Looking at all five stocks in the account, Fan Ying, a white-collar worker working in a cultural company in Beijing, immediately quit the software. Relying on this “ostrich” mentality, Fan Ying, who has nearly eight years of stock speculation experience, has successfully boiled himself into a “value investor”.
“When I first entered the stock market, I wanted to earn some pocket money by short-term fluctuations. I didn’t expect to catch up with the sharp drop every time. Now it’s OK. The quilt can’t move, so I can only stick to it.” In Fan Ying’s account, the two film stocks suffered the most losses. The decline of nearly 80% made her “flesh ache” at the thought of it.
However, this is not the worst. A few days ago, another stock that once pursued the concept of buying announced that according to the regulations, the company’s shares may terminate the listing.
“Others are slag men’s harvesters, and I am slag stock harvesters.” Fan Ying said that after falling below 3000 points, she didn’t want to open the stock software. “If you hadn’t come to interview me, I’d be ready to uninstall this software. It’s out of sight.”
In the first two trading days of this week, the Shanghai index has continuously missed the integer mark of 3000 points and 2900 points. However, on the 27th, the disk rebounded, the three major A-share indexes soared in the afternoon, and the gem index closed up more than 5%.
In recent years, the proportion of equity assets such as stocks and funds in China’s household asset allocation has increased year by year. Data show that in February 2022, the number of Chinese investors officially exceeded the 200 million integer mark. By the end of March, there were 2013893 million investors who had opened A-share accounts. The downturn in the stock market has also affected investors’ mentality of entering the market. Some people choose to reduce their positions to stop losses, while others believe that the bottom has arrived and should layout long-term opportunities.
buying school district housing narrowly escaped the sharp drop
In the “green” of a shares, a group of former shareholders had already “short positions”. Li Li is one of the lucky ones. She entered the market at the beginning of 2015. In her impression, any stock she bought rose at that time. “The stock rose for three days and fell for one day, but I never worry that the stock price will not come back until June 2015.”
However, at that time, Li Li had just entered the stock market and had no sense of retreat. She felt that she might rise back in a few days. Unexpectedly, in the following six or seven years, A-Shares never returned to their original point.
Although there has been a structural bull market in A-Shares since then, and there has been a wave of vigorous market in large consumer stocks and new energy stocks, Li Li is deeply “unable to play” because of the high share price of blue chips.
Although she has been looking forward to one day witnessing the return of A-Shares to the bull market and therefore has been in a position, her “plan can not keep up with the change”. At the beginning of 2022, Li Li decided to buy a school district house for her children’s education. Because she didn’t have enough money, she had to clear her stock. Who knows, after she cleared her position, A-Shares began to fall all the way. Seeing that the A-share lost another 3000 point defense battle, Li Li admitted, “although she secretly congratulated herself on being lucky to escape a disaster, who knows if she took over the school district room at a high level?”
Li Li said that after clearing the position, she used software to count the transactions in recent years, and still made money in a shares. “I always suspect that the software is wrong, but I’m too lazy to calculate it one by one. I think it’s making money. There are only a few Hong Kong stocks and US stocks that can’t come back. I’m going to put them like this. There are still one or two funds that haven’t been sold, but I don’t care about thousands of yuan.”
According to the statistics of the central bank, China’s urban residents’ household asset allocation is highly concentrated in real estate, accounting for nearly 70%, and the housing ownership rate has reached 96%; The proportion of financial assets is relatively low, only slightly more than 20%. As two important investment channels for residents, real estate and stock market have a certain substitution effect. Although the policy side “housing, housing and non speculation” has been implemented, and the stock market is weak, some investors are reconsidering how to bet on their assets.
An investor who did not want to disclose the specific amount of money lost told Zhongxin Jingwei that he felt that the return of capital was far away and was considering leaving the stock market and choosing to buy a house. “Calculate, if it falls by 50%, it needs to rise by 100%. Even if it can rise back, who wants to keep the money for so long? So if you have to cut meat sooner or later, why not earlier? But of course I’m tangled. It’s not so easy to make decisions.”
worried about “bottom reading” halfway up the mountain
“A thousand gold coins are hard to buy. I knew it early. When the opportunity comes, hurry to copy the bottom. This is my mentality.” Many senior investors are particularly optimistic when they line up to ridicule the stock market.
