Rebirth of the investment era

"It's so tragic!"

At 9:40, in the fund trading room of Zexi Investment Company in Shanghai, Zhou Kan observed the market trends and briefly browsed the comments of retail investors in the discussion forums of major trading platforms. He couldn't help but sigh: "Except' Banks are a single tree, and other industry sectors and conceptual fields in the entire market have been almost wiped out."

"Normal!" Xu Xiang, who was beside Zhou Kan, nodded slightly and said, "The market expectations have completely changed to the short direction. At the same time, there are no other positive stimuli in the market news, so the funds on the market will naturally vote with their feet, and the market will vote with their feet." Foreign funds, seeing this market scenario, will have a more intense wait-and-see mood, which has resulted in a situation where selling on the market has completely suppressed buying, and the market volume can continue to shrink, but it continues to fall unilaterally."

"Is it mainly due to a lack of confidence?" Zhou Kan responded, "The original long-term bull trend was knocked down by the negative effects of the IPO restart before it was fully established. Now the market rebound has seriously fallen short of expectations, resulting in the final bull power in the market also Start turning against each other."

"In this way, confidence collapsed, and everyone's market expectations for the future almost all turned from optimism to pessimism."

“I think this is the reason why the market’s risk appetite has dropped sharply and the relatively high-level ‘infrastructure’, ‘state-owned enterprise reform’, ‘Internet finance’ and other early core main lines have completely collapsed.”

"but……"

Zhou Kan paused, stared at the changing market of the two cities, and then said: "Today, the banking sector in the 'big financial' field is very strong. It is receiving waves of funds, but I don't know if it is the main force of the 'national team' In the operation of protecting the market, the hedging funds on the market are still performing the hedging operation of switching high and low."

"If it is the 'national team''s operation to protect the market, then there is nothing to say. It can be protected for a while, but not forever. When the market picks up a little, the banking sector will definitely make up for the decline."

"But if it is a spontaneous act of the main funds in the market, then this change in the banking sector should still be somewhat sustainable, right?"

Xu Xiang pondered for a while and replied: "Although the valuation of the banking sector has been compressed to the extreme, falling into the lowest range of historical valuations, its elasticity is very weak. Unless the fundamentals of the entire banking industry change dramatically, it will be difficult to achieve a better outcome." Great investment value, but as for speculation on market sentiment, in the short term, flexibility limits the profit space. This field is not inherently suitable for speculation."

"When we choose opportunities and invest money, we are actually giving up some opportunities at the same time."

"As a 'big financial' field with weak flexibility and a huge amount of funds swallowed up by market movements, I will not choose to intervene unless there is certain and important good news."

Xu Xiang paused for a while and continued: "In our transactions, we don't have to chase every investment opportunity. We still need to know how to let go of the small and seize the big. At the current stage of market development, the rebound of the market caused by 'Big Finance' , is like a small bubble on the lake of the entire financial trading market. If you chase a small bubble, not only will you most likely not get anything out of it, but you will also most likely drown yourself."

"Just keep an eye on the trend of the two core main lines of 'infrastructure' and 'state-owned enterprise reform'."

"I estimate that these two core main lines have been fought to the end, and the chip structure of related core component stocks has been readjusted, and then the market adjustment is estimated to be over."

"Although the overall market situation looks very tragic."

"But if you observe carefully, you will find that the overall trend of the entire market is still driven by the two core threads of 'infrastructure' and 'state-owned enterprise reform'. This shows that the two core threads of 'infrastructure' and 'state-owned enterprise reform' are Market attention has not decreased, and it is still the pulse center of market changes."

"So, there is a high probability that it will happen for a long time to come."

"The two core main lines of 'infrastructure' and 'state-owned enterprise reform' should still be the leading areas for market development. We only need to keep an eye on the market changes of these two core main lines to grasp the pulse of the market and make correct decisions. investment strategy chosen.”

"Okay!" Seeing what Xu Xiang said, Zhou Kan gave up paying attention to the banking sector and responded, "The market index has no support at 2300 points. The expectation of 2200 points below is very strong. I don't know if it can support it. ?”

Xu Xiang smiled and said: "Guessing the top and the bottom is the behavior of retail investors. We only need to follow the trend and pay attention to changes in market news. However, according to the historical performance of the market, everyone expects the so-called support level to be relatively consistent. , either the time for index adjustment will not arrive, or there is a high probability that it will be broken down."

