The investment era of rebirth

Li Meng responded: "Today's reduction of positions totaled 4.278 billion. There are still about 2 billion chips that have not been completed from our predetermined reduction target. At the same time, the current positions of the two main funds have dropped to less than 65%.

The risks have been fully released."

"Okay!" Su Yu nodded slightly and then asked, "The reduction of holdings of 'infrastructure', which is relatively lacking in liquidity, the main line marginal concept stocks of 'state-owned enterprise reform', and the small-cap concept stocks within our holding range has basically been completed.

Alright?"

This time, the market's turn to long and short came faster and more violently than he expected.

This also resulted in the trading strategy he had set previously not being able to be implemented.

And according to the changes in the market, next... the capacity of active buying on the market will definitely shrink rapidly, such as some main line fringe concept stocks, and high-level main line small-cap concept stocks, under the crazy ebb of the buying tide.

, there will inevitably be a liquidity crisis on the market.

In this way, for the main players with big money who are unable to appear at the moment and are still trapped in the market.

If you want to enter the market stably with minimal loss, it is a very difficult task when the market liquidity is extremely limited.

So, at this point...

I heard Li Meng say that he still has about 2 billion chips, but he has not reduced his holdings in place.

Su Yu's first concern is the position of "small-cap concept stocks" that are the most difficult to sell and have relatively limited liquidity in the subsequent changes in market conditions.

After all, amid the main line market hype of ‘infrastructure’ and ‘state-owned enterprise reform’.

Although most of the holdings of the company's two main funds are distributed in core large-cap blue-chip stocks with relatively abundant liquidity, there are also many chips concentrated in a number of popular concept stocks dominated by hot money.

Li Meng continued to check the background specific position data of the fund account on one side, smiled softly, and responded: "Fortunately, we got the news two days ahead of the market, and the reduction direction is from concept stocks to core blue-chip stocks.

Going deeper, the current positions of our company's two main funds, and the remaining chips that have not been reduced in place, are mainly in mainline blue-chip large-cap stocks with relatively abundant liquidity."

"No matter how bad the market sentiment is tomorrow, as long as there is liquidity."

"Given the huge circulation of these blue-chip large-cap stocks, our remaining 2 billion or so chips can be quickly reduced."

Follow the previously developed trading strategy.

At present, the two main funds have mainly remaining chips that have not been reduced, and are basically distributed in China MCC, China Communications Construction, China Railway Construction, China Construction, China CNR, China South Locomotive, Gemdale Group, Science and Technology

Wan Real Estate, Poly Real Estate' and other "infrastructure" and "state-owned enterprise reform" main line blue-chip core stocks, and the maximum amount of chips that need to be reduced for a single stock does not exceed 300 million.

With such a distribution of chips to be reduced, even if the subsequent market trend is very poor.

There will also be no situation where you can't lose chips even if you press the limit.

Therefore, when Li Meng saw that the position levels of the two major funds and the amount of chips to be reduced were still far higher than the established trading strategy goals, he did not feel too worried.

Of course, today's market trends and the changes in the long-short situation were beyond their expectations.

No one in the entire company, including Su Yu, expected that the intraday amplitudes of several major indexes would be so large, nor did they expect that the trend would show a unilateral plunge in the afternoon, crashing the market directly from the high point.

"What is the net worth of the two main funds?" Su Yu paused and continued to ask.

Li Meng responded with a smile: "After the market has continued to rebound in the past half month, the net value of the 'Yuhang No. 1' fund has changed from 13.01 at the end of last month to 15.87, an increase of 22.11% during the month, and the fund size has increased from 13.01 at the end of last month to 15.87."

The number at the end of the month was 5.215 billion, which increased to 6.368 billion.”

"The net value of the 'Yuhang 2' fund increased from 1.98 at the end of last month to 2.36, an increase of 19.37% during the month, and the fund scale increased from 9.866 billion at the end of last month to 11.777 billion."

"Among them, the net value of the 'Yuhang No. 1' fund has increased by 54.07% this year; the net value of the 'Yuhang No. 2' fund has increased by 51.29% this year. Now, the total size of our company's two main funds has reached 18.145 billion.

It is already quite close to the 20 billion scale mark.”

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Although, the growth rate of the net value of the two funds this year has slowed down compared to last year.

However, despite the increasing scale, this net worth growth rate is still appalling in the entire domestic asset management industry.

Of course, the performance of the company's two main funds in the first half of the year was so good.

It is almost entirely due to Su Yu's complete grasp of the two main lines of speculation, namely 'infrastructure' and 'state-owned enterprise reform'.

