February 22nd.
Monday.
The first batch of market data after the weekend has all been compiled.
Chen Xi sat in front of Trading Desk without looking at the stock price first.
What she opened was the execution report on Friday.
As of the closing of Friday, Phase Two's position reduction of Wuliangye and Shanxi Fenjiu has completed multiple consecutive transactions.
There was no single large sell-off.
There is no concentrated smashing.
All trades are executed on a liquidity split.
The chips sold are taken away by the market one by one.
Chen Xi enlarges the final execution record.
Transaction time.
Transaction price.
Transaction quantity.
Corresponds to the handicap depth.
All arranged clearly.
She confirmed it.
"Phase Two is currently executing normally."
Zhao Chen came over.
"Cumulative position reduction ratio?"
Chen Xi took a look at the real-time data in the system.
"Part of the set Phase Two has been completed."
"The remaining positions are still there."
Zhao Chen nodded.
"Very good."
He did not ask for further expansion of the reduction ratio.
The most important thing now is not how fast you sell.
It's about whether the market continues to provide sufficient liquidity.
Chen Xi then opens the latest position list.
The positions of Wuliangye and Shanxi Fenjiu are already below the benchmark at the end of Phase One.
But still retains sufficient market exposure.
Tongce Medical.
Pian Zi Huang.
Bidiya.
Zhao Chen took a look.
"Long-term assets continue to be locked up."
"Understood."
Chen Xi Close the position list.
"Continue today?"
Zhao Chen did not answer immediately.
"Let's see if the market gives us a chance first."
Nine twenty-five.
Call Auction ends.
Wuliangye opens high.
Shanxi Fenjiu also appears obviously Buying Pressure.
The performance of the entire core consumer sector was strong.
Less than three minutes after opening.
Funds have begun to quickly concentrate on a few leading companies.
Chen Xi looks at the handicap.
"Today's Buying Pressure is more positive than Friday."
Zhao Chen stood behind her.
"Don't speed up selling just because Buying Pressure is strong."
"Follow the original execution rules."
"Sell only when there is liquidity."
"If there is no liquidity, just wait."
Chen Xi nodded.
Trading Desk did not place a large order immediately.
They waited for several minutes.
Prices continue to rise.
Trading Volume expanded.
Active buy orders began to appear continuously.
Henglong Capital then restarted Phase Two's batch reduction of positions.
The sell order is broken down into more details.
different times.
Different prices.
Different Trading Volume.
There is still no transaction that attempts to actively lower the market price.
Soon.
The first batch of transactions is completed.
The second batch follows.
There was no obvious reaction from the market.
Wuliangye even continues upward.
Chen Xi looked at the transaction records.
"It was picked up very smoothly."
Zhao Chen said:
"This is the market we need."
10:17 am.
Research Institute Meeting Room.
A new capital structure diagram appeared on the big screen.
This time, Research Institute did not focus on the trend of individual stocks.
Instead, we dismantle the entire core consumer sector.
Public funds.
Northbound Funds.
insurance funds.
Institutional account.
Private equity funds.
Personal funds.
Fund Flow of different colors finally gathered into several Core Assets.
Chen Xi stared at the screen.
"Institutional concentration continues to increase."
"Especially public offerings."
Zhang Qingxue added:
"Some institutions are reducing allocations in other industries."
"The freed up funds go back into core consumption."
Zhao Chen asked:
"Reason?"
Chen Xi flipped through the information.
"Certainty."
She paused.
"Now the market has a very high degree of recognition of this term."
Zhao Chen smiled.
"There is nothing wrong with certainty itself."
"The problem is that everyone starts buying into the same certainties."
Ten forty-nine.
Wuliangye once again refreshed a new intraday high.
Shanxi Fenjiu strengthened simultaneously.
There is no cheering in Research Institute.
Trading Desk is actually quieter.
Because rising means more liquidity.
And more liquidity means better exit conditions.
Chen Xi took a look at the execution progress of Phase Two.
"Continue now?"
"Continue."
"Speed?"
"Normal."
The trading system starts executing again.
One stroke.
Two strokes.
Three strokes.
Deal.
New purchase orders will be placed immediately.
The chips sold almost never stayed at the market for too long.
Chen Xi suddenly said:
"If we keep this pace, we can still finish a lot today."
Zhao Chen shook his head.
"Don't complete the plan just to complete the plan."
"Sell as much as the market is willing to accept today."
"Stop when the execution limit is reached."
"Don't actively pursue Trading Volume."
Chen Xi nodded.
She knows very well what Zhao Chen is most taboo about now.
Reduce risk for the sake of reducing risk.
In the end, he turned his trading behavior into market signals.
Twenty-five minutes past eleven.
Discussions in the market began to heat up.
Several brokerages continue to publish bullish views on Core Assets.
Target valuations in research reports continue to increase.
Investor discussions have gradually shifted from "Is Core Assets expensive?" to:
"If their profits continue to grow in the future, wouldn't their current valuation be considered high?"
Chen Xi looks at these messages.
"Now the market has begun to justify valuations on its own."
Zhao Chen said:
"This is normal."
"When prices rise, everyone will look for explanations again."
"And the most effective explanation is the future."
Profit for the next three years.
cash flow over the next five years.