"I think so too." Zhou Kan nodded, "If the regulatory authorities don't intervene strongly in the market trend, there is a high probability that 2200 points will not be sustained."

"but……"

Zhou Kan thought for a while and then said: "After the changes in the market trend in the past two months, judging from the major trends in the future, the chips held by the bottom layer have been completely loosened by this round of market conditions. This will be a factor for the new market after the market adjustment is over in the future." The market is gaining momentum, which should be very beneficial.”

"At the same time, from the perspective of the market chip structure, the bull market is actually beginning to show signs."

"Taken together, the market is slightly pessimistic in the short term, but the long-term trend is actually relatively optimistic."

"I agree with this." Xu Xiang nodded and said, "After the promulgation of the 'Nine Articles of the New Country', all macroeconomic expectations are gradually improving. It's just that it will take time to restore market confidence, and the market situation Development, the establishment of a long-term bull trend, also takes time.”

During the brief discussion between the two, the market trading time had reached 10:02.

After half an hour of early trading, the Shanghai Stock Exchange Index has fallen to around 75%, approaching a 2% drop, while the GEM Index has fallen below 2%. As for 'Infrastructure', 'State-owned Enterprise Reform', and 'Internet Finance' The major core lines are already full of victims, and related popular stocks, such as 'Beixin Road and Bridge, Shanghai Sanmao, Beijiang Communications Construction', etc., have all been hit to the limit.

"Damn it, I'm so convinced by being hammered so hard. Hurry, let's drop it to 2200 points in one go!"

Different from the relatively optimistic expectations and judgments of many major institutions, complaints and panic are still heard among the majority of retail investors.

"With this garbage trend, do you think you can hold on if it falls to 2200 points? Dreaming!"

"Looking at the market, in fact, the index did not fall badly, but the individual stocks were miserable. I don't know what happened. The number of stocks in the two cities that fell by the limit was almost more than 20, and almost all of them were popular stocks in the market."

“It’s still possible to see the Shanghai Stock Index fall because of the support of the banking sector. Of the nearly 2,000 stocks in the two cities, more than 1,500 are in decline. Will the market be miserable? Let’s look at the decline of the GEM. It’s a true performance. Anyway, I’m clearing my position unconditionally.”

"Indeed, the banking sector has acted so shamelessly. Under such circumstances, it actually became popular."

"Protecting the market will not lead to results. The more it protects the market, the worse it will fall later. Let's see... The banking sector will definitely make up for the decline by a large margin. We really can't go into the 'big financial' field."

"Liquidation is the only correct choice. If you stay on the market, you will only lose more."

"At this time, we can't have any illusions. Yes, clearance is the only right choice."

"Hey, the key is that it has dropped to the limit and cannot be sold!"

"Unlucky, I hit the limit twice in a row. If I had known that the Beixin Road Bridge floor would be lifted the day before yesterday, I should have left directly. Now I am completely trapped."

"A rebound in a downward trend is poison that induces everyone to chase prices higher."

"It's not just poison, it's simply poisonous wine."

"Hey, this trend can't go up anymore. Sell it, sell it..."

"Damn it, the industry sectors related to the two main lines of 'infrastructure' and 'state-owned enterprise reform' have a total net outflow of 2.5 billion main force funds. Damn it...it has only been half an hour. If we wait until the afternoon close, this main force will The net outflow of funds must not exceed 5 billion? It’s too scary!”

"The main funds in the market have already started running away."

"Indeed, before the news of the IPO restart was released, the main funds in the market began to run away. Now the main funds running are already belatedly aware."

"The main force running at this moment should be eliminated like everyone else."

"Even the main players have cut their flesh and left the market. Doesn't this just prove that the market has no hope at all?"

"There is no hope in the first place. Looking at it like this, it is estimated that the support of 2200 points may not be able to hold on. If you don't lose much, cutting the flesh to stop the loss is the best choice."

"If the index can't even hold on to 2,200 points, then those who have suffered a lot of losses can stop their losses unconditionally."

"Sell it now and wait until 2200 points or below 2200 points to buy it back. Wouldn't this be a profit? It will be enough to reduce the cost a lot."

"Nothing is that cheap. If I want to stop the loss, stop the loss. Don't think about buying it back. This will easily mess up your mentality."

