Chapter 292 Obtaining the Certificate
Since the beginning of this year, the continuous unilateral rise of small and medium-sized growth stocks has led to a rapid rise in the ChiNext Index in this process.
Over the past ten trading days, the ChiNext Index has continued to set new historical highs.
Dongfang Wealth's growth rate is not the most eye-catching among a series of growth stocks.
However, after a round of increases lasting more than 10 days, Dongfang Wealth, whose stock price has been rising all the way, has officially become the stock with the largest market value on the ChiNext, reaching 54 billion yuan, and its dynamic price-earnings ratio has reached 589 times.
Public data shows that as of now, Dongfang Wealth has a total of more than 60 institutions of all sizes holding the stock, with a cumulative holding of more than 136 million shares, and the phenomenon of institutional clustering is very obvious.
A large-scale drop in volume caused Dongfang Wealth to turn from the previous evaluations of "increase holdings" and "buy" given by brokerages to a bearish trend.
After being bearish on the market, Dongfang Wealth’s performance was naturally not going to be very good.
Some market analysts believe that the plunge in Dongfang Wealth is not only due to external market factors. Its frighteningly high valuation has made some investors doubt the rationality of the market.
In addition, an analyst from a securities firm who did not want to be named said in an interview with the media: "Dongfang Wealth involves the hottest concepts in the current market. It is not uncommon for the A-share market to be hyped up. However, its own business characteristics and the hot Internet concepts are highly sensitive to the market. Once the market trend is weak, fluctuations are inevitable.
From the perspective of current valuation, it is too exaggerated. From the perspective of investors, it is recommended to reduce positions to avoid risks. "
In addition, industry insiders close to the regulatory level revealed that regulators will not allow the bull market to continue, which is not conducive to the supervision and control of the capital market.
Dongfang Wealth’s performance is not enough to support the continuation of its hot market, and it is difficult for such a large amount of incremental funds to enter the stock market.
There was a huge drop in volume, and all kinds of monsters and demons appeared.
However, all this was a joke to Gu Junhao.
The current total market value of Dongfang Wealth is only more than 50 billion yuan, which is simply a newborn baby compared to the market value of about 250 billion yuan in later generations.
"This bunch of idiots, they are bullish when the stock price goes up and bearish when the stock price goes down. The stock price trend is not bad, are they trying to trick people out?"
Gu Junhao looked at this kind of analysis in his office and couldn't help but laugh and curse.
There were some reliable analyses at the beginning of last year. After the stock market soared, all kinds of strange people appeared, and the number of unreliable people increased.
Similarly, bearish comments about Tong Huashun, another leading stock in the Internet finance sector, also appear from time to time.
These two stocks, together with Yinzhijie, are currently considered to be among the most popular stocks on the ChiNext.
Entering the last week of trading in January, the performance of both markets was indeed very weak, without the previous ups and downs.
After hitting a new high of 1,700 points last week, the ChiNext Index also experienced a 3% drop, and the stock index returned to below 1,700 points for adjustment.
Tong Huashun, Yin Zhijie and Dong Fang Wealth, which have peaked in the short term, have not performed well and have continued to adjust downward along the five-day line. Small and medium-sized start-up stocks have entered an overall adjustment period.
The performance of the market during this period has not been particularly good. After refreshing the 3,400 point mark last Friday, it began its second round of downward adjustment.
For Dongfang Wealth, with so many institutions gathered together, not all of them will do T within the day. A large part of them are long-term holders. For example, Gu Junhao has 20,000 shares that are locked.
It is true that with a daily limit of more than 50%, the stock has become the largest stock in the GEM in terms of market value, and some institutions will choose to take profits, but this will not affect its overall trend.
These bearish views are mostly intended for small and medium-sized institutions like Gu Junhao and ordinary retail investors.
Large institutions have certain principles when holding shares, not to mention that Dongfang Wealth’s current trend is already extremely close to that of securities firms.
Before 2015, Dongfang Wealth's business mainly came from the Internet, such as fund sales.
After entering 2015, since the acquisition of Tongxin Securities, the fundamentals of Dongfang Wealth have undergone qualitative changes, and its management style is also fundamentally different from that of Tonghuashun.
At present, Dongfang Wealth does not have any brokerage business. Although Gu Junhao is very familiar with Dongfang Wealth, he really can’t remember the specific date when Dongfang Wealth’s brokerage business was started. He only remembers that it was suspended for a relatively long time once.
Thinking of this, Gu Junhao's eyes turned slightly: "You are bearish, so I will increase my holdings, hehe."
