Chapter 254 The Power of Faith
In the afternoon trading, Tonghuashun, which was fluctuating at a high level, was briefly closed at 13:10 to 13:15; then, Tonghuashun, which had opened the daily limit, once again fluctuated sideways at an increase of more than 8%.
Tong Huashun's high-level fluctuations did not last long. At 13:51, with the support of two funds of nearly 30 million yuan, Tong Huashun once again hit the daily limit.
More than 50,000 orders were placed on the board, which temporarily calmed the share price of Tonghuashun to 27.75 yuan. Tonghuashun, which was placed on the board again, still could not hold on for long. At 13:59, the situation on the board suddenly changed.
A single sell order of 11,528 lots quickly pushed Tong Huashun's upper limit price to 27.36 yuan, an increase of 8.44%. This was the largest amount of funds that Tong Huashun fled with in a single transaction today.
"Is there capital outflow, or is there an exchange of chips at high levels?" Looking at Tong Huashun who was trading on the board, Gu Junhao said thoughtfully.
Despite the huge orders of tens of thousands of shares and the high opening and low closing of the ChiNext Index throughout the day, Tonghuashun's trend failed to collapse. It is still above 27 yuan and buying is very active.
At this time, Yin Zhijie also ended its intraday high-level fluctuations. The emergence of large buy orders pushed Yin Zhijie to 30.55 yuan, a daily increase of 10.01%, and the daily limit order funds exceeded 300 million yuan.
The comprehensive return of strong small and medium-sized enterprises formed a sharp contrast with the downturn of the ChiNext Index; at this time, the ChiNext Index stopped maintaining a decline of more than 0.7%.
Up to now, the ChiNext Index has fallen to as low as 1506 points, a drop of nearly 1%. While large funds are attacking the heavyweight stocks, they are also not forgetting small and medium-sized stocks with better growth potential.
At 14:15, Tonghuashun once again reported an increase of 27.75 yuan. There were not many large orders blocking the board, and the stock price strangely fluctuated back and forth between 27.75 yuan and 27.74 yuan.
"Accumulation on the board? Is the bullish sentiment so strong?"
With this kind of trend between closing the board and breaking the board, most of the outflow funds are in the form of small and medium-sized orders. It is impossible to be selling. If it is really selling, it would be just like the large order of tens of thousands of shares just now.
While Gu Junhao was staring at the GEM stocks he held, Wu Peng was also doing T trading seriously. Wu Peng's style of doing T trading was different from that of Gu Junhao and others.
When the amount of funds and positions are large, Wu Peng will choose multiple T operations, like a robot, constantly buying in and T out to make profits.
Today, Zhongguo Jiaojian's fluctuation exceeded 7% and the trading volume was very large, which made Wu PengT feel relaxed and completely immersed in the fun of trading.
At this time, Zhongguo Jiaojian was in a fluctuating downward trend, with the stock price at 6.77 yuan, which was in the oscillation range below the yellow average price of the day, and was only 0.02 yuan higher than the opening price.
"It's almost there. I should have another chance if I wait a while." Wu Peng thought to himself. Today he mainly maintained the opening price to do T. He only required a profit of more than 2% for each transaction and did not pursue the highest or lowest point.
As for whether to buy first or sell first, Wu Peng will decide based on the specific volume and trend of the concept market. There is no fixed pattern.
Wu Peng's operating method requires relatively high market sense, hand speed and trading literacy, and also has high requirements for psychological quality.
In stock trading, there is a saying that the more you do, the more mistakes you make. Gu Junhao's principle for doing T is to only do it once a day. Although this will miss many opportunities, the risk is also much smaller.
For someone like Wu Peng, if he makes a few mistakes during the day, it will greatly affect his mentality. In the early stages of his career, Wu Peng grew up through continuous trial and error.
However, nowadays, Wu Peng has become accustomed to this trading model, and his winning rate is still very good. This is also his secret weapon to survive in the financial market.
The market closed at three o'clock, and Wu Peng completed his last transaction of the day. Throughout the day, half of his position was close to 60 million yuan in chips. Wu Peng really achieved position rotation and maintained a certain profit.
