Wednesday, February 24th.
8:47 am.
The trading floor of Henglong Capital Research Institute has not yet fully entered the opening state. Chen Xi has already put a newly updated pre-market data on the main screen.
No one spoke.
What's on the screen is neither Wuliangye nor Shanxi Fenjiu.
Rather, it is Core Assets, the group with the highest increase in the past few trading days.
The red numbers are decreasing.
The estimated opening gains of some stocks have fallen rapidly from yesterday's highs, and some have even directly opened lower.
Chen Xi raised his head.
"The cracks that appeared yesterday afternoon have widened today."
Zhao Chen stood in front of the home screen and did not answer immediately.
He glanced at the time.
Eight fifty-nine.
There is one minute left until the opening bell.
Model of Research Institute has completed the first round of recalculation.
The valuation curve remains high.
The funding curve starts to turn downward.
The sentiment curve has an obvious turning point for the first time.
These three indicators did not deteriorate simultaneously.
What has really changed is the willingness of funds to continue to pay higher prices for high valuations.
Zhao Chen reached out and enlarged one of the pictures.
"Split out the active buying over the past five trading days."
Chen Xi operation keyboard.
A new curve quickly appears.
Prices are still high.
However, the growth rate of active buying funds has obviously lagged behind the price increase.
"This is not a massive withdrawal of funds."
Chen Xi said.
"It's more like he doesn't want to continue chasing."
Zhao Chen nodded.
"This is the first low tide."
Not everyone sells together.
But some people are beginning to be unwilling to buy at yesterday's price.
Nine fifteen.
Call Auction starts.
Wuliangye opens high.
Shanxi Fenjiu also remains strong.
However, several other stocks, Core Assets, which had experienced huge gains in the past, have clearly differentiated.
A core consumer stock fell rapidly from its high in less than three minutes after the market opened.
Then, the second one.
The third one.
On the trading screen of Research Institute, the green color begins to gradually increase.
Chen Xi looks at the handicap.
"Institutions have not obviously smashed the market."
"Know."
"Then why did it fall so fast today?"
Zhao Chen answered very calmly.
"Because the people who were willing to pick me up yesterday are not as active today as they were yesterday."
When the market is truly dangerous, it is often not the sudden and unlimited increase in selling orders.
Instead, Buying Pressure began to retreat.
Without enough active funds to take over, high prices will lose their upward inertia.
At this time, even if the selling order does not increase, the price will find its balance downwards.
Nine forty-two.
Phase Three Model of Research Institute starts running.
A new prompt appears on the screen:
Core consumer assets - Valuation pressure is rising.
Fund concentration - remains high.
Active buying margin decreases.
High Turnover Rate--significantly increased.
Zhang Qingxue walked in and put a latest agency report on the table.
"Several institutions have begun to publicly warn about the risks of high valuations."
Chen Xi turned two pages.
The wording in the report is still very restrained.
No one directly said it was a bubble.
More are "valuation digestion", "realization of profit expectations", "fund congestion" and "short-term fluctuation risk".
But in Zhao Chen's opinion, this is enough.
For the first time, the market began to openly discuss an issue that few people had been willing to face before:
If everyone thinks these companies are worth holding for the long term, how much new money is there to continue to push prices higher?
Ten twenty-three.
Wuliangye remains strong.
Shanxi Fenjiu also did not experience an out-of-control decline.
But Zhao Chen didn't change his plan because of this.
He glanced at the trading terminal.
"Phase Three starts."
Chen Xi did not ask the reason.
Phase Two position reduction has started on February 18.
Implementation will continue on February 19th.
After the weekend, many more transactions were completed on February 22nd and February 23rd.
The positions of Wuliangye and Shanxi Fenjiu have been significantly lower than the benchmark at the end of Phase One.
Now, the market finally has the conditions that Model was waiting for.
Not a plunge.
Instead, liquidity begins to change.
Zhao Chen picked up the phone.
"Continue to execute according to Phase Three."
"Don't chase price."
"Prioritize windows with the best liquidity."
"If there is an obvious takeover of the market, the deal will be split."
Chen Mo receives the command synchronously on the New York end.
"Understood."
There are no big deals to be made.
There are no sudden huge trades.
The sell order of Henglong was broken into many small transactions, scattered in different time periods.
It is difficult for the market to even realize that some chips are continuing to leave the market.
