Stock is a kind of securities issued by a joint-stock company to shareholders to prove its shares. It can be used as transaction object and collateral, and it is one of the main long-term credit tools in the capital market.
Stock, as the owner's certificate for shareholders to buy shares of the company and obtain income, holds a share of the capital ownership of the company and becomes one of the owners of the company. Shareholders not only have the right to receive dividends from the company and share the company's operating dividends according to the company's articles of association, but also have the right to attend the shareholders' meeting, elect the board of directors and participate in the decision-making of enterprise management. Therefore, shareholders' willingness to invest is realized by exercising their right to participate. At the same time, shareholders should also bear corresponding responsibilities and risks.
Stock is a kind of securities that can never be repaid, and the joint-stock company will not repay the principal to the shareholders. Once they buy shares, they have no right to ask the joint-stock company to withdraw shares. Shareholders' funds can only be recovered through share transfer, and the identity of shareholders and various rights and interests represented by shares are transferred to the transferee. The transfer of shares is influenced by the company's income, company prospects, market supply and demand, economic situation and other factors. So investing in stocks is risky.
In the stock market, companies that issue stocks issue different stocks according to the investment needs of different investors. According to different standards, stocks can be divided into several categories. The stocks we usually refer to are A shares listed on the Shanghai and Shenzhen stock exchanges. These A shares can also be called tradable shares, public shares and common shares.
As a kind of ownership certificate, stock was originally printed in paper form, such as the old stereotyped writing in Shanghai. In this paper-based way, the face value of the stock, the name of the issuing company, the stock number, the date of establishment and registration of the issuing company, the date of issuance of the stock, the signatures of the chairman and directors, the nature of the stock and other matters are usually recorded on paper. With the development of modern electronic technology, electronic securities came into being. This kind of stock has no paper certificate, and generally stores related matters in the computer center. Shareholders only hold one shareholder account card, and the variety and quantity of stocks they hold can be inquired through computer terminals. At present, China's stocks listed on the Shanghai and Shenzhen stock exchanges all adopt this method. & lt/P & gt； How does & ltP> trade stocks?
When opening a stock account, investors must hold their valid identity documents (usually ID cards) and provide detailed information of investors, including: name, gender ID number, home address, contact telephone number, etc.
After the investor has handled the stock account, he still needs to handle the fund account in the securities company (securities company), and the fund account is only valid for trading in the securities company. If investors need to trade in other securities companies, they need to open another fund account. Therefore, an investor can have multiple fund accounts. For the deposit in the investor's capital account, the broker pays interest according to the bank deposit rate.
Investors can enter the market after completing the stock account and capital account. The order form for buying and selling stocks filled out by customers is a document to determine the agency relationship between customers and brokers, which has legal effect. At present, in addition to filling in the entrustment form, there are self-help entrustment, telephone entrustment, videophone entrustment, entrusted machine entrustment and online entrustment. Brokerage companies must truthfully accept the entrusted contents. If the transaction result is inconsistent with the entrusted content, the customer can make representations to the brokerage firm to safeguard their legitimate rights and interests. When a general brokerage firm accepts a client's entrustment, it is first audited by the brokerage computer entrustment system. After the audit is correct, directly enter the computer host of the exchange for matching. The automatic matching system of the exchange is based on the principle of "price first, time first", that is, within a certain price range (between yesterday's closing price 10%), the highest buying price or the lowest selling price is given priority.
At present, the operation of the securities market is characterized by the automation of transactions and the paperless liquidation and transfer of stocks. On the next trading day when the client accepts the consignment, it must go to the brokerage firm for delivery, that is, the client and the brokerage firm handle the capital settlement and share transfer procedures for the transaction. This program is commonly known as "one-handed payment and one-handed delivery", and the delivery slip provided by the brokerage firm to the customer needs to list the detailed information of the customer's current transaction, so that the customer's stock trading is over. & lt/P & gt； How much is the stock exchange fee for<P>?
