The investment era of rebirth

Chapter 141 The Choice of Jingda Investment
Hearing this, Gu Chijiang turned his head to look at the leader of the trading team, and asked, "Do you think it can be taken again?"

"I think the underlying logic of Waigaoqiao and Shanghai-Hong Kong Group has not changed." The leader of the trading team said, "Besides, the Shanghai stock market, as a major domestic economic center, is expected to return to economic growth, such as Waigaoqiao and Shanghai-Hong Kong Group. The Shanghai-Hong Kong Group, which directly benefits from the basic logic of the local economic construction of the Shanghai stock market, I think it can continue to hold and wait for the further reversal of the relevant fundamentals, at least...should wait for the annual report before making a decision."

"Leader Lin, you're a bit reluctant to hold logic!" Hao Weilai said with a smile, "It's best not to hesitate when holding stocks. The semi-annual reports of Waigaoqiao and Shanghai-Hong Kong Group have already revealed their performance. The nature of the recession, and... Looking at the second half of the year, the various market information we have researched and mastered are not enough to explain that these two stocks can usher in a reversal in performance in the second half of the year, that is, they cannot prove their performance able to get back on the growth curve."

"in my opinion……"

"The process of holding shares is a process of constant trial and error."

"We can't determine which stocks can truly reverse the situation, so...we can only continue to eliminate the weak and retain the strong, and keep the targets with the highest probability and the highest recognition of market funds."

"Judging from the performance of today's collective bidding, it is obvious that the recognition of market funds for the performance of Jincheng Fenjiu is significantly higher than that of Waigaoqiao and Shanghai-Hong Kong Group."

"Market money doesn't lie..."

"This means that the probability of Jincheng Fenjiu's predicament reversal is obviously greater than that of Waigaoqiao and Shanghai-Hong Kong Group."

"Moreover, comparing the overall performance and performance of the three stocks this year, as well as the current valuation level, Jincheng Fenjiu is obviously oversold than Waigaoqiao and Shanghai-Hong Kong Group, and the valuation level is lower, and the performance is better. So …removing the weak and retaining the strong, and converging the future risks of investment on individual stocks with lower risk probability, what’s wrong with that?”

"I'm not saying that it's wrong to go for the weak and keep the strong when the performance of the underlying holdings is lower than expected." Team leader Lin retorted, "I'm just saying... As a long-term investment fund, we should look at the "Jingda No. 1" Take the long view, don't just look at the immediate quarterly report to invest."

"If you really follow the quarterly report..."

"In the performance report released yesterday, Wangsu Technology and Fenda Technology, which have been widely discussed by everyone, and many stocks in the Apple industry chain, such as Goertek, O-Film Technology, etc., have achieved good performance growth. Do we want to go to the high position? Do you want to chase after these stocks that have doubled or tripled in the short term and have a PE of more than 100 times?"

"That's naturally impossible." Hao Weilai said, "A bear market focuses on quality, while a bull market focuses on momentum. Popular stocks on the GEM are too far away from their normal valuations. Chasing higher prices is extremely risky."

"That's it." Team leader Lin paused, and continued, "I'm not saying that Jincheng Fenjiu, or even the liquor sector, is not good. Compared with the overall average valuation of the liquor sector in 11 years, 12 years, and the entire sector in the previous ten years , the baijiu sector at this time has indeed been underestimated obviously, and it is very cost-effective, but..."

"Don't we already have enough positions in Jincheng Fenjiu?"

"If you increase your position in the liquor sector, I'm afraid there is a risk of concentrated holdings!"

"Get rid of the weak and keep the strong, so why is there a risk of concentrated shareholding?" Hao Weilai didn't quite agree with the words of Team Leader Lin, chuckled, and said, "In addition to Jincheng Fenjiu, the current fund has funds in Huaguo Baosteel, Shenhua Coal, etc. Doesn’t the position on the industry and commercial banks not be counted?”

"Moreover, I know that the current liquor sector has all the conditions and expectations for a reversal of the predicament."

"Furthermore, the valuation has been hit to the bottom, and the ratio of shareholding risk to future profit is already quite attractive. Is it possible that under such a situation...the risk is relatively high, and it will not be seen at all for a period of time in the future? Risky stocks with signs of reversal, continue to lose money?"

