First, the role of stocks.
1, which is beneficial to listed companies.
(1) After the stock is listed, listed companies become the investment targets of the investing public, and it is easy to absorb the savings funds of the investing public and expand the financing sources.
(2) After listing, the shares of listed companies are scattered in the hands of thousands of investors of different sizes in Qian Qian, which can effectively avoid the danger of the company being controlled by minority shareholders and give the company greater freedom of operation.
(3) The announcements made by the stock exchange on the stock quotes and periodic accounting statements of listed companies have an advertising effect, which effectively expands the visibility of listed companies and improves their reputation.
(4) The direct effect of the decentralization of sovereignty and the popularization of capital of listed companies is that the number of shareholders is greatly increased. These extremely large shareholders and their relatives and friends will naturally buy the products of listed companies and become customers of listed companies.
(5) We can win more shareholders. Listed companies generally attach great importance to this, because more stocks mean more consumers, which is conducive to improving the relationship between the public and owners, diversifying owners and strengthening the company's advertising.
(6) is conducive to the determination of the company's stock price.
(7) A listed company may publicly issue securities and issue new shares to the original shareholders, so that the listed company has sufficient sources of funds.
(8) In order to encourage the establishment of capital market and the formation of capital accumulation, listed companies are generally given preferential tax relief.
Of course, not all big companies are willing to list on the exchange. There are many such big companies in America. They are not unable to meet the requirements of the stock exchange for listing, but unwilling to be restricted by the Securities and Exchange Commission. For example, most stock exchanges stipulate that companies listed on the stock exchange must publish their financial status regularly, and some companies are not listed on the stock exchange for this reason.
2. Investors' interests
(1) listing provides a continuous market for stocks, which is conducive to the circulation of stocks. The better the liquidity of securities, the more willing investors are to buy them. However, the liquidity of stocks listed on the exchange is not as good as that listed on the OTC market. Most of the stocks here are an important reason for OTC circulation.
(2) It is conducive to obtaining the operating and financial information of listed companies, understanding the company's current situation and making correct investment decisions.
(3) The buying and selling of listed stocks must go through the competition between buyers and sellers, and the buying and selling quotations are consistent before trading, so the trading price in the stock exchange is far more fair and reasonable than that in the OTC market.
(4) Stock exchanges use the media to quickly announce the trading prices of listed stocks. In this way, investors can understand the trend of market price changes as a reference for investment decision-making.
(5) Stock exchanges have uniform standards for the commissions charged by brokers, regardless of age. [ 1]
Second, the concept of stock
1, stock definition:
It is a kind of valuable stock certificate issued by listed companies to shareholders for the purpose of raising funds and obtaining dividends and bonuses, which is referred to as stock for short. Each share represents the shareholder's ownership of the basic unit of the enterprise. Shares are part of the capital of a joint-stock company and can be transferred, traded or mortgaged at a fixed price. It is a long-term credit tool in the capital market.
2, the role of the stock
After the listing of stocks, listed companies become the investment targets of the investing public, and it is easy to absorb the savings funds of the investing public and expand the sources of reserve funds. After listing, the shares of listed companies are scattered in the hands of thousands of investors of different sizes in Qian Qian, which can effectively avoid the danger of the company being controlled by minority shareholders and give the company greater freedom of operation. The stock exchange has played an advertising role in publishing the stock quotes and periodic accounting statements of listed companies, effectively expanding the visibility and credibility of listed companies.
3. Characteristics of stocks
Stock investment is a long-term investment with no term. Once the stock is bought, as long as it exists in the stock issuing company, no shareholder can recover the stock, that is, the stock issuing company cannot be required to recover the principal. Similarly, a shareholder's identity and rights and interests cannot be changed, but he can sell his shares through the stock exchange market and transfer them to other investors to recover his original investment.
Three. Overview of analysis
1. Technical analysis: Technical analysis is a method to analyze the market price movement by analyzing historical charts, with the purpose of predicting the future trend of market price changes. Technical analysis is a widely used stock investment analysis method in the securities investment market.
