Chapter 279: Gu Junhao on the Hundred-Point Drop Day
As the securities sector rose again after diving, the Shanghai Composite Index turned positive again at 10:41. Xibu Securities, with a single transaction amount of 56.04 million yuan, once again hit the daily limit, and its share price was 36.16 yuan.
Calculated from the lowest price of 10.50 yuan on June 19 this year, it has risen by more than 344% so far, and the increase so far this month has been as high as 74%. The extreme market conditions of securities companies are difficult for holders to adapt to.
The share price of Huanghe Securities was 16.49 yuan, up 9.28%. Led by the securities companies, the Shanghai Composite Index once again refreshed its previous high for the day, and the trend seemed to have returned to its original trend.
However, at this time, Gu Junhao's heart became more and more uneasy. The heavyweight stocks closed at such an early time, which was not necessarily a good thing for the main board's heavyweight market, which had been increasingly divergent in recent trading days.
"The market closed so early. If the funds in the market are bearish, how much funds will be needed to support it?"
Obviously, if the off-market support is insufficient, the stock price will easily fall back from a high level. However, the total trading volume of the Shanghai and Shenzhen stock markets has exceeded one trillion yuan. No matter how loose the policies are or how eager the funds are to enter the market, the big funds are not fools.
For example, brokerage stocks like Xibu Securities have risen by nearly 3.5 times in half a year. There is a huge amount of profit-taking accumulated in it. Even if off-market funds are allowed to take over, they must be given a suitable opportunity.
"Something seems a little strange about the market. I have to go to the trading room this afternoon." Gu Junhao muttered, not caring about the rules at this moment.
If large amounts of off-market funds are to enter the market again to take over, the Shanghai Composite Index will definitely need a substantial correction, and the securities sector, which has surged today, will inevitably be the first to bear the brunt.
At the midday close, the Shanghai Composite Index closed at 3057.74 points, up 1.24%, which was also the highest point of the Shanghai Composite Index in the morning session. The Shanghai Composite Index closed with a bald positive line in the morning.
After the recovery of securities companies, the small and medium-sized start-up sector started to fall again. By the midday close, the ChiNext Index fell from a rise of 0.65% to a drop of 0.43% at the closing stage, a drop of nearly 1%.
Small and medium-sized start-up stocks rose and then fell, Yinzhijie fell 3.79%, Dongfang Fortune closed at the same price at noon, and Tonghuashun fell 2.43%, with its share price closing at 58.50 yuan.
Tong Huashun's transaction volume exceeded 500 million yuan in the morning, but this 500 million yuan was mainly concentrated in the half hour of early trading volatility and the half hour when Lao Fu was taken advantage of after the rise. After 11 o'clock, Tong Huashun's transaction volume shrank significantly, making it particularly difficult to sell.
"There's no need to maintain the market in the afternoon. Let it fall. The more it falls, the better." Lao Fu said with a frown.
The situation is irreversible, and the rebound of the ten-day line cannot continue. I don’t know whether new funds will appear in the next wave of pull-ups. It is impossible for Tong Huashun to ship out the stocks in the short term.
Since the stocks cannot be shipped, the trading rules must be changed naturally to allow the stocks to further adjust and then make a second wave rebound. If the stocks are shipped from here, the profits should be good, but the timeline is too long.
After lunch, Gu Junhao did not take a nap during the lunch break, which was a rare occurrence. He stared at the computer screen, which really surprised Li Xinyu. According to her understanding, the boss's other habits might change, but the nap was unshakable.
"Boss, why don't you take a nap? Didn't you sell your stocks?" Li Xinyu asked with some confusion.
"I have sold my own stocks, but I still have the funds. I am a fund manager first." Gu Junhao said with a smile.
At lunch, Gu Junhao felt more and more uneasy the more he thought about it. He did not care about not taking a nap as he would be very tired in the afternoon. Instead, after lunch, he looked through the performance of major hot sectors in the morning one by one, with the focus naturally on securities companies.
The brokerage firms plunged around 10 a.m., and a lot of funds flowed out. The small and medium-sized start-ups that rose during the same period must have included some of the profit-taking funds, but for the brokerage firms it was ultimately an outflow.
Judging from the subsequent rise of the securities sector, its trading volume has also shrunk significantly. Xibu Securities even only used more than 50 million yuan of funds to directly push the price to the upper limit, and the funds for closing the board were not as much as before.
