Chapter 145 An unexpected surprise
"Should I go all in and wait for the bull market?" Qin Junkai said impatiently.
“If you go all in, can you bear not to sell? Besides, not all stocks can make money in a bull market.” There are many stocks that did not rise in this bull market. If you buy at a high price, you will not lose money, but you will not make much money.
"Yeah, I'll just go at my own pace. Anyway, you're helping me make money, hehe." Qin Junkai then sighed and said, "I should have invested more money earlier."
"What if I lose money? You know, the fund is closed for one year, and anything can happen during that year."
"That's okay. If it's your brother's fault, I'll have no choice but to inherit the family business. You can come and work for me then." Qin Junkai said nonchalantly. He didn't have much personal capital, so the loss was nothing.
"Okay, then you should offer me a higher salary. Please listen carefully to what the expert says. I'm afraid there won't be many opportunities like this in the future." It's rare to have an honest expert. It's very beneficial to listen to his opinions and verify them with your own analysis.
"Brother Gu, you said there is a bull market. Then people like us who have some spare money can buy stocks, or which stocks should we buy?" Lao Zhang interrupted when he saw the two men finish their conversation.
Actually, Lao Zhang wanted to ask about the specific code. Although he acted very friendly, he was not an ignorant person. It was their first meeting, and asking directly about the investment target was a bit too much. It would be even more awkward if the young man was unwilling to say it.
"Buy industries that you are familiar with and buy things that are close to your life." Gu Junhao simply mentioned this without saying much; this was said for Xu Dong's sake.
"Familiar, close to life?" Lao Zhang seemed to be thoughtful. All he knew was eating, drinking and having fun, as well as some situations in the industry. This guy was quite authentic. Although he was unwilling to say more, these two sentences definitely did not mean to trick him.
The speech ended, and today's exchange meeting also ended. All the participants left one after another. When leaving, Qin Junkai originally wanted to take Gu Junhao to the city to play, but seeing that Gu Sihao was not interested, he did not force him.
Gu Junhao and Zhang Yiru did not leave with everyone else. After the meeting, Gu Junhao booked a room and planned to stay overnight at the villa.
This is a rare leisure trip. June is the season when bayberries mature. There happen to be quite a few bayberry trees on the back mountain of the villa. I can pick some and take them back tomorrow. The Beicang bayberries are not as famous as those in other places, but they taste unique and are also good for making wine.
Gu Junhao doesn't like drinking very much, and he won't drink alone unless it is necessary; however, in his previous life, he would often make some bayberry wine, which he often used to entertain friends or give as gifts. If he hadn't taken a walk around the villa this morning, he would have almost forgotten that this is the season when bayberries are ripe.
After spending a different weekend, the two returned to the city; nothing happened that night. The next day, a new week arrived, and the young man and woman had to start a new cycle of work.
"Boss, how was the exchange meeting going?" On Monday, as soon as Gu Junhao arrived at the office, Li Xinyu asked him about the weekend exchange meeting.
"It's OK. I've gained something. Show me the news from the weekend."
"Okay, this is some information collected by Director Xu, and this is some information I collected." Li Xinyu handed over the document.
Gu Junhao flipped through the documents one by one, and there was no special news. Of course, apart from these, Gu Junhao also had his own channels to obtain information, and only by verifying the two could he better understand the market.
Today is June 23rd. Excluding the weekend, there are only six trading days left and the trading in the first half of 2014 will be over. In June, new stocks are frequently issued, IPOs are obviously accelerating, and financing is slowly increasing. However, the news seems to be in a vacuum, which seems a bit strange.
"No news, perhaps it's the best news?" Perhaps this is the calm before the storm. In any case, this is already the bottom of the market, and it just requires some emotional digestion.
At present, not only retail investors, but also some institutions, are still emotionally in a bear market mindset. Under the control of this mindset, what everyone wants most is to take profits and exit the market after a rebound.
In addition to objective factors, last week's plunge was also caused by this kind of thinking. If we want to change this way of thinking, we cannot rely solely on the ChiNext. We also need a big rise in the Shanghai Composite Index to digest everyone's inner fears.
The ChiNext Index has stabilized on the monthly line and shows signs of a long bull trend. However, without increasing leverage, the ChiNext Index has limited capacity and cannot accommodate larger funds.
In secondary market transactions, both retail investors and speculative institutions have no faith at all. The stagnation of the Shanghai Composite Index will only make them choose to wait and see.
And if the Shanghai Composite Index forms a long positive line on the weekly or even monthly level, you can immediately change your belief. There is nothing that cannot be changed by one long positive line. If not, then two will do!
It has been nearly a year since the Shanghai Composite Index hit bottom at 1850 points on June 25 last year. The Shanghai Composite Index has never been able to break through 2200 points and has been fluctuating around 2000 to 2100 points since the beginning of this year.
