Chapter 429: Sauce-flavored Manager
An active market needs a catfish, just like when Apple entered the domestic market and activated the entire mobile phone industry chain.
Before the establishment of Tesla's Shanghai Super Factory in 2018, the overall valuations of companies in the new energy vehicle industry chain were relatively low.
For example, pure industrial companies in the industry chain such as Topology and Xushen had nothing to hype when they first went public, and their stock price trends were quite average.
The reason why Xushen shares were able to hit more than ten daily limit increases at the beginning of its listing was to a certain extent influenced by Gu Junhao.
Although Junshi concept stocks do not appear in Tonghuashun’s special concept section, they are still relatively valued in the A-share market.
Junshi Capital holds the original shares of Xushen Shares, and this fact has been hyped by the media since its listing. Xushen Shares, which bears the title of Junshi Capital's first stock listed on the primary market, could not miss this opportunity for hype.
This is also one of the reasons why Xu Dong strongly invited Gu Junhao to attend the bell ringing ceremony of Xushen Company's listing.
Unfortunately, the timing of the launch was not very coincidental. Gu Junhao's son was just one month . Gu Junhao, who was worrying about the full moon wine banquet, naturally had no interest in this kind of ceremony.
Xu Dong was so angry that he couldn't help but complain about Gu Junhao, asking why he was in such a hurry to have a baby at such a young age.
But despite all the complaints, Uncle Xu was still very generous and gave little Gu a big gift when they met.
On Tuesday, August 1, Xushen continued to close at a daily limit in a turnover manner, and its total market value reached a new high.
Gu Junhao stared at Xushen's trend chart with a strange look on his face. He had paid attention to this stock in his previous life. His impression was that its performance after listing should not be so strong?
After an auto parts stock goes public, its market value can reach over 10 billion yuan. If there is no major change in the business, it is definitely overvalued.
Although there is a certain deviation from my memory, it is always a good thing to be able to increase it a little more.
The rebound of A-shares since hitting bottom on May 11 has continued from summer to winter. This period is a rare time for A-shares to rest and recuperate.
The market rose from the lowest point of 3016.53 points on May 11 to 3450.49 points on November 14, before it came to an end.
The rebound lasted for six months and was 433.96 points, which was more than 200 points higher than that in 2016.
On November 16, 2017, Zhongguo Ping An broke its historical high. At the close of the day, Zhongguo Ping An's stock price was 73.11 yuan, and the daily turnover exceeded 8.27 billion yuan.
Although the rise of Xushen caused some memory deviations in Gu Junhao, this might be related to his own intervention.
But for a big guy like Zhong Guo Ping An, even if he bought several hundred million of it, the overall price will continue to rise according to his habit.
The sharp rise of Zhongguo Ping An was also the dividing point between the rebound in 2017 and the bear market in 2018. When Zhongguo Ping An’s stock price broke through 80, the investors had gone crazy.
The call for Ping An to reach 100 yuan resounded throughout the A-share market. In his previous life, Gu Junhao had a friend who was a "leek", and the impression of him rushing into Zhongguo Ping An at more than 80 yuan was still vivid in his mind.
It can be said that it was unstoppable. This stock was the only time that Gu Junhao advised people to cut their losses. Of course, that was when the stock was at a high of more than 80 yuan.
Ping An's current share price has reached 73.11 yuan, less than 10% away from the price of 80 yuan . Gu Junhao knows that this round of rebound is about to end.
Every round of stock market rebound has a landmark stock. In the 2017 rebound, the landmark stock was Zhongguo Ping An.
After Zhongguo Ping An’s stock price peaked, its year-long rebound came to an end, and the market then experienced a long period of decline, with even liquor being not spared.
But in 2018, there really is gold everywhere, and this round of bear market can almost be said to be a blind buy.
On Friday, November 17, Zhongguo Ping An's share price rose by 3.10%, continuing to set a new historical high of 75.27 yuan, with a total turnover of 11.68 billion yuan throughout the day.
After today's closing, Gu Junhao called Liu Tingting, Wang Ruoyu and Xu Jianqing together for a meeting. A new round of share reduction in the Junshi Group is about to come.
This round of large-scale reduction in holdings started from the big finance and real estate-related industrial chains, but it was not limited to these sectors.
Gu Junhao also requested to reduce holdings of individual stocks in sectors including liquor, medicine, and new energy.
"This time, we are reducing our holdings across the board. Also, starting from the end of the month, Junshi Price Investment will once again limit the daily subscription amount to 1,000 yuan, and also allow redemption."
"Ah? Boss, are you pessimistic about the overall market? Then how much should we reduce it to?" Xu Jianqing asked.
"Well, I'm not optimistic. You two can reduce as much as you can. There is no limit on the positions anyway. If you want to reduce, start with Hong Kong stocks and US stocks."
The stock market turmoil in 2018 was not limited to A-shares, but was the same all over the world. The trade war between the two major economies that began in February 2018 has caused great turmoil in global stock markets.
