Good morning. The fund will lighten its position first and do more. According to the principle of first-in, first-out, when the fund lightens its position, it is the first time to buy, and the first time to buy is long. In this way, when investors reduce their positions, they can save some redemption fees for investors.

Fund first in first out means that when investors apply for selling (redeeming) funds, they will automatically redeem the same fund in the order of subscription, that is, automatically redeem the fund shares subscribed first.

The real time to lighten the position should be when this wave of core assets rises very high:

Not until it's completely bubbling. The corresponding index point is expected to wait until 6000 points. This is just an estimate. You have to look at the trend of most stocks and the corresponding policy signals. Every time the market ends, there will be obvious policy turning signals. You can't even measure this from the specific point of the index, but from the current state.

The state encourages funds represented by public offering to enter the market. If you find that the policy has started to control the distribution of Public Offering of Fund, it may be a major turning point in the band. In short, before these appear, good companies are suitable for holding all the time, not for lightening positions.