Rebirth of the investment era

Attending the meeting, in addition to many industry insiders at last night's banquet, were other leaders from the China Securities Regulatory Commission and the Asset Management Association.

After Su Yu signed in, he found a seat and sat down, then listened boredly to the speeches of the leaders on the stage. In fact, he came here just to confirm one thing.

In this so-called summit exchange, in which direction are the winds released by regulators heading?

And just as he guessed...

After the leaders set the macro tone for the current market, that is, after nearly two hours of long speeches, the ‘window guidance’ finally began.

I hope that all public funds and private equity institutions here can actively enter the market.

Of course, the supervisory leaders did not talk about coercion. After all, they did not have the power. They only talked about initiative, but this kind of initiative... was still too obvious.

"That's it?"

Faced with active market entry initiatives from regulators, many internal fund managers of institutions who are not optimistic about the future of the market have complained about this: “I thought we could really discuss a clear investment direction for the future, but I didn’t expect it. ... I just met to convey my spirit to everyone.”

"If a cow doesn't drink water, we'll have to press its head!" A fund manager from a private equity institution lamented, "We are not a public fund. We have no minimum position limit, nor do we have the obligation to solve certain market tasks, support the market, or build the market. This meeting will happen... I feel really unhappy."

"It's just an initiative, not a compulsion. If you don't listen, it's over." Someone chuckled, "The current market has picked up a bit in the second half of the year, but if we say it's a bull market... it's still far from it, and this At that time, a rebound trend is about to end. At this time, entering the market to build a large-scale position is very likely to be at a high position. No matter what other people do, anyway at this time... We Yinghui Fund will never increase our position at a high position. of."

"Well, indeed, although the market has rebounded violently recently, the macro data is not ideal!"

"The growth rate of M2 data is far lower than expected."

"The Federal Reserve has also withdrawn from the QE program. Monetary policies around the world are tightening. Without credit easing, where will the driving force for the bull market come from? Isn't it time to call for others to take over?"

"Let public funds take the lead. At this time... I would rather invest on the right side after the Shanghai Index completely breaks through the pressure, and I will never take over at this position at a high level."

"Hey, the bull market has been trumpeted for almost a year, but in fact, how can the bull market be so easy?"

“You have to appeal to the majority of retail investors to enter the market for it to be useful!”

"Well, performance can't be promoted, valuations can't be improved, and economic growth can't be accelerated, so just appealing will be effective?"

"Indeed, there is no real money investment, everything is needed. Or Mr. Su from 'Yuhang Investment' last night said it right. There is no money-making effect, and it cannot attract more incremental funds. What is the macro talk? , micro, it’s all nonsense, I think... If the market is really good, there is no need to appeal at all, everyone will rush to enter the market. When does it need to appeal or mobilize? Then it doesn’t mean that the market is not good and everyone needs to take over. time?"

"I definitely don't want to be the one being taken advantage of! Whoever wants to be taken advantage of will do it."

"It would be better to directly increase the minimum holding ratio of public funds, so that institutions can be forced to take over."

"If you really do this, the impact will be terrible."

"However, there is a mobilization meeting, which proves that the supervisors... must have received some tasks, right? Otherwise, how could there be such a meeting?"

After the meeting, everyone was whispering in the discussion room...

Xu Zhongji, general manager of Minghui Capital, who was walking side by side with Su Yu, remained silent. After thinking for a while, he asked Su Yu: "Mr. Su, what do you think?"

"What do you think, Mr. Xu?" Su Yu asked with a smile without answering directly.

"It's hard to say!" Xu Zhongji replied, "Actually, this kind of public strategy meeting, oh... I call it a 'briefing meeting' has been held not once or twice, but this time, it seems to be more urgent. , I always feel that there should be some big movement in the market next!”

"Well!" Su Yu said, "Indeed, the release signal is quite urgent."

"I just don't know whether it will be a good thing or a bad thing for the market!" Xu Zhongji lamented, "At first glance, it is a relatively positive signal, but there are probably only a handful of institutions that will actually be called upon by regulators to enter the market. After all, It’s easy to shout slogans, but it’s not easy when real money investment is involved.”

"In addition, all the main lines of speculation in the market have been fully anticipated. There have been waves of speculation, and the stock price is already at a high level."

"Moreover, the market macroeconomic outlook at the end of the year is still negative."

"I'm afraid the index is... not that easy to get on."

"Well, it's a good strategy to just accept what's good and not do anything." Su Yu said, "However, after this meeting, the market signals released by the regulators cannot be ignored. You need to know that A-shares are a policy market. Ah, many expected changes in market conditions are based on changes in policy directions."

