The investment era of rebirth

Of course, in the process of ex-rights for the net value of the 'Yuhang No. 1' fund.

In the two markets that are currently trading, the stocks that the 'Yuhang No. 1' and 'Yuhang No. 2' funds cleared and reduced their holdings yesterday, and some stocks that overlap with the positions of the two funds after the two funds announced their positions, after the market opened today, These stocks have been subject to the main funds in the market, a large number of follow-up selling, and chasing buying behavior.

In these main funds, a large number of follow-up selling and chasing buying behaviors.

The Shanghai Index, Shenzhen Index, and ChiNext Index also showed a more obvious trend of differentiation.

I saw that the ChiNext Index continued to open lower today after yesterday's sharp drop. Its component weight concept sector, especially the two main lines of 'mobile Internet' and 'smart phone industry chain' that have been hotly hyped in the early stage. The sector fell sharply across the board, with extremely heavy selling, and no longer any strength.

Among them, popular stocks such as Huaqingbao, Fenda Technology, and Changqu Technology all fell by more than 5% in the intraday session.

On the contrary, in the direction of the main board, the Shanghai stock index has stabilized after yesterday's sharp drop. Concept sectors such as automobiles, white goods, real estate, liquor, and infrastructure all performed more or less. , Maintaining the pattern of red plate shocks, stabilizing the Shanghai Stock Exchange Index.

"Could it be that the next market will shift to the direction of the main board?"

Seeing the reappearance of the pattern of the strength of Shanghai and the weakness of Shenzhen and Shenzhen in the two cities, some people raised doubts among the market investment groups who were discussing fiercely.

"It's not impossible. Looking at the position data released by the two funds managed by Mr. Su, the 'Yuhang No. 1' and 'Yuhang No. 2' funds seem to be shifting their positions towards the main board. Their holdings of automobiles, white goods There are quite a few heavyweight stocks. It is obvious that Su is always optimistic about the future market of these two major sectors, and combined with yesterday's Dragon and Tiger List, Mr. Su reduced his position in the GEM's two core lines of "mobile Internet" and "smart phone industry chain". The purpose is very obvious, but there is no sign of reducing the position on the main board, which shows that Mr. Su also believes that the next market will shift to the main board."

"Is there any expected logic for the two major sectors, the automobile and white goods sectors?"

"Home appliances to the countryside, cars to the countryside?"

"Year-end consumption season! Or...pure hedging logic?"

"Shouldn't you choose the gold sector for risk aversion?"

"Hehe, the gold sector? The world's major central banks are following the Federal Reserve's exit from the loose monetary policy of flooding, and the global economy is also slowly recovering. Out of the shadow of the previous financial crisis, gold prices are not expected to rise at all, okay? Take gold To avoid danger, you can’t afford to go to grandma’s house? Medicine and consumption are the kingly way!”

"Well, automobiles and white goods do belong to the field of 'big consumption'."

"I think the index is really unavoidable to adjust, it's better to forget about short positions, under the mud and sand...I'm afraid that any risk-avoiding sector will not work well."

"It makes sense. I always feel that whether it is the Shanghai Stock Exchange Index or the ChiNext Index, it is difficult to stabilize here."

"According to Mr. Su's historical experience of selling seats on the Dragon and Tiger List, after Mr. Su's large-scale reduction of positions, it is impossible for the market to stabilize immediately."

"Yes, yesterday's big drop, everyone who entered the market to take orders was trapped. In this situation... one or two trading days, it is absolutely impossible to digest it. Even if there is a rebound at this time, it is an opportunity to continue to reduce positions , rather than an opportunity to re-enter the market and do long."

"I feel that in the direction of the GEM, many popular stocks in the early stage have a trend of double-headed divergence!"

"Regardless of whether it's a bullish trend or not, I won't touch President Su's ticket to leave anyway."

"The two core lines of 'mobile Internet' and 'smartphone industry chain' have been fired several times this year. Many popular stocks have risen five or six times in one breath. Even if the future performance expectations are clear and the growth potential is huge, there is obviously some The overdraft is expected in the future, and now Mr. Su has left the market in a large way in this field. On the technical side, many popular stocks in the early stage have also stepped out of the trend of double top divergence, and we should indeed avoid holding positions in this field.”

"This year's popularity is all on the GEM. If the two core lines of 'mobile Internet' and 'smartphone industry chain' collapse, the adjustment of the GEM index will not be small!"

"The GEM index has already doubled this year, so it should be adjusted, right?"

"Anyway, at this time, it is not appropriate to be optimistic."

"Indeed, funds are already tightening at the end of the year. At this time, it's better to hold back!"

