Regarding the turnover rate, there is a book that teaches retail investors how to trade stocks: the turnover rate refers to the ratio of the number of traded shares of a stock to its circulating share capital in a certain period of time, and the stocks with high turnover rate indicate that the capital inflow is relatively large and belong to hot stocks; On the contrary, it is an unpopular stock.
The author has operated according to this, with success and failure. Calm down and sum up, I think this statement is very rigid and dogmatic. After practical test, the author realizes that high turnover rate is actually a stock market language issued in the process of stock price movement, and it needs investors' careful consideration to express different internal meanings at different times and in different positions.
Low position and high turnover rate. Some institutions are sucking in goods and accumulating chips, which are being concentrated in the big warehouses of institutions from scattered retail investors, and stocks will definitely rise in the future. For example, shandong aluminum industry (600205) released 867 1 10,000 shares in the four trading days from 65438+1October 7 to 65438+1October 2 last year, and the turnover rate reached 54. 19%. Subsequently, the stock embarked on a long upward road for half a year, and its share price rose from 7 yuan to 16.7 yuan.
The turnover rate is high. In other words, some institutions are increasing their volume, attracting retail investors to follow up and distributing high-priced chips at high positions. Chips are being distributed from the warehouse held by the dealer to the small pockets of retail investors, and the stock will definitely fall in the future. For example, from May 3 1 to June 12 last year, Shenzhen Baoan (0009) released a huge amount of 536 million shares in 9 trading days, with a turnover rate as high as 92.5%, and then the stock entered a long bear market.
Negative, low and high turnover rate. People who are interested in the market are taking advantage of bad news to swallow the cheap chips cut by retail investors because of their panic about low and medium stock prices. Dare to hoard goods in bad times, which also shows that this kind of bad is temporary and the market will have a good look. For example, Guangzhou Refrigerator (0893) released the annual report of loss per share of 0.4 16 yuan in 2000 on March 4 this year, which was a major negative. But when the stock opened in the afternoon, it opened lower and went higher. At that time, a large number of 2,255,438+00,000 shares were released, and the trading volume was 7.7 times that of the previous day. Then it is easy to rise and difficult to fall.
Lido has a high turnover rate. The language is saying: the institutions participating in the stock are distributing high-priced chips by taking advantage of the good news, and the banquet is about to disperse. The prophets who have already eaten and drunk have taken advantage of the good news to run wildly, and the retail investors who are aware of it just come to pay the bill. For example, (600874) after more than a year of speculation, the stock price soared from13.8 yuan in early 1999 to1.10.12.44 yuan. At this time, the stock gained a lot, and "Bohai Chemical" was renamed as "Entrepreneurship and Environmental Protection" due to asset restructuring, and its main business was. Since then, the stock has changed its original fierce offensive and the trend is quite low.
In short, the high turnover rate is a blessing or a curse for the retail investors who operate with Zhuang, and it cannot be generalized. We should abandon the rigid views of dogmatism and bookishness, and comprehensively analyze and measure the characteristics of the disk, the law of speculation and the fundamentals of the company, so as to make the final correct judgment.
Asset-liability ratio This is a financial indicator, which refers to the ratio obtained by dividing the sum of all assets in the balance sheet by the sum of all liabilities.
Through this indicator, we can roughly know the composition of enterprise assets, that is, the proportion of self-owned rights and liabilities to total assets. Usually, this indicator is used to measure the business risk of an enterprise. It is generally believed that the greater the proportion of self-owned assets, the lower the operational risk of enterprises, and relatively speaking, the efficiency of capital use of enterprises will not be too high. Of course, judging the quality of an indicator is not only based on numbers, but also requires historical data and industry data to draw the conclusion of the enterprise.
In fact, the issue of ROE is both simple and complicated. Quite simply, ROE is one of the most effective indicators to measure a company's profitability. Buffett, an investment guru, uses this indicator, supplemented by other indicators, to look for stocks whose value is seriously underestimated for investment, and often gets a lot of long-term income. Complexly, compared with the mature international market, China stock market has many defects.
After a hundred years of development, the American stock market has entered a relatively mature stage, with many excellent listed companies, low issue prices and stable market performance. Investors mainly rely on company dividends to increase their income. Coupled with strict supervision, there are fewer false fund-raising and inflated profits (of course, there will be black sheep in any market). However, due to the institutional defects in China stock market, listed companies have become scarce resources. Enterprises used to use various means to go public, and even used disgraceful means to seek a listing quota. Since then, a large number of junk companies have flooded the stock market. After going public, these companies exposed their false side. From outstanding performance to loss until delisting, there is no dividend at all, and the stock price falls again and again, and the losses of investors are getting bigger and bigger.
At present, thousands of listed companies in Shenzhen and Shanghai stock markets have few investors with standardized operation, excellent performance and long-term investment. This is a strange phenomenon that a few companies such as Yili and Maotai attract many institutional investors such as funds to hold heavy shares while knowing that their stock prices are high. Can't help but say that it is the sadness of China stock market. If this phenomenon is not completely changed, China stock market will always be a volatile speculative market.
Don't laugh at the words of one family.
(article source: stock market horse classics)
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(article source: stock market horse classics)