Sino-Singapore Jingwei, April 27 (Gao Bining) Looking at the five stocks in the account that were all cut in half or even at the knee, Fan Ying, a white-collar worker in a cultural company in Beijing, immediately quit the software.
Relying on this "ostrich" mentality, Fan Ying, who has nearly eight years of experience in stock trading, has successfully turned himself into a "value investor".
"When I first entered the stock market, I thought about earning some pocket money from short-term fluctuations. I didn't expect that every time I made a move, I would inevitably catch up with the big drop. Now it's better, I can't move because of the quilt, and I can only stick to it." Fan Ying The two film stocks that lost the most in her account were down nearly 80%, making her "meat aches" just thinking about it.
Still, it's not the worst.
A few days ago, another stock that had been bought by the concept announced that according to regulations, the company's stock may be terminated from listing.
"Others are the scumbag harvester, I am the scumbag harvester." Fan Ying said that after falling below 3,000 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, out of sight."
In the first two trading days of this week, the Shanghai Composite Index has fallen below the 3,000-point and 2,900-point integer thresholds in a row.
However, the market rebounded on the 27th. The three major A-share indexes soared in the afternoon, and the ChiNext 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 been increasing year by year.
Data shows that in February 2022, the number of Chinese investors officially broke through the 200 million integer mark.
As of the end of March, 201.3893 million investors had opened A-share accounts.
The downturn in the stock market also affects investors' mentality of entering the market. Some people choose to lighten their positions to stop losses, while others believe that the bottom has come, and long-term opportunities should be deployed.
Buying a home in the school district narrowly escaped the slump
When A shares were "green", a group of former shareholders had already "short positions".
Li Li is one of the "lucky ones".
She entered the market in early 2015. In her impression, any stock she bought at that time would rise. "The stock rose for three days and fell for one day, but I never worried that the stock price would not come back until June 2015."
However, at that time, Li Li didn't have a sense of retreat when she entered the stock market, and felt that she might be able to rise back in a few days. I didn't expect that in the next six or seven years, the A-shares never returned to the original point.
Although there has also been a structural bull market in A-shares since then, and large consumer stocks and new energy stocks have had a vigorous market, the high stock price of blue-chip stocks made Li Li feel "unable to play".
Although she has been looking forward to witnessing the return of A-shares to the bull market one day, and therefore has always held positions, "the plan cannot keep up with the changes."
At the beginning of 2022, for the education of her children, Li Li made up her mind to buy a house in the school district, but she could only liquidate the stock because of insufficient money.
Unexpectedly, after she cleared her position, the A shares began to fall all the way.
Seeing that the A-shares lost another 3,000-point defense battle, Li Li said frankly, "Although I am secretly lucky to have escaped the disaster, who knows if they took over the school district housing at a high position?"
Li Li said that after clearing the warehouse, he used the software to count the transactions over the years, and still made money in A shares.
"I always suspect that the software has made a mistake, but I'm too lazy to calculate it one by one, so I think it's making money. There are only a few Hong Kong stocks and U.S. stocks that can't be returned, so I plan to leave them like this, and one or two funds have slipped through the net. The fish isn't sold, but I don't care if it's only a few thousand dollars."
According to the statistics of the central bank, the asset allocation of Chinese urban households is highly concentrated in real estate, accounting for nearly 70%, and the homeownership rate reaches 96%; the proportion of financial assets is relatively low, only slightly over 20%.
As two important investment channels for residents, real estate and the stock market have a certain substitution effect.
Although the policy of "housing, not speculating" has been implemented, and when the stock market is weak, some investors are reconsidering how to bet their assets.
An investor who did not want to disclose the specific amount of money lost told Sino-Singapore Jingwei that he felt that it was a long way to go, and he was considering leaving the stock market and choosing to buy a house.
"Do the math, if it falls by 50%, it needs to go up by 100%. Even if it can rise back, who wants to hold the money for so long? So if you have to cut the meat sooner or later, why not earlier? But of course I am very Tangled, decision-making is not so easy to make.”
