies disclose their performance in their upcoming pre-announcements.

The performance in the third quarter far exceeded the expectations of many market institutions.

In other words, the increase in housing prices and the macro-control of policies, which will bring about significant and unexpected positive effects, may further quickly stimulate the share prices of stocks related to the entire "big infrastructure" main line, causing various market funds to once again form a strong and consistent long behavior in this core main line area, and quickly break through the historical concentrated lock-in expectations above, to create space beyond expectations.

Otherwise, from the perspective of expectations and gaming value.

It is still obviously in an oversold state, and the main line sectors of the "emerging industrial chain" such as film and television media, Internet software, and Internet applications, which are generally not expected by the market, have more speculative value, or more speculative cost-effectiveness. I think this is not a question of certainty and elasticity, but a question of the profit and loss ratio of the two main lines in the current position. "

"I also feel that the current profit and loss ratio of the 'emerging industrial chain' line is better." Zhao Qiang responded, "Looking at the trend of the 'big infrastructure' line, it is indeed a bit slow to rise, and in the main field of the 'emerging industrial chain', the major hot spots are seriously oversold in the early stage, and their current general positions are still significantly lagging behind the position of the Shanghai Composite Index, regardless of the subsequent news expectations.

Judging from the market performance alone and the K-line pattern trend.

Whether it is the film and television media, Internet software, Internet application sectors, or related sectors such as consumer electronics, new energy industry chain, or semiconductors, 5G communications and other sectors, there are still relatively strong upward momentum and hype expectations.

Of course, judging from the market volume performance.

At present, the market has not yet gotten rid of the pattern of stock game, and there is no obvious sign of the incremental capital group off-site entering the market to go long.

But the entire 'emerging industrial chain' main line area, major popular concept sectors, and industry sectors.

In fact, as far as the stock price is concerned, it has not yet touched the concentrated area of ​​historical trapped shares above. In other words... the related stocks in this main line area do not need a lot of funds to push up. Even the existing market can support the continued upward speculation of these stocks.

So, I am bullish on the market style and transition here.

I also think that in the stage when large infrastructure and weighted main lines are rebuilding the adjustment platform, various active capital groups in the market will inevitably switch between high and low and concentrate on the low-level "emerging industrial chains".

In addition, the majority of retail investors in the market actually tend to position their positions in the small and medium-sized stocks and micro-cap stocks in the main line of the "emerging industrial chain". In other words, when funds tend to speculate on this line, it is easier to stimulate the enthusiasm and follow-up trading of retail investors in the market. "

"In that case, let's wait for the market trend to verify itself." Sun Chengyu said, "I have reservations about the sustainability of the rebound of the ChiNext. Of course... In terms of individual stocks, judging from the trend and the heat of concentrated speculation by funds, the probability that the 'Huawen Online' check can continue to perform well and create space is still quite good. However, whether this check can continue to drive the strength of its related film and television media, online education, Internet software, Internet applications and other sectors and achieve a sustainable development that is recognized by the main funds in the market remains to be seen.

In fact, it doesn’t matter if you miss this period of uncertainty.

The left-side trading in the market often lacks certainty.

If the market really wants to switch styles, then when the market investment trend really turns to small and medium-sized stocks and micro-cap stocks, it will be in time to enter the market from the right side and go long. "

"Well, that's true." Zhao Qiang nodded and continued, "Judging from the stock trend, the Oriental Yuhong stock is just a little weak at the moment, but it hasn't reversed or ended this round of market. It hasn't even touched the 10-day line yet."

"'Oriental Yuhong' is indeed the core leader of the market at present." Lao Qian took over and said, "In fact, I think that if the 'emerging industrial chain' line is to be sustainable, the 'big infrastructure' line cannot fall sharply to dampen the market's enthusiasm for buying. From the perspective of the hype space of individual stocks, the 'Oriental Yuhong' check has played a good demonstration role.

There is only one core leader, 'Oriental Yuhong', which is dominated by 'Fuxing Road'.

It can stabilize at a high level after creating space, so as not to produce an excessively strong effect of losing money on the market.

Only other hot money that speculates on small and medium-cap and micro-cap stocks, as well as other active capital groups, will have the motivation to gather and continue to speculate and will have the motivation to lock their positions.

Otherwise, everyone will only have an arbitrage mindset.

Under the dominance of the arbitrage mentality, it is difficult for individual stocks to develop a sustained market trend. " "It is indeed the case. " Zhao Qiang said, "Previously, individual stocks in the market generally stopped at the third board, because everyone has this arbitrage mentality. Once they have the first-mover advantage and cost advantage, they start to harvest and smash the market the next day, resulting in that even with a good sentiment, it is difficult to develop a sustained market trend and high space.

But now, the short-term speculation ecology of the market has indeed changed compared to before.

At least the check of 'Huawen Online' is the first to open the high space of four consecutive boards, which is worth noting. I think this is a sign of the short-term ecological transformation of the market.

In any case, it doesn’t matter how the market index moves in the short term.

I feel that the recent short-term market is definitely worth taking action, and the trading model can be appropriately aggressive.

In a broad sense...

I don’t think it’s important how the specific hot spots and sectors rotate and how they perform.

At present, we only need to be sure of one thing, that is, the market's overall investment risk preference and speculation risk preference are continuously improving.

As long as this point is confirmed, then the various fund groups inside and outside the market.