All technical analysis is based on three assumptions:
(1) Market behaviors are inclusive and digest everything. This sentence means that all the basic events that affect the market-economic events, social events, wars, natural disasters and other factors-will be reflected in the price changes.
(2) The price evolves in a trend way.
(3) History will repeat itself.
Technical analysis of stock market trend is the representative work of technical analysis. The first edition 1948, as a classic among classics and an authoritative work of technical analysis, technical analysis of stock market trends still firmly occupies an insurmountable position.
2. Basic analysis: The basic analysis method evaluates the investment value and reasonable value of the stock through the analysis of the macroeconomic situation, industry situation and company operating conditions that determine the intrinsic value of the stock and affect the stock price, and compares it with the stock market price, thus forming trading suggestions.
3. Evolutionary analysis: Based on the evolutionary securities theory, evolutionary analysis focuses on the life movement characteristics of stock market fluctuations, and starts with the aspects of metabolism, profit-seeking, adaptability, plasticity, stress, variability and rhythm of the stock market, so as to dynamically track the direction and space of market fluctuations and provide opportunities and risk assessment methods for stock trading decisions.
Fourth, stock market terminology.
1, opening price: refers to the price of the first transaction of the stock after the opening of the day. If there is no transaction price within 30 minutes after the opening of the market, the closing price of the previous day is the opening price.
2. Closing price: refers to the price of the last stock traded every day, that is, the closing price.
3. Highest price: refers to the highest price among the transaction prices of the day. Sometimes there is only one highest price, and sometimes there is more than one.
4. Lowest price: refers to the lowest transaction price of the day. Sometimes there is only one lowest price, and sometimes there is more than one.
5. Fluctuation range: that is, the absolute range of the stock's rise and fall on the same day, in yuan.
6. Hand: the latest turnover at that time, the unit of measurement is hand. The "cash hand" at the close is actually the last transaction volume of the day.
7. Common stock
Refers to the shares that enjoy common rights in the company's operation and management, profit and property distribution, and represents the right to claim the company's profits and remaining property after meeting the requirements of full repayment of creditor's rights and preferred shareholders. It constitutes the foundation of the company's capital, is a basic form of stock, and is also the largest and most important stock in circulation. The stocks traded on the Shanghai and Shenzhen stock exchanges are common stocks. Ordinary shareholders enjoy the following basic rights in proportion to their shares:
(1) Company's right to participate in decision-making. Ordinary shareholders have the right to attend shareholders' meetings, to propose, vote and vote, or to entrust others to exercise shareholders' rights on their behalf.
(2) Profit distribution right. Ordinary shareholders have the right to receive dividends from the company's profit distribution. The dividend of common stock is not fixed, which is determined by the profitability of the company and its distribution policy. Ordinary shareholders must receive fixed dividends from preferred shareholders in order to enjoy dividend distribution rights.
(3) stock options. If the company needs to expand and issue more common shares, the existing common shareholders have the right to buy a certain number of newly issued shares at a certain price lower than the market price according to their shareholding ratio, so as to maintain their original enterprise ownership ratio.
(4) the right to distribute the remaining assets. When the company goes bankrupt or liquidates, if there is any surplus company assets after paying off debts, the rest will be distributed in the order of preferred shareholders first and common shareholders later.
8. Preferred stock
It is relative to common stock. Mainly refers to the right to share profits and distribute surplus property prior to ordinary shares.
Preferred stock has two rights:
(1) When the company distributes profits, shareholders with preferred shares have priority over shareholders with common shares and enjoy a fixed amount of dividends, that is, the dividend yield of preferred shares is fixed, but the dividend of common shares is not fixed. Depending on the company's profitability, the profits are divided into many parts, regardless of profit or loss, with no ceiling on the top and no guarantee on the bottom.
(2) When the company is dissolved and the remaining property is distributed, the preferred shares are distributed before the common shares.
