Starting with a fully invested A-share portfolio to become a capital...

Chapter 150 The Ambitious Tycoon's Arrogance, His Disguise on Fuchun Road Falls Off

As small and medium-sized funds poured into Kainuo Technology, Zhang Yang, far away in Shanghai, was already aware that his "market trading language" had been conveyed to all online speculative investors.

What is the language of speculative capital in the market?

This is similar to the game "Pictionary," where you provide the intraday chart information and let other speculative investors try to figure out your intentions.

Take this rapid surge that pulled the stock price back to the horizontal line as an example.

Zhang Yang did not allow Liao Guopei and Lin Guangchang to place large orders to create abnormal capital movements. Instead, he broke the orders into small and medium-sized ones to drive up the price.

Although it was driven up by small and medium-sized orders, the stock price's upward trend was still close to the 1-word mark, and even a fool could see that major funds had intervened.

At this point, some people might ask, with such a significant price increase, isn't splitting up small and medium orders just as pointless as taking off your pants to fart?

Not also!

Not only is it useful, it's incredibly useful!

The reason is to split small orders to drive up the price, avoiding alerts for large-scale buying, and not wanting to attract too much attention from retail investors.

As for the rapid rise to the horizontal line, it's Zhang Yang telling all the speculative funds and retail investors who are paying attention to Kainuo Technology that he has the ability to lock in the price limit, and now he is giving everyone a chance to enter the market.

If an ordinary retail investor, especially one who has been scammed by "Fuchun Road," saw this scene, they would definitely wonder if it was a trap and if they would be buried as soon as they entered.

If it were ordinary speculative capital, they would also consider whether this was a trap set by "Fuchun Road" to lure people in and take over their losses.

However, if funds have insider information, upon seeing this, in addition to considering whether it is a trap, they also need to think carefully about whether it is an invitation to "Fuchun Road" to drive up prices.

A single intraday chart can be interpreted in different ways by different investors.

Just like barbecue, which is a delicacy in the eyes of "meat lovers", but in the eyes of "meat haters", barbecue is no less than a pile of dog poop. This is the same thing, but different perspectives and positions lead to different views.

What Zhang Yang wanted to attract was, of course, funds with definite inside information.

Controlling the market is a process of balancing funds from all parties and finding the optimal solution, and he happens to have a profound understanding of this.

……

11 points.

A-shares entered a midday consolidation phase.

The Shanghai Composite Index is currently at 2940.1, up 0.61%, while the Shenzhen Component Index is up 0.66%, currently at 11457.03 points. The gains for both are not significant.

The Shanghai Composite Index rose by 0.61% because the banking sector rebounded after hitting a low.

For example, the Industrial and Commercial Bank of China (ICBC) stock price dropped to a low of 5.31 yuan, but is now at 5.48 yuan, a fluctuation of 3.2%.

The main reason for the slightly weaker gains in the Shenzhen Component Index was the collective correction in the coal, non-ferrous metals, and steel sectors.

For example, Huaguo Shenhua, after a 4.78% surge yesterday, is now trading at 27.39 yuan, a drop of 1.47%.

However, it is worth mentioning that Angang Steel and Baosteel, due to the control of speculative funds from the Ningbo Daredevil Team, not only did not fall, but also rose to their daily limit.

Besides the Ningbo Daredevil Team of speculative investors, Zhang Jianping has been building positions in the consumer sector because the "Second Quarterly Meeting of the Monetary Policy Committee of the People's Bank of China" mentioned consumer loans, and he felt that this sector could be controlled in the short term.

A-share guru Qiu Baoyu takes an unconventional approach, choosing to bet on the export trade sector.

Although the current domestic export trade data is not good, he believes that the world economy will fully recover in a very short time, just as Buffett predicted.

As long as the world economy recovers, judging from the total export volume of 2004, 2005, and 2006, China's industrial base will certainly be able to conquer the world.

Small funds should focus on short-term trends, while large funds should focus on long-term directions; this is basic common sense.

Buffett has always emphasized value investing because he has hundreds of billions of dollars in assets. If he were to use hundreds of billions of dollars to manipulate stock prices like a short-term speculator, then sorry, that's not a transaction, that's an acquisition!

