"Are the documents already out?" Su Yu asked.

"There are no clear documents yet." Lin Antu said, "But judging from the market information I have collected, it is already blowing in this direction." ”

Su Yu bowed slightly, pondered for a while, and said: "The reform of the mixed system of state-owned enterprises has been going on, there are hot spots in the market from time to time, the target is difficult to grasp, and there is not much chance of participation, but the line of 'military-civilian integration' you mentioned is worth noting, the road of military asset securitization, and even the entire policy of strengthening the army, the reform of military enterprises, etc., in the current macro background, I am afraid that it will soon be put on the agenda." ”

"Yes!" Lin Antu nodded, "I think so too." ”

"I'll talk to everyone in the fund trading department and the analysis room." Su Yu said, "What about other market information? What's next for the central bank...... What will happen? ”

Lin Antu replied: "In addition to the previous release of a reverse repurchase quota of 500 billion yuan in order to alleviate the liquidity crisis of the banking industry in the case of off-balance sheet asset contraction, the central bank has not made any other moves for the time being, and it is estimated that it will ...... At the end of this year, there will be no other water release behavior, and in general, on the macro level, the market capital is still tight. ”

"It seems that in the short cycle at the end of the year, it will be difficult for the market to have a market." According to the information collected by Lin Antu, Su Yu made corresponding judgments.

"Oh, by the way, Mr. Su......"

Lin Antu paused, and said: "In terms of real estate, the recent wind direction seems to be changing, and it should be time to relax the regulation!" ”

Su Yu said with a smile: "This is expected, if you don't let go, the local finances should be tight, and the real estate economy, driving urban construction and national infrastructure, in the entire macro 'urbanization construction' strategy, it is not so easy to say stop and stop, the real estate tightening in the past two years, the property market has gradually lost the role of the capital reservoir, resulting in a significant rise in CPI, macro control, at this time to change course, understandable." ”

There are too many real estate, associated interests and industries.

In addition, after the tax reform, the local government relied heavily on the income from land sales, and it is simply unrealistic to really continue to tighten the regulatory policies of this industry.

So, in Su Yu's opinion......

As long as the local fiscal revenue and the real estate economy are bound together, as long as the macro strategy of 'urbanization construction' has not yet reached the limit of development, as long as the industry can still squeeze out new demand, then the industry will not die, and will continue to fluctuate back and forth in the relaxation and tightening of macroeconomic control.

What's more, at the current stage, the national urbanization rate has just exceeded 60%.

The desire of peasants and workers to go to the cities is still strong.

That is to say, he believes that the potential demand for real estate at this time is still strong, so when the industry's macro control from a tightening state, gradually to loose, the real estate industry, in the future will definitely usher in a situation of both volume and price.

And in fact, the development of history is indeed the same!

"Mr. Su is very optimistic about the future of real estate development?" Lin Antu asked, "But the national housing price level is not low, and if it goes up, I'm afraid the potential is running out, right?" ”

"The potential of housing prices is directly proportional to the demand." Su Yu said, "how much potential housing prices have, it depends on how much market demand can be stimulated, in general, the 'real estate' to drive the entire infrastructure, urbanization, and even the entire macroeconomic route, is still very stable, there are no problems." ”

"In this way, infrastructure and real estate, in the case of further relaxation of macroeconomic control."

"It should be a better performance."

"It's just ...... in this field"

Su Yu paused and continued: "Both the core stocks and the volume of the sector are very large, and if there is not enough incremental funds to promote, I am afraid that it will not be able to set off a sustained big market." ”

"Therefore, although there are opportunities in this field, the conditions for the market to break out are not yet mature."

"Of course, there has to be a better story and performance expectations to continue to stimulate."

"Anyway...... Su Yu smiled, "The market intelligence data collected by Director Lin is still very useful for our macro investment strategy judgment." ”

The two talked for a while about the impact of market information on the direction of investment.

Subsequently, Lin Antu said some important news that happened in Yuhang recently, as well as some inside information he heard through information channels, and then exited Su Yu's office, preparing to upload relevant information to the company's intranet for backup.

