Yu Ming first considered the fundamentals of the Chinese stock market.

At present, the shares of listed companies are not fully circulated in the stock market, and the shares of listed companies are divided into state-owned shares, corporate shares and public shares, while only public shares are listed and circulated, and the proportion of public shares in the company is not large.

At present, many large state-controlled companies that control the lifeblood of the country's economy are not listed.

At present, among the stocks that have been listed, the only stocks that are fully tradable or close to full tradable are Yanzhong Industrial (600601), Feilo Audio (600651), Aixiang (600652), Shenhua Industrial (600653) and Industrial Real Estate (600603).

At this stage, the stock is completely different from the purchase of stocks at the end of 1992, the Kyoto index is in the process of bottoming out, and the return is greater than the risk, and this time the Kyoto index is in a downward channel, far from the bottom area, so the risk of buying stocks is very large, and the risk is greater than the return.

If you want to open a position in a bear market, you must be cautious.

Yu Ming searched for important events related to the stock market in 93, and there were 4 in total: on April 22, Decree No. 112 of the State Council of China, the "Interim Regulations on the Administration of Stock Issuance and Trading" was officially promulgated and implemented; On May 3, the first day of the Shanghai Stock Exchange's sub-stock price index was announced, which is divided into five categories: industrial, commercial, real estate, public utilities and comprehensive. On May 5, the Interim Measures for the Registration and Administration of Futures Brokerage Companies, the first futures market regulation of the Chinese Empire, was officially promulgated by the Imperial Administration for Industry and Commerce.

Yu Ming noticed another piece of news: the Securities Commission of the State Council of China plans to release the latest "Interim Measures for the Administration of Stock Exchanges" on July 7.

After Yu Ming did the fundamental analysis, he followed up with the general trend analysis.

At present, the Huaxia stock market is still a policy market, and the pressure on the stock market to expand in the second half of 93 is still huge, and the stock market does not yet have the conditions and momentum to rise.

Although the Kyoto Index has experienced a decline in the past six months, the stock price of the Huaxia stock market is still overvalued compared with the relatively mature stock markets abroad.

Yu Ming's analysis concludes that the bear market in the stock market will continue for a long time, and the current stock market has no investment value.

Yu Ming is clear, there are also stocks that have risen sharply in the bear market, and the reason why Yu Ming has been short for a long time in the early stage is mainly that there are very few stocks that have risen sharply in the bear market, which can be described as one in a thousand, once the wrong stock is chosen, facing the danger of being deeply trapped, Yu Ming does not dare to take this risk.

Huaqing University is going to have summer vacation next week,

Yu Ming had two months of ample time and decided to take advantage of this one-in-a-thousand opportunity.

In a bull market, dividends and shares, additional shares, performance growth, asset mergers and acquisitions, institutional heavy positions, and strong market makers may become the subject of speculation, but in the bear market, it is often ineffective, and sometimes it becomes an opportunity to pull up and escape.

So what are the characteristics of stocks that can rise against the market in a bear market?

Yu Ming believes that it is nothing more than one: it can provide a brand new theme that has never been hyped in the early stage.

Opportunities are often reserved for those who are prepared, and it is clear that they have decided to look for opportunities in the soon-to-be-promulgated Interim Measures for the Administration of Stock Exchanges.

After Yu Ming carefully read the draft of the Interim Measures for the Administration of Stock Exchanges, Chapter 4, "Acquisition of Listed Companies", aroused Yu Ming's strong interest.

There is a sentence in Article 47 of Chapter 4 that makes Yu Ming feel that this is the information he is looking for!

Article 47 begins with the following words:

"When any legal person directly or indirectly holds 5% of the ordinary shares issued by a listed company, it shall make a written report and make an announcement to the company, the securities trading venue and the China Securities Regulatory Commission within three working days from the date of occurrence of such fact."

Taken the other way around, it means that "any legal person directly or indirectly holds the outstanding ordinary shares of a public company." ”

This is a signal that gives a company that wants to expand the opportunity to acquire listed companies in the secondary market, and it is impossible to acquire a company with a large number of state-owned shares and corporate shares through almost insignificant circulating shares in the secondary market, but it is completely successful for the acquisition of listed companies that are all public shares.

This discovery is a guiding light for Yu Ming. Yu Ming turned his attention to the only five fully tradable stocks in the stock market: Yanzhong Industrial, Feilo Audio, Aixiang Shares, Shenhua Industrial and Industrial Real Estate in Shanghai.

If there is an acquisition in the market, Yu Ming believes that the first person to launch the acquisition must be a bull in the economic circle with strategic vision, and will definitely choose the most suitable one of the five fully tradable stocks for acquisition, and Yu Ming will naturally not scatter his funds on the five stocks to cast a net.

This time, Yu Ming is speculating on the subject of acquisitions, and he is going to do a mid-line, naturally in order to maximize profits, and he must choose a stock to do his best.

Yu Ming thought, if I plan the first acquisition of the Huaxia securities market, then, the large circulation of the large cost of funds, the uncertainty is also large, the possibility of successful acquisition is also reduced, Yu Ming first of all the circulation of the larger industrial real estate, Shenhua Industrial, Feilo audio three stocks denied.

It is stated that it is necessary to choose one of the two shares of Yanzhong Industrial and Ai Making, which have a small circulation. Yu Ming checked the total share capital of the two stocks, the total share capital of Yanzhong Industrial is 30 million shares, and the share capital of Ai Ling shares is 5.4 million shares. Yu Ming believes that theoretically, the acquisition of fully tradable shares with a small total share capital costs less, but the total share capital of the shares is too small, and it is not easy to buy the number of shares to achieve the purpose of holding in the secondary market, and one of the purposes of the acquisition is also to make money from the secondary market.

Yu Ming looked at the financial data of Yanzhong Industrial, the company's stock has a high gold content, 92 years, is 20 million total share capital, net assets per share at the end of the year 39,400 yuan, net asset value of 78.8064 million yuan, Yanzhong Industrial 92 years of the main financial analysis indicators are: current ratio of 1.36, net assets per share of 5.25, inventory turnover of 5.80, total asset turnover of 12.7.

The high amount of gold in Yanzhong Industrial shares is also an important factor in attracting major takeovers. Yu Ming decided to wait for the official promulgation of the "Interim Measures for the Administration of the Stock Exchange" to choose the opportunity to build a position in Yanzhong Industrial in the summer of two months.

How to operate it specifically, Yu Ming has to think carefully.

Yu Ming immediately checked the closing situation of Yanzhong Industrial on Friday, June 28, and Yanzhong Industrial closed at 9.85 yuan, down 52.64% from the closing point of 20.80 yuan on February 15.

The decline of Yanzhong Industrial far exceeded the decline of 34.50% of the broader market, and the shares were relatively cheap and the cost of building a position was relatively low, creating conditions for the main acquisition of Yanzhong Industrial.

This made Yu Ming more confident in building a position in Yanzhong Industry, of course, but also pay attention to risk control, after Yu Ming opened a position, once he found that the time to open a position was not right, and the decline reached 10%, he immediately cleared the position and stopped loss.