The sectors that led the decline in the morning were mainly the military industry, satellite navigation, general aviation and other sectors. Building materials, architectural decoration and media performed well, and food and beverages also performed well.
PetroChina, whose fluctuation was close to 10% yesterday, maintained a decline of about 3% throughout the morning today, and its performance was also extremely average. Sinopec also fell by more than 4% today.
"Securities, big finance and other sectors with Chinese characters in their names have reached the limit. If we want to maintain the market this afternoon, we will probably have to resort to the two oil companies."
The continuous abnormal movements of the two oil companies have shown that they have reached a short-term peak. Sinopec had already seen a sharp decline yesterday, and PetroChina experienced violent fluctuations yesterday, but the stock price high is still on a downward trend.
Often, a rise in the prices of the two oil giants can cause panic, and the recent sharp fluctuations in the two markets have been particularly evident most of the time when the two oil giants have moved abnormally.
"The market might plunge in the afternoon. This is a good opportunity to rotate positions." After an analysis, Gu Junhao said with a smile.
"Diving? What diving?" Li Xinyu asked puzzledly. Ever since the stock market surged in the past two months, Li Xinyu has become more and more interested in stocks. This is the behavior of "leeks", chasing highs and selling lows.
"Nothing. I have to go to the trading room this afternoon. Don't buy stocks randomly. If you have any, sell them first." Gu Junhao said as he turned off the computer.
When the market is booming, it is certain that company employees buy stocks. There is no explicit rule prohibiting it, and Gu Junhao has no way to control it. However, for a few employees he is familiar with, Gu Junhao will occasionally give them some advice.
"Ah, I didn't buy it. I was thinking of finding an opportunity to buy it." Li Xinyu said in shock.
"It's OK if you didn't buy it. If you want to buy it, wait a few days. I'm going to the trading room first. I'll leave this to you."
"Okay." Li Xinyu nodded. She could tell from her boss's reaction that there must be an emergency.
Gu Junhao, who had just walked a few steps, turned back and said to Li Xinyu, "By the way, the conversation just now cannot be disclosed to anyone else, including your parents. Even if the stocks they bought plummet, you cannot tell them."
"Hey, boss, who are you looking down on? I understand that. Besides, how do you know that the stocks my parents bought will plummet?" Li Xinyu's father did buy some stocks, but not many. They were the kind that were stuck for a long time and he had long since given up on them.
"Hehe, that's good. Let's wait and see if there will be a big drop."
This was the first time that the boss appeared in the trading room during lunch break. Wu Peng and Cao Wenxun didn't know this, but Xu Jianqing and the other two were very surprised.
"What's going on? Boss, why are you here? Are there any changes in the market this afternoon?" Xu Jianqing asked Gu Junhao.
"Why aren't you taking a nap?" Not only Xu Jianqing, but also Wang Ruoyu and Liu Tingting were sleeping. Cao Wenxun and Wu Peng also woke up when Gu Junhao came in.
"Why take a nap in the middle of winter? Let's play chess." Xu Jianqing said. There was a lack of entertainment in the trading room, but this did not pose a problem for Xu Jianqing and others. If they did not sleep during the nap, they would play chess or poker.
"Okay, it's better if you don't sleep. Let me tell you first. The market may change in the afternoon, and we need to move our positions."
Afterwards, Gu Junhao also shared his analysis with the five people. The other two did not comment, but Xu Jianqing and the other two seemed a little excited. This was going to crash the market, and selling large orders at the daily limit should be a very pleasant experience.
"When will it be sold? How much?" Xu Jianqing asked with a little excitement.
"Just follow my instructions when the market opens in the afternoon. Why are you asking so many questions?"
"Okay, got it."
Time passed by little by little, and one o'clock in the afternoon soon arrived. The Shanghai and Shenzhen stock markets resumed trading mode. The big financial sector was still on the rise, and the Shanghai Composite Index also rose step by step during the same period.
Huanghe Securities, whose share price closed at 16.55 yuan near the morning closing, also successfully hit the daily limit at the beginning of the opening with the support of more than 70 million yuan of funds, and the share price was reported at 16.60 yuan.
As the number of orders on the daily limit increased step by step, Huanghe Securities also successfully reported the daily limit price. Huanghe Securities' order was the last one to be placed. The daily limit surge among securities companies that had been triggered in the late morning trading session reached its peak at this moment.
