The Road to Rebirth Finance

Chapter 351
At the time of New Year's Eve, not only Junshi Capital is working on next year's market, most public and private equity institutions are preparing for next year's market.

This weekend, an authoritative financial institution surveyed a number of mainstream private equity institutions, and the overall management scale accounted for 14% of the private equity industry.

According to the survey structure, most private equity institutions generally believe that the bull market pattern will remain unchanged, and there will be a high probability that the shock pattern will continue in 2016, but the market will be divided, and the overall market will no longer be.

In the case of not being able to sing empty words, this statement is already very obvious.

The continuation of the bull market pattern remains unchanged, and the stock market crash in 2015 is also part of the bull market.

The market continues to fluctuate and diverge, showing a cautious attitude towards the market between the lines.

In terms of specific industry configuration, there are big differences among private equity institutions.

Private equity institutions led by Danquanshui, Congyang Investment and Junshi Capital pay more attention to the investment value of blue chips and industry leaders.

However, most of the investment opportunities, including Henghua Investment, are still biased towards high-quality growth stocks with upward potential.

There are also some private equity institutions that did not give a clear investment direction. It is recommended that investors properly focus on reform, transformation, innovation and other themed institutions, reasonably arrange positions in the turmoil, and look for opportunities.

Most of these private equity institutions are such as Shenda Investment, and their main focus is a short, smooth and quick operation.

The article focuses on the investment views of Junshi Capital, which is the most popular in the market today.

Junshi Capital believes that the current overall valuation of growth stocks represented by small and medium-sized enterprises is still relatively high, and the ChiNext market as a whole still has a price-earnings ratio of 70 times.

However, the price-earnings ratio of value investment weights represented by the Shanghai and Shenzhen 300 is only 13 times. For stocks in high-risk specific fields, Junshi Capital will remain cautious in the future.

With the further adjustment of market risks, the market style may also switch, and undervalued value stocks are more attractive. In the next few years, it may be a stage of return of value investment.

Junshi Capital believes that the market has basically returned to a rational state after a six-month recovery period since the sharp drop in June.

After experiencing the stock market crash, both institutional investors and retail investors have a natural fear of chasing higher prices in the short term.

Structural differences in valuation have clearly appeared in the market. On the one hand, there are structural bubbles, and on the other hand, some assets are obviously undervalued.

Based on the optimistic judgment on the medium and long-term prospects of the economy, although the volatility of A shares still exists in the short term, there is no need to be too pessimistic.

Once there are more obvious fluctuations in the market, it will be a good opportunity to intervene in undervalued assets.

To borrow a saying in the market to describe it: "Risks come out, but opportunities come out."

Investors should not be afraid of the adjustment of A shares, and strive to do a good job in their medium and long-term layout trading system. It may be a harvest season in a certain period of time in the future.

Gu Junhao clearly mentioned that the investment direction of Junshi Capital will change as the market changes, and it will no longer focus on small and medium-sized growth stocks.

Starting next year, Junshi Capital will return to value investing.

This research report even has a subtitle: "The founder of Junshi Capital was interviewed by the media for the first time."

The purpose is self-evident, even authoritative financial management also needs traffic, and in the A-share investment market in 2015, Gu Junhao was one of the biggest traffic.

Gu Junhao, who grew up in the Internet environment, has more fans than all current private equity fund managers combined.

But it is true, this is indeed Gu Junhao's first exclusive interview with financial media.

Gu Junhao, who was relatively free last week, readily agreed after receiving this interview invitation.

The points mentioned in the article are basically in line with the major viewpoints mentioned by Gu Junhao in the interview.

Of course, there are still some things that cannot be announced to the public. The report has done a good job in this regard, after all, it is an authoritative financial institution.

Gu Junhao’s exclusive interview this time, in addition to the fact that the other party has a certain authority in the industry, also has a lot to do with the fact that most of the well-known domestic private equity institutions have accepted the survey. At the end of the year, everyone is imagining the future.

Today's Junshi Capital is no longer the small and transparent market at the beginning of its establishment, but also needs to have its own voice.

Taking advantage of the right opportunity to make a certain voice to the outside world can also maintain one's own status.

If nothing else happens, the overall scale of Junshi No. [-] will become larger and larger, and it is only a matter of time before it reaches the tens of billions of private equity.

Private equity with a scale of tens of billions can basically be called an industry leader.

And at that time, every move of Junshi No. [-] will surely attract the attention of the market, and its specific positions will naturally be widely concerned by market investors.

