The money-making effect and the sudden rich-rich effect of the A-share market have plunged hundreds of millions of shareholders into madness, and everyone is immersed in the frenzy of getting rich in this market where they can "pick up money" by almost bending over.

People who taste the sweetness and get on the bus late, for fear that their earnings will fall behind, will leave the risk behind in the face of huge greed, leverage funds, take over-the-counter allocation, and money will rush in like happy beans.

Any junk stock can take off, as long as it is cheap enough, as long as it does not rise, it is now making up for it, because there is no shortage of people who are late to get on the bus and want to make money and are afraid of heights, so some of the stocks in the back row have also begun to make up for the rise of these people's funds to bring up the stock price.

Now in this frenzied market atmosphere, everyone has become a stock god, the income kills Buffett, the account doubles that can't outperform the market, and the Shanghai Composite Index has risen 1.5 times.

Doubling is barely passing, and earning three or four times is considered a good hand.

Even in the comment area of the stock bar, there are many accounts that have posted ten times the income, and some have won the lottery Storm Technology, or ambushed Toutiao to get the accounts of people who have earned twenty or thirty times now, which is really envious of others and stimulates others to pour into the market.

But in a frenzied atmosphere, there is a group of people who are scolding the street.

These people are the people who have purchased the first phase of the wealth fund wealth management products, and a group of people are scolding the wealth fund because the income of the wealth fund is very stretched.

In fact, the income is not low, and the current floating rate of return of the first phase of the capital market is about +87%, but it still underperforms the market index by half a position in the current epic bull market, and investment customers are not satisfied.

If it were placed before the first half of 2014, such an income would definitely be a shouting bull.

In the current epic leveraged bull market, some people who have bought this financial product have seen that others have doubled their returns at every turn, and even many people have won ten times the high returns, and then look at the income of wealth funds and feel very stretched.

There are many people who regret it, thinking that they would not buy this financial product if they knew it earlier, and those who have this kind of thinking feel that if they took the money to speculate in stocks, it would have multiplied several times, and now the money is locked here for three years and cannot move.

These people feel that wealth funds have caused them to miss the bull market and miss the opportunity to get rich, so now they are scolding all kinds of wealth funds, and the more the market rises, the more ruthless they scold.

So much abuse has also put the traders and management team of the wealth fund under pressure, especially Zheng Jinsong, the trader of the first phase of the capital market, is now being hung up by some people who have bought financial products to improve the poor convulsive ability, and quickly leave the class and hand it over to others to do.

There are even people who go to Fang Hong's Weibo to leave a message or private message, asking him to fire the trader and his team, and replace the team to operate, it is best to hope that Fang Hong will come to the market in person.

Fang Hong also knew about this, but he didn't have any attitude, because it was expected.

And Fang Hong is even more aware of another point, that is, even if this part of the people who scold the street will avoid becoming cannon fodder because they bought a wealth fund of wealth management products when the stock market crashes and plummets, they will definitely not be grateful.

When the explosion does not really befall them, they will only feel that they can not only catch the main rising wave market but also avoid the subsequent stock market crash, even if they lose too much.

The ancestors have summed up an ancient adage for this kind of person: If you don't see the coffin, you won't shed tears.

That's what they're talking about.

The truth is often only in the hands of a few people, Fang Hong naturally will not care about people like them, this kind of person has existed since ancient times, and will still exist in the future, just ignore it.

……

The next day, May 27.

Today's A-share market, the market index in the shock out of the eight consecutive out, closed up +0.63%, at 4941.71 points, the Shanghai market's single daily trading volume once again exceeded one trillion, has maintained the record for four consecutive trading days, the total trading volume of the two cities is going to run to 2 trillion.

In terms of individual stocks, today's headlines stopped four consecutive boards, but still hit a record high, and the intraday trend once plunged but then a V-shaped rebound pulled up, and finally closed up +2.25%, the stock price closed at 159.38 yuan, and the market value rose to 199.225 billion yuan.

Also out of the record high is still quantitative capital, which closed up +1.87% today, closing at 846.97 yuan / share, and the corresponding market value came to 1.18 trillion.

Today's market volatility is huge, because some institutions continue to sell and leave, and Qunxing Capital continues to reduce its holdings, especially brokerage stocks, which are selling and reducing their holdings every day.

In addition, even Guo Jia's Huijin has reduced its holdings in the four major banks in recent days.

Just yesterday, Huijin has reduced its holdings in ICBC and CCB, amounting to 1.629 billion yuan and 1.906 billion yuan respectively, which is also the first time that Huijin has reduced its holdings in the four major banks, and other well-informed institutions have also quietly withdrawn in this crazy market atmosphere.

……

At about 17 o'clock in the afternoon, I lived in the villa.

"The investment institutions participating in the subscription are all on this list, and there are also these materials......" Tian Jiayi, who returned to the villa, handed the materials he brought back to Fang Hong, which was related to the listing.

Fang Hong picked up the file and browsed.

The super-large-cap stock market, which is next Monday, has only two trading days in between.

According to the material information, the issue price was determined to be 18.18 yuan / share, the total share capital of 22 billion shares, the initial offering of 60 billion yuan, the issuance of 3.3 billion shares, accounting for 15% of the total share capital, the IPO valuation of 400 billion yuan, according to last year's net profit of 16.977 billion yuan, the corresponding price-earnings ratio of 23.56 times.

As an Internet giant that is still growing rapidly, with a price-earnings ratio of about 23 times, there is really no second one in the A-share market in Shanghai and Shenzhen, and the price-earnings ratio of Weibo next door has exceeded 100 times.

Even in the U.S. stock market, it is rare.

Yixing Video has now reached a price-earnings ratio of more than 390 times, which can no longer be said to be a price-earnings ratio, it is more appropriate to describe it with a dream rate, and it is not an exaggeration to say that it is a dream to support a price-earnings ratio of more than 390 times.

WeChat, which has only a price-earnings ratio of 23 times, is simply a super high-quality stock in the eyes of many people, and the fact that investors have squeezed their heads to subscribe also shows this.

During the period, such a low price-earnings ratio was given, because Fang Hong gave enough premium space in the secondary market, and the institutions that could get on the IPO are also very promising, and Guo Jia's team accounts for more than half of the external major shareholders, including Huijin, social security funds and other institutions are on the list.

This kind of excellent investment target, which can almost be said to be a stable profit and no loss without violating laws and regulations to take risks, is not the turn of ordinary people, so most institutions can only rely on winning the lottery to achieve the car like retail shareholders, and the result is that a huge amount of subscription frozen funds have been generated.

The data shows that the final online winning rate after the callback mechanism is 2.12568979%. Based on this calculation, the frozen funds online are 1,349.1 billion yuan, plus 1,473.5 billion yuan frozen offline, 100 million yuan.

The latest batch of listed companies has frozen a total of more than 8 trillion funds, and trillions, accounting for 35.25%, account for one-third.

……