Chapter 139: Position logic

"With the performance of Shanghai Steel Union, are you sorry for the increase?'

Faced with Shanghai Steel Union's lackluster half-year performance report, some people raised questions.

"Compared with popular stocks such as Wangsu Technology, Fenda Technology, Huaqingbao, and Changqu Technology, the financial report of Shanghai Steel Union is indeed disappointing."

"Is the logic going to be falsified? Is hot money just speculating?"

"It doesn't look like it, right? Looking at today's daily limit trend, it is obvious that the main market funds have expectations for the financial performance of Shanghai Steel Union, right? And they are still good expectations."

"Hey, I can't understand

"Actually, there is nothing I can't understand. The logic of Shanghai Steel Federation has not changed."

"Yes, hot money is speculating on Internet finance, and what is speculating is Shanghai Steel Federation's expectation to make efforts in Internet finance in the future with the help of capital from the 'Fuxing' Department. As long as this expectation is not falsified, then the short-term performance will be That's bullshit and doesn't matter at all.

"Haha, performance is not important? Then what is the logic that supports the stock price?"

"In my opinion, speculating on the funds of Shanghai Steel Union, including Fortune Road, is just speculation."

"Those who talk about speculating have no idea what the short-term logic is, and they also say that performance is the logic that supports the stock price. Then the performance of Qianzhou Moutai, banks and the like is so good, why do the stock prices keep falling? Everyone sees it. Are you blind, or are all domestic funds and institutions stupid?'

"What the hell... I don't understand either. Many stocks are obviously growing in performance, but their stock prices just haven't improved." "Not only has there been no improvement, but it's also been falling."

"Hey, I finally figured it out. To survive in A-shares, you can't speculate in stocks based on performance."

"Yes, the more rubbish the performance is, the higher the stock price will rise. It's simply weird."

"What is weird? It's just that you don't understand the logic. The stock price is speculated on expectations. Whether it is performance expectations or growth scale expectations, they are all expectations. If performance increases but the stock price does not rise, then it must be the future. growth expectations have changed.

"Can you tell me how to get to Shanghai Steel Union tomorrow?'

"It's hard to say. In the short term, performance really doesn't matter. It also depends on the emotional game."

"I feel that after so many days of adjustments, the funds on the market today raised the limit even though they knew that the semi-annual performance report would be released tonight. They are obviously optimistic about the market outlook. I think it can still rise."

"I also think it can still rise. Regardless of performance, even from the technical analysis of the K line, after the Shanghai Steel Union touched the 30 yuan mark and went out of the sky, it did not completely break through the first wave of nine consecutive boards. The support platform at the highest point proves that there must still be a lot of funds optimistic about this stock, and the market is not over yet.”

"Yes, yes, I think so too

At a time when many retail investors and hot money still have good hopes for the future trend of Shanghai Steel Union.

Institutional funds in the entire market have no performance support for this core popular stock and the continuous rise of the GEM. Instead, it has outperformed at least 50% of the many 'Internet finance', 'mobile games', and 'film and television' stocks on the main board. Media', 'Electronic Information' and other pan-'mobile Internet' concept stocks have shown critical attitudes.

“This market is simply crazy!’

Seeing that most of the core blue-chip stocks on the Main Board and the core popular concept stocks on the GEM have disclosed their performance, a well-known public fund manager lamented angrily in an internal group.

"Indeed, look at the performance of core blue chips and the GEM stocks that have been so hotly speculated in recent months. There is a world of difference." Someone in the group echoed, "The A-share ecosystem is really hopeless. There are junk stocks everywhere, and But market funds just like to speculate on these junk stocks.”

"Compare the Shanghai Steel Union, which is the most hyped in the market, with Qianzhou Moutai."

"Qianzhou Moutai's performance and business model are worlds better than Shanghai Steel Union's junk ticket, and its performance growth rate is not at the same level. You can look at the stock price performance of the two stocks this year. Qianzhou Moutai has fallen. It's almost 20%, which is more than the decline of the market. As for Shanghai Steel Union, it's almost doubled, and it's even higher than the daily limit today.'

"What's even more outrageous is the market!"

"The overall valuation of the Shanghai Stock Exchange Index is only 11 times PE, while the GEM Index is more than 30 times. But the result... In the past six months, the trend of the GEM Index has outperformed the Shanghai Stock Exchange Index by more than 40%. It is simply unreasonable."

"Hey, just keep holding on. I don't believe it. Can such a wrong trend in the market continue uncorrected and be maintained forever?"

"We have to hold on, otherwise... will Zhidao go after the GEM bubble stocks at this time?"

"I won't touch those junk stocks anyway. Let the hot money speculate. I think stocks with a PE of 100 times are generally available. Who will take over?

"You can't kill them all with one stroke. There are also good things in the GEM."

"For example, Netspeed Technology, Fenda Technology, as well as many electronic information and Apple industry chain stocks, their performance is on the way to explosive growth, and their future expectations are also very good.'

"The quality of the few bottles is good, but they are too expensive, so I can't buy them at all."

"Yes, like Internet Speed ​​Technology and Fenda Technology, the second quarter performance of these two checks has accelerated, both year-on-year and quarter-on-quarter, but the PE is 98 times, how can we do it? If we really pursue these stocks at a high level, I think It is even more irresponsible to the investors who currently trust us.”

"Then we can only stick to the core weight, hey... I hope the market can return to normal as soon as possible!"

