The investment era of rebirth

"Has the document been issued?" Su Yu asked.

"There is no clear document yet." Lin Antu said, "But according to the market information I have collected, it is already blowing in this direction."

Su Yu nodded slightly, pondered for a while, and said: "The reform of the mixed system of state-owned enterprises has been going on all the time. There are hot spots in the market from time to time, and it is difficult to grasp the target. It is worth noting that the road to securitization of military industrial assets, and even the entire policy of strengthening the military, reform of military industrial enterprises, etc., will soon be put on the agenda under the current macro background.”

"En!" Lin Antu nodded, "I think so too."

"I will discuss it with the fund trading department and everyone in the analysis room." Su Yu said, "What about other market information? What will the central bank do next...?"

Lin Antu replied: "The central bank released a 5000 billion reverse repurchase quota in order to alleviate the liquidity crisis of the banking industry in the face of shrinking off-balance-sheet assets. There is no other movement for the time being. It is estimated that... this year will not There are other behaviors of releasing water, and generally speaking, on the macro level, the market capital is still tight."

"Then it seems that in the short period of the end of the year, the market will hardly have a market." Su Yu made a corresponding judgment based on the information collected by Lin Antu.

"Oh, by the way, President Su..."

Lin Antu paused for a moment, and then said: "In terms of real estate, the wind direction seems to be changing recently. It should be to relax the regulation!"

Su Yu laughed and said: "This is expected. If we don't let it go, the local finances should be tight, and the real estate economy drives urban construction and national infrastructure construction. , It’s not so easy to stop and stop. In the past two years when the real estate market has been tightened, the real estate market has gradually lost its role as a capital reservoir, leading to a significant increase in CPI. It is understandable that macro-control has changed its course at this time.”

Real estate, associated interests and industries too.

In addition, after the tax reform, the local government relies heavily on land sales income, and it is simply unrealistic to really continue to tighten the regulation policy of this industry.

So, in Su Yu's view...

As long as local fiscal revenue is tied to the real estate economy, as long as the macro strategy of "urbanization" has not reached the limit of development, as long as the industry can squeeze out new demand, then this industry will not die and will Continuously oscillating back and forth in the loosening and tightening of macro-control.

What's more, at the current stage, the national urbanization rate has just passed 60%.

The desire of farmers and workers to move to the cities is still strong.

In other words, he believes that the potential demand for real estate at this time is still strong. In this way, when the macro-control of the industry is gradually turned from tightening to loose, the real estate industry will definitely usher in a rise in both volume and price in the future. situation.

In fact, the development of history is indeed like this!

"Boss Su is very optimistic about the future real estate development?" Lin Antu asked, "But the national housing price level is already not low, and if it goes up, the potential will not be much, right?"

"The potential and demand of housing prices are directly proportional." Su Yu said, "The potential of housing prices depends on how much market demand can be stimulated. Generally speaking, the use of 'real estate' to drive the entire infrastructure and urbanization Construction, and even the overall macroeconomic route, are still stable and there are no problems."

"So, infrastructure and real estate, under the situation of further relaxation of macro-control."

"It should be a better performance."

"It's just this field..."

Su Yu paused, and continued: "No matter the core stocks or the sector are very large, if there is not enough incremental funds to promote it, I am afraid that it will not be able to set off a sustained big market."

"So, although there are opportunities in this field, the conditions for the market to explode are not yet ripe."

"Of course, there must be better stories and performance expectations continue to stimulate."

"Anyway..." Su Yu smiled, "The market intelligence data collected by Director Lin is still very useful for our macro investment strategy judgment."

The two talked for a while about the impact of market information on investment direction.

Afterwards, Lin Antu talked about some important news that happened in Yuhang recently, as well as some inside information he obtained through information channels, and then he quit Su Yu's office, preparing to upload the relevant information to the company's intranet. Make a backup.

After Lin Antu left.

Su Yu rested for a while, and then came to the company's internal trading room.