Lin Guangchang glanced at the market index and then at the stock price of Kainuo Technology. He couldn't help but exclaim, "We only used less than 300 million yuan to stabilize the stock price of Kainuo Technology and control it to maintain a slow upward trend. This is incredible."

The Lin Guangchang of today is not yet the "stock market maker who supports his family" that future stock market investors will know; he is a speculative investor in the process of enlightenment.

Having witnessed Zhang Yang's masterful control of the market, he has gradually gained some insights.

"That's what you call professional! Deliberately leaving an opening to test the attitude of other speculative investors," Liao Guopei said with a smile, looking at Zhang Yang.

Zhang Yang withdrew his gaze from the computer screen and said calmly, "The stock market may seem to only go up and down, but in reality there are far too many techniques involved. However, it all boils down to eight words: secretly forming cliques and reaping profits from retail investors."

The practice of forming cliques is not limited to speculative funds or institutions, but involves all available funds, including retail investors.

why would you say so?

When speculative capital initiates a market rally, the first batch of retail investors rushing in to absorb the selling pressure are, in a strict sense, already the "henchmen" of the market maker.

Without additional funds to absorb the initial wave of selling, it's difficult for the main upward trend to start, unless the major players have a very large amount of capital.

"major!"

Xu Zhiruo was also praising.

Then, she rubbed her hands together and asked with a grin, "Master, look, the morning session has closed. You just said you were going to teach me hedging strategy thinking. When do we start?"

"Then now."

Zhang Yang opened Notepad on his computer.

"Can we listen in?" Liao Guopei asked tentatively.

There's an old Chinese saying: "Teach your apprentice, and you'll starve."

Many masters will keep a secret skill that's essential for making money.

"Of course, we're all on the same side." Zhang Yang smiled calmly, beckoning Lin Guangchang and Liao Guopei over.

Liao Guopei and Lin Guangchang exchanged a glance, then quickly stood up, went to Zhang Yang's side, and looked at the computer screen in front of them.

"The so-called hedging strategy is actually equivalent to financial arbitrage. The returns are far less than other strategies, but the advantage is stability and risk resistance."

As Zhang Yang spoke, he typed in his notebook to help the three of them remember the key points.

"Before we develop a hedging strategy mindset, we need to know what hedging is."

"The so-called hedging is to eliminate the impact of market fluctuations on the stock portfolio. That is, when the market falls, the profit from the short futures position makes up for the loss in the spot position, and when the market rises, the loss from the short futures position is offset by the profit in the spot position."

"Wouldn't that mean there's a 100% chance of no loss?"

Lin Guangchang was somewhat surprised.

In 2009, index futures had not yet been listed on mainland Chinese exchanges, and many speculative investors, including institutions, lacked hedging strategies.

Not to mention Lin Guangchang, even Liao Guopei was surprised and said, "If we can guarantee that we won't lose money and can continue to make a profit, wouldn't the stock market be like our ATM?"

“I know that. It’s not 100% guaranteed that there will be no losses. Hedging strategies are vulnerable to black swan events,” Xu Zhiruo said, reciting the few pieces of financial knowledge she could remember.

The textbooks at Shanghai University of Finance and Economics are geared towards the UK and the US. Although there are no index futures in China, they have learned a few core lessons on hedging strategies.

"Yes."

As Zhang Yang typed, he continued, "No investment is 100% profitable or guaranteed to be principal-protected. Even bank deposits have a very small chance of going bankrupt and being liquidated."

"I see." Lin Guangchang suddenly understood, and then asked, "Since losses from both market rises and falls will be offset, how do we make a profit?"

"That's right, profits and losses come from the same source. There's no reason why losses should be 100% offset while profits shouldn't be 100% offset, right?" Liao Guopei was puzzled.

“They’re right. How can we make a profit?” Xu Zhiruo agreed.

Hearing the three people's doubts, Zhang Yang remained confident and asked in return, "You should know about the leading index for A-shares, right?"

"The A50?"

Lin Guangchang is uncertain.

