Chapter 283: End of 2014
Compared with the continuous decline of the small and medium-sized growth sector, the Shanghai Composite Index has been performing better and better since the securities companies rebounded again on Tuesday, digesting the big negative line on December 9 step by step along the five-line position, and the trend is unusually stable.
Entering Friday, the Shanghai Composite Index once again made an attack on 3100 points after continuing to stabilize. The steady trend also allowed the Shanghai Composite Index to finally successfully break through 3100 points. It closed at 3108.60 points this week, with a weekly increase of 5.80%.
In terms of sector growth, the securities sector continued to maintain a high volatility trend, and there was a clear differentiation in the sector as a whole. For example, small and medium-sized securities firms such as Xibu Securities performed generally, while securities stocks starting with 6-digit stocks performed relatively better.
Xibu Securities fell 0.53% this week, Huanghe Securities rose 19.14%, and the construction and decoration sector, led by stocks with the Chinese character "Zhong", performed well. Zhongguo Communications Construction Co., Ltd. rose again by 39.57% this week, and Zhongguo First Heavy Industries Co., Ltd. also soared 11.54%.
Overall, the pattern of the market being supported by the chip sector has not changed this week. However, due to the impact of the continued rise on excessive capital consumption, and the fact that the subscription for six new stocks on Friday was frozen at more than 16,000 yuan, the differentiation between the two markets is also very obvious.
The strong will always be strong, and those that are adjusting will continue to adjust. This pattern is unlikely to change in the short term. This can be clearly seen from the fact that although more than 40 stocks hit the daily limit on Friday, only 580 stocks rose overall.
Since he received a call from the regulator last weekend, Gu Junhao had to make a statement. The plan to reduce holdings in the Chinese-character series this week had to be temporarily suspended, and the T trading during the trading session was also controlled within a very small range.
However, benefiting from the stock surge, the two Junshi funds maintained an upward trend this week as before, but the increase remained within a normal range. The total scale of Junshi No. 1 Fund exceeded the 200 million yuan mark for the first time, with an overall scale of more than 212 million yuan and a net value rate of 5.3013.
The rise of Junshi No. 1 was mainly driven by the rebound of Dongfang Fortune, which rebounded 14.42% this week. In addition, Yinzhijie also had a significant increase, up 7.44% for the week. The performance of these two stocks this week was still stronger than that of Tonghuashun.
The net value of Junshi No. 2 Fund reached 940 million yuan this week, with a net value of 1.88. If it were not for regulatory reasons, relying on the excellent performance of the four stocks in its holdings, Gu Junhao is very confident that the overall scale of Junshi No. 2 can exceed 1 billion yuan.
The total scale of the two funds exceeds 1 billion yuan, which can only be regarded as a small private equity institution in later generations. However, in 2014, it was around medium-sized. Although it is still on the lower side, Junshi Capital has completely entered the ranks of medium-sized private equity companies.
As of now, there are a total of 78 private equity funds with a registered scale of 1 to 2 billion yuan nationwide, 66 with a scale of 2 to 5 billion yuan, and 25 with a scale of more than 5 billion yuan.
Since its establishment at the end of May, Junshi Capital has quickly grown from an unknown small private equity firm to one of the top 200 in the industry, and its performance is still very impressive.
December 22, 2014 is the first day of the twelfth lunar month, which is also the traditional winter solstice. Due to the leap month this year, the Chinese New Year will be celebrated a month later. In the past, the winter solstice meant the arrival of the twelfth lunar month.
As the year gets closer to the Chinese New Year, the weather is getting colder. Today's trading is also chilly for investors. The Shanghai and Shenzhen stock markets continue to diverge severely. The Shanghai Composite Index opened high and ended high in the morning, continuing to set new highs for the year.
The most unique scenery today is the 18 stocks that were investigated by the China Securities Regulatory Commission last weekend. At the beginning of the opening, these 18 stocks went straight to the limit down, and some of them opened with a limit down trend.
“See? Never underestimate the investigation of the CSRC, even if it is a simple inquiry letter. If it is an inquiry about the company’s main business, you should pay more attention.” Gu Junhao said with a smile. 18 stocks went straight to the limit down at the opening. This scene is not common.
