The stock market is the place where issued stocks are transferred, traded and circulated, includingExchange marketandOTC tradingThere are two categories of the market.Because it is based on the issuance market, it is also calledsecondary market。The structure and trading activities of the stock market are more than those of the issuance market（Primary market）It is more complex, and its role and influence are also greater.
The predecessor of the stock market originated in 1602 when the Dutch bought and sold shares of the Dutch East India Company on the Amust River Bridge, and the formal stock market first appeared in the United States.The stock market isspeculatorA country or region's economy andFinancial activitiesThe thermometer of the stock market, such asSell short without goodsWait, it can causestock echange crashAnd other hazards.The only constant of the stock market is that it changes all the time.There are three trading markets in mainland China: Shanghai Stock Exchange, Shenzhen Stock Exchange and Beijing Stock Exchange.
The stock market is the place where stocks are issued and traded, includingIssuance marketandCirculation marketTwo parts.By issuing shares to the society, the joint-stock company quickly concentrates a large amount of funds to realize the scale operation of production;The scattered surplus fund holders in the society invest in joint-stock companies in the principle of "benefit sharing and risk sharing" to seek wealthincrement。
1. Functions of circulation market:
Stock marketIncluding all activities of stock circulation.The existence and development of the stock circulation marketStock issuerIt has created a favorable financing environment, and investors caninvestment plan And market changes, buying and selling stocks at any time.As investors' worries are relieved, they can participate inStock issuance marketThe subscription activities of the company are conducive to raising long-term funds and smooth stock circulation, which also play a positive role in promoting stock issuance.For investors, through the activities of the stock circulation market, the long-term investment can be short-term, and the stock and cash can be converted at any time, enhancing themobilityAnd security.Stock marketThe above price is a barometer reflecting economic trends. It can sensitively reflect the changes in capital supply and demand, market supply and demand, industry prospects and political situation. It is an important indicator for forecasting and analysis. For enterprises,stock rightThe transfer of the stock market and the fluctuation of the stock market are indicators of their operating conditions. They can also provide enterprises with a large amount of information in a timely manner, which will help them make business decisions and improve their management.It can be seen that the stock circulation market plays an important role.
2、Stock trading mode
The method and form of transferring shares for trading is calledtransaction modeIt is the basic link of stock circulation and trading.modernStock marketThere are a wide range of purchase and sale modes, which can be divided into the following three categories from different perspectives:
According to the difference between the price determined by the buyer and the sellerbargainingBuying and selling and bidding.Bargaining is a one-on-one negotiation between the buyer and the seller, and a transaction is reached through bargaining.It isOTC tradingCommon methods in.Generally, the stock is not available on the marketTrading volumeLess, which should be kept confidential or used to save commission.Competitive buying and selling means that both buyers and sellers are a group composed of several people, and both parties openly conduct a two-way competitive transaction, that is, the transaction not only involves bidding and asking price competition between buyers and sellers, but also involves fierce competition within buyers and sellersBuyer's BidA deal is concluded between the highest seller and the lowest seller.In this kind of bilateral competition, the buyer can choose the seller freely, and the seller can also choose the buyer freely, making the transaction more fair and the resulting price more reasonable.Bidding isstock exchangeThe main way of buying and selling stocks in China.
(2) Direct and indirect transactions
It can be divided into direct transaction and indirect transaction according to the way of transaction.Direct transaction is the direct negotiation between the buyer and the seller, and the stock is also owned by the buyer and the sellerClearing and settlement, which does not involve any intermediary in the whole transaction processtransaction mode。OTC tradingMost of them are direct transactions.Indirect transaction is a transaction mode in which the buyer and the seller do not meet and contact directly, but entrust an intermediary to buy and sell stocks.stock exchangeThe broker system in is a typical indirect transaction.
(3) Spot trading and futures trading
PressdeliveryDifferent terms, including spot transaction andfuturesTransactions.Spot transactionIt means that after the stock transaction is completed, the delivery and clearing procedures shall be handled immediately, and the money and goods shall be cleared on the spot. The futures transaction is the transaction mode of delivery and clearing after a certain period according to the price and quantity specified in the contract.
The main elements of the circulation market are: (1) the stock holder, here is the seller;(2) Investor, here is the buyer;(3) ForStock tradingProviding convenient conditions for circulation and transferCredit intermediaryOperating agency, such as securities company or stockExchange（It is customarily called stock exchange).
Exchange marketyesStock marketThe most important part ofExchange member, SecuritiesSelf dealerorStockbrokerstaystock marketInternal centralized tradingListed stockIs the main body of the secondary market.Specifically, it has a fixed exchange and a fixed trading time.Accepting and handling those that comply with relevant laws and regulationsListing of sharesBuying and selling, so that former stock holders and investors have the opportunity to freely buy and sell, conclude transactions, settle accounts anddelivery。Securities companies are also important in the secondary marketFinancial intermediariesOne of its most important functions is to buy and sell stocks and other securities for investors, and provide business services such as preserving securities for customers, margin trading for customers, and providing securities investment information.
OTC marketAlso called store market orCounter market。It is related toexchangeTogether form a completestock exchangeMarket system。OTC marketIn fact, it is an abstract securities trading market composed of thousands of securities firms.In the OTC market, most securities firms have brokers andSelf dealerDual identity, and can quickly conclude transactions with investors who buy and sell securities at any time through direct contact, telephone, telegraph and other means.As a dealer, securities firms have the function of creating markets.Securities firms often choose several trading partners according to their own characteristics.As a brokerage securities firm, the securities firm conducts transactions with a securities trading firm on behalf of customers.Here, the securities firm is just the agent of the customer. He does not take any risks and only accepts a small amount ofService ChargeAs compensation.
In the stock market, due toprice of stockThe direction of development depends on the movement of funds.Large institutions with strong financial strength can influence or even manipulate the rise and fall of share prices to a certain extent.They can use their own financial strength to make profits by making false quotations in various ways, thus making the stock market speculative.However, this does not represent the whole of the stock market and cannot reflect the essence of the stock market.
