Rebirth of the investment era

"Don't you want to wait any longer?" Li Meng asked with a smile.

Su Yu responded with a smile: "With the release of the 'Nine Articles of the New Country', the entire ecological environment and underlying investment logic of the domestic capital market will change. The expectations of the entire market are also rising amid the recovery of sentiment and confidence. The big market opportunity should be very close. The opportunity to issue new funds, expand our company’s asset management scale, and better plan for future market conditions has arrived, so there is no need to wait any longer.”

"Well, okay!" Li Meng nodded, "I will start preparing relevant materials on Monday."

"but……"

Li Meng paused and then said: "For our next fund, what is the upper limit of the amount of funds you plan to raise? And how will you allocate and select fund product managers?"

"What do you think?" Su Yu looked at her with a smile and asked.

Li Mengmeng thought for a while and said: "Based on our company's current performance and its influence among investors in the industry, even if you set the upper limit of the amount of funds raised at around 20 to 30 billion, I think we should be able to raise It has been completed, but judging from the amount of active funds in the current market and its performance, as a private equity fund company, the scale of a single fund product is too large, so it is not easy for us to achieve results."

"Therefore, I think the upper limit of the amount of funds raised by fund products is set at around 10 billion, which is relatively reasonable."

"As for the staffing and selection of fund product management personnel..."

Li Meng pondered for a while before continuing: "In our company's trading team, the only ones who are performing outstandingly and can be fully trusted are Liu Yuan, Zhu Tianyang and Zhao Lijun. Wang Can... and Your relationship is very good, but he still needs to continue to grow in terms of ability and investment strategy decisions."

"10 billion capital scale." Su Yu heard Li Meng's words, thought for a while, and replied, "Then prepare according to the upper limit of 10 billion fundraising scale. As you said... the current market is active The amount of funds can be limited, and the initial scale of our single fund product is too large. When market liquidity is still relatively limited, performance improvement, opportunity selection, entry and exit... will be restricted."

"As for the new funds, the management issues..."

Su Yu thought for a while and said: "The position of the first fund manager of the newly launched fund products should be shared by me and you. At the same time, we can take over the relatively small scale of 'Yuhang No. 1', which has already fully achieved its performance." The managers of the Fund' and 'Yuhang No. 2 Fund' will make adjustments so that the tasks and workload on your shoulders will be relatively smaller."

"Adjust the management personnel of 'Yuhang No. 1 Fund' and 'Yuhang No. 2 Fund'?" Li Mengwei asked doubtfully, "How to adjust?"

Su Yu replied: "Promote Zhao Lijun and Liu Yuan to manage the 'Yuhang No. 1 Fund' and 'Yuhang No. 2 Fund' products respectively. Zhu Tianyang can take over Liu Yuan's current position as the leader of the 2nd trading team. , Wang Can’s position will remain unchanged.”

"Of course, in the process of personnel adjustment."

"You are still in charge of the three fund products, the overall investment strategy direction, and all the major and minor matters of the entire trading department, and I will assist you."

"Then there is still a shortage of manpower!" Li Meng said, "What about the newly established 'Yuhang Fund No. 3' trading group? These missing people...are they drawn from Groups 1 and 2?"

Su Yu nodded and said: "Yes, from groups 1 and 2, half will be newcomers who have passed the trading test and completed several rounds of assessments, and half will be seniors who have been employed for more than half a year. As for the trading team leader of group 3, you can decide for yourself. Currently Among the trading department staff, in addition to Liu Yuan, Zhu Tianyang, and Zhao Lijun, we can still pick out one or two useful talents."

"How about Lao Zhang?" Li Meng thought about suitable candidates for the company and asked.

The old Zhang in Li Meng's mouth is named Zhang Guobing. He entered the company four months ago, that is, at the end of last year, after passing three rounds of trader assessments. He is 31 years old this year and has worked as a market analyst in the asset management and investment department of a securities company, as well as in private equity. An institutional industry analyst and trader, he is an employee with relatively rich market experience who switched jobs to Yuhang Investment.

Su Yu thought for a while and said: "Lao Zhang's trading thinking is a bit rigid, but he is more experienced, not ambitious, and his trading style is also conservative. As a fund manager, he needs to capture market trends and decide the general direction of investment. The personnel is definitely not suitable, but as an assistant, he is responsible for monitoring the market, executing orders, sorting out market information reports, etc., but he is a very suitable candidate. If you choose him as the trading team leader of Group 3, there is a high probability that he will not be available. questionable."

"Well, since you agree, it's decided." Li Meng said with a smile.

