Chapter 141: Jingda Investment's Choice

When Gu Chijiang heard this, he glanced at the trading team leader and asked, "Do you think we can take it again?"

“I think the underlying logic of Waigaoqiao and Shanghai-Hong Kong Group has not changed.” said the leader of the trading team. “And as a major domestic economic center, the Shanghai stock market is expected to return to economic growth, like Waigaoqiao and Shanghai-Hong Kong Group. "Shanghai-Hong Kong Group, a basic logic stock that directly benefits from the local economic construction of the Shanghai Stock Exchange, can continue to be held and wait for further reversal in the relevant fundamentals. At least... we should wait for the annual report before making a decision."

"Team Leader Lin, your logic is a bit forced!" Hao Weilai said with a smile, "The most important thing to avoid is hesitation when holding stocks. The semi-annual reports of Waigaoqiao and Shanghai-Hong Kong Group have already revealed their performance. The nature of recession, and... Looking at the second half of the year, the various market information we have researched and mastered are not enough to prove that these two stocks can usher in a reversal of performance in the second half of the year, that is, it cannot prove their performance. able to get back on the growth curve.”

"In my opinion..."

"The process of holding shares is a process of continuous trial and error."

"We can't determine which stocks can truly reverse their predicament, so... we can only continue to eliminate the weak and retain the strong, leaving the targets with the highest probability and the highest recognition of market funds."

"Judging from the performance of today's call auction, it is obvious that market funds' recognition of Jincheng Fenjiu's performance is significantly higher than that of Waigaoqiao and Shanghai-Hong Kong Group."

"Market funds don't lie..."

"This means that the probability of Jincheng Fenjiu's predicament reversing is obviously greater than that of Waigaoqiao and Shanghai-Hong Kong Group."

"Furthermore, comparing the overall performance and performance of the three stocks this year, as well as the current valuation level, Jincheng Fenjiu is obviously oversold than Waigaoqiao and Shanghai-Hong Kong Group, with a lower valuation level and better performance. So … What’s wrong with eliminating the weak and retaining the strong, and focusing the future risks of investment on stocks with smaller risk probabilities?”

"I'm not saying that it's wrong to eliminate the weak and retain the strong when the performance of the holding target is lower than expected." Leader Lin retorted, "I'm just saying... As a long-term investment fund, our 'Jingda No. 1' should have the right focus Take a longer-term view and don’t just invest based on the quarterly report in front of you.”

"If we really follow the quarterly report..."

“In the performance report announced yesterday, the widely discussed Netspeed Technology and Fenda Technology, as well as many Apple industry chain stocks, such as Goertek, OFILM Technology, etc., all have very good performance growth rates. Do we want to go high? Should we pursue these stocks that have doubled or tripled in the short term and have a PE of over 100 times?”

"That's naturally impossible." Hao Weilai said, "A bear market focuses on quality, and a bull market focuses on momentum. Popular stocks like GEM are too far away from normal valuations. Chasing prices at high levels is extremely risky."

"That's it." Team Leader Lin paused and continued, "I'm not saying that Jincheng Fenjiu, or even the liquor sector, is bad. Compare the liquor sector's overall average valuation in 11 and 12 years, and even the entire sector in the previous ten years. , At this time, the liquor sector has indeed been significantly underestimated and is very cost-effective, but..."

"Don't we already have enough positions in Jincheng Fenjiu?"

"If we increase our position in the liquor sector, I'm afraid there is a risk of concentrated holdings!"

"If you remove the weak and retain the strong, how come there is a risk of concentrated shareholding?" Hao Weilai did not agree with the words of Team Leader Lin. He chuckled and said, "At present, in addition to Jincheng Fenjiu, the current funds in China Baosteel and Shenhua Coal Are positions held in commercial banks and commercial banks not included in the calculation?”

"Moreover, we know that the current liquor sector has all the conditions and expectations for a reversal of the predicament."

“Furthermore, valuations have hit rock bottom, and the ratio of shareholding risks to future profits is already quite attractive. Under such a situation... we still have to hold on to relatively high risks, and there will be no visibility at all in the future. Risky stocks showing signs of reversal, will they continue to lose money?”

