Yaohua Chen's Personal Life

When most people were tortured by the stock market decline and lost confidence, Yaohua Chen was happy to buy in large quantities. He believes that oversold is a good time to buy, and the more you fall, the more you buy. Successful investors should keep an optimistic attitude.

Grab the first bucket of gold

1993, Yaohua Chen, who was still working in Beijing, first set foot in the stock market. At this time, he was still working in China Nonferrous Metals Industry Company. Yaohua Chen recalled that at that time, in the company, I always wanted to do something with a sense of accomplishment and felt that the stock market was a good direction. So I started my investment career with a start-up capital of 654.38 million. I didn't expect to catch up with the stock market crash just after I set foot in the stock market. The Shanghai Composite Index dropped from 1044 to 325 points in one breath, and Yaohua Chen's 654.38+million yuan also shrank to more than 30,000 yuan. Talking about the first investment, Yaohua Chen is very free and easy, thinking that this is the process of internship in the stock market and paying tuition fees.

In the following three years, Yaohua Chen began to consciously read investment books at home and abroad to deepen his understanding of the capital market.

Finally, it is 1996, and the stock index starts from 5 12. Yaohua Chen quickly identified investment opportunities.

At that time, Yaohua Chen found that Hong Kong investors made a lot of money by buying HSBC, and he thought that buying bank shares could get high returns. HSBC, which began to look for the mainland stock market, cleared all its stocks and made a heavy position in SDB because the listed banking stocks were only SDB. SDB has brought rich returns to Yaohua Chen. In less than half a year, SDB rose from 6 yuan to 19 yuan. Yaohua Chen sold SDB after triple the profit.

"Unexpectedly, SDB rose to the highest level in 49 yuan. In this wave of market, I was lucky enough to find this leading leader. "

Although it failed to keep the high price of SDB 49 yuan, Yaohua Chen was quite satisfied with the investment. Since then, he has invested in other stocks, but Yaohua Chen refused to disclose the specific amount of income: "The income is very high, horribly high, but it is not worth showing off. Because the whole market lacked investment ideas at that time, gambling was relatively heavy. Everyone only did technical analysis, adapted to the atmosphere of sitting in the market and completely divorced from the company's fundamentals. "

Adhere to the concept of value investment

Yaohua Chen's investment career began when he joined Guotai Junan.

At first, Yaohua Chen was only a big customer of Guotai Junan Beijing Sales Department. In 2000, Huang Yu, general manager of the sales department, found that among the more than 50,000 customers in the whole sales department, Yaohua Chen ranked first in terms of yield. Huang Yu warmly invited Yaohua Chen to join the sales team as a customer guide. This sales department later became the sales department of Beijing Zhichun Road, and was known as the first helmsman of Guotai Junan.

Yaohua Chen regards his years here as a turning point in his life. Here, he gradually established the concept of value investment by reading the research reports of top brokers such as Guotai Junan Institute and CICC Institute, and began to screen stocks through fundamental analysis.

During this period, he found that there were stocks in the United States that had existed for more than 100 years, so he began to dig up enterprises that had existed in China for one hundred years and found Changyu and Yunnan Baiyao. Because of the large price difference between A shares and B shares, Yaohua Chen recommended Changyu B to his customers, and gained a lot. In the subsequent hot speculation of Changan Automobile, he recommended to buy Changan B, based on the price difference of AB shares, to obtain high returns.

After 2003, the fund began to grow, and the concept of value investment was recognized by everyone. After that, Yaohua Chen focused on China Merchants Bank, Vanke, Baosteel and other large blue chips. In 2004, when the market was at its lowest ebb, Yaohua Chen officially joined Gaotejia Asset Management Company founded by Huang Yu. His idea at this time is to tap the gold stocks in the past decade, at least the stocks with clear performance in the last three years.

In the most difficult years of the next two years, Yaohua Chen successfully excavated two bull stocks-Financial Street and Dashang. After in-depth investigation and careful investigation, Yaohua Chen believes that Financial Street is in an advantageous position, and the future profit growth of commercial real estate can be expected. On June 5438- 10, 2004, under the situation of macro-control, most investors were bearish on real estate, but Yaohua Chen keenly seized the opportunity of sharply lowering the price of real estate stocks brought about by the interest rate hike and increased his holdings in Financial Street, making Gaotejia Group the tenth largest tradable shareholder in Financial Street in 2004. In less than two years, Financial Street earned three times the income for Gaotejia.