"Oh, by the way, there is one more thing." Li Mengmeng thought for a moment and then said, "During the May Day holiday, during the Oriental Fortune offline investment exchange meeting, when I was talking to Mr. Qin of Anzhao Fund, she vaguely told me She has expressed her thoughts and hopes to switch to our company. Do you think she is sincere or fake? Our company is actually still short of core managers. If..."

When Su Yu heard Li Meng talking about this, he chuckled and said: "This Mr. Qin is not a simple person. Most people can't surrender. Although our current asset management scale at 'Yuhang Investment' is not small, we still have a lot of resources in the company." In terms of comprehensive accumulation, it is still a small company in the start-up stage. It is better to use the people you train yourself to work steadily. This Mr. Qin really wants to change jobs... There are a lot of domestic asset management and investment institutions that you can go to. There is no need to have to do it. Get into our little temple."

Su Yu thought he couldn't see through Qin Qiuyue of Anzhao Fund and couldn't control it.

Therefore, he will definitely not recruit such people into the company.

"Okay, pretend I didn't say it." Seeing that Su Yu had his own thoughts, Li Meng stopped mentioning this matter and changed the subject, saying, "Before, you said that we would need to Avoid using the 'Fortune Road' seats and directly use the exclusive institutional seats with less distinctive features. I have already discussed this with the staff of the trading center, and they said they will open an exclusive institutional seat for us."

"Okay!" Su Yu responded, "But there is no need to change the existing trading seats of 'Yuhang No. 1 Fund' and 'Yuhang No. 2 Fund'. The entire Yuhang Fortune Road Sales Department of Huashang Securities is now Basically relying on our company’s trading volume and influence, Mr. Qu is not such an unkind person. We still have to give him this face, and we have captured Mr. Qu. In the future, we will deal with many brokerage institutions through him. , and much more convenient.”

The two of us chatted about work and the company until 10 o'clock in the evening, when we each went back to the house to sleep.

The next day, Saturday, Su Yu attended a party at their school at Shi Yuling's invitation, and then had dinner with her before returning; on Sunday, Su Yu chatted with the designer of the decoration company he was looking for. Then, under the organization of Liang Bin and He Qian, he met with the boss of a proposed investment company to discuss investment matters.

In my busy schedule, before I knew it, Monday, May 12th arrived.

At around 8:30 in the morning, Su Yu and Li Meng came to the company together.

Su Yu convened a short meeting with the management of each department of the company and announced the company's plan to issue a third private equity fund. At the same time, after discussing with everyone, he finalized the personnel adjustments in the trading department. Then, at 9 a.m. About 10 minutes before the market opened, I arrived at the company's internal fund trading room.

"Mr. Su, there is a high probability that the market will continue to break through today, right?"

Seeing Su Yu's arrival, one of the company's traders, a relatively young trader, looked a little excited and said: "The Shanghai Stock Exchange Index should be able to reach 2400 points directly at the opening."

"What do you think?" Su Yu glanced at the trader with a smile and did not answer directly. Instead, he looked around at everyone in the trading room and asked with a smile.

"According to everyone's expectations in the market, everyone believes that last Friday's good news is the new stage of the 'New National Nine', which has a profound impact on the development of the entire domestic capital market, comparable to the central bank's interest rate cuts, Accurate." When asked by Su Yu, another trader responded, "I think so too. After all, this is the first time in ten years that a high-level regulatory agency has issued guidance in a red-headed document, and the opinions are Each item here is a suggestion that is beneficial to the development of the domestic capital market. Currently, the Shanghai Stock Exchange Index has broken through to a position not far from 2,400 points. Now, with the help of this huge benefit, it will break through 2,400 points in one fell swoop. There is a high probability that it will not be difficult. .”

"Well!" Su Yu nodded slightly, "The good news will intensify the development of the trend. From a logical derivation point of view, there is no problem with your analysis."

"Thank you, Mr. Su!" The encouraged trader sat down happily.

"Zhang Guobing, what do you think?" Su Yu glanced at the trader after he sat down, and named the trader named Zhang Guobing who was promoted by Li Meng.

Zhang Guobing had his head lowered and was lying in front of the computer screen, concentrating on studying the pre-market information reports and market sentiment trends. He didn't expect Su Yu to call his name. At this moment, when he heard Su Yu call him by his name, he couldn't help but stand slightly surprised. He stood up, thought for a while, and replied: "Based on market sentiment, as well as holiday information and market trends in domestic and external markets, there should be no doubt that the market opened higher today, but I think... we should not be too optimistic. .”

"Oh?" Su Yu couldn't help but become interested when he heard what he said, and continued to ask, "Why do you say you shouldn't be too optimistic?"

