Chapter 452: Resuming Subscription
At three o'clock in the afternoon, trading in the Shanghai and Shenzhen stock markets officially ended. Throughout the day, the Shanghai Composite Index fell 0.2%, while the ChiNext Index rose slightly by 0.3%.
While trading was uneventful throughout the day, the A-share market set a new record today. The Shanghai Composite Index only traded 96.8 billion yuan throughout the day, setting a new low in trading volume in 32 months!
The last time the Shanghai Composite Index's daily turnover was less than 100 billion yuan was after New Year's Day in 2016. At that time, due to circuit breakers, the Shanghai Composite Index had insufficient trading time and its daily turnover was only more than 70 billion yuan.
However, this was only a special case. At that time, the trading volume of the two A-share markets was still relatively considerable. The current daily trading volume of around 100 billion yuan dates back to between 2013 and 2014.
In fact, the current trading volume has already reached the bottom area. Today's full-day trading volume is less than 100 billion yuan, which has triggered a heated discussion about the bottom in the market.
Countless opinions believe that this position is already the bottom of A-shares, and it is completely feasible to buy at this position.
Investors who still have spare money to buy at the bottom will start to get restless after today, ready to look for opportunities to buy at the bottom.
In the evening, with the update of Junshi Price Investment's net value and a fund announcement, the discussion of the bottom was pushed to a new height.
On September 11, Junshi Fund issued an announcement that the subscription quota of its Junshi Value Hybrid Growth Fund (125700) will return to normal starting from September 17.
The large-scale subscription limit has been adjusted from no more than RMB 1,000 per day per account to no more than RMB 2 million per day per account.
As the mutual fund manager with the highest historical growth rate in the industry, every move of Junshi Value Investment Fund Manager Gu Junhao has always attracted much attention from the market.
In just over four years, Gu Junhao made the leap from an ordinary retail investor to a private equity fund manager and then to a public equity fund manager. His legendary experience is talked about by investors.
In less than five years, whether it was the bold words spoken by retail investors when they posted on Taoguba, or the subsequent establishment of private equity and transformation to public equity, the entire process was always accompanied by pessimistic voices.
However, Gu Junhao has come a long way and used his solid achievements to slap the faces of those who were not optimistic about him. As a result, his wealth has skyrocketed and he has entered the top of the rich list.
With a series of achievements and constantly refreshing performance, he can be said to be the protagonist of a cool novel.
Since the end of November 2017, when Gu Junhao adjusted the daily subscription quota of Junshi Price Investment to 1,000 yuan, the Shanghai Composite Index has fallen by nearly 1,000 points in nine and a half months.
In the past nine and a half months, the Shanghai and Shenzhen stock markets have also experienced rebound phases; however, in the face of investors' calls for the relaxation of subscription, Gu Junhao remained unmoved.
To date, the decline of the market has proved Gu Junhao's judgment, and his initial misunderstanding has gradually turned into admiration.
The limit is to protect investors and prevent them from losing money by increasing their positions at high levels. In a market where bearish sentiment is not allowed, this is the bottom line a fund manager can set.
What's more, Gu Junhao directly reduced the daily upper limit of Junshi's price investment to 1,000 yuan at one time, which almost completely blocked the possibility of an increase in the size of his own fund.
It cannot be said that it has become a closed-end fund, but it is not much different. The losses caused to Junshi Fund's performance are very large.
After all, public funds are not like private funds, which can significantly increase their shares. Their main performance comes from the collection of management fees. Without scale, there will be no management fees.
And just today, Gu Junhao lifted the subscription limit of Junshi Price Investment at one time!
One stone can cause a thousand ripples!
"Fuck! Has the bottom really come? Brother T has opened up the subscription! Brothers, go for it!"
“Hahahaha, I’ve finally waited until this moment. When Brother T first limited the quota, I didn’t understand what was going on. After a month of decline, I realized that this was a bearish sentiment. I cleared my positions at that time. So now that subscriptions have been released, it means that Brother T is starting to be bullish!”
"The person above is from Jin Province, he laughs with four tones, but what he said is true, it seems Brother T has seen too much!"
"Go, go, go! Brother T has lifted the limit. I have just redeemed my financial products. I can subscribe next Monday. I want to go all in this time!"
"I don't know which sectors Brother T will go all-in on. I can also buy some stocks. It doesn't feel exciting to just play with funds."
"This is easy. We will know after the National Day. The third quarter is about to end. If Brother T wants to build a position, he will start building a position this month."
"What if Brother T reduces his holdings? Then he will switch to another sector."
"You are an idiot, right? Brother T has lifted the limit, he will definitely not run away after just a few months. He will not make a lot of money and then close it down after one or two months. The market will definitely continue for a while."
"In fact, looking at today's trading volume, it is almost at the bottom. With the Shanghai Stock Exchange trading volume at less than 100 billion per day, it is understandable that Brother T has lifted the limit."
