Chapter 223: Hell Starts, Reverses the Red Plate!

"Hey, you are really a weirdo." Gu Chijiang sighed, "I heard that Mr. Gu from Pengyuan Real Estate has begun to actively contact Yuhang Investment."

"Mr. Gu contacted Yuhang Investment?" Team leader Lin was shocked.

"Yes!" Gu Chijiang continued to sigh, "They must also be jealous of the performance of Yuhang Investment."

"If you put it that way..." Team Leader Lin said in surprise, "If they choose to let Yuhang Investment manage their finances on their behalf, wouldn't our fund..."

He knows the composition of Jingda Investment's asset management funds, most of which are funds from Pengyuan Real Estate.

In other words, Jingda Investment is essentially an asset management company tailor-made for Pengyuan Real Estate, and their company's performance and profits come entirely from Pengyuan Real Estate's funds.

And if Pengyuan Real Estate is not satisfied with their financial performance, they plan to withdraw this part of the funds.

That is basically equivalent to a disaster for their Jingda Investment.

"You guessed it right." Gu Chijiang said, "If our performance is not satisfied by Pengyuan Real Estate, then they will inevitably withdraw the funds invested in us, and after they withdraw this part of the funds, we will The company’s asset management scale will shrink by at least 70%, making it basically difficult to maintain operations.”

"So, we need performance."

“I originally thought that the ‘Shanghai Free Trade Zone’ line would help us meet the performance pressure and help us turn the fund’s net value from losses to profits.”

"But looking at it now, it's simply impossible."

"Old Lin, tell me... in which direction should we invest next? Is it a backdoor restructuring of Xinsheng? I have called myself a value investor all my life. To be honest, I despise this kind of speculation in the market."

"But things often backfire!"

"Every market trend this year, from the hype around the Apple industry chain at the beginning of the year, to the hype around the concept of mobile games, to the hype around Internet finance, then to the hype around the 'Shanghai Free Trade Zone' concept, and now the hype around the concept of restructuring and backdooring, all market trends dominate. , it’s all hot money in the market.”

"I'm wondering, in our A-share market, has value investing already lost ground?"

"Look at the core bank stocks that we have heavily invested in, with a PE of 6 times, and a large number of net-breaking stocks; with a PE of 10 times, core liquor stocks such as Qianzhou Moutai and Jincheng Fenjiu have still maintained growth despite the extreme negative industry conditions; As for Gree Electric Appliances in the consumer sector, not only has there been no increase, but it is still falling.”

"Looking at the stocks that are favored by funds, whether it is in the field of mobile game concepts, or in the field of Internet finance, so-called emerging industry concepts, new economic growth points, it is difficult to see 100 times PE, basically only a few hundred times 2 times PE, and no core moat and competitiveness are visible.”

"Based on my years of experience and investment philosophy, looking at these tickets, I really can't make a move."

When Team Leader Lin heard what Gu Chijiang said, he knew that he had seen the performance of Yuhang Investment, an emerging private equity company, relying on concept hype to achieve great success. His mentality collapsed. He paused and couldn't help but said: "Gu In general, I think it’s not that A-shares don’t have the potential for value investment, but that we are all too impatient.”

"In other words, it's not that you are too impatient, but that our investors are too impatient."

"Buffett's investments are calculated in years."

"But when we invest in a stock, the holding period is difficult, let alone one, two, or even three or five years. Even half a year is difficult."

"Long-term stocks often require a long time and performance to verify the logic."

"But we just don't have that much time."

"In other words, if we fail at the urging of investors, even if we are on the right path, it will be difficult to survive until dawn."

"This is the truth." Gu Chijiang said, "Not only investors are short-sighted, but in a market dominated by retail investors, the vast majority of investor groups in the entire market are short-sighted and like to chase the rise and kill the fall. This is how hot money comes into play. There is room for it, given the current market ecology.”

"That's right." Team Leader Lin said, "So, I think that when the market ecology is not fully mature and the vast majority of investor groups are short-sighted, we might as well follow the trend. If we choose to think the same way as hot money, then Our operational investment strategy should be able to keep up with the market.”

"After all, at this stage, our capital is not large."

"With an average trading volume of hundreds of billions in the entire market, it can be considered a large hot money at most. It should be more flexible in terms of comings and goings than the current Yuhang Investment."

Gu Chijiang pondered for a moment and knew that Team Leader Lin was right.

Moreover, the other person is now the only person he can trust or even trust.

So, he couldn't help but nodded and said: "Old Lin, at this bottom, I can only take a gamble. All future investment decisions for the company's main fund will be made by you. I will never interfere in the slightest. There are still about three months until the net worth is liquidated at the end of the year. I believe that there is enough time, and I also believe that... under your management, the fund can perform miracles. "

In fact, the other party has made correct opinions several times.

