With the card "Social Security Fund", the connection with the official is even closer, and it is considered to have a talisman.

As long as this amulet is present, like many minor violations, the regulatory authorities will naturally turn a blind eye to give their funds a higher degree of freedom of operation.

"If it was half a year ago, or a year ago, it would be appropriate to enter the market at a low level." Everyone was silent for a while, and Wang Zhongyue, general manager of the Investment Management Department of Huashang Bank, said, "At this time, the bull market has been around for a year, and the market is at a historical high. Although the market valuation level is still in a reasonable range, it is not underestimated."

"Social security funds are related to national economy and people's livelihood. Entering the market to invest is not a trivial matter. I think it is not necessarily appropriate to enter the market at this time."

Following Wang Zhongyue's words, another state-owned fund manager nodded and said: "The peak of the cycle is tempting, but it is also the time when the risk accumulation is the highest. The social security fund is a long-term investment fund. I think the timing is not good when the bull market is hot and the valuation is high."

Nie Yuanzheng nodded slightly and looked at Zhao Fengnian, Zhou Jianbang, and Sun Chengzong.

Asked, "What do you guys think?"

Sun Chengzong paused and said, "Although the market's water level is no longer obviously underestimated, as long as position management is done well, I don't think there is much problem. No one can predict accurately the top and bottom of the cycle. Investment is a high probability thing. I think as long as the risks and valuations at this moment are not too outrageous, it is worth entering the market."

Zhao Fengnian thought about it and said: "The core of the market is valuation, and the core of valuation is the company's development potential and the trend of the macroeconomic side."

"I think the current market is still in the stage of valuation recovery? Is it not overvalued? Not to mention bubbles."

"As long as there is no problem with the company you invest in, our country's economy is not a problem? Then there is no big risk? Just leave the stock price trend to the market, and we don't need to be demanding on this."

Zhou Jianbang nodded? He also said, "I agree with Lao Zhao's opinion."

"The core of investment is valuation, and the factors that affect valuation? In addition to the market sentiment and the current overall market level? The most important thing is the company's own development potential. As long as we control this core point, the market trend and the climb and drop of the valuation water level will be left to the market to decide."

"It's a very unwise decision to keep waiting for the so-called lowest point in market valuation."

"What if the market bull market has a long time? Will it last for seven or eight years like the US stock market? Will the social security fund not enter the market and keep waiting?"

"As long as you embrace companies with core values ​​and companies with long-term bull potential, the short-term market rise and fall will not be so important."

"What do Xiao Su think?" Nie Yuanzheng heard everyone's words? He nodded with a smile, and then turned his eyes to Su Yue.

Su Yue was silent for a while? He said: "Value will never change, everything is a cycle? No matter how the market rises and falls, how can we tell stories? In fact, the core word is like what the seniors said? There is only the word 'valuation', and the decisive factor of valuation is actually the word 'value'."

"In a bear market, excellent companies with continuous growth in performance will also move against the market trend."

"In the bull market, junk companies whose performance continues to decline and fundamentals continue to deteriorate, their stock prices will continue to fall no matter how high the market rises."

"so……"

"I think that although timing is important, this is for short-term investments in a few months, six months, or even one or two years."

"For long-term investment funds like the social security fund, timing is less important."

"A good company has accumulated its intrinsic value over time, and its stock price will become more and more expensive as it grows."

Nie Yuanzheng nodded slightly and smiled: "Xiao Su, what you mean is that there is no suitable or not timing, but only the investment direction and target selection, right?"

Su Yue nodded: "That's what I mean."

"hehe……"

Nie Yuanzheng smiled, but did not say good or bad. He just turned his head and smiled at Minister Li beside him and asked, "Lao Li, what do you think?"

"I..."

Minister Li said lightly, "I am a person with limited abilities and limited burdens on my shoulders. Whether the social security fund enters the market or not, it is not my turn to worry about it. I have no opinion on this matter."

Nie Yuanzheng was speechless for a while and stopped asking him.

"Old Nie, you have asked this question, you must have received some news, right?" Minister Hao said softly.

Nie Yuanzheng paused and continued: "The leaders are still discussing and are still in the stage of soliciting opinions. If it is really implemented, Minister Hao will definitely receive the news before us."

