Source: Brokerage China Author: Qu Hongyan Recently, China Yangtze Power hit a historical high and once again showed the slow bull stock trend of "tripling in ten years". The slow bull market has left behind many passers-by and brought good returns to the steadfast investors. It is "rare for those who triple in one year to be like carp jumping over the dragon gate, while those who double in three years are few and far between." On the other end of the investment world, however, violent collapses are also deafening, with many financial products suspected of "Ponzi schemes" ceasing payments, leaving investors with no hope of recovering their investments. Both positive and negative cases illustrate the importance of forming a suitable mentality towards money in one's lifetime; otherwise, sooner or later, you will divorce yourself from your money. "I call this the money mind, a person's IQ can reach 120, 140, or even higher levels, and perhaps some people's minds are good at doing one thing, while others are good at doing another. They can do things that most ordinary people can't do. But I know some very smart people who make very foolish decisions because they lack the money mind." Buffett once said so. The so-called money mind refers to believing in common sense, believing in compound interest, being cautious and rational, thinking independently, prioritizing security over return, not dealing with people with questionable character, not easily guaranteeing for others, not believing in windfall profits, and not trying to cross legal norms for extra benefits. In today's world of ubiquitous information, everyone's wealth may become the "prey" of those with ulterior motives. Only with the money mind, can one form good behavior habits and shield oneself from separating from one's wealth. Do not entrust your wealth easily. Wealth is easy to lose but hard to accumulate, and trust is a vital reason leading to the rapid loss of wealth. "Do not allow anyone else to manage your business unless you can watch their every move closely and understand their behavior; or you have strong reasons to believe in their character and ability. For investors, this criterion determines when you can let someone else make investment decisions for you." Graham's criterion written eighty years ago is so clear. Almost all the investors who lost their wealth in the financial products have violated the above two criteria. They did not have the ability to closely supervise the whereabouts of their funds, nor did they have sufficient reasons to believe in the character of the product issuers. They easily invested their own wealth solely based on others' glib tongue and a piece of commitment paper. They did not act as gatekeepers of their own wealth and ended up with nothing left even if the government punished the wrongdoers. "An ounce of prevention is worth a pound of cure." This is a phrase Munger often says. Destiny must be in one's own hands, and investors with a suitable money mind will try their best to find suspicious points in their investments to protect the safety of their principal. For example, whether the manager is trustworthy, whether the underlying assets are profitable, whether oneself can timely monitor the risks in the investment process, and whether the sales staff is obtaining large commissions. As long as any unreliable signs are found, these investors firmly will not invest their money. Do not desire to get rich quick. As in the capital market and anywhere else, making money is not easy, and desiring to get rich quick will lead to quick loss of wealth. In the capital market, the desire to get rich quickly often leads to investors over-allocating specific stocks, industries, or assets at the worst time. For example, buying high-risk stocks that can gain huge returns once an adventure succeeds, but the chance of success is very small, also known as "whispering stocks" by legendary fund manager Peter Lynch. "They often tell investors a story with explosive effects. These 'whispering stocks' have a hypnotic effect on people, and it is easy for you to believe that the story the company tells has an emotional appeal that can easily confuse you." This is like hearing a very tempting "sizzling" sound, making you salivate, but you did not notice that there is no steak on the grill. In the eyes of investors who lack the money mind, stable yield provided by blue chips such as China Yangtze Power cannot meet their demands. However, historical experience clearly shows that buying stocks lacking in safety solely based on imagined high yields is unwise. The long-term average investment return of general stocks is 9%-10%, which is also the average investment return of stock indexes in history, a benchmark to measure one's investment performance and the benchmark to measure fund investment performance.

Reporters learned that on Sunday morning, September 29, brokerage IT departments were intensively conducting business tests. According to a recent notice from the Shanghai Stock Exchange, on September 29, brokerages and other financial institutions will carry out platform-related business tests such as auction and comprehensive services.

This test aims to simulate live trading pressure, mainly involving brokerages, public mutual funds, and other financial institutions, and is not open to ordinary stock investors. Earlier on September 27, due to the abnormal slow confirmation of transactions in Shanghai Stock Exchange stock auction trading, trading was affected.

In addition, many brokerages have recently suspended services such as next-day orders. Some brokerages have notified clients that due to business testing, clients may not be able to log in over the weekend or face difficulties. However, many brokerages have already announced that services will gradually return to normal starting on September 29.

A IT professional at a mid-sized brokerage in Shanghai told a Chinese journalist for brokerages that they had been working overtime at the company from Friday to Sunday for three consecutive days. It is estimated that other brokerages in the industry have done the same, mainly involving Friday's trade clearing, test environment preparation, trade gateway changes, and Sunday's testing coordination phase. On Sunday, another senior IT person at a large brokerage in the East China region also said, "Everyone worked overtime until late on Friday and Saturday, the two margin trading clearances are not yet completed, and today we have to conduct a full-network test at the Shanghai Stock Exchange."

At more than 10 o'clock on Sunday morning, a brokerage IT department person told reporters, "The testing has started, and we are extremely busy."

Shanghai Stock Exchange conducted a full-network test today.

On Saturday, according to sources in the industry, brokerages received a notice that the Shanghai Stock Exchange will organize bidding and comprehensive business platform related business testing on September 29 (Sunday) to mainly verify the accuracy of the relevant technical platform operations and technical adjustments.