Perhaps at some point, the appearance of Junshi No. [-] in the industry of the top ten tradable shareholders of a certain stock may affect its stock price.

Sure enough, this subtitled private equity industry research report has attracted widespread attention on the Internet.

There are only four trading days left this year, and for investors, this year's investment experience is fantastic.

After experiencing the madness of 5000 points, I also tasted the sting of 2800 points.

For investors with serious losses during the year, it is naturally impossible to recover their capital in four trading days.

Just like the meme emoticon pack that is popular on the Internet, 2015 will be added to the return page.

For investors who have escaped the stock market crash this year and even retained some profits, the market in the second half of the year is also elusive.

As long as you don't think about exiting the A shares, you will naturally have your own ideas about the investment direction for the next year.

Will the bull market come back in 2016? Is there any chance of getting out of the set if you buy above 5000 points? All of this is what investors care about.

In fact, since the stock market crash and the rebound at the end of the year, there are many investors in the market who still have expectations for a bull market.

But in Gu Junhao's view, it is basically impossible for a bull market like the one before the stock market crash from 2013 to 2015 to reappear.

Whether it is the bull market of the return of value investment or the bull market in the new energy industry chain, it will only be a partial bull market.

Even under the premise that these two major sectors are bullish, there are also stocks in other sectors that have little rise or even decline.

In the future, the theme of A-shares will be the increase in local areas, and investors need to be well aware of this.

With the changes in the macroeconomic environment, the reduction of incremental funds outside the market, and the final implementation of the registration system, this partial bullish market has been interpreted to the extreme.

Maybe within a certain year, only one or one or two sectors rise, and the other sectors are in a state of endless decline.

Under such circumstances, investors must make very rapid changes and strive to make their positions more balanced.

For investors with a small amount of funds, taking a heavy position in a certain stock or a certain sector is indeed the fastest way to rapidly expand their funds.

It is not impossible to do this, but in the current structural market, we must pay attention to risks.

Once you find something is wrong, you should run away in time to ensure the safety of your funds and avoid major losses of principal.

Of course, what Gu Junhao talked about will not appear in the specific content of the research report.

And Gu Junhao will not mention such things as the circuit breaker will plummet.

The market does not allow empty talk. How to better remind investors with words or actions depends on the writing skills of the article editors.

"It's not bad to be able to write down adjustments as opportunities and specific investment directions."

On the weekend, Gu Junhao browsed the research report on the computer at home, and said to Zhang Yiru with a smile.

In fact, as far as full-time stock speculators are concerned, if they can maintain a stable income, they still have relatively more free time to spend with their families.

After all, most A-shares are in the bear market stage, and the real bullish market generally only lasts for two years at most.

In a bear market, it is impossible for the local trading space to be fully arranged every trading day.

As far as Gu Junhao knew, some Niusan even chose to take a vacation after earning enough income for a year.

Especially in the second half of the year after the stock market crash this year, some Niu San who made a lot of money directly chose to rest in the second half of the year.

Even a private equity fund manager like Gu Junhao, as long as you think about it, you will have a lot of free time.

Just like this week, Gu Junhao spent more time at the company than at home.

"I'm sorry for you, you are considered a celebrity now, how does it feel to be interviewed? Did I ask you some personal gossip?"

Zhang Yiru looked at Gu Junhao with a smile.

"It's okay. A formal interview with strong professionalism doesn't pay much attention to this aspect. I said hello before the interview. Besides, I don't have anything to gossip about. My information is almost available on the Internet."

"That's true. My mother often shares some gossip about you with me, haha."

"Ah? And this thing? Why don't I know, I haven't seen it in a family that loves each other."

Probably in life, everyone will have a WX group chat similar to "love each other as a family", and share some strange topics.

"What are you thinking? My mother was a teacher before she retired. She has the nerve to share this kind of gossip in the group. It's all for me to read in private."

Since Gu Junhao became more and more popular in Yongcheng, Gu Junhao himself could not be contacted for most of the previous friendships, but it was not so easy for Zhang Mingde and his wife and Aunt Huang in Jiangbei to escape.

Since Junshi No. 20 liquidated and distributed dividends, the news that Zhang Mingde and his wife shared 200 yuan in profits of [-] million yuan also spread in the school.

Some colleagues who didn't have enough funds and wanted to participate in the purchase alone approached Zhang Mingde and his wife one after another.

Zhang Mingde was easy to deal with, but Qin Ruolan couldn't handle it.