In a year, what is reflected on the K-line are nothing but red and green columns of varying sizes. They look ordinary, but Gu Junhao knows very well how many joys and sorrows are hidden in these countless red and green columns.
The market is so cruel that countless funds, both large and small, have been wiped out in one year. Countless people have sold their shares at a loss, and many have even suffered margin calls.
There are so few people who can hold on and successfully survive the next round of surge. Even if they do, how many people can hold on to their profits?
"Don't speculate in stocks. It harms people." Gu Junhao, whose thoughts were drifting away, couldn't help but stare at the K-line and muttered.
"Um, boss, what's wrong with you? Why are you so hysterical?" Li Xinyu walked to Gu Junhao's desk at some point.
"Ah, nothing happened. I was just looking at some documents."
"Read the document? The document tells people not to speculate in stocks? You, a private equity fund manager, tell people not to speculate in stocks? Then how do you make money?"
"You don't understand. Okay, if there's nothing else, I'll go to the operation room." Gu Junhao chuckled. It was already nine o'clock, and if he didn't go in, it would be difficult to go in after the market opened.
The reason why I expressed such emotion just now was that I thought of some people I met in the process of stock trading in my past and present lives. Some of them entered the market by chance before the bull market, made huge profits, and then stopped at the right time, just like Brother 68 before.
Some entered the market in the late bull market of 2015 and experienced the ecstasy of the bull market as well as the pain of being trapped. Some people lost money and were eliminated sadly, while some people have been holding on, and even as of 2022, they have not been able to recoup their investment.
Of course, there are also people who have made huge profits. Among those Gu Junhao knows, many have accumulated wealth in the stock market. Although they cannot achieve financial freedom, with this profit as a foundation, they can have peace of mind even during the three-year black swan period.
…
"Good morning, boss. I thought you weren't coming." Xu Jianqing and others greeted him as they entered the door.
"Does it make a big difference whether I come or not?" After two weeks of actual trading, the three have made considerable progress. Although none of them can currently stand on their own, they are still qualified as traders.
"The difference is quite big. Boss, with you here, even if you do nothing and say nothing, we will feel much more at ease." said Wang Ruoyu, who has been the least talkative among the three.
This is also Wang Ruoyu's inner feeling. Wang Ruoyu, who has always been cautious in trading, was deeply shocked by the big bottom-fishing last Thursday.
From his personal point of view, he dare not and will not buy 80% of the available funds at one time, reaching a nearly full position.
However, as a trader, sometimes your own thoughts do not seem so important, just execute orders.
"Well, I won't guide you two today. You can do it on your own. Go and get ready." It was almost 9:15, and it would definitely be too late for the early meeting.
"Haha, I don't have to worry. I don't need to trade today." Liu Tingting laughed. If nothing unexpected happens, she won't have to trade for at least a week.
Xibu Securities unexpectedly announced a trading halt at the close of last Friday because it was planning a major private placement of shares. This made Gu Junhao sigh at his good luck.
The low-level additional issuance at the beginning of the bull market is a major positive without any judgment. I chose Xibu Securities only because it is a securities stock that tends to be in the new direction and has been falling for a long time. Whether in terms of price or valuation, the chips are relatively reasonable and clean.
Unexpectedly, the result gave me an unexpected surprise. No wonder Xibu Securities took so long to wash out the market. In addition to collecting chips in the market, it also meant to lower the average price and reduce the cost of additional issuance.
"It's still good for funds with backgrounds. If they can't collect enough chips in the market, they can directly issue additional shares through targeted offerings. It's comfortable to make money." Gu Junhao, who learned the news last week, couldn't help but sigh.
Xu Jianqing and Wang Ruoyu returned to their seats and began to prepare for today's trading. In fact, there was nothing to prepare. The current positions already accounted for 80% of their respective available funds. The remaining 20% was nothing more than looking for opportunities to do T.
Gu Junhao also returned to his workstation, waiting for the opening. Liu Tingting had nothing to do, so she followed Gu Junhao here. Gu Junhao had told her that she didn't need to work this week, but she came anyway.
At 9:15, the call auctions in the two markets began and the big screen started scrolling; following the rebound last Friday, funds were relatively active during the call auction period today.
On the big screen, stocks with abnormal movements are scrolling frequently. For short-term funds, it is very important to judge whether the movement during this period is real or false.
Once you encounter a false abnormal movement, you may be deeply trapped in it. If you are lucky, you will have a chance to cut losses and escape the next day. This is one of the reasons why Gu Junhao is not willing to do intraday short-term trading like hot money, and would rather keep doing T in a single stock.
No one can always make the right judgment. This kind of frequent trading and stock swaps can easily lead to wrong judgments, especially in the current situation of low trading volume.
With a one-time trading method, even if you buy the right thing, you dare not buy more at the current time when trading volume is sluggish. The profit earned is limited, so it is better to do a T occasionally.