The speculation in the stock market should be objectively evaluated.Although all kinds of speculation in the stock market will have a great negative effect on the development of commodity economy, it cannot be ignored that speculation is also an indispensable condition for capital concentration.We should realize that it is precisely because of the possibility of profiteering in speculative activities that some investors are stimulated to invest their funds in the stock market, thus promoting a large concentration of capital and converting monetary funds into capital.
Origin and development
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stock market
The earliest joint-stock company was established in the Netherlands and Britain in the early 17th centuryOverseas Trading Company。These companies raise fundsShare capitalHowever, the establishment has obvious characteristics of a joint-stock company:legal personStatus;establishBoard of Directors;The general meeting of shareholdersIt is the highest authority of the company;Dividends per share;implementLimited liability system。The successful operation and rapid development of joint-stock companies have enabled more enterprise groups to follow suit and set off a wave of joint-stock companies in the Netherlands and the United Kingdom.By 1695.About 100 new businesses have been established in the UKstock company。
Britain began in the second half of the 18th centuryindustrial revolution, large machine production has gradually replacedWorkshop handicraft。In this reform, the shareholding system has made great contributions.With the expansion of the industrial revolution to other countries, the shareholding system also spread throughout the capitalist world.
In the mid-19th century, the United States produced a large number ofBond financing The joint-stock system of road construction companies, transportation companies, mining companies and banks has gradually entered the main economic fields.By the end of World War I, 90% of the output value of American manufacturing industry was created by joint-stock companies.In the second half of the 19th century, shareholding system was introduced into Japan and China.Meiji restoration Later, a number of joint-stock companies appeared.During the Westernization Movement, China established a number of official andofficial-merchant joint managementChina Merchants Steamship Group, a joint-stock enterprise established in 1873, issued China's own earliest stocks.
The emergence of stocks prompted the emergence of stock exchanges.As early as 1611, there were some businessmen in HollandAmsterdambusinessOverseas Trading CompanyShares.It formed the embryonic form of the stock exchange. In 1773, Jonathan Cafe in Chase Lane in London officially established the first Britishstock exchange, later evolved intoLondon Stock Exchange1792.24 brokers signed an agreement under a sycamore tree on Wall Street in New York.Formed a broker alliance, which isNew York stock exchange Its predecessor, 1878,Tokyo Stock ExchangeOfficially established.It isTokyo Stock ExchangeThe predecessor of.In 1891, Hong Kong established the Hong Kong Stock Brokers Association, which later developed intoHong Kong Stock Exchange.In 1914, China'sbeiyang government The Stock Exchange Law was promulgated and was established in 1917Beijing Stock Exchange。
After entering the 20th century.The stock market has developed rapidly and has roughly gone through the following three stages:
stock market
(1) Laissez faire stage (1900~1929).In the first 30 years of the 20th century, the number of joint-stock companies in the United States, Britain and other countries increased rapidly, making the scale of the stock market and the ability to raise funds expand rapidly.one sideIssuance marketRapid expansion,Circulation marketUnprecedented prosperity, trading volume soared.On the other hand, due to the lack of supervision, stock fraud and market manipulation occur from time to time, and laissez faire has brought about serious excessive speculation.The main stock markets at that timeStock priceIt is generally raised to an unreasonable degree, far exceeding its actual value.On October 29, 1929, a serious financial crisis occurred in the capitalist world. As an economic barometer, the stock markets of various countries plunged one after another, and investors suffered heavy losses.
(2) The legal system construction stage (1930~1969), after the 1929 economic crisis, the governments of all countries began to comprehensively strengthen the legal system and standardization of the stock market.In the United States, for example, the government began to legallystock marketIt was strictly managed and formulated the Securities Act of 1933 and the Securities Act of 1934stock exchangeLaw of the People's Republic of China, etc.Securities trading was established in the United States in 1934Management Committee, directly supervise and manage the stock marketU.S. Securities MarketIt has laid the foundation for becoming the largest securities market in the world.The construction of securities legal system in other countries has also been strengthened, and the stock market has gradually standardized.
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(3) Rapid development stage (since 1970).After the 1970s, with the development of western industrydeveloped countryThe improvement of economic scale and intensification, Southeast Asia andLatin Americadeveloping countryThe booming economy.As well as the progress of modern computer, communication and network technology, the stock market has entered a stage of rapid development.In 1986, the total market value of the global stock market was $6.51 trillion, and the total number of global listed companies was 28200. By the end of 1995, the total market value had risen to $17.79 trillion.In the past 10 years, the market value has nearly tripled, and the number of listed companies has increased by more than 10000 to 38900.In 1996, the globalMarket value of stockIt continued to rise to 20.29 trillion US dollars.In major developed countries,Securitization rate（Total market value of sharesAndgross domestic productIn 1995, the securitization rates of the United States, Japan and the United Kingdom reached 95.5%, 83.5% and 121.7% respectively.developing countryThe stock market of.The total stock market price of emerging markets increased from US $0.24 trillion in 1986 to US $1.9 trillion in 1995, an increase of nearly seven times in 10 years.While the scale of stock midfield is expanding, trading activities are also increasingly active. In 1986, the trading amount of global stock midfield was $3.57 trillion, and in 1995 it reached $11.66 trillion.
term
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Opening price: refers to the price of the first transaction every day.
Closing price: refers to the price of the last stock traded every day, that is, the closing price.
Trading volume: refers to the number of shares traded on the current day.
Maximum price: refers to the highest of various different prices at which shares are traded on the dayTransaction price。
Lowest price: refers to the lowest transaction price among different transaction prices on the day.
Elevating plate: The opening price is higher than the closing price of the previous day.
Open low plate: The opening price is lower than the closing price of the previous day.
