Rebirth of the investment era

Yu Lei responded nervously: "The market fell too fast, and the selling was too concentrated. There were several stocks that fell to their limit within a minute or two after opening, so we didn't lose much chips."

"How much has it been reduced?" Liu Guanhai asked urgently, "500 million, 300 million, 200 million?"

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

"65 million?" Liu Guanhai almost collapsed when he heard this number, "Selling regardless of the cost, how could it be possible to sell such a small amount of chips?"

Yu Lei replied: "Not only are we selling again, we have already placed orders to sell at a price that is ten levels lower than the market price. However, today's two main lines of 'infrastructure' and 'state-owned enterprise reform', the market performance of many component stocks The liquidity of buying orders is really limited. As long as there is a large order from the main seller on the market, the stock price will fall straight down. There is basically no active buying order. Once it falls, it will be a bottomless abyss, and even if it continues Even if the price drops, there will still be 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, five stocks have dropped to the limit."

"These five stocks have completely lost their liquidity, and we can't sell even one share."

"Where's the net value?" Liu Guanhai put his hands on the desk, supporting his body, and asked, "How far has the fund's net value fallen? Are we still making profits this month?"

Yu Lei responded: "Since yesterday's high point, our fund's net value has retraced more than 10% from its highest point. This month's early profits have all been given back. If we are still unable to reduce our positions on a large scale, we will reduce our fund positions to Safe area, if the market continues to plummet later, the net value of the fund product will hit the investment warning line, and then... we will have to announce the actual net value of the fund to investors."

"What the hell..." When Liu Guanhai heard this terrible situation, he finally couldn't help but cursed loudly, his eyelids twitching, "Another wrong step, every wrong step."

"What should we do now?" Yu Lei asked anxiously when he saw Liu Guanhai's slightly ferocious expression.

Liu Guanhai took a long breath, forced himself to calm down, and said: "There is no other way but to continue to reduce positions and try our best to reduce positions. At this time... we can no longer consider things like profits. We must reduce positions and reduce the net value of the fund. Control it within the investment warning line, so that... we can have a 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 decreases, there is still liquidity. Among the stocks we hold, there are no stocks that have fallen to the limit. I will sell all the stocks that can be sold. If you put it 10 levels lower, you can't sell it." If it falls, we will lower it by 20 notches. In short...even if the stock price goes to the lower 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 desperate selling operations to reduce their positions.

And when they made the operation of "even if the stock price hits the limit", they must reduce their positions with all their strength.

At this moment in the Shenzhen market, within the Xiniu Fund Company, the 'Manniu No. 1' fund product trading room also had no time to lighten its position before the bad news fermented. Fund manager Fang Xinsheng, whose position was almost full and locked in the market, looked at such a unilateral plunge. There is no resistance to the market trend, and I am quite anxious inside.

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

Trading team leader Mou Zhengxing responded: "After the market opened, the market fell too fast. Even many high-priced and popular stocks in the main areas of 'infrastructure' and 'state-owned enterprise reform' fell by the limit just a minute or two after the market opened. We reacted quickly enough." , Mr. Fang doesn’t have to blame himself at all.”

"and……"

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

"If you can't exit the position in time to stop the profit, the loss will only be the recent floating profit, and the impact will not be great."

"Moreover, with regard to the current market liquidity, especially the two main lines of 'infrastructure' and 'state-owned enterprise reform', a number of high-priced and popular stocks have all been abandoned by active funds on the market. There are endless selling on the market, and buying orders are accepted every minute. They are all decreasing rapidly.”

"I think... we are not the only ones who cannot get out and complete the timely reduction strategy."

“Other major funds with holdings larger than our infrastructure products can’t get out easily, so... Taken together, the short-term net worth retracement, whether it is investors or our performance ranking in the industry, or In terms of half-year performance, the impact is actually not that big."

Thanks to the early operation strategy of the entire fund product, which has heavily invested in the main market trends of "infrastructure" and "state-owned enterprise reform" in the past month or so.

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

Although it has retraced more than 10% from the highest intraday position yesterday, compared with more than a month ago, the profit is still more than 25%, and the annual net worth performance is still at the 20% profit line, significantly outperforming the Shanghai Stock Exchange Index. and the CSI 300 Index.

In other words, this is the net worth performance of ‘Manniu No. 1’ this year so far.

Not only are they still among the best among asset management institutions in the industry, but they have also greatly exceeded the expectations of the company's general manager and investors of fund products.

Therefore, in Mou Zhengxing's view...

The operational performance of the company's trading department during this period, although not perfect, is definitely excellent.

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

Fang Xinsheng glanced at Mou Zhengxing and said: "When it comes to market trading, we can't just pursue a 'middle' approach. If we miss the best opportunity to take profits and reduce our positions, we have missed it. There is no need to make excuses, of course... …It’s useless to regret it now.”

Having said this, his eyes once again turned sharply to the rapidly changing trading surfaces of the two cities.

After a pause, he continued: "Market sentiment collapsed too quickly. Coupled with the two main lines of 'infrastructure' and 'state-owned enterprise reform' that have been hyped for more than a month, the accumulation of profits in the relevant sectors has already reached an all-time high." It is the most serious area in the market. Now that this area has been completely abandoned by all funds in the market, it will be difficult to gather an upward trend to turn things around in the short term. We...can only sell decisively."

