Rebirth of the investment era

"As long as Mr. Qian doesn't dislike it, then I will be your student." Su Yu said with a smile, "I just don't know why Mr. Qian made a special trip to Yuhang to meet me here."

He didn't know what the other party wanted to do when meeting him.

But since Qian Zhongmou came in person, and Zhou Boyang personally came to his company to block the door, it showed that the other party's intention was not simple.

Qian Zhongmou smiled and said: "I heard Director Xing mention you by chance before, saying that you are a rare market trading genius among the rising stars in the domestic financial industry. I happened to come to Yuhang for a meeting this time, and out of curiosity, I wanted to meet you. After all, in all these years, I have rarely heard Director Xing praise someone so highly."

"Director Xing?" Su Yu was a little confused. After pondering and recalling for a while, he tentatively asked, "Mr. Qian is talking about...Director Xing of the Fund Management Department of the China Securities Regulatory Commission?"

"Yes!" Qian Zhongmou nodded slightly, "At one time I thought you two were related in some way."

When Su Yu heard this, he was startled. He coughed hurriedly and replied: "That can't be done. I have nothing to do with Director Xing, and I'm not even familiar with Mr. Qian. After all, Mr. Qian and I have met, but Director Xing and I have only heard about each other at most."

"Don't be nervous, I'm just joking." Qian Zhongmou smiled and said, "I still understand Lao Xing's temper. If you are really a relative of his, he will definitely ignore you in formal occasions. I'm totally wrong and will never say a single good word for you."

"Is Mr. Qian really just coming to Yuhang for a meeting?" Su Yu stared into Qian Zhongmou's eyes, obviously not believing it.

Although after a year of hard work, he has now gained a little fame in the domestic financial community and has a small business foundation of his own, but this is not possible in the real domestic asset management giants such as China Investment Group and Huijin. In the eyes of the organization, he is still just a small person.

And compared to a little guy like him.

Qian Zhongmou, who is in charge of the entire "Huijin Company" asset management system and has authority over thousands or trillions of investment capital, is a real giant in the domestic financial industry and a real big shot.

The big shot made his itinerary and asked his secretary to block the door and invite him to meet here.

The reason is just that I am curious about him as a character, and simply want to know more about him. What do I think... the logic does not make sense at all.

"Uh, Mr. Su..." Seeing the confusion in Su Yu's eyes, the secretary Zhou Boyang, who had been sitting silently aside, coughed slightly, continued, and explained, "Actually, Mr. Qian is here. Not only do I want to meet you, I also want to hear your views on the subsequent development of the domestic financial market, as well as your views on the domestic investor ecological environment, investment style, etc."

Qian Zhongmou heard Zhou Boyang's explanation, nodded with a smile, and continued: "Yes, Xiao Zhou is right. I mainly want to hear some of your views on the subsequent development of the domestic financial market. After my understanding, you' Yuhang Investment Company has developed very well in the past year. The performance of several fund products you manage is also quite good, so I think... you have some knowledge about transactions and the domestic financial market. It should be quite unique, I want to hear your thoughts."

"The success of our 'Yuhang Investment Company' in the past year is not universal. It is actually quite accidental." Su Yu didn't know its specific purpose and could only respond modestly with a smile, "Besides, I am young and have market trading experience. It is still not enough. In front of Mr. Qian, I dare not discuss the subsequent development of the market and ecological issues."

"It doesn't matter!" Qian Zhongmou said with a smile, "How about we just chat casually and treat it as an academic exchange during the meeting? It doesn't matter if we can't agree. After all, what we said today is just private chat, no one will care."

"Yes, yes!" Secretary Zhou Boyang also nodded hastily, "Just treat it as a private chat."

Su Yu looked at the two of them with a smile. Seeing that there was some expectation in their eyes, he thought there would be no harm in talking about it. At the same time, he also wanted to discuss some of his trading ideas and market opinions with an industry leader like Qian Zhongmou. After exchanging opinions with the senior, I couldn't help but nodded in agreement and said, "Since Mr. Qian doesn't mind it, I will simply explain it according to my ideas. I hope Mr. Qian can correct me if I am wrong."

