Chapter 301 The money crisis reappears!

Of course, during the ex-dividend process of the net value of the ‘Yuhang No. 1’ fund.

In the two cities that are currently trading, the stocks that the 'Yuhang No. 1' and 'Yuhang No. 2' funds cleared and reduced their holdings yesterday, as well as some stocks that overlapped with the positions of the two funds after the two funds announced their positions. After the opening today, These stocks have been subject to a large number of follow-up selling and chasing buying behavior by the main funds on the market.

Among these main funds, a large number of following the trend of selling and chasing buying behavior.

The Shanghai Stock Exchange, Shenzhen Stock Exchange Index and ChiNext Index have also shown relatively obvious differentiation trends.

I saw that the GEM index continued to open lower and decline today after yesterday's sharp decline. Its component weight is the concept sector, especially the popular concepts related to the two main lines of 'mobile Internet' and 'smartphone industry chain' that have been hotly speculated in the early stage. Sectors fell sharply across the board, selling was extremely heavy and no longer strong.

Among them, popular stocks Huaqingbao, Fenda Technology, Changqu Technology, etc. all fell by more than 5% during the session.

On the contrary, in the direction of the main board, the Shanghai Stock Exchange Index has stabilized after yesterday's sharp decline. Concept sectors such as automobiles, white goods, real estate, liquor, and infrastructure all performed more or less well. During the continuous sharp decline of the ChiNext Index, , maintaining the pattern of red plate shock and stabilizing the Shanghai Index.

"Is it possible that the next market trend will shift towards the main board again?"

Seeing the reappearance of the strong and deep weak pattern of Shanghai and Shanghai, some people among the market investment groups who were having heated discussions raised questions.

"It's not impossible. Looking at the position data released by the two funds managed by Mr. Su, it seems that the positions of the 'Yuhang No. 1' and 'Yuhang No. 2' funds are shifting towards the main board. Their holdings of automobiles, white goods There are many heavyweight stocks. It is obvious that Mr. Su is optimistic about the future market of these two major sectors. Moreover, based on yesterday's Dragon and Tiger List, Mr. Su has reduced his position in the two core main lines of GEM's 'Mobile Internet' and 'Smartphone Industry Chain'. The purpose is very obvious, but there are no signs of reducing positions in the direction of the main board, which shows that Mr. Su also believes that the next market trend will shift in the direction of the main board."

"Automotive and white goods sectors, these two major sectors, what is the expected logic?"

“Home appliances and cars going to the countryside?”

"It's the year-end consumption season! Or... is it just a hedging logic?"

“Shouldn’t the gold sector be the safe haven?”

"Haha, gold sector? All the major central banks around the world are following the Federal Reserve in withdrawing from the flood of loose monetary policies. Moreover, the global economy is slowly recovering and emerging from the shadow of the previous financial crisis. The price of gold is not expected to rise at all, okay? Take gold. If you want to avoid danger, why don’t you go to grandma’s house? Medicine and consumption are the kingly ways!”

"Well, cars and white goods do belong to the 'big consumption' field."

“I think the index is really bound to adjust, so it’s better to just take short positions. Under the circumstances... I’m afraid that any safe-haven sector won’t work.”

"It makes sense. I always feel that whether it is the Shanghai Stock Exchange Index or the GEM Index, it is difficult to stabilize here."

"Based on the historical experience of Mr. Su appearing on the Dragon and Tiger List to sell seats, it is impossible for the market to stabilize immediately after Mr. Su has reduced his position on a large scale."

"Yes, yesterday's big drop, everyone who entered the market to take over the order was trapped. In this situation...it is impossible to digest it in one or two trading days. Even if there is a rebound at this time, it is an opportunity to continue to reduce positions. , rather than the time to re-enter the market and go long.”

"I feel that in the direction of the GEM, many early popular stocks have a tendency of double head divergence!"

