Tagged: market

The stock price plummeted continuously, and the company responded

A reporter from e company called the company’s director’s office as an investor. The staff said that the company had noticed the actual controller’s unexpected situation. This was the actual controller’s private matter, and the company did not know the cause of the incident. The company has contacted the actual controller to understand the incident, but there has been no response yet.
Beauty Lizhuang (605136), who “fired in the backyard”, has approached two lower limit, and its market value has evaporated by nearly 3 billion!

The stock price plummeted continuously

On Women’s Day, Beauty Lizhuang suspected a fire in the backyard. A user with the net name “Lieren Lizhuang Weng Shuhua” and the profile “I am Weng Shuhua himself, Liren Lizhuang No.001 employee” called on Weibo to complain against Huang Tao, the chairman and actual controller of Liren Lizhuang.

After the Weibo was released, the “Looking for a Husband” incident continued to be fermented by the beauty and makeup. As of press time, the Weibo has been reposted nearly 20,000 times and left nearly 2500 messages.

Affected by this, after the lower limit on March 9th, Liren Lizhuang opened the lower limit on the 10th, and then opened the lower limit. As of the midday close, it was still struggling near the lower limit. The market value of the two trading days evaporated by nearly 3 billion yuan, and the latest market value is 10.9 billion yuan.

A reporter from e company called the company’s director’s office as an investor. The staff said that the company had noticed the actual controller’s unexpected situation. This was the actual controller’s private matter, and the company did not know the cause of the incident. The company has contacted the actual controller to understand the incident, but there has been no response yet.

Weibo Voice

The “family turmoil” of Huang Tao, the chairman of Beauty Lizhuang, originated from a Weibo.

On March 8, a Weibo user with the account name “Liren Lizhuang Weng Shuhua” posted a long post, claiming to be Huang Tao’s wife, and was once the sales executive director of Liren Lizhuang. After receiving Huang Tao’s persuasion, she returned to the family and became a full-time wife. On Weibo, Weng Shuhua “condemned” Huang Tao for failing to fulfill his corresponding responsibilities, regardless of his family, his wife and children, and even “not even a human figure”.


The user said, “Liren Lizhuang Huang Tao, if you read this Weibo, I hope your conscience can make you remember that you have a home, everything your home has given you, and remember that you are a man with a wife and children. , Remember your responsibilities as a husband and father.”

At the same time, “Beauty Lizhuang Weng Shuhua” called herself “more like a single mother”. As the wife who witnessed the stage of operating from a Taobao store to a listed company with Huang Tao, she complained about her grievances on Weibo and called Huang Tao. “I hope your conscience can make you remember that you have a home.”

In order to attract more attention, Weng Shuhua also posted @汉理 Capital Chairman Qian Xuefeng, Alibaba Group founder Jack Ma, Alibaba Board Chairman Zhang Yong, Luo Zhenyu, papi sauce and others on Weibo.

Beauty Beauty was established in May 2010 and is headquartered in Shanghai. It is an online cosmetics marketing and retail service provider. The company’s main business revolves around Alibaba’s e-commerce platform to carry out e-commerce agency operations. Currently, it has obtained authentic authorization services for more than 60 global brands in China, including Fuli Fangsi, Sulwhasoo, Avene, Schwarzkopf, etc.

In the early stage of 2007-2012, Beauty and Beauty started its Taobao store, which was the first cosmetics agent to enter the Taobao Mall. It was the first batch of cosmetics operators to enter the Taobao Mall. It was in the growth period from 2012 to 2015. In 2012, it received Ali’s A round of financing; in 2015, it won Ali and other B rounds. The financing is now in the development period, and it has successively signed contracts with international groups such as L’Oreal, Amore, Henkel, Kanebo, etc., to accelerate the expansion of beauty and personal care brands, and has grown into the leading e-commerce agency operation leader in the domestic beauty industry.

The most well-known incident of Liren Lizhuang was in April 2016, when she sold 22 million yuan to shoot the first post ad of the then-popular video blogger papi sauce.

Liren Lizhuang went public in September 2020, with an issue price of 12.23 yuan per share and a total of 489 million yuan of funds raised.

According to the prospectus, Liren Lizhuang is mainly engaged in e-commerce retail and brand marketing. Among them, e-commerce retail business is its core, and e-commerce business is mainly carried out through Tmall. From 2017 to 2019, the company’s e-commerce retail business revenue through Tmall was 3.15 billion, 3.34 billion and 3.69 billion yuan, accounting for more than 99% of the e-commerce retail business revenue that year.

In the first three quarters of 2020, Liren Lizhuang achieved revenue of 2.464 billion yuan, a year-on-year increase of 9.72%; net profit was 192 million yuan, a year-on-year decrease of 1.90%.

Contact response

The prospectus shows that Weng Shuhua does not own shares of Liren Lizhuang.

As of the end of the third quarter of last year, Mu Huangtao held 33.49% of Liren Lizhuang’s shares and was the controlling shareholder and actual controller. Alibaba (China) Network Technology Co., Ltd. is the second largest shareholder with a shareholding ratio of 17.59%.

The protagonist of this incident, Weng Shuhua is not the first time that Weng Shuhua has appeared in the public eye. During the listing of Beauty Beauty, in 2019, Weng Shuhua was interviewed by the media as Beauty Beauty Beauty 001 employee and Huang Tao’s wife, and was called by the relevant media as ” A virtuous and virtuous entrepreneur”.

Weng Shuhua recalled his and her husband’s entrepreneurial experience and said that in 2006, Huang Tao had acute diabetes and began to go home to recover. At that time, when e-commerce was on the rise, Weng Shuhua and his wife started as a shop in Taobao to subsidize the family. While taking care of Huang Tao who was sick at home, Weng Shuhua ran a Taobao shop, which is now Liren Lizhuang.

Later, Huang Tao devoted most of his energy to the operation of the soaring beauty and makeup, and Weng Shuhua also slowly “retreated to the second line” and became a full-time wife, taking care of the children.

Another protagonist’s situation, according to public information, in 1998, Huang Tao graduated from Tsinghua University with a master’s degree in automation, and for the next two years, Huang Tao taught at Tsinghua University. After serving as an executive at General Motors in the United States for two years, Huang Tao started his own business in November 2002 and successively founded Fractalist and Beauty.

The capital market responded quickly to this. After the opening of the market on March 9, the share price of Liren Lizhuang was quickly hit by the lower limit. In the morning of March 10, the share price of Liren Lizhuang fell sharply again and once fell by the limit. As of midday, it fell 9.51%, and the total market value was 10.9 billion yuan.

A reporter from e company called the company’s director’s office as an investor. The staff said that the company had noticed the actual controller’s unexpected situation. This was the actual controller’s private matter, and the company did not know the cause of the incident. The company has contacted the actual controller to understand the incident, but there has been no response yet.

Regarding the recent stock price fluctuations, the staff said that if the subsequent stock price reaches the exchange’s stock price change announcement standard, the company will issue a change announcement. However, the actual controller has not yet responded to the company on this matter. If there is a follow-up response, the company will issue a statement through Weibo, official account, etc., investors are advised to pay attention.

The public fund apologized

Unexpectedly, the veteran fund manager driver with 12 years of experience also made the mistakes of retail investors and couldn’t help chasing high, becoming one of the worst funds since the Year of the Ox.

The new fund was established less than a month ago and lost nearly 18% in 12 trading days

It only takes two days to open a position?

The public fund apologized

The thing is like this, a fund called Hui’an Balanced Advantage Mix was just established shortly before the Spring Festival. It is estimated that taking a short distance is more uncomfortable than a loss, so it quickly builds a position and holds a group of stocks. Unexpectedly, after the Spring Festival, the market will come to a 180° After the big change, Baotuan stocks suffered a heavy hammer, losing nearly 15% in only 9 trading days!

What’s the specific situation? Let’s take a look at the net worth performance. The fund went into effect on February 9th, and the net worth increased by 1.34% on the 10th. After the Spring Festival, the net worth was announced on the 19th and 26th. After the Spring Festival came back, the net worth was announced on the 19th and 26th. I know, after the holiday to the 26th, there were only 6 trading days in total, and it dropped by 15%!

On the evening of the 4th, the latest net value has been as low as 0.8244, which is a loss of nearly 18% in 12 days!

Public information shows that Hui’an Balanced Optimal Mix will be on sale on February 1, and announced on February 3 that it will end the fundraising early.

