The investment era of rebirth

Chapter 392 The planning of the third fund!

"Wait any longer?" Li Meng asked with a smile.

Su Yu responded with a smile: "The release of the 'New Nine Measures' will change the entire ecological environment and underlying investment logic of the domestic capital market, and the expectations of the entire market will continue to rise amid the recovery of sentiment and confidence. The big market opportunity should be very close, the opportunity to issue new funds, expand our company’s asset management scale, and better plan the future market has already arrived, so naturally there is no need to wait any longer.”

"Well, good!" Li Meng nodded, "I will start preparing relevant materials on Monday."

"but……"

Li Meng paused, and then said: "Let's start a fund, what is the upper limit of the fund you plan to raise? And fund product management personnel, how to equip and select them?"

"What do you think?" Su Yu looked at her with a smile and asked back.

Li Mengmeng thought about it, and said: "Based on our company's current performance and influence in the minds of investors in the industry, even if you set the upper limit of the fundraising scale at around 30 billion, I think it should be able to complete the fundraising. Yes, but judging from the performance of the current amount of active funds in the market, as a private equity fund company, the scale of a single fund product is too large, and it is not easy to make performance.”

"Therefore, I think it is relatively reasonable for the upper limit of the fund-raising scale of fund products to be set at around 100 billion."

"As for fund product management staffing and selection..."

Li Meng pondered for a while before continuing: "In our company's trading team, Liu Yuan, Zhu Tianyang, and Zhao Lijun are the only ones who have performed outstandingly and can be completely trusted. Wang Can... You have a good relationship, but he still needs to continue to grow in terms of ability and investment strategy decision-making."

"The scale of the fund is 100 billion." Su Yu heard Li Meng's words, pondered for a while, and replied, "Then prepare according to the upper limit of the fundraising scale of 100 billion, as you said...the current market is active The amount of funds can be limited, and the initial scale of our single fund product is too large, and in the case of relatively limited market liquidity, performance improvement, opportunity selection, entry and exit... will be restricted."

"As for the newly issued fund, the management staff..."

Su Yu thought for a while, and said: "For the new fund product, the position of the first fund manager should be held by me and you concurrently. At the same time, the relatively small-scale 'Yuhang No. Fund' and 'Yuhang No. 1 Fund' managers should adjust, so that the tasks and workload on your shoulders will be relatively smaller."

"Adjust the managers of 'Yuhang No. 1 Fund' and 'Yuhang No. 2 Fund'?" Li Mengwei asked in doubt, "How to adjust?"

Su Yu replied: "Promote Zhao Lijun and Liu Yuan to manage the products of 'Yuhang No. 1 Fund' and 'Yuhang No. 2 Fund' respectively. Zhu Tianyang can take over Liu Yuan's current position as the team leader of the two trading teams. , Wang Can’s position remains unchanged.”

"Of course, in the process of personnel adjustment."

"The three fund products, the general investment strategy direction, and the size of the entire trading department are still in charge of you, and I will assist you."

"Then there is still a shortage of manpower!" Li Meng said, "What about the newly established 'Yuhang No. 3 Fund' trading team? These missing people...are recruited from teams 1 and 2?"

Su Yu nodded and said: "Yes, from the 1st and 2nd group, half of the newcomers who have passed the trading test and completed several rounds of assessments, and half of the old people who have been employed for more than half a year, as for the trading team leader of the 3rd group, you can decide for yourself. Among the staff in the trading department, besides Liu Yuan, Zhu Tianyang, and Zhao Lijun, there are still one or two available talents."

"How is Lao Zhang?" Li Mengmeng asked after thinking about the suitable candidates for the company.

The old Zhang mentioned by Li Meng, named Zhang Guobing, entered the company 4 months ago, that is, at the end of last year, after passing three rounds of trader assessments. He is 31 years old this year. Institutional industry analysts and traders can be regarded as employees with relatively rich market experience who switched to Yuhang Investment.

Su Yu thought for a while and said: "Lao Zhang's trading thinking is a bit rigid, but it is better because of his rich experience, low spirits, and conservative trading style. As a fund management company that needs to capture market trends and decide on the general direction of investment The staff is definitely not suitable, but as an assistant, watching the market, executing orders, sorting out market information reports... etc., but it is a very suitable candidate. If you choose him as the trading team leader of the 3 groups, there is a high probability that he will not questionable."

"Well, since you agree, it's decided like this." Li Meng said with a smile.

