The Road to Rebirth Finance

Chapter 302 Embracing the Mainline Quotes (Two in One)

Three days in a hurry passed by in a flash; in the last three days of trading in February, although the index kept setting new highs, it did not leave any impression on people.

The reason for holiday syndrome is that most people have not yet entered the working state.

As the Two Sessions approached, market news came out frequently, deeply affecting the transactions in the Shanghai and Shenzhen stock markets, especially the trend of heavyweight stocks on the main board.

Since entering 2015, A-shares have been deeply affected by policies and fluctuated greatly.

In Gu Junhao's view, a series of fluctuations are still determined by the hype mechanism of the A shares themselves.

The index remains high, and once there is some trouble in the policy, it can immediately rise and fall.

The high stock index makes ordinary investors and institutional investors, including ordinary investors, seem extremely unconfident.

All you can think of is to run away or re-enter in time as the policy changes.

If A shares want to establish a real value investment system, there is a long way to go.

Or maybe the so-called value investment is just a false proposition in A shares, and all the value will only come from the profits at hand.

A series of news of profound significance to A-shares came out of the market over the weekend. The official approval of SSE 50 and CSI 500 stock index futures has increased the probability of fluctuations in heavyweight stocks.

The futures market is different from the A-share market, and its risks and fluctuations are quite large.

When the stock market crashed in June, some people took advantage of the uniqueness of futures to short A shares in order to obtain greater profits.

In addition, the interest rate cut policy announced by the central bank after the holiday can be regarded as officially implemented.

However, in Gu Junhao's view, this news is not necessarily good news. The previous expectations were too high, and the big financial and weight sectors have already reacted in advance.

The purpose of hyping expectations has been achieved, and when the expectations are actually implemented, the hype sentiment in the market will naturally cool down to a certain extent.

But speaking of the hottest topic this weekend, it is undoubtedly a host's video about smog.

This video can be said to have maxed out the entire network and caused a huge sensation. Within two days of the weekend, it can be said that there were constant heated discussions on the entire network.

In the previous life, Gu Junhao also experienced this scene, but with the collapse of the host's follow-up persona, no one mentioned it anymore.

Now that he experienced this scene again, he had a different feeling.

When talking about this topic with Zhang Yiru at home today, what Gu Junhao thought of was the collective movement of environmental protection stocks on Friday.

Any major event will be reflected in the stock market along with economic effects, and this time is also different.

If nothing else, environmental protection stocks will perform next week.

Gu Junhao is not very interested in environmental protection stocks, mainly because the hype logic of environmental protection stocks does not conform to Gu Junhao's investment thinking.

There are certain entry barriers in the environmental protection stock industry, some of which are only allowed to enter through the administrative licensing system. There are no large-scale monopoly giants in the market, but the company's business is relatively simple.

In terms of performance, there is not much room for imagination, mainly relying on tax subsidies, and the gold content is not high.

However, for some environmental protection funds that rely on franchising, their investment costs, construction and operation, the time required to withdraw funds is as long as 30 to [-] years, and the fixed cost investment is very high.

And the objects of its cooperation are basically local governments. A series of economic downturns and government personnel changes will greatly change the business of the company. Gu Junhao is not very optimistic about this type of company.

Long-term logic is not enough to support the foundation of the company, and it relies more on short-term hype.

And every time the A-share market enters an adjustment period, some environmental protection stocks will be pulled in to replenish the number, which also shows that even if it is hype, their status is still in the back row.

There are nearly thousands of stocks in the Shanghai and Shenzhen stock markets, each of which has the possibility of rising, but as an ordinary investor, it is impossible to analyze every company or every sector so thoroughly.

Ordinary investors should focus more on the mainline market and embrace the mainline market.

In addition to obtaining more sufficient profits, it can also be relatively safer.

When the overall market changes, the mainline market tends to be relatively lower than other sectors.

In terms of embracing the main plot in the current market, Gu Junhao is definitely one of the leaders, which can be seen from the performance of the two Junshi funds.

After the end of February, the performances of the two Junshi funds were also very different. Affected by the sharp retracement after the Yinzhijie Festival and the suspension of Dongfang Fortune, the overall size of Junshi No. 4.13 retreated to less than 200 million yuan. The scale was more than 10.3203 million yuan less than before the festival, and the net value also dropped to [-].