"Okay!" Qian Zhongmou nodded appreciatively.

Su Yu thought for a while and then said: "Mr. Qian just asked about the follow-up development of our country's domestic financial market. He should be talking about some obvious shortcomings of our country's financial market at the current stage, right? For example, the lack of trading systems, investors Structural deformities, wrong guidance of market investment values, etc..."

"Absolutely!" Qian Zhongmou said with a smile, "How do you understand it, just say it. How do you think these obvious shortcomings, or development problems, are formed and how should they be solved? Or... just follow If the current market situation continues, is it possible for it to change or get better in the future?”

Su Yu thought for a while and said: "Compared with the development time of foreign countries, the development time of our country's financial market is actually not long. Not only is it not long, it can be said to be quite short."

"In my opinion, our country's financial market is still in the initial stage of development."

"The shortcomings of the lack of trading system, deformed investor structure, wrong market investment values... that I just mentioned are actually quite normal when the market is in its primary development stage. At this stage, Disadvantages have also appeared during the development stage of foreign markets.”

"As for whether these shortcomings will change or get better in the future, I think they will definitely change and get better!"

"Oh?" Qian Zhongmou asked with a smile in his eyes, "Why are you so sure?"

Su Yu smiled and said: "Because as time goes by, everyone's understanding of the financial trading market will become more and more in-depth, and foreign financial trading markets have been going on for a hundred or two hundred years. We If we can learn enough experience from its long history of development, there is no reason why it will get worse and worse.”

"Learning from experience is indeed what our country is best at." Qian Zhongmou nodded slightly, agreeing with Su Yu's understanding.

"But..." Qian Zhongmou paused, and then said, "The future of the domestic financial market is undoubtedly bright, but as investment staff of asset management institutions, we cannot just focus on the too distant future and then make plans. Investment plans still need to be analyzed based on reality and the current situation, to predict, and to develop trading strategies, so that the knowledge can be reflected in performance and profits."

"It's like a stock..."

"You know that its stock price can rise from 10 yuan to 100 yuan in the future. But this process... you don't know how it will take. You don't know how long it will take to rise from 10 yuan to 100 yuan." Not sure, it could be 1 year, 2 years, 5 years, 10 years, or even 20 years.”

"The funds we manage inherently have time costs."

"So, even if the result is certain and the time is uncertain, it is meaningless for our actual transactions."

"Moreover, it is more likely that in the process of rising from 10 yuan to 100 yuan, this stock will first fall to the bottom of 1 yuan, or even fall to the bottom of 1 yuan several times."

"Qian always wants to say that when it comes to transactions, we can't just talk. The most important thing is to seek truth from facts." Su Yu responded with a smile.

Qian Zhongmou looked at Su Yu with admiration and said with a smile: "You really know everything!"

The opinion just mentioned by Su Yu is indeed correct, but it is also correct nonsense.

This is just like the mindless bullish statements made by chief investment advisers, market analysts, well-known fund managers, financial influencers, and financial media stock commentators in the market at the moment.

No matter how the market changes, whether it rises or falls in the short term, there will always be a rise in the future.

When it can rise, how far away is it from the current timeline? Before it rises, no one can tell how many shocks the market will go through and how long it will last in a bear market.

The financial trading market is a place where even if you know the result, you may not be able to make money.

The so-called 'correct nonsense' cannot bring about any real trading strategy, let alone support actual trading, and this is naturally not what Qian Zhongmou wants to hear from Su Yu this time.

"Then let me tell you from a practical point of view." Seeing Qian Zhongmou's eyes change, Su Yu continued, "I think the current trading market should have reached a turning point."

"The first is the overall market valuation, which is already at the lowest extreme in the entire history of A-shares."

"Based on the average market valuation, there is no way it can fall further."

"Secondly, the global economy is clearly emerging from the shadow of the 2008 financial crisis. According to a series of data such as the purchasing managers' index, unemployment rate, macroeconomic adjustment direction, etc. of many countries in recent quarters, it can be seen that the global economy is recovering strongly. And the domestic economy has begun to burst out with greater vitality under reasonable economic structural adjustment."

