The Road to Rebirth Finance

Chapter 479 Final Chapter
Throughout the history of A-shares, except for special years, the trend in the first quarter is not very bad. I think the market trend in the first quarter of this year is crazy.

On the closing day of Friday, March 3, the Shanghai Composite Index was fixed at 29 points. Throughout March, the stock index hit a maximum of 3090.76 points.

Reflected in the specific increases, the Shanghai Composite Index rose by 23.93% in the first quarter, the Shenzhen Component Index rose by 36.84%, and the GEM Index rose by 35.43%!

The 23.93% increase in a single quarter was the second-highest increase in the history of the Shanghai Composite Index in a quarter. The first in history was the first quarter of 2009, when the Shanghai Composite Index rose by 30.34%.

The market trends throughout 2018 and the first quarter of 2019 are exactly the same as those from 2008 to the first quarter of 2009.

After five quarters of decline and a single quarter of sharp rebound, just like reincarnation, the Shanghai Composite Index has always hovered near the 3000 point level.

The Shanghai Composite Index's love for the 3000 point level is like a man's love for a young girl, and it remains the same.

The market trend in the first quarter was still dominated by consumption and technology. The liquor sector rose by 48.02% as a whole, leading the entire market.

The semiconductor industry caused a big explosion before its listing on the Science and Technology Innovation Board, with a single quarter increase of 44.31%, ranking second.

Technology stocks have been in full glory in the past three months, but their gains have still failed to surpass that of the liquor sector.

Liquor before 2021 is really the god of the market. If you buy Maotai Liquor Industry at any time, you don’t need to worry about being trapped.

一季度，毛台股价稳稳的突破了2018年的高点位置还有800元大关，以44.74%的涨幅将股价定格在3月29日的853.99元。

Since November last year, the Maotai monthly line has closed at five consecutive positive levels, and the trend is still very strong.

Today is the day when Maotai announced its 2018 annual financial report. The financial report released after the market closed showed that Maotai Liquor, whose performance in the third quarter was lower than expected, saw annual revenue increase by 26.49% and net profit after non-discounts increased by 30%.

Although the performance is not as good as the agency predicted, the overall growth rate is still more than 20%, which is enough to match his current stock price increase.

Those institutions that sang short before now have no voice; compared with those institutions that predict stock prices blindly, CICC's prediction of 900 yuan is relatively honest.

Along with the annual report, Maotai also announced the profit distribution plan for 2018, with a cash distribution of 10 yuan for every 145.39 shares, which is quite generous!

If you hold 100 shares of Maotai, you can get a dividend of 1453.9 yuan. For the Maotai Liquor shares held by Junshi, the dividend income alone is as high as more than 2.65 million yuan.

The private equity funds, public equity funds and self-operated funds of the Junshi Department, which belong to three major sectors, also appear among the seven, eight, and nine largest circulating shareholders of Maotai Liquor Industry.

The total holdings of 1.45% are only lower than the original shareholders of Maotai, Xiangjiang CCDC and the national team, ranking the fourth largest circulating shareholder of Maotai!
"Damn it, I usually only see 10% of your actual investment position in Maotai Liquor Industry, but I didn't expect that you actually bought so much."

"Based on today's closing price, the market value of Maotai alone is 156 billion yuan, Ningwang's market value is close to 90 billion, China News Service has not sold it yet, that's more than 108 billion, and Oriental shares are 13.38 billion Yuan, four stocks have almost 368 billion yuan!"

"Oriental shares must have been sold. It can be seen from the announcement of the reduction of holdings in China-Singapore Communications. Maybe it was him who smashed the market."

"I really didn't expect that this old man is actually the first circulating shareholder of Oriental Holdings. There is no news at all about when he bought it, and it doesn't show up in the fund's holdings!"

"The position is not high. Even if he has become the largest shareholder, even if calculated based on the market value at its peak, it is less than 20 billion. He will definitely not be among the top ten positions."

"So, those of us who bought Oriental shares were taken over by the fundamental people who invested in you at the real price? How did Gu Laoer, an old guy, choose such a monster stock?"

"That's right, you have accepted the offer from the Christian people who invested in you at the real price. As for how to choose, didn't you see that the stocks he bought all have national team members? Anyway, there is a lot of money in the low-end, so just buy whatever you want. If you come across one, you can buy it. Sent."

"It makes sense, but I also bought Jun's real-price investment and took over Dongfang shares at a high position. So I took over the deal for myself!"

"In just a few years, I have a personal net worth of tens of billions and a management with a market value of more than [-] billion, which is really impressive; but seeing how accurate and ruthless Maotai's three major accounts are for bargain hunting, they are indeed worthy of this net worth!"

"MD, now think about the time when those institutions collectively denounced Mao Zedong and used Brother T's liquidation as an excuse. News about people's liquidation for 10 months was turned out to support them. What a piece of shit."

Yes, today Oriental Holdings also announced its 2018 annual report. These days are the end of the annual report market.