“That’s right.” Zhang Yang nodded slightly and continued, “The A50 index futures are listed in Singapore, and its constituent stocks are the 50 stocks with the largest market capitalization in Shanghai and Shenzhen stock exchanges in China.”

"Currently, no domestic financial futures exchange has established index futures contracts for domestic investors. Let's take the FTSE China A50 Index futures contract as an example."

Zhang Yang separated the words with line breaks, then typed 200 million into his notepad and continued explaining: "Suppose I have 200 million and want to use this 200 million to build a hedging strategy based on the FTSE China A50 index futures contract. First, I need to determine the beta value of the spot portfolio, which is the volatility sensitivity."

"If β=1, it means that the portfolio fluctuates in the same way as the market. For example, if the market rises by 10%, the portfolio will also rise by 10%."

“If β>1, the portfolio’s volatility is greater than that of the market. For example, if β=1.2, and the market rises by 10%, the portfolio will rise by 12%, and we will make a profit.”

"However, if β < 1, the portfolio's volatility will be smaller than the market's. For example, if β = 0.8, and the market rises by 10%, the portfolio will rise by 8%. In this case, it is necessary to adjust the hedging strategy portfolio in a timely manner to bring the β value to 1."

How do you calculate the β value?

"This requires calculation using regression, with the combined daily rise and fall as the dependent variable and the daily rise and fall of the Shanghai Composite Index as the independent variable. The regression coefficient is β. The regression coefficient can be calculated in the data analysis and regression function of Excel. It is recommended to use data from the past 3 months."

Zhang Yang also opened Excel and demonstrated how to calculate regression coefficients.

At this moment, Liao Guopei and Lin Guangchang couldn't help but marvel. "A professionally trained person is a professionally trained person indeed. Their professionalism is too strong!"

"After obtaining the beta value, we need to calculate the risk exposure. The formula is: the number of futures contracts equals (the value of the spot portfolio × the beta coefficient) ÷ the value of a single futures contract."

"Let's assume a beta value of 1, and the contract multiplier for the China A50 stock index futures is 50 yuan per point. For every 1 point fluctuation, the contract value changes by 50 yuan. So the value of one contract is equal to the contract settlement price multiplied by 50 yuan. Do you understand?"

Liao Guopei: "I don't understand."

Lin Guangchang: "I forgot."

Xu Zhiruo: "I didn't understand."

The three were completely bewildered. They could sense that Zhang Yang genuinely wanted to teach them, and they knew that hedging strategies were invaluable, but their minds just couldn't grasp the knowledge.

"..."

Zhang Yang remained silent for a while.

After a full ten seconds, he briefly explained: "To put it simply, we need to know the value of the spot and the contract, and then make a profit by dynamically adjusting our hedging positions."

"Tat-tat--"

Zhang Yang quickly clicked the mouse to open today's FTSE A50 contract price.

"The contract price on June 25th was 5101 points. If we multiply that by 50, then one contract would be worth 255050 yuan. We will temporarily use the Chinese yuan as a substitute for easier understanding."

"Let's say I buy 100 million A50 contracts of related stocks, and then buy 4 Huaguo A50 put option contracts. This creates a simple hedging strategy."

"Let's run a simple test to see how profitable this strategy is."

张扬快速打上数据，在记事本上计算道：“股票组合随指数下跌5%，亏损100万×5%等于5万元，看空期权指数下跌5%，点数变为5101×(1-5%)等于4845.95点。”

“每张期权盈利为（5101-4845.95）×50，等于255.05×50=12752.5元，4张总盈利12752.5×4，盈利5.1万元。”

"In other words, if we construct this hedging strategy and liquidate all our positions when the market falls by 5%, we can make a profit of 1000 yuan."

"but!"

Suddenly, Zhang Yang changed the subject, saying, "Hedge strategies are not that simple. We also need to dynamically adjust hedging positions, which is equivalent to using low risk to gamble on directional gains."

Since China does not yet have futures contracts for the CSI 300 or A50 indices for mainland China, institutions have not yet entered the era of hedging strategies.

