The investment era of rebirth

Chapter 412 The main funds for panic lightening!
Yu Lei responded nervously: "The market fell too fast, and the selling was too concentrated. There were still several stocks that fell to the limit within one or two minutes after the market opened, so we didn't lose much of our chips."

"How much did you lose?" Liu Guanhai asked anxiously, "5 million, 3 million, 2 million?"

"6500 million!" Yu Lei responded, "Our fund's position has only decreased by 6.7%, and there is still a long way to go before we are out of risk."

"6500 million?" Liu Guanhai was about to collapse when he heard this number, "Selling it regardless of cost, how could it be possible to sell such a small amount of chips?"

Yu Lei replied: "It's not just for us to sell again, we have already placed orders to sell at a price ten stalls lower than the market price. However, today's two main lines of 'infrastructure' and 'state-owned enterprise reform', the market performance of many constituent stocks The liquidity of buying orders is really limited. As long as there are large orders from the main sellers on the market, the stock price will fall straight down. Basically, there will be no active buying orders. There are still countless selling funds competing with us, and there is really no way to sell quickly on a large scale."

"Also, in the direction of our heavy holdings, 5 stocks have fallen by the limit."

"These five stocks have completely lost liquidity in the market, and we can't sell any of them."

"What about the net value?" Liu Guanhai put his hands on the desk, supported his body, and asked, "How much has the fund's net value withdrawn? Are we still profitable this month?"

Yu Lei responded: "From yesterday's high point, our fund's net value has withdrawn by more than 10% from the highest point. This month's previous profits have all been wiped out. If we still cannot reduce the position on a large scale, we will reduce the fund position to Safe zone, once the market continues to plummet later, the net value of fund products will touch the investment warning line, and then...we have to announce the real net value of the fund to investors."

"What the hell..." Liu Guanhai finally couldn't help yelling when he heard the terrible situation, his eyelids twitched, "Another wrong step, wrong step."

"What should we do now?" Seeing that Liu Guanhai's face was slightly grim, Yu Lei asked anxiously.

Liu Guanhai took a long breath, forced himself to calm himself down, and said: "There is no other way, we can only continue to reduce the position and try our best to reduce the position. At this time... we can no longer consider such things as profit. We must reduce the position and reduce the net value of the fund. Control it within the investment warning line, so...we have the future to make up for this loss!"

"But the market is already in a state of collapse." Yu Lei said, "Liquidity continues to decline..."

Liu Guanhai interrupted Yu Lei, and said: "Even if the liquidity declines, there is still liquidity. Among the stocks we hold, there are no stocks with a limit price. If you can sell them, let me sell them all. If you can't sell them at a price lower than 10 If the stock price falls, it will be lowered by 20 gears, in short...even if the stock price is hit in the direction of the limit, we must reduce the position, otherwise we will be too passive."

"Understood!" Seeing that Liu Guanhai had made his final decision, Yu Lei nodded, gritted his teeth and quickly ordered the traders behind him to carry out a desperate sell-off operation to reduce their positions.

And when they make the operation of 'even if the stock price is driven to the limit', they must reduce their positions with all their strength.

At this moment in the Shenzhen market, within Xinniu Fund Company, the 'Manniu No. 1' fund product trading room, also had no time to reduce its position before the bearish fermented, and the fund manager Fang Xinsheng, who was almost fully locked up in the market, saw such a unilateral plunge, There is no resistance to the market trend, and the heart is quite anxious.

"Hey, our grasp of the selling point is still too hesitant." Fang Xinsheng sighed and said, "When the market opens, we should directly sell the market at the market price, and try our best to fight for the liquidity of the buying order in the market, instead of Those who sell positions in the form of pending orders, now... the market is on the two main lines of 'infrastructure' and 'state-owned enterprise reform', and the buying volume can obviously further decline. If we want to continue to sell positions on a large scale, I am afraid it will not be easy! "

Mou Zhengxing, the head of the trading team, responded: "After the opening of the market, the market fell too fast, and even many high-priced and popular stocks in the main line of 'infrastructure' and 'state-owned enterprise reform' fell to the limit within one or two minutes of the opening. We reacted quickly enough. , Mr. Fang does not need to blame himself at all."

"and……"

Mou Zhengxing paused, and continued: "Although we were a little behind in the news and missed the best opportunity to reduce positions in terms of grasping the selling point, in terms of the overall position of our fund, we have two main lines of 'infrastructure' and 'state-owned enterprise reform'. The cost of chips in the direction of holding positions is still quite low."