At present, when investors trade A-shares, funds and bonds listed on Shanghai Stock Exchange and Shenzhen Stock Exchange, the fees they need to pay mainly include commission, stamp duty and transfer fees.
Entrustment fee, mainly used to pay for communication and other expenses. Generally speaking, when trading stocks and funds in Shanghai, local brokers in Shanghai charge 1 yuan each time, and brokers in different places charge 5 yuan each time; Trading Shenzhen stocks and funds, brokers charge 1 yuan.
Commission is the fee that investors need to pay to brokers after the transaction is completed. Shanghai stocks, funds and Shenzhen stocks are all paid to brokers at 3.5% of the actual transaction amount, and the starting point of trading commissions for Shanghai stocks and funds is 10 yuan; The starting point of Shenzhen stock trading commission is 5 yuan; The Shenzhen Stock Exchange Fund receives a commission of 0.3% of the actual transaction amount; The maximum commission charged for bond transactions shall not exceed two thousandths of the actual transaction amount, and the bulk transactions may be appropriately reduced.
Stamp duty, the tax paid by investors to the finance and taxation department after the transaction is completed. Shanghai shares and Shenzhen shares are paid at 0.4% of the actual transaction amount, and this tax is withheld by brokers and remitted by the exchange. Bonds and fund transactions are exempt from this tax.
Transfer fees, this refers to the fees to be paid for changing the account name after stock trading. Due to the different operation modes of the two domestic exchanges, the Shanghai stock market adopts "centralized registration and unified custody", so investors only need to pay this fee when trading Shanghai stocks and funds, and there is no such fee when trading Shenzhen stocks. This fee is charged at one thousandth (per share) of the number of shares traded, and less than 1 yuan is charged at 1 yuan.
The re-custody fee is the fee paid when handling the re-custody business of Shenzhen stocks and funds. This fee is calculated by households, and each household pays 30 yuan to the transferor securities company when transferring custody. & lt/P & gt； & ltP> Why do you handle the specified transaction?
Automatic receipt of Shanghai stock dividend: after the designated transaction, if the investor's Shanghai stock dividend is not received during the listing period, the Shanghai Stock Exchange will automatically send it to the investor's account on the last day of listing, and the investor does not need to go through any formalities; Otherwise, investors should go to the securities registration company or the designated place for replacement.
You can enjoy the stock reconciliation sent by the Shanghai Stock Exchange: for the accounts that have handled the designated transactions, you can go to the designated brokers to check the stock balance in Shanghai on the next trading day when the Shanghai Stock Exchange sends the reconciliation data irregularly. The Shanghai Stock Exchange does not send the stock balance of unspecified trading accounts, but can only apply to the securities registration company for inquiry.
Prevent others from misdesignating: accounts that have already handled designated transactions cannot be misdesignated by other investors. However, accounts that are not designated for trading may be locked in stocks for other reasons, resulting in abnormal trading.
Any investor who has opened a stock account in Shanghai stock market can use the trading system to entrust with securities companies. The entrustment formula is as follows: the buying and selling direction is "buy", the code is "799999", the price is "1" and the quantity is "1". Delivery confirmation will be made on the next trading day, and the designated fair will take effect the next day. & lt/P & gt； How does & ltP> conduct stock trading?
At present, call auction and continuous bidding exist in both Shanghai and Shenzhen stock exchanges. 9: 00 a.m.15-9: 25 a.m. is call auction time, and the rest of the trading time is continuous bidding time. During the period of call auction, the automatic matching system of the exchange only kept matching. After the bidding time is over, the matching system will generate the opening price of the stock on that day according to the principle of call auction. On the first day of listing and trading, there is no 10% price limit. However, when the new shares in Shenzhen are listed in call auction on the same day, the entrusted bidding cannot exceed the issue price of the new shares by 65,438+05 yuan. Otherwise, the bid will be invalid in the collective bid price and can only participate in the subsequent continuous bidding.