Then, Gu Junhao, who had something in mind, picked up the phone on the table and dialed the internal hotline of the fund business department.
It was Xu Jianqing who answered the phone again: "This week, you should increase your holdings of Junshi No. 2 Dongfang Wealth to 60,000 lots, and Junshi No. 1 to 40,000 lots."
Based on the current capacity of the two funds, the market value of Dongfang Wealth, which has increased its holdings to 100,000 lots, is currently around 400 million yuan, which is relatively high and accounts for about 350% of the overall size.
Last week, Junshi No. 1 and Junshi No. 2 both experienced different degrees of pullback. Due to the limited holdings of Junshi No. 2, coupled with the increased holdings of brokerage stocks and the rebound of several other heavyweights, the net value drawdown was not large, barely maintaining a scale above 1 billion.
Dongfang Wealth’s total holdings increased to 100,000 lots. This is Gu Junhao’s response to the expert media and analysts.
Of course, this has to do with his familiarity with the trend of Dongfang Wealth, and this kind of increase in holdings is not mindless.
From the perspective of ordinary investors, Dongfang Wealth is indeed very overvalued at present.
Except for some people who do things for money, most investors and even analysts do not have a God's perspective. All they can see is the present.
Some experts may have thought his remarks were ridiculous at the time; but in the long run, he was actually speaking out based on changes in the environment.
For example, a very well-known expert named Li on the Internet has been bullish on blue-chip stocks since the stock market crash.
If we extend the timeline to a few years after the stock market crash, his optimism is not without reason.
At least if you listened to him and didn't buy the five black categories of stocks, you could have reduced a lot of losses during the stock market crash.
As an investor, you need to have eyes that are good at analyzing information.
However, in general, buying and selling stocks first requires having your own standards and expectations, which should be consistent with your own thinking, rather than listening to the verbal interference of outsiders and becoming self-centered in investment.
January has entered the last week of trading. The Shanghai Composite Index has seen its trading volume continue to shrink since the beginning of this week. The index rebounded on Monday but failed to break through last Friday's high, and the cross-yin line trend at the high level in January failed to be broken.
On Tuesday this week, heavyweight sectors such as securities, insurance and banks plunged again in the afternoon. The collective crazy sell-off caused the index to fall nearly 3% at one point during the session, making investors sweat.
As supervision becomes stricter and the Spring Festival approaches, the regulators have also publicly stated their attitude to speed up the implementation of the registration system, and will make this year's market a mild bull market.
Management hopes that future market trends will be dominated by small adjustments or increases, rather than large and rapid increases like at the end of last year.
A series of reasons have exacerbated the divergence between on- and off-market funds, which can be seen from the sharp dive during the trading session and the rapid rebound after the dive.
The idea is certainly nice, but for the capital-driven profit-seeking financial market, perfect regulation is obviously not such an easy thing. Large financial capital often has too many uncontrollable factors.
Gu Junhao knew that the registration system that regulators were eager to implement in 2015 would actually be postponed until after 2020 before it was partially implemented.
The comprehensive registration system had not been realized until 2022, before his accident.
The overall market trend in January was among small and medium-sized growth stocks, and in the main board, the Shanghai Composite Index fluctuated throughout the month. The overall profit effect of the weighted stocks, except for the northern and southern supercars, was very average.
January 29th, Thursday; this day is Gu Junhao’s birthday according to the Gregorian calendar. After today, he will be 24 years old.
Because of the leap month this year, Gu Junhao's lunar birthday is later than his solar birthday.
Gu Junhao was born on January 29, 1992, which was the 25th day of the twelfth lunar month of 1991, and today is the tenth day of the twelfth lunar month. There is still half a month until his lunar birthday and 20 days until the Lunar New Year's Eve.
On this day, Gu Junhao and Zhang Yiru arrived at the Beicang District Civil Affairs Bureau at the agreed time, and they were going to get their marriage certificate today.
After getting the marriage certificate, the two will officially become husband and wife, and will then choose a spring day with blooming flowers to take wedding photos.
Everything is no different from that of an ordinary young person, and choosing to get the marriage certificate today is also quite interesting; originally Gu Junhao wanted to get the marriage certificate on Zhang Yiru’s birthday, which is before the engagement on New Year’s Day.
Zhang Yiru's birthday was December 14, 1991, the ninth day of the twelfth lunar month. Her date was the same as usual. Gu Junhao wanted to get the marriage certificate on the ninth day of the twelfth lunar month, which was December 30, but Zhang Yiru was not happy.
