Securities investment, that is, securities investment, is an investment in a narrow sense, which refers to the behavior of enterprises or individuals buying securities such as stocks and bonds with accumulated currency to obtain income. For financial institutions, it refers to the business with securities as the business object, and the securities investment objects are mainly the issuance and purchase of government bonds, corporate bonds and stocks. Do you know what qualities securities investment should have? The following is the basic quality knowledge of securities investment that I brought to you. Welcome to reading.
First, psychological quality.
The securities investment place is heatstroke mountain villa. As soon as many smart people enter the stock market, their intelligence will drop a lot. Anyone who rides a roller coaster in the stock market all the year round and is trapped is a person with psychological quality problems in the stock market and must be trained. Training methods include wooden bridge, roller coaster ride and bungee jumping.
Second, professional quality.
There are methods and techniques for securities investment, and there are different schools of securities investment methods. You should find the one that suits you best. The training method is to read more useful books, such as: Zhang's Stock Operation, Huarong's Blind Spot Arbitrage, 100-year intensive study and 100-million years, all of which are very useful books.
Third, actual combat experience.
Securities investment is a comprehensive and antagonistic investment. It is difficult for investors to mature without a complete experience of bulls and bears. The level of the stock market is beaten to death, not practiced.
Fourth, seize the opportunity of low-risk profiteering.
First, the opportunity to fall below the cash option price or the offer price; Second, opportunities for low turnover; Third, plunge to seize the opportunity of rebound; Fourth, opportunities for value investment. Most people may only know the fourth chance.
Fifth, learn to short.
C: Those who can buy are apprentices, those who can sell are masters, and those who can short are heads. In Shanghai and Shenzhen stock markets, you won't make money unless you are short. The result of not being short is that short-term becomes long-term, and long-term becomes contribution.
Extended content: types of securities investment funds
(a) according to the different forms of fund organization, it is divided into contract funds and corporate funds.
1. Contractual fund: Also known as "unit trust fund", it refers to the fund established with investors, managers and custodians as the parties to the trust relationship and issuing beneficiary certificates in the form of signing fund contracts.
2. Corporate fund: a joint-stock investment company established according to the articles of association of the fund company and legally qualified as an independent legal person.
3, the difference between the two
① The nature of funds is different: trust property; legal person's capital
The status of investors is different: contractual investors are both principals and beneficiaries; Corporate investors are shareholders, which have greater influence on fund operation than contractual investors.
③ The foundation of fund operation is different: fund contract; articles of incorporation
④ At present, all domestic funds are contractual funds.
(2) According to the different operation modes of funds, they are divided into closed-end funds and open-end funds.
1. Closed-end fund: The total amount of fund shares is fixed within the term of the fund contract, and the fund shares can be traded on the stock exchange, but the holder may not apply for redemption.
There are two factors that determine the duration of the fund: the length of the investment period of the fund itself and the macroeconomic situation.
2. Open-end fund: a fund whose total share is not fixed and can be purchased or redeemed at the time and place agreed in the fund contract.
3, the difference between the two:
(1) Different periods: the closure period is usually more than 5 years, generally 10- 15 years; There is no fixed time limit for opening.
(2) There are different restrictions on the issuance scale: the closed scale is fixed and the open scale changes.
(3) Fund shares are traded in different ways:
① liquidation: the stock exchange sells it to other fund investors.
② Opening: Most of them are unlisted, and apply for redemption from the manager or sales agent.
(4) The calculation criteria of the transaction price of fund shares are different.
① Closed: Discount premium, which does not necessarily reflect the net asset value of the unit fund share.
② Openness: The transaction price depends on the net asset value of each fund share.
(5) The announcement time of fund share net asset value is different.
① Closed: Generally published once a week or more.
② Publicity: It is published continuously every trading day.
(6) The transaction costs are different: the closed type is the handling fee, and the open type is the subscription fee and redemption fee.
(7) Different investment strategies: Open-end companies must maintain asset liquidity to cope with redemption.
(3) Divided into bond funds, stock funds, money market funds and derivative securities investment funds according to investment targets.
1. Bond fund: A bond fund is one in which more than 80% of its assets are invested in bonds.
2. Equity funds: if more than 60% of fund assets are invested in stocks, they are equity funds.
3. Money market funds: funds that only invest in money market instruments.
(1) Money market instruments: debt instruments with high liquidity within 1 year.
(2) The money market instruments that China's money market funds can invest in are:
① Cash
② 1 year bank time deposits and certificates of deposit
③ Bonds with a remaining maturity of 397 days.