"The economic improvement on the macro level is the biggest cornerstone to support the market situation, because the essence of stocks is corporate equity, and the value of corporate equity is fundamentally reflected in the profitability of the company and the profit per share."

"Furthermore, the recovery of the macroeconomy and the enhancement of corporate profits will promote the flow of hot money in the market, and will also prompt regulators and central banks to change monetary policies."

"Finally, due to problems in the domestic investor ecology, the market pendulum effect will continue to be amplified due to emotions."

"The bottom of the market valuation is better than the global average; the huge economic vitality far exceeds the average level of global economic growth; the incremental capital changes due to the surge of hot money; the rise in future expectations due to the recovery of investment sentiment...all these market developments Substantial signs indicate that this is a clear turning point for the market.”

Hearing Su Yu's understanding, Qian Zhongmou's eyes suddenly lit up and he said with admiration: "Is this the reason why you are in this position and bet 30 billion?"

Su Yu knew that since the other party had invited him here, he should have a very good understanding of himself and the situation of several major funds in the company. He couldn't help but smile and said: "Almost, actually... for the more certain The opportunity cannot be said to be a huge gamble."

"In the financial trading market, nothing is certain to happen!" Qian Zhongmou smiled and said.

Su Yu nodded and said: "Indeed, but what everyone is facing is an unknown future. Whether it is right or wrong can only be discovered after the market comes out on its own."

"Are you confident about this?" Qian Zhongmou asked similar words again.

Su Yu did not answer directly this time, but looked at Qian Zhongmou with a smile and asked, "Don't you think so, Mr. Qian?"

Qian Zhongmou pondered for a moment and said: "Your analysis is reasonable, but to say that the global economy has completely gotten rid of the shadow of the 2008 financial crisis, there are some problems at present. To be precise, it is just that everyone has passed a A series of economic stimulus measures have alleviated a series of sequelae and contradictions caused by the 2008 financial crisis, giving the global economy a short period of breathing space and room for recovery."

"But for A-shares, which is currently a global valuation depression and investor expectations, the impact is not very big, is it?" Su Yu responded, "The pendulum of the market is already swinging back, even if the global The economy’s short-term breathing space and room for recovery, this weak spring breeze, is enough to blow open the A-share market, which is already in the thawing stage.”

"The A-share market is in the melting stage." Qian Zhongmou heard Su Yu's description of the current A-share market situation and thought it was very appropriate. He smiled and said, "The winter is over and the spring breeze is slowly coming, haha... …”

Su Yu saw Qian Zhongmou's smiling face and knew that he recognized his analysis. He couldn't help but change the subject and continued: "Mr. Qian, what I have said so much should be enough to express my views and attitude. Are you done? So... how about we just open the skylight and talk openly? I really don’t believe you came to Yuhang and worked so hard to get Secretary Zhou to invite me here just to listen to my nonsense? "

"How can you say it's nonsense?" Qian Zhongmou said, "I think it's a sharp analysis and understanding of the market!"

Su Yu's expression remained unchanged and he smiled and said, "Isn't that just nonsense from your perspective?"

"Haha..." Qian Zhongmou laughed loudly, enjoying the high hat Su Yu was wearing. After being silent for a while, he still stared at Su Yu's face and said his true purpose: "Xiao Su, Does your company have agency fund management business? If... you were asked to manage a 'long-term mixed investment fund', would you still be able to achieve the same performance results as your company's several main 'Yu Hang Series' funds now? "

"Agency fund business? Long-term mixed investment fund?" Su Yu was slightly startled when he heard Qian Zhongmou's question that he had considered for a long time. After thinking a lot, he hurriedly responded, "Our company currently has the business authority of agency fund management. All that can be done is the 'long-term mixed investment fund' that Mr. Qian mentioned... How long is the term? Also, how big is the scale? After all, in the asset management business, different levels of capital scale have completely different performance requirements. , Mr. Qian should also know."

"A scale of 100 billion, can you handle it?" Qian Zhongmou slowly spit out a number.

Su Yu's heart skipped a beat when he heard about this scale-level 'agency fund management business'. He was slightly dazed and forgot to answer for a moment.

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