"If you talk about the discussion, it's roughly not bad." Minister Hao laughed.

Although he is the leader of the China Securities Regulatory Commission’s Fund Supervision Department, his management authority for national special funds such as the Social Security Fund is also limited.

Of course, some news is not as good as Nie Yuanzheng, a company in Huajin.

"Xiao Su, since you said that timing is not very important for long-term investment, what about the investment target?" Nie Yuanzheng asked, "If you choose an investment target, how should you choose according to the current A-share situation?"

"Since the social security fund is related to the national economy and people's livelihood, the first priority when investing is safety." Su Yue said, "If you look for investment targets in A-shares, the first priority is naturally state-owned assets holdings, and secondly, leaders in various industries. After all, leading companies in the industry are all competitions and fighting companies that have established their industry status and moats. The ability to resist risks is definitely much stronger than other companies in the same industry."

"In addition to these two items, you want to obtain excess profits in the market."

"Then you need to choose growth stocks that have a long industry track in the market, have a steady development, have core competitiveness, and have the potential to grow into an industry giant."

"Super industry leaders of state-owned assets, such as Huaxin Securities, Huashang Bank, Qianzhou Moutai, Shanghai Automobile Group, Changjiang Electric Power..."

"In addition, the industry giants that have been screened by the market and have a deep moat."

"In addition to the 10 billion-level growth stocks that have core competitiveness and are building a moat."

"Three investment directions, different proportions of allocation should be able to achieve steady growth."

After saying his opinion, Su Yue smiled slightly and concluded: "In fact, although there are many criticisms about our A-shares, there are still many high-quality stocks. And... I believe that with the optimization of the listing system in the future and the continuous development of the economy, there will be more and more excellent companies."

A-shares in the future are due to the listing review system.

The lack of excellent Internet companies is a pity for this important branch, but other excellent companies are indeed gradually increasing, and investment opportunities are also increasing day by day.

Listening to Su Yue's organized analysis and opinions, everyone was surprised and agreed.

Nie Yuanzheng pondered for a moment and said, "It seems that Xiao Su, you have a clear understanding of the ideas of capital trading of various sizes, which is rare..."

Su Yue’s ideas are roughly the same as him.

Nie Yuanzheng remembered the list of fund managers he had submitted, and smiled slightly. The last trace of worry and doubt in his heart was completely let go.

Su Yue didn't know about this invitation, but it was actually an inspection.

If he performed slightly inferiorly, he would probably not be on Nie Yuanzheng's subsequent screening list.

After all, compared with other candidates with old qualifications, he still seems too young and has some experience. If you want to convince people, you have enough outstanding features in terms of ability and character.

After deciding on some of the thoughts in his heart, Nie Yuanzheng no longer led this topic deeper.

Next, everyone was just drinking, chatting, talking about market investment opportunities, domestic and foreign economic situations, of course... in the end, they couldn't help but talk from Minister Hao.

I want to know about the policy guidelines of the CSRC next year and the changes to the subsequent regulatory rules.

However, Minister Hao has experienced too many such scenes. Although he drank a lot of wine, he still kept his mouth shut and did not mention any policy matters.

After drinking and eating, it was already 2 pm when everyone left.

When Su Yue returned to the banquet hall, he saw that most of the people in the hall had dispersed, Zhang Xue, Zhao Qian, Ye Mengru and others were still there, but did not leave.

"A Yue, how much wine did you drink?"

Seeing that he was staggering, Zhang Xue hurriedly supported him and asked.

Su Yue's head was a little dizzy, but his consciousness was still clear. He replied in a deep voice: "Not a few cups, don't worry, I'll ask Xiaocheng to send you and Zhao Qian back to school first, and I'll find time to accompany you later."

Zhang Xue grabbed his hand tightly and nodded.

Ye Mengru originally wanted to invite Su Yue and Zhang Xue to have a walk together in the afternoon and talk about the investment direction next year, but seeing Su Yue's appearance at this moment, she could only give up this idea for the time being, say goodbye to him with a smile, and then leave with Zhao Fengnian and his assistant.

Su Yue and two girls walked out of the Beichen InterContinental Hotel, and Mo Xiaocheng had been waiting at the entrance of the hotel.

