Securities can be classified from different angles and according to different standards:

(1) Classification by securities issuers

According to different securities issuers, Marketable securities can be divided into government securities, government agency bonds and corporate securities.

Government securities are usually bonds issued by the central government or local governments. Central government bonds, also called treasury bonds, are usually issued by a country's Ministry of Finance. Local government bonds are issued by local governments and repaid with local taxes or other revenues. Our country currently does not allow local governments at all levels except special administrative regions to issue bonds. Government agency securities are securities issued by approved government agencies, and our country currently does not allow government agencies to issue bonds. Corporate securities are securities issued by companies to raise funds. Corporate securities include a wide range of stocks, corporate bonds, and commercial papers. In addition, among corporate bonds, securities issued by banks and non-bank financial institutions are usually called financial securities, among which financial bonds are particularly common.

(2) Classification according to marketability of securities

Securities can be divided into marketable securities and unmarketable securities according to whether they have marketability.

Marketable securities refer to securities that can be quickly sold on the securities market when the security holder needs cash or wishes to convert the securities he holds into cash. This type of securities is the main investment target of financial investors, including corporate stocks, corporate bonds, financial bonds, treasury bills, public bonds, preferred warrants, stock subscription certificates, etc.

Unmarketable securities refer to securities that cannot or cannot be sold quickly on the securities market when the security holder needs cash. Although such securities cannot or cannot be sold quickly on the securities market, they have the characteristics of low investment risk, guaranteed investment returns, and can be converted into cash under certain conditions, such as time deposit certificates, etc.

(3) Classification according to whether securities are listed or not

Securities can be divided into listed securities and unlisted securities according to whether they are listed and traded on a stock exchange.

Listed securities, also known as quoted securities, refer to securities that have been approved by the securities regulatory authority, registered with the stock exchange, and qualified for public trading on the exchange.

Unlisted securities, also known as unlisted securities and over-the-counter securities, refer to securities that have not applied for listing or do not meet the conditions for listing and trading on the stock exchange.

(4) Classification according to whether the income of securities is fixed or not

According to whether the income is fixed or not, securities can be divided into fixed-income securities and variable-income securities.

Fixed-income securities refer to securities that the holder can obtain fixed income within a specific period of time and know the amount and time of income in advance, such as fixed-rate bonds, preferred stocks, etc.

Variable income securities refer to securities whose income changes due to changes in objective conditions. For example, the dividend income of common stocks is not determined in advance but is determined based on the company's after-tax profits. Floating rate bonds also fall into this category of securities.

Generally speaking, variable-income securities have higher returns and higher risks than fixed-income securities. However, under inflationary conditions, fixed-income securities have much greater risks than variable-income securities.

(5) Classification according to the region and country where securities are issued

According to the region or country of issuance, securities can be divided into domestic securities and international securities.

Domestic securities are securities issued by a country's domestic financial institutions, companies, enterprises and other economic organizations or the country's government in the domestic capital market with the face value of the national currency.

International securities are securities issued by a country's government, financial institutions, companies or international economic institutions in the international securities market with the currency of other countries as the face value, including international bonds and international stocks. kind.

(6) Classification according to the method of raising securities

According to different raising methods, securities can be divided into public securities and private securities.

Publicly offered securities refer to securities that are publicly offered by the issuer to unspecified public investors through intermediaries. The approval is strict and a public disclosure system is adopted.

Private securities are securities issued to a small number of specific investors. The review conditions are relatively loose, there are few investors, and no public disclosure system is adopted. Investors in private securities are mostly institutional investors who have a specific relationship with the issuer, as well as internal employees of the issuing company or enterprise.

(7) Classification according to the nature of securities

According to the economic nature of securities, they can be divided into two categories: basic securities and financial derivative securities. Stocks, bonds and investment funds are all basic securities. They are the most active investment tools, the main trading objects in the securities market, and the focus of theoretical and practical research on securities. Financial derivative securities refer to securities trading varieties derived from basic securities, mainly including financial futures and options, convertible securities, depositary receipts, warrants, etc.

(8) According to the different nature of the property rights set by the securities, securities can be divided into:

(1) Securities with equal rights , such as stocks;

(2) Securities with certain property rights, such as bills of lading and warehouse receipts;

(3) Securities with certain claims, such as Bonds, bills of exchange, cashier's checks, checks, etc.

(9) According to the different ways of transferring securities, they can be divided into:

(1) Registered securities are the names of the securities obligees recorded on the securities. or securities in a name, such as registered bills and stocks. Registered securities can transfer the rights in the securities according to the transfer of creditor's rights.

(2) Bearer securities are securities in which the name of the obligee is not recorded on the securities, such as treasury bills and bearer stocks. The rights in bearer securities are enjoyed by the holder and can be freely transferred. The securities obligor only has performance obligations towards the security holder.

(3) Instruction securities refer to securities in which the name of the first obligee is specified on the securities, such as instruction checks, etc. The obligee of the instructed securities is the person specified on the securities, and the obligor of the securities has performance obligations only to the holder recorded on the securities. Instructing the transfer of securities must be endorsed by the obligee and the next obligee must be designated, and the securities debtor shall perform the transfer to the designated obligee.