For example, before the main market trend of several core concepts of the GEM broke out, the other party suggested that he increase the weight of his positions in the direction of the GEM, but he did not listen at the time and only added a little bit of LeTV chips; for example, in the 'Shanghai Free Trade Before the market broke out, they also held heavy positions in Waigaoqiao and Shanghai-Hong Kong Group, and when they were liquidating these two checks, the other party also suggested retaining some positions in these two checks; and later, the Shanghai Stock Exchange After the free trade zone concept broke out, the other party suggested that a large area of ​​​​regional free trade zones should be hyped. He listened at the time and did so. However, the wind did not come and he withdrew again. As a result, when the wind really came, , missed it again...

It can be said that without his stubbornness.

No wrong judgments were made on several key position adjustments.

Their current fund performance, not to mention how good it is, is at least not still losing money and seriously underperforming the market index.

"Thank you, Mr. Gu, for your trust." Team leader Lin said after being slightly surprised.

Gu Chijiang nodded and said: "From today on, you will be the company's fund manager. All transactions of the company will be judged by you. I will just be an idler. Of course... the consequences of all transactions are still mine. Come take the responsibility, I will tell Mr. Pengyuan Real Estate, you can be bold and do it freely. "

"Okay!" Team Leader Lin responded without saying much. He turned back and took a look at the restructuring and backdoor concepts that were still siphoning market funds, as well as the 'Shanghai Free Trade Zone' concept that was still seeing a large outflow of funds. sector, issued instructions to traders: "Don't worry about costs. As long as we hold stocks related to the 'Shanghai Free Trade Zone' concept that can be sold, we will directly sell them at the market price and withdraw funds as quickly as possible." ”

"At the same time, the funds after withdrawal..."

"According to the current market, the shell resource stock category has the largest inflow of funds, the strongest market acceptance, and stocks that have not yet reached their daily limit, we directly rush to invest in them."

Gu Chijiang prides himself on investing with ‘value investing’ as his core concept.

Therefore, it is not very good at short-term speculation and always needs to be "fast, accurate and ruthless", so in operation, it always lags behind the market step by step.

But he is different. Before entering Jingda Investment, he mainly focused on short-term trading and speculation.

Know the essence of short-term trading.

As his order was issued, traders quickly operated, and corresponding changes immediately appeared on the market of A-share related stocks.

I only saw high-quality shell resource stocks, and scandal-related shell resource stocks.

Under the surging attack of main funds, they all rushed towards the daily limit.

At 10:46, in the shell resource sector and the restructuring concept sector, the two major areas of financial attack, the number of daily limit concept stocks has expanded to 8, and in the ST sector, many risk stocks on the verge of delisting have set off one after another. The daily limit trend and rising stocks also increased to 8.

And at the same time...

Under the main line of 'Shanghai Free Trade Zone', there are nearly 200 concept stocks, and the total net outflow of large funds exceeds 2 billion. Among them, for one stock in Waigaoqiao alone, the net outflow of large funds exceeded 300 million. , and its decline has approached the limit, and the transaction volume has exceeded 1 billion.

However, despite the main line of "Shanghai Free Trade Zone", the trend of nearly 200 concept stocks is quite ugly.

However, due to the overall outbreak of concept sectors such as the restructuring concept, shell resource stock speculation, ST sector speculation, etc., taking over the market and active market funds, the index is not so ugly. From the drop of more than one point at the morning opening, it has slowly slowed down. It rebounded to around a 0.5% decline.

Moreover, the sentiment of the entire market will continue to exist as long as new market trends take over and the money-making effect still exists.

Compared with the call auction and the opening of the market, it has also picked up significantly.

In addition, because Su Yu forcefully used funds to continuously push up the market share of Huayi Brothers and LeTV, forcing the stock prices of these two stocks to rise, many eyes also focused on the stocks that were speculated in the early stage and had been relatively fully adjusted. , on the GEM core popular stocks like Huayi Brothers and LeTV.

So, when the time crossed 11 o'clock...

Instead, the ChiNext Index and the Shenzhen Stock Exchange Index gave priority to the Shanghai Index to turn red. Core stocks such as Changqu Technology, LeTV, and Huayi Brothers all rose by more than 5%.

"Holy shit, it's a hell of a start. I thought the market was going to plummet today, but I didn't expect it to pull up."