After Lin Antu left.

Su Yu rested for a while, and then came to the company's internal trading room.

I saw that the traders were looking down to review the market when the two markets had closed, summarizing today's trading operations, sorting out the entire market evolution, and combining the company's intranet data, network public information and other data to deduce possible subsequent market changes.

"How's it going today?"

Su Yu stood beside Li Meng and asked with a smile.

Li Meng looked up and saw that it was him, smiled, and said: "The market of the two cities is still very sluggish, although the index has temporarily stopped falling, but the popular stocks are still bad, active funds are withdrawing, and the market volume is also further declining, and I feel that the market has not fallen." ”

"And ......"

Li Meng paused, and then said: "The situation of Shanghai being strong and deep and weak has been staged again. ”

"Judging from the overall situation of the market retracement in the past few days, the ChiNext has fallen hugely, while the Shanghai Composite Index has fallen relatively shallowly."

"I feel that there are signs of market funds gathering in the direction of the main board to avoid risks, especially in real estate, consumption, and infrastructure, which are very resistant to decline in the entire retreat of the two cities."

"Yes!" Su Yu bowed slightly, and continued to ask, "What about positions?" ”

Li Meng replied: "Both funds maintain the minimum position operation, and the current net value drawdown of the fund is limited, and all risks are still controllable." ”

"In the direction of real estate, according to the information collected by Director Lin, whether it is high-level or local, there are signs of macroeconomic control to loosen the property market." Su Yu said, "This may be the reason why real estate and infrastructure performance are obviously resistant, but I think the current overall lack of funds in the market, this kind of large-scale sector, even if there is the basic logic of the expected change, but there is not enough incremental capital support, I am afraid it is difficult to go far, not sustainable, and the index obviously did not really fall through, and it is difficult to say that these two major sectors that temporarily resist the fall will not continue to fall, so it is not yet the time for the layout, what do you think?" ”

"Under the nest, Ann has finished eggs?" Li Meng said, "I agree with you, even if you want to layout, it has to be after the index falls through, the current market sentiment, although it has been in the downturn range, but the limit of the sentiment is still obviously a distance." ”

"Yes!" Su Yu continued to nod and asked, "What about the free subscription and redemption of the 'Yuhang No. 1' fund?" Are there any investors redeeming shares? ”

Li Meng replied: "Yes, the largest investor of our 'Yuhang No. 1' fund, that is, Mr. Lin Yaozu, who holds the largest share of the 'Yuhang No. 1' fund, redeemed half of the investment share, of course, after he redeemed the share, the vacated investment quota was snapped up by investors within half a minute. ”

"This year, the coal industry is extremely difficult, and the Wufeng coal industry of the Lin family should have suffered a lot of losses, presumably because the group's capital chain is tight, so it has to redeem half of the investment share to make up for the loss of the main business." Su Yu said, "What about him? Are there no other investors redeeming their shares? ”

Li Meng shook his head and said: "No, whether online or offline, investors in the entire market still have very high expectations for our company's fund products, and even I have received many calls from our important investment customers, and everyone has suggested that we open a larger fund product." ”

"It's hard to chew too much." Su Yu said, "For private equity companies like ours, product performance is the lifeline, and blindly pursuing scale has fallen to the lower levels, which is not conducive to our development." ”

"Yes!" Li Meng nodded, "I think so too." ”

While the two were talking, it came at half past five in the afternoon, and the dragon and tiger lists of the two cities were announced.

I saw only a dozen stocks on the list, and among the stocks on the list, the well-known capital seats and institutional seats were all invisible, and the market was really smart A group of active funds, the ebb tide is very obvious.

Among them, there is still a stock that has attracted Su Yu's attention.

That is, through the backdoor Ancai Paper, the resumption of trading and the renaming of the 'Kumho Group', today is the second trading day of Kumho Group's backdoor listing, and it closed with a daily limit without surprise, and the market value jumped over 15 billion.

"Kumho Group's stock is still worth paying attention to."

