Facing a market open that was lower than expected, the broad investor group's pessimistic sentiment grew increasingly strong.
So, just a few minutes later, when the Shanghai and Shenzhen markets, after 5 minutes of emotional buildup, once again ushered in formal continuous bidding trading, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, as well as a host of hot concept themes and leading concept stocks in both markets, basically opened low and trended lower without any resistance, venting the defeated market bullish sentiment.
At 9:35 AM, just 5 minutes into market trading, the major indices—Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index—all fell below a 1% decline on the board.
At the same time, several leading concept stocks of the main lines, such as Duofudu, Pengfei Energy, Shibei Gaoxin, Hailun Piano, and Meibang Fushi, had already approached a 7% decline on the board.
Su Yi glanced at his account holdings at this point.
He saw that the combined intraday loss for his stock account and margin account had already reached over 37 million yuan.
However, facing this loss, he not only did not perform any immediate stop-loss operations but instead used the funds withdrawn from Teli A after taking profits to continue increasing his position and buying into the stock shares of Duofudu, Tianqi Lithium, and Ganfeng Lithium.
As he continued to buy, at 9:46 AM, the Shanghai Composite Index, after briefly touching an intraday low of 1.35%, saw a brief rebound.
During the rebound, the two major weighted main lines of 'Big Finance' and 'Big Consumption', as well as the two major concept theme main lines of 'CSRC Holdings' and 'Pension Fund Holdings', received focused attention from major buying capital groups.
And the rebound of the concept main lines of 'CSRC Holdings' and 'Pension Fund Holdings' naturally gave rise to the violent counterattack of the popular stock Meiyan Jixiang.
As a stock whose market attention and speculative heat were second only to Teli A during the two rounds of 'stock market crashes', with Teli A being put in the 'dark room', it was actually beneficial for Meiyan Jixiang to gather popularity and sentiment.
What's more, the current stock price of this stock was at a relatively low position, which conformed to the market's capital logic of 'high-low rotation'.
So, after a brief dive and fall, this stock quickly turned red and rose under the concentrated buying of various major buying capital groups.
"'Teli A' being forced to suspend trading really benefited 'Meiyan Jixiang'."
Noticing the rapid rise of Meiyan Jixiang into positive territory and the full rebound anomaly of the 'CSRC Holdings' concept theme, Xu Qiao said in the internal group of the 'Modu Ultra-Short Trading Gang' major speculative funds, where Su Yi was,
"It feels like this time it's really going to follow the previous historical trend. 'Meiyan Jixiang' is very likely to take over from 'Teli A' and start a second wave of gains."
Saying this, he didn't care what other people in the group thought.
The funds in his hand had already poured onto the trading board of Meiyan Jixiang, actively taking over its sell-off shares, thinking of following the trend for the anticipated second wave of this stock.
"'Teli A' succeeding doesn't mean 'Meiyan Jixiang' will succeed."
Old Wu said,
"I still think the logic for 'Meiyan Jixiang' to have a second continuous upward trend has some issues, and its ability to drive market sentiment... currently, it's far less than when 'Teli A' started its second wave."
"The key is that 'Meiyan Jixiang' has too large a float."
Old Zhang also said,
"This stock... if Brother Su doesn't participate, I won't participate either."
After repeated trend-following trades, he had now basically become Su Yi's die-hard follower.
As long as Su Yi felt the speculative logic was flawed or clearly stated he wouldn't participate in a stock, even if he was eager, he would subconsciously suppress his trading impulse.
"Brother Chen, what do you think?"
Xu Qiao paused and asked.
Brother Chen replied,
"Currently, with the National Day approaching, there are only a few trading days left. Generally, around National Day, market uncertainty increases, and active funds in the market tend to act cautiously during this period. So... regardless of whether 'Meiyan Jixiang' can perform, I plan to rest during this time and revisit it after National Day."
The overall leading concept stock in both markets was suspended for investigation.
In this situation, he didn't believe the market would have very good bullish sentiment before National Day.
Nor did he quite believe the stock Meiyan Jixiang would repeat history, continuing like last time, to achieve a height of 10 consecutive daily limits after taking over from Teli A.
"Why am I the only one who is bullish?"
Xu Qiao wondered.
However, although he was puzzled, he still believed in his own judgment.
Therefore, he did not stop buying, but instead, amidst the sustained high-volume upward trend of Meiyan Jixiang, continued to increase his position and go long.
However, facts proved that his judgment was not wrong.
At 10:46 AM, Meiyan Jixiang, after trading with a huge volume of 1.5 billion yuan, fiercely closed at the daily limit, achieving a two-day consecutive daily limit rise from the bottom.
However, its driving effect from the daily limit was indeed clearly inferior compared to the highly anticipated stock Teli A.
After Meiyan Jixiang hit its daily limit, a host of related follow-on stocks in the entire 'CSRC Holdings' and 'Pension Fund Holdings' concept theme sectors, as well as a host of leading stocks in other concept theme main lines, such as Shibei Gaoxin, Duofudu, Pengfei Energy, Hailun Piano, etc., all only briefly rose by a small amount, following the trend.
