The investment era of rebirth

Chapter 140 Position Logic
"Shanghai Steel Union's performance, I'm sorry for the increase?"

Facing the semi-annual performance report of the Shanghai Steel Federation with no bright spots, some people questioned it.

"Compared to popular stocks such as Wangsu Technology, Fenda Technology, Huaqingbao, and Changqu Technology, the financial report of Shanghai Steel Union is really nothing to look at."

"Does the logic have to be falsified? Hot money is speculating?"

"It's not like it? Looking at today's daily limit trend, it is obvious that the main market capital has expectations for the performance of the Shanghai Steel Federation's financial report, right? And it is still a good expectation."

"Hey, I don't understand..."

"Actually, there is nothing incomprehensible. The logic of the Shanghai Steel Federation has not changed."

"Yes, hot money is speculating on Internet finance, and it is speculating on the expectation that the Shanghai Steel Federation will make efforts in Internet finance in the future with the help of the capital of the 'Fuxing' department. As long as this expectation is not falsified, then the short-term performance will be That's bullshit, it doesn't matter at all."

"Hehe, performance is not important? What is the logic behind the stock price?"

"In my opinion, speculating on the funds of the Shanghai Steel Federation, including Fortune Road, is nothing but speculation."

"You talk about speculation, you don't understand what short-term logic is, and you say that performance is the logic that supports the stock price. Then, the performance of Qianzhou Moutai and banks is so good, why the stock price keeps falling? It is everyone's eyes. Are you blind, or are all funds and institutions in the country stupid?"

"What the hell... I don't understand. Many stocks are clearly growing, but the stock price just doesn't improve."

"Not only did it not improve, but it also kept falling."

"Hey, I've figured it out. To survive in A-shares, you can't speculate in stocks based on performance."

"Yes, the more rubbish the performance, the higher the stock price, it's just weird."

"What is weird? It's just that you don't understand the logic inside. The stock price is based on expectations. Whether it is performance expectations or growth scale expectations, they are all expectations. If performance growth and stock prices do not rise, it must be the future." growth expectations have changed.”

"Tell me how the Shanghai Steel Federation will go tomorrow?"

"It's hard to say, in the short term, performance is really not important, it depends on the emotional game."

"I think it has been adjusted for so many days before. Today, the funds in the market still pull the daily limit when they know that the semi-annual performance report will be released tonight. It is obviously optimistic about the market outlook. I think it can still rise."

"I also think it can still go up, regardless of the performance, even from the technical analysis of the K-line, after the Shanghai Steel Union hit the 30-yuan mark and walked out of the sky, the minimum has not completely broken through the first wave of nine consecutive boards. The support platform at the highest point proves that this stock must still have a lot of funds to be optimistic about, and the market is not over yet."

"Yes, yes, I feel the same way..."

At a time when many retail investors and hot money still have good expectations for the future market trend of Shanghai Steel Union.

Institutional funds in the entire market have no performance support for this core hot stock and the continued rise of the GEM, but have outperformed many "Internet finance", "mobile games", and "film and television" on the main board by at least 50%. Pan-'mobile Internet' concept stocks such as 'media' and 'electronic information' have shown critical attitudes.

"This market is simply bewildered!"

Seeing most of the core blue-chip stocks on the main board and the core hot concept stocks on the GEM that disclosed their performance, some fund managers of well-known public offering institutions were very angry in an internal group.

"Indeed, looking at the performance of the core blue-chip stocks and the GEM stocks that have been hyped up in recent months, there is a world of difference." Someone in the group echoed, "The ecology of A-shares is really hopeless. Junk stocks are everywhere. And market funds just like to speculate on these junk stocks."

"Compare the check of the Shanghai Steel Federation, which is the most hyped in the current market, with Qianzhou Moutai."

"Qianzhou Moutai's performance and business model are far better than Shanghai Steel Union's junk ticket, and the growth rate of performance is not at the same level. You can look at the stock price performance of the two stocks this year. Qianzhou Moutai has fallen. It’s almost 20%, which is more than the market’s decline, while the Shanghai Steel Union has almost doubled, and today’s daily limit.”

"What's even more outrageous is the market!"

"The overall valuation of the Shanghai Index is only 11 times the PE, while the ChiNext Index is more than 30 times, but the result... In the past six months, the trend of the ChiNext Index has outperformed the Shanghai Index by more than 40%, which is simply unreasonable."

"Hey, keep sticking to it, I don't believe it anymore, can this wrong market trend in the market not be corrected, can it be maintained forever?"

"I can only stick to it, otherwise... at this time, should we go after the bubble stocks on the GEM?"

"Those junk stocks, anyway, I won't touch them, let the hot money speculate, I think generally 100 times PE stocks, who will take over?"

"You can't kill them all with one shot. There are also good things in the GEM."

"For example, Wangsu Technology, Fenda Technology, and many electronic information and Apple industry chain stocks. Their performance is on the way to explode, and the future is expected to be very good."

"The texture of a few of them is good, but...it's too expensive, so I can't buy them at all."

"Yes, like Wangsu Technology and Fenda Technology, the performance of these two checks in the second quarter, whether it is year-on-year or quarter-on-quarter, has accelerated, but the PE is 98 times, how can we get it, really chasing these stocks at a high level, I think It is even more irresponsible to investors who currently trust us.”

"Then we can only stick to the core weight, hey... I hope the market can return to normal as soon as possible!"

In the midst of hundreds of stock performance announcements, amid heated discussions among investors from all sides in the market, and while many institutions and individual investors are silently adjusting their investment strategies...

