Chapter 459: Net Worth Return
Speaking of which, this is the first time that Gu Junhao has accepted such a high-level interview.
Before, Gu Junhao had accepted interviews of all sizes, including from authoritative media in the industry.
But none of them have reached this scale, and most of them are interviews from local media in Beicang and Ningbo.
After operating for several years, although Gu Junhao still maintains a low-key personality, he is not unapproachable. He will still accept some interviews that are mutually beneficial to both parties.
Moreover, the nature of this high-level interview is somewhat different from usual ones. Although it is not explicitly stated, it seems more like a mission to cooperate with policy news.
In other words, there will definitely be subsequent policies to rescue the market, and they will continue to be followed up. In this case, the bottom-fishing action will have to be accelerated.
On the news front, as of the 16th, the financing balance of the two cities fell again by 8.5 billion yuan, falling below 780 billion yuan.
The stock repurchase system of listed companies will enter the legislative process.
The heads of banking and insurance regulatory bureaus in various places will rush to the capital to attend the meeting tomorrow. There is no clear date for when the results will be announced.
But market participants speculated that it should be a good thing.
The recent continuous decline in the balance of margin trading has attracted widespread attention from the market, and margin trading customers have become the most closely watched by major brokerage firms.
It's nothing more than a question of risk. The index has returned to four years ago, but the stock prices of individual stocks are not as simple as just returning to four years ago.
The share prices of some individual stocks have even fallen to the levels of six or seven years ago. Many of them are financing targets, and these all require financing customers to add additional margin.
The consequence of not adding margin or collateral is forced liquidation of the position.
In extreme declines, apart from some panic selling, the biggest victims are margin accounts. If the market drops rapidly in a short period of time, it is difficult to add margin in time due to lack of money.
In order to control its own risks, the only thing the broker can do at this time is forced liquidation. This risk is uncontrollable for a margin account.
After all, everyone has times when they don’t have enough money.
This is also the reason why even though Gu Junhao has some foresight and knows the general trend of the market, he rarely uses large amounts of financing.
Because as long as there is a slight deviation in memory, or the environment changes, or an accident occurs at a certain point in time, you will put yourself in a passive position.
This is also the biggest risk of stocks besides delisting.
Judging from the concentrated reports on financing balances in the past two days, the market should have one last drop before the rescue policy comes out, and the financing balances will have to be killed one more time.
Once these financing accounts are liquidated, they will become ready-made chips.
From this perspective, it is understandable that the pull of the two oil companies caused panic. If Gu Junhao were the one in charge, he would probably do the same.
On the 17th, the Shanghai and Shenzhen stock markets opened sharply higher, with the three major indexes all exceeding 1% in the call auction. Shenzhen concept stocks continued to rise, and leading stocks closed at the same level again.
"Haha, you don't give me any chance at all." Gu Junhao said with a smile.
“There isn’t much opportunity for hot money in this situation, but it is possible that they will start speculating on stocks, especially those in big cities. The Shenzhen Stock Exchange will bring in money, and other cities will most likely follow suit,” Liu Tingting replied.
"That's right. What's being speculated is an expectation. Just like today's high opening, funds are expected to rescue the market. Let's make some money from the high opening first."
After the National Day, due to the emergence of extreme market conditions, every morning, after Xu Jianqing and the other two had a meeting with Gu Junhao, Gu Junhao would come to Trading Room No. 1 to take charge after finishing the matters at hand.
No matter what predictions you have, many times it is still possible to feel it more ; during the trading session, some trading plans can also be adjusted in a timely manner.
For example, Dongcai and Tonghuashun began to slowly build up positions at the end of last month. On the first trading day of October, Dongcai fell below 11 yuan with large volume.
Now that Dongcai has entered the 10 yuan area, there is no need to worry too much about where it will fall next. At this time, Gu Junhao decisively changed the operation plan and asked traders to speed up their positions.
From the beginning of building a position until yesterday, Junshi Price Investment has built a position of more than 800 million yuan in Dongcai, which has an average daily trading volume of more than 1 billion yuan, accounting for more than 4% of the total holdings.
Today, Dongcai is still mainly buying, increasing the proportion of overall holdings to 5%.
Tonghuashun also increased its trading volume after October 8, with the average daily trading volume rising to more than 70 million yuan, and the speed of building positions was much slower.
However, compared with the trading volume, the buying data is still quite considerable.
However, due to its share capital, Tong Huashun cannot buy much position. It can only buy 26 million shares at most, keeping its shareholding ratio at around 4.8%.
Based on the current transaction volume, it will take at least another month to buy. Tong Huashun is currently priced at less than 30 yuan, and the actual purchase cost may be less than 40 yuan. It would be even better if it can be controlled at around 35 yuan.
All in all, Tonghuashun’s highest cost of building a position may be around 1 billion yuan, which seems much more expensive than Dongfang Fortune, but is actually much cheaper.