Disc gear: It means that investors do not actively buy and sell, and take a wait-and-see attitude to makeprice of stockThe change range of is very small. This situation is called a disk file.
arrangement: refers to a period of sharp rise or fall in the stock price, after which the stock price starts to fluctuate slightly and enters the stage of stable change. This phenomenon is called consolidation. Consolidation is the preparation stage for the next major change.
Pan Jian: The stock price rises slowly, called Pan Jian.
Diskette softness: The stock price falls slowly, which is called "soft market".
gap : refers to being strongly affectedLidoOr bad news, stock prices began to jump.Jumps usually occur before the beginning or end of a major change in stock prices.
Backward: refers to the phenomenon that the stock price temporarily falls back due to the excessive rise in the process of rising.
rebound: It refers to the phenomenon that in the falling market, the stock price sometimes rises temporarily due to the buyer's support due to the falling speed.The rebound amplitude was smaller than the downward decline, and the downward trend resumed after the rebound.
Turnover: refers to the total transaction price of each stock on that day.
Final bid: refers to the dayAfter closing, the price that the buyer wants to buy.
Final bid: refers to the seller's asking price after the close of the day.
long position: People who are optimistic about the future market of stocks, buy stocks first, sell stocks to earn a price difference when the stock price rises to a certain level.
short position: Investors and stockbrokers look bad at the prospect of the stock market and predict that the stock price will fall, so they sell the stocks they bought in time and buy them when the stock price falls to a certain level to obtain differential income.The trading method of selling first and then buying to earn the difference is called short position.[2]
Ups and downs: Compare the daily closing price with the closing price of the previous day to determine whether the stock price will rise or fall.Generally, it is indicated by "+" and "-" on the bulletin board above the trading desk.
Price level: refers to biddingLifting unit。The price varies with each shareequity marketPrices vary.withShanghai Stock ExchangeFor example, if the market price of each share is less than 100 yuan, the price is 0.10 yuan;The market price of each share is 100-200 yuan, and the price is 0.20 yuan;The market price of each share is 200-300 yuan, and the price is 0.30 yuan;The market price of each share is 300-400 yuan, and the price is 0.50 yuan;The market price of each share above 400 yuan is 1.00 yuan;
Allotment: When the company issues new shares, it will distribute them to shareholders at a special price (lower than the market price) according to the number of shareholders.
Asking price: the lowest price at which a seller is willing to sell shares in stock trading.
Breakeven critical point: The base point of the stock trading volume of the exchange. If it exceeds this point, it will be profitable, otherwise it will be a loss.
Interest payment：Ex dividendfront,Stock market priceAbout equal to the market price before the announcement of ex dividend plus the amount to be distributeddividend。Therefore, the stock price will rise after the announcement of ex dividend.After the ex dividend is completed, the stock price tends to fall below the price before the ex dividend.The difference between the two is approximately equal todividend。If the stock price rises close to or more thanEx dividendWhen the difference between the former share price and the latter is made up, it is called interest payment.
1. There are certainMarket liquidityHowever, it mainly depends on the trading volume of the day (the trading volume depends on the psychological expectation of investors).
2. The stock market is only open from 9:30 a.m. to 4:00 p.m. New York time (the Chinese market is at 3:00 p.m.)OTC tradingLimited.
3. The cost and commission are not too high for ordinary investors.
4. Short selling stocks are subject to policies (need to be openedMargin trading）Many traders are frustrated by the restrictions on capital (about 500000 yuan).
5. There are many steps to complete the transaction, adding execution errors and errors.
market structure
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The stock market is generally divided intoStock issuance marketAnd the stock exchange market.There are both differences and connections between the two markets.
Issuance market
also calledPrimary marketOr primary market.Issue of sharesThe issuing company itself or throughsecurities underwriter (a trust and investment company or a securities company) the activity of selling newly issued shares to investors.Most of the stock issuance has no fixed place, but is carried out on the securities commodity counter or through the trading network.Issuance marketThe transaction scale of is a reflection of the scale of capital formation in a country.Purpose of share issuance:
One is to raise funds for the newly established company;
The second is to increase capital for existing companies.
There are two modes of issuance:
① It is issued by the newly established enterprise itself, or requires the investment company, trust company and other underwriters to give appropriate assistance;
② Bysecurities underwriter Contracted sales.The two methods have their own advantages and disadvantages. The former has lower issuance costs but longer fundraising time.The latter has a short time to raise funds, but the cost is high, so it needs to pay a certain commission to the investment company, trust company or underwriter.
① SecuritiesExchange marketIs specialized in stocksbondAn organized market for trading. According to regulations, only members, brokersSecurities firmsIs qualified to enter the trading hall for trading.The stock to be traded must be in thestock exchangeShares registered and approved for listing.
②OTC tradingMarket, also known as securities firmCounter marketOr store market.The main trading partner is not inexchangeListed stock.The market price of stocks in the over-the-counter market shall be determined by both parties through consultation.There are fixed places in the store market, generally onlySpot transactionNo futures trading.
Market function
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stock market
Through the issuance of shares, a large amount of funds flowed into the stock market and into the issuing enterprises, which promoted the concentration of capital and improved theEnterprise capitalThe organic composition of has greatly accelerated the development of commodity economy.On the other hand, through the circulation of stocks, small amounts of funds have been collected, which has accelerated the concentration and accumulation of capital.
So on the one hand, the stock market provides a basic place for the circulation and transfer of stocks, on the other hand, it can also stimulate people's desire to buy stocks and provide guarantee for the issuance of the primary stock market.At the same time, because the trading price of the stock market can objectively reflect the supply and demand relationship of the stock market, the stock market can alsoPrimary marketThe issuance of shares provides a reference basis in terms of price and quantity.The function of the stock market reflects the nature of the stock market.In the market economy society, stocks have the following four functions:
Accumulate capital
Listed companies raise capital for the company by issuing shares in the stock market.The listed company entrusts the shares tosecurities underwriter The securities underwriter issues the securities to investors on the stock market.With the issuance of shares, capital flows into listed companies from investors.
