The Road to Rebirth Finance

Chapter 460 Making money is not easy
Little Gu is almost one and a half years old, and he can babble and speak a few words, but he is not very good at walking and lacks stability, so crawling on the ground is quite exciting.

After having a child, the range of activities of Gu Junhao and his wife was greatly restricted, and they had to carry this little thing with them everywhere.

Although there is a nanny taking care of her, and Qin Ruolan has come to help take care of the child, many times, parents still want their children to appear within their sight.

The little thing grew up little by little, and while experiencing the joy of being a father, Gu Junhao also felt that it was not easy to raise a child. A sickness or a fever can make people worry about it.

The child is still too young to travel long distances, especially during the Golden Week of October, when there are so many people traveling, the whole family just wandered around.

Usually, the family stays at home more. During the National Day, it is the autumn tiger season in Yongcheng, and it is also the season when the heat turns cool in a year.

After the National Day, the weather in Yongcheng slowly entered the autumn and began to cool down.

Do not go out, play with the children at home, and eat melons are quite comfortable. In 18, internal entertainment can be said to be a big melon. During the National Day, a well-known actress like to mention the hot search, officially blowing the star to check the tax issue.

This melon is so big that it almost dominates the hot search topics during the entire National Day holiday, and it affects the whole body. It is from this time that the A-share media sector has been greatly affected.

Of course, most ordinary investors still regard the tax inspection turmoil that started this year as a routine matter. They don't know that even bigger thunderstorms will happen next year.

Major changes in the industry have also quietly occurred during the holidays. Starting from October 10, e-commerce export companies will usher in a wave of tax benefits, involving value-added tax, consumption tax exemptions and other aspects.

In terms of new energy vehicles, this year has also been a year of good news. After the Tesla Gigafactory project was settled in Shanghai, on October 10 after the National Day this year, the "green card" was officially launched nationwide.

When you are still questioning new energy vehicles, don’t you know that a huge change in the industry is already quietly taking place.

With the tremendous changes in the auto industry, since 15, the layout of a series of auto parts companies that Gu Junhao has made has gradually revealed its clues.

Today, laymen may still not understand, but insiders have gradually paid attention to Gu Junhao's layout a few years ago.

A series of listed or non-listed companies, including Xushen, Tuopu, etc., which Gu Junhao has invested in, have already become part of the industry chain of Tesla or domestic new energy vehicle brands.

Reborn at the end of 2013, Gu Junhao at that time was just an ordinary young man with tens of thousands of dollars in his pocket. He didn't have the strength to participate in the Internet's capital feast, and he missed the craziest time of the Internet.

In the next few years, with the growing size of Junshi Capital and the investment in the primary market, Internet companies such as shopping for vegetables have contacted Gu Junhao for investment.

All of these were rejected by Gu Junhao. The market that burns money is still a project that competes with the people for profit, and Gu Junhao doesn't want to get involved.

However, on the track of new energy vehicles, Gu Junhao successfully boarded this high-speed train by investing in several auto parts companies.

These companies may not bring much profit to Junshi Capital and Gu Junhao, and the actual control of the company is not with Gu Junhao, but they can give them a place in the new energy track.

Xushen Group, currently Junshi Capital still holds 1.49% of the shares. These shares have actually been lifted, but Gu Junhao has no plans to sell them.

On the contrary, after the National Day holiday, Junshi Capital will continue to increase its holdings of this company and increase its shareholding capital to 4.99% with proprietary trading accounts as the main body.

This is a strategic investment of Junshi Capital. If there are no special circumstances, Gu Junhao will not choose to sell it easily. The same is true for Tuopu Group's private placement.

On October 10, the central bank announced that it would lower the deposit reserve ratio of large commercial banks, joint-stock commercial banks, city commercial banks and foreign banks by 7 percentage point, starting from October 1.

This RRR cut is expected to provide RMB 7500 billion in liquidity to the market, and this is the fourth RRR cut this year. The central bank has been operating frequently this year.

But it is a pity that no matter whether it is reflected in the entity or in the stock market, it seems that there is not much effect.

The National Day holiday, for the financial market, the news is biased towards positive, whether in terms of industry changes or financial means.

The rebound at the end of September and the good news of the National Day holiday made investors who focus on the stock market impatient. The 3000-point rebound in their dreams seems to be in sight.

However, bad news is not without, some securities companies have suspended the stock pledge financing business.

A medium-sized brokerage firm in Shencheng even has a new standard for the stock pledge financing business internally: the overall stock pledge ratio of listed companies must not exceed 50%, and those with negative profits in the first and second quarters of this year cannot be pledged, and industries with high debts, such as real estate Industry cannot be pledged.