Zhang Guobing coughed slightly and responded: "Although this opinion letter issued by the high-level regulatory agency is a major benefit that has a far-reaching impact on the development of the domestic capital market from all aspects, this benefit is only macro-programmatic." According to the guidance of the document, it will take a long time to really implement these benefits and change the development attitude of the domestic capital market and the basic investment logic."

"In other words, I think this positive impact on the short-term market trend will be very limited."

"After all, the most important condition that affects the short-term market trend, besides market sentiment, is that capital is king."

"Xiao Liu said before that this benefit is basically equivalent to the central bank's interest rate cut and reserve requirement ratio cut, which can have a strong stimulating effect on market trends. In fact, the fundamental difference is quite huge."

“Because the central bank’s interest rate cuts and reserve requirement ratio cuts will directly release a large amount of funds, which will greatly fill the market’s liquidity. In other words, the central bank’s interest rate cuts and reserve requirement ratio cuts will directly stimulate the supply of funds, which is good for market trends. Direct stimulation, so the stimulating effect on the short-term trend of the market will definitely be much greater, and this time's "New Country Nine" benefits are a long-term benefit, and its impact on the short-term capital that supports the market conditions is Minimal."

"Furthermore, because the market has continued to trade high, the accumulated profit orders and some latent orders are quite heavy near the current high point of market sentiment."

"This part of the funds, at this stall, has a huge desire to make profits and stop profits."

"If the index opens significantly higher, the desire of this part of the funds to take profits will be stronger, which will also cause greater upward pressure on the index."

"Small changes in capital will not be able to withstand such heavy selling for a while."

"So, I predict that when there is a certain deviation between market sentiment and actual funds, and the index is at a relatively high level, and there are a lot of profit-taking and latent orders, even if the index can open significantly higher, then... the violent after-opening Shock is probably inevitable."

“It’s not that easy to get above 2,400 points, and even if you get there, it will be very difficult for the index to continue to hold high.”

"Well, not bad, I have some insights." Su Yu nodded, glanced at him with admiration, and said, "Your interpretation of market capital under favorable conditions is quite good."

"Thank you, Mr. Su, for the compliment." Zhang Guobing responded and sat down obediently.

“But even after it opens higher, it will be extremely difficult for the index to continue to hold high, and due to the accumulation of huge profit-taking and latent orders, there will be violent fluctuations during the session. The overall upward trend of the market should still not have any big impact. Change?" Zhao Lijun took the words and continued, "The benefits of the 'Nine Articles of the New Country' are indeed a long-term benefit, but the market sentiment and money-making effects are still there, and the market trading conditions are no longer what they were at the beginning of the year. In this sluggish state, the transaction volume of the entire market has been rising steadily. Regardless of the continued inflow of incremental funds or the enthusiasm of investors on the market for frequent participation, they have been activated. Under this effect, there is good actual support and the risk of selling Profit orders and latent orders will be quickly digested by the market, so although the 2,400-point mark has been repeated, it can definitely be reached."

"I agree with Brother Zhao." Liu Yuan thought for a while and agreed, "Although there are fluctuations in the intraday market, the trend that has emerged will definitely not change easily, and regardless of the degree of continued participation of the main funds, In terms of volume, energy and sentiment, the two core themes of 'infrastructure' and 'state-owned enterprise reform' leading the market are far from the end of the market or even the time to turn."

"but……"

Liu Yuan paused and then said: "For intraday operations, it is definitely right to be cautiously optimistic. After all, the market sentiment is too high at the moment, but the incremental funds in the market will take time to continue to increase." It is simply impossible to increase hundreds or hundreds of billions of incremental funds out of thin air in one breath. Therefore, when the emotional heat cannot match the speed of incremental capital inflows, the market will open higher, and even the early trading trend will probably It will be lower than many people expected.”

"And if it is lower than many people's expectations, it will naturally intensify the flight of profit and potential profits in the city."

"In general, Brother Zhao's analysis is correct, and Brother Zhang's analysis is actually correct. It's just that everyone has different opinions on the market structure."

"Very good!" Su Yu was still very satisfied with the apprentice he had taught him step by step, and said with a smile, "I am cautious during the day but still relatively optimistic about the overall trend. This is indeed the current trading operation idea, 'New The benefits of the National Nine Articles are indeed a benefit that will gradually deepen and have a far-reaching impact on the entire market. It is likely to change the ecological development of the domestic capital market, but its short-term impact is very limited."

"I have said before that the short-term trend of the market is affected by funds and is affected by the joint game of on-site and off-site funds, while the long-term trend is determined by the entire market investment environment, ecology, industry, and individual stock fundamentals. , the overall market valuation and other macro conditions are affected.”