There are countless traders like Wu Peng among the institutions that hold positions in Zhongguo Communications Construction; Zhongguo Communications Construction's turnover rate of up to 22.5% can also prove this point from the side.
Throughout the day, Zhongguo Communications completed transactions of 2.05 billion yuan, up 4.8%, and its share price closed at 6.98 yuan. At the close of the market, Zhongguo's highest price today did not break through the highest price of the previous trading day.
Zhongguo First Heavy Industries' performance today was also rather average. In Gu Junhao's opinion, the adjustment of the weights of stocks prefixed with "Zhong" is far from over, and the Shanghai Composite Index is facing the challenge of reaching its highest position since 2008, so the pressure is still quite obvious.
After a full day of trading, the Shanghai and Shenzhen stock markets performed differently. A large amount of funds poured into blue chip stocks, causing the Shanghai Composite Index to rise sharply by 2.30% today, constantly refreshing the high point since this round of rebound.
At the close of trading, the Shanghai Composite Index closed at 2473.67 points, just one step away from its highest point of 2478 since 2008.
The ChiNext Index opened high and closed low throughout the day, showing a weak and volatile pattern, and finally ended the first trading day of the week at 1514.82 points, down 0.51%.
Among the three GEM stocks that Gu Junhao cared about, Dongfang Fortune fell behind in the afternoon and plunged; while the other two, Tong Huashun and Yinzhijie, both closed at the daily limit.
Tonghuashun, which had been hitting the daily limit all day, finally ended today's trading with a daily limit. Yinzhijie's performance after the daily limit was stronger, with the stock price only opening once during the trading session.
With such performance, Gu Junhao was really looking forward to tonight's Dragon and Tiger List, especially Tong Huashun, who performed so strongly without any favorable conditions.
Gu Junhao wanted to know what kind of funds were so determined that they were willing to use the method of absorbing funds on the board to buy Tong Huashun even when a large order was crashing the market.
In terms of style, it does not seem like the work of hot money. Hot money is accustomed to quickly closing the board after hitting the limit. Such behavior of constantly breaking the board is not uncommon, but it is usually when there is a large amount of funds dumping the market.
For Tong Huashun, whose outflow of funds and trading volume today are not particularly high, there is no need to use this operating mode if the market is dominated by hot money.
Hot money may even directly pull the price up after a small 9% correction in the morning, and then block the price for the whole day with a large order.
After the market closed, they held a review meeting as usual, and the five of them summarized the trends of the two markets today; then, Gu Junhao also talked to Wu Peng and asked him some questions about his work experience today.
"It's very novel. The way Mr. Gu, Team Leader Xu and the other two get along with each other is very novel to me." Wu Peng said frankly.
Then he continued, "I haven't traded for almost three months. It was very satisfying to trade a stock with such a high turnover rate as Zhongguo Jiaojian on the first day."
"Haha, it's nothing. You'll get used to it. There is a difference between bosses and employees at work, but there is no difference between high and low in transactions." Gu Junhao also replied with a smile.
"Mr. Gu, would you like to see my delivery note? Today is my first day at work. Please feel free to point out any shortcomings." Wu Peng said tactfully that if a trader cannot generate profits for the company, there is no need for him to exist.
Wu Peng knew this very well, and it was impossible for Gu Junhao not to take this seriously.
"Well, I'll take a look." Gu Junhao nodded, and then continued: "The transaction is over. There is nothing important today. If you want to leave work early, you can go home. If you want to learn more about the company, you can let Xiao Xu take you around the company."
"Okay, then I'll trouble Team Leader Xu." Wu Peng also said along the way, he should indeed have a certain understanding of the company.
"Xiao Xu, take Brother Peng around the company ." Gu Junhao shouted to Xu Jianqing. This guy was as familiar with the company as he was.
"Okay, no problem, come with me, Brother Peng."
After Xu Jianqing took Wu Peng out, Gu Junhao also checked Wu Peng's delivery note. This was considered a real interview. He opened Zhongguo Jiaojian's transaction details for today.