With the help of China Merchants Bank’s powerful channels, the final raised scale was 820 million yuan, which was subscribed by 12,638 investors. The results are still quite good.

The results are still quite good.
Why did it fall by nearly 18% in less than a month after its establishment. According to analysis by industry insiders, it is very likely that two days before the Spring Festival, that is, February 9th and 10th, the new fund will have completed the position, and the position is still relatively heavy. The purchase may be Baotuan stocks, otherwise there will be no such a large amount after the festival. Decline.

Why is it so fast to open a position? Such aggressive tactics are relatively rare. According to the fund manager, new funds generally do not open positions too quickly. A certain safety mat must be established before fund managers will gradually increase positions. On the other hand, the initial increase of investment targets is strong, and The market may mean taking the market, and not entering the market may lead to the risk of running short.

Fengjing Capital Fund Manager Wu Yuefeng shared an opinion on Weibo today: Some fund companies have been putting pressure on fund managers, and you have significantly underperformed the index and peers. How do you provide channels to customers? The average holding period on Alipay is only 40 An account from the user who is still on a blind date?

One of the fund managers talked to me with a gloomy look, saying that the leaders encouraged them to sell these industries with a valuation of several ten times, including many low-value sectors including games, to chase other hot companies, and to educate them repeatedly. Leading companies enjoy endless valuation premiums, and the continuous rise is logically based. They are advised to play down the concept of valuation, pay attention to the logic of the runway, and learn to use DCF to predict the market value in 2025.

What kind of person is the fund manager Zou Wei?

Public information shows that the fund manager of Hui’an Balanced Optimal Hybrid is called Zou Wei. The current chief investment officer and managing director of Hui’an Funds is a veteran with 20 years of experience in securities and funds. Previously, Wei Zou worked at Great Wall Securities, and joined the Harvest Fund Research Department in June 2003, where he served as a fund manager, leader of the theme strategy group, and managing director. In December 2017, he joined the Hui’an Fund.

Zou Wei currently manages three funds, namely “Hui’an Yuyang Dingkai Hybrid, Hui’an Industry Leading Hybrid, and Hui’an Hongyang Three-year Holding Period Hybrid” with a total scale of only 1.28 billion yuan.

In addition, he has worked for more than 10 years as a fund manager with an annualized return of more than 10%. As of January 4 this year, among the 2,000 or so public fund managers, only 42 fund managers met, and Zou Wei was one of them!

The fund company’s promotional materials stated that Zou Wei is a restrained fund manager, not only from a clear understanding of his own ability boundaries, but also from his understanding that “scale” has a huge impact on “performance”. In order to maximize the return of the fund and to allow investors to obtain a tangible return on investment, he would rather give up the size of the fund and give up high management returns.

According to the fund company, Zou Wei’s current representative work, “Hui’an Industry Leading Mix”, has a scale of only 112 million yuan. Instead, the daily limit for each user is 1,000 yuan, which has only been relaxed to 100,000 yuan, which shows restraint.

According to the 2020 Four Seasons Report: Hui’an industry leader since its establishment on August 28, 2019, as of December 31, 2020, has accumulated 68.15% of revenue!

According to the data, Hui’an Yuyang, which is under management, will open the latest ten largest mixed holdings, including CATL, Yiwei Lithium Energy, and Tongwei.

The company just issued an apology

Ask investors for more time

Faced with various questions from the holders, a certified “Hui Xiaoan” made an official response-“First of all, I apologize to everyone. Our fund has added congestion to everyone. Everyone who bought Hui’an Fund is our customer. , We will be responsible to the end.”

According to “Hui Xiao’an”, the optimal configuration of Hui’an Balance is similar to Zou’s other products, the three main tracks are new energy, photovoltaic, and military. Both are very good long-term tracks, and the performance of individual stocks is very good. However, this time it is true that we were lucky in timing, opening positions were relatively quick, so the drawdown was also relatively large.

“However, we are confident, because the bottom layer of stock funds is stocks, and the bottom layer of stocks is the enterprise and the economy. This essence will not change, and thank you all for your patience and giving us some time.” “Hui Xiaoan” said, although this The handshake is not a pleasant one, but you will not be disappointed by making them this friend, and they will work hard to do a good job in the follow-up.

In addition, the Hui’an Fund wrote an article “Your Trust, We Always Keep in Heart” to apologize to investors in the evening. The article pointed out that the withdrawal of the fund made Hui’an Fund deeply disturbed. Hui’an Fund stated that despite the substantial retracement of the fund, it still firmly believes that many long-term tracks and assets have fallen to better prices, and begged investors for more time.

I’m sorry that Hui’an Fund recently appeared to be “named” in a not very good way. We used to think that through time, everyone will slowly pay attention to our “fixed income +” products are very cost-effective; or pay attention to our quantitative investment and index enhancement products are very bright. However, it is a pity that many friends have paid attention to us recently, but Huian Equilibrium Optimum has a relatively large retracement of the fund.

Hui’an Equilibrium Optimum was established on February 9. Based on the long-term optimism of the track and the judgment of short-term liquidity, we firmly made the investment layout. However, during the Spring Festival, the price of resource products rose, leading to rising inflation expectations, panic spreading, and market fluctuations suddenly increasing. As a result, the net value of Huian’s equilibrium and preferred mix also saw a large retracement. In the short term, this product has caused a certain degree of floating losses for investors who trust us, which makes us deeply disturbed. Because the most rare thing in the world is trust, especially the trust of partners and customers, which is even more precious. Here, we would like to express our deep apologies to all friends and investors who pay attention to the Hui’an Fund for this reason!

In addition to restlessness, we still maintain a firmness and confidence. Investment is a long-distance race, and confidence is more precious than gold. Since the establishment of Hui’an Fund, we have always kept in mind our responsibilities and entrusted by you, and dare not slack in the slightest. Investment is not only an intellectual challenge, but also a test of human nature. Joy, anger and sorrow are the enemies of investment. On the road of continuous growth, you can only do your best to achieve a clear conscience.

Under the violent market volatility, many long-term tracks and assets have begun to fall at better prices. Adhering to long-termism, adhering to the long-term track and not drifting, and resolutely holding China, are our sacred needles for responding to market fluctuations and maintaining a firm heart. So, I hope everyone will give us some time. In the past few years, we have been committed to making investments in a down-to-earth, down-to-earth manner. Recently, although individual products are a bit staggering, I still hope that friends can understand: We have not dared to neglect our trust in everyone. Especially for new friends, although the handshake this time may not be pleasant, we will make follow-up efforts so that you will not be disappointed to make us this friend.

Thank you all, let’s go for it!

N multi-star funds fell as much as 20% after the holiday

How arrogant I was years ago, how sad I will be after years

On March 4, the index collectively went down, the ChiNext Index fell nearly 5%, and the White Horse stocks plummeted continuously. Affected by this, #基金# rushed to the fourth place in the hot search. Jimin lamented, “How arrogant I was before, and how sad I will be in the next year”!

The fund manager has calculated that after the Spring Festival of the Year of the Ox, there are so many funds that have fallen by more than 20%.

Since 2020, public offering funds have frequently been out of the circle and have been heatedly discussed. “Post-90s” and “post-00s” have entered the market for “speculation”. At the same time, the number of new fund issuances and initial shares have reached the highest level in history, and fund returns have risen and fallen. It affects countless people’s nerves.

The fund manager believes that choosing investment funds to indirectly participate in stock market investment, thereby reducing the risk of individual stock investment, but this does not mean that the fund is an investment that makes a profit without losing money. We still have to look at it rationally. There are risks in any investment. Don’t be overwhelmed by the current fund investment fever. Thinking about making quick money in fund investment, it is often easy to fall into a state of large losses. Learn to hedge and diversify fund risks in order to obtain more profit possibilities.

Some fund managers remind investors that there are many disciplines that need to be followed when investing in funds, one of which is very important, that is: Don’t turn around and leave at the trough, and don’t come in admiringly at the peak.

Some new foundations lack intuitive experience of fund investment risks. Once the fund they buy loses, they will feel anxious, and then immediately redeem them to stop the loss. In fact, fund losses are not terrible, and market volatility is common. Even the best funds can’t do everything smoothly.

In addition, when the fund loses money, it is also a good opportunity for investors to re-examine the fund, because when the stock market is rising unilaterally, it is difficult to find whether the market is too good or the level of fund managers is high, and it is also an opportunity when the market adjusts.

