As the base area continued to expand, Gao Jianwu's construction work kept pace.
The resource map presented in the mind makes resource exploration and mining a breeze, and we are ready to maximize the production capacity of coal and steel, two bulk resources!
It was originally planned to reach 10 million tons of steel production capacity during the middle and end of the First Five-Year Plan. Now it seems that it is too conservative and production capacity must be expanded in advance and breakthroughs must be made.
After all, steel is the unquestionable foundation of today's industry, and large-scale infrastructure construction such as the military industry, automobile industry, shipbuilding industry, light industry and railways are inseparable.
In particular, the huge railway repair, reconstruction and expansion after the change has reached 5,000 kilometers per year. The standardized reconstruction and expansion of the old base subway railways such as Shanxi-Chahar-Hebei, Hubei-Henan-Anhui and Liang-Huaihe have been completed. Each kilometer of these standardized railways consumes more than 100% of rail steel. 500 tons, including the new bridges, will require 700 to 800 tons of steel per kilometer. The new railway's total consumption of 3 to 4 million tons of steel per year is not an exaggeration.
With the introduction of large-scale production of locomotives, Gao Jianwu has unified the locomotives on the railway. The Shengli I locomotives for heavy-duty freight and the Heping I locomotives for both passenger and freight have been completely replaced. The railway's transport capacity and speed have achieved unprecedented progress. Big upgrade.
With such conditions in place, the average railway speed has increased to more than 60 kilometers per hour and 75 kilometers per hour, integrating the connections between various base areas through railways, giving Gao Jianwu reliable guarantee for large-scale factory construction and product logistics.
However, in order to achieve this, Gao Jianwu not only used public-private partnerships to absorb a large amount of private capital into infrastructure construction, but also used the railway as a guarantee to issue the first five-year and ten-year railway construction bonds, raising 5 billion yuan in funds. .
Not only that, Gao Jianwu also issued 500 million yuan of 10-year power construction bonds for the construction of thermal power plants and hydropower plants respectively; he also issued 1 billion yuan of 10-year energy construction bonds for the construction of oil and coal mining infrastructure.
In order to ensure that all these construction bonds were sold, Gao Jianwu agreed that all these bonds could be traded on the Northern Financial Exchange, making the bonds highly liquid and quickly sold out.
After the currency reform in the base area, the value of the new currency anchored to physical objects was stable and received widespread support. The deposit and loan interest rates dropped significantly from the current demand deposit interest rate of 60% to 1.5%. The one-year deposit interest rate was 2.5%, while the one-year deposit interest rate was 2.5%. The long-term loan interest rate is only 3.5%, and the five-year loan interest rate is 4.3%, making the new currency the anchor of the financial market.
Under this circumstance, the construction bonds proposed by Gao Jianwu have a five-year fixed interest rate of 5% and a 10-year fixed interest rate of 5.5%. They can circulate freely in the financial market and are naturally very attractive. They were immediately criticized as soon as they were launched. The promising wealthy merchants snapped up all of them. After all, the strength and weakness of the army had been confirmed at that time. The army that Gao Jianwu defeated had a strong advantage. Anyone with a little knowledge knew that victory in the base area would be a matter of time.
[An app that has been running stably for many years, comparable to the old book-chasing tool, used by all old bookworms.
The exchange's bond trading suddenly became much more active, and the daily transaction volume soon exceeded the 100 million yuan mark. After the trading price fluctuated slightly for nearly a month, it suddenly took a sharp turn and began to fall! The five-year bond fell from 115 yuan to 105 yuan, and it was about to fall below the face value!
Financial markets were suddenly in an uproar.
...
Ministry of Industry.
Gao Jianwu listened to the report provided by the Financial Department.
"Minister Gao, we have found out that the funds currently used to operate bonds should come from overseas consortiums. After their funds come in, they are divided into more than 10 institutional users to act together. Since they currently have a large amount of funds in their hands, more than 1.5 billion according to bank statistics, Currently, they are acquiring about 500 million yuan in bonds. Their goal seems to be to continuously suppress and attract funds, and then obtain cheap bonds and finally make a profit.
