The third feature is the place where risks are directly exchanged, that is, property rights exchange, price exchange, property exchange and income right exchange. In the exchange of income rights, risks are also passed on, which is also the place where risks are exchanged.
Understand the characteristics, and then understand the function, the function of securities is the investment function, raising funds in the securities market, on the other hand, it also provides investors with investment places and investment objects. Relatively speaking, securities trading is also an investment tool.
The second function is the pricing function. As far as the pricing function is concerned, the securities market prices the capital market. First, the price of securities represents the price of capital. When the price positioning of the securities market is a transaction between buyers and sellers, * * * will agree with the recognized price. For example, a stock appears 20 times and goes out 25 times, which means that the price recognized by buyers and sellers has fallen to 15, which is due to the price competition between buyers and sellers. On the other hand, when investors think that an enterprise has invested, the price will fall and the securities price will be relatively low. Because the function can reasonably price the stock market. Because it has pricing function, its pricing function is formulated with the mutual consent of buyers and sellers. In this case, the relatively good enterprise capital flow is too large, and the poor enterprise capital flow will take precedence over the new enterprise, thus forming asset redistribution.
Understand the basic functions and characteristics of the securities market, and then take a look at the futures market.
Futures trading and stock trading are completely different markets, not simple commodity trading places. The futures market buys and sells futures contracts, not spot. Stock trading is a spot commodity because it is the embodiment of value. On the other hand, futures are different from bonds. Futures contracts themselves represent contracts for commodities, while stocks represent the ownership of assets. There is a special exchange relationship between futures, and futures have their own operating rules.
The first feature is strong liquidity, and transactions in the futures market are all completed through futures exchanges. In the futures exchange, a large number of traders get together to buy and sell every day. When enterprises have certain hedging needs, buying and selling contracts in the futures market becomes a goal. At the same time, there are a lot of speculators in the market. Because a large number of speculators buy and sell in the market, it also plays a role in hedging risks. At the same time, it transfers to each other, and the profit risk is relatively passed on. This has formed a benign operation mechanism, and the big risks are divided into zero by many investors and scattered a little.
The second feature is the transaction specification. Futures trading must strictly abide by the rules of the futures market. The futures trading contract is decided by the futures exchange, which does not mean that every commodity may become a futures variety. The exchange also has clear regulations on the quantity and grade of commodities, except the price. In the process of trading, traders decided not to zigzag futures contracts through competition.
The third feature is that one is ten. An important feature of futures trading in the futures exchange is that the futures market is small and large, and the object of futures trading is bulk commodities or bulk financial commodities. Participants don't need all the money to buy and sell. According to the margin system of the exchange, traders can have a certain amount of margin in their accounts. Paying a certain amount of deposit is 10% of the actual commodity price. For investors, doing large transactions with a small amount of funds can not only save their own funds, but also fully reflect the way of leveraged trading, which is convenient for idle hot money to enter and exit the market. It is also a better way for individual investors to make profits.
After talking about the characteristics of the futures market, let's talk about the basic functions of the futures market. In the process of our participation in futures, we must understand that, first of all, the function of futures market is completely different from that of our securities market. First, its main function is hedging function, as mentioned earlier. However, commodity prices lead to higher costs and lower profits, so enterprises can use the futures market for hedging. How to hedge with a simple sentence? The futures market buys and sells futures contracts with the same number as the spot market but in the opposite direction, and compensates the losses of spot market transactions through contracts, thus locking in the production costs and sales profits of commodities. If I were a soybean grower, I would plant it every year. It's April, it seems to be May. I grow soybeans, and I grow them now. The price is very good now. Because the price is good, I am profitable and can be varied. Now that soybeans are planted, I don't know what the price will be when soybeans are harvested in September. This market is regular. When natural and man-made disasters occur, soybean production is reduced and soybean prices are high, but this year's soybean harvest will be very low. Because the current soybean price is relatively high, the futures contract price is also relatively high. At this time, according to my planting cost and the capital interest generated from May to September, there is still a very good profit. At this time, I can sell my goods in the futures contract and sell the goods equal to my production quantity. When September comes, I will sell my goods in the spot market and hedge my futures contracts in the futures market. If the soybean price falls in September, my goods will be sold at a much higher loss than now, but the futures price will also fall, so that I can make money on futures and lock in profits. If it goes up, the futures price will also go up, and the futures will also lose money, but the spot price is higher, and the loss of the spot price is offset by the futures price, which locks in the profit between the price I am selling now and the production cost.