By the end of this month at the latest, which is the 31st, all listed companies must publish their 2018 annual reports. As of today, basically everything that should be announced has been announced.

The reason why the market is relatively good in the first quarter is not only preparing for the listing on the Science and Technology Innovation Board, but also related to the annual report market. Among A-share listed companies, most of the financial statements for 2018 are pre-increased.

In April, the rising trend of the Shanghai Composite Index only lasted for one week. By April 4, after the stock index reached a maximum of 8 points, it could no longer continue.

The ChiNext Index also faced pressure at 1800 points, with the index closing at a maximum of 1792.03 points. Since then, the Shanghai and Shenzhen Stock Exchanges have officially ended their three-month rebound and entered a state of adjustment.

After rising for three months, all the good news that should be realized have been realized. The highest rebound of the index has exceeded 700 points. Coupled with the uncertainty of the April first quarter report, the risk of market highs has emerged.

Adjustments naturally arise as the times require. This month, Junshi Capital is still focusing on position adjustment. The main direction of position adjustment is to move technology stocks out of positions.

5G and some semiconductor chip stocks, led by China-Singapore Communications, began to formally and gradually adjust their positions this month. China-Singapore Communications also completed the first step of reducing their positions during the month.

The positions of 1.36983 million shares were successfully cleared through the secondary market and block transactions, with a total of 41 billion yuan of funds withdrawn, and the average transaction price was below 30 yuan.

Compared with this month's highest closing price of 38.50 yuan, 32.15 yuan; Junshi Capital, which mainly reduced its holdings through bulk transactions, made a lot of profits from the first round of reduction in positions of China-Singapore Communications.

But compared with the holding cost of 13.25 yuan, the profit from the large-volume transaction reduction of China-Singapore Communications is really nothing; and through this cooperation, Junshi Capital has also established business relationships with some large institutions.

Some institutions are able to acquire their holdings at a price lower than the market due to strategic needs, which is obviously a good thing; while some institutions simply want to make a difference, acquiring the shares at a 10% discount and starting to sell them in the market the next day. .

With 5G still hot and Sino-Singapore Telecommunications rising again throughout the month, the probability of profit from the price difference the next day is quite high, and it is almost a risk-free arbitrage behavior.

In May, friction with the other side of the Pacific escalated again, with tariffs raised from 10% to 25%. The Shanghai Stock Exchange Index once again fell below 3000 points, reaching as low as 2883.04 points.

However, compared with last year, the reaction of the A-share market, which has adapted to the situation, is no longer so fierce. The regrouping of funds after the position adjustment did not make the market become very volatile.

After all, the new village chief said at the press conference that the entire market must ensure listing on the Science and Technology Innovation Board at all costs. If the extreme market situation like last year still occurs, it will be somewhat inappropriate.

The general decline in the market in May was not so much a negative result caused by external factors as it was the inertial adjustment of the market itself. On June 2019, 6, the China Securities Regulatory Commission and the Shanghai Municipal Government jointly held the opening ceremony of the Shanghai Stock Exchange Science and Technology Innovation Board. The listing time for the first batch of 13 companies on the Science and Technology Innovation Board was officially set: July 25.

On June 6, the securities firm completed the technology clearance test for the Science and Technology Innovation Board.

On June 6, the Supreme People's Court legislated on the Science and Technology Innovation Board and the registration-based reform, confirming the legal conditions for the official advancement of the Science and Technology Innovation Board. Everything seemed so orderly.

At the same time, sales of the Science and Technology Innovation Board funds promoted by major fund companies have been very hot recently, with tens of billions of funds raised almost instantly.

Entering 2019, with the improvement of the stock market, fund sales have obviously boomed. This time the listing of the Science and Technology Innovation Board has spawned a number of funds based on the Science and Technology Innovation Board.

Junshi Fund also timely launched its second public fund, which is also nominally focused on investing in the Science and Technology Innovation Board and is managed by Liu Tingting.

Junshi Science and Technology Growth has raised a total of 20 billion yuan. Within an hour of going online for subscription, its total subscription funds exceeded 100 billion yuan. It had to urgently suspend subscription and will later expand the subscription ratio and enter into share allocation.

Liu Tingting, who had been Gu Junhao's assistant for several years, finally successfully completed the change in status; under the name of Junshi Group, the market did not look down upon her because of the rookie fund manager, and the fund share was almost empty in seconds.

The initial scale of 20 billion yuan is relatively small among the funds issued this year, but for a newcomer who serves as a public fund manager for the first time, this is already a very high number.

For most fund managers, the first fund they manage is less than 5 million.

No matter what views you have on the Science and Technology Innovation Board, Junshi has no choice but to issue funds with the theme of the Science and Technology Innovation Board to support it and cooperate with the listing of the sector.

Today, Gu Junhao, who manages hundreds of billions of funds, has truly realized what it means to be in a world where you can't help yourself.

There is no longer the pleasure of casual buying and selling in the past. In many things, the overall situation must be taken into consideration; this is why the second fund was handed over to Liu Tingting to manage and the fund-raising scale was only 20 billion yuan.