If we want to curb the further decline of bonds, we can only enter the market to purchase bonds to support them. "
After providing the details of the investigation report to Gao Jianwu, Financial Department Director Huang Jinguo briefly made a summary report.
Looking at the names of institutions conducting speculative businesses in his hand, Gao Jianwu's mind was spinning rapidly. He did not expect that capital would be eyeing them so quickly. For him, the solution to this problem is simple, but the root cause is very difficult.
Because the simple method is to issue administrative orders, issue favorable policies for the current market, or simply issue new trading rules, or even personally buy the market to support the market, so that the unilateral falling market can be reversed. However, this simple and crude method will have a negative impact on the entire financial market. Nurture is a fatal blow.
After violating the general principles of market-oriented transactions, the Northern Financial Exchange may lose trading activity for a long time in the future, and ultimately lose the hard-won financial innovation.
Therefore, Gao Jianwu would not consider this plan unless it was absolutely necessary.
"Is there any domestic capital to hedge the possibility of further decline?" Gao Jianwu asked after pondering for a long time.
"Currently, the amount of capital participating in the domestic financial market is not large. The capital market's largest trading company, Northern United Capital, only has 20 million in its name, which is not at the same order of magnitude as overseas capital." El Dorado shook his head and said. .
"We have compiled transaction data from previous exchanges, and most of them are retail transactions involving tens of thousands or hundreds of thousands. There are almost no transactions involving more than one million. Generally speaking, the capital of institutions and users participating in the market is Below one million yuan, many users are ordinary citizens. Their purpose of purchasing bonds is to obtain income from interest payments at maturity. Therefore, the frequency of transactions among these users is not high."
"But the sharp decline in bonds now has a scaring effect on these users. They are worried about whether further declines will affect the repayment of principal and interest at maturity. There are rumors in the market that our bonds are under great pressure to repay principal and interest. For The second tranche of railway construction bonds we are currently planning has been interpreted by some as borrowing new debt to replace old debt. Rumor has it that this model will go bankrupt sooner or later, and the bonds will be worthless.
Although we made a solemn statement in the newspaper, it had little effect. Speculative capital suppressed prices through massive selling, causing many retail investors to believe these rumors. "
When Gao Jianwu heard this, he realized that every financial crisis was followed by rumors.
Although such rumors cannot withstand scrutiny, with the help of thoughtful people, the effect is good every time.
For a total of 6.5 billion, speculative capital received about 500 million. Considering that most of the bonds are not circulated on the exchange, the bonds in the hands of speculative capital may account for one-third of the bonds in circulation on the market.
Such ups and downs, relying solely on market regulation, are indeed somewhat powerless now.
what to do?
...
In an institution in Beijing, a group of people with tall noses and blue eyes gathered together.
"Mr. Martin, today we have lowered the price by 2 yuan again. Now the price is not far from the face value. Many people are unwilling to sell. Can we stabilize this price and slowly attract funds, and at the same time start to increase the price?" asked Thom, a representative from a capital company in Hong Kong.
"Mr. Thom, you haven't beaten the denomination yet to get a cheaper one, so there is no need to rush. Ming
We will continue to hit the market with heavy volume every day, but be careful not to do it too aggressively, lest we be discovered by the other party's regulatory agency, we will continue to hit the market at a rate of 1 yuan or 2 yuan every day until the face value is broken. I believe there will be many panic orders. At that time, we began to undertake a large number of projects. We have been planning for such a long time, and this time our profit target must be at least 20%. "Martin, the leader of this operation, said calmly.
"Mr. Martin is right. Falling below par value is an important psychological threshold for those who hold bonds. We must further spread the idea of shorting bonds in newspapers and social media, even if a small number of people believe it. Their actions will also affect the entire market." William, a representative of a Hong Kong capital institution next to him, also stood up and said.