Xu Zhongji thought for a while and said, "That's true. I just don't know what specific movement there will be."

Su Yu smiled. Even though he knew that the real purpose of this 'briefing meeting' was to call on everyone to support the market, so as to open up direct financing channels for the stagnant market and restart the market for IPOs, he did not say it directly, but just said it lightly. Di replied: "Let's wait for the subsequent verification of market trends. I believe...all market information results will eventually be reflected in market trends. It will be clear by then."

"If we really wait for the market to react, I'm afraid it will be too late." Xu Zhongji said, "Since Mr. Su said that the basic conditions for the current bull market are not mature, and he also agrees that the market news is bearish during the end of the year, then I will not wait. The final result is here. After the National Day, when the market opens, we will stop as soon as it is good and wait to fight again next year."

Although Minghui Capital failed to capture the two key market trends of "Shanghai Free Trade Zone" and "Mobile Internet".

But I finally caught the wave of 'restructuring and backdooring' and corrected the net value of the losing fund. Moreover, relying on the heavy position of Huachuang Information Testing, I also made a lot of money, outperforming the annual index and completing the performance at the beginning of the year. Established performance tasks.

In this way, when the uncertainty increases significantly in the future, the index is likely to be adjusted.

He felt that it was better to play it safe and give up when things were good.

After all, if due to a little greed, the rebound in net worth is lost in the two months at the end of the year, it will really be more gain than loss.

"Mr. Xu is so cautious, but it is inconsistent with the spirit of the meeting!"

While Xu Zhongji was speaking, Mr. Liu, the manager of Yinghui Fund, who also walked out of the conference room, smiled and said: "The performance of your Minghui Capital main fund this year is not bad. Why not take advantage of the end of the year to make another breakthrough? Maybe... the year-end fund performance rankings Yes, your name is Minghui Capital, right?"

"With Mr. Su's 'Yuhang No. 1' fund product in front, what difference does it make whether to rush or not?" Xu Zhongji glanced at the other party and chuckled, "As for me being cautious, it is not in line with the spirit of the meeting. Just now Liu What he said is much more radical than me, why don’t you Yinghui Fund take the lead?”

"We, Yinghui Fund, have never had any ambitions." Mr. Liu replied, "Being rich is enough for me."

The two of them smiled and sarcastically...

At this time, a middle-aged man whom he didn't recognize appeared next to Su Yu.

The middle-aged man smiled and extended his hand to Su Yu, and then said: "Mr. Su, I am Zhu Zhaoji from Zhenhua Capital. Our chairman would like to invite Mr. Su to have lunch with us. I wonder if Mr. Su can give me a favor?"

"Zhenhua Capital?" Su Yu looked at the man in front of him with some surprise.

He never expected that Xie Zhenhua from Zhenhua Capital would come to him. After all, he had nothing to do with the Xie family of Zhenhua Capital.

"Yes!" Zhu Zhaoji nodded with a smile, "Our chairman values ​​Mr. Su very much, so..."

Su Yu saw that the other party was still polite, shook hands with him with a smile, and said, "Since Chairman Xie invites you, then... please!"

After all, the other party is a big shot in the industry and has a deep foundation in Yanjing.

The other party openly and proactively invites him. If he doesn't give him face, it will make him unable to get off the stage.

Furthermore, the other party's attitude towards the invitation was not bad. Having a manager-level person invite him was a sign of respect for him. On the basis of not hitting the smiling person, he had no reason to refuse.

"Mr. Su, if that's the case... let's make an appointment next time." Xu Zhongji chuckled while the two of them were talking, "We'll talk about it when you get back to Yuhang."

"Okay!" Su Yu nodded slightly, then extended his hand to Xu Zhongji and said, "Then let's talk about it next time."

Xu Zhongji smiled and stretched out his hand to shake Su Yu's hand as a farewell.

Then, the two went their separate ways. Su Yu followed the Zhenhua Capital manager named Zhu Zhaoji into the car, and then went to another high-end hotel.

The two of them walked into the hotel's VIP room together.

I saw a middle-aged man about fifty years old and a young man about thirty years old sitting inside.

"Chairman, this is President Su of Yuhang Investment, Mr. Su." Zhu Zhaoji, who led Su Yu into the private room, respectfully reported to the middle-aged man in his fifties.

The middle-aged man looked at Su Yu carefully, nodded slightly, and said, "Mr. Su, please sit down!"

