Mid-February.
Shan City.
Henglong Capital Research Institute.
9:15 am.
A-share is open.
The red numbers on the screen jump rapidly.
Wuliangye.
Shanxi Fenjiu.
Tongce Medical.
Pian Zi Huang.
Bidiya.
Several A-share assets held for a long time by Henglong Capital appear in the monitoring list at the same time.
Chen Xi sat in front of the trading desk and threw the latest Henglong Capital A-share position list onto the Meeting Room big screen.
Zhao Chen looked up.
This time, Research Institute no longer uses the vague concept of "core consumer assets".
Each actual position is listed separately.
Tongce Medical:2230 shares.
Position cost: 44.94 yuan.
Pian Zi Huang:1600 shares.
Holding cost: 93.56 yuan.
Bidiya:13600 shares.
Holding cost: 42.68 yuan.
Shanxi Fenjiu:4320 shares.
Holding cost: 32.8 yuan.
Wuliangye:2400 shares.
Holding cost: 53.8 yuan.
Several other items are placed separately in the long-term assets column.
Yunnan Agriculture Group: Holds 20% of the shares before listing and 18% after listing.
Bubble Mary: held 31.2% of the shares before listing and 28.1% after listing.
The subsequent listing of the two assets will generate Equity Dilution due to the issuance of new shares.
But:
No reduction.
Further down.
Nvidia: About 5 million shares.
Position cost: 120 US Dollar.
Not for sale this round.
The last item.
Green Energy Technology: holds 20% of shares.
Series B valuation: 2 billion US Dollar.
Zhao Chen Read the entire list.
"This table will be the benchmark from now on."
Chen Xi nodded.
"Understood."
"All subsequent transactions are calculated from this table downwards."
Zhao Chen hummed.
"Stop mixing long-term industrial assets with cyclical trading assets."
"Understood."
Nine twenty-three.
Research Model starts running.
Chen Xi opens "Core Consumer Asset Valuation and Capital Structure Risk Assessment in 2021".
Three curves appear on the screen.
Valuation.
funds.
Emotions.
All three curves have entered high levels.
Chen Xi said:
"The current market expectations for core consumer assets are still strong."
"Especially Baijiu."
"Institutional positions, market attention and profit expectations are all at high levels."
Zhao Chen looked at the data of Wuliangye and Shanxi Fen Liquor.
"Then let's move on these two first."
Chen Qiming asked:
"The first batch?"
"First batch."
"Proportion?"
Zhao Chen took a look at the current positions.
"Ten percent off each."
Chen Qiming calculates quickly.
Wuliangye 2400 shares.
Ten percent is 240 shares.
Shanxi Fenjiu 4320 shares.
Ten percent is 432 shares.
He confirmed:
"Wuliangye 240 shares."
"Shanxi Fenjiu 432 shares."
Zhao Chen nodded.
"Execute."
Nine twenty-seven.
Henglong Capital begins the first round of position reduction.
There are no big orders to hit the market.
There is no centralized hanging out.
The trading system divides the order into several batches according to the preset execution logic.
Wuliangye.
The first stroke.
The second stroke.
The third stroke.
Shanxi Fenjiu.
Executed synchronously.
There is nothing unusual about the market.
Chen Mo remotely accesses the trading system from New York.
"The transaction is normal."
"The handicap acceptance is very strong."
Zhao Chen asked:
"Price shock?"
"Very low."
"Continue."
Nine forty-five.
The first batch of orders is half done.
The price of Wuliangye remains strong.
Shanxi Fen Liquor even experienced a rapid rise.
Chen Xi glanced at the screen.
"The market is still chasing."
Zhao Chen nodded.
"This is normal."
"Don't change your plans just because it goes up."
Chen Xi asked:
"What if the surge continues today?"
Zhao Chen answered very calmly.
"That's a matter of the market."
"Our plan is not to guess today's highest price."
"It's about reducing future risk exposure."
Ten past five.
The position reduction of Phase One of 240 shares of Wuliangye has been completed.
Chen Qiming took a look at the transaction records.
"240 shares, all traded."
Immediately afterwards.
432 shares of Shanxi Fenjiu were also traded.
"432 shares, completed."
Chen Xi Check quickly.
"There is no obvious impact on the market."
Zhao Chen nodded.
"Funds withdrawn."
Chen Qiming Start confirmation.
Ten twenty.
The first batch of funds to reduce positions has entered the Henglong Capital trading account.
Chen Qiming reports the results to Zhao Chen.
Zhao Chen didn't ask about specific profits.
Instead ask:
"Has the market found anything?"
Chen Xi looked at Model.
"No."