"Oh, by the way, there is one more thing." Li Mengmeng thought for a while, and then said, "During the May Day holiday, during the East Fortune offline investment exchange meeting, when I was talking with Mr. Qin of Anzhao Fund, she vaguely told me She has expressed her thoughts and hopes to change jobs to our company. Do you think she is sincere or fake? Our company still lacks core management personnel, if..."

When Su Yu heard Li Meng talk about this, he smiled lightly and said, "This Mr. Qin is not a simple person. Most people can't afford it. Although the current asset management scale of our 'Yuhang Investment' is not small, but in various areas of the company In terms of comprehensive accumulation, it is still a small company at the start-up stage. It is better to use the people trained by yourself to make steady progress. This President Qin really wants to change jobs... There are a lot of domestic asset management and investment institutions. There is no need at all. Drill into our small temple."

This Qin Qiuyue of Anzhao Fund, Su Yu thinks he can't see through it, and can't control it.

Therefore, he would definitely not poach such a person into the company.

"Well, pretend I didn't say it." Li Mengmeng Su Yu had his own thoughts in his heart, so he stopped mentioning this matter, changed the subject, and said, "Before you said that we should pay attention to follow-up fund product transactions. Avoid using the 'Fortune Road' seats, and directly use the exclusive institutional seats with less distinctive features to operate, I have already communicated with the staff of the trading center, and they said that they will open an exclusive institutional seat for us."

"Okay!" Su Yu responded, "However, there is no need to change the existing trading seats of 'Yuhang No. 1 Fund' and 'Yuhang No. 2 Fund'. The entire Yuhang Fortune Road Sales Department of Huashang Securities, now Basically rely on our company's trading volume and influence to make a living. Mr. Qu is not such an unkind person. We still have to give him this face, and hold Mr. Qu. In the future, we will use him to deal with many brokerage institutions , and much more convenient.”

The two of you talked about work and company affairs one sentence at a time, and they didn't go back to their rooms until 10 o'clock in the evening.

The next day, on Saturday, Su Yu was invited by Shi Yuling to attend a party at their school, and then had dinner with her before returning; on Sunday, Su Yu chatted with the designer of the decoration company he was looking for. He had a problem with the decoration of the large one-storey house he bought. Immediately afterwards, under the organization of Liang Bin and He Qian, he met with the boss of a company he planned to invest in, and discussed the matter of investing in shares.

In the busy time, before you know it, Monday, May 5th will come.

At around 8:30 in the morning, Su Yu and Li Meng came to the company together.

Su Yu called the management of various departments of the company for a short meeting, and announced the company's plan to issue the third private equity fund. At the same time, after discussing with everyone, he finalized the personnel adjustment of the trading department. Then, at 9 o'clock in the morning About 10 minutes before the market opened, I came to the company's internal fund trading room.

"President Su, there is a high probability that the market will continue to break through today, right?"

Seeing Su Yu's arrival, among the company's traders, a younger trader looked a little excited and said: "The Shanghai stock index should be able to stand directly at the 2400 point when the market opens."

"What do you think?" Su Yu glanced at the trader with a smile, did not answer directly, but looked around the trading room and asked back with a smile.

"According to everyone's expectations in the market, everyone believes that last Friday's good news is the new stage of the 'New Nine Articles', which has a far-reaching impact on the development of the entire domestic capital market, comparable to the central bank's interest rate cuts. Accurate." In Su Yu's inquiry, another trader responded, "I think so too, after all, this is the first time in ten years, from within the high-level regulatory agency, the guidance issued by a red-headed document, and the opinion Here, each item is a suggestion that is beneficial to the development of the domestic capital market. At present, the Shanghai Stock Exchange Index has broken through to a position not far from 2400 points. Now, with the help of this day's great benefits, it is very likely that it will not be difficult to break through 2400 points in one fell swoop. .”

"Well!" Su Yu nodded slightly, "The good will intensify the development of the trend. From a logical deduction point of view, there is nothing wrong with your analysis."

"Thank you, Mr. Su!" The encouraged trader sat down happily.

"Zhang Guobing, what do you think?" After the trader sat down, Su Yu swept his eyes and called out the trader named Zhang Guobing who was promoted by Li Meng.

Zhang Guobing was lying down in front of the computer screen with his head down. He was concentrating on studying the news reports and market sentiment trends before the market. He didn't expect Su Yu to call the roll call. At this moment, he was a little surprised to hear Su Yu calling his name directly. I got up, thought for a while, and replied: "According to the performance of market sentiment, as well as the holiday information of the domestic and external markets, and the market trend, there should be no doubt that the market opened higher today, but I think...we should not be too optimistic .”

