——

The rise and fall of a trading day is based on the closing price of the previous trading day;

The specific transaction price depends on the real-time market.

Common sense of stocks and funds

About stocks

——

Stock is a stock issued by a joint stock limited company to investors when raising capital. Stock represents the ownership of its holder (that is, shareholder) to a joint-stock company. This kind of ownership is a comprehensive right, such as attending the shareholders' meeting, voting, and participating in major decisions of the company. Receive dividends or share dividends, etc. Every stock in the same category represents the equal ownership of the company. The share of ownership of the company owned by each shareholder depends on the proportion of shares held by each shareholder to the total share capital of the company. Generally, stocks can be traded and transferred with compensation, and shareholders can recover their investment through stock transfer, but they cannot ask the company to return their investment. The relationship between shareholders and the company is not a creditor-debtor relationship. Shareholders are the owners of the company, and are limited by their capital contribution, taking risks and sharing profits.

Stock is the product of socialized mass production and has a history of nearly 400 years. As the fruits of human civilization, joint-stock system and stock are equally applicable to China's socialist market economy. Enterprises can raise funds for production and operation by issuing shares to the public. By controlling majority ownership, the state can control more resources with the same funds. Currently in Shanghai. Most companies listed on Shenzhen Stock Exchange are state-owned holding companies.

Stocks have the following basic characteristics:

Ability to repay without compensation. Stock is a kind of negotiable securities with free repayment period. After investors subscribe for shares, they can no longer ask for withdrawal and can only sell them to third parties in the secondary market. Share transfer only means the change of the company's shareholders, and does not reduce the company's capital. As far as the term is concerned, as long as the company exists, the stock it issues exists, and the term of the stock is equal to the duration of the company.

(2) participation. Shareholders have the right to attend the shareholders' meeting, elect the board of directors of the company and participate in major decisions of the company. Shareholders' willingness to invest and economic benefits are usually realized by exercising shareholders' right to participate.

The right of shareholders to participate in the company's decision-making depends on the number of shares they hold. In practice, as long as the number of shares held by shareholders reaches the actual majority needed to influence the decision-making results, the company can grasp the decision-making control power.

(3) profitability. Shareholders have the right to receive dividends or bonuses from the company by virtue of the shares they hold, and to obtain investment income. Dividends or bonuses mainly depend on the company's profit level and the company's profit distribution policy.

The profitability of stocks is also manifested in the fact that stock investors can obtain the price difference or realize the preservation and appreciation of assets. By buying people at a low price and selling stocks at a high price, investors can profit from the difference. Take the stock of Coca-Cola Company in the United States as an example. If you invest 1000 at the end of 1983 to buy the company's shares, you can sell them at the market price of 1 1 554 before July of 1994, and earn more than 10 times the profit. During the period of inflation, the stock price will rise with the replacement price of the company's original assets, thus avoiding the depreciation of assets. In the period of high inflation, stocks are usually regarded as the first choice for investment.

(4) liquidity. The liquidity of stock refers to the tradeability of stock among different investors. Liquidity is usually measured by the number of shares that can be circulated, the trading volume of shares and the sensitivity of stock prices to trading volume. The more tradable shares, the greater the trading volume, the less sensitive the price is to the trading volume (the price will not change with the trading volume), and the better the liquidity of the stock, and vice versa. The circulation of stocks enables investors to sell stocks in the market and get cash. Through the circulation of stocks and the changes of stock prices, we can see people's judgments on the development prospects and profit potential of related industries and listed companies.

Those industries and companies that attract a large number of investors in the circulation market and keep their share prices rising can continuously absorb a large amount of capital into production and business activities by issuing additional shares, thus achieving the effect of optimizing resource allocation.

(5) Price fluctuation and risk. As the trading object in the trading market, stocks, like commodities, have their own market quotations and prices. Because the stock price is influenced by many factors, such as the company's operating conditions, the relationship between supply and demand, bank interest rates, public psychology and so on, its fluctuation has great uncertainty. It is this uncertainty that may make stock investors suffer losses. The greater the uncertainty of price fluctuation, the greater the investment risk. Therefore, stock is a high-risk financial product. For example, the share price of International Business Machines Corporation (IBM), which dominates the world computer industry, was as high as $ 170 when its performance was extraordinary, but when its position was challenged and its business blunder caused losses, its share price fell to $40. If you buy stocks at a high price at an inappropriate time, it will lead to serious losses.

