Chapter 349 The Core Storyline of ‘Great Power Infrastructure’!

Su Yu pondered for a while and replied: "The first to try out the preferred stock pilot must be state-owned enterprises and central enterprises, so the direction of this concept is basically consistent with the direction of state-owned enterprise reform."

"As for the recovery of the real estate economy..."

"Although all macro policies have been fully liberalized in the direction of real estate, the specific market reaction, inventory digestion, demand boost, and national housing prices returning to the growth channel all require time to react. In other words, there are expectations, but in the short term, the fundamentals and performance of related companies will definitely not keep up. In addition, due to the particularity of the real estate industry, related real estate companies usually lag behind the market for half a year to a year in performance confirmation."

"Therefore, in the direction of real estate, expectations are strong and there is a demand for rebound, but the space may not necessarily be very high."

"You mean... we don't do this direction?" Li Meng asked.

"No, we have to do it!" Su Yu continued, "Since the country has returned to the development path centered on 'urbanization construction' in macroeconomic regulation and control, and has liberalized the real estate industry, the market's 'low expectations' for this field will gradually turn into 'high expectations', and due to the previous low expectations of the market, the valuation of the entire market in this regard has been greatly compressed. The PE valuation of the entire 'real estate economic industry chain' is basically below 10 times or even 8 times, which means that the valuation spring has been compressed to the limit. Once the expectations change, the elastic space of the entire industry chain is very large."

"It's just that we need to streamline our thinking when investing in this direction."

"Streamline your thinking?" Li Meng didn't quite understand.

Su Yu smiled and continued: "The core of stock speculation is the difference in expectations, while the core of stock price support is the improvement of the company's fundamentals and real performance growth."

"There is a strong difference in expectations, but no ability to deliver performance."

"Then, stocks will become pure concept speculation. After the surging main funds speculate, the stock price will fall back to the starting point because the difference in expectations is filled."

"Correspondingly, when a stock has stable performance and the market's future expectations are very poor, the stock valuation will be compressed again and again, and there will often be a situation where performance grows but the stock price does not rise, or even falls."

"If we want to get excess returns in the market, we must start from both the difference in expectations and performance growth."

"Only when these two complement each other can we get a trend of big bull stocks."

"On the other hand, let's look at the 'real estate economic industry chain' we are discussing. This field, which accounts for a large proportion of the macroeconomic development route of 'urbanization construction', has changed in expectations, and the policy has changed from suppression to relaxation, and even encouragement. During the process of encouragement, when the entire industry's expectations change, how will the profits of the industrial chain be presented? In the entire industrial chain, which link will have the first burst of demand? "

When Li Meng heard Su Yu say this, the originally hazy thoughts in her mind suddenly became clear, and she said: "You mean, we should carry out layout speculation according to the order of the expected burst of performance in the entire industrial chain?"

"Yes!" Su Yu smiled and said, "At the same time, through this main line, we can connect the concepts of "state-owned enterprise reform" and "preferred stock pilot" in series. "

"As for the reorganization and backdoor listing under the suspension of IPO review you mentioned before, and the main lines of concepts such as "mobile Internet" and "Apple industrial chain" that performed well last year and even at the beginning of this year, there is not much room for future expectations. It is okay to pay appropriate attention, but I don't think it is the main breakthrough direction for our next operation. "

"Do you still insist that the subsequent reversal of the market will form a 28-divided pattern?" Li Meng asked.

Su Yu nodded and said, "From the perspective of market expectations, this is inevitable. Last year, the SME Board and the ChiNext Board rose well. The future expectations of the two core themes, 'mobile Internet' and 'Apple industry chain', by various investment institutions and retail investors in the market have been raised to the highest point. Although the current market has fallen a lot compared to the highs in November and December last year, overall, the valuations of the popular stocks in these two core themes are still about 3 to 5 times the market average valuation."

"Market speculation, too consistent expectations, often have little room."

"There is no essential difference between consistent optimism and consistent pessimism."

"As I said before, the two core themes of the SME Board and the ChiNext Board, 'mobile Internet' and 'Apple industry chain', are currently full of future expectations and waiting for performance to be realized. If the performance is not as good as expected, , the stock price fell back to the original point of last year. Many stocks have been cut in half, and they will continue to fall. If the performance is generally beyond expectations, these two core themes will have expectation differences again and usher in investment opportunities. "

"If you intervene before that, the uncertainty is very large. "

"Because, when expectations are already very high, it is already quite difficult to further raise market expectations and create new space. "

"On the other hand, many areas of the main board were previously suppressed from all sides. "

"If you gradually change from extremely pessimistic future expectations to no longer pessimistic, or even normal, or optimistic expectations, then the valuation increase under the change of expectations will bring extremely high elasticity of stock prices and even huge profit opportunities in investment. "

"I understand!" Li Meng said, "This is actually the essence of fear and greed of market investors. The more it rises, the more optimistic it is, and the more it falls, the more pessimistic it is. "

Su Yu responded with a smile: "Yes, the stock market is like a pendulum. Under the induction of market sentiment, whether it rises or falls, it will be excessive. And this effect is also true when it comes to the specific performance of industries, individual stocks, etc., optimistic Sometimes, you are too optimistic, and when you are pessimistic, you are too pessimistic.”