"Oh?" Su Yu couldn't help feeling excited when he heard what he said, and continued to ask, "Why should you not be too optimistic?"

Zhang Guobing coughed lightly, and responded: "This opinion paper issued by the high-level regulatory agency is a major benefit that has a far-reaching impact on the development of the domestic capital market in all aspects, but this benefit is only a macro programmatic one. According to the guidance of the document, it will take a long time to really implement these benefits and change the development attitude of the domestic capital market and the basic investment logic.”

"In other words, I think this benefit has very limited impact on the short-term market trend."

"After all, the most important condition affecting the short-term market trend, apart from market sentiment, is that capital is king."

"Before Xiao Liu said that this benefit is basically equivalent to the central bank's interest rate cuts and RRR cuts, which can have a strong stimulating effect on market trends. In fact, the fundamental difference is still relatively huge."

"Because the central bank's interest rate cuts and RRR cuts will directly release a large amount of funds, which will greatly flood the market's liquidity. That is to say, the central bank's interest rate cuts and RRR cuts will directly stimulate the supply of funds. This is the market trend. Direct stimulation, so the stimulating effect on the short-term trend of the market will definitely be much greater, and this time the "Nine Articles of the New Country" is a good long-term benefit. Its impact on the short-term funds that support the market situation is Minimal."

"Moreover, due to the previous highs and highs in the market, the profit margins accumulated in the market, as well as some hidden markets, are quite heavy near the current high point of market sentiment."

"This part of the funds, at this stall, has a huge desire to make profits."

"If the index opens sharply higher, this part of the funds will have a stronger desire to take profits, which will also cause greater upward pressure on the index."

"Small changes in the capital side cannot withstand such a heavy sell-off for a while."

"Therefore, I predict that when there is a certain deviation between market sentiment and actual funds, and the index is at a relatively high level, and there are many profit-making and potential orders, even if the index can open sharply higher, then...the sharp increase after the opening Concussion should be inevitable."

"2400 points are not so easy to stand on, and even if you stand on it, it will be quite difficult for the index to continue to hold high."

"Well, yes, you have some insights." Su Yu nodded, glanced at him with some admiration, and said, "Your interpretation of the market capital side of the good news is quite good."

"Thank you, President Su, for your compliment." Zhang Guobing responded and sat down obediently.

"However, even after opening higher, it will be extremely difficult for the index to continue to rise high, and there will be severe fluctuations in the intraday due to the accumulation of huge profit-making and latent trading. The overall upward trend of the market should still not be a big deal. Is there any change?" Zhao Lijun took the words and continued, "The benefits of the 'Nine Articles of the New Country' are indeed a long-term benefit, but the market sentiment and the effect of making money are still there, and the market trading situation has deviated from the situation at the beginning of the year. In this downturn, the turnover of the entire market is rising steadily. Regardless of the continuous entry of incremental funds or the enthusiasm of investors on the market for frequent participation, they have all been activated. Under this effect, there is also good practical support. Profit orders and latent orders will be quickly digested by the market, so although the 2400-point mark has been repeated, it will definitely be able to stand on it.”

"I agree with Brother Zhao's opinion." Liu Yuan thought for a while and responded, "Although the intraday market has fluctuated, the trend that has come out will definitely not change easily, and no matter how much the main funds continue to participate, In terms of energy and sentiment, the two core themes leading the market, 'infrastructure' and 'state-owned enterprise reform', are far from the end of the market, or even the time to turn."

"but……"

Liu Yuan paused, and then said: "For intraday and intraday operations, it is definitely right to be cautious and optimistic. After all, the market sentiment is currently too high, but the incremental capital in the market will take time to continue to deliver." It is impossible to increase hundreds of billions or hundreds of billions of incremental funds out of thin air in one go. Therefore, when the emotional enthusiasm cannot match the speed of incremental capital inflows, the market will open higher, or even the trend at the beginning of the day. It’s going to be lower than a lot of people expected.”

"And it is lower than many people's expectations, which will naturally intensify the flight of profit-making and latent markets in the city."

"In general, Senior Brother Zhao's analysis is correct, and Senior Brother Zhang's analysis is actually correct, it's just that everyone's position on the market structure is inconsistent."

"Very good!" Su Yu was very satisfied with the apprentice he had taught him personally, and said with a smile, "Be cautious within the day but remain relatively optimistic about the overall trend. This is indeed the current trading operation idea." New The benefit of the Nine Articles of the Nation is indeed a gradually deepening and far-reaching benefit for the entire market, and it is likely to be able to change the ecological development of the domestic capital market, but its short-term impact is very limited."

