Chapter 872 Differences in the Development of the Main Line Structure!

"You can't think like that." Wang Jinglun said, "'Big Finance', 'Big Infrastructure', 'Military Industry', these three core main lines are the most core main lines supporting the market. If the adjustment of these three core main lines is not over, the panic selling sentiment on the market, and the various profit-taking and unwinding chips are not cleared, then the market will not stabilize.

If the market is not stable, other main line areas.

Such as 'big consumption', 'medicine', 'nonferrous cycle', 'petrochemical'... and other main line areas, there will be no sustained market.

In this case, even if we avoid 'big finance', 'big infrastructure', 'military industry', 'film and television media'... these main line areas where the 'Yuhang system' has heavy positions in the early stage, and make layouts in other main line sectors, it is difficult to obtain any market excess returns."

"There is It is impossible. The trend of the main market trend has already changed accordingly. Gao Yixiang disagrees with Wang Jinglun's judgment on the trend of the market at this stage, saying, "It is obvious that in the current market trend, the net inflow direction of the main funds is flowing into the less popular main fields such as "consumption", "medicine", "non-ferrous cycle", "petrochemical", "mobile Internet", and "smartphone industry chain".

And the concentrated flow of the main funds group.

It can fully explain the main funds in the market. The biased view of the market trend.

In particular, the three core main fields of "big consumption", "mobile Internet", and "smartphone industry chain" have performed significantly better than the market in recent days.

And in "big finance", "big infrastructure", and "military industry" When several major main lines continue to fall.

These three core main line areas have always had a certain strength of money-making effect.

Through these signs... it can be fully explained that the main line market style of the market is changing significantly, and the expected direction of the main capital group is also changing significantly. "

Wang Jinglun thought about it and responded: "Is it possible that this is not a change in the main line market style, but just a short-term high-low switching of funds, and the risk aversion sentiment of funds has increased, resulting in a risk-averse investment strategy response?

After all, from the relative market positions of the major main lines of the market and the chip structure.

'Pharmaceuticals', 'Big Consumption', 'Mobile Internet', 'Smartphone Industry Chain', 'Nonferrous Cycle', 'Petrochemical'... These main line areas relative to the previous stagflation of the market, because of the adjustment time Long enough, the stock price is low enough, and the chip structure is relatively good.

It has become a temporary safe haven for major capital groups in the short term.

However, if we talk about the switching of the main line market.

If we want to make "medicine", "big consumption", "mobile Internet", "smart phone industry chain"... these core main lines become the popular main lines that can replace the three core main lines of "big finance", "big infrastructure" and "military industry", and can support the market to continue to break upward.

It is far from being possible to have the advantage of chip structure alone.

If there is no strong future expected feedback in the medium and long term, as well as the potential fundamental change expectations and performance explosion capabilities.

Then, the simple chip structure advantage can only be exchanged for a short-term oversold rebound, and it cannot form a continuous main capital rush to intervene and a continuous long market trend.

Any hype market without underlying logic support and core logic support.

In fact, it is just a flower in the mirror and a moon in the water. Even if it is hot in the short term, it is absolutely worth no analysis and discussion in the medium and long term.

If our institution is mainly short-term gambling.

Just like the various hot money in the market, then it is not wrong to pay attention to these oversold rebound sectors and the trend of their hot stocks.

But we are obviously not a private equity fund company focusing on short-term gambling, but a formal public fund company with tens of billions of capital.

In this case, we can't think about the market with the thinking of hot money and make corresponding investment and trading strategy choices. "

"Are you saying that the three core lines of "big consumption", "mobile Internet", and "smartphone industry chain" have certain logical flaws and uncertainties in the expected logic and expected performance explosion in the medium and long term, which does not conform to the idea of ​​switching the main line?" Hearing Wang Jinglun's words, Gao Yixiang said, "There is no ability to support the market index to continue to rise, and it is impossible to take over the main capital groups withdrawing from the core main line fields such as "big finance", "big infrastructure", and "military industry", and attract off-site funds to enter the market? ”

Wang Jinglun nodded and said: "Yes, that's what I mean. In terms of underlying logic and expected logic, the lines of 'big consumption', 'smart phone industry chain' and 'mobile Internet' are obviously still more than one step behind the three core lines of 'big finance', 'big infrastructure' and 'military industry'.