Gu Junhao saw rows of buy and sell transactions. Seeing this, he couldn't help but laugh. This trading style was the first of its kind in Junshi Capital.
However, this is also normal behavior. Apart from personal style, a trader's KPI is directly related to trading volume and profit. Unlike Xu Jianqing and the other two, senior traders like Wu Peng obviously pay more attention to their own performance.
Gu Junhao fully understood this kind of behavior. Everyone came out to work just for a few pieces of silver. There was nothing wrong with using high-frequency trading to earn more profits to improve their performance and increase their income.
Although it was completely different from his own style, Gu Junhao didn't care; it was within his authority and he was doing what he was supposed to do, so there was nothing wrong with that.
As long as it does not affect the fund's holdings and can create profits for the company under this model, it is acceptable; there is no good or bad trading style, and we must respect everyone's trading habits.
At half past five, the Dragon and Tiger List that Gu Junhao had been looking forward to was officially updated. As expected, Tong Huashun and Yin Zhijie were among them. Gu Junhao first looked at Yin Zhijie's Dragon and Tiger List.
Yinzhijie had a daily limit last week, but it was again due to the use of card rules and did not make it onto the Dragon and Tiger list. This list today is also worthy of special attention.
For small and medium-sized stocks like Yinzhijie, they are the favorites of hot money; Yinzhijie's Dragon and Tiger List is still dominated by hot money, but two institutions also appeared on the buying seat.
These two institutional seats were the second and fifth buying seats of Yinzhijie, and the two companies bought a total of nearly 25 million yuan. The hot money in the first buying seat bought more than 32 million yuan, accounting for 17.70% of the total transaction volume.
The buying seat was dominated by one company, while the top five sellers were relatively evenly distributed. The five companies sold a total of 41.7977 million yuan. Today, the net difference between buying and selling on the Dragon and Tiger list was 40.8961 million yuan, indicating a net inflow.
For Gu Junhao, the sale of a seat by Yinzhijie is an old face, still on Hongling Middle Road in Shenzhen, and was sold for 16.2796 million yuan.
Ever since Gu Junhao intervened in Yin Zhijie, this seat has appeared from time to time on Yin Zhijie's Dragon and Tiger list. Undoubtedly, the increase in Yin Zhijie's stock price was mostly subject to the influence of this fund.
Unsurprisingly, this seat is designated as one of Yin Zhijie's main funds. Today's selling volume should not be a big bargaining chip for him.
Today, the turnover rate of Yinzhijie is less than 5%, and Hongling Zhonglu does not seem to be selling shares. Even if there is a single buyer, it should not have much impact on the stock price.
The main funds of Yinzhijie also seem to have some obsessive-compulsive disorder. Although the rights were filled by the daily limit today, the previous upward trend has restored the trend of a large positive line with several small negative lines.
Even the bug of not publishing the Dragon and Tiger List after the stock price reached the daily limit appeared again. This is undoubtedly a case of obsessive-compulsive disorder.
Therefore, from this point of view, Yinzhijie is unlikely to start a new round of major adjustment plan after filling the rights like Tonghuashun. The biggest possibility is that the transaction will continue to end with a doji situation tomorrow.
Afterwards, Gu Junhao turned his attention to Tong Huashun's Dragon and Tiger List. Tong Huashun's Dragon and Tiger List really surprised Gu Junhao.
"It's all institutional buying?" Not only Gu Junhao, but also Wang Ruoyu and Liu Tingting who stayed in the trading room were surprised.
Generally speaking, stocks like Yin Zhijie and Tong Huashun, which are still small and medium-sized growth stocks, are difficult to attract many large institutions to buy. Some of them are small private equity funds like Gu Junhao.
The main reason is that the share capital is too small and the chips that can be purchased are very limited. For large funds, such returns are dispensable.
If you make money, it will not have much impact on the fund's returns, but if you make a mistake, it will cause great damage to your reputation.