The continued depreciation of the RMB, the lack of incremental funds in the stock market, the short-term speculation sentiment affected by the continuous blow of 641, and the acceleration of new stock issuance.
All of this has had a huge impact on the market. The lack of major policy benefits and the imperfections of the market mechanism were reflected throughout 2018.
Junshi Value Investment has become so wealthy that its overall scale has already exceeded 12 billion yuan. If it only relies on the fund team's own reduction of positions, the amount that can be reduced will be very limited.
According to the minimum holding standard of 65%, Junshi Price Investment must hold a position with a market value of more than 8 billion yuan, which is still very large.
In this year-round unilaterally downward market, a loss of 20 to 30 points, or more than 2 billion yuan, is already considered very good.
In a unilaterally downward market, Gu Junhao maintained a position of more than 60% and fought hard in the market. Even with the memories of his past life, he was unable to maintain profitability throughout the year.
Instead of doing this, it would be better to drive out some of the funds and let them realize their profits, which would then be an opportunity to reduce the size of public funds.
However, we still have to wait until the end of the month to issue the announcement to give Liu Tingting and the team some preparation time. Issuing the announcement hastily will only put ourselves in a passive situation and will not have any benefits.
As for Junshi No. 2 and proprietary trading, there is no such worry, and it is fine even if you keep the position empty throughout the year.
There are still 9 trading days from next Monday until the end of November . Having 9 trading days is enough for preparation.
"Okay, then I will start reducing my holdings next Monday and issue an announcement at the end of the month." Liu Tingting nodded.
"Well, Xiao Xu and Xiao Wang should also start to pay attention. If there are overlapping positions, Junshi Price Investment should be given priority to exit first."
Among the three major sectors, there are certain overlapping positions. For example, in liquor, medicine and some Hong Kong stocks, public funds hold the least positions, so it is right to prioritize exiting.
After all, relatively small funds fleeing first can maximize profits while avoiding being discovered by the main players in the market.
On Thursday, November 30, the Shanghai Composite Index, which fell 2.29% last Thursday, fell again by 0.62% on the last trading day of November, which was also Thursday.
The Shanghai Composite Index closed at 3317.19 points, down 2.24% for the month. The daily lines were broken across the board, and the monthly line fell below the 5-day line.
The Shanghai Composite Index, which had been extremely strong throughout the year, began to show signs of adjustment in November.
The ChiNext Index fell 0.96% on the same day, closing at 1770.30 points, a sharp drop of 5.32% for the month.
In this round of rebound, the ChiNext Index failed to break through 2,000 points. 2,000 points seems to have become a thing of the past. The changes in the past two years are really regrettable.
Once upon a time, the ChiNext and its constituent stocks were the stars of the market, but now it is so difficult to even break through the 2,000 point mark.
Since the liquor concept closed with a positive monthly line in October 2016, it has seen an impressive 14 consecutive positive monthly lines, with all months of the year up to November seeing an increase.
For ordinary investors, this is a ridiculous trend, with 14 consecutive positive days on the monthly line, which has never happened in the entire history of A-shares.
However, since accelerating last month, the trend of liquor in November has been close to differentiation. The liquor concept, which had an amplitude of more than 15% throughout the month, only rose by 0.62% in a single month.
The trend of a high-level doji also indicates that the volatility of the liquor market will be infinitely magnified in the following trading hours.
At 9:30 in the evening, Junshi Price Investment updated its net value on the last trading day of the month: 2.5680, an increase of only 0.99% for the whole month.
In fact, as early as the beginning of August, Junshi Value Investment officially topped the list of the historical growth rate of public funds with a yield of over 125%.
Because among Junshi’s price investment holdings, the positions of individual stocks in other sectors change from time to time, but there has been no change in the liquor sector.
Junshi Value Investment was therefore ridiculed by investors as a fund that was named as mixed growth but was actually liquor growth. Some investors even expressed disdain for Junshi Value Investment's investment style.
A fund that only holds liquor is destined to have a small vision by its fund manager. If it wants to invest, it must invest in technology-based companies such as semiconductors, but there has never been a single technology stock in Junshi Value Investment.
Gu Junhao's title of "Sauce-flavored Wine Manager" is also widely known in the market.
Gu Junhao was dismissive of this. He thought that being a manager of sauce-flavored liquor was fine as long as he could make money. The reason these people slandered him was that they had missed out on the opportunity of making liquor.
In this situation, other sectors performed generally throughout the year, and only liquor maintained an upward trend every month. The market was like a bull market, so how could it not make people envious and jealous.
When seeing such a report, Gu Junhao curled his lips and said, "Technology stocks? Even dogs wouldn't buy them!"
However, at the same time as the net value was announced today, an announcement released by Junshi Value Investment at the same time completely sparked market discussions.
"As of today's close, the upper limit of the daily subscription amount of Junshi Value Hybrid Growth Fund has been reduced to 1,000 yuan; at the same time, the redemption channel is open as usual, effective immediately!"
