Stock trading is the buying and selling of stocks.There are two main forms of stock trading, one is throughstock exchangeBuying and selling stocks, calledFloor trading;The other is not through securitiesexchangeBuying and selling stocks, calledOTC trading。Most stocks are bought and sold in stock exchanges. OTC trading is only relatively perfect in the United States. Other countries either do not have or are in the embryonic stage. The main processes of stock trading (OTC trading) include: (1) To open an account, customers should first open an account with a brokerage company if they want to buy and sell stocks.(2) After passing instructions and opening an account, the customer can buy and sell stocks through his broker.Every time a customer buys or sells stocks, he or she will give a purchase or sale order to the broker company, which will quickly deliver the customer's order to its broker in the exchange for execution by the broker.(3) In the process of transaction, the broker in the exchange will quickly go to the trading station (in theTrading hallTo execute the command.(4) Delivery: After the transaction of buying and selling stocks, the buyer pays cash to obtain the stocks, and the seller delivers the stocks to obtain cash.Some of the delivery procedures are carried out after the transaction, and some are completed within a certain period of time, such as a few days to dozens of daysLiquidation companyHandling.(5) After the completion of the delivery, the new shareholder shall go through the transfer procedures at the issuing company where he holds shares, that isRegister of MembersRegister his own name and the number of shares he holds.When this step is completed, the stock transaction is finally completed.[1]
The stock market is also calledsecondary marketorSubmarket, YesIssue of sharesAnd the place of circulation can also be said to refer to the place where the issued shares are bought, sold and transferred.Stock trading is realized through the stock market.Generally, the stock market can be divided into primary and secondary markets,Primary marketAlso known asStock issuance market, the secondary market is also calledStock exchange market。Stock is a kind ofsecurities。In addition to stocks, marketable securities also include state bondsCorporate bonds, real estate mortgage bonds, etc.State bondsIt appears earlier and is the first bond to be traded.along withcommodity economyThe development of stock and other bonds gradually emerged later.Therefore, stock trading is only valuablebond exchangeThe stock market is only a part ofbond marketOne of.There is rarely a single stock market. The stock market is juststock marketA place specializing in stocks.[2]
Issue of shares
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Issue of sharesIt means that the qualified issuer sells shares to investors in accordance with legal proceduresRaised fundsProcess.
Shares issued by a joint stock company may, upon approval by the relevant departmentstock market（stock exchange）Public listingConduct listing and trading activities.To be listed and traded, stocks must meet certain conditions and be operated and operated according to certain principles and procedures.
The stock exchange is divided intoCompany systemandmembershipTwo.Both stock exchanges can be funded by the government or public organizations (called public stock exchanges), or privately funded (called private stock exchanges), or government and privateJoint contributionOperated (calledPublic private partnershipStock exchange).
Trading account
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The first thing that new shareholders should do is to open one for themselvesStock account(i.eShareholder card）。A stock account is equivalent to a "bank account", and investors can only buy and sell securities after opening a stock account.
If you want to buy or sell in Shanghai or Shenzhendual listing Investors need to open Shanghai Securities separatelyexchangeStock account and stock account of Shenzhen Stock Exchange, opening in Shanghai and ShenzhenA-shareThe stock account must be handled at the securities registration company or its authorized account opening agency.
There are many different kinds of stock accounts.Individual investorsIf you want to buy and sell A-shares in Shanghai and Shenzhen stock markets, you need to openA-shareStock account.
Clearing and settlement
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Liquidation is to offset the number and amount of stocks purchased and sold respectively, and thenstock exchangeA procedure for the delivery of net balance stocks or prices.The significance of liquidation is to reduce the stock price and price actually delivered through the stock exchange at the same time, and save a lot of manpower, material resources and financial resources.If the stock exchange is not liquidated, each securities firm must deliver shares and prices to the other party one by one. The procedures are quite cumbersome and take up a lot of manpower, material resources, financial resources and time.Delivery is the activity that investors pay off the price and transfer the stock after buying and selling the stock.Investors inEntrusted purchaseAfter the transaction of shares, the price shall be paid off and the shares shall be received within the prescribed time limit.Similarly, after selling the shares, the company shall deliver the shares and collect the price within the specified time.This is a necessary link in the process of buying and selling stocks, and a procedure that must be fulfilled.
Clearing and settlement
Stock analysis
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(1) Technical analysis
Technical analysis is based on predictionmarket priceIt is a method to analyze the movement of market price by analyzing historical charts for the purpose of changing future trends.Stock technical analysis is a widely used analysis method in the securities investment market.
invol : toBuying priceThe number of purchased transactions is counted and added to the internal market.
Outer disc: toSelling priceTransactions concluded.The quantity of sales is added to the external disk.