9. Blue chip stocks
Refers to the stock of a company with good performance but slow growth. This kind of company has the strength to resist the economic recession, but it can't bring you exciting profits. Because these companies are mature and don't need to spend a lot of money to expand their business, the main purpose of investing in these companies is to get dividends. In addition, when investing in such stocks, the P/E ratio should not be too high, and attention should be paid to the record of stock price fluctuation during the historical economic downturn.
10. Quote: It is the highest or lowest bid reported by traders for a certain security in the securities market within a certain period of time. Quotation represents the highest price that buyers and sellers are willing to pay. The bid price is the price that the buyer is willing to buy a security, and the bid price is the price that the seller is willing to sell. The order of quotation is customarily to quote first and then quote. In the stock exchange, there are four kinds of quotations: one is shouting, the other is gesturing, the third is filling in the declaration record form, and the fourth is inputting it into the computer display screen. stock
1 1. Price limit: It means that the trading price of securities shall not exceed10% relative to the closing price of the previous trading day, except for the securities on the first day of listing; Entrustment exceeding the price limit is invalid.
12, long market: long refers to investors who are optimistic about the stock market and expect the stock price to be bullish, so they buy stocks at a low price and sell them when the stock rises to a certain price to obtain the difference income. Generally speaking, people usually refer to the stock market where the stock price keeps rising for a long time as a bull market. The main feature of stock price changes in bull market is a series of ups and downs.
13. shorting the market: shorting means that investors and stock traders think that the current stock price is high, but it is bad for the stock market prospect, and they expect the stock price to fall, so they sell the borrowed stock in time and buy it when the stock price falls to a certain price, so as to obtain the difference income. This trading method of selling before buying and earning the difference from it is called short position. People usually refer to the stock market with a long-term downward trend as a short market, and the changes of stock prices in the short market are characterized by a series of sharp declines and small increases.
14. Dishwashing: Speculators cut the stock price sharply first, causing a large number of small investors (retail investors) to panic and sell their stocks, and then raise the stock price in order to make profits.
15, retracement: in the stock market, the stock price keeps rising, and finally it reverses and falls back to a certain price because the stock price rises too fast. This adjustment phenomenon is called retracement. Generally speaking, the retracement of stocks is less than the increase, and usually it returns to the original upward trend when it falls back to about one-third of the previous increase.
16. rebound: in the stock market, the stock price is in a downward trend, and the adjustment phenomenon that the stock price eventually reverses and rises to a certain price due to the rapid decline of the stock price is called rebound. Generally speaking, the rebound of stocks is less than the decline, usually when it rebounds to about one-third of the previous decline, it resumes its original downward trend.
17, short: investors predict that the stock price will rise, but their own funds are limited, so they can't buy a lot of stocks, so they pay part of the deposit first, raise money from the bank through brokers to buy stocks, and then sell them when the stock price rises to a certain price, so as to obtain the difference income.
18, short selling: investors predict that the stock price will fall, so they pay mortgage loans to brokers and borrow shares to sell first. When the stock price falls to a certain price, buy the stock, and then return the borrowed stock to get the difference income.
19, kill more: kill more than one head. Investors in the stock market generally believe that the stock price will rise that day, because everyone will grab a long hat to buy stocks. But the stock market backfired, and the stock price did not rise sharply, so it was impossible to sell the stock at a high price. Until the end of the stock market, stock holders rushed to sell, which led to a sharp drop in the stock market closing price.
20. Short selling: short selling. Stock holders in the stock market agreed that the stock would plummet that day, so most people rushed to sell short hats to sell stocks. But the stock price didn't plummet that day, and they couldn't buy stocks at a low price. Before the stock market closed, short sellers had to compete to make up their positions, which led to a sharp rise in the closing price.
2 1, gap: refers to strong bullish or bad news, and the stock price began to jump sharply. Gaps usually appear before the beginning or end of a sharp change in stock prices.
22. Fill in the blank: It is the behavior of short sellers to buy back previously sold stocks.
23. Lock-in: refers to the trading risks encountered in stock trading. For example, investors expect the stock price to rise, but the stock price has been falling after buying. This phenomenon is called long locking. On the contrary, investors expect the stock price to fall and short the borrowed stock, but the stock price has been rising. This phenomenon is called short selling.
