Chapter 233: Change Node
The Shanghai and Shenzhen stock markets entered this Thursday's trading with a downward trend for two consecutive trading days, marking another Thursday cycle.
After arriving at the company in the morning, Gu Junhao went to the trading room specifically to give instructions to Xu Jianqing and Wang Ruoyu.
"If possible, the two of you should try to gather all your chips during the remaining two trading days this week. The market should be about to change soon ."
The special trading mechanism of A-shares often leads to good performance in the first half of the month and a downward correction in the second half of the month.
Gu Junhao was also accustomed to this rhythm in his previous life. He would build up positions at the beginning of every month, and when the market rose in the middle of the month and reached his expected level, he would start reducing his positions.
The success rate of such wave operation is relatively high. The market trend in October this year is special due to the convening of the conference and the holidays.
However, this week's continuous pullback is close to the end of the month, which is in line with Gu Junhao's habit of building positions at the end of the month.
The adjustments of the ChiNext are often more intense and faster than those of the Shanghai Composite Index, and all chips can be collected several trading days in advance.
When the trading volume is sufficient, Gu Junhao will bear a certain amount of retracement and exchange time for space. This is Gu Junhao's strategy for holding two GEM constituent stocks.
The same is true for Tong Huashun in personal accounts. Tong Huashun has been bottom-fishing for a few days, and based on yesterday's closing price, it is in a floating loss state.
After instructing the two men, Gu Junhao said to Liu Tingting: "Tingting, you decide based on the situation. If there is a big drop, you don't have to wait until the vacancy is filled."
Xibu Securities, which has been adjusted for fourteen trading days, is gradually showing signs of fatigue; the high point is gradually moving downward.
Since the beginning of this week, in the three trading days, the amplitude of Xibu Securities has remained within a relatively small range, and the trading volume has gradually shrunk.
With the market's correction and the change in performance, Gu Junhao believes that Xibu Securities, which is gradually showing signs of fatigue, cannot rule out the possibility of a sharp drop.
As a barometer of the bull market, if the brokerage sector, which has recently surged, were to experience a sharp drop, it would be the last straw that breaks the camel's back for ordinary investors.
Countless ordinary investors panicked and sold their shares at a loss as major financial heavyweights, led by securities firms, suffered a sharp drop.
"Okay, no problem. If there is no big drop, I won't trade. If there is a big drop, I will take back the original chips." Liu Tingting said with a smile.
Since Xibu Securities had been oscillating at a high level, Liu Tingting has returned to the period when the number of transactions was very few.
There was no trading at all during the three trading days of this week, and the amplitude and stock price of Xibu Securities did not fluctuate much.
"That's it, the rest is up to you."
Seeing that there was nothing else to do, after finishing his instructions, Gu Junhao left the trading room, not only Yin Zhijie and Dongfang Wealth.
Tong Huashun and Gu Junhao also hope to complete the collection of chips within this week, which is equally difficult.
Regarding Tong Huashun's bottom-fishing this time, Gu Junhao does not plan to add all the funds into the warehouse, but only take back the original 3,500 chips that were reduced.
There are two trading days left this week, and I hope to complete the remaining 2,000 positions.
"Huh? Boss, why are you back?" Seeing Gu Junhao coming back again, Li Xinyu couldn't help but ask in surprise.
"I'm not planning on being in the trading room. What's wrong? Is it inconvenient for me to slack off?"
"That's not the case. You dare to slack off just as much as I do. I just thought you would be in the trading room today."
"You are so brave. Aren't you afraid that I will deduct your salary when you say that?"
"Hey, boss, you won't."
For assistant Li Xinyu, it is a happy thing that the boss can free himself from the trading room.
This means that for many things, there is no need to wait until the transaction is completed to ask for instructions, Gu Junhao can give instructions directly.
This greatly improved Li Xinyu's work efficiency. During these three days, Li Xinyu was able to get off work early without having to wait for Gu Junhao to come out of the trading room.
When the boss is in the trading room, colleagues in the company get off work at 5:30, but Li Xinyu often has to wait until after 6 o'clock.
In the call auction, Tonghuashun, which had been declining continuously, performed poorly and still had no desire to make a deal, and the funds for the bidding were very scarce.