At 11:16, after the GEM Index and the Shenzhen Stock Exchange Index, the Shanghai Stock Exchange Index also turned red. Someone in the main hot money group of Yuhang, where Su Yu belongs, lamented, "The line of restructuring and shelling resource speculation has been completely taken away. came out and became the main line to undertake the adjustment of the "Shanghai Free Trade Zone" and the new main line of market speculation. I really didn't expect that the good announcement of the successful reorganization and resumption of trading of "Xinwei Group" stock alone saved the entire market and achieved great success. Today’s market changes.”

"This is unexpected and reasonable." A member of the group replied, "From the current expectations and profit-making effects of all concept sectors in the entire market, the lines of restructuring and shell resource speculation actually have certain characteristics. These are the core logic and market factors that have been hyped, but there was no wind before, and there was no opportunity to detonate the hype in this line. Now that the 'Xinwei Group' is listed, will this happen without the wind? "

"It has led to a reversal of market sentiment and begun to siphon active funds from the market. This line has indeed been recognized by market funds."

"During the call auction, several concepts of this line moved in an unusual way."

"The attributes and stimulating effects of Xinwei Group on the market today should be the same as the day when Waigaoqiao resumed trading, right? It really is a single-handed rescue of the market!"

"In terms of effect, it is similar, but Xinwei Group is estimated to have a higher subsequent explosion height than Waigaoqiao!"

"After all, the circulating market is so much smaller, and Xinwei Group is indeed a well-known enterprise in the domestic communications industry besides the three major state-owned giants. Under the vent of 4G construction, its imagination and expectation space are not small. It is hard to say whether it will rise three or four times, four or five times."

"There is no doubt that this check will become a sentiment vane for market speculation."

"But I am afraid that this check will follow the trend of Waigaoqiao in the future, and it will directly top the board to death . "

"Let it die. As a sentiment indicator, as long as it is still alive and can continue to expand, speculation on other stocks will also make considerable profits. It is not necessary to focus on this stock."

"That makes sense, but now, even if it is other stocks, it is a bit late to intervene."

"In addition to Xinwei Group, the ones that look like leaders today should be Rongshun Shares and Hailong Software. This board is closed... It's really straightforward."

"Century Huatong and Far East Shares are not bad either."

"It's a pity that I can't get in now. I can only wait for tomorrow to take over."

"Well, I also think I can take over tomorrow. Now this whole line has diverged comprehensively, showing the appearance of replacing the main line of speculation of "Shanghai Free Trade Zone". There should be continuity. At least I think if I intervene today and tomorrow, I won't lose money, as for the future... I can only wait and see. "

"Speaking of today's opening, such a bad market sentiment can be brought up by this line, which should show that the market is resilient enough, right? It also shows that the index broke through the box of 2000 to 2100 points, which is effective, and the subsequent index should not be able to return to 2000 to 2100 points. "

"Well, the market is resilient, so we can be relatively aggressive and increase our positions. "

"There is imagination and expectation for the line of restructuring and shell resource speculation, but relatively speaking, this expectation is also extremely difficult to fulfill. It is often hyped up and then quickly receded. It cannot continue to be the core main line of the market upward speculation, so I think if the market breakthrough is effective, then the subsequent market Continuously rising, in terms of the core main line, are there other directions? I feel that the stocks of Changqu Technology, LeTV, and Huayi Brothers have risen a little strangely today, but I can't say where it's strange. "

"Even if there are other directions, we can't guess now!"

"We don't have the ability to predict the market, we can only follow the trend."

"I don't know if Mr. Su has any other actions today after clearing out a large number of core stocks related to the "Shanghai Free Trade Zone" on Friday? Is there any involvement in restructuring and shell resource stock speculation?"

"This can only be confirmed by the after-hours Dragon and Tiger List data."

While everyone was discussing, time had unknowingly passed 11:30, and the market in the two markets came to an abrupt end. In the end, the Shanghai Composite Index closed up 0.23%, the Shenzhen Composite Index rose 0.45%, and the ChiNext Index rose 0.72%.

In terms of sectors and individual stocks…

Restructuring concepts, ST shell protection concepts, shell stock resource concepts and other change sectors led the two markets. Including ST stocks, a total of more than 28 concept stocks hit the daily limit, among which Rongshun Shares, Hailong Software, Xinwei Group and other stocks have become popular concept stocks with high market attention.

'Shanghai Free Trade Zone' related concept sectors, nearly 200 concept stocks.

Throughout the morning, the trend has been the most tragic investor slaughter field in the entire market, with a total of more than 10 stocks hitting the daily limit, including Shanghai Material Trade, Anxin Trust, Jinshan Development, Chongqing Development, Yiyatong and other previous hot stocks hitting the daily limit, Waigaoqiao hovered near the daily limit, although there is still a breath, but there is no hope of turning around.