The second function is the price discovery function. Many traders who participate in futures trading hope to trade at the price they think is most suitable. It is difficult for the futures market to be completely operated by one or several institutions. Therefore, the futures price can comprehensively reflect the supply-demand relationship and price trend of commodities or financial assets at a certain moment. Also, because futures participants will find their most suitable price to clinch a deal, this price is either innate or I will have a systematic study when I see that this price is suitable. Because there are certain expectations for this market, people will have expectations for the future market, so the price formation of the futures market will have several characteristics: predictability, continuity, openness and authority.
The third function is to expand investment channels, that is, speculative function. The futures market is sensitive to the changes of commodity prices, and the transactions in the futures market are continuous, thus attracting investors to trade. At the same time, the continuity of the market can only be achieved after attracting a large number of investors to participate in the transaction. From the characteristics and functions of futures trading, we can simply say that it is the value of the securities market itself. Whether the futures market itself has value or not, it is a market where spot buyers avoid risks. According to its function, we look at whether the stock price lags behind the stock. Our stock is in stock and the stock itself is valuable. Here we talk about what stocks are. Chatting with some friends last night, we made money instead of stock trading. When you are trading stocks, the money you earn from trading stocks is still the stocks you earn. I believe many people answer that I do stocks to make money. From my personal understanding, I think we do stocks not to make money, but to speculate. Because as a stock, the stock itself is valuable, because the stock is a certificate of enterprise equity, when the enterprise benefits well, it will naturally provide you with a return on capital. No matter whether the stock market will rise or fall in the future, as long as the enterprise is profitable and sustainable, it will all be rewarded, but the time of return is different. When you buy a stock for a short time and the price goes up, sell it. At this time, the value cost of the enterprise becomes higher. When you buy a stock for five dollars and sell it for eight dollars, you may buy it for six to eight dollars, but at this time it has reached 10 and 12, and the market value is gradually increasing. In this case, the more shares you buy, the higher the price. Relatively speaking, with the economic growth of your money and the rapid development of the stock economy, including the rapid rise of inflation rate, the stock price will also rise rapidly. However, the consumption point of money will also increase. At this time, if you don't make any money by buying stocks, you will buy stocks at a high level. Once you encounter a bad situation, policies and fundamentals, including a series of problems of stock price decline, will lead to the stock market decline, which will take up your time cost for free. I can firmly believe that I don't make stocks in the stock market. I keep pumping in stocks, I keep holding stocks, so that your funds can be withdrawn, and your account keeps adding stocks. I believe your capital is increasing, but the amount is relatively small. Maybe you earned 10 yuan, or maybe 200,000 yuan, but you kept the stock for a hundred years. This is whether we make money or stock market.
The risks we encounter when investing in stocks. Investing in stocks is very important for us to choose stocks. In the process of stock selection, stock selection is very complicated. At present, there are more than 2,000 stocks in China, which may grow to dozens, thousands, 3,000, 5,000 or even 10,000 in the next few decades. It is very difficult to choose a profitable stock from these stocks. Of course, the stock market has ups and downs, and risks have to be borne. In this case, the first risk to be considered must take into account the business situation, prospects and development of this enterprise, including our assessment of the risk, such as whether it will be listed, such as st shares, and whether it will be reorganized in the future. This kind of risk can be avoided by stock portfolio. Everyone has heard the story of not putting eggs in one basket. You can avoid the risks in the stock market in this way.
The second is the risk judgment of the whole trend. When will the national economy get better? 1we all experienced the Asian financial crisis in 1997. Anyone who has done Hong Kong stocks knows that Hong Kong stocks plummeted at that time, from a few dollars to a few cents or even a few cents. This kind of risk cannot be solved by putting one basket of eggs in one basket. The ultimate solution to this problem is to hedge through stock market futures.
