The investment era of rebirth

In the evening, discussions on 'Fortune Road', 'Yuhang Fund', and 'Suyu' still topped the list of popular topics in major stock forums and investment and trading forums, and were led by 'Yuhang No. 1 Fund's 20-fold performance myth in half a year'

The fund industry hurricane it triggered is still ravaging every corner of the domestic financial world.

Even, at 8pm.

The topic of 'The Myth of Yuhang No. 1 Fund's 20-fold Performance in Half a Year' also broke through the attention of the industry and appeared on the hot search list on Weibo, a well-known domestic social news media platform, attracting countless people outside the market, as well as many previous commentators.

The fund industry and the financial industry are concerned about groups that do not understand it.

"After the net values ​​of the two funds were made public, our company, and you, have become completely famous." In the rental house they shared, Li Meng browsed the hot search list on Weibo, smiled, and said, "About us

The topic of fund performance actually suppressed a lot of entertainment news at this moment."

"In the financial world, reputation is useful, but in the final analysis, it depends on strength." Su Yu replied with a smile, "Don't be too attached to these illusory things."

"Yeah!" Li Meng responded slightly, "What should we do next?"

Su Yu thought for a while and replied: "Before getting off work, I sent emails to all 161 investors of the 'Yuhang No. 1' fund. Now more than 2 hours have passed and 146 replies have been received. Everyone has questions about

We have settled the net value of the 'Yuhang No. 1' fund at this moment and opened free subscription and redemption for half a month. There is no objection, so the ex-rights of the fund's net value will be implemented as planned."

"As for the current positions of the two funds and their investment plans..."

Su Yu paused and continued: "After the net value of the 'Yuhang No. 1' fund is ex-rights, without continuing to reduce positions, the position line will move up quickly. In this way...if the subsequent market continues to correct, the position line will be moved up according to the

Line, the net value of the 'Yuhang No. 1' fund may retrace its course, which may be relatively serious."

"So, my opinion is that we are ex-rightsing the net value of the 'Yuhang No. 1' fund."

"We have to continue to reduce the holdings of the 'Yuhang No. 1' fund."

"At least, after the ex-rights, the holding water level of the 'Yuhang No. 1' fund must be lowered to the same level as the 'Yuhang No. 2' fund."

"Well!" Li Meng responded, "I have the same idea as you, but regarding the continued reduction of the 'Yuhang No. 1' fund, which part of the holdings should we give priority to reducing? The newly built ones do not have much floating profit.

But are the automobiles and white goods sectors with abundant liquidity, or the 'Internet finance' sector that is in line with the main line of 'mobile Internet' that we have not yet sold on a large scale?"

"Reducing the 'Internet Finance' sector!" Su Yu said, "What we hold in the automotive and white appliance fields are large-cap stocks with abundant liquidity, and these stocks have reasonable valuations and modest increases. During the year-end consumption season

There are also certain expectations that even if the market adjusts, their adjustment amplitude will, with a high probability, be smaller than the market's average adjustment amplitude."

"And the 'Internet Finance' sector..."

"As you said, this concept sector is in line with the main line of 'mobile Internet'."

"The index is unable to break through 2500 points and 1400 points, so next... no matter whether there are new negative blows in the market news, the index is bound to find support downwards again, and there is a strong support point below, which is 2200 to 2300

As for the first line, as well as the first line from 1100 to 1200 points, there is about 10% room for the index to correct."

"In this kind of space..."

"The two core main lines of 'mobile Internet' and 'smartphone industry chain', which have experienced continuous surges this year and are expected to be severely overdrawn in the future, must also have strong needs for a correction, and due to the accumulation of short-term active funds in these two core main line areas,

, there are a lot of speculative funds, and during a strong market correction, this part of the funds is extremely susceptible to emotional fluctuations and is also very prone to extreme selling behavior."

"As the saying goes, if it rises too much, it will also fall too much."

"These two main areas, with the market's extremely high attention, their amplitude will inevitably be much greater than the index."