During the fifteen-minute bidding period, Tonghuashun matched less than 100 transactions, and the opening price was finally fixed at 22.45 yuan, 0.06 yuan lower.
The Shanghai and Shenzhen indices also continued to open lower, with the Shanghai Composite Index opening at 2323.22 points and the ChiNext Index opening at 1500.55 points.
"It's reached the pressure point. It looks quite dangerous." Gu Junhao stared at the index.
2300 points and 1500 points are important thresholds since this round of rebound, when the Shanghai Composite Index failed to break through 2400 points and the ChiNext Index failed to set a new high for the year.
The integer after the pullback becomes extremely critical. If it falls below the integer, it will easily remind investors of the several sharp pullbacks at the beginning of the year.
Judging from the speed of adjustment, the ChiNext Index is obviously one step faster than the Shanghai Composite Index. If it wants to fall below 2,300 points today, it will need a drop of more than 1.2%.
But considering that the market has fallen for two consecutive days this week, coupled with the Thursday effect, a big drop is not impossible.
Although the daily trend of the two markets looks very ugly; however, in Gu Junhao's opinion, the times are different now. The Shanghai and Shenzhen stock markets have completely started to rise in both weekly and monthly levels.
Think of the index as individual stocks. When the trend reverses and turns bullish, and expectations and policies remain unchanged, a large-scale correction is a good time to re-enter the market.
At 9:30, trading officially began, and the ChiNext Index was the first to break through 1500 points, closing at 1499.35 points.
Tonghuashun's decline expanded rapidly to 0.84%, just like the index. Then when the index entered a sideways fluctuation, Tonghuashun still fell ahead of the index.
At 9:40, Tonghuashun closed at 22.15 yuan, down 1.60%. After returning to above 1,500 points, the ChiNext Index maintained an extremely low range of fluctuations.
"Haha, today should be a good opportunity." Gu Junhao said as he looked at Tong Huashun's intraday chart.
Judging from the intraday chart, Tonghuashun can almost be confirmed to be in a unilateral downward trend today. For Gu Junhao who wants to collect a large number of chips, it is indeed a very good opportunity.
Yesterday's volume shrank to the limit, coupled with today's unilateral downward trend, Tong Huashun is almost certain that his turning point has arrived.
After a sharp rise, the stock price has been falling continuously for more than a month, with extremely small volume, unilateral decline and the announcement of a substantial increase in performance.
All of this, coupled with the propaganda of the water army, can mislead retail investors and people who are trapped at high levels into interpreting it as the end of good news and the beginning of bad news.
Judging from the timeline, this round of market cleansing by the main capital appeared to be extremely patient, lasting almost two months from the beginning of September to the end of October.
The index saw a sharp rise, and Tonghuashun’s holders missed almost all of the gains. However, with the index’s continuous correction, Tonghuashun’s downward trend is accelerating.
At this point, there are not many ordinary investors who, like Gu Junhao, think that Tong Huashun is an opportunity to buy at the bottom.
After all, it is about to be adjusted for nearly two months. Calculated from the bottom, Tonghuashun's increase still remains at around 80%, which is considered to be an absolute high.
But for Gu Junhao who reduced his holdings at a high level, this is an opportunity; in fact, today's trend is also an opportunity for those who want to open new positions.
Not to mention the expectations for Tong Huashun, after two months of continuous adjustments, the volume has shrunk to the point where it can no longer shrink. Tong Huashun also needs a short-term rebound.
Assuming that Tonghuashun's stock price stops at the ex-rights price, after two consecutive months of decline in volume, the remaining chips in the hands of on-site funds will not be many, but not too few either.
At this time, it is no longer appropriate to use the method of large-volume decline to sell goods, and a rebound after an oversold situation is the best way to sell goods.
Raising the price to a certain stage before shipping can not only increase your profits but also make shipping smoother.
However, for small funds, in a one-sided downward trend, it is safer to buy at the end of the trading day than to take advantage of the decline during the trading day.
Once the bottom-fishing fails, the next day's transaction can be sold quickly in the early trading session, so that the stop loss range can be kept to a minimum.
At 9:45, the Shanghai and Shenzhen stock markets ended their 15-minute sideways fluctuations in the morning and turned downward, with the ChiNext Index falling below 1,500 points again.