On September 12, generic drug concept stocks suffered a heavy blow, blue chip stocks and Kechi stocks fell collectively, Dahua Group fell nearly 9%, Hikvision fell 8%, Huadong Technology and Aier Technology all suffered heavy losses.
At two o'clock in the afternoon, Zhongguo Software plunged nearly 4%. The sharp drop in blue-chip stocks, technology stocks, and pharmaceutical sectors caused the Shanghai Composite Index to hit a new low today.
The intraday low of 2647.11 points is close to the low of 2638 points when the circuit breaker occurred.
During the period of bottoming out in the second half of 2018, the most interesting market trend was probably the situation where one blue chip stock was offered to the market every day.
No one knows when it will be their turn, just like opening a blind box in the future.
However, today's trading volume still did not increase. Compared with yesterday's trading volume of 96.8 billion yuan, the Shanghai Composite Index only traded 93.45 billion yuan throughout the day, which once again set a new low like the index.
The unlimited decline seems to indicate that the market really can't fall any further. Combined with the announcement of lifting the limit released by Junshi Price Investment last night, some of Gu Junhao's fans have become more determined to think about buying at the bottom.
However, investors have no idea yet as to which sector to bottom out. Today's market is like a headless fly, with no main market trend to be seen.
Since hitting the limit down on September 10, Dongfang Wealth's stock price has fallen below 11 yuan to 10.84 yuan today. Although it did not close in the green for two consecutive trading days, the closing price was still higher than the opening price.
The trend of two false cross-yang lines and the trading volume of about 1 billion yuan can already explain some problems. Some funds are starting to bottom out Dongfang Wealth.
Today, Gu Junhao returned to the trading room, and the establishment of positions for Dongfang Wealth and Tong Huashun has been put on the agenda.
Compared with Dongfang Wealth, Tonghuashun's transaction volume has really fallen to the bottom. Today, Tonghuashun only completed a transaction of 47.3 million yuan throughout the day.
The transaction volume of less than 50 million yuan seems to have returned to 2014, when Gu Junhao used 8 million yuan of financing funds to build a position.
Dongfang Fortune has returned to the 10 yuan range. Although Tonghuashun's price is higher than when it was ex-rights in 2014, its trading volume has also returned to that time period.
After five years, one bull market and one bear market, the stock market has returned to the starting point, as if nothing has changed. This is probably the sadness of A-shares.
Compared with the transaction volume of Dongfang Wealth, Tong Huashun's position building task is much more arduous. According to the current volume, it would be good if he could buy 2 million yuan a day.
But there is no need to rush. Junshi Group has a lot of money now. For high-quality growth stocks with low trading volume, such as Tonghuashun, it is better if the trading volume is maintained for one or two months, so that more low-priced chips can be collected.
In the last two days of this week, the trading volume of the Shanghai Composite Index increased and finally recovered to above 100 billion yuan. The index finally returned to above the five-day line on Friday, September 14, to 2681.64 points.
Technology stocks and software stocks fell again in the last two trading days, which may be related to Junshi Group's portfolio adjustment.
In order to reallocate positions, the three major trading teams of Junshi Group began to work at full capacity and replan their positions after Gu Junhao issued the order.
There are so many stocks in the market, and it is impossible and we don’t have the ability to buy a large number of all the high-quality stocks. We must make certain trade-offs.
For example, in the semiconductor, chip and pharmaceutical sectors, please note that some individual stocks will be abandoned and there is no way to avoid this.
With the current market trading volume, if Junshi Group wants to make large-scale adjustments to its portfolio, certain sectors will still be affected to a certain extent.
However, Junshi Group has not yet established a position in the liquor sector, and the liquor sector has only just begun to fall sharply. Gu Junhao decided to start building a position in October.
On the one hand, the manager of the sauce-flavored liquor did not want the market to guess his intentions when the third-quarter holdings appeared in October. On the other hand, it is true that the liquor price has not yet fallen to the right level.
At least, as far as I can remember, Maotai's limit down has not happened yet, and the current share price of Maotai remains above 600 yuan. At the close of September 14, Maotai closed at 642.90 yuan.
There is still nearly 30% drop from 500 yuan. There is no need to build a position in advance in the liquor sector as the trading volume is sufficient.
Maotai is the weather vane of liquor. If it falls to a certain level and then rebounds, then liquor has basically bottomed out. Gu Junhao only needs to keep an eye on whether Maotai has hit the limit down.
On the day of limit down, no matter what the stock price is, it is time to build a position.
The plunge in technology stocks this week has severely damaged market sentiment. The three major indexes have all hit new lows for the year, and trading volume has also been unusually sluggish.
The central bank has been conducting open market operations for eight consecutive weeks, with net injections hitting new highs, but the capital market is still unsatisfactory.
On Friday, Mindray Group disclosed its prospectus, planning to issue 121.6 million new shares to the public and raise 5.75 billion yuan. The expected issuance date is September 27.
