Chapter 386 A good start in May

The good news released after the closing was indeed somewhat surprising. At the same time, for those who chose to clear their positions before the holiday, there was some fear of loss.
However, for Junshi Capital's customer base, what they are most concerned about after today's closing is not any particular news. What they are concerned about is the routine announcement of Junshi No. 2's net value at the end of the month.
Although the three major indexes were in a downward trend throughout the month, the ones that were hurt more were some small and medium-sized start-up stocks. Blue-chip stocks, especially first-tier blue-chip stocks, still performed very well.
Take the liquor sector for example. Among the five liquors held by Junshi No. 2, only Luzhou Liquor Industry has seen a significant decline this month, with a monthly drop of 4.67%. Among the rest, only the Distillery Group has seen a slight drop of 0.38%.
After the adjustment since the middle of this month and after falling to the support near the 60-day line, the first-tier liquor companies have recovered to a certain extent. The largest increase is still Gujin Gongjiu, with an overall increase of 6.72% in April.
Midea and Ganfeng Lithium, the other stocks that have not been suspended, have also maintained an upward trend this month. Following a sharp rebound of 42.81% last month, Ganfeng Lithium rebounded again by 21.45% this month, still leading the Junshi No. 2 holdings.
After Tianqi Lithium announced its bonus and share transfer plan, Ganfeng Lithium also put forward its bonus and share transfer plan, with a dividend of 1.5 yuan for every 10 shares and 10 bonus and share transfer for every 10 shares. After the first quarter report, A-shares entered a crazy high bonus and share transfer mode.
Small and medium-sized start-up stocks with slightly higher share prices have all announced plans for high dividends and stock transfers, resulting in a rapid expansion of stocks in the high dividend and stock transfer sector and a very strong enthusiasm for speculation.
On the contrary, blue-chip stocks have been more restrained in this regard. Even if some blue-chip stocks have expectations of bonus shares and share transfers, the proportion will not be large.
Only one of the 10 holdings stocks experienced a real decline, and Ganfengliye alone made a profit of more than 130 million yuan in a single month.
This also caused Junshihao's overall market value to rapidly expand from 5.3 billion yuan last month to more than 6.2 billion yuan this month by the end of this month.
However, in terms of cash flow, Junshi No. 2 suffered certain losses this month. After the redemption channel was opened last month, more than 500 million yuan of funds were redeemed by customers; even so, Junshi No. 2 still has a total scale of more than 7.2 billion yuan this month.
The net value also rose rapidly from 4.8768 last month to 5.1539. After the ex-rights, the overall increase reached 22.82%, which was an increase compared to last month.
The redemption channel was opened at the end of March. In addition to some customers who really needed funds, some of the redemptions were actually due to the desire to save money and jump to Junshi Price Investment.
After all, the management fee of Junshi No. 2 is much higher than that of Junshi Price Investment, and the profit share after 50% makes them reluctant to give it up.
However, things went against his wishes. Gu Junhao soon opened the limit again, which resulted in very limited funds that could enter, and he was very upset about it.
Just like stock trading, sometimes jumping back and forth can also bring unnecessary losses.
As for Junshi Price Investment's daily limit of 50,000 yuan, even when the index falls to 2,800 points, Gu Junhao has no intention of raising it again, and he plans to maintain the maximum subscription amount of 2 million yuan for a fund account.
The responsibility of public funds should be to serve ordinary people who have no investment channels but have some spare money. Fund managers can use their professional knowledge to better help ordinary people achieve a certain level of wealth appreciation while charging management fees.
The daily limit of 50,000 yuan and the maximum amount of 2 million yuan can already cover many ordinary people, including the middle class. No matter how much money, it should not be invested in public funds to compete with ordinary investors, but should go to more professional private funds with better services.
Gu Junhao is unable to change the overall status quo of the industry, but has always hoped to change the investment methods of some people through his own efforts; high-net-worth individuals should not take up too many resources from ordinary people.
At 9:30 in the evening, Junshi Price Investment also refreshed its latest day's profit: 1.2815.
In the two months since its resumption of trading, its performance has been very stable, with only three trading days of single-day drawdown, which has made other fund holders envious.
But when it comes to chasing it, I seem a little hesitant. In the last few trading days of April, Junshi Price Investment showed signs of pullback and the overall increase was not large.