Junshi No. 11.9, although Dongfang Wealth is also suspended, benefited from the sharp rebound of the two stocks with the initials in Chinese and Huanghe Securities. After the end of this month, the overall fund size reached 2.3817 billion yuan, and the NAV ratio was as high as [-].

Feng Shui took turns. Three days after the holiday, it was the turn of Junshi No. [-] to rise, while Junshi No. [-] retreated slightly.

Although I wrote to investors before the festival to explain why the gains of the two funds are different, but nothing is more real than the specific data.

Monday, March 3, trading day.

Stimulated by the news over the weekend, the three major indexes of the Shanghai and Shenzhen stock markets opened higher across the board, among which the ChiNext Index performed the most.

Affected by the smog video that blasted the entire Internet over the weekend, environmental protection stocks skyrocketed across the board, including Feida Environmental Protection and Xianhe Environmental Protection, as many as a dozen environmental protection component stocks opened at their daily limit.

"It's too aggressive to cut leeks. There was a change last Friday, and today it's straight."

Looking at the changing environmental protection section, Gu Junhao shook his head and said.

If the board is flat, ordinary retail investors will naturally not be able to buy it, and when they can buy it, it is time to take over the offer.

There is no need to participate in this kind of short-term one-word board with no turnover rate unless there are long-term expectations.

With such a commotion in environmental protection stocks, today's hot spot is undoubtedly above small and medium-sized entrepreneurial stocks.

After the official trading started, the GEM index opened higher and moved higher, and the index did not mean to cover the gap at all.

However, the Shanghai Composite Index, which also opened higher, fell rapidly, and the stock index fell rapidly; within 10 minutes, the Shanghai Composite Index fell by more than 0.6%, and the index turned green again.

The performance of the weighted sectors most affected by interest rate cuts was very different, with brokerages and steel performing the best.

The banking sector is a victim of interest rate cuts, coupled with the rapid development of Internet finance, to a certain extent, it has also eroded the profits of traditional banks.

Banks have become an important sector that dragged the index upward today, and the rise of steel and coal sectors also added variables to the broader market.

At 10 o'clock, Cao Wenxun, who was trading, suddenly said: "Today, brokerages are not so strong. Up to now, there is no daily limit, and Northeast Securities has touched the daily limit a little bit."

Gu Junhao took over the topic and said: "This is normal. The performance of brokerages last week is the real performance of the expectation of interest rate cuts. This week must be dominated by shipments. You can also be bolder in T."

"In the morning, Zhongxin Securities also announced the reduction of the benchmark one-year financing rate. This is a good thing for investors, but it is not a good thing for the performance of securities companies."

"Brokers have increased quite a lot, and most of the big funds have already made very rich profits, so the room for further increases should be limited."

In the trading room, apart from being busy with operations, everyone also expressed their opinions on the market and sectors.

However, according to Gu Junhao's observation, among the five people, even senior traders like Wu Peng and Cao Wenxun don't feel that the market will continue to soar.

Since 2015, the slow bull market that the management has been creating seems to be gradually accepted by everyone, and the rising and falling market is gradually being recognized by the market.

No one would have thought that the Shanghai Stock Exchange Index, currently hovering around 3300 points, would soar nearly 1900 points in the next two months, and the ChiNext Index would reach an unprecedented 4000 points.

Even those who have experienced the big bull market in 2007 should never have thought of the skyrocketing market after that, right?

This can be said to be Gu Junhao's unique information gap advantage.

The differentiation of the weighted sectors caused the stock index to fluctuate greatly, and it once fell below 3300 points in the intraday session. However, the Chuang Index was in the process of continuously rising. More than 10%.

The small and medium-sized entrepreneurial sector, which has risen sharply during the day, is also not lacking in differentiation. Stocks such as Tonghuashun and Yinzhijie, which were strong in the early stage, performed relatively mediocre today.

Tong Huashun's increase is not bad, but Yin Zhijie seems a little weak today.

The small and medium-sized ventures that are rising today are more like environmental protection, energy, and natural gas, and they are more like a supplementary market for a relatively low-level sector.

It is also unpredictable how long the low-level compensatory increase market can last.