In the past, many retail investors in China did not understand why securities companies always opened short positions. In reality, it was not that they were shorting the A-share market index, but that they needed short positions to hedge risks and make arbitrage profits.

To put it simply, it's hedging and arbitrage.

By learning hedging arbitrage strategies and acquiring some macroeconomic knowledge, one can essentially achieve ultra-low-risk arbitrage.

"I seem to understand."

Lin Guangchang seemed to have opened a door to a new world, and analyzed: "The hedging strategy is to sacrifice a small portion of potential gains in exchange for protection against downside risk. It is suitable for scenarios where people are worried about short-term market corrections but do not want to sell their stocks."

"That's understandable."

Zhang Yang nodded slightly, then clicked to save the document and said, "I'm sending you this file. You can ask me if you have any questions."

"I don't seem to understand any of this." Xu Zhiruo looked at Zhang Yang pitifully, her melancholy eyes seeming to say, "I'm so stupid."

"It's okay, take your time."

Zhang Yang smiled faintly.

Different talents naturally lead to different learning difficulties, but he is still very patient.

Many people may not acknowledge the existence of talent, believing that effort will always yield results. However, in reality, talent determines the upper limit, while effort determines the lower limit.

Take Gauss, Mendeleev, Newton, and Einstein, for example. Who dares to say that effort can surpass them?
"I will study it diligently."

Xu Zhiruo was determined to thoroughly understand the hedging strategy.

However, Liao Guopei seemed to have thought of something and asked, "Joker, you know so much about hedging strategies, you must have some other use for it, right?"

"of course."

Zhang Yang smiled and continued, "The matter was accomplished in secrecy. Let me keep you in suspense for now; you'll find out later."

"So mysterious?"

"I'm getting a little curious."

Liao Guopei and Lin Guangchang could clearly sense that once mainland index futures were listed on exchanges, hedging strategies would officially enter their era.

"Hey, let's go eat."

Zhang Yang stood up.

His idea for applying hedging strategies is simple: build a large arbitrage team to continuously profit from A-shares, US stocks, and even other stock markets. Is Buffett's 25% annual return based on value investing?
Big mistake!

It's a global hedging transaction!

Whether it's hedging strategies or quantitative trading, Zhang Yang will devise a comprehensive plan.

For an "ambitious man," Caiyan.com is just the starting point of his business empire. What this man really wants is to get involved in the global financial market and become a player in the world economy!

……

While Zhang Yang, Xu Zhiruo, Liao Guopei, and Lin Guangchang went out for lunch, the true nature of "Fuchun Road" was revealed to the public by the China Securities Regulatory Commission's "Administrative Penalty Decision".

[Party involved: Chen Xing (Fuchun Road), male, currently residing in Hangzhou, Jiangsu Province.]

In accordance with the Securities Law of the People's Republic of China and other relevant laws and regulations, the China Securities Regulatory Commission (CSRC) has initiated an investigation and trial into Chen Xing's suspected manipulation of the securities market, and the investigation and trial have now concluded.

经查明，陈星在2009年6月1日至2009年6月5日期间，存在以下违法事实：

1. By using their financial advantage to engage in continuous buying and selling, making false declarations, and conducting transactions between accounts under their actual control, they disrupted the normal trading of Rhine Biologics, affecting the stock's trading price and volume.

2. At 9:15 AM on June 5, 2009, the company used high-price and continuous order placement to drive up the stock price, creating false market information and interfering with other investors' judgment. At 9:24 AM, the company sold a large number of shares, causing the stock price to fall from 33.54 yuan to 26.62 yuan. During this period, more than 3559 million shares were sold, which seriously affected the normal trading of the stock.

3、陈星借用赵安顺的证券账户从事证券交易，借用时间自2009年6月1日至2009年6月5日，在此期间，陈星利用赵安顺的证券账户进行了多笔股票买卖操作。

The aforementioned illegal acts are supported by evidence such as securities account information, bank account information, IP addresses, and transaction data records, which is sufficient to establish the facts.