I am afraid that after I buy in, the fund will start to pull back, so I buy at a relatively high point.
"This fund is really outrageous. After I got on board, it has been going up in small steps every day. When will it go back up and take me back? I don't dare to buy it now."
Among the current comments section of Junshi Value Investment Fund, this comment has the highest number of likes, which to a certain extent reflects the current mentality of investors towards Junshi Value Investment.
During the three-day May Day holiday, Gu Junhao had no time to go out for fun. He stayed at home looking at reports and preparing for next month's research activities. He also created another little man by the way.
After several months of adjusting their work and rest schedules, Gu Junhao and Zhang Yiru have both improved their physical condition, and it is time to work hard for the next generation.
Since you have decided to have a child, it is naturally better to do it sooner rather than later. Young people are in better physical condition, and the risks are more controllable. If the first one fails, you can always have a smaller one.
But when you get older, it’s different.
"When are you going to go for research next month?" Zhang Yiru, who was sitting next to Gu Junhao and watching TV series, suddenly asked.
"Mid-month, at the beginning of the month, there's still some preparations to be done. What's the matter? You really don't want to go with me?"
"No, I'll fly over after you finish your work. It will be more suitable for the two of us then."
"Okay, I'll listen to you. You can take some more time off and we can play for a while. Once you get pregnant, it will be difficult for you to go out and play."
"Yeah, do you like boys or girls more?"
"It's all the same. Boys are less troublesome and can be raised casually. Girls are cuter, but it's too stressful to raise them. You're afraid they'll be bullied. Each has its own advantages."
"Hehe, that means you prefer girls."
The first research object that Gu Junhao chose was naturally the liquor industry in which he was building a position, and the first stop was Shanxi Province. The reason was nothing special. In addition to the normal research, Gu Junhao was quite interested in the ancient buildings in Shanxi Province.
After the research activity ended, Gu Junhao wanted to relax himself and look at the ancient buildings he loved, as a reward for his body and mind. In terms of ancient buildings, Shanxi Province is undoubtedly the best in the country.
Since they were traveling, Zhang Yiru was naturally brought along. However, Zhang Yiru felt that it was inappropriate to go with the research team. Since she was not a formal employee of the company, it would also affect Gu Junhao's work status.
Tuesday, May 3rd.
On the first trading day after the May Day holiday, stimulated by the news, the three major indexes of the Shanghai and Shenzhen stock markets opened higher today. After a brief shock, they began to move out of the unilateral upward trend.
The gains began to accelerate in the afternoon, and the market once again showed a general rise. The trading volume increased significantly compared with before the holiday. The liquor sector performed exceptionally well today. Gujin Gongjiu took the lead. The stock price once hit the daily limit and finally rose by 9.06%.
The entire liquor sector surged by 4.42%, recovering all losses since the adjustment on April 7 in one day, performing very strongly.
"Haha! Boss, our fund updated its net value today, which is going to scare the market." Liu Tingting couldn't help but say to Gu Junhao as she looked at the soaring liquor stocks that filled her warehouse.
"I guess someone will guess the direction of our position, but it doesn't matter. We have already bought it, so it doesn't matter even if they know it." Gu Junhao responded with a smile.
Yes, no one expected that the liquor industry would be the first to rebound in May. Although the overall trading volume has increased today, it is not high. The daily trading volume of the Shanghai Composite Index is less than 200 billion yuan.
However, from 2013 to the present, only the liquor sector has not experienced a large-scale hype. As performance gradually begins to recover, it is understandable that market funds choose the more defensive liquor sector in the bear market.
The domestic economy is still in the process of bottoming out, while overseas, subtle changes in the Federal Reserve's April meeting have brought uncertainty to the future market.
The industry itself is in a recovery stage, and its strong defensiveness coupled with external factors are important reasons for the continuous rebound of liquor after the New Year.
This time, in addition to the five liquor stocks held by Junshi No. 2, Junshi Value Investment added five more stocks. In addition to Yanghe Liquor, which was the first to establish a position, it also includes Shede Holdings, Jiugui Holdings, Laobai Gan Holdings and Jinshiyuan Liquor.
Among the 10 support warehouses, except for Jinshiyuan Liquor Industry, almost all the first- and second-tier brands listed in China have been covered, and the style of Jingjun's real price investment has been officially unified.