Su Yue asked him to send Zhang Xue and Zhao Qian back to school, and then opened a suite at the Beichen InterContinental Hotel. When he entered the door, he fell asleep.

When he woke up, it was already six o'clock in the evening.

After I woke up at noon, I woke up most of the time, and there were many missed calls on my cell phone.

He opened his phone and looked at it, and saw that most of them were unfamiliar numbers. He probably wanted to invite him to have supper with his bosses or fund managers.

Su Yue ignored it and only picked Gu Yunxi's missed phone call and went back.

"Hey, Sister Yun Xi..." Su Yue asked, "This year's annual fund summit, President Cao should have invited you, why are you absent?"

"My mother is feeling a little uncomfortable. I took her to the Provincial People's Hospital for examination. I'm so sorry." Gu Yunxi said, "I heard that Xiao Su, you are shining today and are famous in the entire domestic fund circle."

"I'm all taking over your reputation."

Su Yue smiled and said, "The person who was standing on the stage to speak and accepted the applause from everyone should be Sister Yun Xi."

"Forget it, it doesn't matter who it is. I don't value it that much now." Gu Yunxi said, "Anyway, it's good for us 'Benyue Capital'."

Su Yue nodded and asked, "Aunt Ning is in good health?"

Gu Yunxi said 'yes' and replied: "I'm old, there's no serious problem, by the way... Xiao Su, when will you go back to Changling? My dad wants to see you and talk to you about something."

"What's the matter?" Su Yue asked.

Gu Yunxi thought for a while and said, "It should be the old man who has any intentions for you, so I want to communicate with you through my dad. I don't know what the specific is. Anyway, you do as you think, and don't worry about anything. After I left Huaxin Securities, my family has nothing to do with me."

"Your old man?" Su Yue was a little surprised and frowned.

He paused and pondered for a while, and said, "Let's wait for New Year's Day, I'll take some time to come back. Director Liang and Director He should be at the time to negotiate again."

"According to the existing investment agreement of Changling State-owned Assets Fund, we can't suffer any losses. Do we still have to negotiate?" Gu Yunxi hesitated and said, "Let's go further, is it a bit... a bit more... a step forward?"

Su Yue smiled and said, "You can't say that. Although we have made a lot of money, the government still takes the big profit. We have made so much money for them. If we ask for more, there is nothing wrong with it. Of course... the final agreement is negotiated. I am not sure how much the government can give in."

"We have made contributions to local finances." Gu Yunxi said softly, "Listen to Xiaoya, Uncle Shen is also planning to award you the title of Outstanding Young Entrepreneur in Changling City."

Su Yue laughed: "It seems that I have to win the award this year and I am lenient."

"Just be so beautiful. These face-to-face projects are the most likely to make people swell and erratic." Gu Yunxi said, "The foundation of our 'Benyue Capital' has just been firmly built in Changling, and the road ahead is still long. It cannot expand at this time and ruin a great situation."

"Don't worry, I understand." Su Yue smiled.

"By the way, Xiao Su, I heard from my younger brother Changxin that you have dinner with Mr. Li of Huaxin Securities Investment Strategy Department and Mr. Nie of Huajin Company today, right?" Gu Yunxi continued, "Did you... say something?"

Su Yue smiled and said, "It's not just Minister Li and Mr. Nie, but Minister Hao is here too."

"Then you are amazing!" Gu Yunxi chuckled.

"Actually, I didn't say anything, it's just some discussion and analysis of the future market." Su Yue replied, then paused for a moment, and then said, "There's something... I think Mr. Nie seems to be pointing intent."

"What's the matter?" Gu Yunxi asked.

"At the banquet, Mr. Nie mentioned the social security fund's preparation to enter the market, and asked everyone for their opinions." Su Yue said, "I always feel that this matter has been settled, and he is intending to test everyone."

Gu Yunxi was shocked: "The entry of the social security fund into the market is a big and good news for the market!"

"This is natural." Su Yue said, "I mean... Mr. Nie may have received the task of managing the investment of social security funds. What he said at the banquet today was actually trying to choose a suitable branch fund manager."

Gu Yunxi finally understood what Su Yue meant and said in shock: "You, you... mean, do you think you have a chance?"
Chapter completed!