Come Tuesday, July 7th.

Early in the morning, Su Yu came to the company. After the short internal meeting, he sat in front of the computer in the trading room and waited for the stock market to open.

"Mr. Su..."

Li Meng reviewed the multi-supported stocks that announced their results last night, and asked: "The semi-annual results of many stocks such as Netspeed Technology, Fenda Technology, Huaqingbao, LeTV, and Dongfang Fortune have all come out. At this time, do we need to get rid of the weak and retain the strong, properly reduce the holdings of stocks with slow performance growth, and increase the holdings of stocks with fast performance growth?"

According to what Su Yu said, long-term investment should be based on performance growth and future expectations.

That's why Li Meng asked this question.

"No need." Su Yu paused, and said, "Although the mid-to-long-term stocks we have established are invested in accordance with the logic of pan-'mobile Internet', the small industries to which each stock belongs are not consistent, and their performance growth Compared with the expected future trend of the industry, it is not consistent, so there is no need to pay too much attention to 'removing the weak and retaining the strong'. There is nothing wrong with a balanced allocation when the logic of opening positions has not changed fundamentally."

"Okay!" Li Meng replied and stopped talking.

Su Yu thought for a while, and continued: "Until the basic logic has not changed, and it has not fallen short of expectations, then... all fluctuations in positions are normal."

"En!" Li Meng replied, "Understood."

"The so-called simple, long-term and short-term investment, according to the bottom line, there are only two words 'expectation', one is performance growth expectations, and the other is emotional expectations." Su Yu said, "As long as performance growth expectations and emotional changes Expectations, within your own psychological expectations, then rest assured to boldly hold positions.”

The two were talking, and they arrived at 9:15.

Su Yu fixed his eyes on the market, and saw that the Shanghai Steel Federation continued to open slightly higher, almost unaffected by the performance; while the liquor sector, which was generally believed to have a good performance, such as Qianzhou Moutai and Jincheng Fenjiu, had almost no premium; Su Technology, Fenda Technology, Huaqingbao, Changqu Technology and other emerging industries whose performance growth rate has greatly exceeded market expectations are constituent stocks of the GEM. The call auction has opened significantly higher, and the rush for funds is extremely obvious.

Of course, the future expectations are not good, and the semi-annual report performance is also very bad. Several stocks held by 'Yuhang No. 1', such as Waigaoqiao, Shanghai-Hong Kong Group, and Shanghai Stock Exchange, will perform very poorly. Call auction They opened sharply lower one after another, showing extremely weak stock price trends.

"Li Meng, Shanghai-Hong Kong Group, let's suppress it!"

Su Yu saw that after the announcement of the semi-annual report, the trend of various stocks in the market became clearer and clearer. He knew that the opportunity to attack Jingda Investment, an opponent, had come. With a sharp light in his eyes, he ordered in a deep voice: "Put out a 1000-lot order , Suppress the call auction sentiment, don’t cancel the order, substantively suppress, after inducing some funds in the market to lose their positions because their performance is not as good as expected, we have a lot of opportunities to take back the chips at a low level, so... At this time, don’t worry about it As for the question of whether holding a loss or not, you just need to focus on the underlying logic of the 'Shanghai Free Trade Zone'."

As he said that, Su Yu himself also placed a 3-lot sell order on the Waigaoqiao market that opened nearly 1000% lower.

At the current time point, there is still more than a month before the country announces the economic strategic plan of the 'Shanghai Free Trade Zone', so he is not worried about losing his bargaining chip at all.

"Okay!" Li Meng replied.

Without any hesitation, a 1000-lot sell order was placed on the call auction board of the Shanghai-Hong Kong Group.

And at the same time, when Su Yu was suppressing the market in Waigaoqiao, he continued to place a bid order for 1000 lots of Jincheng Fenjiu, which had no performance, and pushed up the stock price of Jincheng Fenjiu, resulting in a situation of call auctions rushing to raise funds. .

And just when the two of them placed the order accurately, affecting the stock price trend of Shanghai-Hong Kong Group, Waigaoqiao, and Jincheng Fenjiu.

Inside Jingda Investment.

Gu Chijiang, the fund manager of the main fund of 'Jingda No. 1' and the general manager of Jingda Investment Company, is standing in the trading room, watching the call auction trend of several core stocks held by the fund, squinting, and looking to the side The former head of the customer department who was expelled from the Fusheng Road Sales Department of Huaxin Securities asked: "Director Hao, your prediction has come true. The two checks I have been insisting on from Shanghai-Hong Kong Group and Waigaoqiao seem to be nothing. There is hope for a reversal, but the baijiu sector that you have been optimistic about has shown signs of a reversal.”

Hao Weilai said with a chuckle: "Mr. Gu, you are being polite. I just think that the business model of the liquor sector is very good. The influence of 'plasticizers' will not kill the entire sector. With a slow recovery, the consumption demand for liquor will definitely skyrocket further, and it is not impossible to return to the peak in 11 and 12."

"It seems...we have to get rid of the weak and keep the strong." Gu Chijiang nodded slightly, and said, "Since the performance of the Shanghai-Hong Kong Group and Waigaoqiao has come out, it has shown that it is not as good as expected, so there is no need to continue to be nostalgic. Hey... After taking it for more than half a year, it still ended in a loss."

"Mr. Gu... I think you can wait a little longer."

While the two were talking, another leader of the core trading team was silent for a while, and said, "A semi-annual report doesn't explain anything."

(End of this chapter)