Yu Lei responded nervously: "The market fell too fast, and the sell-off was too concentrated, and there were several stocks that fell within a minute or two of the opening, so we didn't lose much of our chips." ”

"How much have you lost?" Liu Guanhai asked urgently, "500 million, 300 million, 200 million?" ”

"65 million!" Yu Lei responded, "The position of our fund has only decreased by 6.7%, and there is still a long way to go from getting rid of risks." ”

"65 million?" When Liu Guanhai heard this number, his heart was about to collapse, "Selling regardless of the cost, how can you sell such a little chip?" ”

Yu Lei replied: "Not only do we sell again, we have already sold at a price ten levels below the market price without stopping, but today's 'infrastructure', ' As long as there is a large order to sell a large order on the disk, the stock price will fall straight down, basically without any active buying, a smash down, it is a bottomless abyss, and even if it has been smashed, there are still countless selling funds to grab orders with us, and there is really no way to sell quickly on a large scale. ”

"In addition, in the direction of our heavy holdings, there are 5 stocks that have fallen to the limit."

"These 5 stocks have completely lost liquidity, and we can't sell a single share."

"What about net worth?" Liu Guanhai put his hands on the desk, supported his body, and asked, "How much has the net value of the fund been withdrawn?" Are we still profitable this month? ”

Yu Lei responded: "From yesterday's high, the net value of our fund has retraced more than 10% from the highest point, and the previous profits of this month have all been taken back...... We have to announce the net value of the fund to investors. ”

"What the hell is ......" Liu Guanhai heard this terrible situation, and finally couldn't help but scold, his eyelids jumped, "Another wrong step, another wrong step." ”

"What now?" Yu Lei saw that Liu Guanhai's face was slightly hideous, and asked anxiously.

Liu Guanhai took a breath, forced himself to calm down, and said: "There is no way, I can only continue to reduce my position, and do my best to reduce my position, at this time...... You can't think about profits anymore, you have to reduce your position and control the net value of the fund within the investment warning line, so that you can ...... We have a future to make up for this loss! ”

"But the market is already in a state of collapse." Yu Lei said, "Liquidity continues to decay......

Liu Guanhai interrupted Yu Lei's words and said: "Even if the liquidity is decayed, there is still liquidity, among the stocks we hold, there are stocks that have not yet fallen to the limit, and those that can be sold can be sold for me, and if you can't sell them at a low level of 10, you will be listed down 20 gears, in short...... Even if the stock price is hit in the direction of the falling limit, we must reduce the position, otherwise we will be too passive. ”

"Got it!" Yu Lei saw that Liu Guanhai had made the final decision, nodded, and gritted his teeth and quickly ordered the traders behind him to carry out desperate selling and reducing positions.

And when they made the operation of 'even if the stock price is killed to the falling limit', they will go all out to reduce their positions.

At this moment in the deep market, inside Xinniu Fund Company, the 'Manniu No. 1' fund product trading room, also did not have time to reduce positions before the bearish fermentation, and the fund manager Fang Xinsheng, who was locked in the market almost full, looked at such a unilateral plunge and no resistance to the market trend, and his heart was also quite anxious.

"Hey, we are still too hesitant to grasp the selling point." Fang Xinsheng sighed and said, "When the market opens, it should be sold directly at the market price, and go all out to compete for intraday buying liquidity, instead of taking a position in the form of a pending order, now...... The market is on the two high-level main lines of 'infrastructure' and 'state-owned enterprise reform', and the buying volume can be significantly further exhausted. ”

Mu Zhengxing, the head of the trading team, responded: "After the opening, the market fell too fast, and even many high-level hot stocks in the main line of 'infrastructure' and 'state-owned enterprise reform' fell within a minute or two of the opening. ”

"And ......"

Mu Zhengxing paused and continued: "Although we are a little behind in the news, and we have missed the best opportunity to reduce our positions in terms of selling points, the overall position of our fund, in the direction of 'infrastructure' and 'state-owned enterprise reform', the cost of chips in the direction of the two main lines of holding positions is still quite low. ”

"I can't take profit in time, and the loss is only the recent floating profit, and the impact will not be great."