However, the first batch of funds on the Science and Technology Innovation Board, except for those stupid ones that have been closed for three years, the income within the one-year period is not bad. The scale of 20 billion yuan is relatively easy for Liu Tingting to manage. Afterwards, as the income rises , which also happened to make her famous.

On July 2019, 7, the Science and Technology Innovation Board officially opened for trading, and the A-share market ushered in a brand new sector.

There is a threshold of 50 yuan. There is no increase in the five trading days before listing. After five trading days, the increase is limited to plus or minus 20%. The stock code is 688XXX to distinguish it from the main board.

At 9:30, with the sound of the market opening gong, the first batch of 25 companies on the Science and Technology Innovation Board officially began trading. As of the close of trading, the first batch of 25 listed companies on the Science and Technology Innovation Board had an average increase of 140%, among which Anji Shares It rose 400% and ranked first.

25家上市公司总成交达到了480亿元，平均换手率高达77%，平均市盈率为120倍；25个家公司当中，催生了124名亿万富翁。

As the biggest winner in the offline placement of the Science and Technology Innovation Board, public funds received a total allocation of 134 billion yuan; on the first day of trading, the total floating profit of public funds placed offline exceeded 150 billion yuan, becoming the market's biggest winner.

Before the registration-based system was officially launched, when there were not many IPO stocks in the market, offline placement on the Science and Technology Innovation Board was an important channel for public funds to make profits. This is the so-called policy dividend.

Today's heat is all on the Science and Technology Innovation Board. The performance of the Shanghai and Shenzhen Stock Exchanges and the Growth Enterprise Market is unremarkable. The Shanghai Composite Index rose 0.45% to 2899.94 points. After all, the Science and Technology Innovation Board failed to open above 3000.

The GEM, which has been severely diverted by capital, opened lower and moved lower throughout the day, falling 1.69%, with the stock index at 1515.97 points.
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Less than a year later, another major sector of A-shares was born.

With the listing of the Science and Technology Innovation Board, this year's top priority in the domestic capital market has finally come to fruition.

After the Science and Technology Innovation Board has been popular for a while, the popularity has slowly begun to disappear. After all, with a threshold of 50 yuan, there are not many retail investors who can participate in transactions.

After all, the popularity has returned to the main board. We are already halfway through 2019, and it is less than half a year since the black swan incident at the end of December.

The layout of the stock market has basically been completed, and the daily CEO who meets Gu Junhao's requirements has finally been successfully recruited, greatly sharing Gu Junhao's work content.

Since the decision was made to make Liu Tingting independent, a suitable candidate for the position of Qijun Real Price Investment Fund Assistant has also been found, and she is still a woman.

Female staff are somewhat more delicate than men in managing their daily work. Gu Junhao felt this from Liu Tingting.

With professional managers, the daily work of the fund is running normally. In less than half a year, all Gu Junhao will have to do is deal with the black swan incident.

The company has developed to this point, and the newly issued funds will definitely lead to the expansion of personnel. Now including Junyi Capital, which is managed by Zhang Yiru, the total number of employees in Junshi Building where the three companies have settled has exceeded 500.

Nowadays, Gu Junhao can be regarded as a big business. When he knows that some incidents are unavoidable but cannot declare them openly, the only thing he can do is to subtly change some of the habits of his employees.

In the next few years, Gu Junhao will guard this building with these 500 people. While protecting his family, he also has to let these people worry about their future.

This has nothing to do with Our Lady. In special times, it is a boss’s responsibility to ensure the safety of employees and the normal operation of the company.

With the current strength of Junshi Capital, it is not difficult to do this even if you know nothing about the future. After half a year of silent preparations, Gu Junhao believed that he could do a good job.

As for how the Junshi Department should respond to the next market three years later without the memory of foresight, Gu Junhao is also not panicked.

After six years of market training, whether in terms of knowledge, connections, or capital, Junshi Capital is no longer what it used to be. In the future, profits may not be as good as they are now, but Gu Junhao still maintains confidence.

No matter what happens, you can retire early and hand over the management of the company to professionals. You only need to control the equity and have connections.

What's more, now Junshi Group has invested a lot in entity companies, and there are many companies that meet the registration-based listing standards, including Park Lane Auto Parts, which Gu Junhao personally invested in.

Once the registration system is liberalized and Park Lane Auto Parts is listed on the IPO, just the equity of this company can bring considerable benefits to Gu Junhao.

December 2019, 12, the ninth day of winter in the lunar calendar.

Today is Zhang Yiru's 28th birthday. On this day, Gu Junhao held a small birthday party for her at home. In addition to some relatives, the attendees were all people the couple had known and trusted in the past few years.

Watching her husband cut the cake for her, Zhang Yiru, who has been a mother for many years and has become more and more mature in temperament, has eyes full of the big boy who took her to see "Four Famous Catchers" and gave her a comb to express his love.

"Tie your hair with one heart, and comb it as a gift."

(End of this chapter)