While the other person was looking at him, Su Yu also looked at the other person carefully, then nodded, sat down on the seat that had been reserved for him, and asked with some confusion: "Thank you, Chairman, for inviting me here. I don't know." What do you mean?"

"Haha..." Xie Zhenhua laughed loudly and said, "I have nothing to do. I just want to treat Mr. Su to a meal and hear some of Mr. Su's opinions on the current domestic investment market."

When Su Yu heard what he said, he frowned and said, "In front of Chairman Xie, there is no such thing as high opinion."

"Mr. Su is being humble." Xie Zhenhua said, "Last night, the basic theory of the bull market that Mr. Su said at the dinner was very good, and I deeply agree with it!"

"Oh, right……"

Xie Zhenhua paused, then remembered that there was another person beside him, and introduced to Su Yu with a smile: "This is Mr. Zhang Lei from Gaolin Capital."

"Teacher, just call me Xiao Zhang." Zhang Lei said with a smile.

"That won't work." Xie Zhenhua said, "Although you call me teacher, your identity is different now. If I call you Xiao Zhang again, then you will not be able to get along with many customers on an equal footing on many occasions. "

"Gaolin Capital, Zhang Lei?"

Su Yu stared at Zhang Lei, who had a Chinese character face and a smile on his face, and was really surprised.

In his memory, the other party was a big shot in the domestic investment community in the future. He had successfully invested in and incubated many well-known companies. He had also made a huge profit from the explosion of the mobile Internet, becoming a billionaire. 'Gaolin Capital' has built a domestic capital group worth hundreds of billions. At its peak, the scale of asset management investment reached more than 700 billion.

And in the historical trajectory before rebirth...

He and this future big man in the investment world had no life intersection, and he had no idea that the other person was actually inextricably linked to the Xie family of Zhenhua Capital.

However, when he thought about it carefully now, he completely understood it.

If the other party had not been inextricably linked to the Xie family of Zhenhua Capital, it would not have been possible for the other party to develop so quickly after starting his own business. Relying on his vast network of contacts, he could have gathered such a large amount of capital in a short period of time to participate in the venture. With so many high-quality projects, within a few years, it has become the first echelon of domestic capital investment banks.

"Thank you, teacher, for taking good care of your students." Zhang Lei replied gratefully.

Then, he looked at Su Yu with a smile and extended his hand to him: "Mr. Su, it's a pleasure to meet you. Your strong performance in the A-share market during this period is so impressive even if I just returned to China!"

"Mr. Zhang, you're welcome." Su Yu smiled and stretched out his hand to shake his hand, and said, "I have heard about Mr. Zhang's investment deeds, especially your recent investment in Jindong Mall. I admire you very much. In the era of smartphones, the 'Internet' industry will definitely continue to shine."

"Oh? Mr. Su actually knows me so well?" Zhang Lei was very surprised and felt a shock in his heart.

In fact, he has just returned to China from Harvard Business School in the United States. Although thanks to his experience in the United States, he is indeed very optimistic about the future of the 'Internet' industry in the era of smartphones and has also invested in 'Jindong Mall', but he is currently in China The reputation in the financial and investment circles is not outstanding.

It can be said that... he is just a very ordinary investor.

Su Yu was actually able to collect his information and pay attention to his recent activities, which made him feel creepy.

"Maybe it's because we are in the same industry and are relatively optimistic about it!" Su Yu replied with a smile.

"Mr. Su also believes that Jindong Mall, as well as the entire 'Internet' industry... still has great potential for development in the future?" Zhang Lei felt that it was difficult to find close friends, and he didn't care whether what Su Yu said was true or false. He said with some excitement, "Sure enough... the heroes have the same idea!"

Later, after the two got to know each other...

They had a heated exchange on the future smartphone era, the evolution of the 'Internet' industry, and the 'mobile Internet' industry, as well as possible investment opportunities.

Xie Zhenhua looked at the two young men with a smile, and occasionally asked Zhu Zhaoji to ask the waiter to add wine and food.

The rest didn't say much.

"Mr. Su, you have been to the United States, right?" After the two fully communicated, Zhang Lei's excitement could no longer be eliminated and he asked, "Many of the future deductions and development paths you mentioned are similar to the current development paths in the United States. The development path of the 'Internet' is exactly the same."

Su Yu shook his head and said, "I have never been to the United States. I have only read a lot of books and learned a lot of news about this field."

"It's amazing!" Zhang Lei said, "You can have such an insight without personal experience. Mr. Su is really amazing."

His words were genuine appreciation.

In fact, before he met Su Yu, he had never seen anyone in the domestic investment community, not just in the investment and financial circles, who had such a clear view on the future development of the Internet.