While the two were debating, the time had reached 9:25, and the collective bidding in the two cities ended.

Jincheng Fenjiu opened higher by 2.1%, and a total of 1,231 lots of orders were traded in the call auction, which was significantly higher than the previous trading days. The Shanghai-Hong Kong Group and Waigaoqiao checks also had a call auction volume of more than 1,000 lots. , also reflected the trend of heavy volume.

It's just that Jincheng Fenjiu's price is rising due to heavy volume, while these two checks are falling due to heavy volume.

Facing this opening scene, Gu Chijiang was silent for a moment and said: "Let's see how the market goes after the opening. As Director Hao said, everyone has different psychological expectations when it comes to the fundamentals and future of stocks. "

"If Jincheng Fenjiu, and even the entire liquor sector, has indeed received significant recognition from market funds."

"And the funds on the market of Waigaoqiao and Shanghai-Hong Kong Group have been outflowing, and their ability to take over is not strong, and their stock prices are also falling, so there is really nothing to hesitate."

"As for the funds released by stopping losses if the stock trends of Waigaoqiao and Shanghai-Hong Kong Group are seriously worse than expected..."

"We can plan and discuss again to see where to invest."

The market has been fluctuating back and forth for almost 20 days at 2000 points, and the ChiNext Index has clearly broken through with volume. Although Gu Chijiang does not understand the logic of the ChiNext's continued strength, and like many institutional fund managers, he believes that it is the market hot money that is speculating on the ChiNext when market supervision is relaxed, but he also clearly feels that this is the bottom of the market.

According to the overall investment strategy.

Here, he no longer needs to panic and can boldly increase his position.

Therefore, even if the fund's holdings are withdrawn from Waigaoqiao and Shanghai-Hong Kong Group, he will not let the funds idle in the fund account.

Of course...

As the liquor sector that Hao Weilai is seriously optimistic about, can it reverse and lead the blue-chip sector of the main board market in the second half of the year, get out of the quagmire and return to the upward trend.

At present, he dare not be completely sure.

He still has to wait patiently for a few days to see the attack intensity and recognition of market funds on this sector.

Only then can he make the final decision on whether to increase his position in this sector.

However, from the fundamental analysis of the current major sectors in the market, the liquor sector has indeed been seriously oversold and has great cost-effectiveness.

At least since he participated in market transactions...

He has never seen the liquor sector, which is the core of "big consumption", have such a valuation of less than 15 times PE.

Therefore, when Hao Wei was optimistic about this sector and suggested that he appropriately reduce his holdings of core weights such as Shenhua Coal, Huaguo Baosteel, and Minshang Bank, and increase his holdings in Jincheng Fenjiu, which has the best performance in the liquor sector, he did not hesitate much and agreed directly.

After all, facing the valuation temptation of this sector, his heart was really tempted.

During this period, the younger generation of the company, such as Mu Yao and Liu Ze, also suggested that he chase some hot stocks on the GEM such as Netspeed Technology, Fenda Technology, and LeTV.

Seeing that the recent trend of the GEM is obviously stronger than the main board, he was also tempted.

Unfortunately, facing the 100-fold PE valuation of so-called growth stocks such as Netspeed Technology and Fenda Technology, and the trend of being continuously hyped by hot money, he really couldn't make a move. He only symbolically bought some LeTV.com when the market fell back as a supplement to participate in the GEM market.

Of course, the valuation of LeTV.com is also above 100 times PE.

This led to him not daring to make a big move even if he participated in the position building of this stock.

After all, for such a ticket... with his many years of market experience, it is easy to hype, but once there is no continuous attack by funds, the decline is also very rapid.

Currently, the net value of the company's three funds is below 0.9.

He really doesn't have the courage to bet heavily on the GEM concept stocks dominated by hot money.

Therefore, he was entangled and entangled, and he missed the GEM market more and more. He could only focus on the main board and study the so-called "distress reversal" sector with low risk, serious oversold, but high potential for future growth.

"Okay, Mr. Gu..."

Hao Weilai and Team Leader Lin saw that Gu Chijiang had spoken, so they stopped arguing and nodded.

