The investment era of rebirth

Chapter 115 Panic call auction

After Su Yu, Li Meng, and He Qian arrived in Shenzhen City.

Su Yu immediately asked He Qian to make an appointment with the core management personnel of New Nano Technology Company.

The core management personnel of New Nano Technology have never expected that at this moment when the money shortage crisis spreads in the entire market and there is nowhere to borrow money, there are actually investment institutions who take the initiative to come to the door.

So, basically without encountering any obstacles, Su Yu and his team won the new nanotechnology order.

With the direct investment of 400 million, it supplemented the imminent cash flow crisis of New Nano, and at the same time, with the approval of all shareholders of New Nano Technology, it occupied 10% of the shares of New Nano.

After taking down New Nanotech...

The next day, Su Yu and his party visited Mingjiang Technology Company again.

Unlike Xinnano Company's thirst for funds and the sense of urgency that the huge debt repayment pressure is approaching, Zhu Jianming, the boss of Mingjiang Technology Company, is not in a hurry to sign a contract with the 'Yuhang Investment' represented by Su Yu, but is in a fierce battle with the three of them. During the bargaining, they finally accepted the 400 million funds offered by 'Yuhang Investment'.

And finally...

The 'Yuhang Investment' represented by Su Yu acquired 15% of Mingjiang Technology's shares in this transaction, which is 20% less than the initial expected 5% shares.

Two deals were negotiated and 800 million was spent.

Su Yu considered that tomorrow is the day when the stock market opens, so he must go back to preside over his work.So He Qian was left to finish in Shenzhen City.

I and Li Meng returned to Yuhang that night.

Back at Yuhang's home, it was already 10 o'clock in the evening. Su Yu finished washing, turned on the computer, and checked today's various market news, chat software, and various messages in emails.

I saw that the entire market has been shrouded in the "money shortage crisis" erupted by the banking and financial system.

Whether it is the financial media, or various trading forums and financial communities.

Everyone seems to be facing a financial crisis and the end of the world, and they are extremely pessimistic about the market outlook.

and……

In various forums and communities, rumors are everywhere.

There is news that a certain local commercial bank in Southwest China suffered a severe run and went bankrupt overnight; there is news that major banks have begun to restrict large-value fund transfers and do not allow wealth management funds to be redeemed at this time; Accurate, the news of the release of trillions of liquidity; there is even news that a commercial bank begged a big customer on the spot in order to prevent the big customer from transferring funds, and even knelt down to the big customer... Anyway, there are so many, there are countless.

Except for the rumors.

That is, the bank's overnight repurchase rate and interbank lending rate, which are still above the 20% mark and seem to continue to rise, continue to stimulate the nerves of the market that is close to collapse, as well as completely broken on-market and off-market financing channels.

Su Yu felt the extreme panic and pessimistic market sentiment.

Knowing that tomorrow's market will definitely not be good.

He couldn't help opening the chat software and email, and glanced at everyone's messages and some intelligence information Lin Antu sent to him.

I saw that no matter in the message, or in the retail investor group of his classmates, the hot money main group, and the 'Yuhang No. 1' investment group, there were all extremely pessimistic discussions.

As for the intelligence information sent by Lin Antu, there are some more sensational news.

For example, the internal net cash flow of Qianjiang Bank is less than 30 billion; for example, the overnight repurchase rate and lending rate of many city commercial banks have risen to about 30%; The bank, within twelve hours after the news was released, attracted more than 50 commercial banks to gather loans; At the gate of the bank, there was a fight...

Dozens or hundreds of news and internal information were arranged in the emails Lin Antu sent him.

Shocking and dumbfounding.

"Is there any internal information from the central bank?" Su Yu asked seeing that Lin Antu was still online.

Lin Antu replied: "No, there is no news from Yanjing, it can be said to be calm, it is strange to say... this round of market money shortage crisis has become like this, the central bank can still be as calm as a mountain, pretend Didn’t see anything? What is this plan for?”

He is a market researcher.

When the financial crisis in the market has developed to this stage, the central bank can still remain indifferent. He really doesn't understand.

Su Yu chuckled and said, "You have to drink the bitter fruit you have brewed yourself!"