"So, the most important thing is to look at the long term and the short term, find the right entry point, and understand the relationship between short-term trends and long-term trends."

“Only by clarifying the relationship between the two, can we not be affected by market sentiment and favorable conditions, thereby blinding our eyes, confusing our mentality, and making wrong trading decisions.”

"Mr. Su, based on the mismatch between sentiment and capital, today's opening should be the highest point of market sentiment and the best selling point for intraday operations, right?" Zhu Tianyang answered after listening to Su Yu's analysis. He said, "Can we operate with a small position?"

Su Yu responded with a smile: "I will never interfere with your intraday operations of small positions. If you think it is right, then operate according to your own ideas. Of course, no matter whether the intraday operation is a loss or a profit, you must do it before closing in the afternoon. Keep the number of stocks held in your account unchanged."

As for the company's daily operations, he does it as part of everyone's work assessment.

At the same time, through some operations, we can also see the gap in everyone's trading level.

"The actual trend of the market is the only way to verify whether the analysis is right or wrong." Li Meng glanced at the time during the discussion and said, "Let's see what the final opening result is!"

As she spoke, she opened the backend data, and then turned her attention to the big screen in the trading room.

At this time, the time had already moved to 9:15, and the stopped market of the two cities began to beat in an instant. At a glance, whether it was individual stocks, concept sectors, or industry sectors, they were all red.

"Except for the more than 170 stocks that have been suspended from trading, nearly 94% of the nearly 2,000 stocks in the two cities have opened higher in the red, and all concept and industry sectors in the two cities have also opened higher in the red." Li Meng looked at The initial collective bidding status of the two cities revealed the disk scene. He tilted his head towards Su Yu, looked at him with a smile and said, "Look at the situation, the Shanghai Stock Index has really crossed the 2400 point mark at the opening."

At the close of trading last Friday, the Shanghai Stock Exchange Index closed at 2385.93 points.

Therefore, as long as it opens higher by more than 1%, the Shanghai Stock Exchange Index can reach the 2,400-point mark.

"Let's look at it again!" Su Yu noticed Li Meng's gaze and responded, "When the Shanghai Stock Index entered 2400 points, it entered the area where holding chips are intensive. In addition, the index continued to rise high and rebound, and the accumulated profits , as well as many large-capital latent orders that were informed of the news in advance. Under the fermentation of emotions throughout the weekend, the incremental funds that followed the trend from the outside may not be able to withstand this situation. There is a high probability... The entire collective bidding trend of the market is gradually going downwards, and it’s hard to say how high it will eventually open.”

As he spoke, the time passed 9:16.

I saw that the number of red stocks in the two cities fell slightly. At the same time... careful observation found that the call auction sales orders for many core popular stocks in the fields of 'infrastructure' and 'state-owned enterprise reform' were increasing significantly. Suppressing the further rise in stock prices.

At 9:17, this phenomenon became more and more obvious.

Moreover, Beixin Road and Bridge, the core leading stocks in the two cities, had been trading at daily limit, and the daily limit board, which was blocked by huge orders, suddenly began to have tens of thousands of large sell orders.

At 9:18, the number of red stocks in the two cities fell back to about 89%. The core large-cap stocks of "infrastructure" and "state-owned enterprise reform" such as China State Construction Engineering Corporation, China Metallurgical Corporation, China North Locomotive \u0026 Rolling Stock Corporation, China South Locomotive \u0026 Rolling Stock Corporation, etc., also increased from The position at 9:15 has fallen back by about 1 point, and every stock has signs of rapid expansion in volume.

At 9:19, several stocks of Shanghai Construction Engineering, Pudong Construction, and Waigaoqiao, which were originally trading at daily limit, opened, and the market volume was greatly enlarged. At the same time, the concept and industry sectors of the two cities were all in red, and their performance was relatively weak. The 'Pharmaceutical' and 'Electronic Information' sector index trends turned from red to green.

“This collective bidding trend seems a bit lower than expected!”

At this moment in the Magic City, Zexi Investment Company, in the internal fund trading room, Zhou Kan saw the trend of the collective bidding situation in the two cities, couldn't help but frowned slightly, looked at Xu Xiang, and said: "Boss, you said... this The trend performance will not exhaust all the benefits and become a negative, right?"

"It's hard to say!" Xu Xiang responded, "Market sentiment has overreacted and can easily fall short of expectations."

"Then what should we do?" Zhou Kan scratched his head, "We want to smash it now, but I'm afraid we won't be able to smash it much! Moreover...it's such a huge benefit, and the market has not gone very high since it came up from the bottom, so we can't hold on. Already?"

