Yesterday's trading volume remained at 6600+, and the volume has been at this level for a long time. From the experience of the market operation, if it can recover to around 7500, the market can maintain stability relying on its own strength. It is expected to be a gradual recovery process. Looking at the market, the production team gave a boost in the afternoon. In the recent months of trading, the closing is weak, and the main trading is concentrated in the morning, which is a typical quantification. The rise is mainly in the morning, and the heat in the afternoon is not sustained, which increases the probability of selling.
Yesterday morning, there was a clear outflow of funds from institutions heavily holding stocks, with significant declines in previous dividend and blue-chip stocks. Combined with the disclosure of Holdings by some large institutions, we can also see that some institutions are adjusting their Positions towards self-controllable, military, and some fundamentally bottoming new energy. In the context of insufficient Liquidity this year, such repositioning needs to be closely monitored. As long as the repositioning continues, a trend market wave may still be possible. For example, the recent rise in consumer electronics actually reflects the drive to reallocate traditional consumer funds to consumer electronics.
Talking about this again. Under the big electronic zone, if overseas mapping is difficult, funds will flow to trading that is self-controlled, especially in the H-series. For example, if the light module mapped by NV encounters a pullback, funds will flow to trading domestic GPUs. If the chain encounters a pullback, funds will flow to trading this year's H-series new products, such as folding machines, Hongmeng PCs, Hisilicon's 20th anniversary, and so on. When one end of the trade is high, the other end encounters a pullback, and then it swings back. This has happened many times in the past few years. As for whether personal operations should follow this swing, it actually depends on one's own skills. If one's skills are good and their reaction time is fast, they can adapt to changes easily. If they can't keep up and force themselves to follow, they are more likely to be hit on both sides.
With the pullback of the collective variety, safe-haven funds are coming out, and as long as the index does not fluctuate too much, the overall market sentiment is expected to rebound. We can clearly observe from the market that trading in areas such as autonomous driving & car-road cloud, automobile & robotics, satellites, etc., has become more active. The long-dormant data elements & innovation in the field of information technology have also seen some movement recently. This rotation is driven by the advancement of technology, especially in the field of autonomous control, and the rotation of trading technology + policies. As long as liquidity continues to expand gradually, the degree of market rotation can also increase.
In addition to this rotation, the semiconductor industry, which is currently on an upward trend, is also moving in a slow and steady three steps forward, two steps back pattern. As I always say, if the Q2 report is good, the Q3 and Q4 reports will be even better, and next year will be even better. It's just that if the second-tier stocks pump too fast, there will be a pullback, but after the pullback, the trend will still be upward. Looking at the broader industry, as foreign car companies engage in a price war and fail to move the needle, they will call for a truce, and the intensity of the price war will drop. The focus will shift more towards the intelligent competition in the 150,000 to 200,000 RMB car segment. Trading chip autonomy is also a form of accelerating intelligence in the industry. In addition, there is the pharmaceutical industry, which is a personal weak spot for me, but from a cyclical perspective, the degree of clearance is second only to the military industry. It follows a pattern of hitting bottom and waiting for the interest rate cut cycle. Innovative drugs will outperform traditional pharmaceuticals, which has already happened in other markets. Lately, I have been following and longing for some military industry stocks. The blank check companies have actually performed well and have already reached the right side. However, for small-cap companies with market caps below 5 billion, there are still some potential risks that have not been resolved. After this sector reaches its peak, quality will take precedence in terms of rise.
Although the market sentiment is not high, my personal feeling is that the market is getting better. Although the clearance has just begun, 5,000 companies have accepted Liquidity choices twice, and Liquidity is increasingly concentrated in the top companies of the five or six hundred industries with strong fundamentals. In the future, there will be fewer and fewer grassroots myths of ten or twenty times a year, but investors with good knowledge structure, strong execution, and willing to respect the ten thousand hour law will have a greater chance of winning. This paragraph is not just my own feeling. Recently, I met with some pros, and they also expressed similar ideas in different ways. The opening of the nine regulations is a new stage. Most people are still hesitating at the door and have not yet stepped over the threshold. Perhaps next year, there will be a group consensus on the changes in the market.
First code so long, don't fix the typos.
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