"Since the global financial crisis in 08, under the various macro strategies of national economic stimulus and revitalization of the top ten, the central bank has released wave after wave of water, and the market liquidity has long been surplus."

"In the past one or two years, after the central bank released water, the economic response has become more and more sluggish."

"On the contrary, the inflation problem is getting more and more serious, and you can see it."

"For example, how did the terms 'garlic you ruthless', 'jiang you army', and 'Uncle Onion' come from?"

"In the case of excess liquidity and inflation problems continuing to soar, and then release water to stimulate the economy, it is like drinking poison to quench thirst, and there will be big problems in the end."

“Central banks are certainly aware of that as well.”

"So, from the end of last year to the present, the intensity of releasing water and releasing liquidity has become smaller and smaller."

"However, before the economic growth rate improves and the global economy and the Federal Reserve have not turned around, even if the central bank knows the crux and wants to tighten liquidity, it still has great concerns."

"So, it has been dragged down."

"But now, from late April, the Federal Reserve has released its exit QE plan, and after the signal of a high probability of turning to the channel of raising interest rates in the future."

"The central bank will lose its previous concerns."

"And intend to gradually tighten liquidity, alleviate the current inflation problem that plagues people's livelihood, guide funds to invest in the real economy, and reactivate economic vitality."

"But some guys who claim to be the top economists and institutional researchers in the country."

"In the last wave of water release by the Federal Reserve and the domestic central bank years ago, ignoring the global inflation situation, they continued to predict and predict that the domestic central bank and the Federal Reserve would continue to release water to stimulate the economy, which led to the vast majority of domestic financial institutions misjudging the macro currency situation. , In the first quarter when the central bank has already released liquidity, it has expanded wildly and lent on a large scale, resulting in excess growth in money supply and social financing.”

"In this situation..."

"If the central bank continues to release liquidity, there will be no problem."

"But what was the result?"

"It was the Federal Reserve's sudden change in monetary policy in late April, and the central bank's determination to curb the problem of excess liquidity, suppress inflation, and adjust monetary policy, thereby guiding the adjustment of economic institutions from the sidelines."

"This has led to domestic capital liquidity, which has become more and more tense since late April, when expectations for the central bank to release liquidity failed again and again."

"After all, if the central bank does not release liquidity."

"Then according to the original target of the annual capital supply, the increase in social financing released in the first quarter will need to be repaid in the second quarter."

"In addition, in recent years, various commercial banks, in order to obtain more liquidity."

"The expansion of off-balance-sheet assets has led to a plummet in the number of basic deposits."

"This naturally exacerbated the outbreak of this crisis and the severity of the money shortage in the market under the circumstances of misjudging the monetary policy and living beyond the grain."

"However, in general."

"Our domestic financial supervision still focuses on strong supervision."

"The central bank still has a lot of cards to play. The impact of a money shortage crisis like this is only temporary. In the future, as long as the central bank releases a certain amount of liquidity, the crisis will naturally be resolved."

"Of course, the central bank has not moved at this time."

"I guess it's also trying to shake the mountain and shake the tiger, taking advantage of the money shortage crisis in the market, to let these commercial banks who have tasted the bitter fruit understand, don't prejudge the policy, don't follow the rules, feel that there is no precedent for bank failure in China, and feel that there must be a mother in the end. Just wantonly expand outside the balance sheet, invest aggressively, and forget the most basic risk issues.”

"Understood!" After listening to Su Yu's analysis, Lin Antu finally sorted out the logic inside, and replied, "Boss Su's analytical ability is really amazing, I really admire it."

He didn't think as far as Su Yu, so he was always a little hazy about this money shortage crisis.

Now, it is completely understood.

"I estimate that after this money shortage crisis, these commercial banks that have tasted the bitter fruit of this time should return to stable operation, gradually sort out their own assets in the bank, and move towards the real road of optimization." Su Yu After Lin Antu replied, he laughed and said, "However, the era of high-growth banks should be gone forever, and the grand occasion of 07 will never happen again."

After finishing speaking, the two continued to chat for a few words, and then Su Yu fell asleep.

The next day, when he woke up.