I saw that the traders were bowing their heads to review the market when the two markets had already closed, summarizing today’s trading operations, sorting out the evolution of the entire market, and combining the company’s intranet information, Internet public information and other data to deduce possible follow-up Market conditions change.

"How is the market today?"

Su Yu stood beside Li Meng and asked with a smile.

Li Meng looked up and saw him, smiled, and said: "The market in the two cities is still very sluggish. Although the index has stopped falling for the time being, the popularity of popular stocks is still bad. Active funds are withdrawing, and the market volume is also further declining. , I feel that the market has not fallen through.”

"and……"

Li Meng paused for a moment, and then said: "The situation where the Shanghai is strong and the deep is weak is happening again."

"Judging from the overall situation of the market's retracement in the past few days, the ChiNext has suffered a huge decline, while the Shanghai Index has relatively shallow decline."

"I feel that there are signs that market funds are gathering in the direction of the main board for hedging, especially in real estate, consumption, and infrastructure. During the retreat of the entire two cities, they appear to be very resistant to falling."

"En!" Su Yu nodded slightly, and continued to ask, "What about holding positions?"

Li Meng replied: "Both funds maintain the minimum position operation status. At present, the fund's net value drawdown is limited, and all risks are still under control."

"In the direction of real estate, according to the information collected by Director Lin, there are signs of macro-control to loosen the real estate market, whether it is at the top or in various places." Su Yu said, "This may be the reason why real estate and infrastructure are obviously resilient. However, I feel that the market as a whole lacks funds. Even if such a large-scale sector has the basic logic of expected changes, it may be difficult to go far without sufficient incremental funds to support it. It is not sustainable, and the index is obviously not real It’s hard to say that these two temporarily resilient sectors will not continue to fall, so it’s not time for layout yet, what do you think?”

"Under the full nest, can there be any eggs?" Li Meng said, "I agree with you. Even if you want to make a layout, you have to do it after the index falls. Although the current market sentiment is already in the depressed range, but There is still a distance to the extreme freezing point of emotions."

"En!" Su Yu continued to nod, and asked, "What about the free subscription and redemption of the 'Yuhang No. 1' fund? Are there any investors who redeem shares?"

Li Meng replied: "Yes, the largest investor of our 'Yuhang No. 1' fund, that is, Mr. Lin Yaozu who holds the most shares of the 'Yuhang No. 1' fund, redeemed half of the investment shares. Of course, after his After the shares were redeemed, the vacated investment quota was snapped up by investors within half a minute."

"This year's coal industry is extremely difficult. Lin's Wufeng Coal Industry should have suffered a lot of losses. It must be because the group's capital chain is tight, so it has to redeem half of the investment share to make up for the loss of the main business." Su Yu said, "Except for him? Did no other investors redeem their shares?"

Li Meng shook his head and said: "No, no matter online or offline, investors in the entire market still have high expectations for our company's fund products, and even I have received a lot of important investment from us. Customer calls, everyone suggested that we open a larger fund product.”

"You can't eat too much." Su Yu said, "For a private equity company like us, the performance of the product is the lifeline. If you blindly pursue scale, you will fall to the bottom, which is not good for our development."

"En!" Li Meng nodded, "I think so too."

While the two were talking, it was 5:[-] in the afternoon, and the dragon and tiger rankings of the two cities were announced.

There are only a dozen stocks on the list, and among the stocks on the list, the seats of well-known hot money and institutional seats are all invisible. The ebb tide of a group of active funds that are really smart in the market is obvious.

Among them, there is still a stock that has attracted Su Yu's attention.

That is the 'Kumho Group', which was re-listed and renamed through the backdoor Ancai Paper Industry. Today is the second trading day for Kumho Group's backdoor listing. Unsurprisingly, it closed at the daily limit, and its market value jumped over 150 billion.

"The stock of Kumho Group is still worth paying attention to."

Su Yu stared at the data of the Dragon and Tiger List, pondered for a moment, and said, "Its resumption node and market attention, under the background of loosening the macro-control of real estate in various places, the premium space that can be sold may not be small, theoretically. That said, it may also drive other real estate stocks to repair their valuations."