This is also the reason why many hot money with strong financial strength often appear on the list of top gainers and losers of many individual stocks. If you buy too much of an individual stock, maybe no one will take over , which would be terrible.
At 9:25, the call auction ended; both markets opened lower, and both markets were still in a broken state. The Shanghai Composite Index was below the 5-day line, and the ChiNext Index was below the 5-day line and the 20-day line.
In terms of individual stocks, except for Xibu Securities which was suspended, Yinzhijie opened flat, while the other three opened higher, which was obviously stronger than the index. The Small and Medium Enterprises 100 Index also opened higher.
"It looks like funds are flowing back to small and medium-sized enterprises today."
The game is quite tricky. They use weights to stabilize the market to pave the way for new stock issuance. After the issuance is completed, they smash the index to cause a correction and buy small and medium-sized stocks with more active performance, thus reaping the benefits on both sides.
At 9:30, trading officially began. With low weighting, the Shanghai Composite Index performed generally, the ChiNext was the first to rebound, and major concept stocks performed relatively actively.
"Boss, how about letting me do the operation today?" Liu Tingting couldn't help but speak out when she saw Gu Junhao staring at the board unmoved.
"What's wrong? Are you not used to getting paid for nothing?" Gu Junhao said with a smile.
"That's not the case. It's just the first time I've encountered this kind of situation." The stock was suspended just after she had built a position. Liu Tingting was .
Gu Junhao has experienced the suspension of thousands of stocks, so he is not very concerned about the suspension of individual stocks. Although it is good news, he does not feel anything special. The reason for buying Xibu Securities was not because of its suspension.
But Liu Tingting and others are different. In this year's market, the concept of restructuring is very popular. Even stocks like Xibu Securities that are just issuing additional shares rather than being suspended for restructuring will attract great attention from the market.
Especially for retail investors, the first reaction of today's retail investors to a trading suspension is "get rich!" In fact, most people cannot tell the difference between a reorganization and an additional issuance. As long as there is a trading suspension, they believe that the stock price will start to rise to the daily limit as soon as it is lifted.
"That's normal. You'll get used to it in the future. But if you want to operate it, I'll let you do it." Gu Junhao also took the initiative to give up his seat and said that since the subordinate volunteered to work, he couldn't discourage her enthusiasm. Besides, he had no plans to trade today.
Although Wan'an Technology and Hailanxin opened high, their performance was flat and the trading volume was not large. I currently do not have the energy or mood to raise hundreds of thousands of funds to do T.
"Okay, Boss, you just watch from the side." Liu Tingting was not polite, and then asked Gu Junhao about the suspension of Xibu Securities: "Boss, did you buy Xibu Securities because you knew something?"
"What do I know? Don't say such things casually."
"The additional issuance at the bottom is obviously a good thing, and the timing of your bottom-fishing is so precise, boss." Although Liu Tingting does not think like retail investors that the stock price of Xibu Securities will take off directly after the additional issuance is approved, it is indeed a good thing.
On the contrary, the share price of Xibu Securities will remain at this level after the resumption of trading, because according to relevant regulations, the price of additional issuance of stocks shall not be lower than the average price of the stocks in the previous twenty trading days or the average price of the previous trading day; and for targeted additional issuance, the issue price shall not be lower than 90% of the average price of the twenty trading days before the pricing base date.
It was inevitable that the share price of Xibu Securities was suppressed to a certain level for a period of time before it officially obtained the approval of the CSRC for the targeted share issuance. However, it is obvious that it will not be lower than 10.50 yuan. There is no shortage of smart money in the market, and the eating habits cannot be too ugly.
"That's not true. I don't have that much power." Gu Junhao shook his head and said, "And when you choose a target, it's not the concept and news of the stock that's important. You have to analyze it from the perspective of its fundamentals, industry, and price-to-earnings ratio.
You have to let the news and concepts chase you, rather than you chasing the news and concepts. "
"Let news and concepts chase you? Is this what they call being one step ahead of the market?" Liu Tingting said when she heard this.
"Well, you can understand it this way. The order should be smaller, split into 50 lots or so." Wan'an Technology rose and then fell back to 9.31 yuan. Gu Junhao saw that Liu Tingting wanted to buy, so he reminded her.
"No wonder you gave up your position to me, boss. If it were you, you would definitely not be able to operate today." Liu Tingting is also adept at this kind of small trading volume. After all, she has experienced the torture of Xibu Securities.
Among the several stocks held, Wan'an Technology's trading volume is the only one that can rival that of Xibu Securities. If it hadn't been for last week's big drop, it would have taken many days to buy this kind of 50-lot, 50-lot split order.
"You're right. I don't have any plans to do anything today. I'll leave it to you to play with it slowly. I'm going to go out first." While chatting with Liu Tingting, more than half an hour had passed unknowingly.
