Chapter 282 A Letter to Investors
The sharp rise in the net value trend of Junshi's two funds this week has attracted widespread attention from the market. Within two days over the weekend, it caused countless heated discussions, and the general public and peers were all discussing its net value curve rate.
The first thing that ordinary people think of is whether there is insider trading. For some investors who know a thing or two, all they can think of is that Gu Junhao had already reduced his holdings in advance before releasing the pledge of Tong Huashun’s equity, and that after the big drop, there will inevitably be bottom-fishing behavior.
From the perspective of industry insiders, through the curve trend of Junshi No. 2's net value, it can be found that Gu Junhao did not reduce his holdings on a large scale on the day of the big drop, but achieved substantial profits through his large-scale position adjustments. For this kind of position adjustment, everyone is also very amazed at his ability to grasp the market.
At the same time, the abnormal trends of the two funds also attracted the attention of Gu Junhao's local regulatory authorities. After a series of checks, they finally let the matter go after confirming that there was no violation of regulations.
However, even so, Gu Junhao also received a phone call from the regulatory authorities, which hinted that he should be more low-key in the future. If the funds were larger, the consequences of such full-position and large-scale T-trading would be very serious.
In response to this, Gu Junhao expressed his willingness to accept the call. This was the first time he received such a call. Gu Junhao was somewhat prepared for this and even did it on purpose. According to his previous style, he could do T with half of his position.
The reason for doing this this time is to test the attitude. Given the current small size of the fund, if the effect of doing T can attract attention, then for the subsequent issuance of funds, its holdings will have to be further optimized.
"Did you receive a call?" Zhang Yiru looked at Gu Junhao nervously.
"It's okay, don't be nervous, it's just a normal inquiry, we haven't violated any rules." Gu Junhao said soothingly.
"I'm glad you're okay. You should keep a low profile in the future. This kind of thing is hard to explain. It's possible that you've really caused trouble." Zhang Yiru complained a little. The performance increased so much in just one week, couldn't they control it?
"Got it. I'll call Li Xinyu and ask her to issue a self-clearance notice."
No changes in the holdings of any account can escape supervision, which Gu Junhao naturally knows. If there is any violation, it is impossible to find it out with just a simple phone call.
Gu Junhao picked up the phone again and called Li Xinyu, saying, "Use the company's official blog to publish a statement, tag our local regulatory officials, and respond to the doubts on the Internet. We have not violated any regulations, and this is just a normal position adjustment."
This is what the leaders asked for. There is widespread speculation in the market as to whether the two funds have engaged in insider trading, so it is necessary to issue a self-clearing announcement.
…
If we superimpose the trends of brokerage stocks and the broader market, it is not difficult to see that when brokerage stocks adjust, the broader market and even some other financial sectors will follow suit. It is also not difficult to see the influence of brokerage stocks as the leading sector in this round of market conditions.
The leading sectors as a whole have doubled in price, and the market is divided on whether there will be adjustments in the short term. However, the performance of brokerages in recent trading days has also reminded investors that even if they are optimistic about the A-share trend in the long term, short- to medium-term fluctuations cannot be ignored.
Especially in the context of margin trading and leverage, the speed and depth of the shock wash will be significantly enhanced compared to before. One careless pursuit of rising and falling prices may cause the overall market to go wrong in rhythm.
This is why people do not make money or even lose money in a bull market.
Therefore, investors should try not to chase high prices in terms of operations, ensure the rationalization of their positions, and dare to buy low during corrections; and because many sectors will appear in a round-the-clock speculation in the bull market, there is no need to change positions too frequently.
As for sectors with excessive growth, you should not pay too much attention to them. Instead, you can put part of your positions into undervalued sectors, which may have unexpected results.
At the same time, the stock market is risky. I hope everyone will pay attention to risk control while investing and try to use your spare money to invest in stocks. As for specific operations, everyone can follow the strategy of holding stocks in a bull market.
For friends who don’t have much time to pay attention to the stock market, don’t worry too much about short-term adjustments. Look at the long-term, pay more attention to the people around you, and enjoy life better.
Also, I wish you all a happy New Year in advance, Gu Junhao!