"Whether it's a bullish trend or not, I won't touch Mr. Su's ticket to leave anyway."

"The two core main lines of 'mobile Internet' and 'smartphone industry chain' have been speculated for several times this year. Many popular stocks have risen five or six times in one breath. Even if the future performance expectations are clear and the growth potential is huge, there are obviously some The overdraft is expected in the future, and now Mr. Su has left the market significantly in this field. Technically, many early popular stocks have also gone out of the double head divergence trend, and we should indeed avoid positions in this field."

"This year's popularity is all on the GEM. If the two core main lines of 'mobile Internet' and 'smartphone industry chain' collapse, the magnitude of the GEM index adjustment will not be small!"

“The GEM index has already doubled this year, so it’s time for an adjustment, right?”

"Anyway, it's not appropriate to be optimistic at this time."

"Indeed, funds will become tight at the end of the year. At this time, it is better to be careful!"

In the heated market discussion, retail investors still have strong bearish sentiment after experiencing the reversal of yesterday's market decline, and their willingness to do long has declined significantly.

And under the influence of this emotion...

The Shanghai Stock Exchange Index, which was still slightly stable, gradually fell underwater after the trading time passed 10:30 due to the continued lack of buying and undertaking capacity. Following the Shenzhen Stock Exchange Index and the ChiNext Index, it fell underwater.

Immediately after 11 o'clock, the market began to show a trend of both mud and sand.

The two main lines of 'mobile Internet' and 'smartphone industry chain', which are closely related to the weight of GEM components, related concept sectors, and popular stocks in the field, all plummeted, including Fenda Technology, Huaqingbao, Changqu Technology, Several stocks of Huake Financial Co., Ltd. have encountered huge selling, and their stock prices are approaching the limit.

Previously, at the beginning of the session, it showed a style change, supporting the concept sectors of real estate, infrastructure, automobiles, and white goods on the Shanghai Stock Exchange Index.

At this moment, under the influence of extremely heavy selling, the market turned green across the board. In the field, the market trend of relevant weighted core stocks also changed from strong to weak.

"The selling pressure in the two cities is huge. It seems... there is no room for even a short-term counterattack."

Seeing that several major indexes turned negative across the board, and the industry sectors and concept sectors of the two cities all turned green, in the internal trading room of Yuhang Investment Company, Li Meng stared at the market and reported to Su Yu: "The market's long-short transition has taken shape. , and the main driving force for the decline lies in the two main lines of high-level 'mobile Internet' and 'smartphone industry chain'. We may have to speed up the speed of reducing our positions."

"Yeah!" Su Yu stared at the changes in the market of the two cities and nodded, "The mood has weakened greatly, the market trend is weaker than we expected, and there are no sustainable hot spots in the two cities, and the buying volume cannot be accepted. It is also declining rapidly, and it is necessary to speed up the speed of reducing positions, otherwise the subsequent market liquidity and buying volume will be even more expensive."

"Both Fund No. 1 and Fund No. 2 should lower their holdings to 20%!"

Su Yu paused and continued: "The chip structure of the two cities has changed once again, coupled with the ever-tightening financial situation, and the obvious overdraft of the two main lines of 'mobile Internet' and 'smartphone industry chain', The time and space for index adjustment may be greater than last time.”

"Okay!" Li Meng responded.

Subsequently, orders were quickly issued to traders to continue reducing their positions.

And following the results of the two people's previous discussions, the two funds' pace of reducing their positions is to first reduce their holdings of less liquid stocks, and then to popular stocks with relatively good liquidity, as well as mid- and large-cap stocks.

As the two funds continue to reduce their positions and continue to withdraw from high-priced and popular stocks in the two main lines of 'mobile Internet' and 'smartphone industry chain' on a large scale, the stock market trends related to them have become increasingly miserable, and selling has emerged one after another. , the decline continued.

Finally, at 11:30, the two cities closed at noon.