Five minutes later, the ChiNext Index was at 1490.92 points, a drop of around 1%, and the two markets began to accelerate their decline.
"Today's fall was earlier than the previous few days. It's going to be a panic sell."
At this time, Gu Junhao had already placed an order and was leaning back in his chair staring at the intraday charts of the Shanghai and Shenzhen stock markets.
Tonghuashun fell to 22 yuan at 9:53 in the morning and then stopped, but Gu Junhao believed that 22 yuan would be broken today, and all the pending orders were concentrated at prices below 22 yuan.
For every 0.1 yuan interval, a relatively large order was placed, and the rest were divided into small orders. This order placing method was maintained until Tong Huashun fell by about 6%.
At 10:21, the Shanghai Composite Index was at 2312.81 points, down more than 0.5% on the day. The ChiNext Index had fallen to around 1483 points.
The indispensable heavyweight support for the market during a decline appeared in time, and it was still the securities companies. The securities sector, which has been sluggish this week, launched a support operation on Thursday.
The brokerage firms' support for the market only slowed down the downward trend of the index but did not create a resonance in the two markets.
On the contrary, on-site funds are taking advantage of the period when brokerages are supporting the market to further accelerate outflows. Tonghuashun's stock price has fallen to 21.80 yuan, and the real-time decline has widened to 3.15%.
"This order is still a bit conservative. I didn't expect it to fall so fast. Haha." Gu Junhao laughed happily.
Tonghuashun, which fell below the 22 yuan price , had two relatively large transactions of 681 lots and 490 lots respectively.
Most of them were bought by Gu Junhao due to the early order placement and price advantage. As a result, the probability of completing the position building today is much higher.
On-site funds are flowing out at an accelerated pace, and small and medium-sized start-up stocks are accelerating downward. Apart from the local performance of newly listed stocks, only securities companies are struggling to support the Shanghai and Shenzhen stock markets.
Due to the large weight protection of the ChiNext and the accelerated outflow of funds, the index has gradually shown a fluctuating downward trend.
At midday closing, the ChiNext Index closed at 1481.02 points, its lowest point of the day, down 1.56%, while the Shanghai Composite Index remained around 2310 points.
Tonghuashun hit a low of 21.50 yuan in the morning, and after a drop of 4.49%, it finally closed at 21.62 yuan at noon.
In the morning, Tonghuashun's final decline was fixed at 3.95%, and in terms of trading volume, the morning's trading volume was close to yesterday's full-day trading volume.
In the afternoon, securities firms were unable to hold on alone and the Shanghai Composite Index eventually plunged further, while the decline of the ChiNext Index slowed down in the afternoon.
The ChiNext Index fell to a low of 1474.07 points. Compared with the drop of nearly 20 points in the morning, the ChiNext Index showed signs of stopping the decline.
The same is true for Tong Huashun, whose lowest price was 21.39 yuan in the afternoon, and its share price did not fall below 5%.
It then fluctuated between 21.40 yuan and 21.60 yuan, and Gu Junhao has since withdrawn his buy orders below 21.40 yuan.
There were only a few chips left to collect and there was no need to place any more orders, so Gu Junhao simply kept buying according to the real-time transaction price.
At the end of the day's trading, the Shanghai and Shenzhen stock markets ushered in Black Thursday, with the Shanghai Composite Index plummeting 1.04% and stopping at 2303.28 points.
The ChiNext Index fell 1.78% to 1477.84 points. Although the trading volume of the two markets rebounded from the previous trading day, it remained at a recent low level.
Even with such a sharp drop, there was no increase in trading volume. The end of this round of adjustment and the bottoming out of the Shanghai and Shenzhen stock markets are just around the corner.
Tonghuashun's trading volume increased slightly today, with a turnover of 49.1 million yuan, and closed at 21.49 yuan, a drop of 4.53%.
Today's small-scale increase in volume allowed Gu Junhao to successfully collect 2,000 chips at an average price of 21.60 yuan.
The purchase volume of 4.32 million is close to 9% of the day's transactions, but Gu Junhao no longer cares about it.
Judging from the pending orders, there is almost no trace of my orders in the morning, and in the afternoon I bought based on real-time transactions, and it was not uncommon to buy several lots.