Gu Junhao did not appear in the trading room very often last week. He was mostly dealing with personal matters. After a week of processing, basically everything that could be done had been done. From then until New Year's Day, Gu Junhao was relatively free.
Among the three major financial sectors, the sector responsible for maintaining the market today changed from securities companies to banks. In addition, coal, electricity and agricultural stocks performed relatively well, which became the biggest driving force for the rise of the Shanghai Composite Index in the early trading session.
After breaking the daily trend line continuously, the ChiNext Index gapped downward and has been falling ever since. A number of concept sectors have also fallen, and Tonghuashun's performance in the early trading session was particularly poor as hot money had finished selling its stocks.
Only ten minutes into the morning trading session, Tonghuashun's share price had fallen by more than 8%. Since then, its share price has been fluctuating between 6% and 8%. The decline of the ChiNext Index was also close to 4% at one point.
In the afternoon, with the pullback of the weighty sectors, the Shanghai Composite Index fluctuated downward. The performance of the small and medium-sized growth sectors was similar to the plunge on December 9. The eight major concept sectors in recent times, including domestic software, new stocks and network security, all plummeted.
The ChiNext Index fell by more than 5% at one point, and the daily trend line fell below the 60-day line again. Tong Huashun, which had barely maintained a drop of more than 8% in the morning, also plunged downward again. At two o'clock, the declines in the Shanghai and Shenzhen stock markets widened.
More and more stocks hit the limit down on the market, and the rising stocks in the two markets were less than 20%. Ten minutes later, Tong Huashun hit the limit down position, and the ChiNext Index maintained a decline of more than 4%.
Gu Junhao reacted unusually calmly to today's big drop, unlike he did on December 9th; the market is hot and things are different now. If we use December 9th as an analogy for individual stocks, it can be regarded as the first negative trend for a bull stock.
And now there is a continuous decline. Although the Shanghai Composite Index has plunged from a high platform, the drop is not very large. Today is not a good opportunity to buy the bottom. If you want to buy the bottom, the best opportunity is for the Shanghai Composite Index to pull back to near the big drop on December 9.
"We won't buy the dip today. The ChiNext Index has broken the 60-day line. It won't be adjusted in one or two trading days. Besides, the new year is coming soon. We should be more cautious. There is no need to reduce the existing positions. Let it fall. Normally, you just need to maintain it a little bit."
At three o'clock, the trading officially ended. The ChiNext Index fell 4.94% and closed at 1517.93 points. The weekly line broke through the five-day line and the 10-day line, and once again fell below 1500 points. The risk of decline increased.
The total number of stocks that hit the daily limit in the Shanghai and Shenzhen stock markets exceeded 300, an increase of more than 60% compared with the number of stocks that hit the daily limit on December 9. Judging from the performance of small and medium-sized enterprises, the market sentiment has shifted from unanimous bullishness to serious divergence, and then to the current bearish state.
With the sharp drop in the stock market, negative news naturally followed; after the close of trading on December 22, a series of statements by the China Securities Regulatory Commission, such as increasing the supply of new shares in a timely and appropriate manner, accelerating the issuance of new shares, launching on-site inspections of margin trading and securities lending starting tomorrow, and actively promoting the registration system, have put the stock market under certain pressure.
The central bank's forecast for GDP growth of 7.4% this year and 7.1% next year, as well as its remarks on the slowdown in economic growth, have put considerable pressure on the valuation repair of blue-chip stocks.
The arrival of four major negative factors caused the Shanghai and Shenzhen indices to open lower today. The Shanghai Composite Index, which reported a high cross star yesterday, fell sharply by nearly 3% in the early trading. Although it once turned positive during the trading session thanks to the rise of a few sectors such as liquor and insurance, it fell again at the end of the trading session.
As of the close of the day, the Shanghai Composite Index fell 3.03%, and the ChiNext Index fell again by 1.41% to fall below 1,500 points. This was the first time that the Shanghai Composite Index had two consecutive declines on the daily level since this round of rebound.
The ChiNext Index has been on a four-day losing streak and has fallen nearly 180 points since its high of 1674.98 on December 16, a severe drop.