The internal and external data can generally be used to judge the strength of buying and selling power.If the number of external offers is greater than the number of internal offers, it indicates that the buyer is strong. If the number of internal offers is greater than the number of external offers, it indicates that the seller is strong.
Through the size and proportion of the number of external and internal shares, investors may usually find thatInitiativeOfBid More is more active selling, and in many cases we can find the trend of the dealer, which is a more effective short-term indicator.
However, investors should pay attention to combining the low, middle and high price transactions and the total price of the stock when using the external and internal marketsvolumesituation.Because the number of external and internal markets is not valid at all times, in many cases, the external market is large, and the stock price does not necessarily rise;The internal market is large, and the stock price does not necessarily fall.
Transaction time
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ChineseStock openingThe time is Monday to Friday, from 9:30 to 11:30 in the morning and from 13:00 to 15:00 in the afternoon. It is the same everywhere in ChinaBeijing TimeShall prevail.
Every morning from 9:15 to 9:25 iscall auction Time.The so-called call auction is that there is no call auction on that dayTransaction priceYou canClosing priceAnd the prediction of the stock market of the dayStock priceIn this period, all the prices entered into the computer host are equal. At the end of the transaction, the maximumvolumeThe price of a stock is determined according to the principle of call auction. This price is called call auction price, and this process is called call auction.
See collective bidding rulescall auction Entry.Matching principleThe higher the price of the buyer, the lower the price of the seller, and the same price, the first to participate in the bidding, but the whole transaction process is not distributed matching, but centralized matching at the end of bidding.The call auction time is 9:15-9:25, and the order can be placed. After 9:25, the order cannot be placed.You can't trade freely until 9:30.
Transaction plan
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Stock traders follow their ownRisk toleranceMake yourselfTransaction planIt is very necessary, but it is too demanding for many people.A sound and feasible plan includes the following aspects:
It is issued by a joint-stock company to distribute dividends andSurplus propertyCompared with ordinary sharesPriorityShares.Preferred stock is also a kind of right certificate with no time limit. Generally, shareholders of preferred stock cannot ask the company to withdraw their shares halfway (minorityredeemableWith the exception of preferred shares).
2. Common stock Common stock is the symmetry of "preferred stock"Enterprise profitA kind of share that changes due to changes. It is the most common and basic share in the company's capital structureEnterprise fundsThe basic part of.
The basic feature of common stock is that its investment interests (dividends and dividends) are not agreed upon at the time of purchase, but based on the operation of the stock issuing company afterwardsReal productTo determine that if the company's operation is well accumulated, the earnings of common stock will be high;But the operation is solidProduct differenceThe return of common stock is low.Common stock is the most important and basic stock in the capital structure of a joint-stock company, and it is also the most risky stock, but it is also the most basic and common stock.
Post allotment of shares is based on interest or interest dividends andDistribution of surplus propertyHourly ratiocommon stockThe shares at a disadvantage are generally allocated toResidual interestRedistribution.If the profit of the company is hugeNumber of issuesIf it is very limited, the shareholders who purchase the shares after allotment can obtain high returns.After the issuance of rights issue, the funds raised generally cannot generate income immediately, and the scope of investors is restricted, soUtilizationNot high.
When registered shares are issued, the names of the shareholders are recorded on the face of the shares and recorded on the company'sRegister of MembersOn.
Registered shares are characterized byholderNo one can exercise its equity except its official entrusted agent, legal successor and donee.In addition,Inscribed StockIt cannot be transferred arbitrarily. When transferring, not only the name and address of the transferee must be recorded on the face of the share certificate, but also the transfer formalities must be handled in the company's register of shareholders. Otherwise, the transfer cannot take effect.This kind of stock has the advantages of safety and fear of loss, but the transfer procedures are cumbersome.If such shares need to be transferred privately, such as in case of inheritance and gift, the transfer procedures must be handled immediately after the transfer.
When such shares are issued, the names of the shareholders are not recorded on the shares.The holder can transfer the shares on his own. Once he holds the shares, anyone can enjoy the rights of shareholders without having to prove his ownShareholder qualification。suchTransfer of sharesThe procedure is simple, but it should also be passedstock marketThe transfer is realized through legal transactions of.
3. Par share
Shares with par value, referred to as amount stock orPar stockMeans that a certain amount is recorded on the face of the stock,
E.g. per shareRMB100 yuan, 200 yuan, etc.The stock has a fixed amount for the stockNominal valueIn this way, it is easy to determine the proportion of each share in the joint-stock company.
Also calledProportional stockorNon par stock。Issue of sharesThere is no record of par value at that time, which only indicates the percentage of each shareTotal capitalScale of.Its value increases or decreases with the increase or decrease of the company's property.Therefore, this stock'sintrinsic valueAlways in a state of change.The biggest advantage of this stock is that it avoids the companyActual assetsDeviation from par value assets, because the par value of stocks is often in vain, people are not concerned aboutPar value of shares, butStock price。The issuance of such shares is beneficial to the managementFinancial accounting、legal responsibilitySuch requirements are extremely high, so it is only popular in the United States, and many countries do not allow distribution at all.