"I said before that the short-term trend of the market is influenced by the capital side, which is affected by the common game of on-market and off-market funds, while the long-term trend is determined by the investment environment, ecology, industry and individual stock fundamentals of the entire market. , the overall market valuation and other macro conditions.”

"So, the most important thing is to look at the long and short, find the right entry point, and understand the relationship between the short-term trend and the long-term trend."

"Only by clarifying the relationship between the two, we will not be affected by market sentiment and good news, so that we will be blinded, confused, and make wrong trading decisions."

"President Su, according to the mismatch between emotions and funds, today's opening should be the highest point of market sentiment and the best selling point for intraday operations, right?" Zhu Tianyang answered after listening to Su Yu's analysis. Said, "Can we operate with a small position?"

Su Yu responded with a smile: "I will never interfere with you in the intraday operation of small positions. If you think it is right, then operate according to your own ideas. Of course, no matter whether the intraday operation is a loss or a profit, it must be closed before the market closes in the afternoon." Keep the number of stocks in the account in hand unchanged."

As for the part of the company's daily operations, he conducted it as part of everyone's work assessment content.

At the same time, through some operations, we can also see the gap in everyone's trading level.

"The actual trend of the market is the only way to verify whether the analysis is right or wrong." Li Meng glanced at the time during the discussion, and said, "Let's see what the final opening result is!"

As she spoke, she opened the background data, and then turned her gaze to the big market screen in the trading room.

At this time, the time has moved to 9:15, and the two markets stopped, and the disks began to jump in an instant. At a glance, no matter whether it is individual stocks, concept sectors, or industry sectors, they are all red.

"Nearly 2000 stocks in the two cities, except for more than 170 stocks that were suspended, nearly 94% of the stocks opened higher in the red market, and all the concept sectors and industry sectors in the two cities also realized the higher open in the red market." Li Meng looked at Looking at the disk scene revealed by the initial call auction state of the two cities, his head turned to Su Yu, looked at him and smiled authentically, "Looking at the situation, the Shanghai stock index really directly crossed the 2400-point mark when it opened."

At the close of last Friday, the Shanghai stock index closed at 2385.93 points.

Therefore, it only needs to open more than 1% higher, and the Shanghai Stock Exchange Index will be able to stand at the 2400-point mark.

"Let's see again!" Su Yu noticed Li Meng's gaze and responded, "When the Shanghai stock index enters 2400 points, it has entered the intensive range of holding chips. , as well as a lot of latent big funds that have been informed of the news in advance, and the incremental funds that follow the trend from outside the venue under the emotional ferment of the whole weekend, in this situation, it may not be able to undertake it, and there is a high probability... The entire call auction trend in the market is gradually declining, and it is really hard to say how much higher it will eventually open.”

With his voice, the time has passed 9:16.

I saw that the number of red stocks in the two cities has dropped slightly. At the same time... Careful observation found that many core hot stocks in the fields of "infrastructure" and "state-owned enterprise reform" have seen a sharp increase in call auction sell orders for matching transactions. Suppressing the further upward movement of the stock price.

At 9:17, this phenomenon became more and more obvious.

In addition, the core leading stocks in the two cities, Beixin Road and Bridge, originally had a one-word daily limit, and huge orders were sealed on the daily limit board, and thousands of large sell orders suddenly began to emerge.

At 9:18, the number of red stocks in the two cities fell back to about 89%. The core large-cap stocks of "infrastructure" and "state-owned enterprise reform" such as Huaguo Zhongjian, Huaguo MCC, Huaguo North and Huaguo CSR also rose from The position at 9:15 has dropped by about 1 point, and there are signs that the volume of each stock can increase rapidly.

At 9:19, Shanghai Construction Engineering, Pudong Construction, and Waigaoqiao, which were originally trading at a daily limit, opened their boards, and their market volume was greatly enlarged. At the same time, the concept and industry sectors that were all red in the two cities performed relatively weakly The trend of the 'medicine' and 'electronic information' sector indexes turned from red to green.

"This collective bidding trend is a bit below expectations!"

At this moment in the magic city, Zexi Investment Company, in the internal fund trading room, Zhou Kan saw the call auction situation of the two cities, couldn't help but frowned slightly, looked at Xu Xiang, and said: "Boss, you said... The trend shows that the good will not be exhausted, and it will become a bad news, right?"

"It's hard to say!" Xu Xiang responded, "The market sentiment is overreacted, and it is easy to fall short of expectations."