During the debate between the two, the time had already reached 9:25, and the call auction between the two cities ended.

I saw that Jincheng Fenjiu opened 2.1% higher, and a total of 1231 lots were traded in the call auction, which was significantly higher than the previous trading days; the two checks of Shanghai-Hong Kong Group and Waigaoqiao also had more than 1000 lots in call auctions , also reflected the trend of heavy volume.

It's just that Jincheng Fenjiu is going up in heavy volume, and these two checks are down in heavy volume.

Faced with such an opening scene, Gu Chijiang was silent for a while, and said: "Let's see how the market will go after the opening. As Director Hao said, everyone has different psychological expectations when facing the fundamentals and future of stocks. , It’s not easy to make a decision, but the choice of funds in the market will not deceive people.”

"If Jincheng Fenjiu, and even the entire liquor sector, has indeed been significantly recognized by market funds."

"Waigaoqiao and Shanghai-Hong Kong Group's on-site funds have been showing an outflow state, and the undertaking power is not strong, and the stock price is also falling steadily, so there is really nothing to hesitate."

"As for the funds freed up by stop losses if the stocks of Waigaoqiao and Shanghai-Hong Kong Group fall seriously short of expectations..."

"We can plan and discuss again to see where to invest."

The market is at 2000 points, and it has fluctuated back and forth for almost 20 days, and the GEM index has clearly broken through upwards with volume. Although Gu Chijiang does not understand the logic of the GEM’s tyranny, he also believes that it is the same as many institutional fund managers. The hot money is on the GEM, taking advantage of the relaxed market supervision to speculate randomly, but at the same time he clearly feels that this is the bottom of the market.

According to the overall investment strategy.

Here, he no longer needs to panic, he can safely and boldly enter the position.

Therefore, even if the fund's positions are withdrawn from Waigaoqiao and Shanghai-Hong Kong Group, he will not let the funds sit idle in the fund account.

of course……

As Hao Weilai is seriously optimistic about the liquor sector, can it be reversed, can it lead the blue chip sector of the main board market in the second half of the year, get out of the quagmire, and return to the upward trend.

At present, he is not completely sure.

We have to wait patiently for a few days to see the strength and recognition of market funds on this sector.

Only then can the final decision on whether to increase the position in this sector be made.

However, from the analysis of the fundamentals of the major sectors in the current market, it is true that the liquor sector has been severely oversold and has great cost performance.

At least since he's been involved in market transactions...

I have never seen such a general valuation of less than 15 times PE in the liquor sector, which is the core of "big consumption".

Therefore, when Hao Wei is optimistic about this sector, and suggested that he appropriately reduce the core stocks of Shenhua Coal Industry, Huaguo Baosteel, and China Commercial Bank, and increase his position in the liquor sector, Jincheng Fenjiu, which has the best performance relative to the best performance, he just Without much hesitation, he agreed directly.

After all, facing the temptation of valuation of this sector, his heart was really moved.

During this period, the younger generation of the company, such as Mu Yao and Liu Ze, also advised him to pursue some popular stocks on the GEM such as Wangsu Technology, Fenda Technology, and LeTV.

Seeing the recent trend of ChiNext being significantly stronger than that of the main board, he was also moved.

It's a pity that facing the [-] times PE valuation of the so-called growth stocks such as Wangsu Technology and Fenda Technology, as well as the trend of being continuously hyped by hot money, he really can't do it. He only buys symbolically when the market pulls back. I bought some LeTV as a supplement to participate in the GEM market.

Of course, the valuation of LeTV is also more than [-] times PE.

As a result, even if he participated in building a position in this stock, he did not dare to make heavy moves at all.

After all, for such a stock...according to his many years of market experience, it is easy to speculate, but once there is no funds to continue to attack, the decline will be very rapid.

Currently, the net value of the company's three funds are all below 0.9.

He really doesn't have the courage to bet heavily on the GEM concept stocks dominated by hot money.

Therefore, if you get entangled and entangled, you will miss the GEM market more and more. You can only focus on the main board as the research object, and study the so-called "dilemma" with low risk and serious oversold, but the future upside potential is not low. Invert' plate again.

"Okay, Mr. Gu..."

Seeing that Gu Chijiang had already spoken, Hao Weilai and Team Leader Lin stopped arguing and nodded.