The entire securities sector rose by more than 9.5% as a whole, and the entire sector has approached the daily limit. The Shanghai Composite Index hit a high of 3074.98 points, up 1.81%. There are growing calls for it to break through 3100 points during the day.
At this moment, no one cares about the small and medium-sized growth sector which is still in a downward trend. The collective limit-up of securities companies has made retail investors completely unable to sit still. Countless retail investors who can't wait have rushed to the blue-chip heavyweight stocks that have not yet reached the limit.
There are also some small and medium-sized start-up investors who sold their positions at a loss; the investors who were having a brain orgasm had forgotten about the risks at this moment, and their minds were filled with thoughts of a bull market.
"It's really crazy. With such a large scale and four consecutive daily limits, how much money is needed to pile up?" Cao Wenxun sighed as he looked at the Yellow River Securities that hit the daily limit.
At this time, Gu Junhao was watching the trend of the two oil companies. As the index rose, the two oil companies had climbed above the yellow moving average of the day. At 13:11, the Shanghai Composite Index fell back from 3081 points.
At this moment, PetroChina was making frequent moves, with large orders constantly coming in. Seeing this, Gu Junhao quickly said, "Clear positions at two brokerage firms and two companies with the Chinese character "Zhong" in their names."
"What? Clear the position?" Not only Xu Jianqing, but all the traders who operated these four stocks spoke out in unison.
"Stop talking nonsense, clear the stocks, and do it quickly. Don't you see that the orders are decreasing?" Gu Junhao said loudly.
"OK."
At 13:14, PetroChina, which had been moving frequently, rose rapidly. Its share price soared like an onion pulled up from a dry land, rising by more than 5% in an instant. The share price rose by 2.71%, and Sinopec also turned positive in the same period.
The Shanghai Composite Index, which had just fallen back to around 3070 points, also moved upward again. During the same period, the orders for a series of stocks that had reported daily limit increases, such as Xibu Securities, Yellow River Securities, Zhongguo Communications Construction, and Zhongguo First Heavy Industries, were decreasing rapidly at a speed visible to the naked eye.
"There are many people who are smarter than me. It's useless for the two oil companies to keep pulling. Everyone is rushing to get ahead." Gu Junhao did not need to operate himself. He was only responsible for watching the market. At this moment, he and Wang Ruoyu were the only ones with the least time in the office.
At 13:22, PetroChina reversed its momentum and went straight downward, while Sinopec turned green again. The Shanghai Composite Index hit a high of 2992.49 points at this time and failed to break through 3100 points.
"Hurry up, how are the sales?"
“Sold out.”
“Sold out.”
“Sold out.”
"Right away, right away. There are still tens of thousands of shares left." This was said by Xu Jianqing, who held the largest number of shares, with 400,000 lots of Zhongguo First Heavy Industries. With a holding value of 240 million yuan, it is still quite difficult to sell.
However, what traders pursue is hand speed. Eight minutes have passed since Gu Junhao issued the order. It is not a particularly difficult task to sell 240 million yuan of chips in a stock with an average daily trading volume of more than 2 billion yuan and a large daily limit.
"Hurry up, just throw it away. It's time to test you. There are more operations to come." Gu Junhao said with some dissatisfaction.
The Shanghai Composite Index also began to turn downward at the moment the two oil companies turned around. At 1:30 p.m., the Shanghai Composite Index was at 3065.10 points, a pullback of more than 30 points. The three major financial institutions retreated rapidly.
The number of stocks in the securities sector decreased little by little. Five minutes later, the securities sector collectively broke the board, and the Shanghai Composite Index's gains narrowed to less than 1%. Affected by the plunge of the Shanghai Composite Index, the small and medium-sized start-up sectors collectively entered a plunge mode again.
At 13:41, the Shanghai Composite Index turned green, and stocks with Chinese characters in their names that were capped opened collectively. The securities sector, which had fallen to around 8%, was still trying to resist. Xibu Securities and Yellow River Securities attempted to break back into the market.
At 13:45, the securities sector, which failed to rebound, fell again. After a small rebound, the Shanghai Composite Index plunged again, falling below 3,000 points and closing at the lowest level of the day.
During the market plunge, securities firms put up the most tenacious resistance. Xibu Securities was worthy of being the leader and even closed the board for several minutes at one point. However, as the index fell below 3,000 points, a short-term panic had already formed.
At 2 p.m., the Shanghai Composite Index fell again. Xibu Securities, which had just been on the limit, suddenly had no orders on the board. The stock price plummeted like a waterfall. In less than ten minutes, the stock price fell from the upper limit to 2.4% to 33.66 yuan.