This is exactly the principle that Zhao Chen has always adhered to.
Lightening up your position is not about fighting the market.
Instead, let the market take over on its own.
11:06.
The first round of adjustments began to spread.
Core Assets, which was originally strong, experienced a more obvious decline.
Some stocks that had experienced huge gains in the early stage began to experience wider declines.
Discussion in the market changes rapidly.
In the early trading, there was still discussion on "whether Core Assets has re-entered a new rising cycle." By noon, the topic had become:
"Core Assets will also fall?"
"Is the hug starting to loosen?"
"Does the fund need to adjust positions?"
Several financial channels began to discuss the recent concentration of institutional holdings.
Research Institute is extremely quiet inside.
Because of these problems, it no longer makes much sense for Zhao Chen.
What he's really focused on is the other table.
Transaction structure.
Active selling did not get out of control.
But the active Buying Pressure is falling.
This means that the market has not yet entered a true panic stage.
Precisely because of this, today is an important window to execute Phase Three position reduction.
Zhao Chen glanced at Wuliangye and Shanxi Fenjiu.
"Continue."
Traders start executing again.
One forty-seven p. m.
The market had a rebound.
Several Core Assets quickly recovered part of their losses.
Short-term funds re-enter.
The tone on the financial channels has also begun to soften.
Some people think that the morning's decline is just a normal adjustment.
Some people think that funds are rotating among sectors.
Others believe that the long-term logic of Core Assets has not changed.
Zhao Chen did not block the transaction.
There was no pause in reducing positions due to the rebound.
Chen Xi stood beside him.
"If we pull it up again in the afternoon, will it affect our Strike Price pattern?"
"Yes."
"Then continue?"
Zhao Chen looked at the screen.
"The more people are willing to take it, the more suitable it is to sell."
Chen Xi Got it.
The real danger is not falling prices.
But after the price falls, there is no liquidity.
There are still people in the market who are willing to take it.
This is the window.
2:36 pm.
The first batch of transactions for Phase Three completed.
Henglong Capital did not create any abnormal fluctuations.
No stock has experienced significant price changes due to the trading of Henglong.
Chen Qiming synchronizes the withdrawal status of funds to the internal account.
"The first batch of funds has come back."
Zhao Chen nodded.
"Remain on the parent account."
"No new configurations will be made for the time being."
"Understood."
This time, he didn't immediately discuss the next deal.
Because A-share this round of position reduction is not over yet.
Wuliangye and Shanxi Fenjiu still need to be processed.
Other core consumer assets must also be gradually adjusted according to Model.
And Bidiya still maintains the original plan.
The long-term equity interests of Yunnan Agriculture Group and Bubble Mary remain unchanged.
The position of Nvidia does not move.
Green Energy Technology doesn't move either.
These assets are completely different from this round of group transactions.
They belong to another asset map.
Especially Bidiya.
Zhao Chen has never put it into the basket of core consumer assets this time.
"Don't apply the same logic to all assets just because the market has started to correct."
He said to Chen Xi.
"The biggest fear in real asset allocation is mixing short-term valuation risks with long-term industry values."
Chen Xi nodded.
"Understood."
Three o'clock in the afternoon.
A-share closes.
There was no market crash today.
Even from an index perspective, the adjustment is not as drastic as imagined.
But Research Institute's Model has completely recorded today's data.
Valuations are still high.
Funds began to diverge.
The mood cooled down significantly for the first time.
The most important thing is--
The market proved one thing for the first time.
The so-called Core Assets is not an asset that will always rise.
When the price exceeds the range that new funds are willing to bear, even if Fundamentals does not change, funds will start looking for exits.
Zhao Chen Turn off one of the screens.
No one cheered.
No one celebrated today's deal either.
Because Phase Three has just begun.
Chen Xi handed over the last transaction record.
"What was completed today is only the first batch."
Zhao Chen took the file and took a look.
"I know."
He did not continue to read the tape.
Instead, put that record into a folder.
When the market ebbs for the first time, the most common illusion is to think that everyone will leave the market immediately.
Actually it's not.
Someone is selling it.
Someone bought it.
Some people are watching.
There are also people who are looking for opportunities again after the decline.
What has really changed is the consensus that almost everyone believed in yesterday -
Today's prices are no longer taken for granted by everyone.
And this is the first step for the group to truly loosen up.