Worried about "buying the bottom" halfway up the mountain
"Thousands of gold are hard to buy. I knew it earlier. When the opportunity comes, hurry up and buy the dips. This is my mentality." After the crash, when many people joked about "going to the rooftop to line up", veteran investor Wang Jie was particularly optimistic.
Since April, the main A-share stock indexes have continued to fall, and there have been major adjustments on the 25th and 26th. Many investors are concerned and do not know how to operate the layout in the face of the bleak market.
Regarding the market outlook, Wang Jie is quite confident, believing that this is the time when he "falls out of buying opportunities" and should look for high-quality targets.
"The first-quarter earnings report has been released, and now many blue-chip stocks and high-quality growth stocks with good fundamentals have returned to reasonable valuations. Others may not consider it an opportunity, but I don't think it is necessary to be too pessimistic." He told Sino-Singapore Jingwei.
In the interview, Sino-Singapore Jingwei found that ordinary investors like Wang Jie who firmly believe that the market bottom has been reached are in the minority.
In contrast, most investors are more hesitant and conflicted.
Some investors said, "Seeing the loss figures, I feel that my head is swollen and short of breath, I can't think at all, and I am afraid that the reverse operation 'buying the bottom' will be 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 felt that I was too slow to earn money from work, but now I feel that the salary earned is a drop in the bucket compared to the loss." From 2015 Liu Jun, who entered the stock market in 2010, has stepped on a big bull stock that has doubled sevenfold in two years, and has also experienced the long decline of the stock market's "blunt knife to cut meat".
After careful calculation, Liu Jun basically made no money or lost 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, would I be able to make a fortune? Even if the bank charges some interest, it will be very impressive. I can only comfort myself now that at least I didn't vote for P2P." Liu Jun said.
"I usually live frugally, and then the fund plummeted and I really wanted to cry." Chen Wenwen calls herself a "Buddhist buyer". She started buying funds when the market was good, and did not pay special attention to timing, etc. Fundamental and technical analysis.
"I bought a total of 48,000 yuan of funds, and I didn't often pay attention to the stock market. I used to have a half-buying and half-Buddha mentality. I rarely read it, but only occasionally. I heard the news yesterday. I opened Alipay and looked at it before going to bed, only to suddenly realize that it had fallen so much, the amount was dazzling, and I cried out in pain." Chen Wenwen told Sino-Singapore Jingwei.
For the follow-up operation, she decided to neither increase nor reduce the position.
"'The more the stock falls, the more you increase the position', it should be when the market is generally better... But I don't understand. I will not increase the position after that, because there is no more food left, and if I want to increase the position, I can't. How dare you increase, who knows whether it will fall or not." Chen Wenwen said that there are very few funds on hand at present, "it is estimated that this year will not be able to change mobile phones."
The rebound has started, and the bottom has been found?
China-Singapore Jingwei combed the views of major institutions and found that many institutions believe that the "policy bottom" of A shares has come.
For example, Chen Guo, chief strategy officer of CITIC Construction Investment 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 follow-up 'profit bottom' will also be gradually completed in the medium term; on the other hand, the market's valuation and sentiment indicators have also entered the bottom area, although there are still continued adjustments possible, but the space is already relatively limited.”
Some institutions also hold different views. For example, Zhongyuan Securities pointed out that the current stock index is in the stage of rapid decline, the market risks are released in a concentrated manner, the panic continues to ferment, and the over-the-counter funds hold currency in a wait-and-see mentality.
It is expected that before the emergence of new reversing variables, it is more likely that the Shanghai Index will continue to dip in inertia. It is recommended to pay close attention to changes in policy and capital.
(At the request of the interviewee, the interviewed investors in the article are all pseudonyms)
(The opinions in this article are for reference only and do not constitute investment advice. Investment is risky, and you need to be cautious when entering the market.)