"The pendulum effect." Li Meng smiled and said, "This metaphor is really good. Then... let's conduct guided operations in the direction of the 'real estate economy industrial chain', but... according to the industrial chain you mentioned From the perspective of the conductivity of demand and profit explosion, which link is the strongest in the current real estate economic industry chain? "

"Then it depends on where the difference in expectations is the largest, the room for demand imagination is the largest, the policy tilt is the strongest, and the story is the best." Su Yu said with a smile, "At the current stage, in the entire pan-real estate economy, it is obvious that infrastructure-related stocks are The strongest link has the best expectations, and it also has strong policy support.”

"Infrastructure construction!" Li Meng was stunned when he heard that Su Yu's most promising direction was infrastructure construction. Then he realized, "You want to say 'New Silk Road'!"

"Yes!" Su Yu nodded and said, "The main line that can resonate with macro policies is a good main line with a huge market. Only when it is hyped, there will be no policy risks. Moreover, in the 'big country infrastructure', Driven by various powerful macro-policies such as 'a great power attaches great importance', 'further accelerating urbanization', 'rural revitalization', and 'road access to every village', the demand in this field is essentially in an explosive stage, and it is also part of the 'real estate economy'."

"certainly……"

Su Yu paused and continued: "Infrastructure and real estate are a whole, and they are all part of the macroeconomic strategic development of 'urbanization construction'. Now, in this field, there are policy supports and huge demands are coming one after another. As of now, there is a story about the 'New Silk Road' to be told, and the valuation has been compressed to an extremely low position by the market. In addition, the market does not have much future expectations in this regard. Once the hype starts, the space is quite broad. "

"But the market has speculated in this direction before." Li Meng said, "But at that time, market investors did not admit it and did not follow the trend and continue to attack. In the end, this strong policy attribute and the main line concept from top to bottom, that is, It’s over.”

"That was a market opportunity before, which was not mature." Su Yu said, "At that time, the market was in a unilateral downward channel that had just begun, and funds from all walks of life gathered in the 'mobile Internet' and 'smartphone' sectors of the small and medium-sized board and GEM. The two main lines of the mobile phone industry chain have not receded yet, so there is naturally no spare capacity for the main line of the 'New Silk Road'. There is also the valuation spring of the market in this regard at that time, which was not compressed hard enough, and there is room for flexibility. However, given the overall low expectations, the valuation at that time was not enough to attract large-scale participation from institutional investors.”

"But it's different now..."

"Market valuations have been compressed to the limit. Macroeconomic policies have loosened restrictions on the real estate industry, clear guidelines for accelerating urbanization, rural revitalization, the clear implementation of the policy of connecting every village with roads, and the construction of high-speed rail, expressways, and various infrastructures. , the rapid advancement and scale of major power projects, and the further clarification and tone of the 'New Silk Road' policy."

"Valuation advantages, demand expansion, policy support, the market has completed its final decline, the bottom has reversed, and various opportunities have arrived. Naturally, the final results will be completely different."

"Okay!" Li Meng said, "Then let's stir up this nerve in the market."

"Yeah!" Su Yu nodded, "This direction can be used as a core point of breakthrough, but the main line breakthrough must also be coordinated by the branch lines. The only way is to spread the market to multiple sectors and draw out a clear macro main line. Only then can we attract the participation of funds from all parties and complete the establishment of the main line of the market.”

Li Meng thought for a moment and said: "Revolving around the core point of infrastructure demand expansion, the upstream and downstream industrial chains should be able to serve as feeders. And according to what you said, the transmission path of industrial demand and profits is often gradually transmitted from the upstream to the In terms of downstream thinking, the fields of steel, cement and other building materials also have considerable differences in market expectations.”

"Yes!" Su Yu said, "Under the influence of 'acceleration of urbanization construction', 'acceleration of infrastructure construction', 'recovery of the real estate industry' and other conditions, these two major fields have opportunities for reversal. At the same time, they are traditional sunset industries. , when emerging industries dominated the market, they have been knocked to the bottom, and their valuations cannot be lowered. The difference in market expectations is indeed quite large, and it can be used as a feeder for speculation. "

The two of them followed the current market trend and market information.