"Mr. Zhang is so complimentary." Su Yu responded with a smile.

I saw that the other party had no airs and seemed very sincere during the conversation. I also admired this future investment giant in my heart.

Time passes unconsciously...

By the time Su Yu and the other party came to their senses amid the continuous collision of investment ideas and opinions on various industries, it was already past 2 o'clock in the afternoon.

Then, after continuing to drink a lot of wine, everyone left happily.

Among them, Zhu Zhaoji sent Su Yu back to Huaxin Hotel, while Zhang Lei and Xie Zhenhua left in the same car.

"Xiao Lei, what do you think of this young man from Yuhang Investment?" Xie Zhenhua asked after being silent for a while in the Rolls-Royce.

Zhang Lei thought for a moment and replied: "Although he is young, he has outstanding abilities in all aspects and has a good personality."

"His many investment insights..."

Zhang Lei paused and continued: "It's all very inspiring to me, and he has a very forward-looking vision for macroeconomics and industrial development. I feel ashamed. If I give him enough time and opportunities to develop, , I believe that within a few years, he will become a well-known figure in the domestic capital and financial circles."

"It's rare for such a high evaluation to come from your mouth!" Xie Zhenhua chuckled.

"Teacher, don't you think so?" Zhang Lei asked.

Xie Zhenhua narrowed his eyes and said: "He is indeed an excellent talent, but if a tree is as good as a tree, the wind will destroy it. This young man is too sharp. I am afraid that his subsequent development path will not be smooth, and his The foundation is too shallow and the wealth accumulation speed is too fast, which may not be a good thing for him."

"The domestic environment shouldn't be so bad now, right?" Zhang Lei said, "And I think he is also someone who knows how to divide interests."

"It's hard to say!" Xie Zhenhua sighed with emotion.

Zhang Lei paused for a while, guessing Xie Zhenhua's motive for specifically calling him over and inviting Su Yu to dinner, and asked: "The teacher invited him to meet and have dinner, maybe he wanted to examine him, right? Now... it's for him Not so satisfied?"

"Based on his performance alone, it is not an exaggeration to say that he is a dragon among men." Xie Zhenhua said, "But what my Xie family wants is actually not such a person."

"Wealth and status are already enough for me."

"What the Xie family wants is a person who is more than conservative, but does not need such a strong enterprising spirit."

"Uh..." Zhang Lei was slightly shocked when he heard this.

He never expected that Xie Zhenhua was selecting the future heir to the Xie family's wealth, checking for his daughter, and selecting qualified son-in-law.

"Wanting and Mr. Su have...contact?" Zhang Lei asked.

"Listening to Zhaoji's reaction, at the banquet at the Huaxin Hotel last night, Ting'er had a great chat with this young man." Xie Zhenhua said, "It's rare for someone to catch her eye. As a father, I can't hold her hand for her." Eyes? There are so many talented people in Yanjing, I just don’t understand why she doesn’t like any of them, especially that kid from the Hu family.”

"The two of them have been childhood sweethearts and grew up together. They are not going to be obedient to her, right?"

"That's at least what you ask for."

"But Ting'er, don't even look at me seriously now, you won't even step down the stairs for me."

"Hey, since her mother passed away, she has become more and more dissatisfied with my father, and her temper has become more and more rebellious. Now she is 24 years old, and she is still calm."

"She wanted to learn the violin back then, but I didn't let her go."

"As for remembering it till now?"

"Teacher, I don't think Wan Ting is displeased with you." Zhang Lei coughed lightly and said, "It's probably because you pushed me too hard, so... I don't want to go home, and I want to hide in Mr. Zhou's An Lan fund company."

"Am I in a hurry?" Xie Zhenhua glanced at Zhang Lei, "Are you in a hurry?"

Zhang Lei knew that his teacher was also a stubborn person, and his persuasion had no effect. He couldn't help but coughed, and stopped mentioning the topic. After thinking about it, he said: "Teacher, I have an investment here." Regarding the project, I’m still not sure about its future prospects, and I’d like to hear your suggestions.”

And as the two people commented and talked about Su Yu...

Su Yu returned to the hotel and rested for less than 2 hours when he received a call from Xie Wanting. The other party invited him to have dinner with him in the evening. In order to prevent him from not going, he also found someone on the phone who wanted to talk to them. Investment' discussed the reasons for investment cooperation, and used official business to prevaricate Su Yu's original refusal.

"This father and daughter... are really interesting." Su Yu hung up the phone, smiled and thought to himself.