"Then what should we do?" Zhou Kan scratched his head, "We're going to blow it up, but I'm afraid we won't be able to blow it up much! And... such a big profit, the market has come up from the bottom, but it hasn't actually gone much higher, so we can't hold it gone?"

"Take a step, let's take a step!" Xu Xiang said, "The absolute position of the index is not high, but if you continue to hold high and fight high, you will accumulate a lot of profits. However, with such strong emotions and good news, even if the trend will fluctuate, But it shouldn’t stop the market.”

"I don't think so." Zhou Kan thought for a while, and then comforted himself, "The CEO of 'Yuhang Investment' has not yet paid out the tens of billions of chips. If you want to come to the city to make a profit with these chips, the willingness to sell them , and it won’t be too big, so... as long as the market can hold up, it’s not a bad thing to digest the shock.”

After speaking, he nervously turned his gaze to the big screen showing market conditions.

I saw that at this time, the time had almost passed 9:20, and the two cities ushered in the real call auction stage for irrevocable orders.

After a large amount of funds have been withdrawn, at this moment, the market is in a much better state than it was before the withdrawal of a large amount of funds in the previous 1 minutes. For stocks in other conceptual mainline fields, the selling volume on the market has decreased a lot, and the gains have rebounded.

"Sure enough, it's not that bad." Seeing this situation, Zhou Kan breathed a sigh of relief and smiled.

"However, in terms of overall market volume performance, compared with yesterday, there is still a lot of volume compared with the same period last year." Xu Xiang continued, "After opening higher, shocks are inevitable."

Zhou Kan responded: "As long as it is a benign shock, it doesn't matter."

As he said that, he turned his attention to the market again, as well as the trend of the most popular stocks in the two cities.

It can be seen that with the passage of the call auction time, the amount of chips sold on the market for these popular stocks with the highest attention is still gradually increasing. , It has increased sharply to 1.79 lots, while Shibei High-tech and Shanghai Stock Exchange Sanmaoliang Checks have been unable to maintain the daily limit trend, and the stock prices have fallen back to around 6 or 7 points with the sharp increase in volume.

As for Shanghai Construction Engineering, Pudong Construction, Waigaoqiao, Chongqing Development, Beijiang Communications Construction and other popular stocks.

At this moment, the increase has fallen from the highest price limit position at the beginning of the call auction to below the increase of 5 points, and the market volume continues to increase rapidly.

Of course, except for the two hot core areas of 'infrastructure' and 'state-owned enterprise reform'.

Other non-core mainline fields, such as finance, non-ferrous metals, mobile Internet, smart phone industry chain, military industry, consumption, medicine, coal and other sectors, although most sector indexes are still in the red state, but the market buying The power to undertake is also slightly inferior to the power to sell, and the gains are slowly retreating.

In the end, when the time passed 9:25, the call auction of the two cities ended, and the rapidly changing market came to a standstill again.

The Shanghai designated mark is at 2403.33 points, which can stand above the 2400 point mark, up 0.89%.

The Shenzhen Stock Exchange Index and the ChiNext Index rose 0.72% and 0.63% respectively.

During the entire call auction stage of the two cities, the transaction volume showed a significant increase in volume compared with last Friday and even the previous trading days. Before the big news is announced, it is obviously much more intense.

In addition to opening significantly higher, on the surface, it appears to be a strong index performance.

Industry sectors, concept sectors, and individual stocks in the two cities.

I saw that the conceptual sectors, industry sectors, and core stocks related to the two core areas of "infrastructure" and "state-owned enterprise reform" still led the rise in the two markets, and the volume can be enlarged sharply. Among them, the core concept sector of "state-owned enterprise reform" Among the stocks, more than 30 stocks rose by more than 5%, and 8 stocks were sealed with a one-word daily limit.

Other mobile Internet and smart phone industry chain fields, related concept sectors, and popular stocks, under the condition of significant volume, the opening price increase also significantly exceeded the performance of the Shenzhen Stock Exchange Index and the ChiNext Index. There are also a lot of follow-up buying funds.

And today's opening, it is quite unexpected, is the financial sector of the two cities.

Banking, insurance, and securities, the major weighted sectors, although the opening rose slightly, and the overall index of related sectors opened higher by less than 0.5%, but on the disk of important weighted stocks, it is rare to see a lot of active funds to buy Among them, Huaxin Securities even opened higher by 1.75%, and the call auction turnover reached more than 2400 million, showing obvious signs of the main funds increasing their positions.

(End of this chapter)