Therefore, in 2014, even though the ChiNext had a big rebound last year, small and medium-sized start-up stocks are not favored by large institutions. Large institutions will express their contempt with various opinions, such as the price-to-earnings ratio is too high.
However, today, Tonghuashun can attract the attention of so many institutions like Dongfang Wealth. All the buying seats are from institutions. Although there are two institutional seats above the selling seats, the total amount of the two seats is only about 16 million yuan.
"It's a good thing that some institutions are paying attention to it." Gu Junhao said with a smile. With so many institutions willing to use the daily limit to buy in, Tonghuashun's stock price can only wait and see to take off.
Five institutions bought a total of 104.7 million yuan, accounting for 30.66% of Tong Huashun's total transaction volume today. Today's Tong Huashun market was dominated by a group of institutions.
Tong Huashun's sell position is also very familiar to Gu Junhao: "Guotai Junan Trading Unit."
Since the beginning of this year, Gu Junhao has encountered Cathay's proprietary trading in several GEM constituent stocks, such as Dafu Technology, etc. Guotai Junan's proprietary trading was also on Tong Huashun's previous Dragon and Tiger list.
Guojun’s proprietary trading account sold a total of 31.9885 million yuan today and did not buy anything; the single large order of more than 10,000 lots in the afternoon that smashed the market was undoubtedly from Guojun’s proprietary trading account.
Gu Junhao couldn't tell whether Guojun's proprietary trading account had been cleared, but it seemed that their traders probably hadn't guessed that so many institutions had bought into Tonghuashun today.
At this time, Guotai Junan had not yet gone public, but Gu Junhao still had a rough memory of the listing time of Guotai Junan.
In June 2015, on the second day after Guojun was listed, after falling from a high of 5178, the Shanghai Composite Index, which had been unable to rebound, began to accelerate its downward trend.
Someone once said that the bull market in 2015 had two phase points. The first one was undoubtedly the peak of the bull market, and the second one was that the listing of Guojun completely ended the bull market.
In 2014, while large institutions had not yet paid much attention to GEM stocks, Guojun's proprietary trading was deeply involved and even played a leading role in some stocks.
I have to say that this is also a kind of invisible irony.
On the Tong Huashun Dragon and Tiger list selling seats, in addition to Guojun proprietary trading, there is another seat that Gu Junhao is very familiar with; ranked third on the selling list is Huatai Securities Xiahe Road Securities Branch in Xiamen.
This is also a hot money seat that has had several transactions with Gu Junhao, from Hailanxin to Tonghuashun; today Xiahe Road sold 9.638 million yuan, which is considered a relatively large amount of sales for Xiahe Road, which only sells around 10 million yuan each time.
…
Li Ze, a die-hard fan, was extremely excited today. Tong Huashun's daily limit broke the previous high, bringing his market value to 721,500 yuan and his personal assets to a new height.
In addition, with Tonghuashun’s luxurious Dragon and Tiger List today, institutions will not enter and exit as quickly as hot money, which can allow institutions to buy at any price. Naturally, the market situation will not be so simple.
Although Li Ze only added 1,000 shares each time, judging from the subsequent trends, both times can be regarded as the lowest point of the period.
This was also true for the first all-in. He was able to grasp the low points of each stage, although there was an element of anger in the last time. While enjoying everyone's flattery, Li Ze was also very sober.
"If I buy on my own, I will definitely not be able to buy at the lowest point. Every time I buy, I only buy after studying Brother T's dynamics."
The first all-in was when Gu Junhao appeared on the Dragon and Tiger list and sold his seats, and Tong Huashun adjusted to the limit down and placed a large order. The second time was a mistake on my part, as Tong Huashun increased its position after adjusting at a high level due to expectations.
The third time of adding positions, in addition to being angry with group members, was more because Junshi No. 1's performance soared, which made Li Ze feel that Brother T must have been heavily invested or even fully invested in bottom-fishing during this period.
Li Ze is very clear about how much weight he has. He may buy at the bottom once, but he can buy at the periodic bottom of a stock every time. If he has this ability, he will not lose money.