When the three of them looked back at the trading screens of the two markets, they saw that the time had passed 9:30. The stock prices of Jincheng Fenjiu, Shanghai-Hong Kong Group, and Waigaoqiao jumped rapidly, showing different trends and forms in the continuous buying and selling of funds on and off the market.

At 9:35, Jincheng Fenjiu's stock price climbed to 3.78% under the main attack of three consecutive 1,000-hand orders, while Shanghai-Hong Kong Group and Waigaoqiao continued to increase their volume and continued to fall, with a drop of more than 2.7%. During this period, the Shanghai Index, Shenzhen Index, and ChiNext Index all showed a trend of continuous upward attack.

In these 5 minutes, the main fund of 'Jingda Investment' was trading in a trend.

Gu Chijiang stared at the changes in the volume of the three stocks, without any action or any trading instructions.

9:37, 9:42, 9:48...

When the time went to 10 o'clock, the net inflow of Jincheng Fenjiu's large orders exceeded 10 million, and the entire liquor sector also showed a state of net inflow of funds. After a continuous downturn for many days, the core leader of the sector, Qianzhou Moutai, finally came out of the first 3% increase in this month. At this time, Jincheng Fenjiu led the liquor sector, with an increase of more than 5%, becoming the stock with the highest increase in the sector.

On the other hand, the two stocks of Shanghai-Hong Kong Group and Waigaoqiao at this time.

When Jincheng Fenjiu rose sharply, they continued to fall, and the amount of funds flowing out continued to expand. The overall market acceptance situation was extremely weak.

And due to the drag of these two stocks, as well as the performance of stocks such as Huaguo Baosteel, Shenhua Coal Industry, and Minshang Bank, the net value performance of the fund of "Jingda Investment" today still seriously lagged behind the market and underperformed the market when the Shanghai Index, Shenzhen Index, and ChiNext Index all rose strongly.

"Sell!" After half an hour of opening, Gu Chijiang saw that the market funds had two completely different attitudes towards Jincheng Fenjiu, which had good performance, and Shanghai-Hong Kong Group and Waigaoqiao, which had poor performance. He sighed softly and finally issued an order to sell Shanghai-Hong Kong Group and Waigaoqiao. "It seems that... the market funds have made their choice, and the liquor sector does seem to have ushered in the dawn of 'reversal of difficulties'."

After hearing what Gu Chijiang said, Hao Weilai, who had been standing behind him and remained silent, finally smiled. He glanced at Team Leader Lin, who had predicted and stopped, and said with a chuckle, "Boss Gu's judgment is correct. Today, the amount of funds attacking the liquor sector has obviously increased a lot compared to the previous period. The bottom volume under severe oversold is a sign of stock price reversal. I estimate... In half a month at most, Jincheng Fenjiu will be able to fill the big hole of the previous two months' decline."

"I hope so!" Gu Chijiang nodded slightly, "Most of the funds managed by our fund are idle reserve funds of Pengyuan Real Estate. If the net value of our fund is still half-dead at the end of the year, then it will be difficult for Director Wang to speak for us."

"Don't worry, Boss Gu." Hao Weilai said with a chuckle, "In the second half of the year, the liquor sector will definitely reverse!"

As the two talked, Team Leader Lin sighed helplessly and could only follow Gu Chijiang's instructions to issue instructions to the waiting traders to reduce their holdings of Shanghai-Hong Kong Group and Waigaoqiao.

Of course, he was not in a hurry to explain, and asked the traders to stick to the stocks of Waigaoqiao and Shanghai-Hong Kong Group.

The freed-up funds were added to the liquor sector, which seemed to have signs of reversal and had a large volume at the bottom.

He believed that to determine the "distress reversal" of the liquor sector, it would take at least a week to observe, and in the face of the fund's net value below 0.9, the risk tolerance was not large, so it was reasonable to make right-side investments to be safe.

As his instructions were issued, the traders sold off the holdings of Waigaoqiao and Shanghai-Hong Kong Group in large amounts.

At this moment...

In the trading room of "Yuhang Investment", Su Yu and Li Meng, who were also selling chips and suppressing the stock prices of Waigaoqiao and Shanghai-Hong Kong Group, instantly sensed it.