After the end of call auction, the continuous bidding time is 9:30- 1 1:30 and 13: 00- 15: 00. After the investors' orders enter the mainframe of the exchange, the matching system will automatically match them according to the principle of "price first, time first", and when the prices are the same, match them in chronological order. When matching transactions, the principles for determining the stock transaction price are as follows: 1. The transaction price must be within 65,438+00% of yesterday's closing price; 2. The highest buying declaration and the highest selling declaration price are the same; 3. If the declared price of the buyer (seller) is higher (lower) than the declared price of the seller (buyer), the average price of the declared prices of both parties shall be adopted. If the exchange host matches the transaction, the host will immediately report the transaction information to the broker for investors to inquire. If the transaction is incomplete or partially completed, investors have the right to cancel their entrustment or continue to wait for the transaction. General entrustment is valid for one day.
In addition, the closing price of Shenzhen Stock Exchange is not the final transaction price of the stock on that day, but the transaction amount in the last minute of that day divided by the volume. & lt/P & gt； How do<P> listed companies distribute profits?
When the company distributes the after-tax profits of the current year, 65,438+00% of the profits shall be included in the company's statutory reserve fund, and 5-65,438+00% of the profits shall be included in the company's statutory public welfare fund. If the surplus reserve fund reaches 50% of the registered capital, it may not be withdrawn. If the statutory reserve fund of the company is insufficient to make up for the company's losses in previous years, the profits of the current year shall be used to make up for the losses before the statutory reserve fund and statutory public welfare fund are withdrawn according to the above conditions. After the company withdraws the common reserve from the after-tax profits, it may withdraw any common reserve upon the resolution of the shareholders' meeting. With the approval of the shareholders' meeting, the company may convert the common reserve fund into share capital (this is the amount of 10 in the dividend announcement of listed companies), and issue new shares or increase the par value of each share in proportion to the original shares of shareholders. However, when the statutory surplus reserve fund is converted into share capital, the reserve fund retained after the conversion shall not be less than 25% of the registered capital. When the company has no profit in that year, it shall not distribute dividends. However, after the company uses the surplus reserve fund to make up the losses, the company can distribute dividends with the surplus reserve fund at a ratio of no more than 6% of the face value of the shares by special resolution of the shareholders' meeting, but the statutory surplus reserve fund of the company after dividend distribution shall not be less than 25% of the registered capital. When the distributable profit of the company is not enough to pay dividends at a ratio not exceeding 6% of the face value of the stock, it can also be handled in the above way. Dividends can be distributed in the form of cash or shares. Dividends of common shares of the company shall be distributed according to the proportion of shares held by shareholders, and state shares shall be collected according to state regulations. The company shall withhold and remit the tax payable on dividend income of individual shareholders according to the provisions of the tax authorities. & lt/P & gt； How does & ltP> distinguish trading varieties from codes?
Shanghai Stock Exchange Code:
100*** Corporate Convertible Bonds 500*** Fund 550*** Investment Fund 600***A shares 900 * * B shares 00*** Treasury bonds spot12 * * Corporate bonds 20 1 * * Treasury bonds repurchase 700 *.
701* * Transfer 7 10 * * Transfer 71* * Transfer 72 * * * Dividend 730*** Subscription of new shares 740 * * Subscription amount 74 1 * * Subscription quantity 77.
Shenzhen Stock Exchange Code:
0***A shares 2***B shares 3***, A2 with 53** Corporate convertible bonds 4*** Fund 7*** Additional issuance 8 * *, A 1 match/KLOC-0 * * Corporate bonds 18** Repurchase 65438.
Since 1996, the Shenzhen Stock Exchange has adjusted the securities code of the current bonds, specifically, "19+ years (1 digit)+the number of bonds issued in the current year". The last digit in the original code is used to indicate the term of the national debt, and now it is used to indicate the number (serial number) of the national debt issued in that year. & lt/P & gt； What is the price-earnings ratio of<P>?
P/E ratio = share price/after-tax profit per share.