Today, the number of stocks that hit the daily limit was reduced to 50, excluding ST stocks. However, as for the stocks that hit the daily limit, there were only more than 10 stocks, including newly listed stocks. The market sentiment was quite bleak. Tonghuashun fell again by 3.56% today. The share price fell below the 50 yuan mark during the session and closed at 50.08 yuan.
The negative factors were still continuing as of Wednesday, December 24. Yesterday, it was the poor-performing stocks that fell sharply, and today it is the turn of the heavyweight sectors. Today, securities, banks, steel, shipping and railways and other sectors have become the main forces for shorting the market.
The securities and banking sectors, which had been oscillating downward throughout the day, began to widen their losses at two o'clock in the afternoon. Xibu Securities, whose K-line had been in a four-consecutive-negative state, went straight to the limit down with a drop of more than 5%, and Huanghe Securities, which had three consecutive negative lines, had the same trend as Xibu Securities.
However, the ChiNext Index and small and medium-sized start-up stocks, which have been falling continuously today, performed relatively steadily and were not affected by the sharp drop in the main board's heavyweight stocks. Currently, stocks such as Yinzhijie remain in the red.
The securities sector as a whole fell by more than 6%. The daily line of Xibu Securities adjusted to below the 20-day line, which is still a long distance away from the 60-day line. The weekly line has adjusted to the 5-day line position. The trend of Huanghe Securities is similar.
A sharp drop within one day is already a good short-term bargain hunting opportunity. You cannot sell in large quantities, but there is definitely no problem in buying large quantities of blue chip stocks; a fairly large purchase will also have a certain effect on the stability of the index.
Gu Junhao said to Liu Tingting and Cao Wenxun without hesitation: "It's almost time to buy. Add back the stocks that the two brokerages sold before. Xibu Securities will increase its position to 20,000 lots, and Huanghe Securities will increase its position to 180,000 lots. There are not many orders on the limit down board, so you can set a higher price and buy as quickly as possible."
If the two brokerages are fully invested again, only Yinzhijie's position has not returned to the original position. There is no rush for this. It is easy to buy 3,000 lots. You can find an opportunity to buy again in the last few days of this month.
Another thing is his own Tong Huashun. Before entering 2015, Gu Junhao will definitely buy back his original holdings. No matter what, when entering 2015, the position must be guaranteed.
Following Gu Junhao's order, Liu Tingting and Cao Wenxun quickly bought the required chips without considering the cost. Liu Tingting bought 10,000 lots of Xibu Securities at an average price of 26.50 yuan, while Cao Wenxun bought 80,000 lots of Yellow River Securities at an average price of 15 yuan.
With the large amount of funds bought, the two stocks also soared from the limit down. Xibu Securities rebounded significantly, and the decline narrowed to 6.20% at the end of the trading day, with the share price closing at 27.21 yuan. Huanghe Securities fell slightly at the end of the trading day, with the share price closing at 14.86 yuan, down 9%.
The Shanghai Composite Index fell for three consecutive days and closed at 2972.53 points today with a turnover of 378.7 billion yuan, down 1.98%. During the session, the Shanghai Composite Index fell by more than 3% at one point. The rebound of nearly 1% undoubtedly came from most of the delisted brokerage stocks.
Christmas Day in the West happened to be a Thursday, and the large financial sector, which had been adjusted in place, no longer dragged down the market, while the small and medium-sized growth sectors, which had suffered relatively severe declines, also needed adjustments. In the end, both the Shanghai and Shenzhen stock markets closed in the green on this day, allowing investors to spend a happy holiday.
On Friday, the Shanghai and Shenzhen stock markets continued to rebound and both ended in the green; after today's close, Gu Junhao did not choose to announce the net value of the two funds. The reason given was that there were only three trading days left until the end of this month and this year, and there was no need to announce it again.
The disclosure of the net value of private equity funds is based on the principle of voluntariness. Today, there are also many private equity funds that have not chosen to disclose their performance, and the reasons given are similar to those given by Gu Junhao.
There are only three trading days left until the end of the year. Both public and private offerings are relatively busy. The same is true for Junshi Capital. On the last weekend of December, Junshi Capital also welcomed major events.