After the company’s official blog published the clarification, Gu Junhao thought for a long time and felt that this might not be enough to dispel some people’s doubts, so he simply published an open letter to investors on social media in his own name.
Translated into plain language, the content simply means that it is currently a bull market and there is no need to panic. Adjustments are very normal. The leading sector in the bull market is undoubtedly the securities companies. Just keep an eye on the leading sectors and hold on to your holdings. Sooner or later, it will be your turn.
In addition, ordinary investors are reminded of the risks. Whether they listen to them depends on the individual. A fund manager publicly released a letter to investors, which did not mention specific stocks. These are not violations.
The reason why Gu Junhao dared to make such public remarks is that the bull market in 2015 is a general rise. It can be said that 90% of the stocks on the market will have an increase of at least 30%, so there is no need to worry about not making money if you hold stocks before that. The only difference is the amount.
However, if in the future market there is a serious differentiation among sectors and the index is abnormally distorted, and in the same stock market, some stocks soar to the sky while some stocks continue to bottom out with no one paying attention, Gu Junhao would definitely not dare to say such words.
The weekend passed and a new week arrived. On the 15th, the first trading day of the second half of the month, the Shanghai and Shenzhen stock indices performed generally, but individual stocks rose more than fell, and nearly 60 stocks hit the daily limit.
There was a divergence between individual stocks and the overall market, and between heavyweight stocks and small and medium-sized stocks. Sectors such as banking, steel, and nonferrous metals experienced a pullback. The securities sector was not as strong as before, and the ChiNext Index once again set a new historical peak.
Although the overall performance of the market index is average, individual stocks are relatively active. Overall, the bull market's popularity is still there. In the first phase of the bull market, the popularity was quickly boosted by the heavyweight stocks led by securities companies, which attracted social capital to enter the market.
At present, it seems that this day's target has been reached, and brokerage stocks can also enter the consolidation stage.
Tonghuashun was one of the stocks that hit the daily limit, and it had been on a trend of two consecutive daily limits. Fushan Road sold more than 35 million yuan again, and the total sales in two trading days exceeded 80 million yuan. The continuous sales plus the return of funds from Dongfang Wealth finally put a smile on Lao Fu's face.
With no one rushing to buy or causing trouble, the cooperation between the hot money was still very smooth. Over the past two trading days, everyone took turns to push up the stock price. Only a small amount of funds was needed to easily push the stock price to the upper limit.
Zhongguo Jiaojian, which had five consecutive positive trends last week, hit the daily limit again today. Its stock price performed unusually strongly. A series of major game developers were deeply involved. Judging from the after-market Dragon and Tiger List, more than 210 million yuan flowed out of Zhongguo Jiaojian's daily limit today.
Among them, the Ningbo Rainbow North Road Securities Branch, which Gu Junhao was more familiar with, was close to clearing its inventory, having sold 105 million yuan. The other three branches were the next hot money branches, with purchases from buy one to buy three exceeding 80 million yuan.
"There are so many rich people in the stock market. They can easily make hundreds of millions by just buying stocks. They even dare to take over large-cap stocks like Zhongguo Communications Construction." Gu Junhao couldn't help but sigh when he saw the top-ranked list of Communications Construction after the market closed.
Today is payday at Junshi Capital. After receiving the text message about the salary arrival, everyone's face was filled with smiles. The performance of the two funds has soared, and with the influence of his upcoming engagement, Gu Junhao has been in a very good mood recently.
The boss was in a good mood and with a wave of his hand, he gave out another special bonus. Private companies are so capricious.
On Tuesday, the sector switching style changed again. The small and medium-sized start-up sectors surged in the morning session. The ChiNext Index once again set a new historical high at 1674.98 points at 9:37 in the morning.
While the index set a new high, a series of stocks such as Tong Huashun, Yin Zhijie, and Dongfang Wealth, which were facing the pressure of the first round of rising highs, seemed to lack momentum, and there was insufficient sign of off-market funds taking over.
Big funds still seem to be very excited about blue chip stocks. The securities sector, which has been adjusted for several consecutive trading days , performed relatively strongly again today, with frequent movements since the beginning of the call price inquiry.
Individual stocks showed no intention of cooperating with the index to surge upward, and they all rose and fell. The ChiNext Index also fell rapidly. At 10 o'clock, the index was at 1646.03 points, down more than 1.5%.
