The investment era of rebirth

"President Su, do you really think this is the starting point of the bull market?"

Qin Qiuyue, who was talking with Li Meng, looked at Su Yu approaching with a smile, and asked seriously.

Su Yu picked up a plate of dim sum from the dining table next to him, took two bites, and responded with a smile: "It doesn't really matter what I think. The important thing is how President Qin feels. After all, the transaction is a very personal matter. I can only make money that I know, even if I say this is the starting point of the bull market, but Mr. Qin disagrees in his heart, can Mr. Qin completely change the trading strategy for my side of the story?"

"Of course not!" Qin Qiuyue said, "If you lose your self-judgment, even if you make money temporarily, you will lose it back in the end. There is a saying..."

Qin Qiuyue smiled and continued: "What you earn by luck will eventually be lost by strength."

"That's it." Su Yu nodded slightly, "It doesn't matter whether the point of view is right or wrong, what matters is the cognition in your heart and the final execution of the trading strategy. In the first quarter of this year, the "Selected Mixed No. 'The performance of the product is good, which proves that President Qin's understanding of the current market should be relatively transparent."

"The fund's performance in the first quarter was good, but it's just luck." Qin Qiuyue said with a smile, "It can't compare to Mr. Su's big money and hype on the two main lines of 'infrastructure' and 'state-owned enterprise reform'. By the way...you don't have any." Any ideas for launching a new fund?"

"As far as I know, the current investor groups in the entire market are very fond of your 'Yuhang Series' fund products. The off-market share transfer premium of related fund products has already exceeded 20%."

"In this situation..."

"If Mr. Su launches new fund products, I guess...it is not impossible for your Yuhang Investment Company's asset management scale to reach 500 billion."

"And the scale of 500 billion private equity funds is basically the only one in China."

"The time is not ripe." Su Yu said with a smile, "And Qin always thinks highly of us. It is extremely difficult, extremely difficult for private equity products to reach 500 billion."

"Really?" Qin Qiuyue smiled, but didn't take it seriously.

"President Su, what do you think of the future of the 'military industry' field?" While Su Yu was talking with Qin Qiuyue, Jingda Investment Fund Manager Lin Tingzong, who had argued with Su Yu before, approached again and asked with a smile.

Seeing that he brought up the main line of 'military industry', Su Yu knew that the other party must have carefully studied the position data released by the 'Yuhang No. 1' and 'Yuhang No. 2' funds before the festival. He couldn't help being slightly surprised, and turned his head to look at him. With a glance, he asked back with a smile, "What does Mr. Lin think?"

"Although the state has put forward some directions for the restructuring of military enterprises, the specific expectations have not been shown." Lin Tingzong said, "In addition, the information disclosure in this field is extremely opaque, and everyone is speculating about the performance of related companies in the industry. , Almost all blind people feel the elephant, and moreover... the overall valuation level of this field is also significantly higher than the white horse and blue chip stocks on the main board, and basically on the same level as the concept stocks of "growth stocks" in the direction of the small and medium board and the ChiNext board."

"So, I think..."

"Until the country's policy on the military industry is not further strengthened, and the future demand expectations are not further clarified, it should be difficult to have sustainable market opportunities in this field."

Hearing Lin Tingzong's analysis, Qin Qiuyue thought for a while, and then said: "According to the analysis of the past historical market conditions in the market, the main market of 'military industry' is usually highly related to market news and policy trends, and it is a continuous market opportunity. Not much, but a lot of pulse-like short-term hype, which can be said to be an industry field that large institutional capital groups hate, but market hot money groups like very much.”

"President Qin is right." Lin Tingzong responded, and continued, "But I think...President Su should have a different view on this, right?"

"There is no different opinion." Su Yu said with a smile, "Both of you are right. The military industry sector is a sector that can only be stimulated by strong policies and strong news. It has no meaning for long-term investment, and short-term In terms of hype, there is great uncertainty about policy stimulus and news stimulus, and no one can predict in advance, so there is actually no need to analyze this sector.”

"The two main funds of our 'Yuhang Investment' company..."

