There is an obvious "leverage effect" between interest rate and securities industry. Generally speaking, if interest rates rise, the securities industry will fall; When interest rates fall, the securities industry will rise. Raising interest rates has always been regarded as a major drawback by the securities industry, because higher interest rates will attract some stock market funds. At the same time, the rise of interest rate will also increase the production cost of enterprises, restrain the demand of enterprises and personal consumption, and finally affect the performance level of listed companies. Some market participants pointed out that raising interest rates will lead to a decline in the valuation of the securities market. Raising interest rates will curb the trend of the stock market in the short term, thus affecting investors' confidence in holding shares.

Buying and selling guide

Preparation process

Before purchasing a fund, investors need to carefully read the prospectus, fund contract, account opening procedures, trading rules and other fund-related documents, and all fund sales outlets should have the above documents for investors to consult at any time.

Individual investors are required to carry the debit card of the correspondent bank and valid identity documents (ID card, military officer's card or armed police card), and institutional investors are required to carry the original business license, organization code certificate or registration certificate, as well as a copy of the above documents stamped with the official seal, power of attorney, ID card of the agent and a copy.

With the preparation materials, the customer goes to the bank counter to fill in the application form for fund business, and then receives the business receipt. Individual investors also receive fund trading cards, and they can go to the counter to receive business confirmation two days after handling fund business. Units or individuals can engage in fund subscription and redemption after receiving business confirmation.

How to buy

After completing the preparation for opening an account, citizens can choose their own time to buy funds. Individual investors can bring the debit card and fund trading card of the correspondent bank to the counter of the agency outlet to fill in the fund trading application form (institutional investors need to affix the reserved seal), and must submit the application before the day of subscription 15: 00, and the counter will accept and receive the receipt of fund business. Two days after handling the fund business, investors can print the business confirmation at the counter.

How to redeem

When investors intend to redeem their funds, they can bring the debit card and fund trading card of the opening bank, and also fill in and submit the transaction application form before 3: 00 pm. After being accepted at the counter, investors can inquire and redeem the fund after five days.

How to quit

If trading investors need to cancel trading, they can bring their fund trading card and bank debit card to the counter before the trading day 15, fill in the trading application form and indicate the cancellation of trading. If it is after 15, some banks can make an appointment for trading according to the quotation of the day and trade the next working day. At present, almost all banks and fund management companies support online trading funds.

Principle of fund dividend

According to the provisions of the Fund Law, the requirements of fund management companies for dividends of closed-end funds are that more than 90% of the net income of funds must be distributed in cash and at least once a year. The dividend principle of open-end funds is: after the distribution of fund income, the net value of each fund share cannot be lower than the face value; The bank transfer or other formalities occurring in the process of income distribution shall be borne by the investors themselves; On the premise of meeting the dividend conditions of relevant funds, it is necessary to stipulate the maximum number and minimum proportion of fund income distribution each year; If there is a net loss in the current period of fund investment, no income distribution will be made; The current year's income of the fund should make up for the previous year's losses before the current year's income distribution can be carried out.

Brief introduction of closed-end fund transaction

1. Distribution principles and methods of closed-end funds

With the growth of fund income, the net asset value of the fund will rise, and the fund will distribute the income to investors. In closed-end funds, investors can only choose cash dividends, because the scale of closed-end funds is fixed and cannot be increased or decreased. Dividends are directly transferred to investors' accounts by the registration institution of Shenzhen and Shanghai Stock Exchanges through securities companies.

2. How to deal with closed-end funds?

The fund shares of closed-end funds are listed and traded in the stock exchange market like the shares of ordinary listed companies. Therefore, just like buying and selling stocks, the first step in buying and selling closed-end funds is to open an account in the securities business department, including capital account and capital account (also known as margin account). If you open an account as an individual, you must bring your ID card or military officer's card. To open an account as a company or enterprise, you must bring a copy of the company's business license, legal person certificate, legal person power of attorney and ID card of the agent.

Before buying and selling closed-end funds, you must deposit the cash in a bank that has been networked with the selected securities company, and then go to the securities business department to transfer the money in the passbook to your margin account. After that, you can entrust the securities business department to declare or entrust the trading of fund shares through intangible offers, telephone calls, etc.