The stocks held by some insurance departments do not accept pledges, and some large-scale listed securities companies even clearly stated that the pledge rate should not exceed [-]%.

The lessons learned from fake accountants, the stock market continues to fall, and the real controllers of some listed companies still do not call for margins in order to achieve the purpose of reducing their holdings in a variety of ways even when they are facing liquidation with a large amount of stock pledges.

The consequences of all these are borne by the brokers and the secondary market. After the constant thunderstorms, the market also gave a specific response. It will not be so easy to raise funds through stock pledges in the future.

Of course, this has a lot to do with regulatory requirements. The market is bleak, and the financing and financing business is not doing well. The stock pledge business has become the driving force and growth point of the credit business of securities companies.

If it hadn’t been for the introduction of strict new pledge regulations by the regulators, coupled with the influence of comprehensive factors such as deleveraging, securities firms would not shrink the stock pledge business.

Anyway, if the position is really liquidated, it is liquidation in the secondary market, and the interest that should be taken is a lot.

Another relatively large negative that is easily overlooked by ordinary investors is that during the A-share National Day holiday holiday period, the yield of rice bonds is constantly setting new highs.

30年期国债收益率触及4年以来的新高3.4302%，10年期国债收益率更是涨至3.25%，刷新近七年以来的新高。

What does rising U.S. bond yields usually mean?
First of all, we need to know a probability. In essence, rice debt is actually an IOU, but the person who issued this IOU has a relatively high reputation. In addition, it is a universal currency, so investors don’t have to worry about him not being able to pay back the money.

There are many factors that cause the yield of rice bonds to rise, and I will not summarize them here. Investors only need to know one very simple truth.

That is, capital seeks advantages and avoids disadvantages. When the yield of a certain financial product rises, its attractiveness will naturally increase.

At this time, some investors will naturally sell other types of financial products, such as stocks, to buy bonds.

Just like the domestic stock market and real estate market, when the stock market rises sharply, some people will sell houses and speculate in stocks. When stocks are not attractive enough, investors will naturally abandon stocks and choose to invest in real estate.

All in all, this is bad news that is easily overlooked by investors, but has a profound impact on the stock market, not only for A-shares, but also for global stock markets including rice stocks.

As bond yields rise, it will inevitably cause turbulence in the global stock market. This is actually closely related to the sharp decline of A shares in October in Gu Junhao's memory.

During the long holiday, Junshi Capital actually has employees staying behind for a day off. Through the public opinion feedback from the staying employees, Gu Junhao saw that most investors are more optimistic about the transactions after the holiday in October.

Self-media and some big Vs also deliberately cover up these external unfavorable factors, and even brokers have shrunk their pledge business, but most investors are unaware of it.

During the long holidays, there will actually be a lot of news breaking out. Whether it is from the source of news or the state of being immersed in long-term joy, ordinary investors are very unfavorable.

In his previous life, although Gu Junhao already had a small amount of assets in 2018, he was not much different from other retail investors after all. If he could see the news in time, Gu Junhao would not have started buying bottoms in early October.

No matter what, you have to wait until after a sharp drop before buying bottoms, so that you can use your limited funds to obtain more bargaining chips, instead of having only tens of thousands of dollars at the end of the year.

At this time, Gu Junhao looked at the information collected by the professional team in his hand and couldn't help but lament the difficulty of ordinary retail investors.

It's really hard to make money! ——
On Monday, October 2018, 10, A-share trading resumed after the long holiday.

When ordinary investors were still immersed in the good wishes of a rebound, the opening of A shares on the first trading day in October gave them a big push.

At 9:25, the call auction ended, and the three major indexes of the Shanghai and Shenzhen stock markets gapped down and opened lower. The Shanghai Composite Index opened at 2768.21 points, down 1.92%!

Compared with the closing price of 9 points on the last trading day in September, the Shanghai Composite Index jumped 2821.35 points today, and the call auction broke through 53.14 points!

The GEM index gapped to open at 1380.65 points, down 2.22%, down 30.69 points!
On the market, all sectors were in black, and individual stocks jumped downwards. Ningwang, which hit a new high of 75.09 yuan since the rebound on the last trading day last month, opened at a low of 71.88 yuan today, with its stock price falling 1.56%.

Even the king of the A-share market, Maotai Liquor Industry, has gapped down today!
"Damn! What's going on? There were so many positives over the weekend, and the rebound trend was also very good last month. Why did they suddenly gap down collectively?"

"I'm going, is this something that we don't know about? The friction has risen again? It shouldn't have fallen so badly."

"Damn it, before the festival, it's all about fighting for a rebound after the festival, that's it?"

"It's a short jump from a high position. You don't have to think about it. You can clear your position with just one click. The market will be cold and it won't get better in half a month."