"Moreover, in terms of the current market liquidity, especially the two main areas of 'infrastructure' and 'state-owned enterprise reform', a number of high-level hot stocks have all been abandoned by active funds in the market, and the market sell-off is endless, and the number of buying orders is decreasing rapidly every minute."

"I want to ...... It's not just that we can't get out, and we can't complete the timely position reduction strategy. ”

"Other major funds with larger holdings than our infrastructure products are also easy to get out, so ...... On the whole, the short-term net value drawdown, whether it is for investors, or for our performance ranking in the industry, or semi-annual performance, in fact, the impact is not too great. ”

Thanks to the recent month or so, the entire fund product has been heavily invested in the early operation strategy of the main line of 'infrastructure' and 'state-owned enterprise reform'.

The current net value of the 'Manniu No. 1' fund product.

Although it has retraced more than 10% compared to yesterday's highest intraday position, it is still more than 25% profitable compared with more than a month ago, and the annual net value performance is still at the 20% profit line, significantly outperforming the Shanghai Index and the CSI 300 Index.

In other words, the net value performance of 'Manniu No. 1' so far this year.

Not only is it still the best group of asset management institutions in the industry, but it also greatly exceeds the expectations of the company's general manager and the majority of investors in fund products.

So, in Mu Zhengxing's opinion......

The performance of the company's trading department during this period of time, although not perfect, is definitely excellent.

In this way, there is no need to criticize the best selling point that you missed at the moment, after all, as long as the trade is profitable at the end of the game, it is not a wrong trading strategy.

Fang Xinsheng glanced at Mu Zhengxing and said: "In the matter of market trading, we can't just seek a 'golden mean' way, we missed the best opportunity to take profit and reduce positions, that is, we missed, we don't need to find any excuses, of course...... It is useless to regret it at this moment. ”

Speaking of this, his gaze once again sharply turned to the rapidly changing trading market of the two markets.

After a pause, he continued: "The market sentiment collapsed too quickly, coupled with the speculation of the two main lines of 'infrastructure' and 'state-owned enterprise reform' for more than a month, the accumulation of profits in the relevant sectors is already the most serious area in the entire market...... You can only sell decisively. ”

"Continue to sell, large-cap stocks with relatively good liquidity can be sold by placing orders."

"However, for medium and small-cap concept stocks with relatively poor liquidity, low-priced pending orders cannot obtain liquidity, so they can only exit their positions in the form of market price killing."

"Now that the market has already seen its selling point, and we know that as time goes on, the more we wait, the worse the situation will be."

"Then we can't have any more hesitation."

"yes, I see." Mu Zhengxing nodded, and quickly issued a new trading order to the trader behind him, and at the same time, he stared at the disk of a few blue-chip large-cap stocks, and continued, "Look at the trading disk of several large-cap stocks of Huaguo Construction, Huaguo Communications Construction, Huaguo South Car, and Huaguo North Car, in the past ten minutes or so, there have been a continuous 10,000-hand large single selling, this should be the 'Yuhang Investment' that Mr. Su is also frantically selling and reducing positions, right?" ”

At the end of April, the two main funds of Yuhang Investment Company disclosed their net value and position data.

The holding concept stocks of 'Fortune Road' are basically equivalent to open cards.

This is also the reason why after the time entered May, the stocks held by the two main funds of 'Yuhang Investment' have been frantically speculated by various funds in the market, after all, everyone wants to take advantage of the 'wealth road' to take a share in this field.

Of course, at this moment in the market, the two main lines of 'infrastructure' and 'state-owned enterprise reform' have collapsed.

It is also because this field is the field of the 'Fortune Road'.

"Is it not, you have to wait until the after-hours Dragon and Tiger List to know." Fang Xinsheng didn't respond very surely, "But I always feel that this Mr. Su should not expose his seat and intention to reduce his position before there is a large-scale position reduction, and let the main funds of all walks of life who trample on each other's profits block the channel for their own appearance, so ...... It is very likely that the other party does not have many remaining positions at the moment, and yesterday's dragon and tiger list is also very likely to be deliberately revealed by the other party. ”

"Really...... That would be terrible. Mu Zhengxing said.