In the daily market table of Shanghai Stock Exchange, the price-earnings ratio is calculated by the closing price of the day, and the ratio with the after-tax profit per share of the previous year is called price-earnings ratio I, and the comparison with the forecast value of after-tax profit per share of the current year is called price-earnings ratio II. However, listed companies in Hong Kong do not need to make profit forecasts, so A shares in the H-share sector (such as Tsingtao Brewery) only have the index of P/E ratio I ... So the general P/E ratio refers to P/E ratio I.
The process of stock ex-rights: when a listed company announces a rights issue or a rights issue, the stock is called a rights issue before the bonus shares are distributed and the rights issue has not been issued. A joint-stock company must first report to the competent department for approval before going through the formalities of ex-rights. After the ex-dividend is granted, the company may determine the benchmark date for equity registration and ex-dividend. All shareholders who own shares on the registration date have the right to receive or subscribe for shares, and can participate in dividends or allotment. After the ex-dividend date (usually the next trading day in date of record) is determined, the SSE will prompt the stock abbreviation according to the different dividends, and add XR before the stock name to indicate ex-dividend, XD to indicate ex-dividend and DR to indicate ex-dividend with interest. Ex-dividend quotation will appear on the day of ex-dividend, and the calculation of ex-dividend quotation will be different due to dividends or allotment. Its comprehensive formula is as follows: ex-dividend price = (closing price the day before ex-dividend+allotment price x dividend per share) /( 1+ allotment ratio+dividend transfer ratio).
The ex-dividend opening price is not necessarily equal to the ex-dividend price, which is only a reference price of the ex-dividend opening price. When the actual opening price is higher than this theoretical price, it is called filling the right, and the registered shareholders can make a profit; On the other hand, when the actual opening price is lower than this theoretical price, it is called "discount right". Stock rights filling and discount are two possibilities of stock rights removal, which are related to many factors such as the situation of the whole market, the operation of listed companies, the ratio of delivery and distribution, etc. There is no definite rule to follow, but generally speaking, after ex-dividend, the unit price of listed companies decreases, the liquidity is further strengthened, and the upside space is relatively increased. However, this does not allow listed companies to issue them at will, and their behavior should be regulated according to the company's own operating conditions and relevant national laws and regulations. & lt/P & gt； How does & ltP> handle rights issue?
The operation process of rights issue is as follows: first, the listed company determines the date of record, and the shareholders hold shares on the registration date to obtain the rights of rights issue or rights issue warrants, and then the rights issue warrants are listed and traded (at present, A shares do not trade warrants). After the transaction, the shareholders who have the right to share allotment purchase the rights allotment shares in proportion through the trading room within the prescribed payment period. According to the regulations of the exchange, if the rights issue cannot be carried out after the payment period of the rights issue, it is deemed that the shareholders voluntarily give up their rights to the rights issue. At present, A-share allotment consists of four parts: one part is allotment to public shareholders, which is generally called "* * allotment" or "* * A 1 allotment"; The listing code of Shanghai Stock Exchange is "700***", and the listing code of Shenzhen Stock Exchange is "8***", which will be circulated immediately after subscription, and the other three rights issues will be issued before the relevant national policies are issued. They are: the allotment of state shares and social legal person shares is transferred to the shareholders of public shares, which is generally called "* * transfer" or "* * A2 transfer" and "* * transfer". The listing code of Shanghai Stock Exchange is "7 10***", and the listing code of Shenzhen Stock Exchange is "3***", partly because of the current state-owned shares and. The other part is the allotment subscribed by the shareholders who transferred the allotment last time, which is generally called "* * transfer" and the code is "701* *", which is based on the principle of "the same share has the same right", that is, the shareholders who participated in the allotment last time participated in this allotment; There is also the share transfer part where shareholders subscribe for state shares and legal person shares, which is generally called "* * transfer" and the code is "711* *", and it also belongs to the non-circulation part. After the rights issue is over, the circulation part of the stock exchange will arrange for listing and circulation after receiving the share delivery report and capital verification report of the listed company on the rights issue, and the allocated part will automatically go to the shareholders' account to start circulation trading on the date of circulation of the allocated shares. & lt/P & gt； & ltP> What is a shell listing?