The Shanghai Stock Exchange Index fell to 0.89%, the Shenzhen Stock Exchange Index fell to 1.38%, and the ChiNext Index fell by 1.79%.

In addition to the overall sharp decline in the index, all industry sectors and concept sectors in the two cities, only the pharmaceutical and liquor sectors, which are used as capital hedging, are slightly red, and the rest are in a state of decline. Among them, the two major ones of 'mobile Internet' and 'smartphone industry chain' In the core main areas, concepts such as 'mobile games', 'Internet finance', 'Apple concept', 'network security', and 'wearable devices', which have been hotly speculated in the past, all fell by more than 2.5%, leading the two-way decline. city!

And among these early popular concepts that have plummeted.

Related core popular stocks, such as Huaqingbao, Changqu Technology, Meisheng Culture, Huake Financial, Xinwei Communications, Anjie Technology, Ren Zixing, Fenda Technology, LeTV, etc., all fell by more than 5%, and others The three checks of China Qingbao, Fenda Technology and Changqu Technology once hit the limit.

Faced with this midday closing situation...

The bullish sentiment of the entire market has further collapsed, and caution and risk aversion have further risen.

When the time came in the afternoon and the two markets ushered in the second half of the trading session, the entire market was filled with selling pressure composed of profit-taking orders, yesterday's high-level meat-cutting orders, and even early hold-up orders, further suppressing the market, resulting in The index and the market conditions of the two cities formed a purely unilateral downward trend.

At 1:32, the Shanghai Stock Exchange Index fell by 1.21%, and the ChiNext Index fell by more than 2%.

At 1:35, Fenda Technology, a popular leading stock in the two cities, fell to its limit and sealed the limit. Based on yesterday's intraday high of 98.33 yuan, the two-day retracement exceeded 30%.

At 1:37, after Fenda Technology, Hua Qingbao also closed its daily limit. The concept of 'mobile games' fell sharply after Hua Qingbao, a core popular stock, closed its daily limit. The sector fell by more than 5%, among which , concept stocks such as Changqu Technology, Meisheng Culture, and Yaoji Technology also instantly refreshed the decline to more than 8%, approaching the limit.

At 1:52, the intraday decline of the GEM index refreshed to about 2.5%. There was no red plate in the industry sectors and concept sectors in the two cities, and the hot spots were all wiped out.

At 2:01, the banking sector suddenly plunged, and Jinling Bank fell 5% in a flash crash.

At 2:02, affected by the rapid plunge of the banking sector, the Shanghai Stock Index's decline expanded rapidly, jumping from around 1.45% to 1.89%, approaching the 2% mark.

"What the hell? Instead of protecting the market at this time, banks are taking the lead in diving?"

Seeing that the weighted sectors supporting the Shanghai Stock Index actually showed a big dive after 2 o'clock, someone in the main group of Yuhang Hot Capital where Su Yu was located let out an exclamation in confusion.

"Jinling Bank is leading the market to collapse!"

"Is there any bad news? Such a sudden collapse of Jinling Bank is extremely abnormal!"

"The news has not yet been revealed, but if a large-cap bank stock with a level of hundreds of billions like Jinling Bank suddenly crashed, and the main funds on the market poured out, something must have happened."

"Important internal personnel changes? The president is under investigation?"

"I don't know! But no matter what, at this time, it's better to avoid it!"

"It's not just the problem of Jinling Bank. The collapse of the bank has spread the panic in the entire market. Even the liquor, medicine, and related stocks held by Mr. Su, which had resisted the decline before, are all falling indiscriminately at this moment. The difference has fallen, and it feels like everyone is cutting positions and competing for market liquidity."

"What the hell, the information asymmetry is so irritating!"

"Follow the sale. I feel that there is obviously a liquidity crisis on the market. At this time, it is not appropriate to hold a position, let alone to catch the knife at the bottom!"