Transfer of capital
The stock market provides a place for the circulation and transfer of shares, so that the issuance of shares can continue.If there is no stock market, it is difficult to imagine how the stock will circulate, which is determined by the basic nature of the stock.When an investor chooses to save money in a bank or buy bonds, he does not have to pay for the moneymobilityworry.Because in any case, as long as the agreed period is reached, he can recover the interest at the agreed interest rate and get it backprincipal, especiallybank depositEven if you withdraw in advance, you can get a small amount of interest in addition to the principal. In short, there is no problem in withdrawing the investment and turning it into cash.But stocks are different. Once you buy stocks, they become enterprises'shareholderAfter that, you can neither ask the issuing enterprise to withdraw its shares nor ask the issuing enterprise to withdraw its sharesredeem。If there is no place for the circulation and transfer of shares, the investment to buy shares will become a dead sum of money. Even if the shareholders need cash urgently, the shares cannot be cashed.In this way, people will have worries about buying stocks, and the issuance of stocks will be difficult.With the stock market, shareholders can transfer their stocks on the stock market at any time and cash them in at a fair and reasonable price, so that dead money can become living money.
Converted capital
The stock market converts non capital monetary capital intoProductive capitalIt builds a bridge between stock buyers and sellers, and provides necessary conditions for the conversion of non capital currency into capital.This function of the stock market is of great significance to the addition of capital and the promotion of economic development of enterprises.
Stock price
The stock itself has no value. Although the stock also circulates in the market like commodities, its price has nothing to do with the value of the capital it represents.The price of stocks is only shown after entering the stock marketFace amountDifferent, par value is only the participation of stock holdersdividendThe basis of distribution is not equal to the real capital value represented by itself, nor is it the basis of stock price.In the stock market, the stock price may be higher or lower than its par value.The circulating price of stocks on the stock market is determined byExpected earnings, MarketInterest rateAnd the relationship between supply and demand.But even so, if there is no stock market, no matter what the expected return,Market interest rateThe change will not affect the stock price.Therefore, the stock market has the function of giving stock prices.
Stock market cycle
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Stock market cycleIt refers to the process in which the long-term upward trend and long-term downward trend of the stock market appear and are repeated. Generally speaking, a cycle of rising and falling stock market is the phenomenon of continuous replacement of bear market and bull market.The textbook that describes the stock market cycle and its causes in detail is《Smart Speculator》。
A stock market cycle roughly goes through the following four stages: bull market stage——High level consolidationMunicipal stage——bear marketStage——Low orderCowhide market stage.
The periodic movement of the stock market has the following important characteristics:
1. The periodic movement of the stock market refers to the trend change of the long-term basic trend of the stock market, not the short-termStock indexUp and down.The daily rise and fall of the stock market constitute the basis of the cyclical movement of the stock market, but it cannot represent the stock market cycle.
2. The periodic movement of the stock market refers to the movement of the stock market as a whole, rather than the counter movement of individual stocks and individual plates.
3. The periodic movement of the stock market refers to the reversal or reversal of the basic trend, rather than the short-term or partial rebound or callback of the stock index.
4. The periodic movement of the stock market refers to the change in the nature of the stock market in the movement, that is, from a bull market to a bear market or from a bear market to a bull market, rather than a simple quantitative change in the stock price index.The nature of a bull market and a bear market is different, but the stock price index may fall in a bull market, and the stock price index may rise in a bear market. The key is to see whether this quantitative change can be accumulated to make the basic trend change qualitatively.
Stock index
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Stock indexIs created bystock exchangeOr an indicator prepared by a financial service institution to indicate changes in the stock market for reference.Due to the volatility of stock prices, investors are bound to face market price risks.It is easy for investors to understand the price changes of a specific stock, but it is not easy or troublesome to understand the price changes of various stocks one by one.In order to adapt to this situation and need, some financial service institutions have made use of their own business knowledge and market familiarity to preparestock market index, published publicly as an indicator of market price changes.Therefore, investors can test the effect of their investment and predict the trend of the stock market.At the same time, the press, company bosses and even political leaders also use this as a reference indicator to observe and predict the social, political and economic development situation.
This stockindex, that is, the average price indicating the changes in the stock market.The stock index is usually prepared on the basis of the followingbase periodTake 100 as the stock price of, compare the stock price of each subsequent period with the price of the base period, and calculate the percentage of rise and fall, which is the stock index of that period.Investors can judge the change trend of stock price according to the rise and fall of the index.In order to reflect the trend of the stock market to investors in real time, almost all stock markets areprice of stockImmediate announcement of changesstock market index。
To calculate the stock index, three factors should be considered: first, sampling, that is, selecting a few representative stocksConstituent stock；The second is weighted according toUnit PriceOr weighted average of total value, or unweighted average;The third is the calculation programArithmetic mean、Geometric mean, or both price and total value.
becauseListed stockThere are many kinds of stocks. It is difficult and complicated to calculate the average price or index of all listed stocks. Therefore, people often select several representative sample stocks from listed stocks and calculate the average price or index of these sample stocks.It is used to indicate the general trend of stock price andRise and fall range。
calculationAverage share priceThe following four points are often taken into account when indexing:
(1) The sample stocks must be typical and common. Therefore, the selection of samples should take into account the industry distribution, market influence, stock grade, appropriate number and other factors.
(2) The calculation method shall be highly adaptable to the changingStock marketMake corresponding adjustments or corrections to make the stock index or average more sensitive.
(3) There should be scientific calculation basis and means.The caliber of calculation basis must be unified. Generally, the closing price is taken as the calculation basis. However, with the increase of calculation frequency, some calculations are based on hourly prices or even shorter time prices.
（4）base periodIt should be balanced and representative.
Shanghai Stock Exchange Index
We've all heard about the Hong Kong stock marketHang Seng IndexAnd the US stock marketDow Jones IndexToday, let's talk about the domestic Shanghai Stock Exchange Index.
