Tuesday, 10 November 1992.

The Kyoto Index closed at 424.57 points, down 7.01%;

Yuyuan Mall closed at 107.50 yuan, with a volume of 461 lots, down 2.71%;

Lianhua Synthetic Fiber closed at 11.20 yuan, with a trading volume of 3,160 lots, down 10.40%;

Yu Ming opened 350 lots of Yuyuan Mall at an average price of 118.32 yuan, consuming 4,141,200 yuan;

Yu Ming began to build a position in Lianhua Synthetic Fiber in the afternoon of this day, and at an average price of 11.33 yuan, he opened a position of 2,000 hands of Yulianhua Synthetic Fiber, consuming 2,266,000 yuan.

……

Friday, 13 November 1992.

The market rose slightly on Wednesday and Thursday.

The Kyoto Index closed at 456.67 points, down 0.41%;

Yuyuan Mall closed at 111.60 yuan, with a volume of 259 lots, down 0.31%;

Lianhua Synthetic Fiber closed at 12.02 yuan, with a trading volume of 2,084 lots, up 1.66% on the day;

In the past three days, Yu Ming built 856 lots of Cangyuyuan Mall at an average price of 111.7 yuan, consuming 9561,520 yuan;

At an average price of 11.84 yuan, Yu Ming built a total of 5,000 hands of Lianhua Synthetic Fiber, consuming 5.92 million yuan.

So far, Yu Ming has completed the warehouse building operation of Yuyuan Mall, and built a total of 1,506 lots of Yuyuan Mall, costing 17,185,120 yuan, and the cost of building a warehouse is 114.11 yuan per share.

Because he was not sure how long it would take for the bear market to bottom, Yu Ming set a 10% stop loss level for Yuyuan Mall, and the stop loss price was 102.7 yuan.

In the future, we will continue to complete the position building operation of UMC.

This evening, it was reported that next Monday, Highly shares (600619) will be listed for trading, and next Tuesday, Tianchen shares (600619) will be listed for trading.

Because the stock market has entered the bottoming stage of sideways consolidation, it is completely safe to build a position, Yu Ming decided to set aside the funds to build a position in Highly shares, and after cashing out 24 sets of real estate in Qiongkou City, he will build a position in Tianchen shares.

Over the course of two days over the weekend, Yu Ming sold 24 sought-after "Southern Impression" sea-view rooms at a current price of 5,000 yuan per square meter, realizing 13,536,000 yuan.

Monday, 16 November 1992.

The Kyoto index closed at 430.32 points, down 3.70%;

Lianhua Synthetic Fiber closed at 11.40 yuan, with a trading volume of 2,159 lots, down 5.19%;

Highly shares closed at 5.70 yuan, with a trading volume of 13,376 lots, and the first day of listing does not calculate the rise and fall;

At an average price of 11.53, Yu Ming opened a position of 1,500 hands of Lianhua Synthetic Fiber, consuming 1,729,500 yuan;

At an average price of 5.81, Yu Ming built 7,000 lots of Highly shares, consuming 4.067 million yuan.

Tuesday, 17 November 1992.

The Kyoto index closed at 423.99 points, down 1.47%;

Lianhua Synthetic Fiber closed at 11.37 yuan, with a trading volume of 2,960 lots, down 0.26%;

Highly shares closed at 5.51 yuan, with a trading volume of 8,000 lots, down 3.41%;

Tianchen shares closed at 7.35 yuan, with a trading volume of 18,679 lots, regardless of the rise and fall on the first day of listing;

At an average price of 11.43, Yu Ming built a position of 2,000 hands of Lianhua Synthetic Fiber, consuming 226,000 yuan;

Yu Ming built 7,000 shares of Highly at an average price of 5.81, consuming 4.067 million yuan;

Yu Ming built 10,000 Tianchen shares at an average price of 7.52, consuming 7.52 million yuan;

……

Friday, 20 November 1992.

The Kyoto Index closed at 437.44 points, up 0.62%;

Lianhua Synthetic Fiber closed at 11.65 yuan, with a volume of 2,988 lots, up 0.86%;

Highly shares closed at 6.65 yuan, with a trading volume of 24,751 lots, up 0.65%;

Tianchen shares closed at 8.89 yuan, with a trading volume of 28,700 lots, up 0.79%;

After the market closed this afternoon, Yu Ming finally completed the opening operation of all funds, with a total of 6509,060 yuan of funds, which has been filled with four stocks: Yuyuan Mall, Lianhua Synthetic Fiber, Highly Shares, and Tianchen Shares.

At a cost of 17,185,120 yuan, a total of 1,506 lots of warehouse Yuyuan Mall were built, and the cost of building the warehouse was 114.11 yuan per share;

At a cost of 17,174,460 yuan, a total of 14,530 lots of Lianhua Synthetic Fiber were built, and the cost of building the warehouse was 11.82 yuan per share;

At a cost of 17,198,800, a total of 29,200 shares of Highly were built, and the cost of building a position was 5.89 yuan per share;

At a cost of 13,537,620 yuan, a total of 15,384 shares of Tianchen shares were built, and the cost of building a position was 8.80 yuan per share.

The closing price of Yuyuan Mall on the previous trading day was 136.1 yuan, and only Lianhua Synthetic Fiber was loss-making, and Yuyuan Mall, Highly and Tianchen were profitable.

Based on comprehensive calculations, Yu Ming opened a position in four stocks at the end of the bear market, not only did not lose money, but made a profit of 3.2 million yuan.

……

Yu Ming remembers that on the evening of November 2, after the shareholders' meeting of Qiongnan Hengsheng Real Estate Development Co., Ltd. decided to withdraw its capital, when chatting with Qian Jinguang, the general manager of Huaying Investment Company, Qian Jinguang said that their company has a pawnshop called "Taisheng Pawn", which has expanded its stock mortgage business this year, saying that their company has strong funds and there is no problem with a loan of 70 or 80 million.

Yu Ming thinks that now that the stock market has bottomed out, a V-shaped reversal may be formed at any time, and if the risk of stock mortgage is not large, it is a good way to borrow chickens to lay eggs.

On Saturday, accompanied by Severia, Yu Ming went to Huaying Investment Company in Zhongguancun to find Qian Jinguang and consulted about the details of the stock mortgage loan of "Taisheng Pawn", and mainly understood four main points:

Personal stock pledge loan refers to a loan method in which an individual stock owner pledges his or her stocks, securities investment fund bonds and convertible bonds of listed companies to obtain funds. The stock pledge rate is agreed between the lender and the borrower based on the quality of the pledged shares and the borrower's financial and credit status, but the stock pledge rate cannot exceed 60%.

The FPRC "Online Trading Client" is the software provided by Party A to Party B for the application of securities pledge pawn business, including the functions of stock trading cancellation, inquiry, settlement and so on.

After the completion of the personal stock pledge loan, there are two accounts, A and B, account A refers to the pledge account, which is the personal account set up by Party B in the securities company, and after the stocks and other securities in account A are pledged to the pawnshop, Party B loses the ownership of account A, but can trade stocks in the account; Account B refers to the pawn account, which is a capital account provided by the pawnshop, including a capital account and a stock account, and the pawn money obtained by Party B's pledge is provided by the account; Party B obtains the authorization to use the account for stock trading transactions (including capital account and stock account).

Party B authorizes Party A to liquidate the position when the total market value of the assets in Party B's account A and the pawn assets in account B falls below the liquidation line agreed in this contract. Party A has the right to sell the shares in Party B's account B and account A at the market price without notifying Party B, and transfer funds from Party B's account A to make up for the pawn principal and interest and losses of Party B's pawn money in account B.