"Institutional funding?"
"No significant changes."
"Active Buying Pressure?"
"Still strong."
Zhao Chen smiled.
"That's right."
The first time you reduce your position is not to create a market signal.
But to verify:
While market sentiment is still high, can Henglong safely hand over some of his chips?
The answer is yes.
Eleven o'clock.
Research Institute recalculates the capital structure.
Chen Xi casts Model to the big screen.
"Prices of Wuliangye and Shanxi Fenjiu remain strong today."
"But judging from the past ten trading days, the marginal efficiency of new funds has begun to decline."
Zhao Chen looked at the curve.
"It just started to go down."
"It's not a trend reversal yet."
"Yes."
Zhao Chen nodded.
"So now we can only reduce it."
"Cannot judge the top."
Chen Xi Got it.
This is why Zhao Chen only requires a 10% loss for the first time.
It's not because he thinks the market is about to fall.
Quite the opposite.
He knew the market would probably continue to rise.
It might even go up a lot.
But precisely because there are still too many uncertainties in the future, exit must also be staged.
Twelve noon.
Meeting Room Take a short break.
Chen Qiming walked in again holding the position list.
After the first round of position reduction, the data has been updated.
Wuliangye:2160 shares.
Shanxi Fenjiu:3888 shares.
There is no change in other A-share positions.
Tongce Medical:2230 shares.
Pian Zi Huang:1600 shares.
Bidiya:13600 shares.
Zhao Chen After reading.
"This is the correct asset sheet."
Chen Qiming asked:
"All future transactions will be based on this version?"
"Yes."
"We can no longer use the concept of total assets to deal with it in a general way."
Zhao Chen nodded.
"Each asset class has its own logic."
"Consumer assets are valuation cycles."
"Bidiya is the industry cycle."
"Yunnan Agriculture and Bubble Mary are growth assets."
"Nvidia is a long-term technology asset."
"Green Energy Technology is an industrial investment."
"Just because they are in the same account doesn't mean they should be managed in the same way."
Chen Qiming nodded.
One o'clock in the afternoon.
A-share has reopened.
Wuliangye continues to fluctuate at high levels.
Shanxi Fenjiu also did not show a significant decline.
The researcher began to have an illusion.
Nothing seems to happen.
But Zhao Chen knows.
Changes have already occurred.
It just happens on Henglong's own balance sheet.
Wuliangye is missing 240 shares.
Shanxi Fenjiu is missing 432 shares.
The decline in positions is not obvious.
The market won't even notice.
But this is a signal.
Not for the market.
It's for Henglong himself.
Starting today, the exit process has been initiated.
Two o'clock in the afternoon.
Wuliangye surges higher again.
One trader asked:
"Zhao Zong, do you want to suspend the follow-up plans?"
Zhao Chen Look up.
"Why?"
"It's still going up."
Zhao Chen smiled.
"Because it's rising, so it's paused?"
The trader said nothing.
Zhao Chen points to the screen.
"If our Model keeps revising the plan because of price increases."
"That's not Model."
"It's chasing the rise."
Trading Room became quiet again.
Zhao Chen continued:
"Remember."
"The first reduction was not because we thought today was the top."
"It's because we think the current price is enough to pocket some profits."
"The two logics are completely different."
Three o'clock in the afternoon.
A-share closes.
The market is still strong today.
Wuliangye and Shanxi Fenjiu did not show any obvious changes due to the reduction of Henglong.
Research Institute completed the day's review.
Chen Xi asked:
"When is the next time?"
Zhao Chen did not give a specific date.
"Etc."
"It's not about waiting for time."
Chen Xi nodded.
Evening.
Henglong Capital Research Institute.
The research team reopened the day Model.
The three curves on the screen still remain high.
Valuation.
funds.
Emotions.
The market did not show a significant turn.
Even judging from news and institutional reports, the long-term logic of core consumer assets is still highly recognized.
Chen Xi said:
"If the market continues to rise, it may become easier for us to reduce our positions later."
Zhao Chen looked at the screen.
"So it's safest to leave early."
"But there's no need to rush."
"Because we have time now."
He opened the asset list.
Look at each item item by item.
Tongce Medical.
Pian Zi Huang.
Bidiya.
Wuliangye.
Shanxi Fenjiu.
Yunnan Agriculture Group.
Bubble Mary.
Nvidia.
Green Energy Technology.
This is not a simple list of stocks.
It is the asset system that Henglong Capital has built up bit by bit over the past few years.
Zhao Chen is very clear.
What we really have to deal with this time is only a small part of it.
And:
It's not because these companies are bad.
It's just because the capital market has already priced in too much of the future in advance.