After discussing the market outlook and investment strategies for several hours, we finally established our follow-up investment ideas and fell asleep tiredly.

The next day, the two made a unanimous decision.

The two main funds, 'Yuhang No. 1' Fund and 'Yuhang No. 2' Fund, have begun to make final position adjustments, further focusing their positions on infrastructure, real estate, steel, etc. with 'urbanization construction' as the core. Cement, building decoration and other major fields.

Of course, in this process of further concentrating the focus of positions.

Regarding several core stock positions in the field of "Internet finance", they have not been moved at all and have maintained their original status.

After four consecutive trading days of fine-tuning positions...

By April 22, when the index slowly approached the 2070 point again, the two main funds finally completed all positions adjustment tasks.

At 9:48 am, in the internal trading room of Yuhang Investment.

Su Yu looked at the market that was once again in a sideways fluctuation with no volume, looked at the various scattered hot spots on the market that were in disorder and completely unable to form a capital synergy, and also looked at the 75% holding water level line in the fund account management background, and the 32 core target stocks that had completed the position building. He knew that this moment was the best time to complete the concept switch and create the main line of the market.

So, he couldn't help but turn his head quickly, and immediately issued a concentrated fund to Li Meng and all the traders in the trading room, and issued a trading order to pull up the five large-cap stocks with the concepts of "state-owned enterprise reform", "new Silk Road" and "preferred stock issuance" in the infrastructure sector, which had completed the position building, namely "China Construction, China Metallurgical, China Communications Construction, China Railway Construction, and China Railway", to stimulate market sentiment.

At the same time, he had more than 70 million funds in his own stock account.

He also threw it all at the stock market of "Beixin Road and Bridge", which was also in the infrastructure sector.

As his orders were issued and as he made his own trading moves.

In just ten seconds, the five stocks of China Construction, China Metallurgical, China Communications Construction, China Railway Construction, and China Railway, which had already shrunk to the extreme, moved suddenly. Under the influence of tens of millions of funds buying, they rose straight up and jumped onto the real-time increase list of the two cities.

And the "Beixin Road and Bridge" that Su Yu attacked with all his strength with his own stock account had limited selling and circulation because of its small plate.

The tens of millions of funds directly smashed by Su Yu drew a vertical straight line upward, directly hitting the daily limit, and instantly attracted the collective attention of market investors.

"Fuck, the big players in infrastructure moved collectively, what is this... What happened?"

Noticing the abnormal movement of the entire infrastructure sector, some investors exclaimed.

"Beixin Road Bridge rose to the daily limit, and China Construction, China Metallurgical, China Communications, China Railway Construction, and China Railway also rose sharply. Is there any good news?"

"The main funds are crazy, pulling blue chips at this time?"

"It's a scam? It must be a scam. The trend of blue chips is getting lower and lower. How can there be any market?"

"The main force saves itself, don't follow it!"

"Whoever follows is stupid. The blunt knife of blue chips is much more fierce than the concept stocks of SME Board and GEM."

In the hesitation, doubt, hesitation, and disbelief of many investors...

At 9:51, the five stocks of 'China Construction, China Metallurgical, China Communications, China Railway Construction, and China Railway', which were fully abnormal, attracted more than 100 million surging buying orders, and stood on a 5% increase in the shock of the entire market and the vast majority of investors.

At the same time, due to the direct drive of these five stocks

In the construction and decoration industry sector, within a few minutes, its growth rate directly soared to the top of the growth list of industry sectors in the two cities.

Seeing the continuous attack of the main funds and the continuous surge of buying, at 9:55, the construction and decoration sector, which had attracted the attention of all investors, began to gradually usher in the pursuit of follow-up disks. Many active short-term funds, under the demonstration effect of the straight limit of Beixin Road Bridge, the continuous rise of China Construction, China Metallurgical, China Communications Construction, China Railway Construction, China Railway and other stocks, entered the market to open positions and try and error, and joined the army of long positions.

At 10:02, after carefully observing the follow-up of various funds in the "construction and decoration" sector on the market, Su Yu could not help but issue instructions again, asking traders to continue to push up the buying volume of several benchmark core stocks of "China Construction, China Metallurgical, China Communications Construction, China Railway Construction, China Railway", while pulse-pulling the core positions in the steel, cement, and real estate fields, and attracting more market funds to converge in this field.

At the same time, we also took advantage of the moment when market investors were paying attention to this field.

The attack path of funds fully demonstrated the core logic of the macro main line of "big country infrastructure" brought about by the "real estate economic recovery and accelerated urbanization construction".