Apart from knowing that there is a fund of over one million yuan to buy at the bottom, the main players in control of the market seem to have no other information to find.
In four trading days, the purchase volume was 3,500 lots, with an average cost of 21.85 yuan, and a capital expenditure of 7.6475 million yuan.
The average inflow per day does not exceed 2 million yuan, and it is unlikely that the main players in the market will take risks and violate regulations for the sake of this 2 million yuan.
At the close of October 23, 2014, after nearly two months, Gu Junhao's personal account Tong Huashun chips returned to 15,500 lots.
Gu Junhao did not plan to buy any more related chips with the remaining 1.8825 million yuan of funds. In fact, since Xu Jianqing bought Zhongguo CSR and CSR last week, he bought some CSR in his own account.
However, the purpose of reducing positions this time is not to collect more chips by taking advantage of the market, but to increase one's own liquidity.
In two months, the T difference of 1.88 million is already perfect. In Gu Junhao's opinion, such a wait is worth it.
However, not all of this money will remain in Gu Junhao's personal account. With the assistance of Guo Yuanwei, Gu Junhao transferred 1.5 million yuan of it to the company account.
It cost 1.5 million yuan to transfer the business, which can be regarded as another investment by Gu Junhao in Junshi Capital.
Since its establishment in May this year, Gu Junhao has used various means to increase Junshi Capital's registered capital from the initial minimum subscribed amount to the current paid-in amount of 7 million yuan.
In the next few months, Gu Junhao will inject another 3 million yuan into Junshi Capital through various means, bringing the actual registered capital to 10 million yuan.
The actual registered capital will meet the requirements of the regulatory authorities within a certain period of time. The company's debt ratio is extremely low, the employees are young, and the turnover rate is low.
Together with Junshi No. 1's excellent performance, all this shows the good operating environment of this young private equity investment company.
Just like stocks, Junshi Capital showed signs of officially launching after going through a series of chip collection periods.
By this Friday, the trends of the Shanghai and Shenzhen stock markets further confirmed Gu Junhao's judgment.
Today, Gu Junhao, who had completed collecting chips, returned to the trading room. After a full day of trading, the Shanghai Composite Index fell to a low of 2302.28, a drop of 0.01%, and ended this week's trading with a turnover of 114.3 billion.
The ChiNext Index finally closed at 1477.59 points, down 0.02%, with a trading volume of only 25 billion yuan.
Although the Shanghai Composite Index and the ChiNext Index have both experienced consecutive daily declines, today's trading volume has dropped to the lowest level in recent times, and the changes in the index show that the decline is no longer strong.
It only takes one time node for the Shanghai and Shenzhen stock markets to rebound, and Gu Junhao believes that this time node will come soon.
Tonghuashun ended this week's trading at 21.36 yuan today, down 0.60%. The trading volume hit a new low of 20.65 million yuan, and a false positive line was formed on the K-line.
Throughout the week, Tonghuashun fell 5.11%, with three consecutive negative weekly lines, and the weekly trading volume was only 164 million yuan.
While the Shanghai Composite Index fell 1.66% and the ChiNext Index fell 2.21% for the week, Gu Junhao, who had not paid much attention to Dongfang Wealth for a week, made a very unexpected discovery.
"It actually rebounded with a smaller volume. It seems like a clear signal of bottoming out." Gu Junhao said with a little surprise.
The weather vane of this round of ChiNext rebound, while falling to a low of 14.44 yuan this week, achieved a weekly increase of 1.02%. The stock price finally closed at 14.90 yuan, being the first to stop falling.
Yinzhijie's decline this week narrowed to 2.72%, but since October, Yinzhijie's correction of more than 16% still seems somewhat tragic.
As for the other two stocks, Xibu Securities continued to be the mainstay of Junshi No. 1's holdings with a 0.75% increase.
From October till now, Xibu Securities has been in the adjustment period. If we only look at its daily line, it is obvious that it is tired. However, when securities companies occasionally protect the market, Xibu Securities always plays a leading role.
Under this circumstance, even if there has been a decline for several trading days in a row, Xibu Securities can recover the decline within one trading day, and its performance is still extremely eye-catching.