"Our current cost price is still too high. The total cost on hand exceeds 110 yuan. Next, we need to suppress it to less than 100 yuan and reduce our comprehensive cost to less than 105. Only then can we earn enough 20% .”
The interest rate of a five-year bond is 5%. Theoretically, the repayment of principal and interest at maturity is 125 yuan. Now, two years have passed, and the theoretical value is 110 yuan. It has been fluctuating between 110 yuan and 115 yuan. Relatively speaking, that is A reasonable fluctuation range. After all, based on the one-year interest calculation, the three-year compound interest calculation is only about 8%. If you have spare money, you will not lose money if you buy it within 117 yuan.
Even those who have the ability to get a loan can directly buy it with a 5-year loan. If it is less than 110 yuan, they will make a profit.
But these do not take the risk cost into account, so when the bond breaks through 110 yuan, the market tends to sell more than buy.
This psychology is very subtle.
That is, herd mentality occupies most of the trading time in the securities trading market. This allowed Martin and other financial market speculators to succeed.
"Now we are not considering stopping the market smashing, but we are considering whether we need to further raise funds and add some additional capital to prevent insufficient capital when the stock price rises and the height of the stock price rise is not high enough?" William continued.
"According to our plan, after selling these 500 million bonds for 200-300 million yuan, it is estimated that the bonds will fall below 100 yuan. We will raise about 1 billion at 100 yuan and then raise it. Isn't it 500 million yuan to raise funds? A little unprepared?"
"It should be enough. According to our survey, there are usually about 1.5 billion yuan of bonds in circulation on the market. After our suppression and selling, the total amount is probably about 2 billion yuan. After we eat up 1 billion yuan, the market's We only have 1 billion in chips. If we use 500 million to raise the price sharply in the short term, I believe it will attract a lot of hesitant sales and follow-up orders. It shouldn’t take much money to raise the price.” Martin shook his head at William’s suggestion.
For them, this game is a complete crushing game. As long as the exchange supervisor does not intervene directly, their plan has almost no possibility of failure.
If the managers of the exchange come to the end to deal with the exchange in person, they will not lose anything. It will be equivalent to crippling the exchange in the north.
As the capital of the West in Hong Kong Island, their exchange on Hong Kong Island must not lose to the Northern Financial Exchange. This is the real reason why they come north to cause trouble in large numbers.
According to their plan, either they will make a fortune and continue to stir up trouble in the stock market. Either they should abandon their martial arts skills and make the exchange pornographic, ensuring that the Hong Kong Island Exchange becomes the number one exchange in the Far East financial market.
Since it is a named transaction now, the transaction delivery list will be published to all traders in the exchange's daily report, so if the Ministry of Industry officially decides, this information will definitely not escape Martin and the others.
...
The other side.
"Their cost price is around 110 yuan. If we want to crack down on these speculators, we have to stabilize the bond price at 110 yuan." After carefully studying the transaction delivery list, Gao Jian, a general, thought for a long time before saying to El Dorado.
"We don't need to change the rules. You can privately contact the top 50 or the top 100 domestic institutions and ask them to take on the responsibility of stabilizing the bond market. In terms of funding, this time we can provide short-term financing with interest. The interest on the loan shall not exceed 1 year.”
"This matter needs to be kept secret
The process, including the loan procedures, must comply with the prescribed procedures, and no one can take advantage of it. In this battle, we will use speculators' methods to defeat them! It is best to drag their funds into the bond market. "
"In addition, contact the big bond holders immediately. If speculators push us up, we will release bonds to satisfy them. With so many bonds of ours, they can't swallow them because of their appetite! This time it hurts them. , next time you will remember not to come to our place to stir up trouble."
"Yes, Minister Gao, I'll go down and do it right away." El Dorado said loudly.
This matter is not that easy to handle. Coordinating so many capital institutions below not only takes a lot of time, but more importantly, it takes a lot of effort to gather together the scattered sand.