The "savior" that the entire market is looking forward to, the central bank still has not cut interest rates, nor has it conducted any open market operations. After overnight fermentation, the crisis of money shortage in the entire market has further diverged. It has generally reached an astonishing 30% or more. Compared with a few days ago, it has increased by 10 times. Countless shocking news and rumors are still flying all over the sky.

Su Yu briefly browsed the various financial news information promoted by the mobile phone.

After washing up and having breakfast, I came to the company with Li Meng.

He still had a simple morning meeting, and then he came to the company's trading room, sat in front of the computer, and waited for the moment of 9:15.

"President Su, today's market sentiment is very pessimistic!"

Sitting next to Su Yu, Li Meng browsed the financial information of the market, as well as the hot topics in major trading forums and financial forums, and said.

In private, she can call Su Yu by his name directly.

But in the company, Li Meng is still usually referred to as "Mr. Su".

"The crisis of money shortage in the market has spread from the banking system to the market in an all-round way. Under such circumstances, it is no wonder that the market sentiment is good." Su Yu said, "But there is no need to be pessimistic. The domestic financial risk is generally still It is controllable, otherwise the central bank will not allow this crisis to spread to the present.”

"What do you mean?" Wang Can on the side didn't quite understand, "Boss Su means that the central bank deliberately didn't rescue the market?"

"It's not intentional either!" Su Yu said, "It's the commercial banks who made wrong predictions and wrongly made excessive lending in advance, to blame themselves."

With that said, Su Yu glanced at Wang Can, and continued: "You can go over the investment logic of the market, and give me a morning analysis, afternoon analysis, and closing analysis every day, and at the same time... don't keep your eyes on the market, Pay more attention to some off-court news, otherwise it will be difficult to make progress."

Once he entered the company and became a superior-subordinate relationship, Su Yu didn't have so much sympathy to talk about.

So, it is no longer polite to speak.

Wang Can knew that Su Yu really wanted to teach him, and he also really wanted to learn, so he nodded and said nothing.

Seeing Wang Can's size and size, Li Meng looked like a primary school student in front of Su Yu, and couldn't help smiling. Seeing that the time was approaching 9:10, he stopped talking and carefully read the important market news. And stocks with major positive and negative announcements before the market, as well as some stocks that I pay attention to and plan to open positions, cut out multiple interfaces, and make all preparations for the opening.

Su Yu was silent between the two of them...

Instead, his eyes fell from the market of the two markets to the group of retail investors of his classmates and the main group of hot money that he had added.

In the retail investor group of classmates, there is not much information discussed, except for complaints, or complaints; in the hot money main group, some people who hold positions for the weekend are complaining, but there are also many people with short positions, who have a positive attitude towards this kind of negative market. I feel that the central bank will definitely rescue the market. I feel that the 2000-point mark of the Shanghai Stock Exchange Index is still quite supportive and will not fall easily. I wait for the market to open and use panic to buy bottoms.

"Brother Su, what do you think of the market today?"

When he was checking the news in the group, Zhao Qiang sent him a message on the chat software when it was only 9 minutes before the call for bidding between the two cities at 15:3.

Su Yu replied with a smile: "The investment sentiment in the market is extremely bad, and there are major negatives. In the minds of the majority of retail investors, the stock index should have reached the limit at this moment. Although the performance after the opening may not be so bad, but in today's situation, if Without direct positive stimulus from the central bank, it should be difficult for the trend to reverse."

"Are you also bearish?" Zhao Qiang said, "The stock index is only 2000 points away from the 3 point mark. This is the bottom area set in April in the previous period, and it is also an extremely important integer point mark. , I haven’t broken through this support in 4 years, plus the market has come here, from the rebound high point in early June, it has fallen by more than a dozen points in advance, which fully reflects the negative market, I think it’s okay Don't be too pessimistic."

"In the long run, I'm definitely not pessimistic." Su Yu said, "But under the current situation, the money shortage in the market has exploded, and the institutional holdings have fallen into a prisoner's dilemma of cannibalism. The market has no real financial promotion. It's hard to stick to 2000 points!"

"And it's not right to say that the profits are exhausted."

"From the beginning of June to the present, the market has indeed fallen by more than a dozen points in a row, which fully reflects the bearishness of some markets, and there is a need for an oversold rebound."

