Chapter 325: Circuit breaker is launched, bottoming out the market.
The Shanghai and Shenzhen stock markets experienced a three-month sharp decline, hitting 2,850 points at the end of August. The popularity gathered by the bull market in the early stage was wiped out in these three months.
The dying A-shares continued to fluctuate at a low level in the first two trading days of September. The formation of the market bottom does not mean that it will happen overnight, and there is still a long bottoming process that must be experienced .
In the first week of September, there are only two trading days, September 1st and 2nd, and the overall performance of the two markets is quite general. From September 3rd to 6th, A-shares and Hong Kong stocks will be closed to commemorate a special day.
After two days of trading, the market had no bright spots. The ChiNext Index hit bottom for the second time, bringing the low point of this round to 1779.18 points. The Shanghai Composite Index also performed flat.
After the market closed on September 7, both the Shanghai and Shenzhen stock markets fell by more than 2%. The dull trading made people feel depressed. After the highs of Home Depot were cut in half, the share price fell below 20 yuan today to 19.27 yuan after a continuous limit down.
Home Depot shares did not hit the limit down today, but closed at the limit down with a large decline in volume. At the price of 19.27 yuan, Gu Junhao has already started to build a position. The stock price has exceeded the halving price. There should be no big problem in reopening the position at this time.
This time, Gu Junhao still planned to buy only 100 million yuan. For this kind of monster stock, although he could know its specific trend, he could not participate in it with a heavy position, otherwise selling it would be a problem.
There must be news after the market closes after a big drop, which has become the norm in recent times. Today, two explosive news came from the market. The first one was that Shandong Province signed a pension fund entrusted operation contract with the Social Security Fund.
It was agreed that about 100 billion yuan of pension funds in the province would be transferred to the social security fund. Currently, 50 billion yuan has been transferred, and the remaining 50 billion yuan will be in place around the Spring Festival of 2016 as agreed in the contract.
After this transfer, although the 50 billion yuan of funds may not all enter the stock market, at least a part of the funds will gradually enter the stock market for long-term investment. This transfer also marks the official start of social security funds entering the market investment.
However, after the news came out, ordinary investors held different views on this. The reason is that social security funds cannot suffer losses. Once losses occur, serious consequences will occur. Most ordinary investors believe that social security funds are used to cut leeks.
What you said is true, but entering in the early stage is also an opportunity to buy at the bottom, after all, big funds are mainly for cutting leeks; however, as long as you enter in the same time period when he enters in the early stage, it is also an opportunity to buy at the bottom.
However, most investors currently do not realize this problem and only see its bad side, not knowing that everything has two sides.
Another piece of breaking news is the big move made by the management today, which officially launched a request for comments on the circuit breaker mechanism.
According to regulations, after the CSI 300 Index triggers the 5% circuit breaker threshold, the exchange will suspend trading for 15 minutes. If the market triggers 5% or 7% at any time throughout the day, trading will be suspended until the market closes.
The introduction of the circuit breaker mechanism is mainly to cope with the ups and downs of the Shanghai and Shenzhen stock markets caused by the recent stock market crash. It is good in terms of intention and is now interpreted by the market as a major positive.
Even experienced traders in the trading room, such as Wu Peng and Cao Wenxun, believed that this was a major positive factor, better than the previous rescue efforts, not to mention Wang Ruoyu and Liu Tingting.
To be honest, they have had enough of the recent days where thousands of stocks have been hitting the daily limit down or the daily limit up. It is really making people very nervous. If they are not careful, the stocks they hold may plummet or even hit the daily limit down quickly.
The trading in the past two and a half months has been more difficult than the previous year or so. I have to keep an eye on the market at all times and not relax at all.
As the market and even traders all believed that this was a major positive, Gu Junhao did not explain anything and just laughed it off; nowadays, if you say that circuit breakers will cause a crash, no one will believe it.
After all, everything needs to be verified and presented to you truthfully.
But since the market believes this is a major positive, it can also be confirmed that this is already near the lowest level in the second half of 2015. All that remains is to rebuild the positions that need to be established.
Sometimes, when the market needs good news, it can be good news. As for the specific results, they are no longer so important before they are officially launched.
This is the same as the short-term speculation by hot money and retail investors. No matter how bad the company is, no matter how poor its performance is, and no matter how many directors, supervisors and senior managers continue to sell their shares, as long as the market recognizes you, the stock price will go up.
It doesn't matter whether you have it or not. If the market funds recognize that you have it, then you have it. Gu Junhao will naturally not go against the market.
As for the specific positions that need to be built, in addition to the fact that Home De Lisboa has already started building positions, Gu Junhao also plans to bring Tong Huashun back again to make Junshi No. 2's holdings more balanced.
Gu Junhao is very clear that Tonghuashun has not been delisted. The current sharp drop can be said to be a super bottom for Gu Junhao. Once the stock price officially stops falling, Gu Junhao will start to build a position.