"The securities firms have plunged, and the market is gone." Gu Junhao said with a smile.
At this time, Lao Fu in the trading room frowned as he watched Tong Huashun's stock price drop by more than 7%. This trading was quite a failure. He was taken advantage of twice in a row and his profit was almost gone.
The funds bought in the morning have even been trapped. Lao Fu sighed and said to the trader: "The market has plunged. Let's take this opportunity to push it to the lower limit. Then we can buy more stocks at the lower limit. Also, Dongfang Wealth should pay attention to buying more stocks."
It may not be enough to just buy Tonghuashun. You also have to buy Dongfang Wealth to have more chips in your hands and let them form a linkage. Then, you can pull them up together to form the second wave of upward trend.
At 14:15, the Shanghai Composite Index closed at 2928.89 points, down 3.03%. The Shenzhen Component Index and the ChiNext Index also fell sharply. The ChiNext Index closed at 1515.53 points, down 3.29%. The 1500 point mark is also in jeopardy.
The securities sector is still diving, with Xibu Securities' share price at 33.30 yuan, up 1.31; Huanghe Securities' share price at 14.66 yuan, down 2.85%; Zhongzhong No. 1 Heavy Industry's share price fell 4%, and Zhongguo Communications Construction's performance was relatively better, currently up around 5%.
Among the GEM constituent stocks, Tong Huashun and Yin Zhijie were already stuck at the lower limit, and Dong Fang Wealth, which had the strongest resistance, also fell by more than 7%. The sharp drop in the Shanghai Composite Index led to a sharp drop in industry sectors.
All major sectors were in disarray, with all 28 Shenwan first-level industries turning green. The food industry, which had the smallest decline, also fell by 1%. The banking sector and the defense and military industry sector led the decline, reaching 7.5% and 6.13% respectively.
The same is true for major concept sectors, with more than 100 stocks hitting the daily limit. However, there are still nearly 20 stocks hitting the daily limit. But if you exclude the new sectors, there are almost no stocks.
At 14:30, the magical 2:30 did not come. The brokerage firms plunged for the third time in the day, and one of the leading companies, Xibu Securities, had also turned green. The Chinese characters in the names of stocks also plummeted, and Dongfang Wealth, whose stock price had rebounded slightly, could no longer hold on at this time and went .
At 2:40 p.m., Dongfang Wealth's share price hit the limit down, with the share price at 26.98 yuan. Even the most resistant stock finally couldn't hold on; however, this was the moment Gu Junhao had been waiting for.
"Ruoyu should replenish the funds that you reduced your holdings in Dongfang Wealth last time and increase your holdings." Gu Junhao said as he operated.
Junshi No. 2's holdings were also reduced in the same period of time. The last price at which the holdings were reduced was 32.78 yuan. From the current limit price, there is already a 21.5% price difference. The previous funds could have bought more than 20% of the stock chips.
Yinzhijie has been hitting the limit down for some time. The reason why Gu Junhao did not increase his holdings is because his trading volume is too small. If nothing unexpected happens, his trend should be similar to Tonghuashun. After a second-wave rebound, it will fall again. It will not be too late to take over then.
After hanging up the holdings of Dongfang Wealth, Gu Junhao did not forget the four heavyweight stocks. The Shanghai Composite Index continued to plunge. At 14:42, Xibu Securities, Yellow River Securities, and Zhongguo First Heavy Industries were close to the limit down, and Zhongguo Communications Construction also fell to near the flat price.
"The time has come to consider your hand speed. Use the amount you just sold to buy chips of the same amount. Hurry and grab them." Gu Junhao said with a smile.
One minute later, the Shanghai Composite Index fell to 2911 points. The 2900 points level could not be maintained today, and three stocks of Shanghai Speed also hit the limit down. The limit down was not large, with the largest share of Yellow River Securities being less than 1 billion yuan.
Zhongguo Jiaojian, on the other hand, was unusually strong. It rebounded immediately after hitting the bottom. Gu Junhao stared at its trend and thought: "It seems that Jiaojian was wrongly killed by the market. It seems that it is not going to adjust today, while other stocks are obviously well prepared. But it's good this way. A big adjustment within one day is better than a negative decline."