If the investor holds an active equity fund, the easiest way to judge when the fund loses is to compare the fund with its performance comparison benchmark or the Shanghai stock index. If the fund loses money, it still outperforms the performance benchmark and the Shanghai Composite Index. , Then the downside factor is likely to come from the weak market. If you underperform the performance benchmark and the Shanghai Composite Index, you can first ask the question mark in your mind about the level of active management, and then observe for a period of time. If this continues, you must redeem the stop loss in time or switch to other funds.

If investors hold passive index funds such as ETF funds, they don’t have to panic when they lose money. Short-term market fluctuations are normal. If you are still optimistic about the long-term performance of the index, you may wish to continue holding it and wait for the market to pick up.

The nation’s “fried base” fever: who is crazy for Zhang Kun?

Last year, due to the booming stock market, public funds were also booming. More and more young people, born in the 90s and 00s, began to buy funds in the market.

who is crazy for Zhang Kun?

After 90s, Liu Xiangjun showed his income chart to Shenran: he started buying on and off in April and May last year, and invested about 150,000 yuan before and after. During this period, the net value of the fund has been rising. Before the Spring Festival, his book floating profit reached a record. 50,000 yuan.

The feeling of lying down and making money is great. He doesn’t understand funds, and he doesn’t know which stocks these funds have bought. Anyway, he “buy blindly, and buy a few thousand if it’s pleasing to the eye”.

There are not a few people like him who enter the market in a silly way and make money easily. According to data from the Mob Research Institute, in the first half of 2020 alone, China’s new Christians exceeded 20 million, and about half of them were born in the 90s under 30. In 2020, the average return rate of Chinese public funds is 45%. This means that the vast majority of people who enter the market have made money.

Young people who have tasted the sweetness are very enthusiastic. E Fund’s star fund manager Zhang Kun was enthusiastically praised, and a large group of young Christians established a fan support group on January 26, playing for Zhang Kun like a star, and Zhang Kun ascended to the altar.

But only half a month later, after the Spring Festival, the market took a turn for the worse. In just a few trading days, the net value of a fund managed by Zhang Kun dropped by 10%. All the new Christians who chased after the high and entered the market a year ago were all buried. Many people’s attitudes turned around one hundred and eighty degrees in an instant, and voices of questioning, verbal abuse and even defamation appeared.

For many investors, the fund bull market that began last year is a good time to make money in financial investment. The continuous money-making effect attracted a large number of noobs to enter the market. A 70-year-old man who retired at home and a 20-year-old student who just went to college started to consult about the fund. There is a nationwide “speculation” fever.

What is worrying is that many young people who have just entered society invest hundreds of thousands of yuan to buy funds, but they don’t know anything about funds. They follow venture capital, frequently operate, chase the rise and fall, and speculate in funds like stocks. Know whose money you are making and why you are losing money. They are young, impulsive, and emotional. Today they are wild stock gods, and tomorrow they are strong leek.

“China’s capital market is short and long. It takes a long time to digest the pain, and it takes time for new leeks to grow. History is always repeating itself. Each session of leeks thinks they are different, but in fact there is nothing. It’s different,” said a person in charge of a fund company with more than 20 years of experience to Shen Ran.

The beginning of the story is beautiful, but this may be an exaggerated feast of wealth.

The beginning of the story: young people, financial management and the dream of getting rich

Funds began to arouse discussions among the people. In fact, in the second half of 2020, the most intuitive phenomenon is that the newly released funds have sold out.

Public offerings are financial products sold by fund companies, and public offerings are public fundraising for the public. According to different investment directions, funds can be divided into currency funds, stock funds, bond funds, etc. The most popular in 2020 are stock funds, that is, those funds that trade in stocks. When you buy a fund, you become a fund holder, commonly known as the “Kimmin”.

Fund managers take the Citizens to speculate in stocks, make money together and lose money together, which is the basic model of this business.

In the first week of the second half of 2020, the first “Sunlight Base” was born (funding was completed on the day of sale)-China Universal Mid-Cap Value Select Hybrid Fund, which raised more than 30 billion yuan on the same day.

Two days later, the Penghua Ingenious Select Hybrid Fund, co-led by Jinniu Fund Manager Wang Zong, planned to raise 30 billion yuan. As a result, it subscribed more than 70 billion in the morning and 135.7 billion in the same day, setting a historical record.

This record has not been broken throughout 2020 until the fund company Yi Fangda, which is sought after by fans, makes a move. On January 18, 2021, E Fund’s competitive advantage corporate fund was issued, and the subscription amount reached 237.4 billion yuan on that day, setting the highest subscription record in the history of public funds.

It was at this time that public offering funds “out of the circle”, and it exploded among young people. The “fan circle” invaded and formed a global support club for Zhang Kun, the star fund manager of E Fund, on Weibo. Zhang Kun is regarded as a new generation of koi, and his head is made into posters.

Source / network

Everyone involved has a dream of getting rich in their hearts. Liu Xiangjun is one of the first people to start dreaming.

Liu Xiangjun is the kind of person who “knows that financial management is very important, but doesn’t know how to manage money.” In the past, he put his money in Yu’e Bao, but later found that the rate of return was getting lower and lower. Thousands, only earning dozens of yuan a month, it’s not worth it.

His starting point for “raising the foundation” is very simple-“One day he found out that a fund he joined two years ago had risen by 200%.” The fund he looked at at the time was another consumer fund under China Universal Asset Management mentioned above.

He started to buy various top-ranked funds in May last year, and bought 22 funds in total, buying tens of thousands of dollars every month. Apart from being able to understand the daily profit and loss, “I don’t understand other things. ”

But he caught up with a good time. When he entered the market, the 100 billion subscription of Penghua Ingenuity Fund did not appear until two months later, and most of the big fund companies’ explosive “sun base” appeared in the second half of the year. From May to the Spring Festival of 2021 (mid-February), the A-share ChiNext index rose by 60%, and the yields of many funds also rose by about 30%. When the Spring Festival came, he chose to “hold the base for the New Year” and did not sell the profit. At that time, the book profit was more than 50,000 yuan.

Just like before the banquet, it always starts with dessert. Those who have tasted the sweetness began to rush to tell, “I bought a fund to make money”, which has become a daily meal and after-dinner talk for many people.

In some fund discussion forums on the Internet, information about blind dates and marriages began to appear. The topics asked by both men and women have changed from house and car to the type of fund held and the rate of return. In the discussion forums of funds with high cumulative yields such as liquor, medicine, and new energy, the comment area has the most marriage news.

This seemingly hot atmosphere and the huge money-making effect have activated the dream of young people to become rich overnight. They ran into the arena with money and full of enthusiasm.

The last round of such a hot fund market was in 2007. A media person who used to be the host of a financial program on a local TV station, Xiang Shenran recalled that every time the program was broadcast, he would report a number-the number of new Christians that day. Because the market is too hot, too many people open new accounts every day. This is very similar to the situation today.

Jiang Weijun, chairman of Dajiang Hongliu Asset Management Co., Ltd., has been in business for more than 20 years. He told Shenran that in 2008, he served as the director of a research institute in a securities company. People invited him to dinner, “The main reason is to share the joy, and I have made money. I will tell you as soon as possible.” In that round of bull market, the A-share stock index rose from 998 points to 6124 points, a 6-fold increase in more than two years.

The clock is set to 2020. Last year, the yields of many funds soared. Now many people believe that a bull market similar to that of 2007 is coming again.

After the 90s, Zhao Yunjing started to buy funds because suddenly one day, he received a pop-up window of Alipay’s fund notification on his mobile phone. Following the link to enter the fund page, he found that many of the top funds have return rates of more than 100%, while Yu’ebao’s return rate has fallen below 2%.

At that time, he had heard about fund income from friends during more than one dinner. In the subway passage on the way to work, on the TV screen of the elevator in the community, he had seen many fund advertisements, and even once when he was posting a short video. He also caught the live broadcast of the fund manager. In order to promote one of its livestock breeding funds, Ping An Fund brought a piglet in the live broadcast room.

Alipay and QQ Music Licaitong, a sales channel for C-end users, greatly improved the convenience for ordinary people to buy funds. In the past, people had to go to the bank to buy funds, or through stock trading software, but now they can buy it at will when they turn on their mobile phones, and there is no limit on the amount of money, hundreds of thousands of dollars can enter the market.

