Chapter 426: Escape from a High Position
At 5:30 p.m., Junshi No. 2, whose net value was normalized, announced its first net value curvature this year.
In January, due to fundraising and position building, as well as the busy Chinese New Year holiday, Junshi No. 2 did not disclose its specific net worth to the public.
It is worth mentioning that Junshi No. 2’s third fundraising and normalization of net value have a prerequisite, which is that redemption will no longer be allowed within this year.
If customers want to redeem their shares, they can only wait until January next year.
Therefore, Wang Ruoyu and others no longer have to worry about redemption every quarter. The one-year closed period is quite beneficial to the operation team.
1.0544, this is the first answer that Junshi No. 2 gave to investors. At the same time, the scale of the fund has exceeded 29.5 billion yuan.
Junshi No. 2 almost bottomed out at the lowest point after the correction in January. Although it was limited by the large amount of position building, the overall return was also quite good.
Including the Chinese New Year holiday and ordinary weekends, there were only 27 trading days from the first establishment of Junshi No. 2 position to the closing on February 28.
In 27 trading days, there was a profit of more than 1.5 billion yuan, and it was still in the process of building a position, which is already quite excellent.
Of course, this is mainly due to the rise of the broader market, which has rebounded for two consecutive months, rising 2.61% in February.
On the other hand, there was a huge surge in Shunfeng Holdings. Nearly half of the profit of more than 1.5 billion yuan was generated by SF Holdings.
The net value of Junshi Value Investment increased by 2.02% per month, and has maintained an upward trend for 12 consecutive months since Gu Junhao took over.
His net worth has reached 1.9906. Although he has not yet doubled his net worth, he is only one step away.
In a year when the market was the most depressed, doubling the overall return of the fund is undoubtedly something to be boasted about, and it also makes investors more confident in holding Junshi Price Investment.
According to statistics, except for the first few months, the redemption rate of Junshi Value Investment is relatively low, and the fund operation is relatively stable.
The characteristic of Junshi Price Investment is extremely small intraday fluctuations, which makes it difficult for some investors who like to use funds for swing trading to start.
The subscription and redemption fees are not low. Even if the operation is done well, the probability of losing the transaction fees is relatively high.
For example, among Li Ze's group, there are indeed people who want to learn the swing trading method of stocks and sell them when the price rises to a certain level.
Afterwards, I bought again when the price retraced to obtain the spread, but after trying it a few times, I found that I basically ended up losing money on transaction fees.
Eventually, everyone gave up on this model.
On the other hand, Li Ze bought in on the first trading day and has been reaping the benefits ever since. This feeling is truly wonderful.
…
After the rebound before and after the Spring Festival, the market once again returned to above 3200 points at the end of February, closing at 3241.73 points.
This means that the market is once again facing a strong pressure level between 3250 and 3270 points, and the next trading will be a test for investors.
Looking at the history of A-shares, there are rarely particularly good market conditions in March and April, and the first quarter report often determines a company's annual revenue.
During this period, institutions will frequently adjust their portfolios and change stocks, and there will be many risks caused by annual and quarterly reports.
An interesting thing also happened in February, on the second daily limit day of Shunfeng Tangu, which was February 24th.
On February 24, 2017, the China Insurance Regulatory Commission issued the most severe penalty in history.
The target of punishment was none other than Mr. Yao, the boss of Baoneng, who was very popular last year and successfully made it into the top 10 of the domestic rich list.
The China Insurance Regulatory Commission imposed severe penalties on Mr. Yao, including a fine of 800,000 yuan, revocation of qualifications and a ban on entering the insurance industry for 10 years!
Since the Bao Wan dispute in 2015, Boss Yao has entered the public eye. After two years of glory, he ushered in a turning point in his career at the beginning of 2017.
Being banned from entering the insurance industry for 10 years is a pretty heavy blow to Boss Yao.
On the other hand, it also illustrates the attitude of the top leaders that insurance funds will no longer become incremental funds for A-shares in the future. Without such a large amount of incremental funds, there will be some losses to some extent.
Although insurance funds have an ugly way of eating, increasing their holdings of a company's shares massively after entering the market and even competing for actual control of the company, they did play a significant role in the stock market crash.
Up to 150 billion yuan of incremental funds entered the A-share secondary market, pushing up stocks and driving the sector, which to a certain extent also saved many retail investors.
On Wednesday, March 1, both the Shanghai and Shenzhen stock markets opened slightly lower.
On the news front, the official manufacturing PMI released in February was 51.6, which has been above the boom-bust line for seven consecutive months. The expectation was 51.1 and the previous value was 51.3.
In addition, margin has been flowing back for the fourth consecutive week, and the number of new investors has increased for three consecutive weeks.
In addition, the Ministry of Industry and Information Technology has officially issued a document to fully implement the Manufacturing 2025 policy, and the great country craftsmen are about to go online~~
After the morning call auction of Shunfeng Holdings ended, the stock price was 73.48 yuan, the daily limit.
"Haha, doesn't it look like the trend after CRRC resumed trading, with three or four daily limit ups and then another daily limit up."
Today, Gu Junhao appeared in Trading Room No. 1. Junshi No. 2's position building has basically been completed. The rest depends on the abilities of Wang Ruoyu and others.
"Have you reached a consensus?" Liu Tingting asked following Gu Junhao's words.
"Well, the leading stock is on a flat board, and the short-term situation has reached a consensus. We can start selling. Let's collectively reduce positions in the logistics sector." Gu Junhao nodded.
Due to the name change of Shunfeng, the logistics sector collectively exploded at the end of February. As a large fund, it is naturally impossible to buy only one stock.
