1. The subject of this transaction 1 stock refers to the certificate issued by a joint stock limited company to prove that shareholders hold shares. It is a kind of securities, which represents the rights of naked people to the company. You need to take risks to the company within the limits of your shares. The object of spot trading is the warehouse receipt registered in the exchange, which is the delivery or delivery of goods by spot merchants in electronic certificate. Theoretically, there is no time limit for the existence of stocks. Only when the company has a major asset reorganization or bankruptcy will the stock be replaced or eliminated. Warehouse receipts are time-limited. Registered warehouse receipts are offset at maturity, or spot merchants deliver goods or transfer benefits. The long-term nature of a stock theoretically determines that its price represents the value of the company. However, due to the influence of the market economy cycle, price fluctuations often deviate from the actual value of the company, and the company's operating conditions also greatly affect the changes in stock prices. The company's decision-making, population mobility and changes in national policies will all have a great impact on the stock price, which is difficult to analyze before it happens. The delivery period of spot warehouse receipt is relatively short, and the price can be found better. The market price of warehouse receipts basically fluctuates around the spot price, so it is easy for investors to find the difference and make profits.

Second, the trading mechanism. At present, the stock market adopts T+ 1 trading mechanism, and the stocks bought on the same day can only be sold on the next day; Spot trading in T+0 mode can be closed on the same day. 3. The margin system adopts the transaction method, and the existing margin is100%; Spot trading with 20% margin. At the same time, a deposit was adopted; Stocks can only buy up in one direction; Spot can buy up or down according to the margin system. If the share price shows a downward trend, one-way stocks will reduce our profits. When the spot falls, we can short it to increase the chance of profit. 4. Compared with stocks, spot has the following advantages: 1 Easy to analyze and grasp the law. There is a high correlation between the price fluctuation of the stock market and the change of the national economic cycle. For ordinary investors, it will be difficult to make a reasonable and detailed analysis of the macro-economy. Combined with the current situation of China's stock market, this paper studies the information disclosure mechanism of listed companies. It makes it more difficult for investors to analyze the company's situation and profitability, making investment more complicated;

Warehouse receipts for spot transactions are mainly commodities, and their prices are obvious in the market. The public can know the market price of a commodity and the annual price change cycle through the surrounding markets. This is of great help to investors' analysis. 2 Higher capital utilization rate and higher rate of return. For example, an investor has money to invest, and now he has two investment options. If he buys a stock, the price of the stock is 10 yuan, he can buy it.

1000 shares, stock rise 10%, investor income 1 yuan/share× 1000 shares = 1000 yuan, return on investment1000 yuan/yuan×/kloc. The price is 990 yuan, and the deposit per warehouse receipt is 180. You can buy 55 warehouse receipts, and the investor gains 90 yuan per receipt.

×55 sheets =4950 yuan, and the return on investment is 4950 yuan/yuan×100% = 49.5%. Comparison between spot and futures There are many similarities between spot and futures, but as a new investment and hedging tool, they are different in the following convenience: 1 The delivery mechanism is different, and futures delivery has many restrictions. At present, natural person accounts are not allowed to be delivered, but only legal person accounts can be delivered on a monthly basis, and the delivery procedures are complicated; There are few restrictions on spot delivery, which can be delivered naturally, and it is an instant delivery mechanism, that is, traders can buy warehouse receipts at the exchange and choose delivery at any time. There is no time limit. The advantages are: effectively preventing the occurrence of short selling or oversold of large funds. If the price deviates from the market price, it will definitely attract a large number of spot merchants to buy contracts and choose delivery. The minimum trading unit of different futures trading units will be equal to 10.

Tons; The smallest unit of spot trading is a batch, and a batch is equal to 100 kg. Because the quantity of each batch is small, it is convenient for traders to deliver goods flexibly. At the same time, the deposit occupied by each warehouse receipt is also low. The advantages are: first, it is convenient for traders to deliver; Second, it is convenient for investors to manage risks, control positions and invest in different positions. 3 The liquidation system is different. Although the compulsory liquidation system in futures can control the risks of futures companies, it still hurts investors greatly. Large institutions or large funds with spot background can use the forced liquidation system to stage short positions or multiple markets, which makes most investors explode their positions and earn high profits. There is no compulsory liquidation system for the spot, and the contract is only delivered in the delivery month. For traders who have no intention of delivery, the exchange will notify the traders and negotiate to close the position. 4 The fluctuation range of futures with different fluctuations is 4%. Take the current soybean futures as an example, the current price is 5,000 yuan/ton, and the fluctuation range is 200 yuan; The spot price limit is 5%. Take small peanuts as an example, the current price is 1000.

Yuan/100 Jin, with fluctuation range of 50 yuan; On the surface, the fluctuation range of futures is larger than that of spot. In fact, the fluctuation range of spot is larger. It can be seen from the following calculations that: futures: capital occupied by each futures =5000 yuan/ton × 10%× 10 ton =5000 yuan/futures volatility =200 yuan ÷5000 yuan × 100%=4% spot: capital occupied by each spot. 100kg× 20 %×100kg = 200 yuan's spot volatility per batch =50 yuan ÷200 yuan×100% = 25% ÷ 4% = 3.75 Through formula calculation, we can see that the spot volatility is 6.25 times that of futures.

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