Chapter 438 The Beginning of Chaos
"What do you mean, the stock price has dropped so badly, but this guy didn't buy it back? Why is his position still so low?"
"It is said that their company had a holiday before the New Year, and the company's proprietary trading team took a long vacation in advance. Are they so pessimistic about the market?"
"It's unlikely that we're short, but the position is definitely not high. It seems that Mr. Gu is still short."
"I think we should still be waiting for the blue-chip stocks to adjust. With such a large scale, we can only continue to hold blue-chip stocks. A round of adjustment of blue-chip stocks will take several months at most, which is normal."
"If the main board's downward trend does not improve, it is indeed not a good opportunity to enter the market, especially now that the international environment is complicated and the other side makes some strange remarks from time to time."
"Ah, this year is not easy to get by. Mr. Gu is smart and ran away early."
Contrary to what the outside world imagines, Junshi No. 2 did not have no positions at all. If it did not increase its positions, the 1 billion market value position it retained would have fallen by at least 10% this month, resulting in a loss of about 100 million yuan.
It was only after some new positions in technology stocks were established after the New Year that the fund's net value was pulled back to positive numbers. However, the overall position is indeed not high, as speculated by the outside world.
This year marks the first economic clash between the two superpowers, and it is also the year when the economic situation begins to change, just like the Shanghai Composite Index this month and last month.
This can also be seen from the performance of the market before and after, the rebound height and trading volume of the Shanghai Composite Index, that big funds are still quite cautious.
In the first half of March, the rebound height of the Shanghai Composite Index still failed to break through the previous high in February. Countless small and medium-sized start-up stocks that had been halved in the previous period ushered in a restorative rise.
When the trading volume is not large, small and medium-sized stocks will rebound, and when the trading volume is large, they will lie in the popular large-cap stocks. This has always been the tradition of the A-share market, and 2018 is no exception.
How crazy are small and medium-sized enterprises this month? Even Lay's, which is on the verge of delisting, has ushered in a wave of speculation this month, with its stock price hitting the daily limit from time to time to attract retail investors to buy.
As of Monday, March 12, in eight days of trading, the ChiNext Index has risen from 1753.63 points at the beginning of the month to 1882.41 points today.
In eight trading days, the rebound exceeded 7%, and the trading volume also increased from the lowest single-day level of 35 billion before the holiday to 122.2 billion yuan today.
This is the second consecutive day that the ChiNext Index's trading volume has exceeded 100 billion yuan, and technology stocks have seen huge gains during this period.
Take Zhaoyi Innovation, which was listed in August 2016, as an example. After experiencing a high dividend and bonus ratio of 10 for 10 shares, its stock price closed at 192.81 yuan, which hit the daily limit today.
Such a price has already risen by more than 50% compared to the highest position before the ex-rights. It is really good for technology stocks to encounter such a major upward trend.
Even though only about 30% of Junshi Value Investment's 70% holdings are in technology stocks, its net value has been rising rapidly in recent times, and is completely different from the previous daily fluctuations of more than 2%.
The ups and downs of technology stocks will greatly affect the volatility of a fund. This is why Cai Ge, who has all his portfolio in technology stocks, is both loved and hated.
A fund's daily fluctuations are greater than those of stocks, which is indeed exciting; however, this year's Nuoan is not managed by Cai Ge, as he has not yet taken office.
Junshi Value Investment's recent performance has made its original holders seem very uncomfortable, but this change has also allowed the outside world to clearly feel that Junshi Value Investment has completed its position conversion.
Although the application is still in progress, investors feel more at ease when they see that Manager Gu is able to stabilize the fund and maintain the upward trend.
In the comment section of Junshi Value Investment, there are many returning investors who are making fun of the fund's style, as if a different person is running the fund.
There are constant comments such as "What positions did the manager of Jiangxiang change?" and "Why are there such large fluctuations?"
Of course, there are also posts calling for Junshi Price Investment to reopen subscription.
Ordinary investors are like this, both pitiful and lovable. The pain of the plunge before the New Year has been covered by the quick rebound after the New Year.