In the afternoon, the Shanghai stock index rebounded, which further boosted the mood of the Shanghai and Shenzhen stock markets. The ChiNext index continued to hold high and surged by more than 3%.

After trading throughout the day, the ChiNext Index closed with a bareheaded and barefoot gap, up 3.06% within the day.

At the 1986.99 point, there are only less than 2000 points left to break through the 15 point, which makes people seem to see the rise of the GEM in 2013.

In 2013, the GEM index rose as high as 82.73% for the whole year.

Entering 2015, so far, in just 2 months, the GEM index has risen from the lowest point around 1429 points to around 2000 points today.

In 36 trading days, the GEM index, which had risen by nearly 40%, ran all the way, continuing to leave the main board market behind.

Among the small and medium-sized entrepreneurial growth stocks, a series of such as Internet finance, the concept of high-speed distribution and sub-new stocks continue to lead the main plot.

The Shanghai stock index finally rebounded in the afternoon, and the stock index rose 0.78% to 3336.28 points.

Both the Shanghai and Shenzhen stock markets achieved a good start in March. Today, the three major financial markets all retreated to varying degrees except for the performance of securities companies.

The official landing of the interest rate cut, under the fear of heights, did not produce the strong reaction in the A-share market as before. Today, some heavyweight stocks such as banks have relatively large capital outflows.

The market performance is not as good as expected, which will naturally lead to a large flight of funds. Entering Tuesday, the Shanghai and Shenzhen stock markets both opened lower in early trading, and the Shanghai Composite Index opened nearly 20 points lower at 3317.69 points.

At the beginning of the opening, the Shanghai Composite Index fell rapidly, and the opening point of 3317.69 points also became the highest point of the day.

The banking and insurance sectors that were called back yesterday continued to adjust downward today.

The brokerage sector did not have the high-profile performance of yesterday, and it has also undergone substantial adjustments; the real estate and computer application sectors have also entered an adjustment period, and several major sectors gathered by heavyweight stocks have become the main force for shorting the market.

The GEM index opened slightly lower in the morning and began to fluctuate higher, and the environmental protection sector, which rose sharply yesterday, began to diverge.

Tong Huashun and Yin Zhijie failed to continue the rebound today, and continued to fall after opening low.

The rises in the Shanghai and Shenzhen stock markets today are mainly non-ferrous metals, chemical pharmaceuticals, biological products and other medical sectors.

Whenever the medical sector rises, it often means that the main funds have begun to enter the defensive stage.

In the morning trading, the Shanghai Stock Exchange Index maintained a low and volatile trend after opening lower, while the ChiNext Index seemed to have the intention of launching an impact towards 2000 points.

At 10 o'clock, the GEM index reported 1995.83 points, up 0.45%.

However, due to the divergence of several popular sectors that were hot yesterday, and the performance of individual stocks that were strong in the previous period was also very mediocre, the Chuang Index failed to break through 2000 points in the morning, and the highest reported at 1998.34 points.

Near the close of noon, the ChiNext Index closed at 1989.39 points, up 0.12%, and the Shanghai Stock Exchange Index closed at 3306.66 points, down 0.89%.

The three major financial sectors fell by more than 1%.

After the official start of trading in the afternoon, the GEM index rose rapidly, continuing the upward trend in the morning. At 13:20, the index finally broke through 2000 points and reported at 2004.03 points.

However, at the moment when the index surged, many of the GEM constituent stocks showed signs of diving, including Tong Huashun and Yin Zhijie, which Gu Junhao held positions.

"It's about to dive, there is still a certain pressure at 2000 points."

"Yeah, the sentiment on the main board is also relatively low today, and the ChiNext board cannot support itself. The higher it is pulled, the deeper it jumps."

"The three major financial sectors are also showing signs of diving, and Xibe Securities is starting to go down again."

At this time, Liu Tingting's voice also sounded.

Gu Junhao quickly switched the interface to the brokerage sector. The current decline of Xibu Securities has exceeded 4%, the overall decline of the brokerage sector has exceeded 2%, and banks and insurance are also accelerating their decline.

With the re-testing of the three major financial sectors, the Shanghai Composite Index began to decline rapidly from 01:30 in the afternoon. Half an hour later, at two o’clock, the Shanghai Composite Index’s decline expanded to 1.70%, and the stock index fell below 3300 points to 3279.56 point.