In the hot market discussion, the retail investor group has experienced yesterday's market crash and reversal trend, the bearish sentiment is still strong, and the willingness to go long has declined sharply.

And under the influence of this emotion...

The Shanghai Index, which was still slightly stable, also gradually fell after the trading time passed 10:30, due to the continued lack of buying and undertaking capacity, and fell into the water along with the Shenzhen Index and the ChiNext Index.

Immediately afterwards, after 11 o'clock, the market began to show a trend of mud and sand.

The two main lines of 'Mobile Internet' and 'Smartphone Industry Chain', which are closely related to the weight of the GEM components, related concept sectors, and popular stocks in their fields have all plummeted. Among them, Fenda Technology, Huaqingbao, Changqu Technology, Several stocks of Huake Financial Co., Ltd. encountered a huge sell-off, and the stock price was close to the limit.

Previously, at the beginning of the session, it showed a style change, supporting the real estate, infrastructure, automobile, white goods and other conceptual sectors of the Shanghai Stock Exchange Index.

At this moment, under the influence of the extremely heavy sell-off, it turned green in an all-round way. In the field, the market trend of the relevant weight core stocks also changed from strong to weak.

"The selling pressure in the two cities is extremely high. It seems that... there is no room for a short-term counter-draw."

Seeing that several major indexes have turned down across the board, and the industry sectors and concept sectors of the two cities have also turned green. In the internal trading room of Yuhang Investment Company, Li Meng stared at the market and reported to Su Yu: "The market's long-short transition has formed. , and the main driving force for the decline is all on the two main lines of the high-level 'mobile Internet' and 'smart phone industry chain', and we may have to speed up the speed of reducing positions."

"Well!" Su Yu stared at the changes in the two markets and nodded, "Emotions have decayed sharply, and the market trend is weaker than we expected. There are no sustainable hot spots in the two cities, and the amount of buying orders can It is also rapidly decaying, and it is necessary to speed up the speed of lightening positions, otherwise the subsequent market liquidity and the amount of buying orders will be even more scarce."

"Both Fund No. 1 and Fund No. 2 should be reduced to the 20% holding water level!"

Su Yu paused, and continued: "The bargaining chip structure of the two cities has changed again, coupled with the ever-tightening funding, and the two main lines of 'mobile Internet' and 'smartphone industry chain' that have clearly overdrawn expectations, The time and space for index adjustment may be greater than last time."

"Okay!" Li Meng replied.

Subsequently, the traders were quickly issued an order to continue to reduce their positions.

And following the results of the two people's previous discussions, the steps of the two funds to reduce their positions are to give priority to reducing their holdings of less-than-abundant market liquidity, followed by popular stocks with relatively better liquidity, as well as mid- and large-cap stocks.

However, as the two funds continue to reduce their positions and continue to withdraw from high-ranking and popular stocks in the two main lines of 'mobile Internet' and 'smartphone industry chain' on a large scale, the market trend of related stocks has become more and more bleak, and sell-offs are emerging in an endless stream , the decline continued.

Finally, at 11:30, when the two cities closed at noon.

The decline in the Shanghai Index deepened to 0.89%, the Shenzhen Index fell by 1.38%, and the ChiNext Index fell by 1.79%.

Except for the overall plummeting index, of all industry sectors and concept sectors in the two cities, only the medicine and liquor sectors, which are used as a hedge for funds, are slightly red, and the rest are in a state of decline. Among them, the two major sectors of 'mobile Internet' and 'smartphone industry chain' In the core main line field, concepts such as 'mobile games', 'Internet finance', 'Apple concept', 'network security', and 'wearable devices', which have been hyped one after another before, all fell by more than 2.5%, leading the decline by two. city!
And in these pre-popular concepts that have fallen sharply.

Related core hot stocks, such as Huaqingbao, Changqu Technology, Meisheng Culture, Huake Financial, Xinwei Communication, Anjie Technology, Renzihang, Fenda Technology, LeTV, etc., all fell by more than 5%. The three checks of Zhonghua Qingbao, Fenda Technology, and Changqu Technology once touched the limit.

Facing such a closing situation at noon...

The long sentiment of the entire market has further collapsed, and cautious sentiment and risk aversion sentiment have further risen.

But when the time came in the afternoon, when the two cities ushered in the second half of the trading session, the entire market, the selling pressure composed of profit-making orders, high-level meat-cutting orders chased up yesterday, and even early-stage hold-up orders further suppressed the market, causing The index and the market conditions of the two cities have formed a purely unilateral downward trend.