Fang Xinsheng pondered for a moment and said: "Exposing his seat and intentions in advance, this is not a mature trader's practice, so ah, I guess that this Mr. Su has a high probability of reducing his position on a large scale in advance, but I don't know if he started to change his trading strategy because he got the news in advance, or before the negative news began to ferment, he judged that it was difficult for the market to cross 2500 points here, and it was difficult to open up new space in the market to make a change in trading strategy, if it was the latter...... Then it has to be admirable. ”

"Okay, let's leave that ...... mind for now."

Fang Xinsheng thought about it, retracted his thoughts, and said: "The movement of other main funds, after the after-hours data, will naturally reveal traces, let's guess at this time, there is no point, after all, the direction and trend of the market have come out, and the results of the selection of the main funds of all parties have also been presented." ”

"Even if we know the exact deleveraging data and position trends of other major funds, we can't change and reverse this trend pattern in the market."

"In the end, we can only accept this situation and passively follow the trend."

"Therefore, there is no need to think about things that don't help, and focus on the present...... Let's try to reduce our positions! ”

"If we reduce our fund's position to a safe area as soon as possible, and complete the trading goal of reducing our position as soon as possible, we will lose less and gain more profits."

Depending on the market volatility at this time, time is advanced by one minute.

The profit drawdown of their fund's holdings will add at least one million more figures.

The so-called 'time is money', this is the time to ...... For them, this sentence is the best interpretation.

Mu Zhengxing knew the difficulties faced by the entire trading team at this time, nodded firmly, and immediately turned his gaze back to the computer screen, and at the same time his fingers quickly tapped on the keyboard, selling all the chips that could be sold in the fund's positions in the fields of 'infrastructure' and 'state-owned enterprise reform'.

With asset management institutions such as Yinghui Fund, Xinniu Fund Company, and Zexi Investment Company, they are desperate to sell on the market.

When the clock crosses 10:30.

The Shanghai Composite Index once broke through the 2,330 level, extending its intraday decline to about 3%.

At the same time, the two main areas of 'infrastructure' and 'state-owned enterprise reform', a number of related concept plates and industry sectors, all fell to more than 3.5%, among them, in the entire April and May market speculation, the 'real estate industry sector', which ranked first in the list of industry sectors in the two cities, fell by almost 5.5% at the moment, and dozens of constituent stocks in the sector have also set off a tide of decline.

Then, at 10:40, the ST sector, as well as a number of shell resource concept stocks, also set off a tide of falling limits, and the two cities fell to more than 45 stocks.

At 10:50, the Shanghai Composite Index fell to 3.67%.

At 10:55, when the market released the extreme amount of time-sharing, a number of high-level hot stocks in the two main areas of "infrastructure" and "state-owned enterprise reform" have almost fallen without falling, and the market began to show obvious traces of high and low switching of funds in the field, and the so-called conservative safe-haven sectors such as "big finance", "consumption" and "medicine" went up against the trend in the shock, and the index briefly pulled back for a while.

At 11:02, the Shanghai Composite Index fell back to about 3%, and the conservative hedging industry sectors such as 'big finance', 'consumption' and 'medicine' shrank back to less than 1.5%, among which the banking and securities sectors in the 'big finance' field narrowed to less than 1%.

At 11:07, the Shanghai Composite Index fell to less than 3%, and the market once again appeared in the situation of Shanghai strength and deep weakness, because of the high and low switching of various funds, as well as the risk avoidance and position reduction, whether it is the high-level 'infrastructure', 'state-owned enterprise reform' main line area, or the small and medium-sized board, the gem direction of the hyped 'growth stocks' field, all by the extreme sell-off effect, the trend is very weak.

At 11:15, the Shanghai Composite Index began to fluctuate in the range of 2.65% to 3.15%, and the time-sharing energy of the two cities also began to decline significantly.

"In terms of the time-sharing trend of the market, it has finally shrunk."

Seeing that the market time-sharing volume can decay, several major indexes, as well as various industry sectors in the two cities, no longer have violent extreme fluctuations, at this moment of Yuhang, Yuhang Investment Company, in the fund trading room, Li Meng, who has been observing the trend of the disk, finally breathed a sigh of relief, glanced sideways at Su Yu, and said: "Today's market has fallen here, it should come to an end, right?" ”

(End of chapter)