Thursday.
10:12 am.
Shan City The weather is a little warmer than the past few days.
Henglong Capital Research Institute, but no one paid attention to the window.
The market on the big screen is repairing quickly.
Core Assets, which was still divided yesterday, has rebounded on a large scale again today.
Wuliangye is back in the strong range.
Shanxi Fenjiu's Buying Pressure also recovered significantly.
Several stocks Core Assets, which had a large decline yesterday, even opened higher and then continued to rise.
The voices on the financial channels have become optimistic again.
"Yesterday's adjustment may be just a normal technical retracement."
"Core Assets The long-term logic has not changed."
"Institutional funding remains firm."
"After a brief adjustment of some High-Quality Assets, the configuration value appears again."
Chen Xi stood in front of the home screen and watched it for several minutes.
"The market is back."
Zhao Chen has no answer.
He is looking at another picture.
Yesterday's active buying curve.
As well as renewed capital inflows after today's opening.
The two curves overlap.
Prices recovered quickly.
Emotions recover faster.
But the capital structure has not completely returned to the state it was in a few days ago.
Zhao Chen pointed at the screen.
"It's not that the market is back."
Chen Xi looked at him.
"What is that?"
"The last opportunity for the market to redistribute chips."
Ten twenty-six.
Model inside Research Institute recompletes the calculation.
Valuation: High.
Institutional concentration: high.
Active Funding: Recovery.
Market sentiment: warming again.
Short-term liquidity: improving.
Chen Xi stared at the last item.
"Liquidity is indeed better than yesterday."
"So today is a better time to sell than yesterday."
Zhao Chen said very calmly.
Yesterday's decline told the market that the group is not unshakable.
Today's rebound has given everyone a new reason.
"Adjustment is over."
Once this sentence becomes the market consensus again, Buying Pressure will reappear.
For those who are reducing their positions, Buying Pressure is the most important thing.
It is not best to sell when the price is the highest.
Rather, it is best to sell when the market is most willing to accept chips.
Zhao Chen Pick up the trading plan on the table.
"Phase Three, enter the main execution window."
Chen Xi nodded.
"Or in batches?"
"Of course."
"Wuliangye and Shanxi Fenjiu first?"
"Yes."
"Other Core Assets are sorted by liquidity."
Zhao Chen paused for a moment.
"Bidiya doesn't move."
"Understood."
"Yunnan Agriculture Group, Bubble Mary, Nvidia, Green Energy Technology all don't move."
Chen Xi will confirm the command.
At this moment, the logic of Henglong Capital's position reduction is very clear.
They didn't start panic selling just because they fell yesterday.
Quite the opposite.
It is precisely because the market has regained sufficient liquidity today that Phase Three has truly entered the execution range.
Eleven thirty minutes.
The first orders begin to enter the market.
The mouth of Wuliangye is very thick.
Between buy one and buy five, pending orders are constantly refreshed.
Traders did not directly sell large positions at once, but split the orders into different price ranges.
One stroke.
Two strokes.
A dozen strokes.
Dozens of strokes.
Trading Volume was quickly absorbed by the market's own activity.
There is no obvious price impact.
The situation with Shanxi Fenjiu is similar.
The funds that were still discussing "whether the group will collapse" yesterday started to actively look for low-level chips again today.
Some institutions even raised their buying quotes again.
Chen Xi looked at the transaction records.
"The acceptance is much better than yesterday."
"Normal."
Zhao Chen said.
"It fell yesterday and rose back today. Many people will interpret yesterday's fall as an opportunity."
Chen Xi smiled.
"So they're picking up the chips we sold."
"They follow their own logic."
Zhao Chen looks at the screen.
"We sell at our own risk."
12:17 noon.
The first round of execution of Phase Three has been mostly completed.
Chen Qiming Synchronizes fund withdrawal data to the internal system.
"Today's return was very fast."
"The parent account is temporarily unavailable."
"Understood."
Funds were not re-entered into A-share.
There was no immediate shift to other markets.
They just quietly returned to the parent account of Henglong Capital.
This is a space intentionally left by Zhao Chen.
The market hasn't really entered a downtrend yet.
The adjustment of A-share is not over either.
The most important thing at this time is not to immediately look for the next investment.
Instead, the liquidity that has been obtained is saved.
Chen Xi walked to Zhao Chen.
"What if it continues to rise in the afternoon?"
Zhao Chen glanced at the time.