Wan'an Technology's performance was also beyond Gu Junhao's expectations, with a weekly increase of 2.73%, a closing price of 13.93 yuan, and a weekly trading volume of 171 million, all of which were more advantageous than Tonghuashun.
"It seems that we made a profit this week, haha; it's rare." Gu Junhao said happily.
I thought the market would continue to correct this week, but I didn't expect the stocks I held to move faster than the index, with most of them stopping their declines this week.
"Haha, I really made money." Xu Jianqing said happily. This week he and Wang Ruoyu completed the tasks very well.
By buying for several consecutive days and collecting chips again, Yin Zhijie's position returned to 11,000 lots, while Dong Fang Wealth increased to 18,000 lots.
As for Zhongguo CNR, another stock bought by Xu Jianqing, Gu Junhao saw that the stock price was in a correction today after it surged yesterday.
While ensuring that the account funds were at 7.7 million yuan, Gu Junhao increased his holdings of Zhongguo CSR to 5,000 lots, whose closing price was only 5.80 yuan.
The market value of 5,000 lots is only 2.9 million yuan now, which is not important to Junshi No. 1. Increasing the holding to 5,000 lots is just to make it look better and maintain the collectivity of the holdings.
The cash flow of 7.7 million yuan is close to the amount of funds when the position was reduced by 5,000 lots, which ensures the integrity of the position to a certain extent.
"Market value of 77.897 million yuan, and cash of 7.7 million yuan." Gu Junhao looked at the numbers displayed on the general account and a smile appeared on his face.
By collecting chips at low levels, a V-shaped reversal was achieved after the stock price stopped falling. It turned out that Gu Junhao's method was feasible.
Including Zhongguo CSR, only one stock of Junshi No. 1, Yinzhijie, is still in a falling state this week, so a new high in earnings is naturally out of the question.
Among them, the biggest contributions were naturally made by the first major holding, Dongfang Wealth, which stopped falling and the three consecutive weeks of increase in Xibu Securities.
Within a week, it made a huge profit of 6.6286 million yuan, not only recovering the previous loss of more than 3 million yuan, but also bringing the total scale of Junshi No. 1 to a new height.
With a total scale of 8559.70 yuan and a net value of 2.1399, Junshi No. 1 has once again reached a new high.
This result has not been announced yet, but it has exceeded Gu Junhao's expectations. This week, Gu Junhao's energy has been mainly focused on Tong Huashun.
In Gu Junhao's vision, Junshi No. 1 will just narrow its decline or make a small profit this week.
However, it is naturally a good thing that the fund can achieve such excess performance; similarly, it is also the credit of Xu Jianqing and Wang Ruoyu.
"You guys did a great job. This week's sales were off the charts. It's all thanks to you. I'll give you a credit."
Gu Junhao said to the three people that although Liu Tingting did not have any transactions this week, Gu Junhao was a careful person, so she would still be counted in the performance.
In a team, no one can be separated out, as long as the priorities are balanced. Undoubtedly, Wang Ruoyu is the protagonist this week.
Correspondingly, the main interpreter will be treated like the protagonist, and his income will naturally be higher than that of others.
"Hahaha, thank you, boss." The three of them said one after another. Since it was related to the increase of their income, no one would be unhappy.
"Okay, announce it. I'm leaving too." Gu Junhao said with a smile.
With the announcement of Junshi No. 1's net value this week, the net value yield of 2.1399 and the speed of recovering the decline also shocked the market.
"What's going on? Is the overall situation still declining this week?"
"Did Brother T take any medicine? Why is he so strong?"
“Is this a bet on stocks with rising performance, or a bargain hunting?”
“Does this mean the market has bottomed out? Can we buy at the bottom?”
In Taogu Bar, the remarks of this retail investor attracted the attention of some people who were paying attention to Gu Junhao.
The A-share market, including ordinary retail investors, has never lacked smart people. Based on this message, they will analyze the market and the recent trends of some strong stocks in the early stage.
Finally, I will draw a specific conclusion based on my own analysis, whether to buy at the bottom, increase my position, or continue to wait and see.
Li Ze was also among this group of people. Unlike others who were good at analysis, he believed in Gu Junhao without a second thought.