"If that happens, I will miss a festival and my life will lose its sense of ritual." These are Zhang Yiru's original words.
Gu Junhao had a beautiful idea that his birthday would be his wedding anniversary, so the probability of him forgetting his wedding anniversary many years later would be lower.
However, Gu Junhao obviously overlooked the fact that girls attach far more importance to festivals than men do.
Since it can't be on the woman's birthday, the best date for getting the certificate besides today would be January 13th, which is also Gu Junhao's birthday, and the probability of him forgetting is not high.
January 13th is the 25th day of the twelfth lunar month; however, the word 13 is an insult in Ningbo dialect, so it is a bit strange to get the marriage certificate on that day.
The current economic environment is still vibrant, and young people are still looking forward to getting married, unlike in later generations when they resist due to economic pressure.
Although today is not a special day, as it is near the end of the year, there are still many people getting their marriage certificates.
The two arrived at the Civil Affairs Bureau not too late, but there were already several couples queuing up, and everyone's face was filled with joy.
Although Gu Junhao is not tall, he looks good. After the experience in the workplace, Zhang Yiru's temperament is more outstanding than before. The two of them are still quite eye-catching among the crowd.
As Gu Junhao's photos have appeared on the Internet from time to time in recent times, he has become a well-known celebrity in Beicang.
The stock market has been very hot recently, and Gu Junhao is occasionally recognized when he goes out.
While waiting in line, someone came up to greet Gu Junhao and asked, "Hello, are you Brother T?"
Needless to say, anyone who greets Gu Junhao in this way must be a friend of Taogu Bar, or even a fan of Gu Junhao.
Gu Junhao currently has .
Gu Junhao also smiled and replied: "Hello, it's me."
"Wow, it's really Brother T. Brother T is here to get the marriage certificate today. Didn't you get married on New Year's Day?"
"That was the engagement party, and we got the marriage certificate today."
"Haha, I didn't expect to get the marriage certificate on the same day as Brother T. Can we take a photo together?"
"No problem." Gu Junhao said. Although he was recognized occasionally, this was the first time he was asked to take a photo, and it felt quite new.
After the two took a photo together, the other party asked Gu Junhao curiously, "Brother T, the two funds of your company did not have a big drawdown last week, which is amazing. What do you think of the stock market?"
"Thank you for the compliment. The stock market will probably continue to rise for a while. Just pay attention to risk control while holding positions." Gu Junhao didn't say much, but still expressed his optimism about the current stock market.
The other party just chatted casually and didn't take Gu Junhao's official statement to heart. Then he said goodbye went to queue.
The line moved forward little by little, and when it was Gu Junhao and Zhang Yiru's turn, Gu Junhao took out the wedding candy he had prepared in advance, which he learned from the Internet.
It was their first time to get their marriage certificate. After making an appointment, Gu Junhao and Zhang Yiru looked for some advice online.
The staff member looked at the perfect couple in front of him, smiled but said nothing; then during the process of handling the formalities, he asked a few questions such as "are you sure?" and the formalities were completed quickly.
The moment they received the marriage certificate, Gu Junhao and Zhang Yiru looked at each other in tacit understanding.
In each other's eyes, there is each other.
Gu Junhao officially confessed his love to Zhang Yiru on her birthday last year. After two years of contact and more than a year of formal love, their relationship entered a new stage starting today.
Afterwards, the two of them took their marriage certificate and took a few photos like everyone else; at the same time, they also posted their marriage certificate on their Moments.
By the evening, the news that the founder of Junshi Capital had obtained his marriage certificate had also spread among his peers and clients.
Ren Yetao and Ah Fu, who had some entanglements with Gu Junhao, couldn't help laughing after seeing the news of Gu Junhao's marriage: "This kid, why is he getting married at such a young age? Is he crazy? Isn't it better to live a carefree life?"
January 30th, Friday, is also the last trading day of the month.
Gu Junhao, who had just officially entered the marriage hall, came to the company with big bags of wedding candy, making everyone in the company feel his joy.
However, today's stock market did not bring any joy.
After both the Shanghai and Shenzhen stock markets opened higher, they went downward throughout the day, at one point plunging more than 2% during the session. Continuous buying by foreign capital was no longer as effective today.
The sluggish trend before the Lunar New Year is the case in most years.
The trading volume of the two markets shrank again. After a full day of trading, the Shanghai Composite Index once again broke through the major support levels of the daily line. The stock index closed at 3210.36 points, down 1.59%.