In this round of speculation on the main lines of "infrastructure" and "state-owned enterprise reform".

‘Yuhang Investment’, which has invested tens of billions of dollars in investment in these two main areas, is undoubtedly the biggest winner in the A-share market in the past two months.

"Is it already 18.145 billion?" Su Yu was slightly stunned when he heard this number.

"Yes!" Li Meng nodded in response, "Based on last year's initial net worth, the 'Yuhang No. 2' fund has significantly exceeded the excess profit sharing node within the net worth settlement cycle."

According to the originally formulated fund product subscription terms, every penny earned by the ‘Yuhang No. 2’ fund is now a profit.

Half of the company's profits are included in it.

Su Yu smiled and said: "Keep working hard, and strive to have our company's asset management scale cross the 20 billion mark before the end of June."

"There is still one and a half months to go, and we have to increase the net worth of the two main funds by more than 10%. The performance pressure you have put on everyone's plan is not ordinary!" Li Meng responded with a smile.

He said, "And the market has obviously entered the adjustment stage. In the next month, I am afraid it will be difficult to see a market trend. I think... we can maintain the current net worth level and avoid a sharp retracement of the profits we have obtained."

"

Market sentiment has turned, bad news has struck, and the market speculation on the two core main lines of 'infrastructure' and 'state-owned enterprise reform' has come to an end for the time being... Under such circumstances, Li Meng estimates that it will be difficult for the index to continue to rise in the short term.

Go, so... She was obviously pessimistic about the performance goals Su Yu mentioned. She even felt that Su Yu's pursuit of net worth was a bit too blind, arrogant and paranoid.

"Not counting the short-term market sentiment fluctuations, apart from the negative news about the 'IPO restart', are there any other negative news in the overall market?" Regarding Li Meng's relatively pessimistic view of the market, Su Yu did not take it seriously and responded with a smile.

Dao, "In fact, there are no substantial changes in the macro fundamentals."

“The ‘IPO restart’ of the market, speaking of it... is also a foreseeable negative for the market.”

"Furthermore, based on the information we have received, if some of the details of the IPO restart, especially the scale of new stock issuance and the allocation model of online and offline subscription shares, are really as Director Lin inquired about, then in terms of the real market, it will really

I don’t know whether it’s a good thing or a bad thing.”

"To put it bluntly, the market is adjusting at this moment..."

"Although it was directly triggered by the bad news of 'market IPO restart', the fundamental reason is that the market has continued to rise in this month and a half without ever truly correcting and taking a break, accumulating a huge amount of profits on the market, and here

It is also caused by the serious accumulation of hold-up orders in the early stage of the market."

"In other words, even if there is no bad news about the 'market IPO restart'."

"In this wave, it will be difficult for the index to stabilize at 2,500 points."

"The market was about to adjust, but the negative effects of the 'market IPO restart' accelerated this adjustment trend. The essence of the market has not changed, and the underlying logic that affects the long-term development of the market has not changed at present.

, all the underlying logic is still there.”

"The short-term impact is just the fluctuation of the market's long and short sentiment."

"When the profits accumulated in this wave are almost cleared, and when the negative effects of the 'market IPO restart' come to an end, then... everyone will once again realize that the overall fundamentals of the market are still improving, and they will realize that

The market's long-term upward trend still exists."

"At that time...the bullish power of the market will regain the upper hand."

"and……"

Su Yu paused and continued: "In my opinion, this wave of negative direct blows is actually a good thing for the market trend, not a bad thing."

"A good thing?" Li Meng was a little confused. He had no idea how this could become a good thing?

Su Yu nodded and continued: "A direct negative blow will accelerate the market's adjustment, and will also cause the profit-making chips on the market to be cleared out more thoroughly."

"Our A-share market has a large retail investor base. Usually, they can hold on to the losing chips, but not on the profitable ones."

"After clearing out the chips for profit in this wave, when the market rises again in the next wave, the pressure will be much lighter. In other words... this time the market adjustment and decline will give the Shanghai Stock Index another impact in the near future.

2500 points, and directly cross 2500 points to open up new space in the market and accumulate strength.”

"Furthermore, look at the market volume..."

"The current turnover of the entire market has exploded to 180 billion."

"The entire market, with this kind of trading volume, has begun to become fully active. As long as there is a little guidance after the market adjusts briefly, the long flame of the market will be rekindled."

"Aren't you switching your views on long and short too quickly?" Li Meng still couldn't calm down. He didn't understand the logic in Su Yu's words and said, "Since you judge that the market will not fall deeply, then let's do this

What is the purpose of large-scale reduction of positions with great fanfare and clear views?”

