Back to 3000 points! Why didn t my money come back?

Mondo Tourism Updated on 2024-02-21

Who would have thought that after hitting a low of 2,600 points sharply, it took only 6 trading days to rise all the way back to around 3,000 points. And today there are more than 5,100 **, and the mood is boiling.

Such a grand wave of index** has brought basic shareholders not a big mouthful of blood, but a feeling of stepping into the air。Because the index is back, most people's lost money is not back. Some even lost even more.

A friend of mine, who entered the market at more than 2600 points, carefully selected two **, thinking that he had accurately copied a big bottom, and now it is almost 3000 points, but he lost 10%. For the first time, I heard this good-natured brother spit out a fragrant mouthwctm

To be honest, don't talk about outperforming during this time, it's good if you don't lose money. No way, this wave of *** is led by the disk protection action,As long as you don't step on the rhythm of the disk protection (first, then the middle market, and finally spread to the small market), the account performance is not as good as the index。Not only that, but even institutional investors are stepping on the wrong rhythm in large quantities, resulting in huge losses.

For example, in the past two days, quantitative private placement, which has been on the cusp of the storm, has collectively fallen into a large net worth loss. In the week before the Spring Festival, there are many people who have fallen by more than 10% or even 20%, and even quantitative neutral products (the kind with an annualized return may be only a few points), in just a week, there are more than a dozen points, and the income of several years has been wiped out overnight.

Why is it so miserable? Take one of the top quantitative private equity firms, Hangzhou Longqi, as an example, which is typical. Previously, the main bailout funds have been saving ** stocks, and began to transfer to CSI 500 and CSI 1000 on February 5, but this is only a mid-cap stock, and a large number of small and micro cap stocks are unfavored, and they are frantically sold, and the funds are transferred to the CSI 500 and CSI 1000 constituent stocks, and the liquidity of small and micro cap stocks has collapsed and stamped frantically, and the stock selection model of a large number of quantitative private placements is the whole market stock selection, which is actually the majority of small and micro cap stocks, so it passively endured this wave of violent collapse.

This is not over, some private equity managers, including Longqi, saw this posture and couldn't sit still, so they hurriedly intervened manually, urgently modified the model algorithm, and adjusted the trading strategy to the direction of the top stocks, in an attempt to keep up with the pace of bailing out the market and repair the net value.

As a result, I didn't expect that the market style once again switched sharply, the main funds began to burst the CSI 2000, and the small tickets began to be violent.

So,Sometimes whether you can make money in A-shares depends not on your diligence, but on your life

But is there anything that doesn't go empty this time? One of the easiest ways to do this, as I've said many times before, isUse broad-based indices to gamble**。For example, some people will firmly believe that the Shanghai Composite Index will come back after all when it falls to 2700 points or even lower, so they bet on itShanghai Composite Index ETF (510760, Connect C: 011320).Such a wide base on the mark.

This strategy is clearly working. This wave since February 6th, until yesterday,The Shanghai Composite Index ETF has been more than 8 points in a row, and it continues today, with a cumulative increase of more than 10 points

It is worth mentioning that some SSE Composite Index ETFs adopt a sampling and replication strategy, which also has the effect of index enhancement. For example, 510760 has a cumulative increase of 2 from 2021 to 202330%, while the Shanghai Composite Index was -14 over the same period34%,Excess 1664%

In the past few days, the Shanghai Composite Index has been relatively strong among the major broad-based indices, and it has turned red the fastest, and it is also today. The reason behind it is that the power to protect the disk is still there, in any case, the Shanghai Composite Index is still a symbolic index of A-shares, and the demand for stability has always existed. The other is that funds still pay more attention to high-dividend strategies at present, including the relative certainty of the Chinese prefix, which is beneficial to the Shanghai Composite Index.

Now that market sentiment has shown clear signs of recovery, if it can continue, the broad-based performance of the Shanghai Composite Index is expected to continue.

These days, the new village chief is vigorous and resolute, and the latest measure is,Regulate quantitative trading。Including the tightening of refinancing some time ago, etcIn essence, it is to improve the relationship between supply and demand in the trading market and emphasize the fairness of the trading mechanism。This obviously helps to improve the market's risk appetite.

Last night, the Shanghai and Shenzhen stock exchanges offered a punishment to the quantitative giant Ningbo Lingjun. Because Lingjun passed a number of quantitative private placements**, on February 19In just the first minute of the opening, more than 2.5 billion yuan of ** was sold, causing the market to fall rapidly in a short period of time.

Although Ling Jun later claimed in a letter of apology that he was actually overall net that day8.7 billion, but the huge amount of selling in the opening minute has a real negative impact on the market.

What's more, the previous supervision has frequently required institutions to pay attention to market stability, and Lingjun is still doing this, which is a crime against the wind, and it is not wronged to be a negative model. The two major exchanges directly pulled out Lingjun's network cable, and from the 20th to the 22nd, Lingjun was suspended from trading.

Lingjun's matter has a great impact on the quantitative circle, and many people are discussing whether the quantitative private placement in their hands should be redeemed. Quant did come a long way this year, and it all came very suddenly, but quantification is by no means dark from now on.

The regulation is actually very clearStrengthening the supervision of quantitative trading is not for the purpose of killing quantitative trading with a stick, nor will it prohibit quantitative trading, but to solve the problem of high-frequency trading and unfair trading in the process of quantitative trading. Quantification still needs to develop, but these quantitatives need to adapt as soon as possible and adjust their own strategy models in order to slowly come out.

To be honest, although quantitative trading itself has development prospects, some quantitative managers are really digging their own graves and thinking crookedly all day long. For example, a certain giant quantified, taking advantage of the dividends of Guo Jia's team's disk protection, adjusted the algorithm to want to be Guo Jia's opponent's handicap, Guo Jia's team bought it, and he sold it at the same time, picking up Guo Jia's team's wool. The last one to do this was Xu Xiang, who had already entered.

By the way, there is another hot topic in the past two days about the fairness of the trading systemt+0。According to the report, He Qiang, a professor at the School of Finance of the University of Finance and Economics, suggested at the symposium of the village committeeCarry out T+0 pilot projects in state-owned ** blue chips and the Beijing Stock Exchange

Yesterday, someone also suggested in the comment section of my article that it is of course impossible to let the agency t+1, **t+0. The key to this problem is to be fair, either T+0 or T+1 together, and don't treat them differently, otherwise it is nonsense to protect small and medium-sized investors.

Related Pages