What is a securities investment fund?
Peng Guojia, a financial expert for you, said that the securities investment fund is an indirect way of securities investment. By issuing fund shares, fund management companies concentrate investors' funds, which are managed by fund custodians (that is, qualified banks) and managed and used by fund managers to invest in financial instruments such as stocks and bonds, and then * * * bear the investment risks and share the benefits. To put it bluntly, experts help you manage your money. At present, the types of securities investment are roughly divided into money market funds, bond funds, stock funds and capital preservation funds.
What is a stock fund?
That is, the investment direction of the fund is introduced by Peng Guojia, a stock fund, which is a securities investment fund with stocks as its main investment target. Through statistics, we can find that the income of equity funds is considerable. From 2004 to March 2006, the net value of the best-performing stock funds increased by 52%. Up to now, the average net value of all funds operating for one year has increased by 18%, with an average of two years.
The yield is above 20%. However, there are some risks at the same time of high income. For example, in 2005, many equity funds lost more than 20%. Funds with relatively stable returns also include bond funds, that is, funds with bonds as their main investment varieties.
What is a money fund?
That is, the fund investment channel is the money market. Zhou Cunyu of Galaxy Securities said that money funds only invest in the money market, such as short-term government bonds, repurchase, central bank bills and bank deposits. And there is basically no risk. Its liquidity is second only to bank demand deposits, and its income is calculated every day. Generally, the one-month income is carried forward to the fund share, and the income is slightly higher than the one-year time deposit, and the interest is tax-free. The principal of the Monetary Fund is relatively safe, and the expected annual rate of return is 1.9%. It is suitable for liquid investment tools and a substitute for savings.
How to make a profit by buying a fund?
It is through the net growth and dividend income that Zhou Cunyu said that investors buy funds mainly through the net growth and dividend income of funds. Due to the appreciation of stocks or bonds invested by open-end funds or the acquisition of dividends, bonuses, interest, etc. The net value of fund units has increased. After the net value of fund shares rises, the difference in net value obtained when investors sell fund shares is the gross profit of investment. Deducting the subscription and redemption expenses when buying funds from gross profit is the real investment income.
How to buy a fund?
There are two main ways for investors to buy funds. Peng Guojia said that investors can choose excellent commercial banks and securities companies to buy. Investors only need to carry their ID cards. If they buy from securities companies, they also need to carry bank cards linked to brokers. In terms of fees, the general subscription fee for equity funds is 1% ~ 1.2%, and the redemption fee is 0.5%. Equity funds held for more than two years are exempt from redemption fees. Exempt money, bonds and capital preservation funds from subscription and redemption fees. In addition, Peng Guojia also reminded investors that when buying funds, they should first choose a fund management company with good reputation, good past performance and large scale. In addition, we should also pay attention to the after-sales service quality of the purchase channels.
fund
What is an investment fund?
We often say that funds generally refer to securities investment funds. The so-called investment fund is a collective investment system with * * * returns and * * * risks. By issuing fund securities, investors' funds are concentrated, entrusted to fund custodians, managed by fund managers, and mainly invested in financial instruments such as stocks and bonds. In layman's terms, it means "everyone shares weal and woe". The basic function of investment funds is to collect the funds of many investors, hand them over to specialized investment institutions for management, and be operated and used by securities analysts and investment experts. According to the set investment target, the funds are invested in a specific portfolio, and the investment income belongs to the original investor. Fund share holders enjoy the rights of asset ownership, income distribution, surplus property disposal and other related rights, and assume corresponding obligations.
Characteristics of investment funds
First, a large number of non-specific and scattered small funds are integrated into a whole, saving transaction costs and improving investment returns; Second, entrust experts with rich knowledge and experience in securities investment to operate and manage; The third is to diversify investment and reduce investment risks through portfolio.
The origin of investment funds
Investment funds originated in Britain. When Britain experienced the industrial revolution, the middle class accumulated a lot of wealth. With the expansion of national strength, funds flow from Britain to the new continent of America and Asia. However, because they are unfamiliar with the overseas investment market, the investment risk is great and the money is often cheated. In order to ensure the safety of investment, investors began to look for trustworthy people and entrust them to handle overseas investment matters on their behalf. As a result, the investment trust business has begun to take shape, but there is no company organization, only the trust business between investors and agent investors. It was not until 1868 that the London Overseas Colonial Government Trust was established in Britain. At that time, it mainly invested in foreign colonial bonds and was the earliest securities investment trust company.