Chen Xing's actions constitute the crime of manipulating the securities market as described in Article 192 of the Securities Law. Based on the facts, nature, circumstances, and degree of social harm of the party's illegal conduct, the China Securities Regulatory Commission (CSRC) has decided to impose a fine of 500,000 yuan on Chen Xing for manipulating the securities market, and to order him to rectify his behavior of using another person's account for trading, and to impose a further fine of 500,000 yuan. The penalties are hereby imposed.
The "Administrative Penalty Decision" issued by the China Securities Regulatory Commission regarding "Fuchun Road" appeared on major financial websites less than half a minute after it was published on the official website.

Bloggers who sensed the potential for "traffic" immediately intercepted and reposted the content, adding eye-catching headlines.

Shocking! The true identity of "King of Selling Stocks on Fuchun Road" has been revealed...

Unbelievable! The alias of the new generation of speculative investor "Fuchun Road" has been exposed; his real name is actually XX. Well-known speculative investors are astonished!

Breaking News! The smallest speculative investor in the A-share market, Fuchun Road, has been fined 100 million yuan – another lenient punishment?

When financial websites and social media bloggers began to repost the story extensively, countless investors who were trapped in Rhine Biologics' stock price found an outlet for their frustration.

[Principal, Don't Run Away]: Chen Xing, right! Okay, okay! Fuchun Road has finally revealed his true name. I know a super powerful Gu Master. Just wait until you become impotent and premature ejaculation, and can't even poop!

[I Am Superman]: Alright, alright, so it was Chen Xing who hung me on the mountaintop. Then don't blame me for beating you up to vent my anger!
[Love Before BC]: "Hey buddy, you guys are using witchcraft and beating villains, don't get the wrong target. I'm also named Chen Xing, so be careful!"

[Professional Madman]: Hitting a villain? I'm a professional at that! I'll hit your villainous head, and you'll never rise above your station in this lifetime. I'll hit your villainous body, and you'll never recover in three lifetimes. I'll hit your villainous legs, and your wife will cheat on you.

[CF Youth]: Stop fighting! Stop fighting! My name is also Chen Xing. If you keep fighting, I feel like I'm being cuckolded.

An administrative penalty decision from the China Securities Regulatory Commission has caused a stir in the stock market.

Back then, Rhine Biologics was a hot stock with a gathering of top talents. Everyone thought it would rise for more than ten consecutive days, but the emergence of "Fuchun Road" shattered everyone's illusions.

Not only did it leave retail investors stranded at the top, but even top speculative investors like Xu Xiang and Zhang Jianping were caught in the trap by "Fuchun Road."

If it were just a matter of the stock price hitting the top, that would be one thing. The most outrageous thing is that the China Securities Regulatory Commission (CSRC) immediately launched an investigation and locked up all the funds of retail investors, speculative funds, and institutional investors.

Upon seeing the "Administrative Penalty Decision" from the China Securities Regulatory Commission, Ma Xinqi, who was far away in Ningbo, immediately called out to the others, "The alias on Fuchun Road has been exposed. His real name is Chen Xing. Does anyone know him?"

The circle of speculative investors is very small, and Fuchun Road is a hub for speculative investors from the Yangtze River Delta region, so the chances of them knowing each other are very high.

"never heard of that."

"do not know."

"I don't know him either."

The group of Ningbo Daredevils shook their heads and looked at each other, completely unaware of Chen Xing as a speculator.

"Then the case is solved. Fuchun Road is the mastermind behind Boss Liu's scheme; it's Hongyue Investment's front manipulator." Xu Haiou concluded directly.

"It has to be this way."

Sun Guodong confirmed this statement.

The circle of speculative investors in the Yangtze River Delta is so small that if any speculative investor has tens of millions in assets, they would definitely know about it.

Shu Yimin, who was standing to the side, stretched and stood up, saying, "Stop worrying about Fuchun Road, when is our food coming? I'm starving."

Although there were no food delivery apps in 2009, or more accurately, no food delivery apps in China, large restaurants would offer phone ordering with dedicated delivery personnel and vehicles.

Because the Ningbo Daredevils have a habit of reviewing their performance, they usually order boxed lunches for lunch, since reviewing a performance takes at least half an hour, and eating out would be too rushed.