If Mindray Group is able to raise enough funds in the end, it will exceed Ningwang's 5.46 billion yuan and set a new record for the size of a single IPO on the ChiNext.
Trading volume is sluggish, MY friction is repeated, and the largest single fundraising on the ChiNext this year has arrived. The market at the weekend is still full of various negative factors.
However, Gu Junhao does not think so. In most cases, large-scale IPOs or IPOs of market star stocks will more or less pull up the index.
Everyone understands the truth.
Mindray Group is also a ten-fold stock. Junshi Capital also participated in the offline fundraising in the secondary market this time, but it is destined not to get much share.
If you want to get more chips, you still have to increase your holdings in the secondary market.
…
After midnight on September 17, Junshi Price Investment officially restored the subscription limit, and some night owls have already started placing orders.
As of the close of September 14, the net value of Junshi Price Investment had fallen to 2.2418, a decline of 3.3% from the previous month.
Although the net value is still retreating and there were negative news everywhere over the weekend, there are still many investors placing orders after midnight.
The appeal of the ace fund manager in judging the overall situation remains as strong as ever.
"Haha, the order is ready, brothers. This time, we're going to put in 1 million yuan. We're not going to buy any stocks. We'll just hold on to this and not trade stocks anymore."
"Oh my god, I didn't expect he was a rich man. There are so many rich people. He still has so much money to cover his position at this time."
"What's the point of replenishing my position? This is the money I made from following Brother T to buy Tong Hua Shun and Long Ji shares. After Brother T set the limit, I cleared my position within a period of time, and then I haven't played for the whole year."
"That's awesome, brother. We've avoided the 9-month crash, and now we're letting you buy at the bottom again. Are you Brother T's biological son?"
"Damn, I would like to have a godfather, but the problem is that there is no such opportunity."
"I also bought 100,000 yuan from this group. That's it. Let Brother T take care of the money. I don't have the patience to invest in stocks anymore. I've lost so much money this year that I'm bleeding."
"You guys are awesome at all-in. I plan to invest regularly, buying a little bit every day and every month. In fact, whether there is a limit or not doesn't matter to me. I will buy 100 yuan a day, haha."
The lifting of the limit made the comment section of Junshi Fund extremely lively late at night, with most of the comments being flattering. After all, few people who were trapped would be in the mood to curse others in the middle of the night.
Although those investors who bought at the top were still uneasy after the purchase restriction was lifted, they finally breathed a sigh of relief. At least they saw a large number of subscription screenshots in the comment section, which meant that Junshi Price Investment had money to increase its holdings.
There is hope for relief!
After going to work in the morning, Liu Tingting checked the backend data of Junshi Price Investment as soon as possible. The subscription numbers made her feel both painful and happy.
I am happy because the data is very good. Although we are in a bear market, there are still many rich people, and the amount of money they buy is quite large.
The painful thing is that starting from tomorrow, the trading team will be busy. It has been a long time since I have felt the pressure of chasing positions.
When Gu Junhao arrived at the trading room, Liu Tingting immediately reported the good news: "Boss, last night's subscription data was very good. It will probably be even better during the day."
"Oh? Really? As long as the data is good, it's fine. But you guys will be busy now, haha."
"Yeah, I'm going to start adding to my position tomorrow. It's a headache."
"It's okay, just blame Ning Wang. Just keep holding 10% of the shares. The rest can be slowly added to Dongcai and Tonghuashun. If that doesn't work, add it to the medical sector."
"Okay, the main character is a full-position all-in Ning Wang, right? Haha, it's a pity that we can't add China News Service."
"There's no need to add China News Service, just add King Ning. However, no matter how many people you add, you need to check the data with Ruoyu and Xiaoxu every day to avoid another placard."
"Okay, I understand that."
After the hot money fled in July, China News Service experienced more than half a month of adjustment, and the stock price showed a trend of bottoming out and rebounding in August.
During a round of bottoming out, the lowest price of Sino-Singapore Communications was 12.85 yuan, after which the stock price slowly rose all the way to a high of 19.64 yuan.
Last Friday, the closing price of Sino-Singapore Communications was 18.34 yuan, with a market value of 87.7 billion yuan. The second round of bottoming out has been completed, and the best time to increase holdings is actually not now.
On September 17, affected by negative factors over the weekend, both the Shanghai and Shenzhen stock markets opened lower, with the Shanghai Composite Index falling 1.11% throughout the day and the ChiNext Index falling 1.23%, hitting a low of 1345.58 points.
There were still no bright spots in the two markets throughout the day, with more than 70% of stocks in the red. Ningwang's share price closed at 63.71 yuan today, barely holding the 20-day line position since the rebound. Daily trading volume dropped to a pitiful 461 million yuan, the second lowest trading volume since its listing.
Junshi Price Investment ended its first trading day after the limit was restored when the Shanghai Composite Index fell below the 5-day line again and the ChiNext Index hit a new low.
At 9:30 that evening, Junshi Price Investment updated the latest net value: 2.2198 (-0.99%).