Shanghai Composite Index is the "Shanghai Composite Index" (Shanghai Securities Composite Index).“Shanghai SecuritiesThe "composite index" is prepared by Shanghai Stock Exchange, which takes all the stocks listed on the Shanghai Stock Exchange as the calculation scope, and takes the issuance volume as the weight.The Shanghai Composite Index reflects the overall trend of the Shanghai stock exchange market.On August 24, 2012, the Shanghai Composite Index opened low in the morning and moved low. It continued to move down in the afternoon, and the Shanghai Composite Index fell below the 2100 point mark.On September 26, 2012, the Shanghai Securities Composite Index hit a new low since February 3, 2009 - 1999.48 points, falling below 2000 points.
SSE will select the sample of listed companies in Shanghai Stock Exchange that have completed the split share structure reform and release itNew Shanghai Composite IndexTo reflect the market trend of these stocks and provide investors with a new investment scale.It is reported that the "new composite index" of G shares was released on the first trading day of 2006.
The Shanghai Composite Index is the first index released. It is a weighted composite stock price index with all the stocks listed on the above stock exchanges as the calculation range and the issuance volume as the weight.This index has been released in real time since July 15, 1991. The base date is set as December 19, 1990, and the base date index is set as 100 points.
The release of the new Shanghai Composite Index takes December 30, 2005 as the base date, the total market price of all sample stocks on that day as the base period, and the base point is 1000.The new Shanghai Composite Index is referred to as the "New Composite Index", and the index code is 000017.
The "new composite index" is currently owned by the Shanghai Stock ExchangeG shareform.Since then, the shares subject to the split share structure reform will be included in the index on the second trading day after the implementation of the plan.The index is weighted by total equity.
According to statistics, based on the closing price on December 15, 2005, the total market value of the "New Composite Index" is 392.7 billion yuan, and the circulation market value is 142.5 billion yuan, accounting for 18% and 22% of the market respectively.With the deepening of the split share structure reform, the proportion of the "new composite index" in the market will gradually increase.On December 15, 2005, the price earnings ratio of the "new composite index" was 12.14 times, 23.47% lower than the Shanghai Composite Index.
Shencheng Index
"Shencheng Index" refers to "Shenzhen Stock Index" and Shenzhen constituent stock index.Shenzhen constituent stock indexShenzhen Stock ExchangeBased on the investigation of all companies listed in Shenzhen Stock Exchange, 40 representative listed companies are selected as constituent shares according to certain standards, with the number of tradable shares of constituent shares as the weightWeighted average methodIt is compiled and comprehensively reflects the listing of AClass BShare price oftrend。The constituent stock index takes July 20, 1994 as the base period, the base date index is 1000 points, and the starting date of calculation is January 23, 1995.
The general principles for Shenzhen Stock Exchange to select constituent stocks are: there is a certain time for listing and trading;There is a certain scale of listing, which is measured by the average value of the tradable stock market and the average total market value of each company in a period of time;Active trading, measured by the total transaction amount and turnover rate of each company in a period of time.According to the above criteria, the constituent shares are selected based on the following factors:P-E ratio , the company's industry representativeness and the development prospect of its industry, the company's financial situation, profit record, development prospect and management quality, and the company's regional and sector representativeness.
Three major stock markets
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More than 50 countries around the world have established stock markets.The wide application of computer technology and advanced communication equipment makes stock trading increasingly international.The total volume of stock transactions worldwide has grown rapidly in recent years, from US $2.54 trillion in 1980 to US $5.82 trillion in 1986.Among them, most stock transactions are concentrated in the three major stock markets of New York, Tokyo and London.
New York
New York Stock MarketLocated on Wall Street and Broadway in downtown New YorkskyscraperFormed in the "canyon".It serves large companies and enterprises, but not every company has the convenience of using this stock market to issue shares.It stipulates that, in addition to all expenses and taxes, a company must make a net profit of more than $1 million every year, with at least 1500 sharesCommon stockNot less than US $8 million.Only such stocks are eligible for trading on this stock market.There are more than 1000 large companies with such conditions.Companies that are not qualified to be listed on the stock market can only be listed on other stock markets with lower conditions（Stock Exchange）Registration, such asChicago"Midwest Exchange",San FranciscoandLos Angeles"Pacific Coast Exchange", "Philadelphia Baltimore Washington Exchange" and other regional stock exchanges.The New York Stock Exchange has always been the largest stock exchange in the United States and even in the world.Its scale is growing. In 1977, its total capital was about 800 billion dollars, and its annual trading volume accounted for 19% of its total capital;By the beginning of 1981, the total stock capital had increased to $1.24 trillion;By 1987, it had jumped to 2.2 trillion US dollars, accounting for 85% of its total capital.However, its position in the world has lost its first place in the world and given way to the Tokyo Stock Market.
Tokyo
The stock market has long been the second largest in the world.In 1977, its total capital was about 206 billion US dollars, and its trading volume in that year accounted for 38% of its total capital. At the beginning of 1981, the total value of its issued shares was only 1/3 of the New York stock market.However, in recent years, due to the obvious improvement of the Japanese economy, the stability of the foreign exchange market, the strong domestic demand, and the long-term lowpreferential interest rateAs well as the influx of foreign capital and other reasons, the Tokyo stock market was extremely active in trading. Even at the end of 1987, its total capital had increased to $3 trillion, accounting for 59% of its total capital. Its total capital and annual trading volume both exceeded that of New York, and the daily trading volume of the Tokyo stock market also exceeded that of the United States.As a result, Tokyo Stock Market has risen from the second place to the first place in the ranking of world stock markets.
London
At the beginning of 1981, the total capital of the stock market was $190 billion.In recent years, although its scale has also developed considerably, its ranking remains unchanged and it still ranks third in the world.By the end of 1988, the total capital of the London stock market had reached 664 billion US dollars, with the annual trading volume accounting for 41% of its total capital.