There are flaws in the underlying logic and performance expectation logic.

It is difficult to attract long-term funds to enter the market to lock in shares, and it is also difficult to continue to attract a large number of main funds to take over the market.

Without the acceptance of these main funds, it will be difficult for these core main line areas to produce enough continuous money-making effects.

And without the continuous money-making effect.

Then, naturally, there will be fewer retail investors following the trend, and it will be even more difficult to continue to open up the market space.

At least for now, I think that if the market still has the motivation to continue to make breakthroughs and the bull market can continue to perform...then it must be the most suitable main line market and the core main line sector that can carry many major financial groups. The three core main lines are 'big finance', 'big infrastructure' and 'military industry'.

In fact, under the current market trend pattern.

Only the three core lines of 'big finance', 'big infrastructure' and 'military industry' have strong logical expectations for the future, as well as expectations for future performance explosions, and have huge advantages in macro news and policies. "

"But currently, it seems that the internal chip structure of the three core main lines of 'big finance', 'big infrastructure' and 'military industry' has completely collapsed." Chen Shen heard the argument between the two people. At this time, he thought about it for a while. He couldn't help but interjected, "Moreover, as the most core main fund in the market, the 'Yu Hang Group' has also made a large investment in the three main lines of 'big finance', 'big infrastructure' and 'military industry'. The scale of positions has been reduced and profits have been stopped.

Although it is said that the main funds of the 'Yu Hang Group' are reducing and increasing their positions.

It does not necessarily indicate the consistent expectations of the market Everbright investor group.

However, the main financial group of the 'Yu Hang Group' has a huge impact on market trends, as well as the expected impact on the emotions of investor groups both inside and outside the market.

This main force's large-scale reduction of positions and profit-taking in core main lines such as "big finance", "big infrastructure" and "military industry" can also explain some problems.

If the underlying logic of the three core lines of 'big finance', 'big infrastructure' and 'military industry' is strong enough and the future performance expectations are explosive enough, then... why should the funds of the 'Yu Hang Group' be in the first few days? What about carrying out a large-scale reduction of positions and taking profits on the same day, or even in the days before? "

Wang Jinglun replied: "Although I don't know that the core main funds in the market of 'Yuhang Group' have massively reduced positions and stopped profits on the three core main lines of 'big finance', 'big infrastructure' and 'military industry'. What is the logic? But according to my analysis, it can be clearly seen that the underlying logic and future expected logic of the core main lines of 'big finance', 'big infrastructure' and 'military industry' have not undergone any huge changes. , it’s just that in the early stage, everyone rushed to add positions to these major main areas.

This has resulted in a scarcity of chips in these major main areas.

This has also resulted in a number of popular stocks and core concept stocks in these major main areas, which have excessively overdrawn their short- and medium-term expectations due to the continuous attack of accumulated funds.

As a result, these stocks saw a large number of concentrated profit-making selling when the good news turned into bad news.

It also caused the weak trend for several consecutive days.

But I believe that these are only temporary, as long as the mid- to long-term expected logic and performance burst logic of these core main lines do not change.

Well, as time goes on.

Among these core main lines, related popular stocks and leading concept stocks will definitely be able to come out after the short-term adjustment is over.

What's more, at present...

Many long-term large capital groups gather in the two main areas of ‘big finance’ and ‘big infrastructure’.

At present, not many are showing signs of exiting. "

"Well, I think what Jinglun said makes some sense." At some point, when the three people in the trading room were discussing the subsequent market trends and the motivation for switching the main market trend, Pingyin Asset Management Business General Manager Liu Ziliang didn't know when , also walked into the trading room. After listening to Wang Jinglun's discussion, he said with a smile, "Looking at the current fundamentals of the main lines of the market, especially from a macro perspective, it is true that only 'big finance', The future expectations of the two core lines of 'big infrastructure' are the most promising.