The biggest dive within half an hour was undoubtedly the GEM index that hit 2000 points.

A straight drop, the stock index fell from around 2004 points to the current 1974.16 points, down 0.65%, a drop of up to 1.5%.

The Shanghai and Shenzhen stock markets and the three major stock indexes began to stage diving competitions within half an hour of trading time at the end of the day.

The three major financial sectors continued to lead the decline, and funds continued to flow out of these sectors.

At the end of the whole day's trading, the three major indexes all maintained a sharp downward trend. The Prev Index fell 2.19%, the stock index fell below 3300 points to 3263.05 points, and the ChiNext Index closed at 1961.74 points, down 1.27%.

A total of 63.20 billion yuan of outflows from the Shanghai stock market today, 53.55 billion yuan outflows from the Shenzhen stock market, and a net outflow of 8.34 million yuan from the GEM, which plunged in late trading, are the least outflows among the three major stock indexes.

Among the two cities, the total outflow of securities companies, banks, and insurance sectors exceeded 230 billion yuan.

The brokerage sector fell by 3.51% as a whole, and the banking sector as a whole fell by 3.41%; the declines of these two major sectors ranked the top two in the city respectively.

The overall outflow of the Shanghai and Shenzhen stock markets exceeded 120 billion yuan today, and the three major financial sectors also outflowed substantially. The fear of high funds for the broader market was undoubtedly revealed, which also led to the very general market trend in the next three days this week.

Today, the GEM, which only had an outflow of 8.34 million yuan, had a flashback rebound on Wednesday. The stock index rose by 2.45% at one point and regained its position at 2000 points. However, it continued to decline in the following two days following the adjustment of the broader market .

By Friday, the ChiNext Index had created the largest weekly drop of 3.15%.

Within a week, the stock index hit the highest point of 2032.22 points and closed at 1951.41 points, a 1.21% increase compared to last week.

Overall, the performance of the GEM index this week was not bad, but during the high-low switching process on Monday, the performance of high-end stocks seemed unsatisfactory. Yin Zhijie fell 11.14% within a week, and the stock price fell below 80 again. Yuan pass, to close at 79.53 yuan.

The fluctuation of the high level of the index and the sharp correction of the financial sector have led to a certain effective breakthrough in the index this week, but the market's profit-making effect is not very good. The continuous correction of high-level stocks and the rebound of low-level stocks cannot be done very well. continue.

After a week, all of Gu Junhao's holdings, except Zhongguo CSR, which was approved by the State-owned Assets Supervision and Administration Commission for its merger, remained in decline across the board.

The biggest decline was undoubtedly Yin Zhijie, and the smallest decline was Huanghe Securities.

Zhongguo South Locomotive changed at 02:30 this Thursday afternoon, and its stock price started from 11.56 yuan, down 2.45%; it rose linearly.

Within 10 minutes of rising time, CSR reported the highest price increase of 13.04 points.

This performance amazed the market and attracted the attention of most investors.

Although in the end, CSR failed to close its board on Thursday and closed at 12.68 yuan, but this 10-minute change is enough to attract attention, and the same is true for CNR, which has the same trend as CSR.

As expected, after the market closed, CNR and CNR both issued announcements on the approval of the merger; obviously, this was an early leak of news.

After the announcement was issued, there was a lot of criticism in the two major stock trading areas, and insider trading flooded the entire Internet.

As of this Friday, Zhongguo CSR also unsurprisingly gained another 7.57% surge.

The stock price of CSR has returned to above 13 yuan and reported at 13.64 yuan, which is less than 8% away from the high point in January.

From the perspective of the trend, after nearly one and a half months of wide adjustments, the North-South Railway, which has been approved for merger, has now shown a trend of breaking through the second wave.

At the same time, CNR released another suspension announcement.

The two companies will hold shareholder meetings on March 3, which is next Monday.

On the day when the general meeting of shareholders is held, the two companies will be suspended and trading will be suspended for one day.

"It's probably because the performance in the past two days is a bit too outrageous. It's too obvious. The shareholders' meeting is another trading day, so we have to suspend trading. Otherwise, I don't know how it will behave in the market."

The news of the suspension made Gu Junhao and others feel a little funny, why did they go two days earlier.

(End of this chapter)