When there are more buyers than sellers in the stock market, the bullish stock market is called a bull market.There are many factors to form a bull market, mainly including the following aspects:
①economic factors : The profit of joint-stock enterprises has increased, the economy is in a prosperous period, and the interest rate has declinedEmerging industriesDevelopmental, moderateinflationAnd so on may push the stock market price up.
② Political factors: government policies, decrees, or sudden political events can cause stock prices to rise.
③ Factors of the stock market itself: such as the panic buying trendspeculatorOfShort sellingA large number of large households' purchase of stocks can trigger a bull market.
A bear market is the opposite of a bull market.When there are more sellers than buyers in the stock market, the bearish market is called.The factors that trigger a bear market are similar to those that trigger a bull market, but they change in the opposite direction.
Bull market
long positionIt means that investors are optimistic about the stock market and expect that the stock price will rise, so they buy the stock at a low price and sell it when the stock rises to a certain price to obtain differential income.Generally speaking, people usually call the stock market where the stock price keeps rising for a long time asBull market。The main feature of price changes in bull markets is a series of big rises and small falls.
Short position
The short position is that investors and stockbrokers think that although the current stock price is high, they look bad at the stock market prospect and expect that the stock price will fall, so they first pay part of the margin, and then raise funds from the bank through brokers to sell these purchased stocks in a timely manner, and then buy them when the stock price falls to a certain level to obtain differential income.Using the method of selling before buying to earn the differencetransaction modeIt is called short position.People usually call the stock market with long-term downward trend of share price as the short market,Short marketThe change of stock price is characterized by a series of sharp falls and small rises.
The investors predicted that the stock price would rise, but their own funds were limited and they could not buy a large number of shares, so they paid part of it firstbond, and through a broker toBank financingTo buy stocks and resell them when the stock price rises to a certain level, so as to obtain the differential income.
Short selling
Short selling is when investors predict that the stock price will fall, and then deliver to the brokerMortgageAnd borrow stocks to sell them first.When the stock price drops to a certain level, buy the stock again, and then return the borrowed stock, and obtain the differential income from it.
Profits refer to information that stimulates the rise of stock prices, such asListing of sharesThe company's business performance improvedbank rateLowerSocial fundsSufficient, relaxed bank credit funds, market prosperity, and other political, economic, military, diplomatic and other information beneficial to the rise of stock prices.
Bad news refers to the information that can cause the stock price to fall, such as the deterioration of the operating performance of listed companiesBank tightening, bank interest rate increaserecession, inflation, natural and man-made disasters, as well as other political, economic, military, diplomatic and other aspects of the adverse news that contributed to the decline of stock prices.
vast sky
Long short means to be short for a long time.Investors have a bad view of the long-term prospects of the stock market. They expect that the stock price will continue to fall. After borrowing shares to sell, they have to wait for the stock price to fall for a long time before buying, in order to obtain huge profits.
Long long means to be long for a long time.Investors are optimistic about the prospect of the stock market and are ready to hold the stock for a long time after buying it now, hoping to obtain a high price difference after the stock price rises for a long time.
"Die Duo" means to be determined to be a bull.Investors are optimistic about the long-term prospects of the stock market. They buy stocks and prepare to hold them for a long time. They have an idea that they would rather put them on the market for several years until the stocks rise to an ideal price before selling them.
After the stock price is affected by the positive or negative, there is a large jump up and down.When the stock price rises due to the influence of profits,exchangeThe opening price or the lowest price of the current day is higher than the closing price of the previous day by more than two reporting units.When the stock price falls, the opening price or the highest price of the day is lower than the closing price of the previous day by more than two reporting units.Or rise or fall more than one reporting unit in one day's trading.The above phenomenon of sharp jump in stock price is called short jump.
Stock investorsAfter short selling, the stock price did not fall on the same day, but rose, and had to pay a high price to buy back. This is called hanging short.
Investors are bullish on the prospect of stock prices and use their own financial strength to be bullish. Even if the stock prices fall in the future, they are not eager to sell the stocks they buy.
Opening refers to the opening of a securitystock exchangeThe first transaction of each business dayTransaction priceThat is the opening price of the day.According to the regulations of Shanghai Stock Exchange, if there is no transaction of a security within half an hour after the market opening, the price of the previous day is the opening price of the day.Sometimes, if a security has not been transacted for several consecutive days, the stock exchange will propose a guiding price based on the price trend of the customer's entrustment for the purchase and sale of the security, and urge it to be the opening price after the transaction.The securities listed for trading on the first day are transferred over the counter the day before listingAverage priceOr the average selling price is the opening price.
The closing price refers to the closing price of a securitystock exchangeThe last transaction before the end of the trading activity of the dayTransaction price。If there is no transaction on that day, the transaction price shall be used as the closing price, because the closing price is the standard of the market on that day and the basis of the opening price on the next trading day, which can be used to predict the futurestock marketquotation;Therefore, investors generally use the closing price as the calculation basis when analyzing the market.
offer
Quotation is the highest purchase price or lowest bid of a certain security quoted by a trader in the securities market at a certain time. Quotation represents the highest price that the buyer and seller are willing to pay. The purchase price is the price that the buyer is willing to buy a certain security, and the bid is the price that the seller is willing to sell.The order of quotation is usually that the quoted price comes first and the quoted price comes last.
The highest price, also known as high value, refers to the highest transaction price of a certain security in the transaction of the day.
minimum price
The lowest price, also known as low value, refers to the lowest transaction price of a certain security in the trading of that day.
Up limit price, down limit price
To preventstock marketIn order to avoid excessive speculation, the stock exchange shall, in accordance with the law, impose appropriate restrictions on the rise and fall of the market price of the stock exchange on the day of public bidding.That is, when the market price of the day rises or falls to a certain limit, there can be no further rise or fall. The special term for this phenomenon is the stop.The highest limit of the market price of the day is called the limit board,Ceiling boardThe current market price is called the ceiling price.The lowest limit of the market price of the day is called the limit price, and the market price at the limit price is called the limit price.
