Chapter 320: Confusing Performance of Junshi No. 2
This weekend, the central bank and ten other departments jointly issued guiding opinions on Internet finance, defining specific regulatory responsibilities and further regulating the current chaotic market.
At the same time, we encourage innovation, support the steady development of Internet finance, and serve the real economy.
Among the ten departments, one is a department that had previously been stationed at the CSRC to investigate malicious short selling.
Although supervision has gradually become stricter, the chaos still exists.
In the short term, the guidelines are somewhat bearish for the Internet finance sector.
From a long-term perspective, it is this guiding intention that will lead to the rapid development of the industry in the next few years.
At the same time, in the later period, almost all Internet companies were involved, which led to the emergence of famous sayings such as "The end point of Internet companies is XX", which also had a considerable impact on society.
A certain department was involved in the formulation of the plan, and it seems that they have found something, that is, the illegal use of leveraged funds off-market.
If nothing unexpected happens, Tonghuashun will soon face a wave of huge negative news, and may even be at risk of delisting.
The stock market turned from bull to bear, and off-exchange financing was considered to be the culprit. The regulatory authorities' strict investigation into off-exchange financing has produced initial results this week.
The first to be hit is Hengsheng Electronics, whose HOMS system was pointed out as the culprit for the A-share plunge.
This Monday, the inspection team organized by the China Securities Regulatory Commission went to Hengsheng Electronics to verify relevant clues. Yesterday, Hengsheng Electronics announced that it would close the function of opening accounts in the HOMS system and would no longer increase capital in existing accounts.
Judging from the stock price trend, Hengsheng Electronics has also been greatly affected. Its stock price has hit the daily limit yesterday and today when the Shanghai and Shenzhen stock markets rebounded continuously.
The continuous limit falls in Hengsheng Electronics’ stock price are just the beginning of the investigation. What is coming will eventually come.
As Tong Huashun and another Shanghai-listed company were subsequently investigated and adjusted by the China Securities Regulatory Commission, the two companies are facing the biggest crisis since their listing.
Being identified as the culprit of a stock market crash is extremely dangerous for a listed company. If not handled properly, the company may be pushed to the brink of delisting.
However, in the following trading days, the performance of these two stocks was no different from usual, and they even rose as the index went up. As of Thursday, July 23, the Shanghai Composite Index had six consecutive positive days and rebounded above 4,100 points.
It has to be said that ordinary investors are still much slower to react.
The ChiNext Index also synchronized with the Shanghai Composite Index and broke out of the six-day rising trend. The stock index was reported at 2967.95 points, close to the integer of 3000 points.
This is the first time since the stock market crash that the Shanghai and Shenzhen stock markets did not crash on Thursday, the statutory day of decline.
However, whenever the market improves, the media will report some news that is unfavorable to the market; this Thursday, there was a rare decline, but after the market closed, the media reported that the China Securities Finance Corporation reduced its holdings of Yili shares.
Because the city's rescue was too hasty, a certain team's funds had no withdrawal plan, resulting in a rather panicked reduction in holdings. If Huijin really reduced its holdings this time, it may also be suspected of testing market sentiment.
If market sentiment is stable, securities companies may gradually sell some of the acquired stocks. Overall, regardless of whether securities companies really reduce their holdings, changes in the number of shares held in their accounts will eventually have a certain impact on market confidence.
In addition, evening news showed that with the introduction of rescue policies, the suspension of IPOs, refinancing, and the control of share reduction by large and small non-tradable shares, retail investors' sentiment in entering the market has begun to move away from panic.
The latest data shows that the net inflow of A-share securities margin last week was 98.8 billion yuan. The latest weekly report of China Securities Depository and Clearing Corporation shows that the number of new investors last week exceeded 530,000, a month-on-month increase of 3.18%, and 640,000 new accounts were added . The number of investors participating in A-share transactions last week was 30 million, accounting for 32.93% of the number of investors who have opened A-share accounts.
Judging from the data, after getting through the panic period, investors have begun to gradually plan to enter the market to trade, which is considered a good thing. However, judging from the specific number of people, the number of retail investors entering the market has dropped significantly compared to before.
On July 24, affected by the suspected reduction of holdings by China Securities Finance Corporation and the fact that investors' re-entry into the market trading data was lower than expected, the Shanghai and Shenzhen stock markets ended their six-day winning streak on Friday and both reported declines.
Both markets plunged since the afternoon, with the Shanghai Composite Index falling 1.29% and barely holding the 4,000-point mark. The ChiNext Index touched above 3,000 points in the afternoon and plunged more than 4% during the day, with the stock index closing down 2.36%.
Today's Junshi No. 2 fund net value was released by Wang Ruoyu. Xu Jianqing was transferred by Gu Junhao to build a position in NVIDIA in the evening, participate in proprietary trading, and engage in NVIDIA's position building work.
The trading rules of US stocks are somewhat different from those of A shares. The trading hours are divided into summer time and winter time. From April to early November each year, the trading hours are from 9:30 p.m. to 4:00 a.m. in China, which is the summer time period.
The remaining months are the winter time period, with trading hours from 10:30 pm to 5:00 am every day. The trading code is the English abbreviation, and there is no unit limit for trading, with 1 share as the unit.