"But no one expected that the money shortage in the banking system would spread to this extent."

"I didn't even expect that the bank's overnight repurchase rate and interbank lending rate could skyrocket tenfold overnight, generally reaching more than 30%."

"In other words, this is a bad news that exceeds market expectations, and the market will inevitably react."

"It's just that it's definitely not as exaggerated as the index limit."

"If the 2000 point is directly penetrated, it will fall further, and it will be even more difficult to build up confidence!" Zhao Qiang still agrees with Su Yu's point of view, and can't help feeling, "Hey... I didn't expect that. , It has been more than ten years since the stock index broke through the 2000-point mark for the first time, and the stock index is still struggling here.”

"If you don't break it, you can't stand it!" Su Yu said, "If you don't break through the last line in the hearts of investors in the market, you will not be able to travel lightly and rebuild confidence in the future market. Here... it is reasonable to be short and long! "

Hearing this, Zhao Qiang smiled and said, "That's right, bearish and go long."

The two briefly discussed the room and arrived at 9:15.

Su Yu closed the chat box, and instantly shifted his gaze back to the call auction boards in the two cities.

I saw nearly 2000 stocks in the two cities, only a few dozens of red stocks, and the rest of the stocks all opened lower, and all industry sectors and concept stocks also opened lower. Opening 3 points, several local commercial banks, the initial call auction fell by more than 7 points.

In the green screen, he looked at the core concept stocks he was concerned about.

I saw Shanghai Steel Union opened nearly 5 points lower; Huaqing Bao opened 4 points lower; Netspeed Technology and Fenda Technology, which had institutional holdings, opened lower by nearly 6 points; LeTV, Oriental Fortune, and Flush all It opened about 3 points lower, which is similar to the decline of related concept sectors.

Seeing such a tragic initial call auction scene.

Su Yu and Li Meng, who had expected it before, looked quite calm, while Wang Can was stunned, very surprised and said: "Looking at the situation, if you don't open the market, you can directly open it below 2000 points, right?"

"Probably not." Su Yu replied, "Near 2000 points, there will definitely be resistance. Here... After all, it is the psychological support point of many long-term investors on and off the market. Moreover, the GEM is far from 1000 points. It is closer to 2000 points than the Shanghai Index, and with the 1000-point support line of the ChiNext Index in front, it is not so easy for the Shanghai Index to directly break through 2000 points.”

说着，时间迅速划过9点16分、9点17分、9点18分。

Then, it quickly entered the real call auction time period from 9:20 to 9:25.

As the time progressed by one minute and one second, the intensity of the call auction in the two cities became more and more fierce. Finally, at the moment when the time was fixed at 9:25, the stock index finally fell by 2.81%, which opened on June 2015.06. point, the ChiNext Index fell by 2.37%, opening at 1002.87 points.

As for the industry sector and the concept sector, there is still no red plate.

Among them, the 'Big Finance' and 'Internet Finance' sectors were among the biggest losers, and several local commercial bank stocks were approaching their daily limit. Internet financial concept stocks such as Shanghai Steel Union, Tianyu Information, and Yinjie Shares were also almost approaching their daily limit. Very tragic.

But despite the opening results of the two cities, it was far from ideal.

The index still held the most critical support point, retaining the last hope and emotion of being long.

"Sure enough, it is still above the support position." Seeing the final opening results, Li Meng sighed with emotion, "Looking at the support of the Shanghai Stock Exchange Index at 2000 points and the ChiNext Index at 1000 points, it is still quite strong. Now the two major indexes, They all held the key points, and after the market opened...a lot of funds, they should grab a rebound, right?"

As she spoke, she looked at Su Yu.

Want to know his opinion, and his opinion on whether to buy at the bottom here.

"There should be a short-term rebound." Su Yu said, "But with the current capital situation and the pessimistic risk aversion sentiment in the market, if you want to fully undertake the panic selling here and the passive reduction of positions by many major institutions, I hope It's still very slim, so... first look at the acceptance situation in the field, and don't rush to build a position."

Li Meng nodded slightly when he heard Su Yu's words.

Immediately afterwards, during the short wait, 9:30 arrived quickly, and the two cities officially started bidding transactions.

(End of this chapter)