④ 1 year bond repurchase.
⑤/kloc-Central bank bills within 0/year.
⑥ Asset-backed securities with a remaining maturity of less than 397 days.
(3) Derivative securities investment funds: funds that invest in derivative securities, including futures funds, option funds and warrant funds.
(four) according to the investment objectives, it is divided into growth funds, income funds and balanced funds.
1. growth funds: The stocks of growth companies with high credibility and long-term growth prospects or long-term surplus can be divided into stable growth funds and active growth funds.
2. Income fund: investing in securities that can bring cash income, with the aim of obtaining the maximum income in the current period.
① Fixed-income funds: major investment bonds and preferred shares.
② Stock income fund
3. Balanced Fund:
(1) Invest in bonds and preferred stocks respectively to gain income, and invest in common stocks to gain capital appreciation and balance.
② Generally, 25%-50% of assets are invested in bonds and preferred stocks, and the rest are invested in common stocks.
(five) according to the different investment ideas, it is divided into active funds and passive funds.
1, active fund: refers to the fund that strives to achieve performance beyond the benchmark portfolio.
2. Passive fund: also known as "index fund", refers to a fund whose portfolio imitates a certain stock price index or bond index.
(1) Advantages of index funds:
(1) low management fee.
(2) The risk of risk diversification is small.
③ The average market rate of return can be obtained.
④ It can be used as a tool for hedging and arbitrage.
(6) Special types of funds
1, ETF: "Exchange-traded fund" and "Exchange-traded fund", which is called "transactional open index fund" by Shanghai Stock Exchange.
(1) refers to the fund operation mode with variable fund share, which combines the characteristics of closed-end funds and open-end funds. It can be listed and traded on the exchange, but its subscription is for a basket of stocks, and redemption is also for a basket of stocks instead of cash.
(2)ETF is an index fund, that is, passive investment is made with the component securities contained in the index as the investment object.
(3) TIPs appeared in Canada in 1990s.
(4) Shanghai Stock Exchange 1 ETF: Huaxia Fund Management Company's "SSE 50 Trading Open Index Securities Investment Fund" (50ETF).
(5) Shenzhen Stock Exchange 1 ETF: Yifangda Shenzhen Stock Exchange 100ETF.
(6) According to the different indexes tracked by ETFs, it can be divided into stock ETFs and bond ETFs.
(7) Primary market: The minimum number of units for subscription and redemption is 500,000 or 6,543.8+0,000.
(8) Listing on the secondary market: the minimum trading unit is 65,438+000, and those with less than 65,438+000 can be sold.
(9) Features: the system of physical purchase and redemption, the dual trading system of primary market purchase and redemption and secondary market transactions coexist.
2.LF: "listening open-end fund", listed open-end fund.
(1) refers to an open-end fund that can be purchased and redeemed in the OTC market at the same time. It can be traded in the exchange and purchased and redeemed, and the OTC market and OTC market are linked together through the share transfer custody mechanism.
(2) Features: It can be an index fund or an active fund; You can purchase and redeem in the secondary market (exchange) or in the primary market (institutional outlets); Both subscription and redemption are made in cash.
(3) Delisting from Shenzhen Stock Exchange is the first in the world.
(4) In 2004, southern fund Company "South actively allocated securities investment funds (LF)".
3. Capital preservation fund:
(1) refers to a fund that operates through a certain capital preservation investment strategy and introduces a capital preservation guarantee mechanism to ensure that the holder can get the investment principal guarantee when it expires.
(2) The guarantee mechanism of capital preservation includes:
(1) The fund manager undertakes the obligation of capital preservation and repayment of the investment principal, and at the same time, the fund manager signs a guarantee contract with the guarantor, and the fund manager and the guarantor are jointly and severally liable to the investors.
(2) The fund manager signs a risk buyout contract with the capital preservation obligor, and the fund manager pays the expenses to the capital preservation obligor, and the capital preservation obligor pays the investor's losses in case of losses, and waives the right to recover from the fund manager.
③ The capital preservation fund still has the risk of principal loss in extreme cases.
4.QDII Fund: qualified domestic institutional investor
(1) refers to a fund established in a country and approved by that country to invest in stocks, bonds and other securities in overseas securities markets.
(2) In 2007, China launched the first batch of QDII funds.
5. Graded funds: also known as "structured funds" and "separable trading funds"
It refers to the fund products that can be listed separately by dividing the common fund shares into two or more types of shares with different expected returns and risks through structural design and arrangement in a fund.
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