Jinshiyuan Liquor Industry has been listed for a relatively short time. It was a liquor stock listed in July 2014, and it has been less than two years. The chips are relatively clean. Today, it also rose by 6.45%, and the share price was 38.12 yuan.
Junshi Capital's holdings are around 32 yuan, with 6.25 million shares. Judging from the first quarter report, its shareholding ratio does not even rank among the top ten. And along with the first quarter report, Jinshiyuan Liquor also launched a plan to give away 15 shares for every 10 shares it has.
This is relatively rare in the liquor industry. The ratio of bonus shares to shares is indeed a bit too high. However, for a new stock, it is understandable. The major shareholder is eager to expand his shares and will cash out part of it after the lock-up period ends.
This is an old routine in the A-share market. Even a strong company like Maotai Liquor Industry had a small proportion of bonus shares and share transfers in the first few years after its listing.
It was indeed as Liu Tingting said. At 9:30 in the evening, when Junshi Price Investment refreshed its net value for the day, the net value rate of 1.3327 and the single-day increase of 3.99% really shocked the investors.
"Oh my god, what the hell? Why is it rising so much today? Are they preparing to speed up?"
"Damn, they said they would wait for a callback, but I didn't expect my brother T to start speeding up. Whatever, let's just wait and see."
"This is obviously a stock swap. Today, the performance of new stocks and banks is average. I wonder what stocks Brother T has built a position in."
"This is a bit outrageous. I wanted to wait for a bigger correction, but I couldn't wait for it. Should I buy it or not?"
"Buy it, what are you afraid of? Just invest every day. I just caught up with the train and set a daily investment of 100 yuan. I have made a few points so far."
"Fuck, 100 yuan is useless. You might as well wait until the price drops and buy more."
"You thought I didn't want to wait, and I couldn't wait. When it fell, it didn't fall much."
"Did Brother T buy liquor stocks? Liquor stocks have seen the biggest increase today."
"Don't guess. We'll know in June. Who knew Brother T would buy new shares in the first quarter? It's impossible to guess."
"It was the first time I knew that buying funds could make more money than buying stocks. I bought 200,000 on the first day. If I had known, I would have sold all my stocks and invested all in it!"
"Sooner or later, this way, we will be able to enter the top 10 of this year's mutual fund rankings. The pressure is now on the mutual fund managers."
"In the fund industry, Brother T is simply an annoying guy. Last year, he defeated a group of private equity fund managers, and this year he ran to the public equity industry to disrupt the situation."
In the following two trading days, the Shanghai Composite Index continued to attack the 3,000 point mark, but the continued sluggish trading volume meant that the index was unable to break through even if it was only 7 points higher.
In all sectors of the two cities, except for liquor, coal and steel, the rest did not perform well. In this way, trading came to Friday, May 6, the last trading day of the week.
Affected by the 3,000-point pressure level and the sharp drop in Hong Kong stocks, A-shares unsurprisingly fell again by 2.82%. The Shanghai Composite Index fell to 2,913.25 points, breaking through the 60-day line support level.
The gains of three trading days have fallen back to the original position, and breaking the 60-day trend level also means that all support levels above 2900 points on the daily line have been completely broken, and it is necessary to look for new support downwards.
According to the traditional logic of stock investment, "May is poor, June is desperate, and July is a turnaround" has left a deep impression on many investors.
In the market conditions of 2010, 2011 and 2015, the quick selling in May ensured many investors the hard-earned fruits of victory.
However, Gu Junhao does not think so. Under normal circumstances, Gu Junhao feels that the chances in May are actually greater.
After the baptism of the annual report and the first quarter report of the previous year, most stocks created new lows in April.
There is a continuously growing demand for stocks of listed companies with good annual and quarterly reports. Even some stocks with disappointing annual reports have a technical rebound demand after a long period of decline.
In addition, there is also the need for some funds to adjust their portfolios and exchange stocks. May is generally considered by Gu Junhao to be a rebound month, and he does so in most cases.
When it comes to specific sectors, every May and June, there is almost always a large sector that has a good overall rebound due to performance or some policy guidance.
As for today's sharp drop, Gu Junhao believes that it is more like a prelude to a rebound. Given that A-shares have been maintaining a level around 3,000 points for many years, how can there be a rebound without a sharp drop?
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