Hu Bo, vice president of Yingli Securities, told Shenran that he can clearly feel that the funds on the Yingli Intelligent Investment platform are selling much better than before. “Many customers will take the initiative to choose funds.”

Tiger Securities, a US and Hong Kong stock brokerage, told Shenzhen Ransom that since last year, many investors began to pay attention to funds. During the Spring Festival of 2021, Tiger Fund supermarket stock AUM (asset management scale) reached the level of 330% at the end of Q3 last year, doubled from the end of Q3 to the end of the year, and doubled again after the Spring Festival from the level at the end of 2020.

Before the Spring Festival, the fund is accelerating its teamwork. A steady stream of capital blessings has allowed those companies with heavy positions in funds to obtain continuous liquidity, which in turn promotes stock prices to continue to rise. Hu Boxiang analyzed that there is a positive correlation between fund grouping and the existence of the market, and they are mutual cause and effect. “From the perspective of a fund manager, it’s very simple. I manage a 5 billion fund. You can’t buy small-cap stocks. You can only buy some large-cap tickets, and it’s long-term.”

On some community apps and short video platforms, some big V and some short video creators began to export fund science knowledge, expose fund income, and guide fans to buy funds. Videos such as “College Students Buying Funds with a Monthly Income of Thousands” and “Student Party Financial Management Practice” are very common. These wild “fund gods” use semi-professional interpretations and unverifiable income charts to attract Xiaobai to the market and fuel the already hot fund market.

Jiang Weijun believes that China has entered an era of capital. After the per capita GDP exceeds 10,000 US dollars, everyone has surplus money in their hands, investment has become a rigid need, and buying funds has become a popular culture.

“It’s not like Bitcoin is just a niche group playing, but everyone can see it and talk about it. Just like many people drink coffee, if you don’t drink it, you refuse to drink, and it’s nothing to you. It’s good because everyone else can drink it, and it can add value.” In addition, fund managers have celebrity effects, have IPs, have fans, can have relationships with people, and can spread, so the scale effect is obvious.

Compared to 2007, even though funds are hot now, fund manager fan support groups are still a novelty. Hu Bo believes that in 2007, TV newspapers were the main channel for people to obtain information, and online advertising was not the mainstream, but now the forms of media communication and interaction have changed. Not only are channels more diverse and more scattered, but also more interactive. “In this era of pan-entertainment, it is not the financial industry that has changed, but the entire media industry.”

Who made my money away?

When Zhao Yunjing bought the first fund through Alipay, it was the days when Zhang Kun was popularized by fan support groups. He bought the popular China Merchants China Securities Liquor Fund and invested 20,000 yuan.

Unexpectedly, after the Spring Festival, the stock market plummeted. Since the market opened on February 18, for more than a week, the high valuation sector led by liquor has continued to fall, and Zhao Yunjing has lost nearly two thousand yuan. Years ago, after the fund rose, he sold a little bit. When the fund fell after the year, he added a position, but sold it again two days later.

He didn’t know what happened, he only knew that his money was gone, and he was panicked, “I feel like I was cheated.” Those who posted profits on the Internet, including friends who made money from buying funds, looked like fakes.

Jiang Weijun, who has experienced many rounds of bull-bear conversion, can understand Zhao Yunjing’s feelings well. He met an investor. Once this person participated in a radio show. The host asked, “What is your most memorable number?” Some people said it was his birthday, and some said it was his wife’s birthday. This person said a list of stocks. Code. He said: “This number has poured all the honor, hard work, emotions and, of course, money in my entire life. Now, as long as I hear this number, I will be shaking all over.”

“In the investment process, extreme goodness will definitely bring extreme badness. Many people can’t bear this kind of volatility. Most people can’t pass this level. Even if you buy funds, buy at the highest point and sell at the lowest point. This is the main reason why many retail investors lose money.” Jiang Weijun said.

Buying funds to lose money is often not because of the fund, but because of the timing or method of participating in fund transactions.

According to Wind data, the average increase of 535 stock funds that can be counted across the market in 2020 is more than 43.92%, but the yields of many Christians are far below this level, or even loss. This shows that during the process, the Citizens did not hold for a long time and frequently reverse operations, which led to underperform the average return of the fund.

Buying funds is different from buying stocks and trust products. Fund buying is actually a semi-entrusted relationship. In Jiang Weijun’s view, it is irresponsible to scold fund managers after buying public funds or index funds after losing money. “Stock funds have a minimum position limit. Some public funds have industry restrictions and tendencies. Investors need to make their own position and industry choices. You can’t half-entrust to a public fund and let the public fund assume the responsibility of fully entrusted. This is a public fund. The main difference with private equity funds.”

I can’t control my own hands. This is an important reason why fund companies have made a profit, but some Christians have suffered miserable losses.

Source / Unsplash

Hong Liu, the investment director of Harvest Fund with 21 years of securities industry experience and 10 years of investment experience, told Shenran that what a fund manager does is to buy the best assets and make long-term allocations instead of frequent trading every day. Some investors are seriously wrong to speculate funds as stocks. When communicating with Shenzhen Burns, the Harvest Competitive Optimal Hybrid Fund, led by Torrent, just launched its sale on February 22, with a fundraising limit of 8 billion yuan. As a result, the total market subscription amount exceeded 36 billion yuan in one day.

Hongliu further analyzed that the handling fee of the fund is very high. If the investor sells it within 7 days after the purchase, he will have to pay a redemption fee of 1.5%, but many ordinary people do not know it. “Buying funds is actually buying fund management companies and fund managers. Don’t think of it as an online celebrity market. Frequent trading cycles and trading frequencies will make you lose a lot of holding opportunities.”

Many newcomers who have followed the trend obviously haven’t figured this out yet. What they see is the halo of the Internet celebrity, the enviable income graph, and the overnight richness in the mouth of others. But the market cannot keep rising.

“If the market keeps going up, whoever makes money? You make money from ordinary retail investors who are crazy to buy funds later.” Hongliu said.

Jiang Weijun gave an example to Shen Ran. Young people buying funds are like watching idol dramas, and all they see are sweet words, but what we are thinking is whether the relationship can last in the most difficult time. In his investment career, the market fell more than 50% when the market was the most volatile. At the end of the bull market in 2008, the entire market fell by 66%, and the fund fell by an average of 72%, but even so, those who hold it so far have reached a new high.

“The current increase is very good, but this is the stage of idol dramas. What I am thinking about is what should I do when the firewood, rice, oil and salt can’t make it through? It is activated through the sweet part, so everyone sees the money-making effect, but it is a bittersweet. There is a process, this is the cruel and true phenomenon.”

The front-line fund managers face the fluctuations of the market every day and face the trust of investors and bear the greatest psychological pressure.

Hongliu told Shenran about his daily work as a fund manager, and the things that take up the most time in a day are not market-watching and trading, but long-term in-depth research, various surveys and roadshows. Off work

Caixin China’s manufacturing PMI fell to 50.9 in February

The Caixin China Manufacturing PMI (Purchasing Managers Index) for February 2021 announced on March 1st recorded 50.9. Although it has been in the expansion range for the tenth consecutive month, it has fallen for three consecutive months and has fallen since June 2020. The lowest value indicates that the marginal effect of the manufacturing recovery has further weakened.

Caixin China's manufacturing PMI fell to 50.9 in February

This trend is consistent with the manufacturing PMI of the National Bureau of Statistics. The manufacturing PMI for February 2021 announced by the National Bureau of Statistics was 50.6, which was 0.7 percentage points lower than the previous month and also slowed down for three consecutive months.

Manufacturing supply and demand continued to expand, but the expansion rate slowed down. The production index and new order index in February recorded their lowest values ​​in the past ten and nine months, respectively. External demand continues to drag down aggregate demand, and the new export order index has fallen sharply below the line of prosperity for the second consecutive month. In the survey, the interviewed companies emphasized the negative impact of the winter epidemic at home and abroad on the market’s prosperity.

Affected by the slowdown in the growth rate of supply and demand, the job market continued to be under pressure. The employment index in February remained in the contraction range for the third consecutive month, and the rate of decline has expanded. After the market has recovered and the pace has slowed down, companies are not eager to fill up the vacancies left by employees. Nevertheless, the number of backlogs of work that month fell for the first time in nine months, indicating weak market demand.