About the fund

——

According to the Interim Measures for the Management of Securities Investment Funds issued by China, all funds established in China are contractual funds. On this basis, the Interim Measures for the Management of Securities Investment Funds stipulates that "fund sponsors can apply for the establishment of open-end funds or closed-end funds", so at present, China's securities investment funds can basically be classified into one of these two types. Of course, on the basis of these two types of funds, other different types have evolved. (Feel the strongest attack band in China stock market ...)

Contract funds and corporate funds

Contract funds are relative to corporate funds. According to the different organizational forms and legal status of funds, securities investment funds are basically divided into contractual and corporate types.

Contract fund:

Contract fund, also known as trust and investment fund, is an investment fund established by issuing beneficiary certificates in the form of trust deed. This kind of fund is generally concluded by the fund manager, fund custodian and investors in trust deed. The fund manager can act as the initiator of the fund and raise funds by issuing beneficiary certificates to form trust property. According to trust deed, the fund custodian is responsible for keeping the trust property, specifically handling securities, cash management and related agency business. Investors are also holders of beneficiary certificates and enjoy the investment income by purchasing beneficiary certificates and participating in fund investment. The beneficiary certificates issued by this fund show the rights and interests enjoyed by investors in investment funds.

Corporate fund:

Corporate funds are established in accordance with the Company Law, and concentrated funds are invested in various securities by issuing fund shares. Corporate investment funds are similar to joint-stock companies in organizational form. The assets of a fund company are owned by investors (shareholders). Shareholders elect the board of directors, and the board of directors first hires the fund manager, who is responsible for managing the fund business.

The establishment of a company's fund shall be registered with the administrative department for industry and commerce and the Securities and Exchange Commission, and shall also be registered at the place where the shares are issued. The organizational structure of corporate funds mainly includes the following parties: fund shareholders, fund companies, investment consultants or fund managers, fund custodians, fund conversion agents and fund lead underwriters.

At present, the establishment of China's securities investment funds is mainly contractual funds.

Closed-end funds and open-end funds

close-ended fund

Closed-end fund refers to the total amount of funds issued in advance when the fund sponsors set up the fund. When the raised amount exceeds 80% of the total amount, the fund is announced to be established and closed, and no new investment will be accepted during the closed period.

For example, funds listed on Shenzhen Stock Exchange were established in Kaiyuan (4688) and 1998, and issued 2 billion fund shares, with a duration (closed period) of 15 years. In other words, the operating period of the fund from 1998 is 20 years, and the operating quota is 2 billion. During this period, investors can't ask for the return of funds, and the fund can't add new shares.

Although investors are not allowed to ask for the return of funds during the closed period, funds can circulate in the market. Investors can cash out through market transactions.

The circulation mode of closed-end fund shares in China is listed on the stock exchange, and investors must bid for and buy fund shares in the secondary market through securities companies.

(Note: The duration of a fund refers to the time from establishment to termination. )

open-ended fund

Open-end fund refers to a fund whose total amount of fund issuance is not fixed, and the total amount of fund shares increases or decreases at any time. Investors can purchase or redeem fund shares at the business place determined by the fund manager according to the fund quotation.

Open-end funds can be issued according to the needs of investors or redeemed according to the requirements of investors. For investors, the issuer can be required to redeem the fund after deducting the handling fee according to the current net asset value of the fund, or it can buy the fund again to increase the unit share of the fund.

For example, Huaan Innovation, the first open-end fund in China, issued 5 billion fund shares for the first time. Founded in 200 1 year, it has no duration. However, the fund units that issue 5 billion yuan for the first time will change at any time after the opening of the gate. For example, they may decrease due to redemption by investors, or they may increase due to investors' subscription or choice of "dividend reinvestment".

In China, the trading of open-end fund shares is carried out through subscription and redemption at the direct selling outlets or consignment outlets (mainly bank outlets) of fund management companies, and the subscription and redemption of investors are carried out through the counters, telephones or websites of these outlets.