Although it was ordered as a boxed meal, it was a "special edition" for star-rated hotels, a collaboration that Xu Xiang personally negotiated with the hotels for.

Good afternoon, everyone.

As if on cue, a deliveryman from a five-star hotel walked in carrying several large bags of white takeout boxes, making Shu Yimin's mouth water.

"finally reached."

"Let's eat, let's forget about Fuchun Road."

"Exactly, a front man speculator is no longer worth studying."

"Let's eat."

The investors in Ningbo were chatting amongst themselves, already engrossed in their "eat rice" mentality.

Sun Guodong, Xu Haiou, and Ma Xinqi didn't think much of it, because the information the China Securities Regulatory Commission had found was definitely correct.

What they didn't know was that "Fuchun Road" was linked to many securities accounts. While the China Securities Regulatory Commission was investigating, Liu Hua was also making arrangements to prevent the leakage of customer privacy.

The so-called "Chen Xing" was actually just the account holder of a 3000 million yuan margin trading account. When the China Securities Regulatory Commission (CSRC) found out, it did not pursue the matter further, but instead made him pay the corresponding fine.

In 2009, a time of rampant financial turmoil, as long as one didn't blatantly defecate on the head of the China Securities Regulatory Commission (CSRC) or try to sabotage others by producing a stock with an 800% annual growth rate, the local authorities would raise their voices high but then let them fall gently.

……

With the rapid spread of the internet, after seeing the name "Chen Xing," Zhang Jianping tried hard to recall it but found that he did not recognize it.

Not only Zhang Jianping, but also Qiu Baoyu, Xu Xiang, and the managers in the organization tried hard to recall the name, but in the end, none of them recognized the person.

Upon learning of the penalty notice for "Fuchun Road," Zhang Yang immediately returned to his office to check the corresponding fine.

"One million is acceptable."

Zhang Yang whispered.

He made millions from that 924 market crash, and his personal assets even exceeded 1000 million, so paying the fine was only right.

He then called Sun Yiheng.

"Dududu-"

After a few busy tones, the call was connected.

"Hey Zhang Yang, bro."

"Is Mr. Sun busy?"

"I'm not busy, it's lunch break, I'm eating out. Is there anything I can help you with?"

"The CSRC's penalty announcement has come out. They want to pay 100 million yuan in compensation. Give me a bank account number, and I'll transfer the money to you later."

Zhang Yang clearly stated his purpose.

Upon learning it was about this, Sun Yiheng laughed and said, "You called me about this? I thought it was something else. President Liu covered the fine, saying you don't need to pay, since you were trying to help us."

"One thing at a time. President Liu has already done me a great favor and even promised to take me to a dinner party for Zhejiang businessmen. If I take advantage of him again, I'll become a petty person who's greedy for small gains."

Zhang Yang insisted on repaying the debt himself.

Seeing that things had come to this point, Sun Yiheng gave up and said, "Alright, I'll send you the account details later, so you won't have to make things difficult for me."

"Haha, good, as long as Mr. Sun understands."

Zhang Yang said with a smile.

He can distinguish between what kind of bargains are worth taking and what kind are not.

If you constantly try to take advantage of others, they will dislike you.

Moreover, for business tycoons like Liu Hua, what matters more is their attitude.

Just as Zhang Yang had predicted, after hanging up the phone, Sun Yiheng called Liu Hua to explain that Zhang Yang wanted to pay a fine of 100 million yuan.

Liu Hua didn't say anything, but in her heart, she thought more highly of Zhang Yang.

One million is just a drop in the ocean for him, completely insignificant.

He never intended for Zhang Yang to clean up the mess, since it was Zhong Qifeng who created it, and Zhang Yang was just there to clean it up.

Both morally and logically, Zhang Yang has every reason not to pay the 100 million.

But since the other party chose to pay the fine, Liu Hua saw Zhang Yang's attitude and character in it, and the scales in her heart gradually tipped.

……

1 pm.

After a one-and-a-half-hour break, A-shares resumed trading.

The Shanghai Composite Index and the Shenzhen Component Index both saw slight declines, closing at 2925 and 11385 points respectively.