According to the testing plan, the test will simulate one trading day of trading and clearing, with the main content including "Verify the smooth operation of the trading platform business when a large number of orders are concentrated in the continuous bidding period" and "Other scenario verifications (subject to on-site notifications), among others.

The participants of this test include the Shanghai Stock Exchange Technology Company, Shanghai Stock Exchange Information Company, relevant core institutions, and various market participants. However, it should be noted that this test involves brokerages, public funds, and other financial institutions, but is not open to ordinary individual investors.

Based on the testing trading schedule obtained from brokerages in China, the Sunday test is planned to run from 9:15 to 14:00, involving bidding matching platforms and comprehensive business platforms.

Previously, on September 27, the A-share trading volume surged, and after the market opened that day, multiple brokerage trading software experienced malfunctions. After 10:10 am, the SSE Composite Index even drew a horizontal line in the market.

On the evening of that day, the Shanghai Stock Exchange announced on its official website that on September 27, a slow confirmation of stock bidding transactions occurred, leading to trading disruptions. After handling the situation, stock bidding transactions gradually resumed from 11:13 am. The Shanghai Stock Exchange deeply apologized for this abnormal situation.

Over the weekend, the IT departments of brokerages worked overtime consecutively.

An IT professional from a medium-sized brokerage in Shanghai told reporters: "Our company's IT team worked overtime from Friday to Sunday continuously, and I estimate it's the same for other brokerages in the industry."

The above-mentioned individuals stated that, "Two days ago (Friday) was due to abnormal trading on the Shanghai Stock Exchange, there were some issues with the clearing at night that needed adjustment; yesterday (Saturday) was because the Shanghai Stock Exchange issued a test notification, so it was necessary to prepare the testing environment and make changes to the trading gateway. Today (Sunday) is considered to be the testing coordination phase."

Another IT-related person in charge from a large brokerage firm in the East China region also stated, "The night before last (Friday), last night (Saturday), everyone worked late, first to complete the clearing, and as of now, the margin trading clearing has not been fully completed. Today (Sunday) also requires testing various platforms related to the Shanghai Stock Exchange bidding and comprehensive business."

Some brokerages temporarily suspended customer services over the weekend and began to gradually resume services from Sunday evening.

Reporters noted that many brokerages informed clients over the weekend that due to participating in industry-wide testing on September 29th, the resumption of trading system services this weekend would be delayed until around the evening of September 29th.

For example, Haitong Securities announced that due to participating in the industry-wide testing this Sunday, the resumption time for trading system services this weekend has been postponed to 18:00 on September 29th. "Haitong Securities' centralized trading, margin trading, individual stock options, precious metals, and other trading systems are all in a testing environment, which may result in you being unable to use regular trading, margin trading, precious metals, and options account to log in to online trading, e-Haitong Wealth mobile trading, etc., or encounter situations where the data content is inaccurate in the system environment, and you cannot use the 95553 phone order placement. Resumption will begin at 18:00 on September 29th (Sunday)." stated Haitong Securities.

Haitong Securities mentioned that the adjustment in service suspension time for Haitong's official website portal and e-Haitong Wealth's mobile app service is from 17:00 on September 27th (Friday) to 18:00 on September 29th (Sunday). The service time for 95553 manual phone consultation and e-Haitong Wealth manual online consultation is from 8:30 to 20:00 daily.

However, Haitong Securities still supports online and mobile account opening 7x24 hours over the weekend. Investors can submit account opening applications on weekends, and manual review and follow-up will resume unified processing on September 30th (Monday).

However, not all brokerages suspended customer services over the weekend, and investors from some brokerages could still log in normally over the weekend. Investors should pay attention to the specific notifications from their respective brokerages. Another senior professional from a top brokerage in Shanghai told reporters, "After consulting with the IT department, we use the testing environment for testing, which does not affect customer logins and queries in the production environment."

Brokerage overnight orders that were suspended are gradually being restored.

After September 27, several brokerages including Guotou Securities, Sealand Securities, Founder Securities, and Northeast Securities announced the suspension of overnight orders for system maintenance. As of now, it has been noted that many brokerages have successively announced the restoration of related services.

For example, on September 28, Guotou Securities announced that in order to provide investors with better services, the overnight order service has now been restored.

Sinolink Securities announced to customers that the Shanghai Stock Exchange plans to conduct testing of platforms such as bidding, comprehensive business, new bonds, and Hong Kong stock connect. Due to testing, it is expected that from 9:00 pm on September 27 to 5:00 pm on September 29 (subject to actual occurrences), our company will suspend overnight market orders. During this period, all market displays and account information will be virtual data, so even if customers place orders or modify account information, permissions, etc., they will be considered invalid declarations. If you log into the trading platform, you may be prompted with a password error. Once testing is completed, our company will formally accept investors' overnight market orders.

GF Securities also issued an announcement stating that after the system clearing on September 27 (Friday) until September 28 (Saturday), the company will conduct trade system maintenance. During the maintenance period, Yitaojin APP, online trading terminals, and the 95575 phone channel will suspend trading order services. If you log into the system, you may receive error messages or encounter situations where stock prices, market caps, and asset displays are inaccurate. Normal services are expected to resume in the early hours of September 29 (Sunday), and the specific time is subject to actual conditions.

Editor/Lambor