The price index continues to rise, and inflationary pressures continue to increase. In February, the purchasing price index of manufacturing enterprises was significantly higher than the rise and fall line, but the growth rate slowed down slightly. Respondents said that the prices of raw materials, especially industrial metals, continue to rise rapidly, and transportation prices have also risen. The increase in cost-end prices was also partly transmitted to the demand side. In February, the ex-factory prices of manufacturing enterprises continued to rise, but the growth rate slowed down.

Despite the slowdown in the expansion of supply and demand, operators of manufacturing companies are confident that the epidemic situation at home and abroad will improve. In February, the production and operation expectations index jumped to the second highest point since September 2014.

According to Wang Zhe, senior economist at the Caixin Think Tank, the recovery momentum of the manufacturing industry in February has further weakened, the growth of supply and demand has slowed, employment pressures have increased, and inflationary pressures have continued to increase. Nonetheless, companies are more optimistic about future expectations, and market confidence is mainly derived from the past. The accumulation of experience in epidemic prevention and control for more than a year, especially the unfavorable autumn and winter season is coming to an end. At present, it seems that both the need to carefully care for the economic recovery in the post-epidemic era and the need to pay sufficient attention to inflation are the main challenges facing the policy.

The property market has been regulated 62 times at the beginning of the year!

Since the beginning of the year, all localities have strengthened “policies in accordance with the city.” As of early February, there have been as many as 62 real estate adjustments in various regions in 2021. Analysts predict that in 2021, the adjustments will continue to be precisely “patched”, which will also promote the smooth and healthy operation of the market. Zou Linhua, head of the housing big data project of the Chinese Academy of Social Sciences’ Financial Strategy Research Institute, told the China Times reporter that this year’s first-tier cities and strong second-tier cities have entered a difficult see-saw stage of housing price increases and regulation. Mainly, other cities are mainly stable or down.”

Actively “patch” the regulatory policies in many places

Statistics from the Centaline Real Estate Research Center show that in early February, real estate regulation in various regions exceeded 20 times. In January, real estate regulation policies were issued more than 42 times. In 2021, real estate regulation in various regions has accumulatively reached 62 times.

Since the beginning of the year, four first-tier cities have issued property market control policies in turn to close loopholes. Under the main theme of “housing to live without speculation”, at the end of January, Shanghai issued the “Shanghai Ten Articles” to block the loopholes in “fake divorce” housing purchases, proposed new rules for lottery, and included forensic housing purchase restrictions, and strengthened housing from the capital side. Credit management, etc.

On February 8, the Shenzhen Municipal Housing and Construction Bureau issued a document announcing that based on the online price of second-hand housing, referring to the price of surrounding first-hand housing, the reference price of second-hand housing transactions in residential communities in the city will be comprehensively formed, which will be fully covered by the city and regional grid In principle, the residential quarters are used as regional grid units to publish the reference prices of second-hand housing transactions in 3595 residential quarters in the city.

In addition, Guangzhou has strengthened financial supervision. The four major banks have increased their mortgage rates across the board. The mortgage rates for the first and second homes have been raised to 5.2% and 5.4%, respectively; Beijing has conducted intensive interviews with some self-media and strictly investigated operating loan violations. Flow into the property market and so on.

In the same period, new first-tier and second-tier cities have also stepped up their “patching”: On January 27, Hangzhou released a major property market regulation new policy, from housing purchase restrictions, housing sales restrictions, tax adjustments, identification standards for homeless families, and priority purchases of high-level talents. Six aspects including policies have further strengthened regulation. Subsequently, the Hangzhou Municipal Housing Security and Real Estate Administration teamed up with Zhejiang Banking and Insurance Regulatory Bureau and other departments to crack down on illegal capital freezing. Due to false or inaccurate information or registration materials, among 9 projects including “Yuchou Mansion”, “Danfeng Four Seasons Courtyard”, “Junpin Mingdi”, and “Zizhangtai Apartment”, 27 households are subject to purchase restrictions and check files The application will no longer be accepted within one year. In addition, Hefei, Lianyungang and other places have also issued documents announcing that it is strictly forbidden to drive up housing prices and encourage higher commission prices.

“Strictly prevent the market from overheating” is considered the purpose of this round of property market regulation. Zhang Bo, Dean of 58 Anju Guest House Industry Research Institute, pointed out to the reporter of China Times that Beijing, Shanghai, Guangzhou and Shenzhen have frequently introduced policies in the beginning of 2021, and the signals of “plugging loopholes, controlling finance, and fighting hype” are very obvious.

The reporter noticed that on February 23, the National Bureau of Statistics released the changes in the sales prices of commercial housing in 70 large and medium-sized cities in January 2021, showing that in January, the price of newly built commercial housing in 53 of the 70 large and medium cities increased. This is an increase of 11 compared with December last year. In terms of second-hand housing, 49 of the 70 large and medium-sized cities have seen price increases, which is also an increase of 11 compared with December last year.

The sales price of newly-built commercial residential buildings in four first-tier cities rose by 0.6% month-on-month, an increase of 0.3 percentage points from the previous month. Among them, Beijing, Shanghai, Guangzhou and Shenzhen rose 0.5%, 0.6%, 1.0% and 0.3% respectively. The sales price of second-hand housing rose by 1.3% month-on-month, an increase of 0.7 percentage points from the previous month. Among them, Beijing, Shanghai, Guangzhou and Shenzhen rose 0.9%, 1.3%, 1.4% and 1.7% respectively. For example, in January this year, new house transactions in Shanghai increased by 17% year-on-year, a 53-month high. The average transaction price of new homes also rose 14.9% from the previous month to 59,700 yuan per square meter.

In the traditional off-season of the property market in February, according to incomplete statistics from the Centaline Property Research Center, after the third day of the first month (February 14), more than 100 second-hand houses were sold in Beijing every day. Compared with the holiday period of previous years, the market was more active. improve.

The effect of regulation and control at the beginning of the year gradually appeared

Although the property market in some cities during the Spring Festival showed a “not low season” compared to the same period in previous years, the industry generally believes that the actual effect of tightening policies in various regions has now been reflected: after the intensive introduction of control policies, the market has a wait-and-see sentiment and market enthusiasm Some fall back.

Take the Shanghai market as an example. During the Spring Festival, the property market in Shanghai fell into a trough: According to data from Shanghai Centaline Real Estate, during the Spring Festival holiday (February 11 to February 17), Shanghai’s newly built commercial residential properties sold 13,000 square meters and 59 There are online signing records for each project, but the number of online signings for most projects does not exceed 5 sets. Crane research data also shows that during the Spring Festival holiday and the week before the Shanghai commercial housing transaction area, compared with the same period in 2020 and 2019, both have a decline of nearly 60%. In terms of supply, since February, apart from the previous three projects of C&D Pushang Bay, Jingwei Academy Sunshine Home and Gemdale Peak Fan, there are no new projects on the market.

Lu Wenxi, chief analyst of Shanghai Centaline Real Estate, explained to the reporter of China Times that apart from the early release of demand due to a wave of market grabbing at the end of January, and the traditional off-season in February, all parties in the market have superimposed the regulatory policies that came out before the holiday. It takes time to digest. Lu Wenxi emphasized that different from the previous control measures, the current control policies are more sophisticated, and each buyer has its own different situations. It takes longer to “check in” and understand the digestion policy: “How to operate the new policy in detail? For example, buyers need to refer to their experience in scoring and participating in lottery.” He also said that based on the current strict control measures, it is difficult for the market to appear irrational in the second half of last year. Of course, the phenomenon of market differentiation will continue.

“The effect of the regulation at the beginning of the year is gradually showing.” Xu Xiaole, chief analyst of the Shell Research Institute, also pointed out to a reporter from the China Times. According to the data of the Shell Research Institute, since February, the second-hand housing market prosperity index of Beijing, Shenzhen and Shanghai has moved at a high level in the first-tier cities. The average price of new listings for second-hand housing in the first-tier and four-cities changed from a rise to a fall. The month-on-month increase in the price of second-hand housing in the four cities all narrowed. Among them, Shenzhen, Beijing and Guangzhou all narrowed to a moderate range of less than 1%.

Zou Linhua has a different view. He pointed out to a reporter from China Times that the current pressure on housing price increases is mainly in first-tier cities and hot second-tier cities, and the number of them is limited. After the policies are introduced in these cities, there needs to be an effect observation period, “not because the regulation has taken effect.”

However, Zou Linhua and other interviewees believe that in 2021, local regulatory policies for chaos in the property market will continue, which will also be conducive to the smooth and healthy operation of the market.