"Therefore, it is reasonable to give priority to reducing holdings of stocks in this field."

"Of course, underweighting means underweighting, which does not mean that stocks in this field are worthless."

"The purpose of our reduction in holdings, in addition to responding to the expected market retracement, controlling the fund's net value retracement, and investors' share redemption needs during the fund's opening period, the most important purpose is to reduce the cost of holding positions at a lower level.

At the same position, use the same position to buy more chips.”

"In a word..."

"The purpose of reducing holdings is to make better purchases. This is our fundamental purpose."

"Understood!" Li Meng nodded, then smiled and said, "So, you are still optimistic about the two main lines of 'mobile Internet' and 'smartphone industry chain'?"

Su Yu responded with a smile: "The economic development trend and the hot spots of emerging industries in the future are basically clear now. It is not an exaggeration to say that the future is the era of 'mobile Internet' and the era of 'intelligent terminals will shine'.

There is a trillion-level market space and demand hidden in these two major fields, so there is no reason not to be optimistic about it!"

"The current A-share market..."

"In these two major fields, not to mention the trillion-level business companies, even the hundreds of billions-level giants are nowhere to be seen. It is too early to say that the hype space has come to an end."

"At the current stage, they are just related core companies in these two fields."

"The performance growth rate and scale have not yet caught up, causing the stock price to seriously deviate from the performance valuation at this stage, overdrawing expectations for the future."

"It doesn't mean they don't have room to grow."

"If these two major areas undergo a larger adjustment in line with the market index or market macro sentiment, digesting the expectation of overdraft, and waiting for the performance to catch up, it will be a very good investment and a good time to build a position.

.”

"Of course……"

Su Yu thought for a moment and then said: "The main line areas of 'mobile Internet' and 'smartphone industry chain' have a very wide business scope and involve quite a few sub-industries. In the macro context, these

Subdivided industries have relatively large differences in their performance burst cycles, as well as the fundamental conditions for the overall explosion of industry demand. Therefore... although they are the same main line field, the performance of specific subdivided industries will also have huge differences.

different."

"Just like this year, thanks to Apple's huge smartphone replacement wave and the explosion of 'smart bracelets, smart watches' and other 'wearable devices', industries related to smartphones and wearable devices have

Chain manufacturing companies have all achieved skyrocketing performance.”

"This is a manifestation of the collective benefit of all companies in the industry caused by the expansion of industry-wide demand."

“This is also the reason why the ‘Apple Industry Chain’ and the ‘Wearable Devices’ concept sector are developing so strongly this year.”

"Brought by the huge replacement wave of smartphones and supported by 4G networks, 'mobile games' have also ushered in new industry changes. It can be said that thanks to the upgrade of basic hardware, the gaming industry has caught up with 'smartphones'

The express train of mobile phones, whether it is the potential user demand or the ability to attract money, has increased more than ten times. This is the basic logical support for the continued strength of mobile games this year."

"There are also related mobile payments, new media, online videos, online education, Internet finance..."

"All subdivided industries surrounding core areas such as 'mobile Internet', 'explosion of smart terminal equipment', and 'maturity of 4G network construction' have expectations of skyrocketing potential user demand, rapid expansion of industry space, and skyrocketing performance of related business companies.

.”

"In short, these two main areas."

"It is worth continuing to dig deeper, as well as continue to layout and invest."

"Our vision should not be limited to the currently popular 'mobile games', 'Apple concept', 'wearable devices', 'mobile payment', 'Internet finance' and other conceptual fields. We must also dig deeper into the 'mobile Internet'

', 'Smartphone industry chain', under the two core main lines, other expectations and valuations are still low. However, in the future, there will be subdivided industries and their related stocks based on the basic investment logic I just mentioned, and then

Then make a precise layout.”

"Okay!" Li Meng responded, "taking advantage of this short period when the index is likely to correct, I will ask the company's traders and analysts in our department to analyze and discuss it according to the route you mentioned, and then

Find out the important subsequent investment paths and determine the target stocks to invest in.”