Investor
The shares of Chinese listed companies can be divided intostate-owned shares、Corporate StockandPublic shares。state-ownedstock market indexDepartments or institutions authorized to invest on behalf of the statestate-owned propertytowardsCorporate investmentThe formed shares include the shares converted from the existing state-owned assets of the company.Because most of our countryJoint stock enterpriseThey are all restructured from the original state-owned large and medium-sized enterprises. Therefore, state-owned shares account for a large proportion of the company's equity.
Corporate StockRefers to an enterprise legal person orWith legal personalityPublic institutions andSocial groupsShares formed by investing part of the company's non listed circulating equity with its legally operational assets.Listed companies in Chinaownership structure Among them, corporate shares account for about 20% on average.
Social public shares refer to individuals and institutions in ChinaLegal propertyShares formed by investing in the tradable shares of the company.
Listing place
Listing place
The shares of Chinese listed companies areA-share、Class B、H-share、N shares、S shareAnd so on.This distinction is mainly based on the listing location of stocks and the investors they face.The official name of A-share is RMB common stock.It is issued by companies in China forDomestic institutions, organization or individual (excluding investors from Taiwan, Hong Kong and Macao) subscribing and trading in RMBCommon stock。The official name of B shares is RMB special shares.It is denominated in RMB, subscribed and traded in foreign currenciesstock exchangeListed and traded.
Its investors are limited to: foreign natural persons, legal persons and other organizations, Hong KongMacao、TaiwanNatural persons, legal persons and other organizations in the region, Chinese citizens residing abroad, and other investors specified by the CSRC.At present, the investors of B shares are mainly from the above categoriesinstitutional investor。
Both the place of registration and the place of listing of B-share companies are in China, but the investors are overseas or in ChinaHong Kong, Macao and Taiwan.
H shares, i.e. those registered in the Mainland and listed in Hong KongForeign shares。The English of Hong Kong is Hong Kong. Taking its prefix, foreign shares listed in Hong Kong are called H-shares.
By analogy, the firstEnglish letterYes N,SingaporeThe first English letter of "S" is S, and the stocks listed in New York and Singapore are called N shares and S shares respectively.
corporate performance
Blue chip stockIt is the stock of companies with good performance.In China, the main indicators for investors to measure blue chip stocks areProfit after tax per shareandReturn on net assets。 Generally speaking, after tax profit per share is in the upper middle position among all listed companiesReturn on net assetsStocks that have significantly exceeded 10% for three consecutive years are listed as blue chip stocks.In foreign countries, blue chip stocks mainly refer to the stocks of large companies with good performance and relatively stable performance.After a long time of efforts, these large companies have achieved a high level ofMarket share, which has formed the advantage of business scale, steadily increased profits and high market popularity.
High performance sharesReturn on investmentandinvestment value。Its company has advantages in capital, market, reputation and so on, and is very easy-going to various market changesadaptabilityThe share price of blue chip stocks is generally relatively stable and long-termUpward trend。Therefore, blue chip stocks are always subject to investors, especially those engaged in long-term investmentRobust investorsThe favor of.
Ex dividend
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Ex right ex dividend
Ex dividend
When a listed company distributes stock dividends to its shareholders, that is, when the company's surplus is converted into capital increase, or shares are allotted, the stock price must be ex right (XR). XR is an abbreviation for EXCLUD RIGHT.?The listed company distributes the surplus to shareholders in cash, and the stock price is subject to ex dividend（XD）XD is the abbreviation for EXCLUD DIVIDEN (interest).
Dividends
Dividends are the profits that shareholders regularly receive from listed companies at a certain rate, and dividends are the remaining profits distributed to shareholders according to their shareholding ratio after the dividend is distributed by listed companies.Obtaining dividends and bonuses is the basic purpose for shareholders to invest in listed companies, and also the basic purpose of shareholdersEconomic rights。
Generally speaking, listed companies will distribute part of their profits as dividends to shareholders according to the number of shares held by shareholders after the annual financial settlement.According to the listed company'sinformation disclosureThe listed companies in China must announce the fiscal year within 120 days after the end of the fiscal yearfinancial reportsAnd will be published in the annual reportProfit distribution plan, so the listed company'sDividend distributionThe work is generally concentrated in the second and third quarters of the next year.
Assigned onDividendsFirstpreferred stockShareholdersDividend yieldexerciseincome distribution, andcommon stockShareholders draw dividends according to the remaining profits, and the dividend rate is not necessarily fixed.After the dividends are distributed, if the listed company still has profits to distribute, it can pay dividends to common shareholders according to the situation.