The so-called "shell listing" means that the dominant enterprise obtains the ownership, management right and listing status of the acquired party (listed company) through acquisition means such as creditor's rights, holding, direct investment and stock purchase. At present, in China, shell buying and backdoor borrowing are generally carried out through mergers and acquisitions in the secondary market or through the transfer of state-owned shares and legal person shares by agreement. For example, Shanghai Guanshengyuan received 53.23% of the state-owned shares of Shanghai Light Industry Holdings; Hainan Fan Hua and Shenchuangshi have successively become the largest shareholders of Sushan Mountain; Shandong Lanling holds 5 1.9% of Yuhuan shares, etc.
The reform idea of state-owned enterprises put forward by the 15th National Congress of the Communist Party of China is to "grasp the big and release the small". The assets reorganization of state-owned enterprises should be solved by market economy, that is, through the capital market, rather than by administrative means. Buying a shell and listing is a prominent feature of asset reorganization, which can greatly optimize the allocation of resources. As an economic resource, accelerating the flow and optimizing the combination of equity is the inevitable result of the internal pressure of some poor companies and the expansion impulse of dominant enterprises. Because our country is in the primary stage of socialism, the shareholding system reform has no experience. Coupled with the weak economy in previous years and fierce competition in the market economy, a number of "shell companies" have not yet formed in recent years. However, some large groups, large companies and famous brand enterprises are unable to go public due to various conditions. These advantageous enterprises can use their own strength to buy a shell or backdoor listing, which can not only improve the quality of listed companies, but also change the plight of "shell companies" and inject new vitality. They can also solve the development funds of advantageous enterprises and groups through asset reorganization, capital operation and shell replacement. Buying a shell and going public can generally bring about an improvement in performance, and some of them will be thoroughly remoulded. Generally, after the shell is listed, the shell company will regain the recognition of investors in the secondary market, leading to a rise in the stock price. Therefore, the listing of shell is an eternal speculation theme in the secondary market. Because the listing of shell can bring horizontal merger, vertical merger and mixed merger, which is conducive to the large-scale and diversified development of advantageous enterprises. Therefore, in the new year, the depth and intensity of asset reorganization relying on the capital market will continue to increase, and the liquidity of the capital market will be strengthened. & lt/P & gt； & ltP> What is an investment fund?
The basic function of investment funds is to collect the funds of many investors and hand them over to specialized investment institutions for management, which will be operated and used by securities analysts and investment experts. According to the set investment target, the funds are invested in a specific portfolio, and the investment income belongs to the original investor.
In China, the Interim Measures for the Management of Securities Investment Funds (hereinafter referred to as the Measures) was promulgated by the the State Council Securities Commission on June 5438+0997+0 14. According to the Measures, China can set up open-end and closed-end funds. Closed-end fund means that the total amount of issuance is determined in advance, and the total number of fund units remains unchanged during the closed period. After the fund is listed, investors can transfer and buy and sell it through the stock exchange. Like other listed securities, its price will fluctuate according to the premium or discount of its net asset value. Open-end fund means that the total amount of funds issued is not fixed, which will increase when investors buy and decrease when they redeem. Investors can purchase or redeem at the business premises stipulated by the state according to the fund quotation. At present, closed-end funds are listed on Shenzhen and Shanghai stock exchanges.
The Measures stipulate that the proportion of the fund's investment in stocks and bonds shall not be less than 80% of the total assets of the fund; A fund holding shares of a listed company shall not exceed10% of the fund's net asset value; Funds shall not speculate with each other; The proportion of the fund's investment in treasury bonds is not less than 20% of the fund's net asset value; Open-end funds must keep enough cash or national debt to pay ransom; Fund income is distributed at least once a year in cash, and the distribution ratio is not less than 90% of the fund's net income.