In terms of positions, Maotai will also further reduce its holdings. The current market value of more than 700 million yuan still seems a bit large. Today's Maotai is not as stable as Gu Junhao imagined, and its stock price also fluctuates greatly.
During the process of the market bottoming out, we participated in the previous two rounds of market rescue. Now, while there is a certain amount of profit, it is not against the principle to reduce holdings of a certain number of heavyweight stocks.
After all , based on the prices of Gu Junhao's first and second purchases, the first two purchases have not yet realized profits, and the reduction in holdings was only considered from the perspective of position.
However, if Vanke A could fall below the 13 yuan price again, Gu Junhao would not mind adding to his holdings again like he did when he was trapped in Maotai Liquor Industry before.
What's more, none of the Longji shares and Tianqi Holdings in personal accounts and Junshi's proprietary trading were moved, and not even T was done after the purchase, which can be regarded as a sincere rescue of the market; after all, the fund has to consider performance and needs to be accountable to investors.
On September 8, the Shanghai and Shenzhen stock markets responded to the circuit breaker mechanism and pension fund market entry plan announced yesterday with a big surge.
The share price of Home Depot officially rebounded today. After hitting the lowest price of 18.51 yuan, the share price began to rebound rapidly in the afternoon and finally closed at 21.20 yuan, achieving the daily limit with an amplitude of 13.96%.
Yesterday's large volume limit down and today's large volume limit up closed with yesterday's big negative line. The stock price has a clear short-term bottoming trend. I believe that with the gradual stabilization of the Shanghai and Shenzhen stock markets, the second surge in Home De Lis stock price is not far away.
On September 9, the two markets continued yesterday's rebound, and Home Depot's share price rose again by 5% to 22.26 yuan. During the three trading days, the share price started from 19.27 yuan and dropped to a low of 18.51 yuan until today's closing.
Junshi No. 2 Fund has also officially completed the task of building a position in Home Depot. Due to the increase in trading volume, this time the position building is much easier than the first time.
The last time, it took a week to build up 100 million yuan of funds, but this time three trading days were enough.
With an average transaction price of 20 yuan, 50,000 chips and a market value of 100 million yuan, Wu Peng has completed his task very well. All that remains is waiting for his second bottoming out rebound.
On the evening of the 9th, according to the requirements of the regulatory authorities, 18 securities firms with existing capital allocations below 1 billion yuan are required to clear all capital allocations before September 11, which is this Friday. This is the first plan to clear existing capital allocations.
No matter what the stock market crash is like, the management has always been consistent in clearing up the capital allocation, which is certainly a good thing; and this kind of batch-based clearing will have a relatively small impact on the market.
If this announcement had been made earlier, investors might not have reacted so violently, thus triggering a stock market crash; however, there are no ifs in the market.
Influenced by this news, the Shanghai and Shenzhen stock markets, which had rebounded for two consecutive trading days, ushered in a sluggish trend on the 9th. However, there was no longer the previous plunge, and the overall performance of the two markets was still relatively stable.
If the maximum fund of 18 securities companies is calculated at 1 billion, it would be 18 billion. This amount of money is not huge and is enough for market information. However, the performance of the Shanghai and Shenzhen stock markets will not be very good in the next few trading days.
Especially for Tong Huashun, this can be regarded as a process of building a second bottom. Tong Huashun, which has been investigated for capital allocation issues, has not yet gotten rid of the risk of delisting. The management's behavior of clearing up capital allocation will inevitably affect the nerves of Tong Huashun holders.
On the 10th and 11th, Tonghuashun closed with a negative sign for two consecutive trading days, and the K-line trend once again tended to the bearish direction.
Affected by the trends of the two markets, the share price of Home Depot closed at a 4.99% drop on the 10th, with the share price at 21.15 yuan. On the 11th, its performance was also average, ending the week's trading at 21.31 yuan, up 0.8% on the day.
Although the trend is average, this 0.8% increase has pushed Home Depot above the five-day line and still maintained a rebound trend, which is a good thing for a monster stock.
Large-cap stocks performed generally in the last two trading days of this week, but theme stocks were relatively active. Among them, the concept of state-owned asset reform in the Shanghai Stock Exchange was very active. This may be one of the reasons why Home Depot, which also has the concept of state-owned asset reform, stopped falling.
After the end of this week, both Vanke A and Maotai fell slightly. Vanke A closed at 13.47 yuan and Maotai closed at 192.91 yuan. For more than two consecutive weeks, Maotai has failed to effectively break through the 200 yuan price level.
Whether from the perspective of capital popularity or stock price trends, this is a relatively weak stock and it is estimated that it will fluctuate around the 200 yuan price for a long time.
On September 11, the overall scale of Junshi No. 2 fell to 3.20824 billion yuan, and the net asset value rate of the fund was 6.4165. Compared with the end of August, it retreated by 13.19 million yuan, but it still remained within a controllable range overall.