Shunfeng Holdings is just one of the representatives. In the morning session today, Shunfeng Holdings was pushed to the upper limit, which also represents that the entire sector has entered a period of emotional climax.
The risks of divergence after the emotional climax are relatively high. It is not ruled out that some stocks will return to consensus from divergence.
But this certainly does not include SF Holding, whose market value is nearly 300 billion yuan. Such a large company's short-term surge will take a long time to digest.
"Okay then, everyone start selling." Liu Tingting gave instructions to the traders.
On the other hand, in the trading room of Junshi No. 2, the logistics sector is also being gradually cleared out, but everyone is being more restrained.
Just the market value exceeds 2 billion yuan, plus the market value in Junshi Price Investment.
The market value of Junshi Group's holdings in Shunfeng Holdings alone exceeds 3 billion yuan. Selling it in an aggressive manner would undoubtedly be a self-defeating move.
At 9:30, trading began. The Shanghai Composite Index opened low and then continued to rise. The ChiNext Index also opened low and then continued to rise.
Jiangyin Bank, a newly listed bank that has been performing well recently, performed poorly today, dragging down the entire newly listed stock sector. Zhangjia Bank, a popular stock in the early trading session, pulled up strongly in the morning, taking over from Jiangyin Bank.
After 641 came to power, the biggest performance was the substantial expansion of the banking sector, with 2016 becoming the spring for bank IPOs.
Among them, most bank stocks are concentrated in Jiangsu Province, where 641’s hometown is located. The recently popular Jiangyin Bank and Zhangjia Bank are both in Jiangsu Province.
Jiangyin Bank became the first commercial bank to be listed on the A-share IPO history, and the first bank after the bank IPO was opened was Su Provincial Bank.
Among the 14 banking companies that have been listed or are in the queue, Jiangsu Province occupies 5 seats, most of which are local commercial banks.
At present, the number of A-share bank stocks has increased from 16 to 25, and this is just a change within one year.
Affected by the continuous crackdown on hot money in 2016, hot money has been cautious throughout the year. There were many classic scenes where hot money in the Foshan market still forced its way to the top after being regulated.
But after all, the arm cannot beat the thigh. The hot money has had a very frustrating time this year. Since the beginning of the new year, they have been turning the newly listed banks into monster stocks, perhaps there is a certain element of revenge in this.
After the Shanghai and Shenzhen stock markets continued to rise in the morning, the resistance was still not broken through, and the main funds began to withdraw as soon as they saw it.
As the index gradually pulled back, the market also changed in the afternoon, and Shunfeng Holdings opened the board at 14:18 pm.
In just three minutes, more than 500 million yuan flowed out of Shunfeng Holdings, and the stock price fell directly from 73.48 yuan in the upper limit conference room to 68.89 yuan, an increase of 3.13%.
The sharp drop in leading stocks in popular sectors is undoubtedly a big blow to the overall market, especially the Shenzhen Component Index, in which they are located.
“Don’t worry about so many things, just sell as soon as possible. Don’t worry about the price. Just sell, sell, sell. If you can’t sell all today, you can continue to sell tomorrow.”
Gu Junhao said to the traders in the operation room at the moment Shunfeng Holdings plunged.
As the holdings of some other stocks in the sector were not large, they had been almost cleared out in the morning. Now, only this one is left.
Fortunately, on the first day of the leading stock's listing, there was still a lot of fearless capital. In the last 40 minutes, Shunfeng's trading volume exploded.
There is no shortage of funds rushing in to buy at the bottom, but the funds fleeing, led by Junshi Capital, should not be underestimated either.
The massive sell-off of funds caused Shunfeng Holdings' share price to fall to 64.60 yuan at one point, a drop of more than 3%. Shunfeng Holdings' amplitude throughout the day was as high as 13.29%.
The turnover rate reached an extremely exaggerated 29.71%, and almost all the shares circulating over the counter were replaced.
Shunfeng Holdings completed a transaction of 3.77 billion yuan throughout the day, and the final share price closed at 70 yuan, up 4.79%.
Shunfeng Holdings plunged in the late trading session, causing the entire logistics sector to lead the decline in the two markets, and the capital outflow was also the largest. All aspects indicate that a period of speculation in the logistics sector has ended.
On March 2, Shunfeng Holdings' trading volume dropped to 3.37 billion yuan, and the turnover rate remained high at 26.41%. The stock price ended up falling by 2.99%.
On Friday, March 3, the last trading day of the week, Shunfeng Holdings fell again by 7.82% today, following yesterday's drop of 2.99%.
Shunfeng Holdings' turnover rate remained at 21.66% throughout the day, and its share price finally closed at 62.60 yuan.
In three trading days, Shunfeng Holdings fell by 17.38% from its highest opening price of 73.48 yuan, with a turnover of nearly 10 billion yuan in three days.
Among the three trading days, Shunfeng Holdings appeared on the Dragon and Tiger list for two days, and the two major trading seats of Junshi Group appeared on the Dragon and Tiger list for two days.
Moreover, they led the selling list on both days, with Junshi No. 2 and Junshi Price Investment ranking first and second respectively.
Junshi No. 2 recovered a total of 2.04 billion yuan, and Junshi Value Investment recovered 1.125 billion yuan.
The Junshi Group, which fled at a high level, left a large number of chips to hot money one after another through three trading days, as well as the Shenzhen Stock Connect special seats that appeared on the buy-one seat on Friday.
It can be said that Shunfeng Holdings, which maintained a turnover rate of more than 20% for three trading days, is the undisputed main force behind the market crash by the Junshi Group.
In a sense, Gu Junhao is already able to influence the trend of a certain sector of the A-share market.