Because investment funds are operated by investment experts and securities analysts, they generally have higher returns. 9 1, the return rate of Hong Kong stock funds is 40.5%, that of US stock funds is 30%, and that of Australian stock funds is 27.7%. According to the situation in China, the return rate of investment funds in China will also be good. & lt/P & gt； & ltP> What is financial statement analysis?
The financial statements of listed companies provide users with different data and related information reflecting the company's operation and financial situation, but different users have different emphases when reading the statements. Generally speaking, shareholders are concerned about the profitability of the company, such as main income and earnings per share. However, the sponsor shareholders or state shareholders are more concerned about the company's solvency, while ordinary shareholders or potential shareholders are more concerned about the company's development prospects. In addition, investors with different investment strategies have different emphasis on report analysis. Short-term investors are usually concerned about the company's profit distribution and other information that can be used as a "hype" theme, such as asset restructuring, tax exemption, product price changes and so on. In order to seek the rise of the stock price and win the short price difference. Long-term investors are concerned about the company's development prospects, and they even hope that the company will not pay dividends, so that the company will have more funds due to the expansion of production scale or the company's future development.
Although the company's financial statement provides a lot of first-hand information for analysis, it is only a historical static document, which can only roughly reflect a company's financial situation and operating results in a certain period of time. This broad reflection is far from enough to be the basis for investors to make investment decisions. You need to compare the report with the data in other reports or other data in the same report, otherwise it is of little significance. For example, if you compare Qiong Minyuan's 96 annual report with its non-operating income, I believe you will make a rational investment decision. Therefore, the analysis of financial statements of banks should not only focus on a certain subject, but also make a comprehensive judgment on the company's financial statements together with the macro-economic aspects, make a vertical depth comparison with the company's history, and make a horizontal width comparison with the same industry, discard accidental and non-essential things, and get substantive information related to decision-making, thus ensuring the correctness and accuracy of investment decisions. & lt/P & gt； How does & ltP> read dynamic market charts?
In the real-time trend chart of the market, the white curve represents the general market index (Shanghai Composite Index and Shenzhen Component Index), that is, the weighted index; The yellow curve is a large-scale index without weight, that is, regardless of the size of the listed stock sector, all stocks have the same impact on the index. Referring to the positional relationship between the white and yellow curves, we can get the following results: when the index rises, the yellow line is above the white line, indicating that small-cap stocks are blessed; On the contrary, small-cap stocks rose less than large-cap stocks. When the index falls, the yellow line is still above the white line, indicating that the decline of small-cap stocks is less than that of large-cap stocks; On the contrary, small-cap stocks fell more than large-cap stocks. There are red and green columns near the yellow and white line with yesterday's closing index as the central axis, reflecting the strength of the market index rising or falling. When the red bar line grows gradually, it means that the index's upward momentum is enhanced; When it is shortened, the rising power is weakened. With the growth of the green bar line, the power of exponential downward increases; When shortened, the downward force is weakened. At the bottom of the chart, there are some yellow bars to show the turnover per minute. At the bottom of the real-time market chart, there is a red and green rectangular box. The longer the red box, the stronger the buying power. The longer the green frame, the greater the selling pressure.
In the real-time trend chart of individual stocks, the white curve represents the real-time transaction price of the stock. The yellow curve represents the average price of the stock. The yellow bar indicates the turnover per minute. When the transaction price is the selling price, it is the outer disk, and when the transaction price is the buying price, it is the inner disk. When the external disk is larger than the internal disk and the stock price rises, it means that buying is strong; When the inner disk is larger than the outer disk and the stock price also falls, it means that the selling pressure is large. The volume ratio is the ratio of the total number of lots today to the recent average number of transactions. If the volume ratio is greater than 1, it means that the total number of transactions at this time has been enlarged. When the equivalent price rises, the market outlook is optimistic; If it is less than 1, the total transaction volume is shrinking. The bottom right of the disk shows the transaction details, the red and green of the price reflect the outer disk and the inner disk respectively, and the white shows the real-time transaction. & lt/P & gt； & ltP> What is re-hosting?