At 1:32, the Shanghai Stock Exchange Index fell by 1.21%, and the ChiNext Index fell by more than 2%.

At 1:35, Fenda Technology, a popular leading stock in the two cities, dropped the limit and sealed the limit. Based on yesterday's intraday high of 98.33 yuan, the two-day retracement exceeded 30%.

At 1:37, after Fenda Technology, Huaqingbao also blocked the daily limit. After Huaqingbao, a core popular stock, closed the daily limit, the concept of "mobile games" fell in a flash, and the sector fell by more than 5%. , Concept stocks such as Changqu Technology, Meisheng Culture, and Yaoji Technology also refreshed their declines to more than 8% in an instant, approaching the daily limit.

At 1:52, the intraday decline of the ChiNext Index refreshed to about 2.5%. There was no red plate in the industry and concept sectors in the two cities, and all hot spots disappeared.

At 2:01, the banking sector plunged suddenly, and Jinling Bank fell 5% in a flash crash.

At 2:02, affected by the rapid dive of the banking sector, the decline in the Shanghai stock index expanded rapidly, from around 1.45% to 1.89%, approaching the 2% mark.

"What the hell? At this time, the bank didn't protect the market, but took the lead in diving?"

Seeing that the weight plate supporting the Shanghai Stock Exchange Index actually showed a big diving trend after 2 o'clock, someone in the main group of Yuhang hot money where Su Yu was located exclaimed incomprehensibly.

"Jinling Bank has collapsed the market!"

"Is there any bad news? Jinling Bank's sudden collapse is extremely abnormal!"

"On the news, it hasn't appeared yet, but Jinling Bank, a large-cap bank stock with a level of [-] billion, suddenly collapsed, and the main funds in the market rushed out. Something must have happened."

"Important internal personnel changes? The president was investigated?"

"I don't know! But anyway, at this time, it's better to avoid it!"

"It's not just Jinling Bank's problem. The collapse of the bank has spread the panic in the entire market. Even liquor, medicine, and related stocks held by President Su, which have resisted the decline before, are all in a panic at this moment. The gap has fallen, and it feels like everyone is cutting positions and scrambling for market liquidity.”

"What the hell, the information asymmetry is really annoying!"

"Let's sell it. I feel that there is obviously a liquidity crisis in the market. At this time, it is not suitable to hold positions, and it is not suitable to buy bottoms and catch flying knives!"

"The market turned empty quickly! Hey... I wanted to wait for a weak rebound, but now I can only cut the meat and stop the loss unconditionally. Damn, this wave of rebound really didn't get anything."

"In a falling market, if you don't lose, you win."

"If this falls, the chip structure of Da Technology, Huaqingbao, Changqu Technology, LeTV, and Xinwei Communications will be completely scattered, and there will be no chance of turning around in the future."

"These tickets have been speculated here, and it's almost the same."

"Yeah, from the bottom up, the increase is four to five times, five to six times. If you are greedy, it really shouldn't be!"

"Originally, there was still a sign that the market was shifting from the GEM to the main board today, but now the panic has all been dispelled. It's really... mud and sand!"

"Hey, generally speaking, the market capital is still tight and the increment is insufficient."

"Damn it, at this moment, the stock index fell by 2.3%, and the ChiNext index fell by around 3.5%. This is... the rhythm of a comprehensive collapse!"

"Hey, the Internet speed technology that alone supports the disk is obviously unable to support it."

"With the collapse of Wangsu Technology, in terms of the weight of the GEM components, it can be said that the entire army has been wiped out."

"This trend is definitely negative on the news!"

"What will it be? The news of the restart of the IPO has already landed, so is there any major negative news?"

"I don't know. I should know when the after-hours news is clear. At this time... you must stop. You can reduce your position, but you will never buy the bottom."

Amidst the startled and doubtful discussions among the crowd...

In the late trading stage after 2 o'clock, the market directly fell into a unilateral plunge with a steeper slope.

In the entire market, buying orders are scarce, while selling orders are endless. It seems that all the investors holding positions in the market are fleeing, regardless of cost.

And with the continuation of this unilateral plunge, the number of limit-down stocks in the two cities has also increased rapidly.

In the end, at 3 o'clock in the afternoon, at the moment when the market officially closed, the Shanghai Stock Exchange Index fell by more than 2.5%, the Shenzhen Stock Exchange Index fell by 2.98%, and the ChiNext Index plummeted by 4.03%. , I am afraid that it will be difficult to hold on in the future.

And in the index plummeting, plummeting.