"Keep selling."
"What if it breaks through the previous high?"
"Continue."
"What if the market goes crazy again?"
Zhao Chen is silent for two seconds.
"Then sell faster."
1:26 p. m.
Sure enough, the market continued to rise.
Wuliangye hits a new intraday high again.
Shanxi Fenjiu strengthened simultaneously.
Other Core Assets also began to see significant capital inflows.
It seems like yesterday's panic never happened.
Financial channels have even started discussing:
"Core Assets adjustment has been completed?"
No one in Research Institute is excited.
Because what Zhao Chen saw was another set of data.
Prices hit new highs.
However, the growth rate of active buying funds has not reached a new high simultaneously.
Trading Volume is huge.
Turnover is high.
But more and more chips began to be exchanged at high levels.
This is not proof that the trend is over.
But it's a very clear signal.
More and more takers began to appear in high positions.
And what Henglong needs is exactly these successors.
One fifty-eight.
The second batch of transactions begins.
This time, traders didn't wait for prices to fall back.
Instead, we directly use the initiative Buying Pressure during the rising process to complete the position reduction.
Some positions of Wuliangye continue to decline.
The same goes for Shanxi Fenjiu.
The transaction is still broken up.
Every transaction is controlled within the range that the market can naturally absorb.
No one can directly see the action of Henglong from the handicap.
But if someone puts together all the transaction structures of the past few days, they will find a subtle change.
The chips held by Henglong are decreasing little by little.
However, market sentiment is recovering little by little.
This is the most ideal environment for reducing positions.
2:27 p. m.
The market is rising rapidly again.
An early favorite, Core Assets, suddenly broke through the intraday high.
Almost all financial terminals began to refresh data.
The trader Research Institute received a new instruction at this time.
Phase Three The second batch, continue.
Chen Xi didn't ask again.
She already understood why Zhao Chen chose today.
Yesterday's drop created fear in the market.
Today's rise has put fear back again.
In such an emotional switch, the market's willingness to trade is reactivated.
This is more important than a simple rise.
Because when there is a unilateral rise, many position holders are unwilling to sell.
After an adjustment and then rising again, the number of people willing to take over will increase significantly.
The chips will begin to be reallocated.
Zhao Chen doesn't want to sell at the highest point.
What he wants is to hand over the positions that can be sold as soon as the market is willing to take them.
3:02 pm.
Henglong Capital internal trading system completed the last round of summary of the day.
Phase Three has completed multiple major position reductions in a row.
The remaining positions of Wuliangye and Shanxi Fenjiu declined further.
Other core consumer assets have also begun to be gradually disposed of according to the established plan.
But there is still a long way to go before they are all cleared.
Zhao Chen did not let traders continue to chase.
"We're here today."
Chen Xi looks up.
"There's still part of it."
"Keep it."
"Wait for the next window?"
"Yes."
We have received enough liquidity today.
Continuing to force sell will only lead to a decline in execution quality.
Trading is never about mechanically clearing positions.
When to sell, how much to sell, and what kind of market environment to use to sell, are themselves part of the transaction.
Chen Qiming locks the final fund data.
"All the funds withdrawn today went into the parent account."
"Okay."
Zhao Chen Get up.
Six o'clock in the evening.
In Research Institute's Meeting Room, the last day's review report was placed on the table.
The title is simple:
"Core Consumer Assets Phase Three Position Reduction Execution Report"
The report does not say "top".
"Bubble" is not written.
Nor does it say "The market is about to collapse."
There are only a few very calm indicators.
Valuations are still on the high side.
Institutional concentration is still high.
Emotions pick up again.
Although active funds recovered, they did not fully match the speed of price increases.
The most critical thing is that the market has proven:
The first low tide yesterday did not completely destroy Baotuan.
Instead, the rebound attracted money back.
Zhao Chen Read the last page.
"This is the final window."
Chen Xi asked:
"Why last?"
Zhao Chen did not answer immediately.
He looked out the window.
Shan City The night has lit up.
"Because the market still believes that yesterday was just a correction."
"When it no longer believes in it, the liquidity will not be so good."
Chen Xi was silent for a moment.
Then close the file.
She knows what this sentence means.
Phase Three It's not over yet.
But the easiest time to sell the remaining chips has begun to count down.
And this time, Henglong is not waiting for the market to collapse.
What they are waiting for is for the market to once again offer a price that is willing to take the last batch of chips.