Reborn in 2012, building a new energy empire

It was past nine o'clock when he got back to his school dormitory. Fatty Li was engrossed in a game on his computer with headphones on. When he saw him return, he simply waved.

The other two roommates were either reading or already lying down.

After a quick wash, Jiang Haoran sat down at his desk and opened his laptop.

Instead of immediately logging into the futures trading software, he first searched for the latest domestic and international developments and paper abstracts on photovoltaic cutting technology, especially in the field of diamond wire, and recorded some key information.

After dealing with all that, he picked up his phone and found that there were more than a dozen unread message notifications piled up on the screen.

When he clicked on the screenshot that analyst Lin Wei sent him at the top, his pupils contracted slightly.

That was a screenshot of a futures open interest ranking. The top five long positions were all marked with "Jiangsu and Zhejiang funds" and "Yongan Futures", with a combined open interest exceeding 130,000 lots, dominating the top of the list like a behemoth.

Meanwhile, the short-selling main force "Wanda Futures" saw its positions decrease by more than 40,000 contracts compared to last week, showing a clear sign of retreat.

The screenshot was immediately followed by a rumor that was being wildly circulated in multiple groups: "Have you heard? Wanda is suffering huge losses! It's said that the unrealized losses have reached 2.6 billion yuan, and they are now liquidating their positions at any cost to stop the losses!"

Jiang Haoran immediately opened the market data software. The intraday chart of the soybean meal 1301 contract came into view.

After 2 p.m., prices surged suddenly under the impetus of massive buying, breaking through 4290 points and now aggressively approaching the 4300-point mark.

He casually clicked on a popular futures forum, and the page was instantly flooded with enthusiastic comments:

"4300 is just around the corner! A new all-time high!"

"Bulls are mighty! Crush all bears!"

"Wanda has collapsed, who's next? And who dares to stand in our way?"

"Sell your house and speculate on soybean meal; achieve financial freedom this year!"

After glancing at it for a few moments, Jiang Haoran closed the forum and brought up the candlestick chart.

In the afternoon, the price curve surged upwards at an almost vertical angle, and the volume bar chart stood tall, seemingly indicating a surge in buying.

However, a closer look at each large order reveals that many so-called "volume surges" are actually the result of the same funds repeatedly buying and selling at similar prices, creating an illusion.

This is a typical tactic of using financial advantages to create a sense of prosperity and entice followers.

Market sentiment has reached its peak: bulls are celebrating, bears are collapsing, and open interest is actually declining.

He was all too familiar with this scenario: the bulls were secretly reducing their positions.

Memories from a past life are vividly resurfacing: the peak of this epic soybean meal rally is just around the corner. And the landmark rumor of "Wanda Futures suffering a massive loss of 2.6 billion yuan" is one of the harbingers of an impending market downturn and a fundamental reversal of power between bulls and bears.

He moved the mouse, bringing up the latest futures daily report interface. Several bolded news headlines at the top were particularly jarring:

La Niña confirmed! Meteorological agencies warn of potentially significant reductions in rainfall during the South American rainy season!

A once-in-a-century drought has hit Brazil's Mato Grosso state, posing a severe challenge to soybean planting!

Soil moisture in Argentina's core soybean-producing region is critically low, and analysts predict that South American soybean production could be reduced by as much as 10%!

In particular, a well-known securities firm ran a shocking headline in its latest research report: "La Niña is coming, soybean meal prices are expected to break 5000 soon."

As Jiang Haoran looked at these headlines, a faint, all-knowing smile flickered across his lips.

Weather stories are always the best subject for speculation in agricultural futures, especially when they are intentionally amplified by capital and wildly disseminated by the media.

The true impact of weather needs time to be verified, but market sentiment can be ignited in an instant and, fueled by greed, veer towards irrational extremes.

He closed all the windows and leaned back quietly in his chair. The cold light from the screen reflected on his serene face, his eyes clear as a still pool.

The futures market has reached its most frenzied and dangerous moment.

At almost the same time, in a brightly lit conference room on the top floor of a high-end office building in Shanghai, the air was thick with tension.

The huge screen displays a real-time chart of the soybean meal 1301 contract and constantly updated open interest rankings.

Several men in shirts, their expressions serious, sat around the conference table. The ashtray was piled high with cigarette butts, and a tense atmosphere filled the air.

"There are currently no signs of loosening in Mr. Ye's positions." An analyst in his thirties, wearing frameless glasses, pointed to the holdings data on the left side of the screen.

"Their total open interest has exceeded 50,000 lots. Their cost basis is around 3500, and their unrealized profits are very substantial."

Sitting in the main seat was a man around fifty years old with his hair neatly combed. He was none other than Li Qing'an, one of the legendary representatives of the "Jiangsu-Zhejiang Daredevils".

He didn't look at the screen, but slowly twirled the pen in his hand.

"What about the other funds in Yong'an's account?" he asked, his voice low.

"We're following up, but the pace has slowed. Today's net increase was about 800 lots," another man wearing glasses replied. "On the other hand, Wanda... accelerated its selling. They cut nearly 5,000 lots again this afternoon."

Li Qingan finally raised his eyelids: "What about the unrealized loss estimate?"

"Based on their average holding cost and current market price... it's probably close to three billion." The bespectacled man's voice lowered.

The meeting room was silent. A paper loss of 3 billion yuan was enough to cripple even a company the size of Wanda Futures, and could even trigger a chain of risks.

The forced liquidation resulting from losses of this level, once it floods the market, is enough to create a deep trough in a short period of time.

Conversely, this could also be the last and most intense opportunity for these bullish main players to squeeze out weak hands—by taking advantage of the collapse of the short-selling giants, creating greater panic, attracting the last batch of buyers, and completing a perfect pump-and-dump scheme.

"What changes have occurred in spot prices?" the man in the main seat continued to ask, his tone completely calm.

"Unchanged." The analyst pulled up another window, "The spot prices at major ports are still concentrated in the range of 4050 to 4080 yuan/ton, with sluggish trading."

"How has the market reacted to those weather reports?" he asked casually.

"It's completely fermented!" The bespectacled analyst's face showed a complex expression, a mixture of amazement at the market sentiment and understanding of the forces behind it.

"The headlines on major financial websites are all about La Niña and the drought in South America, and forums and chat rooms are buzzing with excitement. Keywords like 'once-in-a-century' and '10% production cut' are being repeatedly hyped. Many retail investors have even used leverage and raised funds to jump in... The emotions have reached their peak."

The man in the main seat was silent for a moment, then stopped writing with his pen. He leaned back slowly into the large leather chair, his gaze sweeping over everyone present.

"Tomorrow," he began, his voice steady yet carrying an undeniable resolve, "one final act. The target..."

He paused, then clearly uttered three words:

"Four thousand four."

Someone in the room subconsciously gasped. Reaching 4400 points from the current price level means another strong upward surge is needed to break through that unprecedented psychological and technical barrier.

"What about President Ye..." the bespectacled analyst hesitated.

"He'll cooperate," the man interrupted him, his eyes deep and unfathomable. "This grand spectacle needs a climax befitting its scale to bring it to a perfect close."

He spoke the words "curtain call" lightly, yet they sent a chill down the spines of everyone present.

They certainly understood what their boss meant. It didn't mean the market was over, but rather that these early investors who had made substantial profits needed to use this final surge to distribute their shares perfectly and exit gracefully.

As for who's swimming naked and who's left holding the bag after the tide goes out, that's not something they need to worry about.

That's always been the cruel rule of the market.