Market space in the next ten years.
As long as the future is good enough.
Today's prices can be reinterpreted.
The problem is.
The future hasn't happened yet.
Eleven forty-five.
Morning trading is coming to an end.
Phase Two position reduction continues.
The cumulative remaining position of Henglong Capital dropped again.
But it still hasn't touched the clearance area.
Wuliangye and Shanxi Fenjiu still retain space for subsequent exits.
Chen Xi sends the execution results to Zhao Chen.
"The morning completion was normal."
Zhao Chen has finished reading.
"Continue to observe in the afternoon."
"If funds continue to accelerate, continue to give."
"If marginal liquidity declines, pause."
Chen Xi nodded.
Then, she put a new research report on the Zhao Chen desktop.
The title only has a few words:
"Core Consumer Asset Fund Structure Tracking"
Zhao Chen Open the first page.
At the top is a set of data.
The concentration of institutional holdings continues to increase.
The proportion of heavy positions of several Core Assets institutions is getting closer and closer.
Zhao Chen looked at it for a while.
No words were spoken.
He picked up the pen and wrote four words next to the report.
Everyone is buying.
One o'clock in the afternoon.
A-share has reopened.
Funds have not ebbed due to the rise in the morning.
On the contrary.
Buying Pressure appears again.
Wuliangye continues to maintain strength.
Shanxi Fenjiu also did not drop significantly.
Several core consumer assets even once again attacked new intraday highs.
Chen Xi looked at the screen.
"It starts again."
Zhao Chen asked:
"Funds?"
"Keep flowing in."
"Increment?"
Chen Xi Open Model.
"It's still increasing."
Zhao Chen nodded.
"Then give it."
Trading Desk received the instruction.
Phase Two position reduction restarts.
This time the transaction was smoother than in the morning.
Because prices continue to rise.
There are more and more active Buying Pressure on the market.
Someone Add Position.
Someone is chasing the rise.
Someone raised the target price.
Some people began to discuss the growth space of Core Assets in the next ten years.
And Henglong Capital is just among these Buying Pressure, quietly handing over some of the chips that it has held for a long time.
2:08 pm.
One detail caught Chen Xi's attention.
Prices continue to rise.
But the increase in active funds started to be slightly lower than in the morning.
She enlarged the curve.
"Zhao Zong."
"Say."
"Although the increment of funds is still positive, the marginal velocity is beginning to decline."
Zhao Chen came over.
Take a look.
"Record."
"Don't change the execution yet."
Chen Xi asked:
"Is this a signal?"
"Calculate observation indicators."
Zhao Chen said.
"Not a trading signal yet."
He looked at the prices on the screen.
"As long as the market is still willing to accept it, we will continue to reduce sales as planned."
"Don't stop suddenly just because a curve is slowing down."
Chen Xi nodded.
She adds this data to daily monitoring.
Two forty in the afternoon.
Wuliangye and Shanxi Fenjiu still maintain high levels.
Phase Two Position reduction continues as planned.
As of now.
Henglong Capital has further reduced exposure to these two stocks.
But it is not cleared.
There have been no changes to follow-up plans.
Bidiya still has no transactions.
Tongce Medical didn't move.
Pian Zi Huang didn't move.
Yunnan Agriculture Group didn't move.
Bubble Mary didn't move.
Zhao Chen is very clear.
The core of this adjustment is risk management after changes in valuation and capital structure from beginning to end.
It's not a comprehensive bearish stance on assets.
This is not to deny the long-term value of these companies.
So what should be left behind remains.
If you should quit, quit according to the rhythm.
Three o'clock in the afternoon.
Close.
The market once again ended the session on a strong note.
Financial Media was quick to give various explanations.
Funds continue to pool together.
Core Assets reaches new highs.
Institution continues Add Position.
Market confidence remains strong.
There are few surprises in these titles.
Chen Xi did not leave Trading Desk immediately.
She looked at the last set of data today.
Prices hit new highs.
Funds are still flowing in net.
Institutional concentration continues to rise.
However, the marginal growth rate of new funds has not continued to accelerate like prices.
This change is very light.
It's so light that ordinary investors won't notice it at all.
Even most institutions will not change their strategies based on this indicator.
Zhao Chen looked at it for a long time.
"Save."
Chen Xi nodded.
"File name?"
Zhao Chen thought for a few seconds.
"It's still called observation."
Chen Xi smiled.
"Observation again?"
"It's not time to draw conclusions yet."
He turned and left Trading Desk.
When he reached the door, he paused again.
"Phase Two continues as planned."
"Don't change your rhythm just because the price has risen a lot today."
Chen Xi answered:
"Understood."
The screen of Research Institute is still on.
The price of Wuliangye is stuck at a high level.
Shanxi Fenjiu also showed no obvious looseness.
The market still believes that this grouping market can continue.
And Henglong Capital has quietly completed another round of chip transfer.
No panic.
There was no plunge.
There wasn't even an obvious change.
Because the most likely situation at this stage is not for everyone to suddenly sell.
Quite the opposite.
It is the buyer who is becoming more and more determined.
Be firm enough to start believing:
As long as it is Core Assets, there will always be someone willing to take it at a higher price.
At the end of the day, there were no cracks in the market.
It's just more crowded than yesterday.