Issue of sharesEnterprises are payingdividendIn case of dividend, it is necessary to check the register of shareholders, hold a shareholders' meeting and other preparatory work in advance, so it is stipulated that the list of shareholders registered on a certain day shall prevail, and it is announced that a period after that date is the period of suspension of shareholders' transfer.Stop transfer periodInside,DividendsIt is still issued to the registered old shareholders, and the holders of newly purchased shares cannot enjoy the right to receive dividends and bonuses because they have not transferred their ownership, which is called ex dividend.At the same time, the purchase and sale price of stocks should deduct the amount of dividends that should be paid during this period, which isEx dividend transaction。
Like ex dividend, ex dividend is also a provision during the period of suspension of transfer: that is, new shareholders cannot enjoy the rights of capital increase and share allotment of such shares during the period of suspension of transfer.AllotmentIt means that the joint-stock company isIncrease capitalWhen issuing new shares, the original shareholders have the priority to subscribe or subscribe.The value of this right can be calculated in the following two cases.
①Free capital increaseThe right value of the allotment=one before the suspension of transferDaily closing price- The closing price of the day before the suspension of transfer ÷ (1+allotment rate)
②Paid capital increasemachinestock rightProfit value=closing price of the day before suspension of transfer - (closing price of the day before suspension of transfer+New sharesAmount paid × share allotment rate) ÷ (1+share allotment rate).Wherein, the allotment ratio is per shareOld stockRatio of the number of new shares allocated.Stock trading after ex rightEx right transaction。
P/E ratio is a kind of stockcommon stockThe ratio of market price per share to earnings per share.Therefore, it is also called stock price earnings ratio or market price earnings ratio.
Hat snatching is a speculative behavior in the stock market.On the stock market,speculatorOn the same day, buy the stocks that are expected to rise at a low price, and then sell the purchased stocks on the same day when the stock price rises to a certain level, so as to obtain the difference profit.Or sell the stocks that are expected to fall on the same day, and then buy the sold stocks at a low price when the stock price falls to a certain price, so as to obtain the difference profit.In a sedan chairRiding in a sedan chair is a kind of speculative trading behavior in the stock market to drive up and manipulate the stock price.Speculators predict that there will be positive or negative information announced, and the stock price will rise and fall sharply, so they immediately buy or sell stocks.When the information is released, people rush to buy or sell in large numbers, which makes the stock price rise and fall sharply. At this time, speculators will sell or buy stocks to obtain huge profits.Buying first and selling later is called taking multiple sedan chairs, and selling first and buying later is called taking short sedan chairs.
Carrying a sedan chair meansLidoorBad newsAfter the announcement, it is expected that the stock price will rise and fall sharply, and immediately rush to buy or sell stocks.The act of buying stocks for profit taking information is called "long sedan chair", and the act of selling stocks for profit taking information is called "short sedan chair".
speculatorFirst, the stock price was significantly reduced, so that a large number of smallStock investors（Retail investors）Panic and sell stocks, and then the stock price rises, in order to take the opportunity to profit.
Retreated
In the stock market, the stock price shows a rising trend, and finally reverses and falls back to a certain price due to the rapid rise of the stock price. This adjustment phenomenon is called backsliding.Generally speaking, the stock's retracement range is smaller than the increase range. Usually, the stock returns to the original upward trend when it reverses and falls back to about one-third of the previous increase range.
In the stock market, the stock price shows a continuous downward trend, and the adjustment phenomenon that the stock price finally reverses and rebounds to a certain price due to the rapid decline of the stock price is called rebound.Generally speaking, the stockRebound amplitudeIt should be smaller than the decline, usually rebounding to about one third of the previous decline, and then returning to the original downward trend.
When an investor is long, if the stock price falls and is expected to continue to fall, he/she will sell the stock he/she holds immediately and buy it after the stock falls a certain distance to reduce the loss of the long during the period when the stock price fallsTrading behaviorIt is called gear shift.
arrangement
After the stock price on the stock market rose or fell sharplyResistance lineOr support line, the original upward or downward trend slowed down significantly, and began to jump up and down by about 15% for a period of time. This phenomenon is called consolidation.The appearance of consolidation usually indicates that the price of long and short positions has jumped due to fierce competition, which is also the prelude to the next big change in stock prices.
Lashing refers toStock tradingWhat happened whenTransaction risk。For example, investors predict that the stock price will rise, but after buying, the stock price has been declining. This phenomenon is called "long hold".On the contrary, investors predict that the stock price will fall and sell the borrowed stock short, but the stock price has been rising. This phenomenon is called short covering.
That is to say, multi heads kill multi heads.Investors in the stock market generally believe that the stock price will rise on that day because everyone will buy stocks by grabbing the long hat. However, the stock market situation backfired. The stock price did not rise significantly, and it was impossible to sell stocks at a high price. Before the end of the stock market, the stock holders scrambled to sell, causing a sharp decline in the closing price of the stock market.
Namely, the short end rolls over the short end.The stock holders on the stock market agreed that the stock would fall sharply that day, so most people sold the stock by selling short hats. However, the stock price did not fall sharply that day, and they could not buy the stock at a low price.Before the end of the stock market, the short sellers had to compete to make up, thus the closing price rose significantly.
Level
The stock market is affected by the information of profit. When the stock price rises to a certain price, the bulls think it is profitable and sell in large quantities, so that the stock price stops rising and even falls back.In the stock market, the price when encountering resistance is generally called the level, and the level when the stock price rises is called the levelResistance line。
The stock market is affected by bad news. When the stock price falls to a certain level, the short sellers think it is profitable and buy a large number of stocks, so that the stock price will not fall, or even rise.The barrier when the stock price falls is called the support line.