The enthusiasm for following the trend and taking over the trend will definitely continue to rise under the strong market performance of individual stock trends and the continuous profit-making effect of the market.

The enthusiasm of funds to follow the trend continues to increase, regardless of whether they are popular stocks or leading stocks.

As for the major main sectors, the market trends should not be bad.

In this way, whether you are investing in large-cap stocks or speculating in small- and medium-cap stocks, you will all benefit from the improved market conditions, and your accounts will look better. As for how much profit you can take from this obviously improved short-term market ecology, it depends on your personal ability.”

"Haha, Xiao Zhao said it well." Lao Qian laughed and said, "Indeed, as long as the overall investment risk appetite and speculation risk appetite of the market are in a trend of continuous improvement, then we can increase our positions appropriately and bet on the succession of the core leader."

"Old Qian, you should have bought quite a few positions in 'Huawen Online' this morning, right?" Zhao Qiang asked.

Lao Qian responded: "I bought a little bit, but the stock price rose too fast and I didn't have time to react before it reached the daily limit. I then bought some shares of 'Huawen Media' and 'Quantong Education'. I've made a small profit on these stocks. Of course... whether I can take the profit away depends on the subsequent market performance and tomorrow's opening."

"The two stocks 'Huawen Media' and 'Quantong Education' are obviously following the trend of 'Huawen Online'." Zhao Qiang said, "With the strong daily limit of 'Huawen Online' and the successful opening of the four-day limit, it is not wrong to buy along this logical line. However, the trend of 'Quantong Education' is a bit tangled. The historical locked-in shares of this stock are too heavy, and there are too many retail investors gathered, so the chip structure is not very good. Relatively speaking, I think 'Huawen Media' is very likely to become the second follower of 'Huawen Online' and create a high space. After all, in the market, people sometimes get tired of the old and love the new.

There are too many retail investors involved in the 'Quantong Education' check, and their chips are dispersed, making it difficult to combine funds.

As for the check of 'Huawen Media', it was a relatively unpopular stock in the early stage. The chips were relatively sufficient, and there were not many retail investors. In addition, the circulating stock was suitable. After the funds gathered, it was very easy to control the stock. It was also easier to take advantage of the favorable wind of the hype of 'Huawen Online' to expand upward space. "

"Well, your analysis makes sense." Lao Qian said, "But now, the price of the check for 'Chinese Media' has reached its limit, and it is impossible to increase the position."

After saying that, Lao Qian once again focused his attention on the fierce trading in the two markets.

After several people talked and discussed intensely, the market trading time had already entered 10:17, and the emotions continued to ferment, and various funds gathered to speculate in the market atmosphere.

The film and television media, Internet software, and Internet application sectors, which have become the core hotspots of the two cities, have shown signs of full fermentation and outbreak this time. The three major sector indices have all climbed to more than 3%, basically twice the performance of the ChiNext Index.

As for the stocks in several major sectors...

There are already 18 stocks with the concept of daily limit, and various short-term capital groups in the market are still continuing to pour into this line for speculation.

As for the main line of weight and the main line of major infrastructure.

There is also the main line of the consumer electronics and new energy industry chain, which opened high in the morning and then fell all the way.

At this moment, due to the influence of the market's bullish sentiment driven by the continued surge in film and television media, Internet software, and Internet applications, the market has slowly risen and returned to a slightly red market, or a flat market with shrinking volume.

"The difference between the growth rate of the ChiNext Index and the Shanghai Composite Index has widened to 1.7%. This phenomenon should be rare recently, right?" Seeing the different trend patterns of the Shanghai Composite Index and the ChiNext Index among the major core indexes in the market, as well as the rather fragmented performance patterns of the main market trends, Jia Yongxiang, the trading team leader of the main fund product trading room of Huarui Fund Management Company, 'Huarui Performance Growth No. 1' in Shanghai, said after carefully observing the market trends, "Mr. Song, does it feel like the market investment style is really going to change? The weighted main line has been performing weaker than the overall market trend recently. Moreover, the amount of buying funds has been showing a net outflow trend. Moreover, the trend of the "big infrastructure" line led by the institution "Huayi Capital" has also been a bit weak recently. It seems that some of the funds that had previously gathered in the weighted main line and the "big infrastructure" main line have begun to reduce their positions or adjust their positions after part of their expectations have been fulfilled. The upward momentum of these two previously strong main lines is currently insufficient. I am worried that the investment direction of the market and the dominant direction of the main funds will once again turn to the growth stocks and concept stocks in the small and micro-cap and small and micro-cap fields. "

After hearing what Jia Yongxiang said, Song Shaopu, the product manager of the main fund "Hua Rui Excellent Growth No. 1", pondered for a while and responded: "The difference in the growth rate between the ChiNext Index and the Shanghai Index, as well as the market performance, is indeed a bit rare, but I think the line of small and medium-sized stocks and micro-cap stocks should still follow the logic of "oversold rebound", and the entire "emerging industrial chain" main line, although there is a certain degree of policy-related positive intensification, the overall underlying logic is still obviously lacking. I think the current market trend performance should be more of a concentrated speculation phenomenon of short-term funds in the market, not caused by the concentrated position adjustment of the main institutional funds. In other words, the core investment direction of the market should not have changed yet, otherwise... I feel that the institution "Hua Yi Capital" should not have made any movement!" (End of this chapter)