While small and medium-sized enterprises plunged again, brokerage stocks moved up abnormally, and Xibu Securities hit the daily limit again. This time, Xibu Securities' impact on the daily limit price received a response from the entire sector, and a series of brokerage stocks began to follow the rise.
At 10:40, the ChiNext Index closed at 1636.18. In a one-hour plunge, the ChiNext Index fell by more than 2%. At this point, it closed down 1.28%. Tonghuashun's high today of 65.98 yuan was exactly 0.01 yuan lower than the 65.99 yuan on December 8 when Gu Junhao sold it.
The Shanghai Gang, which had no intention of pushing up the stock price any further, kept the stock price within a good range. After 9:40, Tong Huashun maintained the Shanghai Gang's oscillating selling trend throughout the day, and the stock price fluctuation remained within 5%.
At the end of the day's trading, Tonghuashun reported a high-level cross-yin trend, with a total transaction volume of 1.03 billion yuan and a turnover rate of 12.59%. The second round of stock price rebound was less than expected, and Tonghuashun started a downward mode today.
On Wednesday, Tonghuashun fell 4.55% with a turnover of 679 million yuan. On Thursday, Tonghuashun fell again by 7.06%. On Friday of this week, Tonghuashun once again topped the Dragon and Tiger list with a fluctuation of more than 15%.
The Shanghai Gang was no longer on After four trading days of volatility, the Shanghai Gang had successfully completed the liquidation of its inventory. In this round of market conditions, Fushan Road, which held the largest position, achieved a return of 35%.
Although there was a 35% return, for top speculators like Fushan Road, most of the funds were locked in one stock for as long as a month, and were taken advantage of twice. Later, in order to sell the stock, they had to seek help from other speculators, which cost them a lot of favors.
In the process of building a leader in the Internet finance sector, Fushan Road can be said to have been quite successful, but in terms of the results after shipping, it was still quite a failure.
"Gu kid, I'll remember you. You've really screwed me over this time." At the close of Friday's trading, Lao Fu, who had just sold his goods, let out a long sigh.
"Indeed, we were badly cheated by this guy. The other institutions that rushed in early should have been influenced by him. They realized that we had no choice but to rush in."
"Yes, but this guy is trustworthy and did not continue to cause trouble. Logically, he could have made a second move, but from the recent transactions, we can see that he did not continue to do so, which is not bad."
"Young people nowadays are amazing. They are decisive and know when to advance and retreat. Even if you are tricked by them, you have no reason to retaliate."
"Have you checked their fund's holdings? Wasn't he questioned by the local regulatory authorities last weekend? There should be some outflow of holdings, right?"
"We did find some of the information, but it's useless. They're all weighted stocks from brokerage firms. And this guy was very cunning and reduced his holdings. The cost is shockingly low. If you go after him, it would be like self-harm."
"Oh, forget it, forget it, remember the lesson, next time I still can't buy too much in one seat, it's better to split the position in the future."
"In the final analysis, it's because we don't have enough influence. The market actually looks down on people like us, and retail investors are not willing to take over. We really need to learn a lesson this time."
"That's true. Looking at the comments section and other forums, people are saying that we were too ruthless. They are all applauding that we were reaped by the kid named Gu this time."
"Don't worry about these idiots. They will be harvested by us in the future. If the stock price rises to the daily limit, they will come back obediently. There are quite a few people who will take over this time."
"The leeks are like this, they curse with their mouths but are honest with their hands, haha."
While Tonghuashun experienced a sharp correction for three consecutive trading days, the ChiNext Index also fell sharply after peaking on Tuesday. The index closed at 1596.81 points on Friday, falling below 1600 points again.
Judging from the trend line, the ChiNext Index broke through the 5-day line and the 10-day line on the daily level, and fell to the 20-day line. The weekly line also showed a high-level cross negative line trend, which is somewhat similar to the trend on Tuesday this week.
As the end of the year approaches, the market remains skeptical about whether the performance and expectations of a series of small and medium-sized start-up stocks with huge gains can keep up with the gains. For most small and medium-sized institutions with funding needs, selling small and medium-sized start-up stocks with uncertain performance and huge gains is the best option.