In Xu Xiaole’s view, 2021 will be a year when the long-term real estate regulation and control mechanism will continue to be implemented and deepened. Market changes will be subject to strict supervision and regulation. “It is expected that the annual price increase will be smaller than that in 2020, and the market trend will be more smooth”. Zou Linhua also told a reporter from China Times that this year’s first-tier cities and strong second-tier cities have entered a difficult see-saw stage of housing price increases and regulation.

Market judgment divergent “group” sentiment is expected to gradually subside

Recent market shock adjustment. According to the data, the median price earnings ratio (PE) of the top 50 stocks in the public offering fund has reached 66 times, and the PE of 16 stocks has exceeded 100 times. There are more and more discussions about over valuation of core assets, public offering of group stocks or looseness among institutions. Institutions generally believe that some of the core assets are overvalued, if there is no performance support, or there is a risk of “killing valuation”.


Public offering group stock callback

Market judgment divergent "group" sentiment is expected to gradually subside

Last week, among the top 50 stocks in the public offering fund, many stocks were significantly adjusted. Institutions believe that this is mainly due to the phased climax of fund issuance since the end of 2020, the burst funds carrying a lot of funds into the market, and many leading stocks rising too fast. However, the lack of stability of these incremental funds and the marginal tightening signal of monetary environment lead to the increase of market volatility.


On the whole, people in the industry generally believe that there will be no systemic risk in the market as a whole, but it is difficult for some stocks that perform less than expected to maintain their overvalues.


“The overall valuation of a shares is now in a position of” medium to high. ” Xiangju capital said that the current capital volume does not support the market to rise very large or continuously. “Since December 2020, the share prices of many leading companies in the industry have increased dramatically, but the current liquidity environment does not support the overall general rise of the market. Some highly valued companies, if there is no high performance growth to match, there will be a squeeze process. ”


There are different opinions among the organizations


For the short-term trend of group stocks, institutions have different views.


Some institutions believe that the majority of conglomerates are difficult to collapse in the short term. The fund manager of a large public fund company in Beijing believes that the group is the result of the similar research framework of public funds, mainly because the analysis methods and investment objectives of public funds are similar. Whether the group can succeed or not depends on whether the industry prosperity and profit growth of the target company are in line with expectations. As for the valuation level, it is secondary. “In the process of continuous influx of funds, the short-term performance of these conglomerates will still be very good.” The fund manager said.


A 10 billion level private investment manager said that the essence of group is the change of the investor structure behind: “in 2014 and 2015, the investors in the A-share market were mainly retail investors, the types of investors were rich, and the preferred stock types were not consistent, so all kinds of stocks had the opportunity to show. However, in the past two years, the proportion of A-share institutional investors has become larger and larger, and the public offering funds have burst out frequently. The preference for these funds is no longer scattered, but rather “core assets” such as big white horse, which is determined by the attributes of investors and will not change easily. ”


He judged that in the future, with the increasing proportion of institutionalization, the above trend will continue, and the so-called “group” will not be disintegrated.


Pan Yao asset believes that the extreme market probability will breed new differences and new directions, and the future investment ideas will come from the bottom up. The extreme group market, bring most stocks down, and with the group mood gradually subsided, market panic will lead to further miscarriage.


For those companies with high barriers to entry and certain future performance growth, adjustment is an opportunity to “get on the bus”.


Some institutions believe that from the perspective of the whole A-share market, the digestion ability of valuation is relatively strong. A fund manager believes that the market style is likely to shift to small and medium-sized companies. With the continuous recovery of macro economy, small and medium-sized enterprises are growing. If the profit model is sustainable, institutions will pay more attention to small and medium-sized stocks, and eventually increase the proportion of relevant allocation.

Spring Festival nucleic acid detection detonates this plate

This morning, a shares jump high open high go, continue to attack strong. The Shanghai Composite Index rose to 3600 again, reaching a new high in more than five years. The growth enterprise market index rose 2.24%, reaching a new high in more than five and a half years.


On the disk, rare earth permanent magnet, warehousing and logistics, health care, gene and other sectors were among the top losers, while catering and hotel, tourism, aquatic products, insurance and other sectors were among the top losers.


The net inflow of northward capital exceeded 4 billion yuan, including 2.119 billion yuan from Shanghai Stock connect and 1.912 billion yuan from Shenzhen Stock connect.


New crown detection plate soars

Spring Festival nucleic acid detection detonates this plate

The new crown detection plate rose sharply in the early morning, driving the index of health care plate to go higher in large volume. At one time, it soared more than 3% during the day, reaching a new record. Kaipu biology and Dean diagnostics rose by more than 10%, Jinyu medicine, Mingde biology and Xilong science rose by the limit, while Mike biology, shuoshi biology, Huada gene and Daan gene rose collectively.


Novel coronavirus novel coronavirus pneumonia prevention and control mechanism and the Central Rural Work Leading Group Office formulated the “new winter crown prevention and control plan for the new rural areas in rural areas”. It is pointed out that the villagers who return to the countryside need to have 7 days’ effective new crown virus nucleic acid test negative results to return home, and 14 days after returning home. During the period of home health monitoring, there was no aggregation or mobility, and nucleic acid detection was carried out every 7 days. Each township (street) and administrative village (neighborhood committee) shall implement the responsibility system, implement grid management for returning personnel, and do a good job in registration, health monitoring and abnormal situation disposal.


In addition, the scope of “should be inspected as much as possible” has been expanded. The newly hospitalized patients and caregivers in county hospitals and township hospitals, the staff of medical institutions (including county hospitals, township hospitals, village clinics, and individual clinics), and the personnel in need of investigation and assistance in rural areas were included in the scope of “should be examined as soon as possible”, and nucleic acid testing was carried out weekly.


According to the data of the transportation service department of the Ministry of transport, it is estimated that 1.7 billion passengers will be sent during the Spring Festival transportation in 2021, with an average of 40 million passengers per day, an increase of more than 10% over 2020. In 2020, a total of 300 million nucleic acid tests will be carried out nationwide. Considering that the policy encourages local Chinese New Year celebrations and that sending passengers do not need to repeat nucleic acid tests, it is conservatively estimated that 170 million nucleic acid tests will be carried out during the Spring Festival.

Spring Festival nucleic acid detection detonates this plate

At present, the price of nucleic acid detection reagents is about 15 yuan, and only during the Spring Festival, the corresponding new reagent market scale is 2.55 billion yuan. If the penetration rate of ICL detection is calculated as 50%, and the single price of ICL is 70 yuan (75 yuan for Guangdong, 120 yuan for Shanghai and other regions), it is estimated that the new third-party nucleic acid detection revenue will be 6 billion yuan.


Recently, novel coronavirus pneumonia related companies have also released 2020 annual performance announcement. The net profit of Wan Tai bio is increased by 215% – 244% in 2020. The reason for the growth is that the new product is sold on the two price cervical cancer vaccine, and the new crown pneumonia detection reagent is introduced. Previously, Kaipu biological, Mingde biological, Mike biological, Wanfu biological and other companies have announced the increase in advance. The reasons include the increasing demand for new crown detection products in domestic and foreign markets.


The performance wave has reached a climax


Nanguo real estate is expected to turn a year-on-year loss in 2020. After six trading limits, Asia Pacific pharmaceutical also has six consecutive trading limits due to notice to turn a loss, which makes the annual report advance market enter a climax. Donghu high tech announced yesterday evening that it is expected to achieve a net profit of 598 million yuan to 688 million yuan in 2020, a year-on-year increase of 227% – 276%. This is mainly due to the year-on-year increase in operating performance and the investment loss of Jiaxing zizhuo equity investment fund partnership (limited partnership) invested by the company in 2019. Donghu Hi Tech Co., Ltd. rose the limit today to 5.8 yuan, a one month high with a total market value of 4.614 billion yuan.


Zhongfu information also expects net profit of 225 million-255 million yuan in 2020, with a year-on-year growth of 80.14% – 104.16%. During the reporting period, the company adhered to the established strategic planning, continued to increase R & D investment, and constantly expanded the market. Driven by the rapid growth of security products and network security supervision business based on domestic platform, the company achieved an operating revenue of about 980 million yuan, a year-on-year growth of about 63%. Zhongfu information was up nearly 19% in early trading.