"The market quickly turned bearish! Hey... I originally wanted to wait for a weak rebound, but now I see that I can only cut my losses unconditionally. Damn it, I really didn't get anything from this rebound."

"In a falling market, if you don't lose, you make a profit."

"If this decline continues, the chip structure of Fenda Technology, Huaqingbao, Changqu Technology, LeTV, and Xinwei Communication will be completely dispersed, and there will be no chance of a turnaround in the future."

"These tickets, after being speculated to this point, are almost done."

"Yes, from the bottom up, the increase is four, five, five or six times. No matter how greedy you are, you really shouldn't do it!"

"There was originally a sign that the market was shifting from the GEM to the main board today, but now the panic has been completely dispelled. It's really... a combination of mud and sand!"

"Hey, generally speaking, the market capital is still tight and the increase is insufficient."

"Holy shit, just for a moment, the Shanghai Stock Exchange Index fell to 2.3%, and the ChiNext Index fell to around 3.5%. This is... the rhythm of a complete collapse!"

"Hey, the Internet speed technology that supports the disk alone can obviously not handle it anymore."

"With the collapse of Internet Speed ​​Technology, the weight of GEM components can be said to be completely wiped out."

"This trend is definitely negative news!"

"What will it be? The news of the IPO restart has been announced. Are there any major negatives?"

"I don't know. You should know it when the news is clear after the market opens. At this time... you must be careful. You can reduce your position, but you will never buy the bottom."

In the midst of everyone's shocked and doubtful discussions...

In the late trading period after 2 o'clock, the market fell directly into a unilateral plummeting trend with a larger slope.

In the entire market, buying orders are scarce, but selling orders are endless. It seems that all investors holding positions on the market are fleeing and are selling down regardless of the cost.

And as this unilateral plummeting trend continues, the number of stocks in the two cities has also increased rapidly.

Finally, at 3 o'clock in the afternoon, when the market officially closed, the Shanghai Stock Exchange Index plummeted by more than 2.5%, the Shenzhen Stock Exchange Index fell by 2.98%, and the ChiNext Index plummeted by 4.03%. Not only was it impossible to recover 1,400 points, but even the 1,300-point mark was , I’m afraid it will be difficult to hold on to it in the future.

And in the midst of a sharp drop in the index.

The 'Yuhang No. 1' and 'Yuhang No. 2' funds, which are managed by Su Yu, have massively reduced positions in the two core main line-related concept sectors of 'mobile Internet' and 'smartphone industry chain', as well as their popular stocks, which have borne the brunt of the impact. The market's most brutal sell-off.

Among them, the four major concept sectors of 'mobile games', 'Apple concept', 'Internet finance' and 'wearable devices' all fell by 6%, and the popular stocks in each major concept sector all set off a surge. In the trend of limit-down, the total number of stocks in the four concept sectors has reached a limit of 18.

Of course, except for this area that has been completely abandoned by the main funds of the market and suffered the most brutal decline.

The banking sector that experienced a sudden crash today, and Jinling Bank that almost fell to the limit in the end, also attracted the attention of countless investors in the market after the closing of the two markets, and discussions on related topics were extremely intense.

And while everyone was having heated discussions and becoming suspicious.

At around 4:20 p.m., major bad news about Jinling Bank began to appear in everyone’s sight. According to market rumors, a rural commercial bank institution deeply related to Jinling Bank had liquidity problems and had a large number of user restrictions. Withdrawals and transfers.

This rumor has just appeared on the market news.

It quickly swept through the entire financial market like a hurricane.

Even at 4:35, after the news had been brewing for less than 15 minutes, Jinling Bank issued an announcement stating that it had no close business relationship or fund custody behavior with this rural commercial bank, indicating that all internal risks were controllable. , the factual view that business is normal, but the majority of investors in the market, facing the stock price of Jinling Bank that has almost dropped to the limit, and the market trend of evaporating nearly 10 billion in one day, are still willing to believe the authenticity of the rumors.

And, what is extremely dramatic is...

