usually, the top ten shareholders can basically control the stock by holding 3% of the outstanding shares. However, it is not the better to occupy the circulation disk as much as possible, because the proportion is too large, there are problems of operating space and difficulty in shipping. Therefore, the number of shareholders holding the top ten tradable shares is generally 3%-5%, which is conducive to speculation and active stock prices.

liquidity refers to the liquidity of stocks that can be traded in the secondary market. Circulation disk refers to the scale of circulating share capital of listed companies. The description unit is ten thousand shares. The total share capital issued by a joint-stock company is divided into tradable shares and non-tradable shares.

tradable shares include: tradable A shares, tradable B shares, tradable H shares and overseas tradable shares.

Non-tradable shares include: state shares, legal person shares (domestic promoter legal person shares, overseas legal person shares and raised legal person shares), internal employee shares, foreign capital shares, rights transfer shares, natural person shares and preferred shares.

because China's securities market is still in the primary stage of development, many practices are not standardized, so there are differences between different shares in the total share capital. In addition, considering that the secondary market cannot be expanded too quickly, state-owned shares and legal person shares are generally not allowed to be listed, and internal employee shares can only be listed and circulated after the public shares are listed for a certain period of time. Circulation chips refer to the number of shares that have been listed and circulated, which mainly refers to social public shares and listed internal employee shares.

taking Sinopec as an example, the non-tradable shares are state shares, while the tradable shares are A shares and H shares.

the circulating stock refers to the scale of the circulating share capital of listed companies. The scale of tradable shares has a strong regulatory effect on the contrast between supply and demand in the stock market, thus playing a decisive role in the stock price level.

the height to which a certain amount of funds can push the price of a stock is positively changed with the amount of funds (demand) and inversely changed with the size of the stock's circulation (supply). As far as the stock market is concerned, this relationship is obvious. As far as individual stocks are concerned, there is also a problem of capital flow or capital allocation under the given conditions of market funds. Will the funds be allocated according to the proportion of circulation of two stocks with large differences in circulation but the same in other aspects? The demand of a stock will be adjusted by its supply, but in the opposite direction, that is, small-cap stocks can attract relatively most or even absolutely most funds than large-cap stocks. This is because, firstly, a larger supply will intensify the competition among sellers and depress the stock price, thus weakening the attraction to market funds; Second, small and medium-sized stocks need less control funds, which makes it easier to attract the main funds to sit in the village.

therefore, the difference in the size of the circulation disk will make the stock have different price positioning. This positioning can be quantitatively measured and compared, and its methods are as follows:

(1) Calculate the corresponding basic prices of the compared stocks according to the same standard P/E ratio and earnings per share, and the standard P/E ratio is equal to the reciprocal of the one-year bank time deposit interest rate;

(2) Find the price difference between each stock market price and its basic price;

(3) Find the product of the price difference between each share and the circulating share capital (the unit of circulating share capital is "1 million shares", and if the price difference is negative, find the ratio of the price difference to its circulating share capital). We call this result the value of circulating share premium level, which can be directly used to compare the price of each share relative to the size of circulating share, thus providing a basis for finding stocks with relatively low circulating share premium.