Su Yu stared at the data of the Dragon and Tiger List, pondered for a moment, and said: "Its resumption node and market attention, in the context of the relaxation of macroeconomic control of real estate in various places, can play a premium space, I am afraid that it will not be small, theoretically speaking, it may also drive other real estate stocks to repair the valuation." ”

"If it can really drive the whole market sentiment, the chase for the real estate sector."

"Then it's okay for us to intervene in some positions in advance."

"Good!" Li Meng responded, "We will pay attention to this check." ”

"Oh, there's ......" Su Yu paused, remembering something, "In the information collected by Director Lin, there are some important information about the field of military investment, you can take a look at it, and then let's discuss the possible investment opportunities in this direction." ”

"In the military industry?" Li Meng was a little surprised.

Su Yu bowed slightly, and said: "Yes, the deepening reform of military enterprises should be in progress, coupled with the macro strategy of 'strengthening the army', the country's future investment in this area will definitely increase, regardless of the policy expectation space, or the road of asset securitization in this regard, it should be worth looking forward to." ”

"Although this field, because of the limited nature of information disclosure, as well as the influence of too much news-driven, as well as the variability of performance, the valuation is not clearly benchmarked, etc., it is not very favored by mainstream funds, but it is precisely these reasons that have created the natural high flexibility of the market in this field, as well as the natural extremely high game value."

"If this field can blow a gust of wind......"

"Then, if we have a head start, the profit should be very rich."

"After all, in this field, in the logic of stock price rise, the dominance of emotions is far greater than the dominance of performance, and there is relatively no ceiling in the space for speculation."

"Good!" Li Meng responded, "I'll study it carefully." ”

This year's performance, as well as the market, no matter how brilliant, are now a thing of the past.

Standing at the current point in time, both of them believe that the first issue is to focus on the future and set the macro strategic direction of investment next year.

Only in this way will you not be confused.

Only by preparing in advance, can we see clearly and grasp the real opportunity before it comes.

After setting the basic direction strategy, in the next few trading days, Su Yu, Li Meng, and the core members of the fund trading department and the analysis department began to gradually collect more market information, investigate and analyze stocks in related fields, and set investment targets in these two directions.

With the entire fund trading department, it will turn its attention to the investment layout next year.

The market index, also in the context of the lack of macro funds, continued to shrink and fall, once again approaching the low point of the previous 'IPO restart' bearish blow.

At the same time, the Issuance Examination Committee passed the review of the first batch of listed companies after the resumption of IPOs.

It is further to draw blood on the stock of funds in the market.

In the end, on the last trading day of the year, that is, on December 27, the Shanghai index was fixed at 2136.37 points, almost rising throughout the year, maintaining a bottom shock pattern, while the GEM index was fixed at 1134.65 points, compared with the beginning of the year, the increase was nearly doubled.

Faced with such a year-end closing situation.

All kinds of investment institutions that are heavily invested in the GEM are naturally full of red faces and extremely happy, while investment institutions that are heavily invested in the direction of the main board are extremely depressed and feel lonely.

Of course, no matter what the situation is, everyone is still optimistic about next year and the market outlook.

After the year's finale......

Seeing the next New Year's Day holiday, whether it is Su Yu, Li Meng, or the core directors of various departments of 'Yuhang Investment', they have no time to rest, and their schedules and work have been filled.

Among them, Liang Bin and He Qian of the venture capital department.

After 'Yuhang Investment' and 'Tianqi Lithium' formally signed an investment agreement, they have personally fully docked this project, and joined Liu Wei's team to comprehensively snipe Knockwood's acquisition of Talison in Australia.

Li Meng went to Yanjing to participate in the industry's annual fund summit as the managing fund manager of the 'Yuhang No. 1' and 'Yuhang No. 2' funds, and won back the honor of 'Yuhang Investment'.

As for Su Yu......

At the same time that Li Meng and Li Xiaoling set off for Yanjing, accompanied by Dai Lingna, they were invited to come to the magic capital to participate in an international financial institution investment summit held on December 31, as a representative of the 'Yuhang Investment' institution, to meet with representatives of well-known institutions from all over the world, and to get to know various business figures in the magic capital.