Shortly after Jinling Bank issued the announcement, interbank lending rates across the banking industry began to soar rapidly.

It seems that overnight, the market money shortage crisis that occurred in June this year reappeared.

"Sure enough, in the context of the entire banking industry shrinking off-balance sheet investments and carrying out internal reforms, market funding has indeed become seriously tight at the end of the year." After seeing the announcement from Jinling Bank, the inter-bank interest rate in the market soared. At this moment, inside Zexi Investment, in the trading room, Xu Xiang sighed with emotion, "This announcement from Jinling Bank has confirmed the fact that the market is short of money!"

"Next, if the central bank does not increase the money supply in the market in a timely manner, I am afraid that this money shortage crisis will continue to spread." Next to Xu Xiang, Zhou Kan continued, "If a financial crisis occurs, then the stock market will Under this situation, there is even less motivation and foundation for upward movement.”

"Hey, I have to say..."

Zhou Kan paused and continued: "Mr. Su from 'Fortune Road' is really good at grasping selling points. If he had appeared a day later, I'm afraid it would not be so easy to sell the chips in his hand." .”

"But this bad news is so close to his playing time."

"I'm afraid that Mr. Su has smelled some unusual signals before, so he eagerly chose to exit the warehouse on a large scale."

"The bank money shortage crisis in June was suppressed by the central bank by releasing a large amount of liquidity in the short term. The essential problem was not solved," Xu Xiang said. "At the end of the year, the market demand for funds surged, and the central bank continued to adjust its monetary policy. On the other hand, no further action has been taken. In addition, under the supervision of regulatory authorities, banks are making internal business adjustments and shrinking off-balance sheet investments in large quantities. The market crisis of money shortage has reappeared. It is not entirely unexpected. We have previously discussed Hasn’t this been analyzed before? It’s just that it hasn’t been paid attention to. Speaking of which... Fortune Road can think of this aspect as a restriction on the market’s upward trend, and it’s not too unusual to exit the market to take profits at critical moments.”

"On the contrary..."

Xu Xiang paused and continued: "I am a little surprised that he ex-rightsed the net value of the fund at this time!"

When Zhou Kan heard Xu Xiang's words, he didn't quite understand and said: "The net value of the 'Yuhang No. 1' fund has accumulated to almost 20 times. It is normal to ex-rights, lock in profits and withdraw funds, right? What does this mean?"

"It shows that he is not optimistic about the market in the medium and short term." Xu Xiang smiled and said, "Otherwise, there is no reason to ex-rights the fund's net value and lock in profits at this time. After all, for us fund managers, Funds are like bullets. In the battlefield of the financial trading market, if you are optimistic about the short-term and medium-term market conditions, you are expected to make substantial profits in the medium and short-term. I am afraid that no one will dislike having too many bullets in their hands, because there are only more bullets. , in order to make more profits!”

"Does that mean something like that?" Zhou Kan asked slightly surprised.

"But it doesn't matter." Xu Xiang paused and said, "We don't have many positions in the market anymore. No matter how the market changes in the future, it will not have a big impact on us."

With the continued discussion between the two people, and the subsequent trend analysis of the market.

Time passed 5:30 pm, and the rankings of the two cities were refreshed.

Amid everyone's expectations, Fortune Road, which was sold on a large scale yesterday, continues to be on the list today, occupying the selling position of four popular stocks, with a total of 683 million funds sold.

"Wealth Road sold another 683 million funds on the list!"

Seeing that Fortune Road once again listed several stocks on the sell list, the majority of investors who are paying attention to the market are excited again.

"It seems that Mr. Su is determined to clear and reduce his holdings. The two main lines of 'mobile Internet' and 'smartphone industry chain' should have no future!"

"Mr. Su's reduction of positions is so accurate!"