Northbound capital continued to see a net outflow, totaling 27 billion yuan, while domestic capital saw a net inflow, totaling 47 billion yuan.

[Financial Research Network Midday Reminder]: Bank stocks rose and then fell back, while sectors such as securities, energy, coal, and export trade also declined. The Shanghai Composite Index and Shenzhen Component Index are approaching their horizontal lines, so pay close attention to capital flow dynamics.

Retail investors felt helpless as they watched the A-share market rise and fall again, and they complained on various social media platforms.

[I love spicy hot pot]: I seriously suspect that the A-share market is a diver. It drops every midday. I'm so angry!
[Enchanting Night]: Awesome! All I can say is awesome. I made a profit of 4000 yuan this morning, and now I'm down 100 yuan. I'm such an idiot!

[Shining Star]: Foreign investors are truly beasts! How many days have they been net outflowing funds? They've been dumping stocks for a whole month!

[Sitting on the sidelines watching the tigers fight]: Northbound funds are smart money, I'm out first. Domestic funds are hopeless, we can't count on them!
The frequent midday plunges over the years have earned A-shares the nickname "plunge experts." Many veteran investors know that if you want to take profits, it's best to sell immediately after the first surge in the morning session.

Of course.

Nothing is absolute.

The style of A-shares changes every few months.

In the past few months, A-shares may have tended to plunge in the afternoon session, but after a few more months, they may start plunging in the morning session.

1:40 p.m.

2:22 p.m.

2:49 p.m.

Time ticked by, and Zhang Yang, Liao Guopei, and Lin Guangchang made no move, but quietly watched as the stock price of Kainuo Technology climbed. It wasn't until 2:57 p.m. that they finally pushed the price to the daily limit in the opening auction, reaching 4.97 yuan, a 7.3% increase.

At 3 o'clock sharp, Kaino Technology's stock price settled at 5.09 yuan, a 10% increase.

Many retail investors were stunned by the surge in Kainuo Technology's stock price, which had already violated their established beliefs.

[Little Pig Run]: What's going on? Aren't there any dumping of properties on Fuchun Road?
[Wang Bujian Wang]: I watched Kainuo Technology for a whole day, from a 7.9% drop to a limit up, but I didn't dare to make a move, for fear that the guy from Fuchun Road would kill me at the top of the mountain.

[Beloved Little Motorcycle]: Who can argue with that? I watched it all day but didn't dare to make a move, afraid that Fuchun Road would suddenly become inhumane!
Zhang Yang took in all the online comments. He knew he was "notorious," but as the saying goes, retail investors have short memories. If you give them a taste of success, they will easily forget the bad things that "Fuchun Road" did in the past.

……

6 month 26 day.

Friday.

距离6月A股走势盖棺定论，只剩下3个交易日，分别是26、29和30号三天。

It's worth mentioning that June 30th, the last day of the month, is the graduation ceremony of Shanghai University of Finance and Economics.

The investment major's graduation photo session was at 4 PM, making them one of the last groups to have their photos taken. After the photo session, there was also a graduation ceremony.

Last night, Zhang Yang received a notification from his counselor that he would be giving a speech as a student representative to his juniors and the graduating students who are about to enter the workforce.

Since the principal personally called the roll, Zhang Yang couldn't refuse.

He wasn't too worried about being caught off guard, since good students are never afraid of having their homework checked.

As the time reached 9:14, Zhang Yang looked at Liao Guopei and Lin Guangchang, who were eagerly waiting for the market to open, and analyzed: "If nothing unexpected happens, there will be a wave of selling pressure at the opening, but it will be kept at a level. After the market opens, we will gradually raise the price to dispel the concerns of the waiting funds and give them time to enter the market."

"understood."

"clear."

The two responded one after the other.

Zhang Yang looked at the intraday chart before the market opened, a faint smile playing on his lips.

Is Fuchun Road the smallest area for speculative capital?
Do not!
He can also have a grand vision!

But no matter how it changes, it all boils down to four words: exploiting retail investors!
　Writing the strategy and calculation formulas caused the update to be an hour late, my apologies…

　　
　
(End of this chapter)