"Okay!" Su Yu nodded slightly, "During the next period until the Spring Festival holiday, our main purpose is to study the market first, find directions, and not be busy building positions. Of course, although the positions of the two main funds will be later

During the period until the Spring Festival, the positions only decreased but not increased, but the intraday training of traders cannot be stopped. In the future... the company will further expand and we will need more core backbones and talents!"

Li Meng said with a smile: "This is natural, financial trading. Although cognition, talent, and discipline are the dominant factors that affect trading results, the phrase 'practice makes perfect' still has a certain effect. Everyone has trained more, and for the market capital

Flow direction and emotion perception are obviously much more sensitive.”

"Oh, right……"

Speaking of the training of traders, Li Mengmeng said: "The girl you recruited personally, our company's first external trader, Liu Yuan, now has market cognition, capital flow, and emotional perception.

, as well as macro and micro analysis, they are very insightful, and I feel that I already have one or two points of your analysis and operation style."

"It surprised me that……"

Li Meng smiled and said: "This piece of white paper has really been sketched and cultivated by you."

"Only if she is willing to study seriously can I teach." Su Yu said, "This girl can be trained as the core backbone of the company. Let her practice as the trading team leader for one or two years. Maybe she will follow up.

, you can also try to manage a major fund and give trading a try."

The company has been established for half a year, but its core employees are available.

They are still the same group that was brought in when the company was first established.

The remaining employees have outstanding performance and outstanding abilities, but they have only been in the company for a short period of time. If they really want to be promoted to core positions, they have to observe and observe.

Of course, during this period, he also asked Qin Haowen, director of the human resources department, to poach some people from other organizations.

But for the trading department, the core department within the company, he is still very cautious in hiring people, so the people he poached have not been added to this department in large numbers. As a result, the staff expansion of this department has been limited, and the capital scale has expanded to tens of billions.

After the level, it became apparent that there was a serious shortage of manpower.

However, nothing can be rushed.

Su Yu feels that according to the current rhythm, it is good to take steps step by step!

"Yeah!" Li Meng nodded in agreement and said, "I'm quite optimistic about her too. I hope she can perform better in the future and won't let everyone down!"

While talking, Li Meng's cell phone rang again.

And this... is already the 16th phone call tonight after the net value of the 'Yuhang 1' and 'Yuhang 2' funds jointly managed by her and Su Yu was announced.

Li Meng glanced at the caller ID and frowned when she saw it was Lu Anqi, her former colleague who had shared a room with her.

Then, she thought for a moment and hung up the call.

"What?" Su Yu saw her look and smiled, "Are you afraid of answering the phone?"

Li Meng sighed softly and said: "'Poor in the busy city and no one cares, rich in the mountains with distant relatives', I have never really understood this sentence before, but now I really understand, huge profits are so touching! In an instant, I

It seems that I have many more friends, colleagues, and classmates, but before, I had no interaction with these people at all."

Su Yu chuckled and said: "This is the charm of wealth. Six months ago, you and I were just no one paid attention to. In the city of Yuhang, we were struggling to survive, hoping to live a good life, hoping to provide for our families and relatives.

They are just ordinary people who have brought about some changes. Naturally, no one cares about them, let alone fawns over them. But now... billions of wealth have been created. Under the human instinct of "seeking advantages and avoiding disadvantages", even the stupidest people can't.

I know how to use the connections around me to get on this line and share the profits, which is a seemingly risk-free investment profit opportunity.”

"Why is your mobile phone so quiet tonight?" Li Meng asked in surprise.

Su Yu smiled and said, "Because I have blocked all unknown calls, even if there are ones calling me, they will probably be transferred to Secretary Li."

"No wonder!" Li Meng understood, "You refuse more thoroughly than I do."

"People always have to know how to say no." Su Yu replied, and then said, "After the settlement of the net value of the 'Yuhang No. 1' fund was completed, 3.752 billion funds were transferred to the company's account, and this huge profit was recorded.

The company will be very abundant in terms of liquidity. Do you think...how should we use this money? What are your ideas?"