Speaking of which, what is stock index futures? To put it simply, the stock index, like the various indexes we see every day, is an indicator of a market. The frequently mentioned consumer price index means that the price index shows the average level. For example, the exchange rate index of Hong Kong is the average index of various exchange rates in Hong Kong. Everyone knows Hong Kong's Hang Seng Index very well, especially during the Asian financial crisis in 1997, when Hong Kong just returned to China, Hong Kong stocks also plummeted. Hong Kong Hang Seng Index shows the average value index of various stocks in Hong Kong stock market. The Hong Kong index is the same as the 300 industrial index that we often watch. The index currently designed by our country's stock index futures is the Shanghai and Shenzhen 300 Index, which is an index selected after selecting 300 stocks from the Shanghai and Shenzhen stock markets and averaging their values.
The stock price index is usually based on a select group of stocks. Using statistical methods, we can calculate the difference between price changes and a specific date, so as to understand the general ups and downs of the stock market. Because we didn't choose all the stocks, we just chose some stocks from them. This index only represents the rise and fall of some stocks, and cannot fully represent the overall trend. Of course, when picking stocks, because the samples are different, they can represent different directions. Our Shanghai and Shenzhen 300 can relatively represent the market, especially the trend of Shanghai stock market. In principle, the total share capital of the sample is relatively large, and the secondary circulation authority is relatively large. After these conditions are selected, the best, best and most representative stocks in our Shanghai and Shenzhen stock markets are selected and integrated into 300 shares, and the 300 index is closer to the trend of the broader market.
Stock index futures are based on the stock price index, that is, the stock market is virtualized into commodities, prices are given, and standard futures contracts are formulated for trading. People who buy and sell stock index futures first agree to bear the price fluctuation of the stock market, which is of course based on the index. Stock index futures is a kind of futures, which is traded in the futures market. On the other hand, it has something to do with the stock market, because the index of stock price is bought and sold. Therefore, we can say that stock index futures are the same product of the futures market and the stock market, which has the characteristics of both futures and stocks.
I am here to talk about how to buy and sell stock index futures. As mentioned earlier, futures are used for spot hedging. It can hedge. Secondly, it can speculate and we can make money. From the fund model, the fund is a big investor. For us personally, individuals buy and sell stocks first because of our capital. Secondly, the stocks we buy and sell are relatively concentrated, so it is impossible to buy a large-scale portfolio. If a fund wants to obtain a stable rate of return in the market for a long time, the first thing to buy is a large-scale investment portfolio. Second, from the perspective of funds, it is not for my short-term profit in the stock market. A fund invests in various enterprises, and the rate of return given by enterprises in the future has not been fully circulated in China. Now during the share reform, the next step is to lift the ban. After the full circulation of shares, China stock market staged a series of mergers and acquisitions. The starting point of this merger must be various funds or a listed company. As an ordinary investor, it is impossible for us to make mergers and acquisitions. It is unrealistic to say that I want to acquire Sinopec. I am a fund, and I can raise enough money from the market. For example, if I buy Sinopec, there will be a merger and acquisition war. It is impossible for Hong Kong TV dramas to often have economic stories.
When we buy and sell stock index futures, buying stocks means buying a portfolio, and buying stock index futures is a relatively hedging tool. In fact, stock index futures is also a kind of futures, which is completely different from stocks. Stocks buy the transfer between assets and stocks, and futures are the conversion between prices. The former involves equity transfer, and the latter is the promise of both buyers and sellers. In addition, stocks are generally paid in full, and 50 yuan buys 50 yuan, while futures is a margin system, and 10% can do it, and 10 yuan can do it.
What are the benefits of stock index futures? The biggest benefit is hedge funds. It is a hedging tool. Of course, there are many investment advantages compared with oil price securities. First, stock index futures can be used as a trading method compared with stocks, and the investment funds are relatively small. Second, it fluctuates greatly, because it is the embodiment of the whole stock market, with dozens and hundreds of stocks. The price fluctuation is greater than that of individual stocks, and the space and opportunities are greater. We can operate the stock index independently. For mixed operation, this is a very good strategy for long-term investors or managers
Just now I talked about the risks of stocks, so I won't go into details with you. We use venture capital to resolve risks, but relatively speaking, it is a market portfolio, including system risks and stock indexes.