"Take a step and take a look!" Xu Xiang said, "The absolute position of the index is not high, but if we continue to hold high, we will accumulate a lot of profits. However, with such strong emotions and good news, even if the trend will fluctuate, But it shouldn’t stop the market.”

"I don't think so." Zhou Kan thought for a while, then comforted himself, "Mr. Su from 'Yuhang Investment' hasn't sold out tens of billions of chips yet. He wants to come to the city to make a profit from these chips and is willing to sell them." , it won’t be too big, so... As long as the market can hold up, it’s not a bad thing to absorb the shock.”

After saying that, he nervously looked at the big screen showing market conditions.

At this time, the time has almost passed 9:20, and the two cities have entered the real collective bidding stage where orders cannot be cancelled.

After a large amount of funds have withdrawn orders, at this moment, the market is in a much better state than it was a minute ago before a large amount of funds withdrawn orders, whether it is stocks in the two core main market areas of 'infrastructure' and 'state-owned enterprise reform', or For stocks in other conceptual mainline fields, there was much less selling on the market, and the gains rebounded.

"Sure enough, it's not that bad." Seeing this situation, Zhou Kan breathed a sigh of relief and smiled.

"However, in terms of overall market volume performance, compared with yesterday, the volume has increased significantly year-on-year." Xu Xiang continued, "After opening higher, shocks are inevitable."

Zhou Kan responded: "As long as it's a benign shock, it's okay."

As he spoke, he turned his attention to the market again and the trends of some of the most popular stocks in the two cities.

It can be seen that as the call auction time goes by, the amount of selling chips for these popular stocks that have attracted the most attention is still gradually increasing. Among them, although Beixin Road and Bridge still maintains a one-word daily limit trend, the selling orders on the daily limit board , has increased sharply to 17,900 lots, while Shibei Hi-Tech and Shanghai Stock Exchange Sanmao Liang Checks can no longer maintain the daily limit trend. With the sharp increase in volume, the stock price has fallen back to about 6 or 7 points.

As for Shanghai Construction Engineering, Pudong Construction, Waigaoqiao, Chongqing Development, Beijiang Communications Construction and other popular stocks.

At this moment, the increase has dropped from the highest limit position at the beginning of the call auction to below the 5-point increase, and the market volume is still increasing rapidly.

Of course, in addition to the two popular core main areas of ‘infrastructure’ and ‘state-owned enterprise reform’.

In other non-core main areas, such as finance, non-ferrous metals, mobile Internet, smartphone industry chain, military industry, consumption, medicine, coal and other sectors, although most sector indexes still remain in the red, the buying trend is still there. The power of taking over is also slightly inferior to the power of selling, and the gains are slowly retreating.

Finally, when the time passed 9:25, the collective bidding in the two cities ended, and the rapidly changing market came to a standstill again.

The Shanghai quotation was set at 2403.33 points, barely above the 2400 point mark, up 0.89%.

The Shenzhen Stock Exchange Index and the ChiNext Index rose 0.72% and 0.63% respectively.

During the entire collective bidding stage, the trading volume of the two cities showed a significant increase in volume compared with last Friday and even in the previous trading days. This shows that the trading conditions of the two cities during the collective bidding stage are worse than the market's 'Xinguojiutiao' Before the big news is announced, it is obviously much more intense.

In addition to opening significantly higher, on the surface, the index performance appears to be strong.

Industry sectors, concept sectors, and individual stocks in the two cities.

I saw that the concept sectors, industry sectors, and core stocks related to the two core main areas of 'infrastructure' and 'state-owned enterprise reform' still led the gains in the two cities, and the volume was able to increase sharply. Among them, the core concept sector component of 'state-owned enterprise reform' Within the stock, more than 30 stocks increased by more than 5%, and 8 stocks sealed their daily limit.

In other areas of the mobile Internet and smart phone industry chain, related concept sectors and popular stocks have significantly increased their trading volume, and their opening gains have also significantly exceeded the performance of the Shenzhen Stock Exchange and ChiNext Index. Although there is a lot of selling on the surface, there is still a lot of selling. There is also a lot of money for following the trend of buying.

What's more surprising about today's opening is the financial sector of the two cities.

Although the major weighted sectors of banking, insurance, and securities did not increase much at the opening, and the relevant sector indexes overall opened higher by less than 0.5%, there was a rare emergence of a lot of active capital buying on the market of important weighted stocks. Among them, Huaxin Securities even opened higher at an increase of 1.75%, with a call auction turnover of more than 24 million, and there were obvious signs of major funds increasing their positions.

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