Li Meng said: "As for the use of funds, you are the boss of the company, so you can decide!"

Su Yu occupies 98% of the shares of 'Yuhang Investment'. In a real sense, she and Liang Bin have no say in this kind of matter.

"Aren't you also a shareholder of the company?" Su Yu wondered for a moment.

"Then... let me tell you what I think." Seeing that Su Yu had no other intentions, Li Meng paused and said, "After the net value settlement of the 'Yuhang No. 1' fund was completed, the 3.752 billion funds collected,

We must first repay the foreign debt owed by the company during this half-year operation. Of course... the main creditor is still you."

"If I remember correctly..."

"In the past six months, you have lent the company a total of 220 million in your own name."

"After repaying the 220 million yuan, the company's half-year profit will be 3.532 billion."

"You said that the development of our company still has to walk on two legs in terms of macro planning. Now... the asset management scale of the company's fund business department has entered the tens of billions level, which can be said to have a solid foundation, but Liang

The venture capital department headed by Bin has been making slow progress in the past six months due to funding reasons. Even if there are high-quality projects, it cannot invest in them. Its development scale is much behind the fund business department."

"So, I suggest that 60% of the 3.532 billion funds, or 2.1 billion, can be used as the self-operated investment fund of the venture capital department for the venture capital department to develop projects."

"The remaining funds..."

"The fraction, that is, 32 million, can be used as company dividends and year-end incentives for employees."

"The remaining 1.4 billion funds, after paying the corresponding taxes, can be settled and used as the company's working capital to ensure the company's business expansion and other risk protection in the next year."

After listening to Li Meng's thoughts, Su Yu nodded slightly and said, "According to your arrangement, it's not bad, but... isn't the company's annual dividend and employee year-end total incentive plan of 32 million yuan... too little?

"

"Compared with the profit of more than 3 billion in half a year, it is not much." Li Meng said, "But compared with the current total number of 136 employees in our company, it is quite a lot. In addition to the salary that should have been paid, the year-end bonus, even if it is every

The average employee is 100,000 yuan, which is only 13.6 million yuan in total, which is more than 30 million yuan, which is enough to give each person a bonus of close to 300,000 yuan."

"As for the company's annual dividend, there are only three of us shareholders anyway, so it doesn't matter how much it is."

"Of course, employees' year-end rewards cannot be distributed according to the principle of equal distribution. How to distribute them specifically... I would like to ask Manager Zhu, it should be better."

"She is the manager responsible for company operations, performance, human efficiency, system, and disciplinary assessment."

"I should know more about this."

"Okay!" Su Yu said, "I'll find Manager Zhu tomorrow and ask her for her opinion, but the basic policy is still as you said."

The two talked about future investment direction, company operations, profit distribution, and future development issues...

It wasn't until late at night that we all went to sleep.

The next day, Tuesday, December 10th.

In the whole market, there was still a buzz about the 'Fortune Road' and the mythical performance achieved by the 'Yuhang No. 1' fund. Su Yu came to the company. After officially going to work, he immediately went to the company's operations manager Zhu Huirong to ask for his opinion. Finally,

Based on the comprehensive KPI assessment results of various departments of the company and even employees in the past six months, Zhu Huirong set the incentive payment standards for year-end bonuses.

Then, after the market officially opens.

With the unanimous consent of all share holders of the ‘Yuhang No. 1’ fund.

As the manager of the fund, Su Yu immediately ex-divided the net value of the operating ‘Yuhang No. 1’ fund in accordance with the rules established when the fund was originally established.

After ex-rights, the capital size of the 'Yuhang No. 1' fund reached 4.121 billion, the net value changed from 19.67 to 10.30, and its position level changed from about 30% before to about 60%.

However, even if the "Yuhang No. 1" fund performed net ex-dividends at this time.

Its annual net worth performance of 10.30 still tops the investment performance of the entire domestic fund industry, and is still unparalleled, leaving other private equity products on the domestic private equity rankings far behind!