According to the types of investors, the report is divided into two parts: individual traders and institutional traders. It accurately depicts futures traders from five aspects: basic situation, asset allocation of futures trading, futures trading behavior, understanding of futures market and trader service. Among the individual traders who responded to the questionnaire, male traders accounted for more than three quarters, nearly 80% of the traders had higher education, and over 40% of the traders had trading funds of less than 654.38+10,000 yuan. Most individual traders are engaged in trend trading and prefer short-term trading. Among institutional investors, nearly 7% become industrial enterprises, more than 8% become private enterprises, and more than half of institutional traders aim at hedging. Both types of investors like to trade commodity futures.
Individual traders: More than three-quarters of men prefer short-term trading.
It is understood that this mid-term survey distributed questionnaires to individual traders and institutional traders (including industrial traders and financial institution traders) who have opened accounts through member institutions, and * * * received 6,034 responses, including 535 for individual traders and 683 for institutional traders. Because the questionnaire answers of individual traders account for the majority, it may be more accurate to describe their characteristics.
Among the individual vendors who answered the questionnaire, 76.4% were men and 23.6% were women. In terms of age structure, individual traders aged 26-35 and 36-45 account for more than 30%, accounting for 33.7% and 34.2% respectively; The proportion of people aged 45-60 is 24. 1%. The proportion of individual traders under the age of 25 and over the age of 60 is relatively small, accounting for 5.6% and 2.4% respectively. In terms of academic qualifications, 79.4% of individual traders have received higher education, of which 69.9% have junior college or undergraduate degree, 8.8% have master degree and 0.7% have doctoral degree. The proportion of individual traders with high school education or below is 20.6%.
From the perspective of income level, individual traders have the highest after-tax income of 202 1 individual, accounting for 60.3%, 23.6% below 1 10,000 yuan, and 500,000 yuan to 1 10,000 yuan 1.
In terms of years of futures trading, 82.7% of the individual traders surveyed have been engaged in futures trading for more than 1 year, of which 40.8% have been engaged in futures trading for between 1 year and 5 years, 25.0% have been engaged in futures trading for between 5 years and1year, and the number of years of futures trading is/. Less than 1 year accounts for 17.3%. From the scale of trading funds, 44.8% of individual traders are below 654.38+10,000, 38.8% are between10-500,000, 500,000 yuan or more are between 16.4%, and 500-5 million are between 14.2% and 5 million.
From the perspective of the proportion of futures trading amount, regarding the proportion of individual traders participating in futures trading to family financial assets, 86.4% of individual traders' futures trading proportion is controlled within 30%. It is worth noting that more than 80% of futures traders are also stock investors.
From the perspective of participating futures industries, the top three futures products favored by individual traders surveyed are agricultural products futures, energy and chemical futures and metal futures, accounting for 73.3%, 67.7% and 59.5% respectively, all of which are commodity futures. The proportion of financial futures is relatively small, of which treasury bonds futures and stock index futures account for 10.5% and 18.0% respectively.
From the perspective of trading behavior and the purpose of futures trading, 85. 1% of individual traders trade futures and derivatives for the purpose of trend trading, and another 14.9% of individual traders trade futures and derivatives for the purpose of hedging. In terms of trading decisions, 77.6% of individual traders rely on technical analysis, 59. 1% rely on macro-fundamental analysis, 44.0% rely on industry analysis, 37.6% rely on valuation analysis, and 12.7% choose others to recommend them.
In terms of trading frequency, 49.5% of individual traders complete at least one round-trip transaction every day, of which 23.5% are "trading more than three times a day" and 26.0% are "trading 1-3 times a day". Traders who "completed a buy, sell or sell buy transaction within 1-3 days" accounted for 27.3%, and traders who "completed a buy, sell or sell buy transaction in more than 3 days" accounted for 23.2%. From the perspective of futures trading cycle, 52.7% of traders choose "short-term trading (within one day or not more than 1 week)"; 38.4% of traders choose "midline or band trading (1 week-1 month)"; 8.9% of traders choose "long-term trading (1 month or more)".
Institutional traders: nearly 70% become industrial enterprises, over 80% become private enterprises, and over 50% are used for hedging.
In recent years, more and more institutional investors, especially industrial customers, have begun to pay attention to and participate in the futures market. The survey of the Interim Association also verified this trend, and the ability of China futures market to serve physical industries, private enterprises and small and medium-sized enterprises has been steadily improved.
Among the institutional traders who responded to the questionnaire, from the perspective of company types, industrial enterprises accounted for 68.0% of institutional traders, of which trading enterprises accounted for 39.4% and manufacturing enterprises accounted for 28.6%. Private equity funds ranked third accounted for 20.8%. From the nature of the company, private enterprises account for the largest proportion of institutional traders, accounting for 83.0%; State-owned enterprises took the second place, accounting for 1 1.9%. Wholly foreign-owned enterprises account for 1.0%, and Sino-foreign joint ventures account for 0.6%.
In terms of annual revenue, 36.3% of institutional traders' annual revenue does not exceed100000 yuan, 26.6% of institutional traders' annual revenue is between100000 and 50 million yuan, and1.3% of institutional traders' annual revenue is between 50 million and 60 million yuan. 14.5% of institutional traders' annual operating income is between 1 billion yuan, 8.2% of institutional traders' annual operating income is between 1 billion yuan and 1 billion yuan, and 3. 1% of institutional traders' annual operating income is between1billion yuan.
Judging from the scale of funds available for futures and derivatives trading, 43.4% of institutional traders are below 5 million yuan, 27.7% are between 5 million yuan and 20 million yuan, 965,438+0% are between 20 million yuan and 50 million yuan, and 7.5% are between 50 million yuan and 65,433 yuan.
Judging from the types of futures traded by institutional traders, the top three are non-ferrous metal futures, energy and chemical futures and agricultural products futures, accounting for 53.6%, 52.0% and 50. 1% respectively, and commodity futures as a whole account for a relatively high proportion. There are relatively few financial futures, among which stock index futures account for 26.6%, treasury bonds futures account for 17.4%, and foreign exchange futures account for 4. 1%.
The trading behavior of institutional traders is completely different from that of individuals and relatively more mature. From the purpose of futures trading, 53.9% institutional traders choose hedging, 22.3% institutional traders choose speculation, 19.0% institutional traders choose arbitrage, and 4.8% traders choose "no clear purpose". Among them, nearly 60% institutional traders achieved their expected goals by participating in futures and derivatives trading.
From the perspective of institutional traders' futures positions, 45.0% institutional traders' futures positions are smaller than spot positions, 30.3% institutional traders' futures positions are basically flat, and 24.7% institutional traders' futures positions are larger than spot positions.
Judging from the decision-making methods adopted by institutional traders in futures and derivatives trading, 53. 1% of institutional traders combine fundamentals with technology, 3 1.9% of institutional traders only consider fundamentals, 12.9% of institutional traders only consider technology, and 2. 1% of institutional traders only consider technology. Nearly 70% of institutional traders operate more frequently than 1 day, preferring mid-line or band trading. In addition, more than 80% of institutional traders have mature risk control measures.