24. Resistance line: The stock market is affected by bullish information. When the stock price rises to a certain price, the bulls think it is profitable and sell it in large quantities, so that the stock price stops rising or even falls back. In the stock market, the price when encountering resistance is generally called a level, and the level when the stock price rises is called a resistance line.
25. Support line: The stock market is affected by bad news. When the stock price falls to a certain price, bears think it is profitable and buy a lot of stocks, so that the stock price will not fall or even rise. The checkpoint when the stock price falls is called the support line.
26.IPO: initial public offering. Initial public offering refers to the first time that an enterprise sells shares to the public. Usually, joint-stock companies sell through underwriters according to the terms agreed in their prospectus or registration statement. Generally speaking, once the initial public listing is completed, the company can apply for listing on the stock exchange or quotation system.
27. daily limit: the highest price limit on the trading day in the securities market is called daily limit, and the price at the time of daily limit is called daily limit.
28. Bottom line: The opening price, closing price, highest price and lowest price are the same. Can be divided into the following situations:
(1) daily limit: it opens at the daily limit, opens at the close, and trades at the highest price all day, indicating that buying is strong and the stock is a strong stock.
(2) Down limit: at the opening, the price of the down limit was opened, and the down limit was opened at the closing, and the transaction was made at the lowest price all day, indicating that the selling was heavy and the stock was a weak stock.
(3) The transaction is very deserted, and there is only one price for all-day trading.
29.ST stock:1On April 22, 1998, the Shanghai and Shenzhen Stock Exchanges announced that they would give special treatment to the stock trading of listed companies with abnormal financial or other conditions. Because of "special treatment", the abbreviation is preceded by "ST", so this kind of stock is called ST stock.
30.T+ 1 settlement system: Since 1995 65438+ 10/,in order to ensure the stability of the stock market and prevent excessive speculation, the stock market has adopted the "T+1" settlement system, and the stocks bought on the same day are traded down. This settlement method is suitable for China's A-share, fund and national debt transactions.
3 1. Revocation of entrustment: Before the entrustment is completed, investors can revoke the entrustment.
Verb (abbreviation for verb) trading time
Monday to Friday (except statutory holidays)
9: 30am-165438+ 0: 30pm13pm-15pm.
Sixth, auction transactions.
(1) Bidding principle: price first, time first. The higher-priced bill takes precedence over the lower-priced bill, and the lower-priced bill takes precedence over the higher-priced bill. Entrusting at the same price will take precedence over time.
(2) Bidding method: call auction will be held at 9: 00 am15-9: 25 am; From 9: 30 a.m. to 1 1: 30 a.m. and from 13: 00 p.m. to 14: 30 p.m. (valid commissions shall be handled one by one).
Seven. Trading unit
The trading unit of (1) shares is "shares", 100 shares = 1 lot, and the number of entrusted purchases must be 100 shares or an integer multiple thereof;
(2) The trading unit of the Fund is "shares", 65,438+000 shares = 65,438+0 lots, and the number of entrusted subscriptions must be 65,438+000 shares or an integral multiple thereof;
(3) The trading unit of treasury bonds and convertible bonds is "hand", the denomination is 1 1,000 yuan = 1 hand, and the entrusted purchase quantity must be 1 hand or an integral multiple thereof;
(4) When the entrusted quantity cannot be sold completely or dividends are distributed, there may be zero shares (less than 1 lot), and the zero shares can only be sold by entrustment, but not by entrustment.
Eight. Quotation unit
Shares are quoted as "shares"; The Fund takes "copies" as the quotation unit; Bonds are quoted in "hands". Example: The market shows "Shenzhen Development A" 30 yuan, that is, the current price of "Shenzhen Development A" shares is 30 yuan per share.
The minimum change unit of the transaction entrustment price: RMB 0.065438 +0 yuan A shares, funds and bonds; Deep B is HK$ 0.065438 +0 yuan; Shanghai B is USD 0.0065438 +0 yuan RMB; Shanghai bond repurchase is 0.005 yuan.