As a woman, there are always a few good girlfriends. If you can't handle it, you ask Zhang Yiru to find Gu Junhao. But at that time, Junshi No. [-] was in a closed period, so Zhang Yiru refused.

Later, after Junshi No. 500 opened the subscription, the subscription quota was raised to more than [-] million, and there was no way to mention the subscription. In order to avoid unnecessary troubles, Qin Ruolan also applied for retirement in advance.

In fact, from the heart, Qin Ruolan also wanted to apply for early retirement. Unlike Zhang Mingde's love for education, Qin Ruolan wanted to enjoy the life after retirement early.

This time, it's just an inducement. Life, for most women, is higher than work.

In this regard, Zhang Yiru's personality is somewhat similar to her mother's. She doesn't have high requirements for work, and a stable job that can pass the time is enough.

Now relying on Gu Junhao's private account and the double blessing of Junshi Capital Fund Investment Management Bank, Zhang Yiru has been able to live her peaceful life ahead of schedule.

Punch in to work every day, no need to attract and maintain customers like other managers.

However, this is the case with social resources. When you don't need to work hard, performance will often come to your door.

Some customer groups who have made good friends with Gu Junhao will even take the initiative to hand over their remaining funds to the bank where Zhang Yiru works.

Of course, this performance is naturally attributed to Zhang Yiru.

The investment custody and fund custody of Gu Junhao's personal account are both in Zhang Yiru's branch, which also created an interesting phenomenon.

That is, how much money Gu Junhao has now, Zhang Yiru knows better than Gu Junhao himself, the money stored in the bank is not just there, Gu Junhao will also buy a bank's wealth management products.

Gu Junhao was interviewed by the media for the first time, which indeed attracted the attention of many investors; on Saturday morning, not only Gu Junhao and his wife sat at home and read the article he was interviewed by, but his fans and colleagues also paid attention to what opinions Gu Junhao expressed .

"Hehe, it's interesting. Manager Xiao Gu, who made his fortune in small and medium-sized entrepreneurial growth stocks, has now transformed into a value investment. No wonder Junshi No. [-]'s net worth has fluctuated so little recently."

"Doing value investing? Isn't this a joke? This is what public funds do, and what do we do with private funds? You really think of yourself as a tens of billions of private funds."

"It is estimated that this group of investors who subscribed for the purchase will cry when they see such remarks. Isn't the reason why they invest in his fund because of his super high returns? How can value investment be super high?"

"Haha? Brother T is also playing the trick of laughing and singing blue chips? It seems that Brother T has really changed. Dragon slayers will eventually become evil dragons. Isn't the hearse trapping people badly enough this year?"

"Value investing, buy blue-chip stocks? The hearse is a lesson from the past! Dogs don't buy blue-chip stocks!"

"Yes, Brother T owns shares in Longji in his personal account, and even bought it into the top ten shareholders. Longji is considered a blue-chip stock, not even a leader in the industry!"

"Hey, people change once they have money. It's no longer Brother T who was on the Dragon and Tiger List looking for opportunities to remind shareholders, and it's not Brother T who reminded leeks that Tong Huashun high-ranking lifted the pledge."

"I can't help it. Brother T is qualified to participate in the rescue of the market. The environment has changed people. I guess buying Dragon Base is mainly for saving the market. Anyway, losing this little money is nothing to Brother T."

"Sand sculptures! The market hasn't even started next year, so you're just slandering Brother T here. Brother T made a post when he rescued the market before, and it started to rebound the next day. Have you forgotten?"

"That's right, buy according to Brother T's time. Don't dare to say that you can just buy any stock. Most of the stocks you buy are now profitable, right?"

"You have to make it clear that Brother T is not hot money. Even in Peach Stocks, Brother T was a medium-to-long-term holder. The behavior of buying today and selling tomorrow does not exist in Brother T, so the market in a day or two It's useless!"

"Originally, I sent a dynamic reminder to buy bottoms below 3000 points. Now it is 3600 points. If you buy an ETF, you will make money."

All of a sudden, the pros and cons started a heated discussion on the Internet about Gu Junhao's remarks.

Some people think that with the improvement of social status and personal wealth, Gu Junhao is no longer the brother T who was close to retail investors in the peach stock bar before.

And some fans insisted that Gu Junhao's point of view can still be trusted, at least after the stock market crash, the behavior of prompting to buy bottoms can prove that Brother T still maintains his original intention.

(End of this chapter)