Su Yu's 'Yuhang No. 1' and 'Yuhang No. 2' funds' large-scale reduction of positions, the two core concepts related to the 'mobile Internet' and 'smart phone industry chain', and their popular stocks, bear the brunt of the The worst sell-off in the market.

Among them, the four major concept sectors of 'mobile game', 'apple concept', 'Internet finance' and 'wearable device' all experienced a decline of 6%, and the popular stocks in each concept sector all set off In the trend of limit-down, within the four concept sectors, the total number of stocks with limit-down is as many as 18.

Of course, except for this field that has been completely abandoned by the main funds in the market and has suffered the most tragic decline.

Today's flash crash of the banking sector, and Jinling Bank, which almost fell to the limit in the end, also attracted the attention of countless investors in the market after the two markets closed. Discussions on related topics were extremely intense.

And in the midst of intense discussions and suspicions among the crowd.

At around 4:20 p.m., major bad news about Jinling Bank began to appear in everyone's field of vision. According to market rumors, a rural commercial bank institution deeply connected with Jinling Bank had liquidity problems and there was a large number of restrictions on users. Amount withdrawals and transfers.

This rumor has just appeared on the market news.

It quickly swept through the entire financial market like a hurricane.

Even at 4:35, when the news was fermented for less than 15 minutes, Jinling Bank issued an announcement stating that it had no close business relationship or fund custody with this rural commercial bank institution, indicating that all internal risks were controllable , the fact that the business is normal, but the majority of investors in the market are still willing to believe the authenticity of the rumors in the face of the stock price of Jinling Bank that is close to the limit, and the market performance that has evaporated nearly [-] billion a day.

And, very dramatically...

Shortly after Jinling Bank issued the announcement, the interbank lending rate of the entire banking industry began to rise rapidly.

It seems that overnight, the market money shortage crisis that occurred in June this year reappeared.

"Sure enough, under the general environment of shrinking off-balance-sheet investment and carrying out internal reforms in the entire banking industry, at the end of the year, the market capital is indeed severely tightened." After seeing Jinling Bank's announcement, the inter-bank offered rate in the market has soared. At this moment, inside Zexi Investment, in the trading room, Xu Xiang said with emotion, "This announcement by Jinling Bank actually confirmed the fact that there is a shortage of money in the market!"

"Next, if the central bank increases the money supply in the market at an untimely time, I am afraid that this money shortage crisis will continue to spread." Beside Xu Xiang, Zhou Kan continued, "The crisis in the capital aspect has appeared, and the stock market will continue to spread." In this situation, there is no upward momentum and foundation.”

"Hey, I have to say..."

Zhou Kan paused for a moment, then continued: "This President Su from 'Fortune Road' is really good at grasping the selling point. If he comes out a day late, I'm afraid it won't be so easy to sell the bargaining chips in his hand. .”

"But this bad news is so close to his playing time."

"I'm afraid that this President Su has smelled some unusual signals before, so he hastily chose to move out of warehouses on a large scale."

"The bank money shortage crisis in June was forcibly suppressed by the central bank through the short-term release of a large amount of liquidity. In fact, there is no further action. In addition, under the urging of the regulatory authorities, the bank is making internal business adjustments, reducing off-balance-sheet investment in a large amount, and the reappearance of the market money shortage crisis is not entirely unexpected. Hasn’t there been an analysis of this? It’s just that it hasn’t been paid attention to. Speaking of it... Fortune Road can think of this aspect to restrict the upward trend of the market, and it’s not too unusual to enter the market to stop profit at a critical moment.”

"It's..."

Xu Xiang paused, and continued: "I'm a little surprised that he ex-rights the net value of the fund at this time!"

Hearing Xu Xiang's words, Zhou Kan didn't quite understand and said: "The net value of the 'Yuhang No. 1' fund has accumulated almost 20 times. It's normal to get rid of rights and lock profits, and return funds? What does this mean?"

"It shows that he should not be optimistic about the market in the medium and short term." Xu Xiang smiled and said, "Otherwise, there is absolutely no reason to remove the right to lock in the net value of the fund at this time. After all, for us fund managers, Funds are like bullets. On the battlefield of the financial trading market, if you are optimistic about the mid-to-short-term market and expect to make substantial profits in the mid-to-short term, no one will dislike having too many bullets in your hand, because there are only more bullets , in order to make more profits!"

"Is there such a meaning?" Zhou Kan was slightly surprised.

"But it doesn't matter." Xu Xiang paused and said, "We don't have many positions in the market anymore. No matter how the market changes in the future, it will not have a big impact on us."

With the continuous discussion between the two, as well as the follow-up trend analysis of the market.