When the three of them turned their gazes back to the trading boards of the two cities, they saw that the time had passed 9:30, and the stock prices of Jincheng Fenjiu, Shanghai-Hong Kong Group, and Waigaoqiao were jumping rapidly, and there were constant buying and selling of funds on and off the market. , showing different trends and shapes.

At 9:35, under the main attack of three consecutive large orders of 1000 lots, Jincheng Fenjiu’s stock price climbed to a 3.78% increase, while Shanghai-Hong Kong Group and Waigaoqiao continued to fall with heavy volume and fell by more than 2.7%. , The Shanghai Stock Exchange Index, Shenzhen Index, and ChiNext Index all showed a continuous upward trend.

Within these 5 minutes, the main fund of 'Jingda Investment' was within the trading momentum.

Gu Chijiang stared at the changes in the market volume of the three stocks, did not make any moves, and did not issue any trading orders.

9点37分、9点42分、9点48分……

When the time progressed to 10 o'clock, the net inflow of Jincheng Fenjiu's large orders exceeded 1000 million, and the entire liquor sector also showed a state of net inflow of funds. The core leader of the sector, Qianzhou Moutai, finally came out of the This month's first 3% increase, and at this time, Jincheng Fenjiu led the liquor sector, with an increase of more than 5%, becoming the stock with the largest increase in the sector.

In contrast, the two stocks of Shanghai-Hong Kong Group and Waigaoqiao at this time.

While Jincheng Fen Liquor is soaring, they still continue to decline, and the amount of outflow of funds continues to expand, and the overall situation of the market is extremely weak.

And due to the drag of these two stocks, as well as the performance of stocks such as Huaguo Baosteel, Shenhua Coal Industry, and Civil Commercial Bank, which have not moved at all, today's "Jingda The net value performance of the investment' fund is still seriously lagging behind the market and underperforming the market.

"Sell it!" Seeing that the market opened for half an hour, the market funds had completely different attitudes towards Jincheng Fenjiu, which performed well, and Shanghai-Hong Kong Group and Waigaoqiao, which performed poorly. Gu Chijiang sighed softly , and finally issued an order to sell Shanghai-Hong Kong Group and Waigaoqiao, "It seems... market funds have already made their choices, and the liquor sector does seem to have ushered in the dawn of a 'reversal of difficulties' .”

Hearing Gu Chijiang's words, Hao Weilai, who stood behind him and had been silent all this time, finally showed a smile, and glanced at the team leader Lin who had predicted and stopped, and said with a smile: "President Gu's judgment, There is nothing wrong with it. Today, the amount of funds attacking the liquor sector is obviously much larger than that of the previous period. The bottom of the serious overshoot has increased. This is a sign of a stock price reversal. I estimate...in half a month at most, Jincheng Fenjiu It can fill up the big decline in the previous two months."

"I hope!" Gu Chijiang nodded slightly, "Most of the funds managed by our fund are internal idle reserve funds of Pengyuan Real Estate. If by the end of the year, the net value of our fund is still half-dead, then Wang Dongke will not be very good. Speak for us."

"Don't worry, Mr. Gu." Hao Weilai said with a chuckle, "In the second half of the year, the liquor sector will definitely reverse!"

While the two were talking, Team Leader Lin sighed helplessly, and he could only follow Gu Chijiang's instructions and give the waiting traders an order to reduce their holdings in Shanghai-Hong Kong Group and Waigaoqiao.

Of course, he was not in a hurry to explain, and let the traders stick to the stocks of Waigaoqiao and Shanghai-Hong Kong Group.

The freed up funds will be added to the liquor sector, which is heavy at the bottom and seems to have shown signs of reversal.

He believes that to determine the "dilemma reversal" of the liquor sector, it will take at least a week to observe, and when the net value of the fund is below 0.9 and the risk tolerance is not large, it is reasonable to invest on the right side. Insurance.

Following his order, traders sold large sums of chips held by Waigaoqiao and Shanghai-Hong Kong Group.

this moment……

In the trading room of 'Yuhang Investment', Su Yu and Li Meng, who were also selling chips and suppressing the stock prices of Waigaoqiao and Shanghai-Hong Kong Group, felt it instantly.

(End of this chapter)