On Thursday, December 31, the main board closed at 3539.18 points, down -0.94%. Today is also the end of the last trading day in 2015.
Major financial media have also begun to report on the review of the domestic capital market in 2015 and the outlook for the new year.
There is no doubt that 2015, with its skyrocketing rise and fall, was an unforgettable year for the more than 100 million investors of Big A. The super market in the first half of the year was as crazy as the flash crash in the second half of the year.
The ten or even twenty years of hard work of countless middle-class families were wiped out in the flash crash of this round of leveraged mad bull market. 21 trillion evaporated in half a year, and not even the smoke was seen. 21 trillion, there was no smoke.
Got it!
This is the capital market.
The vast majority of investors "deposit" money in the stock market and cannot withdraw it.
Tonghuashun has become the most expensive "game" software on the mobile phones of the majority of investors. It is the most expensive "mobile game" in history. It is one of the most expensive "mobile games". It is terrible to pay hundreds of thousands of dollars and still be fucked until you become unconscious.
With the end of the last trading day of 2015, the year-end fund performance rankings have also been officially locked in data.
Throughout 2015, the net value of 21 OTC funds increased by more than 100%. Among them, the second-ranked "Yifangda Emerging Growth Hybrid" has a cumulative net value increase of +171.78% in the past year, which can be said to be very bright.
Eye-catching.
It's a pity that such a brilliant result can only be ranked second.
Moreover, the scale of this fund is relatively small, with a total investment of RMB 2.7 billion.
Ranked first is the unsurprising Tiansheng Value Growth Hybrid Fund. After the market close, the name of this fund has been published in major financial media securities newspapers.
[The annual fund performance rankings are released, and Tiansheng Value Growth Mix wins the first place!] - "Doncai"
[This fund’s range increase in 2015 was +1982.29%, creating an almost unreplicable myth in the history of global funds!] - "Financial Associated Press"
[The cumulative increase for the whole year exceeded 19 times, worthy of the name of ‘Tiansheng Enchantress’!]——”Xinlang Finance”
…
Not only are the media competing to report on this exaggerated performance, but investors and citizens are also hotly discussing it. Major stock exchange groups, fund exchange groups, Taobao and other forums are also discussing it.
"It's really a long-lasting series. In March 2015, Baofeng Technology, which landed in Big A, won the annual demon crown with a full-year increase of +1950.88%. It is the well-deserved king of demon kings in individual stocks in 2015. I thought there would be no
Beyond the existence of this data, it turns out that I am still too young."
"+1982.29%, is this a fund? That's so cruel. You are a fund, not a stock. Don't be so outrageous!"
"Who would have imagined it? The arrogant exposed technology was actually suppressed by a public equity fund. The most outstanding company this year is actually a public equity fund."
"The performance of Tiansheng Value Growth Mix really makes me stupid."
"This is unprecedented, and I'm afraid it will be unprecedented."
"Tiansheng Enchantress is worthy of her name!"
"Don't say anything anymore, Brother Yi will always be in a state of despair!"
"My operation was as fierce as a tiger's, and as a result, my account lost money throughout the year. The thing I regret most this year is not getting on the train Tiansheng Enchantress!"
"Everyone thinks that after Brother Yi asked Tiansheng Yaoji to change the price, it will definitely not work. What's the result? The net worth increased by +87% in the fourth quarter. How many people can get this income within three months? I'm afraid 80
More than % of investors cannot win."
"Be confident, at least 90% of the time I won't win!"
"The pattern is small, at least 95% or more."
"The first batch of people who subscribed have made a lot of money this year. I'm really jealous. If I order the bonus and invest in it again, my income will explode!"
"It seems that Tiansheng Enchantress hasn't distributed any dividends yet, but it also exploded."
"You're still speculating on a stock that's really worthless. Next year, you'll just go for Tiansheng Enchantress, and then you'll lock it up and don't look at it. Labor and management will ask for the price to invest. Even Jesus can't stop me!"
"Me too!"
"Me too!"
"Me too!"
…
The annual performance of Tiansheng Value Growth Hybrid Fund in 2015 directly blinded countless people. The income of over 19 times can be called an epic and magical level.
No one would have thought that this active public equity fund could actually knock the 2015 individual stock demon king, Baofeng Technology, to the ground.
The magical performance has also driven investors' subscription craze to continue to rise. As of December 31, 2015, the scale of Tiansheng Value Growth Mixed Fund has reached the 32.6 billion yuan mark.