As far as I know, the current macro level.

In terms of policy direction, the country's macroeconomic strategic planning of the "New Era Road, Maritime Silk Road" should still be unprecedented.

As for the implementation of the macro policy of "reform and reorganization of central and state-owned enterprises".

The intensity is also quite strong.

There are also policies in the direction of ‘defending national defense and strengthening the military’, which are basically quite clear directions.

In addition, for the subsequent implementation of the registration system and the smooth implementation of IPO issuance, the country also needs a bull market to provide soil for the implementation of these policies.

It is also obvious that the transaction volume of the two cities has skyrocketed this year, and the transaction scale of trillions has become the norm.

These should be brand names, right?

We all know that the skyrocketing market turnover will provide securities companies and asset management companies in the industry with expectations and motivation for skyrocketing performance, so why not be firmly optimistic about the main direction of "big finance"?

Taken together, I think there are no problems with the underlying investment logic and future expectations of the three core main areas of 'big finance', 'big infrastructure' and 'military industry'.

As for the recent popular stocks related to these core main lines, why have they fallen so sharply?

However, it is just these core main lines that have overdrawn short- and medium-term expectations in the previous continuous short-squeeze rally.

As for the impact of the main capital of the 'Yuhang Department' on these core lines.

I think there will definitely be some short- to medium-term impact.

But the long-term impact should be close to nothing. After all, no matter how this main capital is operated, it cannot affect the expected changes in the macroeconomics and the changes in the core fundamentals. At most, it can only affect It's just about the short to medium term sentiment.

But this emotional thing...

Isn’t it something that can be perfectly utilized by our organization?

As long as the underlying logic remains unchanged and future expectations remain unchanged, then why should we be affected by market sentiment and make irrational investment and trading strategy choices? "

"Mr. Liu is right." After listening to Liu Ziliang's words, Chen Shen thought about it carefully, and his thoughts suddenly changed, and said, "Since 'big finance', 'big infrastructure', 'military industry', The underlying logic of the core main areas of 'film and television media' and the expected logic of future performance explosions have not changed, and the expectations for fundamental changes and macro-policy changes are also still there.

So, we really cannot be kidnapped by the short-term sentiment of the market, and we cannot follow what others say.

As a result, the most suitable opportunity to adjust positions in the market is missed. "

"That's right." Liu Ziliang said with a smile, "As long as the bull market pattern of the market does not fundamentally change, then the continuous correction phase of the market will be the most suitable opportunity to adjust positions."

"Are we... going to adjust positions in several core main areas such as 'big finance', 'big infrastructure', and 'military industry'?" Gao Yixiang still didn't agree with Wang Jinglun and Liu Ziliang's investment logic at this moment. , he thought carefully for a while and said, "Depending on the situation, the market adjustment should not be over yet. If we start to change the trading strategy into an offensive posture at this time, what if the subsequent market index... falls all the way to 3200 What should I do if it’s near the location?”

Chen Shen thought for a while and said: "At this time, naturally we cannot further increase the overall position level of our fund products. We can only do our best to use fundamental analysis and individual stock analysis while keeping the dynamic position level unchanged. Conduct careful research and analysis to eliminate the weak and retain the strong, and replace the positions of many weak stocks. "

"Well, I agree." Wang Jinglun said with a genuine smile, "Keeping the dynamic position level unchanged, continuing to remove weak points while retaining strong ones, and replacing positions should be the most appropriate trading strategy at the moment.

Due to the continuous short squeeze in the market, we did not buy very cheap high-quality stock chips on the three core main lines of "big finance", "big infrastructure" and "military industry".

Now... with the continuous adjustment of the market, and the continuous oscillation and decline trend of popular stocks in the three core main fields of 'big finance', 'big infrastructure' and 'military industry', we can finally do whatever we want and slowly and comparatively Low position, carefully select chips, and plan for the future! "(End of chapter)