Time passed 5:30 p.m., and the dragon and tiger rankings of the two cities were refreshed.

In the anticipation of everyone, Fortune Road, which was sold on a large scale yesterday, continued to be on the list today, occupying the selling seats of four popular stocks, and sold a total of 6.83 million funds.

"Fortune Road sold another 6.83 million funds on the list!"

Seeing that Fortune Road is once again on the list, the majority of investors who are paying attention to the market are excited again.

"It seems that Su is determined to liquidate and reduce holdings. The two main lines of 'mobile Internet' and 'smartphone industry chain' should have no future!"

"President Su's reduction of positions is really as precise as a god!"

"The last time Mr. Su's large-scale reduction of positions was a major negative attack on the restart of the market's IPO; the last time, it was the "Shanghai Free Trade Zone" that landed and cashed in; this time, it was another round of money shortage triggered by Jinling Bank. The crisis is really that every time President Su reduces his positions on a large scale, there will be major bad news in the market!"

"It's been said that Su is always the real guiding light of the market."

"How do you say that? Only by believing in the road of wealth can you master wealth!"

"Hey, it's true. I should have believed in Mr. Su long ago. He hesitated until the end of the game to cut the meat. I was cut again."

"Boss Su has been reducing positions on a large scale for two consecutive days. Now that the market is facing a shortage of funds, the market will definitely be further depleted of funds. There is really no need to continue holding positions."

"No wonder this afternoon, the market fell unilaterally, and all the main funds are fleeing."

"What the hell, there's a shortage of money, where did all the money go?"

"It's not that the money has really decreased, but that under the central bank's macro-monetary policy, the circulating currency that banks can deliver to the market has decreased, and the mark at the end of the year happens to be a time when the demand for circulating currency in the market increases greatly. In this way, under the condition of unbalanced supply and demand of currency available for circulation, the phenomenon of money shortage in the market will naturally appear, but in fact, there is no need to panic. Facing the crisis of money shortage among banks, the central bank should soon take action , and...if the central bank adjusts a little more aggressively and cuts interest rates and reserve requirements, it may not be far away."

"The so-called crisis, crisis, there is an opportunity when there is a crisis!"

"Hey, let's hope, otherwise it will really fall like this two days, I can't stand it."

"Plunging is not normal. I feel that the market trend, although it looks scary, is still oscillating back and forth in the big box. This time, it is estimated that the index will reach the bottom of the box at most, and it should stop falling."

With everyone's heated discussions...

The topics of "Wealth Road continues to lighten up on a large scale" and "the reappearance of the bank's money shortage crisis" continue to ferment in the financial market, and the balance of long-short sentiment is also tilted towards the short side again. The entire market, whether online or offline , at a glance, it is full of bearish voices.

Fortunately, the central bank has acted decisively against the bank money shortage crisis this time.

Before the interbank offered rate soared to a very high risk level, at 8 o'clock that night, the central bank added a 5000 billion market reverse repurchase quota to supplement the current situation of tight currency liquidity in the market at the end of the year and directly alleviate the situation. The money shortage dilemma of banks and the entire market has been wiped out.

However, even if the central bank releases the benefits in time, it solves the just-exploded 'bank money shortage' effect.

However, the market that has turned its trend and the sentiment of the collapse are still irreversible.

In the next three trading days, under the influence of extremely heavy selling and pessimistic sentiment, the market continued to fall, and once again stepped out of the five consecutive negative trends, and the major indexes all fell by more than 5% in a week, which was completely reversed. The increase in the previous week has formed an extremely ugly downward trend on the weekly and daily charts, so that the upward trend that was originally rising was cut off at the middle and no longer exists!
Of course, in this three consecutive days of decline.

Under Su Yu's guidance, Li Meng has asked the traders to reduce the positions of the 'Yuhang No. 1' and 'Yuhang No. 2' funds to the expected position, which is the 20% position level.

And also during these three days, the 'Yuhang No. 1' fund fully opened up the rights of free subscription and redemption.

The 1 billion funds after the net value of the 'Yuhang No. 37.52' fund has also entered the company's account, and through various financial settlements, Su Yu has returned a total of 2.2 million interest-free short-term loans lent to the company before.

Su Yu got the 2.2 million funds.

First, he repaid the 10 million loan he borrowed from Qian Yuanbao in October for investing in "Zi Tiao Network", and added 1.2 million interest, and then combined the remaining 200 million with his original 1 million cash. All in one place, so far... His personal cash flow has once again reached more than 3700 million.

Facing the cash flow of 1.37 million, Su Yu was thinking about how to spend the money.

At this time, his mobile phone rang suddenly.