"If you can't get out of the warehouse and take profit in time, what you lose is only the recent floating profit, and the impact will not be great."

"Moreover, in terms of the current market liquidity, especially the high-priced and popular stocks in the two main areas of 'infrastructure' and 'state-owned enterprise reform', they have all been abandoned by active funds on the market, and there are endless selling orders on the market. are rapidly decreasing.”

"I think...it's not just that we can't get out, we can't complete the timely lightening strategy."

"Other main funds with positions larger than our infrastructure products are also unable to get out easily, so... On the whole, the short-term net worth retracement, whether it is investors, or our performance ranking in the industry, or In terms of performance in the first half of the year, the impact is actually not too great.”

Thanks to the recent one-odd months, the entire fund product has made heavy bets on "infrastructure" and "state-owned enterprise reform" in the early stage of the main market operation strategy.

The net value of the current 'Manniu No. 1' fund product.

Although it has retreated by more than 10% compared to yesterday's intraday peak position, but compared to more than a month ago, it is still more than 25% profitable, and the annual net worth performance is still at the 20% profit line, which greatly outperformed the Shanghai stock index and the CSI 300 Index.

In other words, in terms of the net worth performance of 'Man Bull No. 1' this year, so far.

Not only is it still the best group of asset management institutions in the industry, but it also greatly exceeds the expectations of the general manager of the company and the majority of investors in fund products.

So, in Mou Zhengxing's opinion...

Although the operating performance of the company's trading department during this period is not perfect, it is definitely excellent.

In this way, there is no need to criticize the best selling point that is missed at this moment. After all, as long as the transaction is profitable at the end of the market, it is not a wrong trading strategy.

Fang Xinsheng glanced at Mou Zhengxing, and said: "In terms of market transactions, we can't just seek a 'moderate' way. If we miss the best opportunity to take profit and reduce positions, it is a miss. There is no need to find any excuses, of course... ...It will be useless to regret it now."

Having said that, his gaze once again turned sharply to the rapidly changing trading surface of the two cities.

After a pause, he continued: "The market sentiment has collapsed too quickly, coupled with the hype in front of the two main lines of 'infrastructure' and 'state-owned enterprise reform' for more than a month, the accumulation of profit margins in the relevant sectors has already become the whole The most serious area in the market, since this area has been completely abandoned by all kinds of funds in the market at this moment, it will be difficult to gather an upward trend to turn things around in the short term, we... can only sell decisively."

"Continue to sell. Large-cap stocks with relatively good liquidity can be sold with pending orders."

"However, for mid- and small-cap concept stocks with relatively poor liquidity, low-priced pending orders can't win liquidity, so they can only sell their positions in the form of market price drops."

"Since the selling point of the market has already appeared, and we know that as time goes by, the longer we wait, the worse the situation will be."

"Then we can't have any more hesitation."

"Well, I understand." Mou Zhengxing nodded, and quickly issued new trading orders to the traders behind him. At the same time, he stared at the disks of certain blue-chip large-cap stocks, and continued, "Look at Huaguo Construction, Huaguo Communications, etc. In the trading of large-cap stocks such as Jian, Huaguo South Locomotive, and Huaguo North Locomotive, in the past ten minutes or so, there have been continuous selling of tens of thousands of large orders. Crazy selling to reduce positions?"

At the end of April, after the two main funds of Yuhang Investment Company disclosed their net worth and position data.

The stock holding concept of "Fortune Road" is basically equivalent to a bright card.

This is also the reason why after the time entered May, the stocks held by the two main funds under 'Yuhang Investment' have been wildly hyped by various funds in the market one after another. Dongfeng will take a share in this field.

Of course, at this moment in the market, the two main lines of 'infrastructure' and 'state-owned enterprise reform' have collapsed.

It is also because this area is the area where the 'Fortune Road' has a heavy warehouse.

"Isn't it? You have to wait until the end of the market to find out." Fang Xinsheng responded uncertainly, "But I always feel that this President Su should not expose his seat and lighten his position before he has lightened his position on a large scale. The intention is to let the main funds of each other's profit stop stepping on each other block their own access to the market, so... it is very likely that the other party's remaining positions at the moment are not many, and yesterday's dragon and tiger list is also very likely to be deliberately revealed by the other party from."