"The last time President Su reduced his position on a large scale, it was a major negative attack on the market's IPO restart; the last time, it was the successful implementation of the 'Shanghai Free Trade Zone' and the realization of the benefits; this time, it is another round of money shortage caused by Jinling Bank The crisis is really just that every time Mr. Su reduces his position on a large scale, there will be major negative effects on the market!"

"I have said that Mr. Su is the real guiding light of the market."

"What do you mean by that? Only by believing in the path to wealth can you master wealth!"

"Hey, it's true. I should have believed in Mr. Su a long time ago. If I hesitated to wait until the end of the meal to cut my flesh, I was really cut off again."

"Mr. Su has continued to reduce his positions on a large scale for two days. Now that the market is facing a money shortage crisis again, the market will definitely be further depleted of funds. There is really no need to continue to hold positions."

"No wonder the market fell unilaterally this afternoon and all major funds were on the run."

"What the hell, we're short of money again. Where did all the money go?"

"It's not that there is really less money, but that under the central bank's macro-monetary policy, banks can put less currency in circulation into the market, and the end of the year happens to be a time when the demand for currency in circulation increases significantly. In this way, when the supply and demand relationship of circulating currency is unbalanced, the phenomenon of money shortage in the market will naturally appear, but in fact, there is no need to panic. In the face of the money shortage crisis among banks, the central bank should soon take action to adjust it. , and...if the central bank adjusts a little more aggressively and lowers interest rates and reserve requirements, it might not be far away."

"The so-called crisis, crisis, there is opportunity only when there is danger!"

"Hey, I hope, otherwise it would be unbearable if it plummeted like this these past two days."

"Plummets are not the norm. I feel that the market trend, although it looks scary, is still oscillating back and forth in the large box. This time, it is estimated that the index will only reach the lower edge of the box at most, and it is time to stop falling."

With everyone's heated discussion...

Topics about 'Wealth Road continues to reduce positions on a large scale' and 'Bank money shortage crisis reappears' continue to ferment in the financial market. The balance of long and short sentiments has once again tilted towards the shorts. The entire market, both online and offline , at a glance, it was all bearishness.

Fortunately, the central bank has acted decisively to deal with this banking crisis.

Before the inter-bank interest rate soared to an extremely high-risk level, at 8 o'clock that night, the central bank added a 500 billion market reverse repurchase quota to supplement the current situation of tight currency liquidity in the market at the end of the year and directly alleviate the situation. The financial crisis of banks and the entire market has been reduced.

However, even if the central bank released the benefits in time, it solved the 'bank money shortage' effect that had just exploded.

However, the market that has turned around and the mood of collapse are still irreversible.

In the next three trading days, under the influence of extremely heavy selling and pessimistic sentiment, the market continued to fall, once again breaking out of the five consecutive negative trends, and the major indexes all fell by more than 5% in a week, which was completely reversed. The previous week's gains formed an extremely ugly downward trend on both the weekly and daily charts, causing the originally rising upward trend to be cut off in the middle and cease to exist!

Of course, in these three consecutive days of decline.

Under Su Yu's guidance, Li Meng has asked traders to reduce the positions of the 'Yuhang No. 1' and 'Yuhang No. 2' funds to the expected position, that is, the 20% position water level.

During these three days, the ‘Yuhang No. 1’ fund fully opened up free subscription and redemption rights.

The 3.752 billion in funds after ex-rights of the net value of the 'Yuhang No. 1' fund have also entered the company's account, and through various financial settlements, the interest-free short-term loans Su Yu had previously lent to the company totaling 220 million were returned.

Su Yu got the 220 million yuan.

First, he repaid the 120 million borrowed from Qian Yuanbao in October for his investment in Zitiao Network, and added 2 million in interest. Then he combined the remaining 100 million with his original cash of more than 37 million. Gathered in one place, so far...his personal cash flow has once again reached more than 100 million.

Facing 137 million in liquid cash, Su Yu was wondering how to spend the money.

At this time, his cell phone ringtone suddenly rang.