Spring Festival nucleic acid detection detonates this plate

There is a performance increase announced immediately after the limit, but also before the announcement on the “race.”. Shaanxi black cat has been trading for four consecutive days. Yesterday evening, it revealed the answer. It is estimated that the net profit in 2020 will increase by 223 million to 253 million yuan compared with the same period last year, with a year-on-year increase of 823% – 933%. The main reason is that in 2020, the gross profit rate of coke, the company’s main product, increased by about 5% year on year, and the net profit increased. In 2020, the company’s investment income will increase by about 90 million yuan year on year. Today, Shaanxi black cat once again raised its limit, closing 5 boards in a row, setting a new high price since June 2018, with a total market value of 9.78 billion yuan..


At the same time, Shaanxi black cat issued the stock price fluctuation risk warning, the recent coke product market price has increased greatly, and there is uncertainty whether the future coke product market price can maintain a high level.


Xiamen tungsten industry, Lante optics, Jingxin pharmaceutical, and * ST Yonglin, which have increased their performance or turned losses in advance, have also entered the market and become stronger. While Adil, Jiayuan technology, Wutong holding and Huadong Heavy Machinery Co., Ltd. declined sharply.


Institutions: A shares continue to rise in mid February


Dongfang Securities said that the A-share market fluctuated greatly this week, and continued to maintain the view that the main board rose to mid February 2021 in the short term. The daily K-line of Shanghai composite index slightly deviates from the support of the conversion line and the benchmark line, and there may be a correction in the short term, but it will not become a short-term inflection point, and it will continue to rise after consolidating the short-term bottom.


Chuancai Securities believes that high-level group stocks continue to differentiate, and some group heavyweight stocks have a large decline, while the Hong Kong stock market has performed better. Since this year, the accumulated inflow of southward funds has reached HK $185293 million, which is on the one hand caused by the premium of a shares and H shares On the other hand, as far as the Hong Kong stock itself is concerned, there are many technological innovation enterprises such as Internet and innovative drugs, and such scarce resources are sought after by funds. In the future, we are currently in the pre disclosure period of the annual report. We should pay attention to the sectors with reasonable valuation and small increase in the previous period, and we should be alert to the high-ranking stocks in the market,


Shanghai Securities said that overall, from a good start, after 10 consecutive trading days of trillions of trading volume, the operating speed of a shares needs to be moderately adjusted, and moderate convergence style in order to fight again. The basic rhythm of this month will be followed: attack in the first ten days, consolidation in the middle of the month, slow rise in the second ten days, and the market in spring will be continued. Market opportunities are mainly concentrated in Hong Kong stocks, A-shares of the new track mining, at the same time to guard against the annual report quarter of goodwill, financial risk lower than expected. The market as a whole will switch to high cost-effective varieties. We are optimistic about four directions: first, optional consumption, automobile and household appliances; second, service industry, tourism, hotel, aviation and big finance; third, cyclical, nonferrous metals and chemical industry; fourth, long-term strategic direction, chip and military industry.


Guosheng Securities pointed out that the recent market index is shrinking every time it goes up, while every time it goes down, it goes up at a large amount. Shrinking means that when it rebounds, the capital is not willing to catch up with the high, and how many people are willing to go to the bottom every time it goes down. Although it can still cause partial profit-making effect at present, the market will change qualitatively sooner or later. Therefore, in terms of operation, we should maintain the previous strategy of embracing core varieties, at the same time, we should be alert to the short-term negative impact of the continued active core assets of Hong Kong stocks on the capital diversion and the price comparison effect of a shares, and focus on the strong varieties such as lithium battery, photovoltaic, military industry, and institutional cluster varieties in CXO (pharmaceutical research and development), chemical industry, and chemical fiber.

This year’s largest enterprise acquisition or birth

China’s three major stock indexes fell on November 30
On the last trading day of November, the three major U.S. stock indexes closed lower, with the Dow and the S & P 500 down 0.91% and 0.46% respectively, while the NASDAQ closed down slightly by 0.06%.
Us: Biden plans to nominate former Federal Reserve Chairman Yellen as Treasury Secretary
Earlier on Monday, U.S. President elect Joe Biden proposed to nominate former Fed chairman Yellen as U.S. Treasury secretary. As the market has digested the news ahead of time, after the confirmation of Yellen’s nomination, the US stock market went into a sell-off market. The Dow fell more than 300 points within an hour of the opening, and the originally high opening NASDAQ also changed from up to down.
The U.S. stock market recorded its best monthly performance since 1987
Driven by a series of good news about the new vaccine, the S & P 500 index rose by more than 10% in November, while the Dow rose by 11.8%, the largest monthly increase since 1987. Market analysis believes that in this case, some investors choose to readjust their portfolio at the end of the month or leave the market with profits, which makes us stocks fall from their historical highs.
Manufacturing activity slowed down in the Midwest and Texas in November
On the data side, manufacturing activities in the Midwest and Texas slowed down in November. Analysis shows that the second wave of the new epidemic has depressed production activities, and the number of new orders has also decreased. The data supports expectations of a sharp slowdown in U.S. economic growth in the fourth quarter.
$44 billion! This year’s largest enterprise acquisition
At the corporate level, the share price of financial information company Exin Huamai jumped 7.4% on Monday, the largest increase in the S & P 500 index. Before the data provided, trademark & amp; P global agreed to buy Exin Huamai for $44 billion, which may become the largest corporate acquisition in 2020. S & P Global’s share price rose 3% on Monday.
The prospect of trade talks between Britain and Europe is not clear. Brexit without an agreement may be detrimental to both sides
All three European stock markets closed down on Monday, with London and Paris down 1.59% and 1.42% respectively, and Frankfurt, Germany, down 0.33%. At present, investors have turned their attention to the trade negotiations between the UK and the EU. Considering that the transition period for brexit is only more than one month, the two sides still have great differences on issues such as fisheries, which has aroused market concern. If the two sides fail to reach an agreement, they will return to the framework of the world trade organization to carry out trade. The analysis points out that this situation will lead to a “double loss” situation, which is expected to have an adverse impact on the capital market.
No result of OPEC + meeting, investors give up crude oil to avoid risk
Crude oil prices fell on Monday, with us WTI light crude oil futures closing at $45.34 per barrel and Brent crude oil futures closing at $47.59 per barrel. It is reported that OPEC and relevant oil producing countries did not reach an agreement on the extension of production reduction agreement on Monday, and the parties will further discuss on Tuesday, before investors chose to give up crude oil to avoid risks.
Weak demand for safe haven in the market
Gold prices fell on Monday, with gold futures for February 2021 closing at $1780.90 an ounce. Gold prices fell about 5.3% in November, with analysts pointing to weak demand for safe havens as investors expected the new crown vaccine to help the economy recover.

Ren Zhengfei cuts the meat in tears!