At this time, in the trading room of Junshishi Investment, Gu Junhao is instructing the traders of the fund team to operate: "Sell first, sell as much as you can, and continue to increase the position at the end of the day. Don't increase the position today, keep the position The lowest level is enough, and the loss must be reduced."

It’s time to test the trader’s hand speed. Junshi No. [-] is also busy with the same operations as here. Compared with the minimum standard requirements for positions here, Junshi No. [-] seems to be much more unrestrained.

However, Xu Jianqing's trading team had a different situation. Their own funds did not need to consider too much loss of the fund's net value. Starting today, the main focus of their own funds in the proprietary trading was buying, buying, and buying.

Stocks including Longji shares, Sunshine shares, Tongwei shares, Tianqi Liye, Xushen shares, etc., will start building positions around the clock starting today.

Of course, the trading principle given by Gu Junhao is to buy according to the ratio of daily trading volume, and there is no need to use large orders to maintain the stock price, which is not in the category of bottom-hunting.

There are three major sectors and two trading modes. This is a last resort. If the 800 billion funds are all self-owned funds, Gu Junhao will naturally not care about the fluctuations during the day.

However, in line with the attitude of being responsible to investors, Junshi No. [-] and Junshi Price Investment can only choose this intraday anti-T operation mode to reduce losses.

As for why Junshi No. [-] is not short, there is really no need and cannot be done; not to mention that the gap from the real bottom is not large, and the trading volume at the bottom alone cannot allow Junshi No. [-] to be short.

Although today's policy is generally based on selling first and then buying, this is only for stocks with large trading volume such as Ning Wang. For stocks with little trading volume such as Tonghuashun, buying is still the main strategy.

The trading volume is tens of millions of yuan a day. For Junshi Group, which has a large amount of cash flow, there is really no need to do this kind of T, just add positions.

At 9:30, the trading officially starts, and the hunting time begins. Under normal circumstances, the index tends to gap downward from high levels. For most individual stocks, there is no problem in choosing to sell at the opening.

When there is a systemic risk in the market, the first thing that investors should think of is not to take a chestnut out of the fire, but to avoid the risk in time.

Although the Shanghai Composite Index at 2800 points is really not high, it still tends to be higher than the A-shares that have rebounded for nearly half a month.

If you take out the expected 2400 points, there is a distance of nearly 400 points, and the gap is still very obvious.

After trading throughout the day, the three major indexes of the Shanghai and Shenzhen stock markets showed no signs of rebound. The Shanghai Composite Index fell 3.72% during the day, closing at 2716.51 points, falling more than 100 points in one day.

The GEM index fell 4.09% within the day, and the index closed at 1353.67 points. More than [-]% of the stocks in the two cities closed in the green, and the market was extremely bleak.

Junshi added heavy investment in two stocks, Ningwang and China-Singapore Communications, which are currently heavyweights. They fell sharply. Ningwang closed down 6.23% throughout the day, closing at 68.45 yuan.

The stock price of Sino-Singapore Telecom fell 8.14% to close at 16.81 yuan. Just one stock of Sino-Singapore Telecom, Junshi Department evaporated more than 5.5 million yuan in the market today!

However, starting today, Junshi Investment, another demon shareholder in the future of the 5G concept sector, has also begun to officially build a position. Today, Dongfang shares fell 4.83% daily, and the stock price closed at 4.53 yuan, with a daily turnover of only 2259 million yuan.

Judging from the market trend in October, Dongfang shares will continue to fall for a period of time in the future, but this kind of trading volume is destined to take a long time to buy.

In Gu Junhao's expectation, it would be best for Dongfang shares to be able to buy 6000 million chips, but this is destined to be a very difficult number, and it would be good to be able to buy half of them.

Calculated at a cost of 5 yuan, the cost of holding a position is between 1.5 million yuan and 3 million yuan. It is impossible for this ten-fold monster stock to eat enough to be designated for the whole process. It is already considered very good to be able to recover the losses that Sino-Singapore Communications lost throughout the day today. It worked.

After the market closed at [-] o'clock in the afternoon, for a long period of time, investors' speeches were in a vacuum in the major stock comment areas and social media.

Without him, he was numb and stunned, and for a while, he didn't know how to react.

The hot spots for A-shares to plummet on the first trading day after the National Day holiday have reached the top of the hot search list. The performance on the first trading day after the holiday was completely unexpected by the market.

"Today's market is really hitting with a stick, and all the popularity maintained in September has been wiped out, hey."

Although it was within Gu Junhao's expectation, the performance of the market still made Gu Junhao feel that it was a pity that the popularity he had managed to maintain was gone.

After today's sharp drop, coupled with the subsequent slump, if you want to restore market sentiment again, it is not as simple as pulling a few positive lines.

(End of this chapter)