Development of investment funds
Although trust and investment funds originated in Britain, they are flourishing in the United States. After World War I, the American economy took off rapidly and the national income increased greatly. The general public has a strong demand for investment and financial management, so the British securities investment trust system was introduced. With the continuous investment of investors, investment companies have developed rapidly in the United States. Due to fierce competition, in order to win customers, their business style tends to be speculative. The speculative bubble finally burst in the financial storm in the 1930s, and many poorly managed investment companies closed down one after another, resulting in heavy losses for investors. In order to improve the market and protect the rights and interests of investors, the US government passed the Securities Law and the Investment Company Law in 1934, which made the American mutual fund market more sound. After World War II, it became a trend.
Types of investment funds
There are many types of investment funds, which can be classified according to different standards. According to whether the fund unit can be redeemed, it can be divided into open-end funds and closed-end funds. Open-end fund means that when fund sponsors set up a fund, the total number of fund units is not fixed, and additional issuance can be made according to the needs of investors. Investors may also, according to market conditions and their respective investment decisions, require the issuer to redeem the share or income certificate after deducting the handling fee according to the current net asset value, or buy the share or income certificate again to increase the fund share. The total number of fund shares of open-end funds can be increased or decreased at any time, and investors can purchase or redeem funds at the business place designated by the fund manager according to the fund quotation. The total amount of closed-end funds is determined in advance, and the total number of fund units remains unchanged during the closed period. After the issuance, it can be listed and traded, and investors can buy and sell fund shares through securities companies. At present, funds usually refer to closed-end funds and open-end funds.
According to the organizational form of funds, they can be divided into contractual funds and corporate funds. A contractual investment fund is a fund in which the principal, the trustee and the beneficiary conclude a fund contract, the fund manager company uses the fund property according to the contract, the trustee (China's commercial bank) is responsible for keeping the trust property, and the investment results are enjoyed by the investor (beneficiary). The company fund is an investment fund established according to the company law. Investors buy shares of the company and become shareholders. The directors and supervisors are elected by the shareholders' meeting, and then the directors and supervisors vote to entrust a special sales company to implement them.
According to the risk of investment, it can be roughly divided into two categories, namely, growth funds and income-based funds. Growth funds takes the sustained growth of fund asset value as its main purpose, and attaches great importance to the growth potential of investment objects, which is risky, and the investment objects are mainly stock investments. Income-oriented funds mainly pursue the current income of investment and pay attention to the current dividends and interest of investment objects, and their investment objects are mainly bonds.
From the investment field, it can be divided into domestic funds and overseas funds. Domestic funds refer to funds issued in a country, which invest in domestic financial products, usually mainly in the domestic stock market. Overseas funds invest in overseas financial markets.
At present, funds usually refer to closed-end funds and open-end funds.
Comparison between open-end funds and closed-end funds
1. The duration is different.
Open-end funds have no fixed term, and investors can redeem fund shares from fund managers at any time; Closed-end funds usually have a fixed closure period, generally 10 year or 15 year, which can be appropriately extended with the approval of the beneficiaries' meeting and the consent of the competent authorities.
2. Variability at different scales
Open-end funds usually have no restrictions on the issuance scale, and investors can apply for subscription or redemption at any time, so the fund scale has increased or decreased; Closed-end funds specify their fund size in the prospectus, and the total duration after issuance is fixed. Without legal procedures, the issuance may not be increased.
3. Different redeemability
Open-end funds are legally redeemable. Investors can apply for redemption at any time within a period of time after the end of the initial offering, and the longest period is no more than 3 months. However, closed-end funds cannot be redeemed during the closed period, and listed funds can be transferred through the stock exchange, and their shares remain unchanged.