When the second fund was issued, the expanded site was successfully put into use after renovation. The newly rented site is located on the same floor as the current office area and will be used exclusively by the Fund Business Department in the future.
The reorganized fund business department is also proceeding in an orderly manner this month. After the New Year's Day holiday, all employees of the fund business department, including Xu Jianqing and others, will move to the new office area.
Today, Junshi Capital has monopolized all the office space on the current floor. With an office area of over 500 square meters, it is very impressive in terms of scale and has already taken on the appearance of a medium-sized private equity firm.
During the next three trading days, Gu Junhao did not go to the trading room again. Currently, except for 3,000 lots of Yin Zhijie which have not been repurchased, the other holdings of the two funds have already met the requirements for holding individual stocks.
Gu Junhao had already told Wang Ruoyu about these 3,000 shares of Yin Zhijie, asking him to find a suitable opportunity to buy within the next three trading days. The specific buying time and price could be determined by him.
On the 29th, the Shanghai Composite Index, which rebounded continuously in the last two trading days of last week, jumped up again today and opened at 3212.56 points. The weighted market was once again interpreted to the extreme. Banks, securities companies and the two oil companies performed well throughout the day.
As the weighted market trend reached its extreme, the rise of the two oil companies resulted in a very serious 2:8 split in the market, with heavyweight stocks soaring and small and medium-cap stocks performing very poorly. Only more than 500 stocks in the market achieved an increase.
Tonghuashun, which rebounded well after hitting the limit last week, opened low and continued to fall along with the small and medium-sized start-up sectors, and finally fell 7.82% throughout the day. The stock price returned to around 50 yuan, closing at 50.33 yuan.
This surprised Gu Junhao, who had originally planned to buy today. It seemed that his memory was not wrong and he really had a chance to buy Tong Huashun again below 50 yuan. In this way, in more than half a month, he could make a big T with earnings per share close to 20 yuan.
So Gu Junhao decided to wait another day and see. There were still two days left, so it was definitely still in time.
On December 30, the Shanghai and Shenzhen stock markets opened slightly lower. During the same period, Tonghuashun opened at 49.85 yuan, with a share price down 0.96%.
"Hehe, it's really here. It depends on the performance of the heavyweights today. If it rises as sharply as yesterday, the small and medium-sized start-up stocks will fall again today." Gu Junhao laughed.
"Boss, do you want to buy stocks?" Li Xinyu asked curiously when she saw Gu Junhao staring at the computer screen and laughing. With the stock market soaring, she also wanted to buy some stocks.
Li Xinyu was well aware that every time the boss bought stocks privately, he would do it in his own office. In recent times, he had not seen Gu Junhao take any action and thought that he had stopped buying.
"Yes, I plan to buy some more stocks today and buy back ." Gu Junhao said without hesitation.
"Then can I buy some from you?" Li Xinyu said cautiously. If you follow the boss to buy, the probability of losing money is relatively small.
"Sure, I'll tell you when I buy it. Or you can give me your account and I'll help you with the operation later." Gu Junhao said with a smile. It was okay to give this benefit to his little assistant.
Over the past six months, Li Xinyu's work attitude and learning ability have been very good. In addition to helping Gu Junhao manage the company and personal social accounts, she has also made great contributions to the company's public relations.
Whenever Gu Junhao was in the trading room, Li Xinyu helped him handle a lot of work, and there were not too many major mistakes; so Gu Junhao was quite satisfied with this assistant.
"That's great. Thank you. I'll give you my account number." Li Xinyu said happily.
"Don't be so polite. You're always polite, but now you're asking me for help. You're changing your attitude so quickly."
"Hey, if you ask for help, you should have the right attitude to ask for help, right?"
"Go, go, go and work. Don't delay me from watching the market." Then, Gu Junhao logged into Li Xinyu's account again and saw that there was only 50,000 yuan in it. He couldn't help but complain: "Where is your money? That's all? Your salary is not low."
"Oh, I spent it. This was the money I spent last time when I rushed in to buy stocks. But then I didn't buy anything because of the big drop. Otherwise, I would have spent this money."
"Okay, 50,000 is 50,000. It can almost buy 1,000 shares. That's enough." Gu Junhao said speechlessly. As Gu Junhao's assistant, Li Xinyu's salary is still quite high, basically at the same level as Liu Tingting. This is too much of a spendthrift.