"If it can really drive the sentiment of the entire market, the pursuit of the real estate sector."

"Then it's okay for us to intervene in some positions in advance."

"Okay!" Li Meng replied, "We will focus on this check."

"Oh, and..." Su Yu paused, thinking of something, "In the information and materials collected by Director Lin, there are some important information about the field of military industry investment. Please take the time to read it, and then let's discuss this direction. possible investment opportunities.”

"Military industry?" Li Meng was a little surprised.

Su Yu nodded slightly, and said: "Yes, the deepening reform of military enterprises should be in progress, coupled with the macro strategy of 'strengthening the army', the country's future investment in this aspect will definitely increase, no matter what Policy expectation space, or the path of asset securitization in this regard, should be worth looking forward to."

"Although this field is not very popular with mainstream funds because of the limited information disclosure, the influence of news-driven, the variability of performance, and the lack of clear benchmarking in valuation, it is also precisely These reasons have created a natural high market flexibility in this field, as well as a natural high game value."

"If this field can blow a gust of wind..."

"Then, given our advantage, we should be very profitable."

"After all, in this field, in terms of the logic of stock price rise, the dominance of emotions is far greater than the dominance of performance, and there is relatively no ceiling in terms of hype."

"Okay!" Li Meng replied, "I'll study it carefully."

This year's performance, as well as the market, no matter how brilliant, are now a thing of the past.

Standing at the current time point, both of them believe that the first issue is to focus on the future and set a macro strategic direction for investment next year.

Only in this way will you not be confused.

Only by preparing in advance, can we see clearly and grasp it before the real opportunity comes.

After setting the basic direction and strategy, in the next few trading days, Su Yu, Li Meng, and core members of the Fund Trading Department and Analysis Department began to gradually collect more market information, research and analyze stocks in related fields, Set investment targets in these two directions.

And with the entire fund trading department, they turned their attention to the investment layout for next year.

The market index, also under the background of the lack of macro funds, has continuously shrunk and plummeted, and once again approached the low point hit by the negative impact of the "IPO restart" in the previous period.

And at the same time, the IPO Examination Committee passed the review of the first batch of listed companies after the restart of the IPO.

Further draw blood from the stock funds in the market.

In the end, on the last trading day at the end of the year, that is, December 12, the Shanghai Designated Index was at 27 points, and there was almost no rise throughout the year, maintaining a pattern of shocks at the bottom, while the ChiNext Index was fixed at 2136.37 points. Compared with the beginning of the year, the increase nearly doubled.

Faced with such a year-end closing situation.

All kinds of investment institutions with heavy positions on the GEM are naturally flushed and extremely happy, while investment institutions with heavy positions on the main board are extremely depressed and feel lonely.

Of course, no matter what the situation is, everyone is still optimistic about next year and the market outlook.

After the final battle of the year...

Looking at the upcoming New Year's Day holiday, neither Su Yu, Li Meng, nor the core executives of various departments of 'Yuhang Investment' have time to rest, and the schedule and work are already full.

Among them, Liang Bin and He Qian from the venture capital department.

After 'Yuhang Investment' and 'Apocalypse Lithium' formally signed an investment agreement, they have personally fully coordinated the project, and joined forces with Liu Wei's team to attack Nokwood's acquisition of Thaleson in Australia.

And Li Meng went to Yanjing to participate in the industry's annual fund summit as the main fund manager of the "Yuhang No. 1" and "Yuhang No. 2" funds, and won the honor of "Yuhang Investment".

As for Su Yu...

At the same time when Li Meng and Li Xiaoling set off for Yanjing, accompanied by Dai Lingna, they were invited to Shanghai to participate in an investment summit of international financial institutions held on December 12, as the "Yuhang Investment" Representatives of institutions, met with representatives of well-known institutions from all over the world, and got acquainted with various business figures in Shanghai.