Su Yu smiled and said: "First, induce emotions, second, adjust positions and exchange shares."

"Even if the market adjustment will not be too deep, and the long-term market trend is still optimistic, the specific main line development of the market and the direction of hot speculation cannot remain unchanged."

"The two main market trends are 'infrastructure' and 'state-owned enterprise reform'."

"Currently, they have completed their mission, loosened the overall chip structure of the market, and heated up market investment sentiment."

"Although the investment expectations for the two main lines of the market are still there in the future, when the profit accumulation is relatively concentrated and serious, and the structure of the first wave of speculation chips is completely loose, we want to reorganize the chips and start the second wave of rising prices.

, the adjustment time may be longer than other main lines of the market.”

"In other words, in this field, when the subsequent market adjustment ends, there is a high probability that there will be no big market trends that far exceed the performance of the index in the short term."

"In this case, we can only take advantage of the market correction phase, close it when the situation is good, and re-select the main direction of investment."

"At the same time, in view of the fact that the future expectations of the two main lines of 'infrastructure' and 'state-owned enterprise reform' still exist, these two main lines will still have great long-term investment value in the future, so when we have the upper hand in holding costs, I

That’s why I asked you to leave half of your chips here so that you can re-arrange and take the lead after the adjustment of these two main lines is completed.”

Of course, apart from the reasons he mentioned...

There is another reason, that is, as the market continues to improve in the later period, chips will become increasingly scarce in some key core stocks.

If he sells all his core stock chips at this time.

With their increasing capital scale, it will be very difficult to build large-scale positions in this field, and there will be no cost advantage or error tolerance.

"Okay!" Li Meng responded, and he could only agree with the investment logic mentioned by Su Yu.

After all, the fund's trading strategy has been changing according to Su Yu's investment logic. Even if she has a different understanding of the market, she can only reserve her opinion. Of course...in her heart, she still hopes that Su Yu is right.

After all, only if the overall performance of the market is better, they can make more money from the market, and the company can usher in greater development.

"Master, so you think the underlying logic of the 'bull market' still exists, right?" After hearing the continued discussion between Su Yu and Li Meng, in the trading room, Liu Yuan, who had completed the review and completed today's work plan,

After pondering for a while, he asked, "The market is still in a 'bull market' pattern?"

Su Yu nodded slightly and said: "The so-called 'one blinding leaf', in market transactions, the blinding leaf is market sentiment. Whether long or short, extreme market sentiment will affect personal judgment, so... it must be transparent

Only through phenomena can you see the essence. If you can't see clearly in the short term, then extend the time line. You will see the real development and morphological changes of the market. This is what I often say. At any time, trading can only affect emotions.

And don’t be swayed by emotions.”

"Understood!" Liu Yuan nodded.

"Mr. Su, you mean... that maybe after the bad news about the 'IPO restart' comes out, the market will have new buying points, right?" Zhu Tianyang paused and asked, "Look at today's market trend.

The internal selling force is extremely fierce, and it is basically a unilateral panic selling trend. Such a severe selling force, when the market acceptance volume can obviously and gradually shrink, will it really be quickly contained after the bad news is realized? "

Su Yu responded: "No one can predict the specific trend in the short term, but there is a high probability that it will change like this. From the perspective of market expectations, uncertainty is the most fearful and worrying thing for the majority of investors.

On the contrary, the bad news has been eliminated, everything has become certain and can be expected, and then there is nothing to fear or worry about. This psychological and emotional change is not only true for A-shares, but also in the global financial trading market."

"Hehe... Then let's wait for the negative news to come back and then make a comeback." Wang Can couldn't understand the investment logic behind Su Yu's words, but it didn't affect his excitement at all.

As everyone reviewed and discussed, 6 o'clock arrived.

As night approaches, and all institutional investment companies have gone to work, rumors about "restarting the IPO market" are still widely circulated among the vast investor community in the market. At the same time, everyone is pessimistic about the market outlook.

Panic psychological activities are also spreading and fermenting crazily in various online and offline investment situations.

And in this instant, the environment shifted from extreme bullish sentiment to panic-short sentiment.

Late at night, the external market also dealt a fatal blow. Several major U.S. stock indexes closed with declines of more than 1%, casting a further shadow over the market opening on Friday, May 16, the next day.

In the end, everyone was in a state of uneasiness, panic and fear.

On Friday, May 16, at 9:15 a.m., under the spotlight, when everyone’s heart was in their throats, the two cities ushered in a crucial call auction!

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