You should know that with the same 1 billion yuan of position building cost, one can only buy less than 2% of Dongfang Fortune's total share capital, but Tong Huashun can buy more than 4.8% and less than 5%.
Moreover, Tonghuashun's future growth value is much higher than Dongfang Wealth, and its rate of return will naturally be much higher.
Tong Huashun, which survived the crisis of being used as a scapegoat during the 2015 stock market crash, has much greater future growth value than Dong Fang Wealth, whose scale is already quite large.
Gu Junhao vaguely remembered that the proprietress of Dongfang Wealth bought a large amount of Tonghuashun at a price of around 50 to 70 yuan, and eventually made a huge profit.
I can't remember which year it was, but it was definitely not 2018. The current price of Tonghuashun is only around 30 yuan, even though it experienced a surge of more than 10 times during the bull market in 2015.
But after the adjustments, it is still a growth stock with great potential.
Tonghuashun's stock price rose to as high as 181.87 yuan. If it had not experienced a series of problems during the stock market crash and this year's super bear market, its stock price would never have fallen to around 30 yuan.
With the popularization of smart phones and the advent of the mobile Internet era, mobile stock trading became popular after 2015. Tonghuashun, which is connected to major brokerage platforms, has been experiencing rapid growth in performance.
The concept of Internet finance, which has been in full swing for several years, has seen various risks today and its reputation is getting worse and worse.
Among A-shares, the concept stocks spawned by this concept, in Gu Junhao's opinion, the only truly valuable ones are Tong Huashun and Dongfang Wealth.
Compared with Dongfang Wealth, which is more like a fund and brokerage firm, Tonghuashun is more like the most authentic Internet financial concept stock.
The index opened high and closed low as usual, and consumer stocks are still the main force of the sell-off. In the first two trading days, automobiles and home appliances fell sharply, and today it is the turn of liquor.
The sell-off continued until the afternoon. The Shanghai Composite Index fell by more than 1% during the session, and the index fell to around 2517 points, which still looked very dangerous.
But in fact, apart from the large category of consumer stocks, the declines in individual stocks in other sectors such as new energy, technology, 5G, and medicine were not large.
Ning Wang and China News Service, two of Junshi Group's largest holdings, are also in the green. Even relatively weaker stocks including Dongfang Wealth and Tonghuashun have not hit their lows since hitting bottom on October 11.
"The ChiNext has really stabilized. We don't need to worry about the ChiNext index anymore. We should increase our positions at our own pace and fill up the ChiNext targets as soon as possible."
"Okay, we'll get to it as soon as possible."
Since Ning Wang hit the daily limit, Junshi Price Investment seems to have changed its luck. Although the index performed poorly yesterday and Ning Wang also fell slightly, Junshi Price Investment's overall return for the whole day was still positive.
The individual stocks held today have also performed well. Without the index truly hitting bottom, Junshi Value Investment’s periodic large pullback has already ended!
Next, the remaining cash flow will be to wait for the liquor price to fall to a certain level before investing it all into the liquor sector.
In this way, the last piece of the puzzle for Junshi Group's bottom-fishing in 2018 can be completed.
At two o'clock in the afternoon, the semiconductor sector rose abnormally, leading the Shanghai and Shenzhen stock markets to rebound. The index, which had been diving all day, began to reverse in a V-shape in the last hour.
At the end of the trading day, the three major indexes of the Shanghai and Shenzhen stock markets all turned green. Although the K-line of the Shanghai Composite Index is still a false negative line, this is the first time that the two markets have shown a reversal momentum since the first trading day in October.
As of today, there have been a total of eight trading days, whether it was the gap down on October 8, or the sideways fluctuations on the 9th and 10th, or the decline in the subsequent trading days.
The trends of the Shanghai and Shenzhen stock markets are both weak. Once the index goes down, it will never get up again, and the trends of individual stocks tend to be a collective sell-off.
However, starting from this week, the situation has changed. Although the index is still falling, it is more because of the compensatory decline of large consumer categories, which account for a relatively high weight.
On the daily trading platform, the number of stocks that hit the daily limit is also increasing, and stocks that hit the daily limit can bring more popularity.
Individual stocks that had suffered sharp declines in the previous period have slowly begun to rebound since this week, with leading stocks such as Ning Wang leading the way.
A duck is the first to know when the river water warms in spring. The rebound in the market starts first. Gu Junhao can already feel the reversal of the market clearly.
"From now on, you can ignore the index. Except for the major consumer goods categories, any pullback is a buying point!"
At 9:30 p.m. on October 17, Junshi Price Investment's net value rate, which had increased for three consecutive trading days, was reported at 2.4395, and the overall size of the fund returned to above 20 billion yuan.
The net value rate of 2.4395 officially recovered all the declines in October, and successfully exceeded the net value of 2.4339 at the end of September, returning to profitability.
The return of Junshi Price Investment's net value has boosted the morale of investors who have been paying close attention to its changes. Those who bought in September and have not sold their shares yet have all got out of their losses!