4. The calculation standard of transaction price is different.
The transaction price of closed-end funds is affected by the relationship between market supply and demand, and there is often a phenomenon of premium or discount transactions, usually discount transactions, which do not necessarily reflect the net asset value of funds; The subscription price of open-end funds is generally the net asset value of the fund unit plus a certain subscription fee, and the redemption price is the net asset value of the fund minus a certain redemption fee, which has little to do with market supply and demand.
5. Different investment strategies
In order to cope with investors' redemption at any time, open-end funds must keep some cash and highly liquid financial commodities in their portfolios; However, the fund capital of closed-end funds will not be reduced, which is conducive to long-term investment, and the investment portfolio of fund assets can be carried out within an effective predetermined plan.
There are several ways to classify stocks, and the classification by industry you mentioned is one of them. Of course, there are also regions, such as Shenzhen local stock market. Concept classification, such as Microsoft concept. There is an international standard for stock classification. You can go to the Shanghai Stock Exchange.
China daily limit 10%!
A company can issue A, B and H shares at the same time, depending on the approval of specific departments.
The specific analysis is as follows:
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1.The official name of A shares is RMB common stock. It is common stock issued by me and domestic companies for domestic institutions, organizations or individuals (excluding investors from Taiwan, Hong Kong and Macao) to subscribe and trade in RMB. After several years of rapid development, China A-share market has begun to take shape.
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2. The official name of B shares is RMB special shares. It is denominated in RMB, subscribed and traded in foreign currency, and listed and traded on domestic (Shanghai, Shenzhen) stock exchanges. Its investors are limited to: overseas natural persons, legal persons and other organizations, natural persons, legal persons and other organizations in Hongkong, Macau and Taiwan Province Province, China citizens who have settled abroad, and other investors as stipulated by the China Securities Regulatory Commission. At present, B-share investors are mainly institutional investors in the above categories. B-share companies are registered and listed in China, but investors are overseas or in Hongkong, Macau and Taiwan Province Province of China.
The difference between the two is that stocks, B shares and H shares are priced differently, and domestic investors obviously do not have the conditions to speculate on B shares and H shares. In addition, it is worth mentioning that B shares listed on the Shanghai Stock Exchange are denominated in US dollars, while B shares listed on the Shenzhen Stock Exchange are denominated in Hong Kong dollars, so the share prices of the two cities are quite different. If you convert US dollars and Hong Kong dollars into RMB, you will know that the share prices of the two places are basically the same. It is not standard to classify stocks by letters. According to the requirements of China Securities Regulatory Commission, stock abbreviations must be standardized. I believe that with the further development of China stock market, the appellation of A shares, B shares and H shares will become history.
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ST is the abbreviation of "special treatment". (synonymous with junk stocks)
1On April 22, 1998, the Shanghai and Shenzhen Stock Exchanges announced specialtreatment for the stock trading of listed companies with abnormal financial conditions (in English, abbreviated as "ST"). Among them, abnormality mainly refers to two situations: one is that the audited net profit of listed companies in two fiscal years is negative, and the other is that the audited net assets per share of listed companies in the latest fiscal year are lower than the face value of shares. During the special treatment of stock trading of listed companies, the following rules should be followed: (1) The daily increase and decrease of stock quotation should be limited to 5%; (2) Add "ST" before the stock name is changed to the original stock name, such as "ST steel pipe"; (3) The interim reports of listed companies must be audited.
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G shares have been split, such as G Sany and G Jinniu.
And does the so-called "G board" concept originate from the regulatory authorities or the people? A person in the pilot office of share-trading reform told a basic fact. He said, "At that time, there was a name of the G board of directors, but there was no intention to set up an independent board. Generally speaking, it refers to such companies that have carried out the share-trading reform, that is, G company. Therefore, if the regulatory layer is talking about the G board, it actually refers to the G shares. "
On June 17, the abbreviation of Sany Heavy Industry was changed to "G Sany", becoming the first G share in China stock market.
The establishment of "G shares" shows the policy intention of the CSRC. The regulation that "no refinancing is allowed until the problem of full circulation is solved" has also caused more listed companies to report their share reform plans one after another. Among the 42 second batch of pilot companies, at least 10 companies, such as Hongsheng Technology and Zhongfu Industry, put forward refinancing plans, accounting for about a quarter.