"Keep selling. Large-cap stocks with relatively good liquidity can be sold with pending orders."

"But for mid- and small-cap concept stocks with relatively poor liquidity, you can't get liquidity even by placing orders at low prices, so you can only exit the position by slashing the market price."

"Now that the market's selling point has emerged, 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."

"Yeah, I understand." Mou Zhengxing nodded and quickly issued new trading instructions to the traders behind him. At the same time, he stared at the market of some blue-chip stocks and continued, "Look at Huaguo Construction, Huaguo Communications In the trading market of several large-cap stocks such as China Construction, China South Locomotive and China North Locomotive, there have been continuous sell-offs of tens of thousands of large orders in the past ten minutes. This should be Mr. Su from 'Yuhang Investment', who is also Are you going to sell like crazy to reduce your position?”

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

The holding concept stocks of 'Fortune Road' are basically equivalent to the famous brands.

This is also the reason why, after the time entered May, a number of stocks heavily held by the two main funds of 'Yuhang Investment' were frantically speculated by various funds in the market. After all, everyone wanted to take advantage of the 'Wealth Road' Dongfeng takes a piece of the pie in this field.

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

It is also because this field is heavily invested in the 'Wealth Road'.

"Whether that is true or not, we have to wait until the after-hours rankings to find out." Fang Xinsheng responded uncertainly, "But I always feel that Mr. Su will not expose his seat and reduce his position without a large-scale reduction of positions. The intention is to let the main funds from all walks of life who are trampling on each other's profits block their own exit channels. Therefore... it is very likely that the other party's remaining positions are not much at the moment. Yesterday's Dragon and Tiger List is also very likely to be deliberately revealed by the other party. from."

"It's really like this... that would be terrible." Mou Zhengxing said.

Fang Xinsheng thought for a moment and said: "Exposing one's seat and intentions in advance is not a mature trader's approach. So, I guess that Mr. Su has most likely reduced his position on a large scale in advance, but I don't know why. Do you start changing your trading strategy after getting the news in advance, or do you decide that it is difficult for the market to cross 2500 points and open up new market space before the bad news begins 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 movements of other major funds will naturally be revealed through post-market data. It makes no sense for us to speculate at this time. After all, the direction and trend of the market have already been revealed. The results of the selection of the main funds of all parties are also presented.”

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

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

"So, there is no need to think about things that are useless, focus on the present...try to reduce your positions!"

"If we reduce our fund's positions to a safe area earlier and complete the trading target of reducing our positions earlier, we will lose less and gain more profits."

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

The retracement of their fund's position profits will add at least one million more figures.

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

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

And with asset management institutions such as Yinghui Fund, Xiniu Fund Company, and Zexi Investment Company, desperate selling behavior on the market.

When the time passes 10:30.

The Shanghai Composite Index once broke through 2,330 points, extending the intraday decline to about 3%.

At the same time, the two main areas of 'infrastructure' and 'state-owned enterprise reform', as well as related concept sectors and industry sectors, all fell by more than 3.5%. Among them, among the market speculation throughout April and May, the two cities ranked first The 'real estate industry sector', which ranks first in the industry sector gainers list, has fallen almost 5.5% at this moment. Dozens of constituent stocks in the sector have also set off a wave of limit-down declines.

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

At 10:50, the Shanghai Stock Index's decline once expanded to 3.67%.

At 10:55, when the market released extreme time-sharing energy and a number of high-priced and popular stocks in the two main areas of 'infrastructure' and 'state-owned enterprise reform' had almost nothing to fall, the market began to see a rise and fall of funds on the market. There are obvious signs of switching. The so-called conservative hedging sectors such as 'big finance', 'consumer' and 'pharmaceutical' bucked the trend and rose amid the shock, briefly pulling the index back for a while.

At 11:02, the Shanghai Stock Index fell back to about 3%. Conservative hedging industry sectors such as 'big finance', 'consumer' and 'pharmaceutical' all fell back to less than 1.5%. Among them, banks in the 'big finance' field, In the securities sector, the decline narrowed to less than 1%.

At 11:07, the Shanghai stock index fell back to less than 3%, and the market once again appeared in a situation where the Shanghai stock market was strong and the stock market was weak. This was due to the switching of funds from various sources to high and low levels, as well as risk aversion and reduction of positions. Whether it was high-level 'infrastructure', ' The main areas of state-owned enterprise reform, as well as the hyped growth stocks in the direction of small and medium-sized boards and GEMs, have all been affected by extreme selling, and the trends are very weak.

At 11:15, the Shanghai Stock Index began to fluctuate between 2.65% and 3.15%. At the same time, the time-sharing capacity of the two cities also began to decline significantly.

"The market's time-sharing trend has finally shrunk."

Seeing that the time-sharing capacity of the market has weakened, several major indexes, and various industry sectors in the two cities no longer have violent and extreme fluctuations. At this moment, in Yuhang, Yuhang Investment Company, and in the fund trading room, Li has been observing the market trend. Meng finally breathed a sigh of relief, glanced sideways at Su Yu, and said, "The market has fallen this far today. It should be over, right?"

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