Then, they were again suppressed by the massive selling pressure on the board, creating new intraday lows again.
And because it was unable to drive up the entire market's bullish sentiment, at 11:21 AM, during the last trading period approaching the midday close, when the ChiNext Index experienced a sharp drop, rapidly breaking through a 3% decline on the board, and at the same time, the Shanghai Composite Index also expanded its decline to 2.5%, Meiyan Jixiang reluctantly broke its daily limit, and its stock price quickly fell back.
And when trading hours reached the afternoon, the market trend after the midday emotional brewing became even weaker.
All market concept hotspots quickly vanished.
Among them, the 'State-owned Enterprise Reform' concept theme main line and the 'Lithium Battery' concept theme main line, which had previously received significant attention and concentrated speculation from active institutional funds, suffered even heavier losses, becoming the core leading decline theme main lines in both markets.
Due to the further collapse of sentiment, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all formed a unilateral sharp decline after 2:00 PM.
At 2:17 PM, the ChiNext Index fell to a 4.5% decline, and Su Yi's heavily held stocks, Duofudu and Tianci Materials, had both hit their daily limits.
As for the other two stocks, Tianqi Lithium and Ganfeng Lithium, although the situation was relatively better, their declines on the board also expanded to over 5%.
Facing the market's habitual panic and a combined intraday loss exceeding 76 million yuan in his stock account and margin account, Su Yi's eyes were bright, without any panic.
He still, without hesitation, continued to buy shares of Duofudu and Tianci Materials at the daily limit price, and continued to take over shares of Tianqi Lithium and Ganfeng Lithium at low prices, putting all the funds withdrawn from Teli A into these four stocks.
Even after a drawdown of over 76 million yuan, he still brought the position size of his stock account and margin account to nearly 1.4 billion yuan.
Among them, his position size in Duofudu had reached 450 million yuan, while his position size in the stock Tianqi Lithium even reached 550 million yuan, both exceeding 3% of the circulating share volume of these two stocks, approaching the maximum position limit.
After investing almost all the funds in his hand by aggressively sweeping up shares, the market in the late trading session instead saw a brief rebound.
And, contrary to the expectations of Su Yi and most market investors, the stock Meiyan Jixiang, with a huge volume nearing 4 billion yuan and a 33.42% turnover rate on the board, actually closed at the daily limit again in the late trading session, almost replicating yesterday's market trend.
Finally, when 3:00 PM arrived and the two markets officially closed, the Shanghai Composite Index recovered most of its intraday losses, settling at a 1.61% decline, while the ChiNext Index, despite rebounding in late trading, still closed with a sharp decline of 4.06%.
As for Su Yi's holdings of several core 'lithium battery' main line stocks, Duofudu and Tianci Materials returned to within a 6% decline; Tianqi Lithium and Ganfeng Lithium returned to within a 3% decline.
And the rebound of several stocks in late trading also caused the combined intraday loss in his stock account and margin account to return to within 50 million yuan.
Similarly, it also made his total market value of holdings officially break through 1.4 billion yuan, reaching 1.412 billion yuan, with remaining available cash in the account of only 23 million yuan, almost in a completely full position state.
After the two markets closed...
Just as everyone's attention began to focus on the stock Meiyan Jixiang, regarding the 'lithium battery' industry sector, the prices of 'lithium hexafluorophosphate' and 'lithium carbonate', and even 'lithium ore', all started to jump sharply.
Firstly, Australian Talison Mining Company, in which Tianqi Lithium had a 50% controlling stake, announced that ex-factory lithium ore prices would be raised by 15% per ton, effective immediately.
Subsequently, Duofudu, as the largest domestic producer of 'lithium hexafluorophosphate', also raised its external quotation by 15%.
As for the price of 'lithium carbonate', although Tianqi Lithium and Ganfeng Lithium, the two largest producers in the industry, did not specify how much their external prices increased, a price hike was inevitable due to the emergence of a supply-demand gap.
Under the impact of a series of news, during the two days of the weekend, the 'lithium battery' sector and its corresponding core stocks, which had originally seen a sharp decline intraday and were once abandoned by a large amount of institutional capital during trading, in an instant, once again became the 'sweet pastry' that market investors focused on and discussed.
And amidst this concentrated attention and discussion, numerous institutions also keenly sensed the cyclical reversal opportunity in the entire 'lithium battery' industry and even the entire 'new energy industry' sector.
They successively published bullish views and related research reports, and mobilized funds, preparing to make corresponding arrangements in this industry sector.
Of course, among them, a host of active speculative funds also moved swiftly upon hearing the news.
Driven by such positive news and expectations of a cyclical reversal, after two full days of emotional brewing over the weekend, when Monday, September 28th, arrived and the two market indices maintained an ordinary flat opening trend, in the entire 'lithium battery' sector, a host of related concept stocks all achieved significant high opens.
Among them, Su Yi's heavily held several core stocks—Tianqi Lithium, Ganfeng Lithium, Duofudu, and Tianci Materials—all opened more than 5% higher, showing a full-line surge.
(End of Chapter)
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