As for the other three stocks, the adjustment range from the upper limit to the lower limit within one day has exceeded 20%. Even if the subsequent adjustments fall further, it will be difficult to fall any further. You must know that this is an adjustment in the middle of the bull market, and there is a high probability that it will be completed within one trading day.
However, today's trend is ultimately very scary. At the closing stage of the trading day, the Shanghai Composite Index broke through 3,000 and 2,900 points, closing at 2,856.77 points. The intraday turnover reached an astonishing 793.4 billion yuan, and closed with a long upper shadow and a large negative line with a drop of 5.43%.
The Shenzhen Component Index also plunged 4.15%. The SME Board Index and the ChiNext Index, which fell faster due to panic, fell 3.94% and 3.99% respectively. The three major sectors of the Shanghai and Shenzhen stock markets had a total turnover of more than 1.2 trillion yuan. The devastating decline in the afternoon showed investors the horror of the stock market.
In this huge transaction volume of 120 million yuan, the securities sector performed extremely shockingly. The securities sector rose as high as 9.57% throughout the day and closed with a drop of 2.95%. The sector's transaction volume for the whole day was as high as 193.2 billion yuan and the amplitude was 16%.
All of this shows the severity of the differences among big funds. In this process, ordinary investors who chased high-priced securities firms in the early trading session have all been severely beaten by the market today.
However, a lot of bargain-hunting funds appeared in the late trading for the heavyweight stocks. The two brokerages held by Gu Junhao successfully opened the limit down after being closed for 5 minutes in the late trading. Xibu Securities finally closed at 30.82 yuan, down 6.32%, and Huanghe Securities closed at 14.21 yuan, down 5.83%.
The two Chinese-character stocks performed differently. Zhongguo First Heavy Industries' share price closed at 5.11 yuan, down 6.41%, while China Communications Construction's share price never turned green throughout the day, and even rose sharply by more than 4% in the late trading, finally closing at 8.19 yuan, up 4.87%.
The thrilling plunge in the afternoon shocked several traders who actually participated in the transaction, especially Xu Jianqing and the other two. They also admired Gu Junhao for being able to direct the operations so calmly on the day of the plunge.
10 minutes after the afternoon session opened, the index was still rising. It was possible to judge that the stock market was about to dive based on the morning trend and changes in the daily limit orders . The most amazing thing was to keep an eye on the trends of the two oil companies.
The liquidation of holdings and even the re-investment at the limit-down stage in the closing period were extremely bold actions. Normal institutions would not have limit-down swings, but the large amount of limit-down purchases by the two funds in the closing period did make a significant contribution to the opening of the two brokerages.
Today, it is reasonable to say that these two brokerage stocks were pried open by Gu Junhao. Until now, the two realized that Gu Junhao's invisible behavior of placing large orders at the upper limit and hitting the lower limit seemed to affect the direction of the stock market.
"It sounds a bit exaggerated to use 700 to 800 million yuan of funds to influence the Shanghai and Shenzhen transactions of over 1 trillion yuan, but it seems to have played a certain role in it." This argument made the two people feel a little outrageous, but it seemed to have really happened.
"No wonder Xiao Xu and Xiao Wang told you, Mr. Gu, that you are always excited on the day of a big drop. You are indeed excited today." Cao Wenxun said, patting his shoulders.
"Yes, with today's big drop, we not only did not suffer any losses, but made a lot of money. Haha." Wu Peng also laughed. This kind of exciting market situation is rare in a few years. Today's operation was really exciting.
"Yeah, it was so fucking exciting. I was a little confused when the boss said to clear the inventory. My brain didn't react when the price hit the limit down and it was just a mechanical operation." Xu Jianqing said with a look of lingering satisfaction.
"Okay, stop flattering me. I think everyone is very tired today, so let's go home." Gu Junhao said with a smile: "In addition, in view of your performance today, I will personally reward each of you 20,000 yuan, which will be paid later."
"Hahaha, thank you Mr. Gu, this is good, this is good." Cao Wenxun immediately responded, giving money is more practical than anything else.
Gu Junhao also responded with a smile: "Originally, I wanted us to have a meal together. We haven't had a meal together since Brother Cao and Brother Peng joined the company. However, today is a workday, and everyone didn't have enough fun. Let's do it next time."
"Will there still be a dinner party after the money is distributed?" Xu Jianqing asked quickly.
"Yes, you guys pick a time to organize it, and I'll pay the bill." Gu Junhao rolled his eyes at Xu Jianqing and then left the trading room on his own.