Its expansion has been rapid, and subscription data show that the reason for the sharp increase in subscription funds in the past half month is that institutional funds and funds from super large investors have also followed suit to take advantage of arbitrage.
Can this be tolerated?
Obviously, Lu Ming absolutely cannot bear it. It is bound to be bad for big investors to come in with funds like this. He is not afraid of the large amount of funds. What he is afraid of is the funds from these institutions. Big investors will come in to cause trouble and play short-term games.
It is not ruled out that someone with bad intentions is trying to cause trouble.
If there are frequent redemptions of more than one billion, and the fund does not have enough cash on its books, it will be forced to sell stocks to cash out the redemption funds, which will inevitably affect the position mix and the stock price plunge, thus affecting the net value income of the entire fund.
If they came in and held it for a long time, Lu Ming wouldn't worry at all, but Tiansheng Value Growth Mixed is an open-end public fund with free subscription and redemption, which gave them a loophole.
During the New Year's Day holiday on January 2 of the new year, Tiansheng Value Growth Mix directly issued an announcement to adjust the subscription rules. As for the new funds subscribed from the first trading day of the new year on January 4, the investor's redemption fund size
For orders over 50 million, reservations are required on T+15 days.
Lu Ming doesn't mind institutional funds and funds from large investors coming in. Anyway, the management fees will still be collected. Just don't engage in the kind of operation that suddenly redeems billions for you. The fund operation is very passive.
With the agreement on T+15, we can easily adjust positions and exchange shares.
…
At around nine o'clock this morning, Lu Ming entered the trading room after arriving at the company. This was the first time he entered the trading room after more than three months.
When he came, not only Li Mingyang, but also traders felt that something was unusual.
At this time, there were still seven or eight minutes left before today's call auction, and Li Mingyang chatted: "Mr. Lu, what do you think of the formal implementation of the circuit breaker mechanism? What impact will it have on the capital market in the future?"
In the past month, the biggest thing for the domestic capital market has been the official implementation of the circuit breaker mechanism on January 1, 2016. In early January last year, the relevant regulations on index circuit breaker were officially released. The circuit breaker benchmark index was Shanghai and Shenzhen.
300 index, using two thresholds of 5% and 7%.
That is, if the CSI 300 Index rises or falls by more than 5%, trading will be suspended for 15 minutes, and if the rise or fall exceeds 7%, trading hours will be suspended until the close.
Today is the first trading day of the new year, and it is also the first trading day when the circuit breaker mechanism is officially implemented.
Hearing what Li Mingyang said, Lu Ming let out a long sigh and was speechless for a long time. He shook his head to himself. Li Mingyang was also confused when he saw the boss's reaction.
Lu Ming glanced at Lao Li and said concisely: "It's going to collapse!"
There are some things you cannot say, and you cannot say them too plainly.
Li Mingyang said in surprise: "Crash? No way, Mr. Lu, after experiencing the flash crash in the second half of last year, the risks should have been released in place. Even if the valuation is still too high, it will not cause a flash crash."
Lu Ming sighed: "The tightening of financing and financing in the first half of last year directly or indirectly led to more popular over-the-counter private capital allocations, which in turn promoted the surge in the market. The management's starting point is good, but the reality is often the opposite. This will
The purpose of playing with the circuit breaker mechanism is to prevent a stock market crash, and the starting point is good, but there is a high probability that it will do the opposite and cause an even greater stock market crash."
Speaking of this, Lu Ming looked at Li Mingyang and nodded his head and added: "People, people here tend to like to make up their minds, and the current environment is not very good. If you do something like this at this time, how can you not make up your mind?
Market sentiment will make you wonder, is there really a big problem? But if you don’t know the specific situation, what should you do?”
Li Mingyang said without hesitation: "Thirty-six strategies are the best ones. I don't care about them. I'll run away first."
Lu Ming suddenly snapped his fingers: "So, when you think like this, something will happen if nothing happens. The market will inevitably trigger a stampede to escape. After seeing the market collapse, you will think again and make sure that your judgment is indeed right. Look,
It’s a flash crash, right? When the market started to circuit breaker for the first time, market panic caused further capital flight. When the market opens, it will definitely go straight to the second circuit breaker, oh well... it’s tragic that many will kill many!”
Li Mingyang suddenly realized, no wonder the BOSS began to withdraw in December, it really ran faster than a rabbit!
As time goes by, the opening time of the first trading day of the new year comes.
…
(Ps: The 18th update is on the shelves today, 18 one-line daily limit has been pushed out. The combined force of this wave is a bit fierce, and it is still relaying. Wow! How many boards will it take to stop this super market wave you launched...