"That's true...that's terrible." Mou Zhengxing said.

Fang Xinsheng pondered for a moment, and said: "It is not a mature trader's practice to expose one's position and intentions in advance, so, I guess that President Su has already lightened his position on a large scale in advance with a high probability, but I don't know why he is because Do you change your trading strategy when you get the news in advance, or change your trading strategy after judging that it is difficult for the market to cross 2500 points and open up new space in the market before the bad news starts to ferment? If it is the latter...then It has to be admirable.”

"Okay, don't worry about this for now..."

Fang Xinsheng thought for a while, retracted his thoughts, and said: "The movement of other main funds will naturally show traces through the after-hours data. It is meaningless for us to guess at this time. After all, the direction and trend of the market have already come out. The results of the selection of the main funds of all parties have also been presented."

"Even if we know the exact position reduction data and position trends of other main funds, we cannot change and reverse this trend pattern of the market."

"In the end, we can only accept this situation and follow the trend passively."

"So, there's no need to think about things that don't help. Focus on the present... Try to reduce your position!"

"Reduce our fund's position to a safe area earlier, and complete the transaction goal of reducing the position earlier, so we will lose less and gain more profit."

According to the market fluctuations at this time, the time advances by 1 minute each time.

Their fund's position profit retracement will add at least one million more figures.

The so-called 'time is money', at this time... For them, this sentence is the best interpretation.

Mou Zhengxing knew the difficulties faced by the entire trading team at this time, nodded firmly, and immediately turned his gaze back to the computer screen, and at the same time tapped his fingers on the keyboard quickly, selling funds in the fields of 'infrastructure' and 'state-owned enterprise reform' All the chips that can be sold in the internal position chips.

And with asset management institutions such as Yinghui Fund, Xinniu Fund Company, and Zexi Investment Company, they recklessly sold down and sold on the market.

When the time passes 10:30.

The Shanghai index once broke through the 2330 point, extending the intraday decline to about 3%.

At the same time, the two major areas of 'infrastructure' and 'state-owned enterprise reform', as well as related concept sectors and industry sectors, have all fallen by more than 3.5%. Among them, in the entire April and May market hype, they ranked among the two cities The 'real estate sector', the No. 4 industry sector gainer list, has fallen by almost 5% at the moment, and dozens of constituent stocks in the sector have also set off a wave of limit-down.

Immediately afterwards, at 10:40, the ST sector, as well as a group of shell resource concept stocks, also set off a wave of limit-down stocks, and the number of limit-down stocks in the two markets reached more than 45.

At 10:50, the decline in the Shanghai stock index once expanded to 3.67%.

At 10:55, when the market released extreme time-sharing energy, and many popular stocks in the two major areas of 'infrastructure' and 'state-owned enterprise reform' were almost unstoppable, the market began to see the funds on the market go up and down. The obvious signs of switching, the so-called conservative and safe-haven sectors such as 'big finance', 'consumption', and 'medicine', bucked the trend and went higher amid the shocks, pulling the index back for a while.

At 11:02, the stock index fell back to around 3%, and conservative risk-avoiding sectors such as 'big finance', 'consumption', and 'medicine' all shrank to less than 1.5%. Among them, banks in the 'big finance' sector, In the securities sector, the decline narrowed to less than 1%.

At 11:07, the stock index fell back to within 3%, and the market reappeared in a situation where Shanghai is strong and Shenzhen is weak, because various funds have switched from high to low, and they have hedged and lightened their positions. Whether it is high-level "infrastructure", " The main line of state-owned enterprise reform, or the field of "growth stocks" that have been hyped in the direction of the small and medium-sized boards and the ChiNext Board, have all been affected by extreme selling and falling, and the trend is very weak.

At 11:15, the Shanghai Stock Exchange Index began to fluctuate in the range of 2.65% to 3.15%. At the same time, the time-sharing energy of the two cities also began to decline significantly.

"The time-sharing trend of the market has finally shrunk."

Seeing that the time-sharing volume of the market can decay, several major indexes, and various industry sectors in the two cities no longer have violent extreme fluctuations. At this moment, Yuhang, inside Yuhang Investment Company, and in the fund trading room, Li, who has been observing the market trend, Meng finally breathed a sigh of relief, glanced sideways at Su Yu, and said, "The market has fallen here today, should it come to an end?"

(End of this chapter)