As the two chatted about the stock market, the heavyweight sectors rose sharply again as expected, and the banking sector performed very well. Zhongxin Bank rushed to near the daily limit in the early trading.
As expected, small and medium-sized start-up stocks fell wildly. At 9:55, Tonghuashun's share price was 47.01 yuan, a drop of 6.60%. At 10 o'clock, Zhongxin Bank hit the daily limit, Guangda Bank, Industrial Bank, and Bank of Communications rose by more than 4%, and the other 10 bank stocks also rose by more than 2%.
Tonghuashun showed no signs of rebound. After 10:30, its share price fell again, and within 10 minutes the drop reached 3%. The share price was closed at 45.83 yuan, a drop of 8.94%.
"That's about it. We need to buy a lot. Even if it's the limit down, it's impossible to get all of it at the limit down. Let's place an order to buy." Gu Junhao muttered.
However, before buying, she first bought 1,000 shares of Li Xinyu, with an average transaction price of 45.86 yuan. The purchase amount was very small, so she decided to deal with this first, so as not to forget it due to distraction.
Li Xinyu's 1,000 shares were quickly traded, and then Gu Junhao placed a large number of split orders at a price near 46 yuan, buying a total of 15,500 lots. Gu Junhao, who had obsessive-compulsive disorder again, decided that he didn't want to look at the original 15,500 lots of chips anymore, and just increased his total holdings to 16,000 lots.
Facts have proved that Tonghuashun's trend is weaker. Gu Junhao's order of 46 yuan still seems a bit high. Tonghuashun fluctuated downward throughout the day and even briefly hit the limit down at 11:06 during the session. It fluctuated between 45.75 yuan and 46.57 yuan throughout the day, with extremely sluggish performance.
Finally, Tonghuashun ended today's trading at a price of 45.93 yuan, down 8.74%, with a total daily turnover of 718 million yuan. Gu Junhao's chips were also bought smoothly, with an average transaction price of around 45.90 yuan, and a total of 71.145 million yuan was consumed.
By this calculation, in this round of market fluctuations, Gu Junhao's total surplus funds amounted to 25.9 million yuan, which was enough to fully cover his debts except for the financing from the securities company. It was quite perfect.
December 31st was Wednesday, the last day of trading for A-shares in 2014. Gu Junhao did not show up at the company that day, nor did he look at stocks. Instead, he took time to adjust himself and prepare for the engagement banquet tomorrow.
Zhang Yiru's parents and Aunt Huang had already arrived at Beicang in advance, planning to stay at Gu Junhao's place today. The five of them were preparing for tomorrow together. To be honest, as the date approached, Gu Junhao was still a little nervous, as this was much more difficult than stock trading.
The final battle of 2014 is also in full swing. After a full day of trading, the Shanghai Composite Index closed at 3234.68 points, up 1118.7 points for the whole year, an increase of 52.87%.
The Shenzhen Component Index rose 2892.83 points, a surge of 35.61%. The ChiNext Index also rose 12.82%. After setting a historical high of 1674.98 points for the whole year, it closed at 1471.76 points.
Although the ChiNext was on an upward trend throughout the year, the three consecutive negative performances in the last three weeks still caused heavy losses to investors. The 0.80% increase on the last trading day only gave the market a little comfort.
Tonghuashun fell again today by 1.24%, with its share price at 45.36 yuan. The lowest share price throughout the day was 44.58 yuan, and the trading volume was reduced to 358 million yuan.
The shares that Gu Junhao bought yesterday are in a slightly trapped state today relative to their cost, and the same is true for Li Xinyu's 1,000 shares.
Tonghuashun, which plunged 16.92% this week, still performed quite well throughout the year. Excluding stock splits and ex-rights, Tonghuashun's annual increase was as high as 90.99%, and the annual amplitude was as high as 249.01%.
Judging from the performance after calculating the stock split, Tonghuashun's annual stock increase was as high as 360.76%, which also made Tonghuashun rank sixth among the top ten stocks in 2014.
During this year, Tong Huashun became a benefactor to countless investors, but also made countless investors beat their chests and stamp their feet.