Since April, the main stock indexes of A-Shares have continued to fall, and there have been significant adjustments on the 25th and 26th, which makes many investors feel worried and do not know how to operate the layout in the face of the bleak market. For the future trend, Wang Jie was quite confident and believed that at this time, he “fell out of the buying opportunity” and should look for high-quality targets.
“The first quarter earnings report has been released, and now many blue chips and high-quality growth stocks with good fundamentals have returned to reasonable valuation. Others may not think it is an opportunity, but I don’t think it’s necessary to be too pessimistic.” He expressed his gratitude to China Singapore longitude and latitude.
Zhongxin Jingwei found in the interview that ordinary investors like Wang Jie who firmly believe that the bottom of the market has arrived are a minority. In contrast, most investors are more hesitant and contradictory. Some investors said, “seeing the loss figures, I feel my mind is swollen and shortness of breath. I can’t think at all. I’m also afraid of reverse operation ‘bottom reading’ and copying halfway up the mountain.”
“I now advise everyone not to speculate in stocks, especially office workers. In the past, when the stock market rose, I thought it was too slow to earn money at work. Now I feel like I have a loss compared with the salary I earn.” Liu Jun, who entered the stock market in 2015, has stepped on bull stocks that have doubled seven times in two years and experienced the long decline of the stock market.
After careful calculation, Liu Jun basically didn’t make money or lose money in the stock market.
“However, considering the time cost and opportunity cost, I actually lost a lot of money. If I put this money into other channels at that time, could I make a profit? Even if I put it in the bank to collect some interest, it would be considerable. Now I can only comfort myself that at least I didn’t invest in P2P.” Liu Jun said.
“I usually live frugally, and then I fell sharply in the fund. I really want to cry.” Chen Wenwen claimed to be a “Buddhist foundation buyer”. She began to buy funds when the market was good, without paying special attention to the analysis of timing and other fundamental and technical aspects.
“I bought a total of 48000 yuan of funds, and I didn’t often pay attention to the stock market. I used to have a half buy half Buddha mentality. I hardly looked at them at ordinary times, and only looked at them occasionally. Yesterday, I heard that A-Shares fell badly on the news during the day. I had nothing to do before going to bed. I suddenly found that they had fallen so much. I was dazzled by the amount and cried out heartache.” Chen Wenwen told Zhongxin Jingwei.
For the follow-up operation, she decided not to increase or reduce her position.
“‘The more you fall, the more you increase your position ‘, it should be when the overall market is better… But I don’t understand. I won’t increase my position after that, because I don’t have any grain, I can’t increase it if I want to increase my position, and I don’t dare to increase it. Who knows whether it will fall or not.” Chen Wenwen said that at present, there are few funds available, “it is estimated that we can’t change mobile phones again this year”.
rebound started, the bottom is now
Zhongxin Jingwei combed the views of major institutions and found that many institutions believe that the “policy bottom” of A-Shares has reached. For example, Chen Guo, chief strategy officer of China Securities Co.Ltd(601066) securities, believes that the medium-term time dimension continues to maintain the judgment that A-Shares are building a U-shaped bottom area. “On the one hand, the ‘policy bottom’ and ‘credit bottom’ may have been roughly confirmed, and the subsequent ‘profit bottom’ will be gradually completed in the medium term; on the other hand, the market valuation and sentiment indicators have also entered the bottom area. Although there is still the possibility of continuous adjustment, the space is relatively limited.”
They also hold different views. For example, Central China Securities Co.Ltd(601375) pointed out that the current stock index is in the stage of rapid decline, market risks are released intensively, panic continues to ferment, and OTC funds have a heavy wait-and-see mentality. It is expected that before the emergence of new reversing variable factors, the Shanghai index is more likely to continue its inertial downward exploration. It is suggested to pay close attention to the changes in policy and capital. (at the request of the interviewee, all the investors interviewed in this article are pseudonyms)
