1, with different properties:
The primary market is the initial public offering market, which is used for the initial public offering of government or company securities. The main operators in this market are investment banks, brokers and securities dealers.
The secondary market is that bonds and stocks are traded in the secondary market after the initial issuance, which is also called the circulation market or the secondary market.
2. Different profit channels:
Primary market, undertaking new securities issued by the government and companies, underwriting or distributing stocks.
The secondary market is a capital market, which makes it possible to trade financial securities that have been publicly issued or privately issued. It is the trading market of any old financial commodity, which can provide liquidity for the initial investors of financial commodities.
The concepts of primary market and secondary market are actually very simple. The primary market is the distribution market.
The secondary market is the trading market, namely Shanghai Stock Exchange and Shenzhen Stock Exchange.
The tertiary market and the tertiary market are more interesting. The so-called three-tier market generally refers to the new third board in China, that is, the national SME transfer system;
The so-called four-level market refers to the regional equity trading market in various places, such as Tianjin Binhai Exchange. Therefore, strictly speaking, the "New Third Board Researcher" recruited by funds or securities companies is actually a "third-level market employee".
There is an internal contempt chain in any industry, such as PE/VC > Boutique Investment Bank > Investment Bank Brokers > Big Four. There are also consulting companies and law firms, which are probably similar to the status of brokerage investment banks.
Or another kind of contempt chain, the primary market despises the way the secondary market makes money quickly, and the secondary market despises the slow realization of the primary market.
However, when their respective markets are good, they will envy each other.
When the primary market is good, the secondary market envies the primary market; When the secondary market tends to rise (bull market), the primary market envies the secondary market.
When there is an acceleration channel, envy each other. The primary market envies many secondary markets, and they go it alone in the bull market. The profit margin is large and fierce. After working for one year, they will gain economic freedom. The envy of the secondary market, the original shares of the primary market followed the investment, and finally went public for huge profits.
However, to sum up, the head of the company will definitely despise the fate of PE VC, and the gap between the median and average income of the financial industry is often scary, so envy and contempt are not important.
Because the average is not a real average.
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