The central bank: not to let the market be short of money and resolutely not to engage in “flooding”
The central bank released the third quarter report on China’s monetary policy implementation. This year, the central bank has launched monetary policy response measures involving 9 trillion monetary funds. In the first 10 months, the financial sector gave about 1.25 trillion interest to the real economy! The report also pointed out that in the next stage, we should not only maintain reasonable and sufficient liquidity, prevent the market from being short of money, but also resolutely refrain from “flooding” and letting the market’s money overflow.
Firmly adhere to the position that the house is for living, not for speculation
The stock market index continued to pick up, and the volume of trading and financing increased year on year. At the end of September, the Shanghai Composite Index closed at 3218 points, up 7.8% from the end of June; the Shenzhen composite index closed at 12907 points, up 7.6% from the end of June. In the first three quarters, the total turnover of Shanghai and Shenzhen stock markets reached 158.4 trillion yuan, with an average daily turnover of 865.8 billion yuan, a year-on-year increase of 58.6%. The amount of funds raised in the stock market increased significantly year-on-year, with a total of 803.8 billion yuan raised in the first three quarters, up 63.6% year on year.
Feng Lei said that the central bank mentioned not to let the market be short of money and not to flood the market. The former is to prevent deflation, and the latter is to prevent inflation. If the central bank is still concerned about the stock market volume, it is still not concerned about the trading volume of the stock market directly.
In the first 10 months, the financial profit was 1.25 trillion yuan, and the target of 1.5 trillion yuan could be achieved in the whole year. Among them, the bank must have paid the most money. This year, the bank shares are relatively miserable, but the profits will come to an end. With the recovery of the entities, the bank shares will usher in opportunities. It is obvious that there are not many bank stocks to let more than 1.5 trillion yuan in profits. These withdrawals are more than ten trillion yuan.
This is good for today’s market.
Ren Zhengfei: once divorced, it’s not a broken tie
Glory can call down Huawei
Ren Zhengfei’s speech at the glory farewell meeting was published on Huawei’s internal website Xinsheng community.
Ren Zhengfei said that we should fully embrace global industrial resources and establish relations with suppliers as soon as possible.
Adhere to all advanced learning, including learning from people you don’t like. The United States is a powerful country in science and technology in the world, and many of its companies are excellent, so we should firmly and boldly cooperate with them;
At the same time, we should cooperate with our domestic partners and grow with them.
Glory wants to be Huawei’s strongest competitor in the world. Surpassing Huawei, you can even call down Huawei and become a self-motivated slogan.
Once the “divorce” is over, we are adults. We should deal with the separation rationally, strictly abide by the compliance management, strictly abide by the international rules, and realize their respective goals.
Feng Lei said that Ren Zhengfei said two lines of poetry. It’s hard to get along with each other. It’s hard to get along with each other. President Ren was forced to marry his daughter, and he would never come back. It’s really a great entrepreneur’s bearing to say this. Ren Zhengfei also explained why we want to sell glory. The main reason is that the United States wants to kill Huawei. Glory is no longer alive. It also involves a large number of agents, dealers and the jobs of millions of people. Without Huawei’s arms, glory can live. I hope the United States will not find fault again.
Next, Xiaomi, oppo and Meizu will be in trouble.
Does the national development and Reform Commission name Baoneng automobile really make cars or take land?
On November 25, a red headed document issued by the national development and Reform Commission (as shown in the figure below) quickly swiped the screen, requiring all localities to carry out investigation on the production and project situation of new energy vehicles, and named two enterprises.
The date of signing was November 13, and it has been more than ten days since the document was released. Why the fermentation has been rapid in these two days is unknown. Some media reported the latest progress, and the national development and Reform Commission has responded to the above-mentioned “notice”: “this matter is being implemented, and it is not convenient to talk about it now.” The side confirmed the authenticity of the document.
New energy vehicle industry is going to change?
I can’t help but think of the news a few days ago that Baoneng automobile Xi’an base was officially completed and put into operation, with a total planned production capacity of 1 million vehicles! At that time, leveraged real estate still discussed with friends, can Bao sell so many cars?
Feng Lei said that when a financial company wants to build a car, it has revealed its ambition. Obviously, there is a story in this. Baoneng and Evergrande, under the banner of making cars, are engaged in financial business with Evergrande. If they don’t do anything, they can just take the land, and they can achieve empty handed white wolf. Therefore, everything is to die, no wonder others
Domestic events
CAAC: release the passenger transport price of domestic routes operated by more than three air transport enterprises.
CCTV: officials from international organizations said that China’s poverty reduction experience is a treasure house.
Voice of the community: if Huawei issues a resolution, who will advise to build a car again can be transferred from his post.
Observer: on the detention of 53 Australian coal ships in China, the Australian Prime Minister said that we want to live in harmony with China.
Financial affairs
Ministry of industry and information technology and Health Commission: jointly organize the application of 5g + medical and health application pilot project.
Ministry of industry and information technology: accelerate the digital transformation of manufacturing industry and strengthen the construction of new infrastructure such as industrial Internet and 5g network.
Financial Association: Condiment prices rose, the price of scallion rose, and the supply was tight before the Spring Festival.
SAIC Group: it plans to participate in the establishment of a partnership with nearly 5.4 billion yuan, and the fund plans to invest in Zhiji automobile with Alibaba.
China Securities News: Wang Jianlin sells five-star hotel project in the United States! Wanda empties its overseas real estate and withdraws funds to deleverage.

and in the final analysis, it is the power of human nature

The market is not always right. In fact, it is full of deception and manipulation. The basic concept of economics is “equilibrium”. Therefore, as long as the current situation is favorable, there will always be someone who will seize the opportunity to make profits. At the same time, due to the pursuit of profits, the free market will also provide some wrong choices
On November 25, on the spot of “finance and economics annual meeting 2021: prediction and strategy”, a wonderful dialogue was staged.
George A. Akerlof, a famous American economist and winner of the Nobel Prize in economics in 2001, and Zhu Min, President of the National Institute of finance of Tsinghua University and former vice president of the International Monetary Fund, discussed the hot economic phenomenon and the social behavior and psychology behind it from the topics of financial market, economic equilibrium, capital story and human weakness.
1、 The market is full of “equilibrium” and “foolishness”, and the weakness of human nature brings profits
In the dialogue, George Akerlof shared his book “fishing for fools” with Robert shearer, hoping to challenge traditional economic views. The market is not always right, he says, but it is full of deception and manipulation. The basic concept of economics is “equilibrium”. Therefore, as long as the current situation is favorable, there will always be someone who will seize the opportunity to make profits. At the same time, due to the pursuit of profits, the free market will also provide some wrong choices.
In George Akerlof’s opinion, in the process of seeking business opportunities, businessmen will inevitably take advantage of human weakness to see whether they can create high profits for themselves. “Once they find such an opportunity, they will choose to take action.”. This phenomenon is called “fishing fool” by George Akerlof, and it is also a kind of “equilibrium”. In this process, if the market lacks restrictions, then every opportunity of excess profit will be fully utilized.
George Akerlof uses many interesting examples to illustrate his point of view. For example, he mentioned that many factories produce particularly cheap snacks. The slogan of a cinnamon roll chain store is “life needs a little sweetness”, which guides consumers to take sweet food as a matter of course and ignore health problems. This is the “equilibrium” and “fishing fool” phenomenon mentioned above.
In this regard, Zhu Min further explained that financial fraud also takes advantage of human weakness. Once they believe it, the cheater will “make up a story to convince themselves”, and things will become more and more serious, and even the financial crisis will happen.

2、 In the final analysis, behind market behavior is human nature
Zhu Min said that economics is a partial abstract theory. To extend economics to sociology, psychology and other disciplines, we should study the nature of human beings and the spread of stories, including how stories are made up, how to use human weakness to spread them, and how people finally convince themselves to accept the story. This is really a profound theory. For this reason, George Akerlof won the Nobel Prize in 2001.
This is a pure theoretical story, but the theory is so vivid that many things around us are the same. For example, people know that eating sweet food is not healthy, but they can’t help it; people know that smoking is unhealthy, but they can’t help it. So in this sense, we are far away from rational people. Adam Smith’s general equilibrium does not exist. This is a very important observation and a very important theoretical insight.
Zhu Min said that at this time of the day, it is still necessary for Caijing to invite a theoretical economist to talk about the theory. When we are concerned about the fluctuation of the stock market, the flow of the capital market, and the growth and fluctuation of the economy, we can see that behind the events, people are pushing forward. These are the forces of human nature playing a role and are all stories. Therefore, it is very important to understand market behavior and market equilibrium from the perspective of human weakness, and to understand the existence of error, foolishness, fraud and ignorance, which will make us far away from the concept of ideal equilibrium. In the final analysis, the market exists in the human society, and it is people who constitute all the actions to promote the development of the market. So when we look at the appearance of an event, we should still see people’s behavior and motivation from behind.
In the final analysis, to see people’s behavior, human weakness and the spread of stories is the most fundamental to understand all financial behaviors and financial markets today.
The following is the transcript of the dialogue:
Wang Boming: Good morning, ladies and gentlemen! Welcome to the annual Caijing annual meeting. Today, I would like to say that the annual meeting of Caijing was held in Tongzhou for the first time. Speaking of Tongzhou, I would like to say a few more words. Secretary Zeng is also here. In the past ten years, I have been to TongZhou twice. I am very sorry. I came here two months ago to attend the annual financial meeting of Tongzhou and heard about the development plan of Tongzhou. Just now, Secretary Zeng said that TongZhou’s future planning may require investment of nearly 800 billion yuan. What is the amount? Let’s imagine that when you go to Shanghai, you will see Pudong, which is shocked by the skyline of Pudong. In the next five to 10 years, if this plan is realized, we will also see a skyline of Beijing in Tongzhou. So I still say that. My mind is still in Tongzhou ten years ago. At that time, it was called Tongxian. Now it is called Tongzhou, the vice High School of Beijing Heart. In the next five to 10 years, it is hoped that the sub center of Beijing will be removed and TongZhou will become the real center of Beijing.
The annual meeting of Finance and economics in 2020 is indeed full of challenges, not one