The handling fee is calculated based on the number of transactions, and a T0 trading system is implemented. There is no limit on price fluctuations. When opening a securities account, you must have a bank account function. If you deposit money into this account but do not purchase stocks, the brokerage will pay the corresponding interest, but will deduct a 10% tax.
If you want tax exemption, you can choose to automatically transfer the money to a short-term fund and let the brokerage firm operate on your behalf to make a profit. In this respect, A shares are similar to US stocks.
Since last week, Junshi Capital's foreign exchange has also arrived, totaling 19 million US dollars, which is about 120 million yuan at the current exchange rate. According to Gu Junhao's plan, this 19 million US dollars will be all invested in NVIDIA.
After completing the position building, Nvidia's holdings are expected to reach 1 million shares, which is not a lot, but not a few either.
Due to the difference in trading hours, he needed to work the night shift, and he couldn't find a suitable candidate for the time being, so Xu Jianqing temporarily needed to work the night shift to carry out Nvidia's position building operations.
Xu Jianqing is like a brick, he will be moved wherever he is needed. Although he has no experience in foreign stock trading, it is nothing more than buying, buying and buying. With his professional knowledge, Xu Jianqing has no problem dealing with it.
Being able to use the 19 million US dollars to purchase 1 million shares of NVIDIA was a victory for Xu Jianqing. As for how to do it specifically, Gu Junhao did not ask.
As for A-shares, although the fluctuations in the two markets have been significant in the past two weeks, the heavyweight stocks have lost their previous trend of rising to the daily limit. As of Friday this week, the share prices of Wuliangye, Maotai Liquor and Vanke A, the three heavyweight stocks held by Junshi No. 2, have not changed much.
Wuliangye closed at 27.54 yuan on Friday, and Maotai Liquor, whose holdings increased to 11,000 lots after the stock dividend, closed at 219.21 yuan. Its performance this week was very weak, while Vanke A rebounded in three trading days and its share price closed at 15.41 yuan.
The three stocks with the highest weight do not contribute much to the net value of Junshi No. 2. After continuous adjustments, Maotai Liquor's profit has been only 5%. The stock that provides room for the net value of Junshi No. 2 to rise is the monster stock Home De Liquor.
Since the big shock of the upper and lower floors, Home De Liss Holdings has once again gone on a three-day winning streak in the three trading days after that. On Monday this week, Home De Liss Holdings closed at 22.64 yuan.
In the following four trading days, the trend of Home De Lisboa Holdings, whose share price had doubled since the rebound, began to slow down. There was no daily limit in four trading days, and it finally closed at 25.35 yuan.
Since opening at the lower limit price of 9.88 yuan on July 9, the share price of Home Depot has risen by as much as 156.57% within 12 trading days, fully demonstrating its true nature as a monster stock.
The popular stock Home De Lisboa has maintained the net value of Junshi No. 2 very well. By the end of this week, the overall scale of Junshi No. 2 exceeded 3.122 billion yuan, and its net value rate was as high as 6.2446.
After the net value was announced, industry insiders were confused about Junshi No. 2's performance. It is understandable that the net value continued to rise this week. After all, the index has rebounded for six consecutive days and has only slowed down today.
However, last week, thousands of stocks hit the daily limit, but Junshi No. 2's business maintained an upward trend, which is a bit hard to understand.
Industry peers have no way of knowing the specific holdings of Junshi No. 2, but the rumor that Gu Junhao was invited by the local securities regulatory bureau to participate in the rescue of the market has been widely spread in the industry and is no longer a new thing.
Since it is a rescue of the market, based on the scale of Junshi No. 2, the purchases must be mainly blue-chip stocks with heavyweights, but the performance of blue-chip stocks has not been satisfactory in the past two weeks.
"I really don't know how this guy operates. No matter how high the market goes, his fund maintains a steady growth rate. It's really outrageous."
"Could this guy be doing a lot of T in there every day? With the recent big fluctuations, doing T well is indeed a good way to make money."
As ordinary retail investors among Gu Junhao's fans, they don't care so much. As long as the net value of Junshi No. 2 announced weekly is still changing, most people will participate in certain transactions.
As for making money, that depends on the individual; however, the stock market crash has lasted for more than a month, and even if Gu Junhao was not there, most retail investors would not be able to resist entering the market to trade.
For retail investors, it is more difficult to keep them short than to trap them. After being trapped, retail investors will reduce their trading volume to a certain extent, but if they make a profit, they will definitely not be able to control themselves.
Frequent useless and poor quality trading is actually a major factor causing losses for ordinary retail investors.
On Saturday, China Securities Finance Corporation made a specific response to the media's report on reducing its holdings of Yili shares: in the recent emergency operation process of China Securities Finance Corporation to buy stocks in the secondary market, some stock holdings did reach or exceed 5% of the total share capital of the listed company.
After the discovery, the excess shares were promptly transferred to the asset management plan account of the fund management company for management, and there is currently no plan to reduce holdings in the secondary market.
This can be regarded as a response to the sharp drop on Friday. Ordinary investors felt relieved after seeing that the Securities Investment Fund did not reduce its holdings, but this was not the case in the eyes of industry insiders and some investors who understood the rules.
Transfer is actually a different form of reducing holdings. Besides, the fact that there is no plan to reduce holdings in the secondary market at present does not mean that there will be no plan to reduce holdings in the future.