It must be noted that if you already have a stock account, you don't need to open a fund account. The original stock account can be used to buy and sell closed-end funds. However, the fund account cannot be used to buy and sell stocks, but can only be used to buy and sell funds and government bonds. 3. Pricing and discount rate of closed-end funds

After the establishment of a closed-end fund, the fund shares held by investors can be listed and traded on the stock exchange, but the scale of the fund will not change, so it is called a "closed-end" fund. In other words, the "share transaction" of open-end funds is a transaction between investors and the fund company that initiated the fund products, while the "share transaction" of closed-end funds is a transaction between investors. The pricing of closed-end funds is based on the relationship between supply and demand of investors in the secondary market of stock exchanges. The net value of closed-end fund is calculated according to the investment situation of the fund, according to the total assets of the fund divided by the total share of the fund, that is, the actual amount of fund assets represented by each fund. The difference between price and net value is determined by the relationship between supply and demand.

At present, the price of closed-end funds is mostly lower than the net value, that is, it is mainly a discount transaction, and there have been premium transactions at the beginning of the establishment of closed-end funds. The purchase and redemption of open-end funds are calculated according to the net value, while closed-end funds are bought and sold between investors, so the price is affected by the relationship between supply and demand. When the transaction price of closed-end funds in the secondary market is lower than the actual net value, this situation is called "discount".

Discount rate = (unit net share-unit market price)/unit net share.

According to this formula, when the discount rate is greater than 0 (that is, the net value is greater than the market price), it is a discount, and when the discount rate is less than 0 (that is, the net value is less than the market price), it is a premium. In addition to investment objectives and management level, discount rate is an important factor in evaluating closed-end funds.

Due to the limitation of scale and the influence of liquidity, closed-end funds generally have a discount rate. High discount rate is an important factor to trigger investment at present.

For example, the net value of a closed-end fund on a certain day is 2.23 yuan, and the closing price of that day is 1.76 yuan. Then, the discounted value of the fund is:

2.23- 1.76=0.47 (yuan)

The discount rate is:

(2.23- 1.76)/2.23=2 1.08%

In the future, even if the fund does not go up or down, it can get 2 1% income.

4. Relevant provisions on investment transactions of closed-end funds The listed transactions of closed-end funds have the following characteristics:

(1) The principle of "openness, fairness and justice" and the principle of "price first, time first" are adopted in the entrustment of fund shares.

(2) Fund transactions are entrusted by standard hands.

(3) The transaction price of the fund share is based on the net asset value of the fund share and fluctuates due to the relationship between market supply and demand. (4) In the business hall of the securities market, trading fund units can be entrusted at any time.

There are two main ways to open an account:

(1) Investors who subscribe, buy or sell listed open-end funds through the trading system of Shenzhen Stock Exchange must use Shenzhen A-share account or Shenzhen Securities Investment Fund account (hereinafter referred to as "Shenzhen Securities Account"). Investors can apply for opening a Shenzhen securities account through the account opening agency (such as a securities company) of China Clearing Shenzhen Branch.

(2) Investors who subscribe, purchase or redeem listed open-end funds through fund managers or their consignment agencies must use Shenzhen open-end fund accounts. Investors can apply for registration of Shenzhen securities account as Shenzhen open-end fund account in the fund manager or its agency. If an investor does not have a Shenzhen securities account, he can apply to the fund manager or his agency for the allocation of Shenzhen securities investment fund account and automatically register it as an open-end fund account in Shenzhen. For the allotted account of Shenzhen Securities Investment Fund, investors can print the account card of Shenzhen Securities Investment Fund at the account opening agency of China Clearing Shenzhen Branch with the printed receipt of the account provided by the fund manager or its consignment agency.

How to buy funds

First, no matter how the market fluctuates after the fixed investment, we will buy fixed investment funds with different net values every month, and automatically form an investment method of lightening positions on rallies and adding positions on dips, so that the average cost is at the middle level of the market. At present, the fluctuation range of the whole year will be greater, and the risk of direct one-time investment will be greater. However, if you choose to invest regularly and stick to it, it will smooth the investment cost in the long run.

Second, the general starting point of fixed investment business is 100-300 yuan, which greatly lowers the investment threshold and provides convenience for small investors, so regular fixed investment is more suitable for wage earners.

Third, the fixed investment can be suspended, terminated or resumed at any time, and no penalty interest will be levied when the contract is terminated. You can advance and retreat calmly in the market risk, which ensures that you can adjust your investment in time according to your own judgment on the market. In the turbulent market environment, flexible investment methods may increase the security of your investment.