In January, the Shanghai Composite Index fell by a total of 0.75%, which was not a large drop, but the profit effect was very poor.
The ChiNext Index also fell sharply today, but it rose 14.19% for the whole month, with the highest stock index reaching 1,759 points.
The ChiNext Index, which entered its last week of continuous correction, finally closed at 1680.58 points, ending this month's trading with a sharp drop of 1.80% on the day.
Among the two markets in Shanghai, if we talk about which sector has fallen the most, it must be securities companies, while some other heavyweight stocks also did not perform well and all have pulled back.
Among the two brokerage firms and three Chinese-character stocks held by Gu Junhao, except Zhongguo CSR, the others have fallen sharply this month.
The resumed trading of CSR's shares surged 96.87% in the month, with the share price reaching a high of 14.65 yuan.
Xibu Securities fell 22.56% for the whole month, Yellow River Securities fell 20.81%, Zhongguo Communications Construction fell 13.17%, and Zhongguo First Heavy Industries fell 3.41%.
Although the three GEM constituent stocks saw a pullback in the last week of trading, their performance for the entire month was still very outstanding; Tonghuashun rose 20.88% on the month, and Dongfang Fortune rose 37.73% on the month.
Yinzhijie rose 61.54% in the month, with its stock price reaching a high of 67.88 yuan, which was exactly double the price of 33.90 yuan at the beginning of the month, showing an extremely strong performance.
From a technical perspective, although the ChiNext Index ended its three-day winning streak this week, with the development of the major weekly moving averages, it has already shown a bullish trend. As the small and medium-sized growth sectors that have risen the most in this round of bull market, the points at which they can pull back are very limited.
According to Gu Junhao's calculations, the ChiNext Index, which is gradually showing a blooming state on the weekly chart, is unlikely to fall below 1,600 points again. The index will probably return to the five-day weekly line, which is between 1,650 and 1,670 points.
As for the Shanghai Composite Index, although experts have been saying that 3200 points is a strong support, Gu Junhao does not think that the Shanghai Composite Index, which has broken the five-day line on the weekly line and all major trend positions on the daily line, can hold 3200 points.
"At 3200 points, I don't see any support at all. I estimate it will still retest 3000 points, which is the strong support." Gu Junhao said to everyone at the after-market meeting.
Today, Gu Junhao also came to the trading room, mainly to check whether the positions were fully expanded according to his plan. There is no need to say much about the GEM constituent stocks, and the Shanghai Composite Index is still in an adjustment trend.
However, Gu Junhao's costs can still withstand a pullback of about 200 points. When reflected in individual stocks, especially the securities sector that has already had a short-term double bottom trend, the pullback may be around 5%.
After the meeting, Gu Junhao also asked Xu Jianqing: "Have all the positions been added as required?"
Since the fund business department was reorganized into the investment division, the main person in charge of the two funds, Gu Junhao, has been handed over to Xu Jianqing, and he is in charge of all the daily chores.
Gu Junhao only grasped the general investment direction and the position standards for each time period, and the organization and coordination was left to Xu Jianqing; while others were responsible for assisting Xu Jianqing.
If one of the three of them can grow up quickly, Gu Junhao would not mind issuing multiple funds at one time, so as to quickly improve the company's performance.
"Well, I've added it according to the standards you mentioned, but isn't Dongfang Wealth's position too large?" Although he increased the position according to Gu Junhao's request, Xu Jianqing also expressed his doubts.
Especially since this week, Dongfang Fortune has been falling continuously, and its stock price has dropped from its high to the current 38.51 yuan. There are various bearish comments on Dongfang Fortune in the market, which makes Xu Jianqing somewhat worried.
Especially Junshi No. 1. As of today, Dongfang Wealth’s holdings in Junshi No. 1 are as high as 154 million yuan. After two consecutive weeks of pullback, the overall scale of Junshi No. 1 has dropped to more than 355 million yuan, and the net value remains at 8.8813, which has fallen below the net value rate of 9.
Originally, Xu Jianqing was thinking of increasing Junshi No. 1's performance to 10 this month. That would be much more impressive in the market. It would be so glorious for a company to have an operating fund with a 10-fold return.
As for the net value scale of Junshi No. 2, after the position was pulled to the expectation, it remained at 1.0512 billion yuan, and its net value performance was 2.1024, a slight increase.
"Not high. Don't listen to the nonsense of experts. You should have your own analytical ability. If you have nothing to do, read the financial reports of the business department."