"I used to try to build a position in the military industry sector, but then gave up when the expected news did not continue to ferment, and the main line of the market was not unanimously recognized by the main funds in the market. Currently, the company's funds are in the military industry sector. The remaining part of the position only accounts for a small part of the entire fund position, which is basically negligible, so... this does not prove that we are optimistic about the follow-up market of the military industry sector.”

Su Yu doesn't mind revealing the investment strategy plan that has already been built.

However, he will not publicly express his position on certain strategic insights that are still in the plan and may still have huge investment opportunities in the future.

After all, when the company's main fund has not yet made an effect investment strategy plan.

According to his current personal influence.

If you publicly express your position on certain investment fields in advance, it will completely disrupt the strategic plan of the fund, and at the same time, it will also add countless variables to market changes.

"So that's the case!" Lin Tingzong suddenly said, "Thank you, Mr. Su, for letting me know."

He had previously felt that the position data released by the 'Yuhang No. 1' and 'Yuhang No. 2' funds regarding the holdings in the military industry was very strange. It's just an accidental test position by the other party, not the main market direction targeted by the other party.

"President Su, congratulations to your 'Yuhang Department' fund for once again topping the industry's performance rankings!" While several people were talking, at this time, Xu Zhongji from Minghui Capital also approached with a smile, and bumped into Su Yu and Li Meng. Clinking a glass of wine, he said, "With such a miserable market in the first quarter of this year, your fund can still record a performance growth of more than 30%. It is really impressive and I have to admire it!"

Su Yu replied with a smile: "Mr. Xu, we are old friends now, don't you need to put a high hat on me?"

"Haha..." Xu Zhongji laughed loudly, "This is not to put a high hat on you. Our Yuhang financial circle has always lagged behind Shanghai, Shenzhen, Yanjing and other places in terms of influence and talent, but now...but It's completely different, the reason for all this is because of you, President Su!"

"I can't bear Mr. Xu's words." Su Yu said with a smile, "This year, the performance of several main funds of your Minghui Capital is not bad."

Xu Zhongji waved his hand and said with a smile: "The performance is so good, it all comes from the fixed increase of 'Lexun Precision', and the recovery of the two major market trends of 'infrastructure' and 'state-owned enterprise reform' at the end of April. The rest of the operations are almost They are all loss-making, and overall, compared to the performance of the two funds you manage, Mr. Su, it is far behind."

"I can see the performance curve of the fund you are in charge of..."

"This way up, there is rarely a retracement trend, which is really beautiful."

"Speaking of the many famous figures in the industry, they all have their own unique skills, such as timing, researching the industry, speculating on news, betting on reorganization... But Mr. Su, you are all about timing, industry research, information, selling points, and buying points. If you don't lose all your abilities, you really have no shortcomings."

"No way!" Su Yu said humbly, "Sometimes...it's just luck."

The two flattered each other for a while, and then brought the topic back to the current market analysis. At the same time, Qin Qiuyue and Lin Tingzong interrupted from time to time when they heard the rise.

Afterwards, amidst the fiery discussions and chats among the crowd, the party did not gradually dissipate until 9 pm.

After leaving the hotel, Su Yu and Li Meng returned home.

Li Meng changed the evening gown, then recalled the whole process of the party, and then asked Su Yu: "You openly look at the market tonight and the two main lines of 'infrastructure' and 'state-owned enterprise reform', if 'Oriental Fortune' The organizer of the group, will you make your speech public tonight, will it bring you and our company some trouble?"

With the growth of the company's performance and size, the current 'Yuhang Investment Company' has suffered a lot of envy in the industry.

Therefore, in many respects, Li Meng felt that he had to be more cautious in his words and deeds.

"No!" Su Yu said with a smile, "What I said did not involve any individual stocks held by our fund. Even if someone wants to catch us using public opinion to manipulate stock prices, there is no chance. As for the long and short in the macro direction Opinion...whether it is for industry managers or institutional practitioners, there are no restrictions and it is harmless."