"Indeed, if you stop the loss, stop the loss and think about buying it back. I guess when the market rebounds midway, I will definitely not be able to bear it when I see the stock price of my holding stock rising rapidly."

"This is true. When I was on the Beixin Road Bridge, I just wanted to do it. But the more I did, the higher the cost."

"Is there really no hope?"

"Even the main funds in the field are constantly running away, so where is the hope? Before, everyone just held on to unrealistic hopes. Wasn't this... all harvested by the main players?"

"It is said that the lower the market falls, the greater the volume. Why is it that today the market has not fallen a little, but has shrunk?"

"This is because the funds that were sold did not re-enter the market after the sell-off. Market funds continued to show a net outflow. The wait-and-see mood of OTC funds became stronger and stronger. Didn't this cause a decline in market volume? ?”

"If the volume continues to decline like this, when the short-term hold-up reaches a huge level again, I'm afraid the market will fall into the same continuous downward trend as before, right?"

"Needless to say, for sure!"

"The sharp knife cuts the flesh, and then the dull knife cuts the flesh. The market situation in each round is roughly the same."

“This round of rising prices led by ‘infrastructure’ and ‘state-owned enterprise reform’ feels too similar to the market conditions led by ‘mobile Internet’ and ‘smartphone industry chain’ last year.”

"It's really too similar. Looking at the current "mobile Internet" and "smartphone industry chain" mainline concept stocks, it's simply terrible!"

"To put it bluntly, the market has never experienced a comprehensive and sustained general rise in the past two years."

"Yes, in essence, it has always been local market conditions that are interpreting it."

"Hey, it's just because it's a local market that there's no hope for a 'bull market'. The market can only go through a cycle of rebound and decline one after another."

"Without changing the market ecology, there will be no bull market at all."

"Indeed, but changes in the market ecology require countless real money to spend. Who is willing to do that?"

"Actually, this round, the Shanghai Stock Index was about to break through 2,500 points, and the local market changed from a local market to a comprehensive market. The result was that the regulators used the news of 'IPO restart' and directly suppressed it."

“It turns out that regulators and the market’s ‘national team’ don’t have any long-term vision either.”

"Don't say whether these are useful or not. Is it still useful to analyze these at this time? Just one word, 'sell' will do!"

"Hey, I can only admit defeat."

"Our Big A, euphemistically called the investment market, is actually, to put it bluntly, a casino with huge speculative attributes. Those who guide the market inside the venue, whether it is the 'national team', major institutions, or even hot money groups, are they all special? What I wanted to do was take advantage of capital to harvest retail investors, and I didn’t even think about long-term investment.”

"The big A ecosystem is like this, there is nothing we can do about it."

"Unless you don't enter, you will be cut off if you enter."

"After this clearance, I really don't want to enter the market anymore. It's just too difficult."

"Hey, every time I firmly believe in the bull market, it's the time when I get the most severe losses. After clearing my position this time, I no longer believe in the propaganda of these institutions and financial media."

"If the Shanghai Stock Exchange Index does not reach 2,500 points, I will not enter the market again."

"Yes, we have to wait until the Shanghai Stock Index stabilizes at 2,500 points before the market may see a huge turnaround."

"Anyway, I am focusing on Mr. Su's 'Fortune Road' seat operation. As long as Mr. Su's 'Fortune Road' seat is sold, then I will clear the position unconditionally. As long as Mr. Su's 'Fortune Road' seat is bought, then I will unconditionally buy it." "I don't believe in anything else, such as a 'bull market', trends or fundamentals."

"Yes, yes, it is really wise to follow Mr. Su's operation."

"Mr. Su is definitely the number one beacon in the market. It seems that there is never a single mistake on the 'Wealth Road', and every buying and selling point is extremely accurate."

"This is the style of a market boss!"

"It's a pity that the market has fallen so miserably today. Most of the reasons are caused by Mr. Su's 'wealth path'."

"Can you blame Mr. Su for this? The market's downward trend has already formed. Even if Mr. Su doesn't sell, other major funds in the market will run like crazy."

In the heated discussions among many retail investor groups, there are almost one-sided bearish comments.

At 10:15, the market, which was already in a comprehensive slump, once again ushered in a rapid dive. The decline of the Shanghai Stock Exchange Index expanded almost in a straight line to a drop of more than 2%.