Stock index futures and stocks, we compare stock futures and stocks. First of all, the stock setting of stock index futures, the first contract contains all the stocks, and its combination characteristics are similar to stock circulation. Every stock index is closely related to stocks. First of all, we must understand the stock index, such as the Shanghai and Shenzhen 300. We must look at the characteristics of 300 stocks and fully understand that the rise and fall of the stock index includes its characteristics. The second liquidity, in terms of the liquidity of the stocks held, is integrated. Because all the stocks are grouped together, we can put the index with higher return on investment. Of course, some stocks are very good stocks, and the ups and downs are very slow. For example, I saw a stock connected to the expressway the other day. This stock performed very well, that is, it was a small gentle slope. Market 2000-2350, stock 5 yuan -8 yuan. The third handling fee facilitates the transaction. The handling fee is lower than the leverage ratio 1%. General margin deposits can handle 10% to 25 times the value of stocks. If you are bearish, you can short the futures index when you are short. Doing stock index futures does not produce bull market and bear market.
We must have enough capital to buy a large number of stocks in order to obtain various profits. If my capital P/E ratio is low, the market rate of return is not enough, but if the capital is too high, our risk is proportional to ours, and the risk is relatively large. The second price difference and the handling fee between economies are about 1% to 3% depending on the stock price. For most people, investors buy and sell stocks wholly, without margin, and futures are bought and sold by margin. If the stock cannot be sold short, there is no short selling restriction. Only big brokers have a short-selling system in the early stage. Recently, the transparency of short-selling system has been studied, which is also aimed at the failure of large institutions in stocks.
Here is a simple example of stock index futures. I want to calculate the ratio between the stock index and the stock portfolio I hold, such as the fluctuation range, its unity, how much the market has risen, how much my stock has risen and how much it has fallen, and calculate these. In order to set how we arbitrage in the stock index, the complicated calculation formula is even more complicated, so I won't give you practical examples to calculate it today. Simply calculate the equivalent exchange, hold stocks, synchronize these stocks with the stock index, how much they fall, and how much my stock index is. Since stock index futures were not listed at that time, I expected that Japanese stocks would fall in the future, for example. I took 25 million at that time, and I was afraid of falling, so I sold stock index futures on the Nikkei. Stock index futures When my stock was 25 million yen, the index of stock index futures was 17400 points. When the Nikkei stopped, the value of futures contracts was 5 million, our Shanghai and Shenzhen stock exchanges were 3 million, and finally it was more than 87 million. The required number of hands, 2500 divided by 8700, is about 2.87. I am shorting three contracts and shorting at 17400. Hold my stock. My judgment is correct. The stock did fall. My stock price dropped from 25 million to 23 million. Nikkei index fell 1 100, and profit16.5 million. The loss on the stock is 6.5438+0.2 million. After deducting my stock losses and futures profits, I get a ratio of 4.5 million yen. This is a simple hedge that can lock in my future risks.
Here, simply speaking, stock index futures, its market is a market for large stock investors to hedge, and the other is an investment market for individual investors to provide speculation.
In order to let everyone experience and understand the relationship between stock index futures and stocks, we have made two pictures. Let's look at this picture first. How do you feel when you see this picture? This painting is very beautiful. This is Lake Austria. This painting is very beautiful. The second picture, like the first one, is also very nice. Let's compare these two pictures. What is the difference? First, it can be confirmed that these two pictures are a scene, with a difference of one day and one night. The second difference between the two is the distant view and the close view. Through this situation, we can explain a truth. The first picture is standing outside, and I took a distant view. The second picture is on the window. I took a close-up, not at night. But these two pictures are the same. Compare these two pictures. There are stocks during the day and futures at night. What's the difference between stocks and futures? In fact, there is no difference between the two. Both are equally good and both can make a profit. It's just where you stand to make a profit. I'm here to explain the relationship between stocks and stock indexes. thank you