In the process of the market going to 3200 in one go, there is basically no resistance. After 3200, the market basically fluctuated within a narrow range this week. At present, there is a gap in the market whether it is up or down. I hope to fill the gap down first, so there is nothing to worry about going up.

At present, the market lacks a main line, and it is in a round of exercise every day. Drinking and taking medicine rose a lot in the past few years. At present, the valuation is not cheap enough, and it is not safe to buy it in buy buy. The same is true of new energy, which is much higher and more expensive, but it is better than liquor, with higher growth rate and stronger growth. Semiconductor and military industry, one is the weak demand side, the other is the valuation is not cheap, military enterprises are not transparent enough, and they are always worried about buying.

Then there was only the Hong Kong stock Internet, and foreign capital was determined to do more, so it rose sharply. A shares are only domestically funded and the competition is fierce. The pricing power of Hong Kong stocks is in the hands of overseas investors. If they look good, just buy it. There are not so many short-term games, so the rise is more determined.

However, it should be noted that Hong Kong stocks will also be affected by US stocks, so once US stocks fall much, Hong Kong stocks will also fall.

As for the position of the broader market, my view is that 3200 needs strong stimulation like that of Hong Kong stocks today to change. At present, according to rumors, the high probability is related to the policy relaxation of the real estate demand side. If there is, it will be a great stimulus to market sentiment.

If there are no more stimulus policies, we must return to the fundamentals and see if the economic recovery next year can exceed expectations. But I think there will be more policies to stimulate the economy in a high probability. After all, many provinces have gone abroad to talk about orders with packaging machines, and their determination is evident.

For the bull market, the risk of stepping on the air is far greater than the risk of enduring a temporary retreat. What should go up is not going up every day. It is normal to have a callback and a decline. If you want to eat every band, God can't.

The net value of Hong Kong Internet Fund and Hang Seng Technology Fund today is less than the valuation, because they are ETF-linked funds, and the net value is to track ETFs in the market. ETF in the market will have the problems of premium and discount. The premium is that this thing was originally only worth 1 yuan. Now everyone is rushing to buy this fund, so someone will buy it at a higher price.

So is the OTC linked fund. If there are too many people who subscribe for stocks in a single day, and the funds are too late to buy stocks and invest immediately, then the cash position will increase and dilute the overall increase.

There is another reason:

First, there will be tracking errors when OTC funds track OTC funds. For example, when the liquidity of on-site funds is good, it may rise sharply. At this time, if OTC funds buy in large quantities, it will dilute the increase of funds the next day, so there is an error, so the ups and downs of OTC funds and OTC linked funds are inconsistent.

Second: If there is a large redemption of OTC funds, part of the handling fee for the large redemption will be included in the net value of the fund. Therefore, even if there is little fluctuation of off-exchange funds on that day, the increase of off-exchange linked funds on that day will be higher than that of off-exchange linked funds. In the process of going to 3200 in one go, there is basically no resistance. After 3200, the market basically fluctuated within a narrow range this week. At present, there is a gap in the market whether it is up or down. I hope to fill the gap down first, so there is nothing to worry about going up.

At present, the market lacks a main line, and it is in a round of exercise every day. Drinking and taking medicine rose a lot in the past few years. At present, the valuation is not cheap enough, and it is not safe to buy it in buy buy. The same is true of new energy, which is much higher and more expensive, but it is better than liquor, with higher growth rate and stronger growth. Semiconductor and military industry, one is the weak demand side, the other is the valuation is not cheap, military enterprises are not transparent enough, and they are always worried about buying.

Then there was only the Hong Kong stock Internet, and foreign capital was determined to do more, so it rose sharply. A shares are only domestically funded and the competition is fierce. The pricing power of Hong Kong stocks is in the hands of overseas investors. If they look good, just buy it. There are not so many short-term games, so the rise is more determined.

However, it should be noted that Hong Kong stocks will also be affected by US stocks, so once US stocks fall much, Hong Kong stocks will also fall.

As for the position of the broader market, my view is that 3200 needs strong stimulation like that of Hong Kong stocks today to change. At present, according to rumors, the high probability is related to the policy relaxation of the real estate demand side. If there is, it will be a great stimulus to market sentiment.

If there are no more stimulus policies, we must return to the fundamentals and see if the economic recovery next year can exceed expectations. But I think there will be more policies to stimulate the economy in a high probability. After all, many provinces have gone abroad to talk about orders with packaging machines, and their determination is evident.

For the bull market, the risk of stepping on the air is far greater than the risk of enduring a temporary retreat. What should go up is not going up every day. It is normal to have a callback and a decline. If you want to eat every band, God can't.

The net value of Hong Kong Internet Fund and Hang Seng Technology Fund today is less than the valuation, because they are ETF-linked funds, and the net value is to track ETFs in the market. ETF in the market will have the problems of premium and discount. The premium is that this thing was originally only worth 1 yuan. Now everyone is rushing to buy this fund, so someone will buy it at a higher price.

So is the OTC linked fund. If there are too many people who subscribe for stocks in a single day, and the funds are too late to buy stocks and invest immediately, then the cash position will increase and dilute the overall increase.

There is another reason:

First, there will be tracking errors when OTC funds track OTC funds. For example, when the liquidity of on-site funds is good, it may rise sharply. At this time, if OTC funds buy in large quantities, it will dilute the increase of funds the next day, so there is an error, so the ups and downs of OTC funds and OTC linked funds are inconsistent.

Second: If there is a large redemption of OTC funds, part of the handling fee for the large redemption will be included in the net value of the fund. Therefore, even if there is little fluctuation in the on-site funds, the increase of off-site linked funds on that day will be higher than that of on-site funds.