In the announcement of hundreds of stock results, in the heated discussions among investors from all sides of the market, and in the silent adjustment of investment strategies by many institutional and individual investors,

Tuesday, July 16th comes.

Early in the morning, Su Yu came to the company, held a short internal meeting, and then sat in front of the computer in the trading room, waiting for the stock market to open. "Mr. Su

Li Meng reviewed the multi-support stocks that announced their results last night and asked: "The semi-annual report results of Wangsu Technology, Fenda Technology, Huaqingbao, LeTV, Oriental Fortune and other stocks have all come out. Their growth At this time, do we need to eliminate the weak and retain the strong, appropriately reduce our holdings of stocks with slow performance growth, and increase our holdings of stocks with fast performance growth?"

According to Su Yu, long-term investment should still be anchored by performance growth and future expectations.

That's why Li Meng asked this question.

"No need." Su Yu paused and said, "Although the medium and long-term stock positions we have established are invested according to the logic of pan-'mobile Internet', the small industries to which each stock belongs are not consistent, and their performance has increased. Compared with the expected future trend of the industry, they are not consistent, so there is no need to pay too much attention to 'removing the weak and retaining the strong'. There is nothing wrong with a balanced allocation when there is no fundamental change in the logic of building a position.'

"Okay!" Li Meng responded and stopped talking.

Su Yu thought for a while and continued: "As long as the basic logic does not change and does not fall short of expectations, then... all position fluctuations are normal."

"Yeah!" Li Meng responded, "I understand."

"The so-called simplicity, long-term and short-term investment, according to the bottom line, there are only two words 'expectation', one is performance growth expectations, and the other is emotional expectations." Su Yu said, "As long as performance growth expectations and emotional changes If your expectations are within your own psychological expectations, then feel free to hold positions boldly.

The two of them talked and arrived at 9:15.

Su Yu fixed his gaze on the market and saw that Shanghai Steel Union continued to open slightly higher regardless of its performance; while the liquor sector, which was generally considered to have good performance, such as Qianzhou Moutai and Jincheng Fenjiu, had almost no premium; on the contrary, the Internet The performance growth rates of emerging industries such as Su Technology, Fenda Technology, Huaqingbao, and Changqu Technology have exceeded market expectations for the GEM stocks. The call auction has opened significantly higher, and the rush for funds is extremely obvious.

Of course, the stock prices of several "Yuhang No. 1" stocks such as Waigaoqiao, Shanghai-Hong Kong Group, and Shanghai Stock Exchange, whose future expectations are not good and whose semi-annual report performance is also very poor, will not perform well. Call auctions They opened sharply lower, revealing extremely weak stock price trends.

"Li Meng, Shanghai-Hong Kong Group, please suppress it!"

Su Yu saw that after the semi-annual report was released, the trends of various stocks in the market became more and more clear. He knew that it was the opportunity to attack the opponent of Jingda Investment. His eyes flashed with a sharp light and he commanded in a deep voice: "Place an order of 1,000 lots." , suppress the collective bidding mood, don’t cancel the orders, substantively suppress them. After inducing some people in the market to liquidate their positions due to financial losses due to performance that is not as good as expected, we have many opportunities to take back the chips at a low price, so... at this time, there is no need If you care about whether you are losing money on a position, just focus on the underlying main logic of the 'Shanghai Free Trade Zone'."

As he said that, Su Yu himself also placed a sell order of 1,000 lots on the Waigaoqiao market, which opened nearly 3% lower.

At the current time point, there is still more than a month until the country announces the economic strategic plan for the "Shanghai Free Trade Zone", so he is not worried about losing his chips at all.

"Okay!" Li Meng responded.

Without any hesitation, 1,000 sell orders were placed on the Shanghai-Hong Kong Group's call auction.

And at the same time, while Su Yu was suppressing the Waigaoqiao market, he continued to place 1,000 buy orders on the call auction market of Jincheng Fenjiu, which had no performance, raising the stock price of Jincheng Fenjiu and creating a call auction situation. .

And just when the two people placed orders accurately, affecting the stock price trends of Shanghai-Hong Kong Group, Waigaoqiao, and Jincheng Fenjiu.

Inside Jingda Investment.

Gu Chijiang, the fund manager of the main fund of 'Jingda No. 1' and the general manager of Jingda Investment Company, is standing in the trading room, staring closely at the call auction trend of several core stocks held by the fund, squinting his eyes and looking to the side. The former head of the customer department who was fired from the Fusheng Road Sales Department of Huaxin Securities asked: "Director Hao, your prediction has come true. The two checks I have been insisting on from Shanghai-Hong Kong Group and Waigaoqiao seem to be nothing." There is hope for a reversal, but the liquor sector, which you have always insisted on being optimistic about, is showing signs of a reversal of the predicament.'

Hao Weilai chuckled and said: "Mr. Gu is too polite. I just think the business model of the liquor sector is very good. The influence of 'plasticizer' will not kill the entire sector, and as this negative impact gradually dissipates, the economy With a slow recovery, consumption demand for liquor will definitely surge further, and it is not impossible to return to the peak of 2011 or 2012."

"It seems... we have to get rid of the weak and retain the strong." Gu Chijiang nodded slightly and said, "Since the performance of Shanghai-Hong Kong Group and Waigaoqiao has come out and shown that it is not as good as expected, there is no need to continue to miss it. Well, hey...it took more than half a year, but finally ended up with a loss.

"Mr. Gu...I think we can wait a little longer."

While the two were talking, another leader of the core trading team was silent for a while and said: "One semi-annual report data doesn't mean much."