Also based on the affirmation of the company's fundamentals, Dashang shares entered Yaohua Chen's field of vision. Yaohua Chen believes that in 2004, the safety margin of consumer companies was relatively high, the sales volume of Dashang shares was large, and there were a lot of commercial real estate, which was called the king of the Northeast. In addition, there were few listed consumer companies at that time, and the price-earnings ratio was low. In the two years after the acquisition of Gaotejia, the price of Dashang shares soared five times, which also made Gao Made Tejia's self-operated business always in a state of substantial profit.

The turbulent market needs optimism.

With the beginning of a magnificent bull market in China stock market, the investment team of Gao Tejia led by Yaohua Chen began to go to Sunshine Private Equity. Gaotejia's first trust product, Xiamen University Trust Gaotejia Securities Investment Trust Plan, had a cumulative income of 254.63%, and closed at 5500 when Yaohua Chen thought the market lacked a margin of safety. In addition, the cumulative income of its Huabao Trust Qianjinhua Jia Structured Securities Investment Trust Plan was 93.77%, while the Shanghai Composite Index rose by 57.88% in the same period; The accumulated income of Shenzhen Guotou Gaotejia Structured Securities Investment Collective Fund Trust Plan, which was established late, was 1 1.5 1%, while the Shanghai Composite Index fell 12.9% in the same period.

These remarkable achievements are attributed to Yaohua Chen's exploration of several leading stocks.

At the beginning of 2006, Yaohua Chen had a soft spot for banking stocks and chose Minsheng Bank and China Merchants Bank. Yaohua Chen thought that the profit margin of Minsheng Bank might be bigger than that of China Merchants Bank, and its valuation was even lower, so he decided to buy Minsheng Bank. On the first day of 2006, China Merchants Bank opened at a daily limit, and the opening price of Minsheng Bank was decided by Gao Tejia Asset Management Company. On the first day of 2006, Yaohua Chen was very proud when he talked about acquiring Minsheng Bank. It turned out that his judgment on Minsheng Bank was very accurate. In 2006, China Merchants Bank rose by 235.40%, Minsheng Bank reached 256.09%, and Shanghai Composite Index rose by 130.43%.

The pattern of bull market has become more and more clear, and Yaohua Chen began to buy CITIC Securities. Although the market was worried about the competitiveness, profit model and sustainability of performance growth of the securities industry at the beginning of last year, Yaohua Chen believed that brokers were the biggest beneficiaries of the bull market, and the stock market of brokerage stocks would run through the bull market. Facts have proved that CITIC Securities rose by 2 16.23% last year, much higher than the 82.96% increase of the Shanghai Composite Index in the same period.

Before the turbulent market began, Yaohua Chen had realized the future overdraft of China stock market. He noticed the arrival of the global agricultural bull market, and speculated that due to the shortage of domestic supply, the demand for glyphosate in the agricultural bull market increased and the price continued to rise. Yaohua Chen began to lay out Xin 'an shares, and at the end of the third quarter of last year, it increased its position at the beginning of the accelerated increase in product prices, and achieved an excess return of nearly 100% beyond the market.

"Investment needs an optimistic attitude, and it needs an optimistic attitude even more under fluctuating market conditions." Yaohua Chen has made no secret of the great challenges it has faced recently. When the market fluctuates, it needs to control risks most. He believes that there is an excessive panic factor in the market decline, and investors overreact to future concerns. Yaohua Chen said frankly that the fear of a hard landing should be just an illusion. A successful investor must be an optimist, who is full of confidence in China's economy.

"Ten times in ten years" is Yaohua Chen's investment philosophy. He believes that the first wave of increase in the previous two years was too large, and it rose five or six times in the past two years, overdrawing the future market. After the callback, the market should be more attractive. Now is a good time to open a position.

"Don't look at long-term development with short-term gains. The stock market is spiraling, and high-quality stocks will definitely achieve the expectation of ten times in ten years. " In the face of a depressed market, Yaohua Chen is always so confident.