Economic role
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Role in development
(1) It can widely mobilize, accumulate and concentrate social idle funds, serve the national economic construction and development, expand the scale of production and construction, promote economic development, and achieve the effect of "using domestic capital without borrowing domestic debt".
(2) We can give full play to the market mechanism and breakStripe segmentationIt will promote the horizontal financing of funds and the horizontal connection of the economy, and improve the overall efficiency of resource allocation.
(3) It can improve China'sEnterprise organization formExploring a new way is conducive to the continuous improvement of China'sEnterprises owned by the whole peopleCollective enterprisesIndividual enterprisesForeign-funded enterprisesAnd the organizational form of joint-stock enterprises, so as to better play the role of the joint-stock economy in China's national economy and promote the development of China's economy.
(4) It can promote the deepening development of China's economic system reform, especially the deepening development of the joint-stock system reform, and help to straighten out the property rights relationship, so that the government and enterprises can take their own positions, perform their own duties, use their own rights, and get their own benefits.
(5) Can expand our countryUtilize foreign capitalIt is beneficial to make more use of foreign capital and improve the economic benefits of using foreign capital, and it has the effect of "using foreign capital instead of borrowing foreign debt".
Role for enterprises
(1) It is beneficial for joint-stock enterprises to establish and improve the operation and management mechanism of self-discipline and self-development.
(2) It is beneficial for joint-stock enterprises to raise funds to meetProduction and constructionBecause of the timeless nature of stock investment, joint-stock enterprises do not need to repay the principal of the funds raised, so they can be used for a long time, which is conducive to the operation andextended reproduction。
Role for investors
fromStock investorsFrom the perspective of, its role lies in:
(1) It can open up investment channels for investors, expand the range of investment options, and adapt to the diversity of investorsInvestment motivation，Transaction motivationGenerally speaking, it can provide investors with the possibility of obtaining higher returns.
(2) Can enhance investmentmobilityAnd flexibility to benefit investorsequityThe transfer and sale of shares by investors can be realized at any time and the investment funds can be recovered.The formation, perfection and development of the stock market provide favorable conditions for the liquidity and flexibility of stock investment.
Market impact
The activities of the stock market are very important for joint-stock enterprises,Stock investorsAnd the development of the national economy also has a negative impact.The formation mechanism of stock price is quite complex. The comprehensive utilization of various factors and the special action of individual factors will affect the sharp fluctuations of stock price.The stock price is influenced not only by political, economic and market factors, but also by technical and investor behavior factors. Therefore, the stock price is often in frequent changes.The frequent changes in stock prices have expanded the speculative activities in the stock market and increased the risk of the stock market.
The risk of the stock market is objective. This risk can not only cause economic losses to investors, but also may have some side effects on joint-stock enterprises and national economic construction.This is a problem that must be faced squarely.
market analysis
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Analyzing the stock market is actuallyStock investorsCollect, sort out and synthesize various information reflected in the stock market to understand and predict the trend of stock prices, and then make corresponding investment decisions to reduce risks and obtain higher returns.
Residents' investment intention
The main content of stock investment analysis is the basic factor analysis of stock price and the technical factor analysis, both of which contain extensive content.The necessity of stock market analysis lies in:
(1) Stocks are risky assets, and the risk is borne by the investors themselves, so every investor should be cautious.Of course, the risk is corresponding to the income. Only high risk can lead to high income.Therefore, every stock investor, when engaging in stock investment, in order to strive for the maximum return and minimize the risk loss, has only one way, which is to seriously conduct stock investment analysis.In this way, when buying and selling stocks, we can be confident, guard against possible risks, avoid hidden traps, and ensure the security andprofitability 。
(2) Stock investment is also a kind of intelligent investment.Long term investment should focus on basic methods, while short-term investment should focus on technical analysis,equity marketSpeculation on the Internet requires more wisdom. Its premise is to invest at the right time, which requires investors to use knowledge, theory, technology, methods and detailed analysis and judgment to make scientific decisions to obtain guaranteed investment returns. This is fundamentally different from blind, chance taking gambling investment.
(3) When investing in stocks, we should do what we can and stop where we can. We must not follow the trend blindly. Investment analysis before entering the market is even more important.
Because investors often suffer from problems such as insufficient information, incomplete analysis tools, and lack of personal analysis ability when analyzing stock investment, in addition to their own analysis, investors should also use external forces to analyze stock investment and make correct judgments.
As the analysis of stock investment is a complex process, the analysis of the above contents should be carried out step by step from large to small, from far to near.
Affect the stock market
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Why is the linkage between the commodity market and the stock market becoming more and more intense.Capital plays a very important role.The central bank continues to expandCredit scaleThe market rules are not perfect, and speculation in the stock market still exists.stayReal economyIt has not recovered yet, the market lacks investment opportunities, and many funds enter the stock market, property market andcommodity futures In the market, there are also some funds moving back and forth between futures stocks.Thus, on the one hand, it not only makes the two markets more closely linked, but also makes the volatility of the two markets more intense.Moreover, because the futures market has the function of short selling, but the stock market is unable to do so, some investors cannot release the momentum of short selling, which may be transferred tofutures marketSell short to hedge the long risk of the stock market.
China Stock Market
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stock market
1984 - Proposed the idea of establishing capital market
November 1984 - China's first share issued 10000 shares
April 30, 2005 - The pilot reform of non tradable shares was officially launched
June 2005 - All the good things came out,Share reformMarket launch
September 2006 - The reform of non tradable shares has come to an end
The bull market from the second half of 2006 to the end of 2007 has been in a bear market since 2008.
On December 5, 2014, the transaction exceeded 1 trillion yuan, creating an unprecedented but never ending historical record. The time was 14:39!
On December 9, 2014, both Shanghai and Shenzhen stock indexes fell, and the Shanghai Composite Index closed at 2856.27, down 5.43% from the closing of the previous trading day;The Shenzhen Composite Index closed at 10116.49, down 4.15% from the closing of the previous trading day.[1]