Even the belief that currently supports me to hold my positions comes from Gu Junhao. My previous expected price was 26 yuan, and after that it is the shares pledged by Gu Junhao.
As long as there is no announcement of Gu Junhao's release of the pledge, Li Ze will continue to hold the shares, even if there is a pullback like the last time.
"Brothers, this is the power of faith. You guys keep struggling and you lost money again today, haha."
While assets hit new highs, Li Ze did not forget to mock that the two markets were severely divided today, and many of the leeks who generally like to trade in small and medium-sized start-up stocks but are afraid of high prices suffered losses today.
As the saying goes: "People who are afraid of heights suffer."
Of course, when the leeks are really not afraid of heights, that is when they will take over; it is all due to the different perceptions of heights.
"Okay, okay, your brother T is the best, but he didn't even give you any money."
"How come there is no share? The market value of my Tonghuashun is already over 700,000 yuan."
"Okay... you win, but Brother T's Tong Huashun should be worth more than 40 million yuan."
"Yes, 43.1212 million yuan." Li Ze replied. When he saw his own market value, Li Ze calculated Gu Junhao's market value clearly.
"Tsk, tsk, tsk, with over 40 million in his personal account and over 600 million in the two funds, it's not a small gain to get a share of Junshi Capital. He's already a billionaire at such a young age."
The subscription contract terms for Junshi No. 1 and Junshi No. 2 have been widely circulated on the Internet. The terms stipulate that no management fees will be charged in the event of losses. This behavior of violating industry rules has also caused considerable controversy.
As for the profit sharing after the net value of Junshi No. 1 broke 2, some people with good intentions calculated the profits for Gu Junhao when they were free. There were even many people who commented on the official blog of Junshi Fund, asking Gu Junhao to settle Junshi No. 1 as soon as possible.
Because once the net value of the fund exceeds 2, no matter how high it eventually rises, it will not have much impact on Junshi Capital's share. On the contrary, there is a possibility that it will fall below 2 again.
As funds increase, if you want to continue to increase the net value, the difficulty can be imagined; instead of doing this, it is better to lock in the profits after breaking 2.
Li Xinyu also gave feedback to Gu Junhao regarding the comments under the official blog, but Gu Junhao just laughed it off; what the netizens said did make sense, but Gu Junhao naturally did not calculate the net value of Junshi No. 1 in this way.
Junshi No. 1's initial scale was 40 million, which doubled to 80 million. If the distribution is calculated, it will not bring much profit margin to the company, and there are many funds in the private equity market with a net value of over 2.
Timely liquidation can only ensure the company's balance of income and expenditure in the next few years, but what Gu Junhao wants is to build Junshi No. 1 into a benchmark fund of Junshi Capital and truly achieve a blockbuster success.
In this way, even in the subsequent stock market crash, even if the returns of the subsequent funds were average, I had left a legacy in the capital market that was enough to make people talk about it after dinner.
Judging from today's trading process, Wu Peng was able to get into the state quickly, which was the biggest gain for Gu Junhao today.
The injection of fresh blood will be able to share Gu Junhao's work content well, and after Cao Wenxun joins the company next week, Liu Tingting can return to Junshi No. 1 Trading Group.
Gu Junhao was also able to completely put aside his identity as a trader and return to his role as a fund manager and company founder, devoting more energy to the company's operations.
In Gu Junhao's opinion, the next few years will be years of great opportunities. He has already achieved some success and he certainly cannot stop there.
Today, the three holdings of Junshi No. 1 rose sharply, and the plunge of Dongfang Fortune in the afternoon also made Wang Ruoyu a little overwhelmed; fortunately, the amplitude of the other two stocks was not too large after they rose.
For the three GEM constituent stocks that have already entered the rising state, their fluctuations are far from comparable to those of the heavyweight stocks. It may be difficult for Wang Ruoyu to cope with them alone.
Gu Junhao only realized this today. He seemed to have overestimated Wang Ruoyu's hand speed before. Fortunately, he managed to keep both interviewees last weekend.