In more than half an hour, the market has basically stabilized, the Shanghai Composite Index maintained a small range of fluctuations, the ChiNext performed strongly, and the opening point was the lowest point of real-time trading.
At this moment, the ChiNext Index has already successfully established a firm foothold on the 20-day line and is now impacting the 5-day line. Judging from the volume, there is great hope. Although the performance of several stocks held by the fund is not as strong as the index, it is still acceptable.
As long as it can go up, there is nothing to be dissatisfied with. It is impossible to outperform the index every trading day.
"Ha, boss, you're leaving now?" Xu Jianqing said in surprise when he saw Gu Junhao walking towards the door. Didn't we agree to stay here and not talk?
"Do your business properly. I, your boss, will be the boss of the entire company."
"The boss really keeps his word. He said he would not give any guidance, and he didn't even tell us to leave the trading room." Seeing Gu Junhao leaving, Xu Jianqing couldn't help but complain.
Wang Ruoyu looked at him like a fool: "You came here before you woke up this morning? Didn't the boss remind us?"
"That's right. The boss is out, which means the market performed flat today. There's not much risk, but there aren't many opportunities either. There's nothing to see." Liu Tingting continued.
"Oh, right, I almost forgot about this." Xu Jianqing slapped his head and said, forget it, I can only be a T today.
Sure enough, at the end of the day, the Shanghai Composite Index performed generally, with a slight drop of 0.11%, while the ChiNext Index surged 2.05% today and re-stood on all major moving averages.
Small and medium-sized start-up stocks performed relatively actively, with obvious signs of capital inflows. However, Junshi No. 1 performed generally today. Although it was in an upward trend overall, with almost full positions in small and medium-sized start-ups, it rarely underperformed the ChiNext Index and the Small and Medium-sized Start-up 100 Index.
In the evening, another stock among the holdings, Yinzhijie, also issued an announcement that the company's application materials for major asset restructuring had passed the review of the China Securities Regulatory Commission and the application had been accepted.
It is normal for such news to pass, but if it does not pass, it is bad news. Therefore, on June 24, the market's reaction was mediocre. While the Shanghai Composite Index rose by 0.47% and the ChiNext Index rose by 0.60%, Yinzhijie finally closed down by -1.63%.
In the evening, another stock that rose today, Hailanxin, received bad news again; the actual controller reduced its holdings by 3.85 million shares through block trading, with an average price of 13.06 yuan per share, accounting for 1.829% of the company's total share capital.
"He is really crazy because of being poor. He even sold off 50 million yuan. No wonder its development is not as good as Oriental Cable." Gu Junhao couldn't help but complain after seeing the news. The actual controller had sold off shares once before, and the average price at that time was 15.39 yuan. He didn't expect that he still insisted on selling off shares even at the current price of 13.06 yuan.
Find an opportunity to clear him out. At the beginning of the bull market, the actual controller reduced his holdings at a low level. His vision is limited. He really thinks he is Mahua Teng. Let's wait until Oriental Cable goes public.
If we talk about the actual controller's precise reduction of holdings, it has to be the actual controller of Wan'an Technology. After the stock market crash, Wan'an Technology rebounded to a high of around 27 yuan. The actual controller reduced his holdings in large amounts at the price of 24 yuan, reducing his shareholding ratio to below 5% at one time.
It was during that period that Gu Junhao gave up Wan'an Technology. Although he did it a few times afterwards out of emotional reasons, he no longer had any long-term shareholding plans.
Sure enough, on June 25, Hailanxin fell 4.67% and returned to below 15 yuan, closing at 14.49 yuan. At such a low price, Gu Junhao was not in a hurry to clear his inventory.
For individual stocks like Hailanxin where funds are deeply involved, unless there is fatal negative news, the impact on the stock price will only be temporary. The funds in the market need to run away, so there must be a pull-up.
The 1,500 lots of HaiLanXin currently held by the fund are equivalent to free money. It is naturally impossible to liquidate them before the price breaks through. In any case, the fund will have to wait for a formal rebound before liquidating them.
From Monday to Thursday this week, Gu Junhao did not spend a whole day in the trading room, which made his assistant Li Xinyu exclaim incredible. In fact, it was also because of the market conditions.
Among the four trading days, three trading days indicated rebound, especially today, which is usually Black Thursday. Both markets surged, with the ChiNext Index surging 2.03%, returning to above 1380 points to 1386.27 points.
Hailanxin also closed up 3.59% on Thursday. The stock price returned to above 15 yuan again and successfully achieved a negative-enclosing-negative trend, which can be regarded as temporarily digesting the negative news of the actual controller's reduction of holdings.
The Shanghai Composite Index also closed up 0.47%, and the trading volume once again exceeded 60 billion. The big rise on Thursday also gave the entire market an unexpected surprise.