On March 13, Ningwang updated its prospectus and announced its net profit for last year. In 2017, Ningwang's net profit was close to 4 billion yuan. Many listed companies hold Ningwang shares.
Ning Wang has not yet been listed, but A-shares already have his legend. Ning Wang concept stocks have a place in Tonghuashun and have become an independent concept sector.
After the opening, Ningwang concept stocks were very active. The leading stock hit the board in seconds, the second leading stock hit the board directly, and the rest of the stocks also rose sharply along with the concept sector.
"If you do T in the next few days, you can make bigger moves, and you can appropriately reduce your holdings of technology stocks that have risen a lot."
Before the market opened, Gu Junhao set the trading principles for today for the trading team. The ChiNext Index had a turnover of over 100 billion yuan for two consecutive trading days, and yesterday it exceeded 120 billion yuan.
The last time the ChiNext Index's trading volume exceeded 120 billion yuan was in early September last year when the WGBJ Index rebounded and peaked.
Judging from the style rotation and trading volume, this round of general rise in small-ticket prices is coming to an end, and the volume can no longer be sustained.
Today, the ChiNext Index opened low and fell, and the high-priced stocks began to pull back, which is a very obvious signal.
In addition, the performance of the Shanghai Composite Index today was also relatively weak. After rebounding to around 3,330 points, the Shanghai Composite Index has become somewhat lackluster.
The Shanghai Composite 50 Index and the CSI 300 Index have started to fall again today, and the big funds have sensed it again.
In a market without trading volume, it is always difficult to maintain a general upward trend.
In addition, the market has been rising for almost half a month in March, and it is more reasonable that the market will enter a period of volatile adjustments in the second half of the month.
The coming April is the season for annual reports and first quarter reports. A-shares are full of landmines, and the market conditions in April after the big rise in March are almost imaginable.
Also, although there has been no news recently, looking back on the whole year, it has always been a big thunder, and some news will pop up from time to time.
The current market has not yet adapted to this rhythm. When it starts, it will cause even greater panic, which is also a very big bomb.
On March 13, both the Shanghai and Shenzhen stock markets closed in the red, marking the turning point of the two markets' post-holiday rebound to high levels. In the following trading days, the trends of the Shanghai and Shenzhen stock markets were very weak.
Recently, Gu Junhao has also been paying attention to the news coming from the other side of the Pacific Ocean.
Due to business needs, some people at Junshi Capital, including Gu Junhao, can log on to the external network openly without having to climb over the firewall.
In terms of information sources, he is naturally much more informed than ordinary investors, and he likes to work on Twitter and likes to tweet about everything.
The recent rumors of additional tariffs on trade were confirmed on the evening of March 22, and the shadow of the sharp drop at the beginning of the year once again loomed over investors.
On March 23, affected by this news, the Shanghai and Shenzhen stock markets jumped sharply downward, with the Shanghai Composite Index opening at 3172.77 points, a drop of 2.8%!
The index rebounded for 24 trading days, but it fell in one call auction at the opening today!
The Asian and Pacific stock markets that opened at the same time also suffered heavy losses!
It was a day of panic, with the Shanghai Composite Index falling 3.39% and total daily turnover reaching nearly 300 billion yuan. The Shenzhen Component Index fell more than 4%, and the ChiNext Index fell more than 5%.
Countless amounts of funds fled, nearly 400 stocks in the two markets hit the daily limit, and the market was bleak.
At the same time, risk aversion sentiment began to heat up across the board, with gold, agriculture, pork and other sectors rising sharply. The pharmaceutical stock sector, which Junshi Group had previously invested in, also saw an explosion today.
Today is Friday, and for investors, this weekend is destined to be another day of turning off the lights and eating noodles.
You know what, all kinds of means have indeed opened the eyes of A-share investors. US stocks are also extremely volatile, with frequent surges and plunges, which is a real test of investors' nerves.
"Alas, the good times are over. You must be very careful when doing business from now on."
Although Junshi’s price investment did not suffer much loss today due to the collective outbreak of pharmaceutical stocks, Gu Junhao was not happy as he stared at the green screen that was all over the big screen.
“I wonder if there are still investors who would like me to relax my subscription quota?”