"Hmm!" Li Meng nodded lightly and continued, "Through today's investment exchange meeting, I found that although the market's macro sentiment has gradually shifted towards bulls, the investor group that is actually bearish is still There are no longer a few, and the market divergence... is still huge!"

Su Yu nodded slightly, and said: "The index rebounded from the bottom, and it took less than a month. Although it stood at 2200 points and broke through the shock box at the bottom, it is certainly impossible for the long-short sentiment to completely reverse so quickly. , but... this is also a good thing."

"Good thing?" Li Meng was a little surprised.

Su Yu nodded with a smile, and continued: "Naturally, it is a good thing. The positions of investors from all walks of life, including the main institutions of all parties, are very low at the moment. Although this shows that everyone still has huge doubts and doubts about the future market space. Worried, but it also shows that if the market for making money on the market continues, incremental funds outside the market will continue to pour in. As long as the effect of making money on the market continues, short-term market acceptance will not be a problem at all.”

"At the same time, the positions in the hands of investors and major institutions are low."

"It also shows that investors in the market, in the previous continuous market decline, those who can cut their flesh have already cut their flesh. At this moment, in this range, the floating bargaining chips are not as heavy as we imagined."

"It's really you." Li Meng smiled and said, "It's bad, but it can also be interpreted as good."

Su Yu spread his hands and said, "It's just an analysis based on the facts. Don't worry, the market will not be bad after the festival. At least this round of rebound is far from reaching its peak in terms of time and space."

"Then where do you think... will be the top stage of this round of rebounding market." Li Mengmeng thought for a while and asked again.

Su Yu pondered for a while, and said: "Look at the regulatory authorities, when will the adjusted IPO plan be restarted? At the same time, it also depends on the follow-up market news. If the IPO plan will not be restarted for the time being, and the market news is good , then this wave of the Shanghai Stock Exchange Index has a chance to challenge 2500 points, of course... This is an ideal state, in fact, we can't accurately predict the future, we can only follow the market trend and constantly adjust the trading strategy in time."

"2500 points!" Li Meng murmured, and said, "If calculated based on the expected rebound space of the Shanghai Stock Exchange Index, the two core lines of 'infrastructure' and 'state-owned enterprise reform', and the related core popular leading stocks, will The probability should have double the room for growth.”

"It's hard to say." Su Yu responded, "Let's watch as we walk, everything can deceive people, but the flow of funds in the market cannot deceive people. It is easy to see that it is enough to adjust the strategy when the time comes, and no matter how much worry or consideration is at this time, it will be useless."

"Yeah!" Li Meng nodded, and said again, "Is it true or not that you said 'this is the starting point of the big bull market' in your speech at the party?"

"What do you think?" Su Yu asked with a smile.

Li Mengmeng thought about it, and said: "According to your logical inference, there should be no problem, but the market has been bearish for 6 years, and I still feel a little too optimistic from a psychological point of view."

"That's it." Su Yu replied, "This is called the difference in emotional expectations of market development. Even if you think my judgment is too optimistic, then there is a high probability that a bull market will happen."

"There is also our previous judgment on the field of 'military industry'." Li Meng continued, "Although we have disclosed some position data, from the discussion of various aspects, I feel that everyone has really not formed any market for this field. Expectations, investment logic, there are also flaws, we... really want to continue to adjust positions in this area?"

Su Yu nodded and said: "Continue, in mid-May, there will be an internal meeting at the high level, and there should be some news. At the same time, almost all listed military companies are state-owned holding companies. The expectations of the field will be gradually reflected.”

"The reason why I didn't mention this topic tonight..."

"One is that the investment opportunities in this field are not yet mature, and the other is that there is a high probability that there are good investment opportunities in this field. Since our fund has not completed the construction of positions in this field, we don't want to muddy the water in this field. , resulting in too much floating chips, causing difficulties for our follow-up warehouse building plan.”

"Okay!" Li Meng nodded, "Then I will study it again."

After speaking, she turned and went into her room.

Su Yu glanced at Li Meng's graceful back, and thought of her amazing appearance in an evening dress tonight, and for a moment, she was a little distracted.