When it comes to stocks, some people don’t understand, but they always feel familiar with some technical terms, but they don’t know their meanings. Based on this, we will bring you an article on science today, so please read it.
1. What are A shares, B shares, H shares, N shares and S shares?
The stocks of listed companies in China are divided into A shares, B shares, H shares, N shares and S shares. This distinction mainly depends on the place where the stock is listed and the investors it faces.
The official name of A shares is RMB ordinary shares. It is a 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’s A-share stock market has begun to take shape.
The official name of B shares is RMB special shares, which are denominated in RMB, subscribed and traded in foreign currencies, and listed and traded on domestic (Shanghai, Shenzhen) stock exchanges. Its investors are limited to foreign natural persons, legal persons and other organizations, natural persons, legal persons and other organizations in Hongkong, Macau and Taiwan Province, and China citizens who have settled abroad. Other investors as stipulated by China Securities Regulatory Commission. At present, the investors of B shares are mainly institutional investors in the above categories. B-share companies are registered and listed in China. Only investors are overseas or in China, Hongkong, Macau and Taiwan Province.
H shares, that is, foreign shares registered in the mainland and listed in Hong Kong. The English of HongKong is Hong Kong, taking its prefix, and foreign shares listed in Hong Kong are called H shares. By analogy, new york’s first English letter is N, Singapore’s first English letter is S, and the stocks listed in new york and Singapore are called N shares and S shares respectively.
2. What are ST shares and PT shares?
ST(Special Treatment) stock: stock with special treatment. Refers to the stocks of listed companies with abnormal financial or other conditions.
On April 22, 1998, Shanghai and Shenzhen Stock Exchanges announced that according to the stock listing rules implemented in 1998, special treatment would be given to the stock transactions of listed companies with abnormal financial or other conditions.
The above-mentioned abnormal financial or other conditions mainly refer to two situations. One is that the audited net profit of listed companies has been negative for two consecutive fiscal years, and the other is that the audited net assets per share of listed companies in the latest fiscal year are lower than the par value of shares. During the period when the stock trading of a listed company is subject to special treatment, its stock trading shall follow the following rules:
(1) The daily increase and decrease of stock quotation is limited to 5%;
(2) the name of the stock is changed to the original stock name with "ST" before it, such as "ST Liao materials";
(3) The interim reports of listed companies must be audited. Because the daily fluctuation range of ST stock is limited to 5%, it also inhibits the deliberate speculation of bookmakers to some extent. Investors should also treat stocks with special treatment differently. According to the specific analysis, some ST stocks are mainly operating losses, so it is difficult to turn losses into profits by strengthening management in the short term. Some ST stocks are losing money due to special reasons, or some ST stocks are undergoing asset restructuring, so these stocks often have great potential.
PT(Particular Transfer) shares: specially transferred shares. "Special transfer service" to provide circulation channels for suspended stocks.
According to the provisions of the Company Law and the Securities Law, if a listed company has suffered losses for three consecutive years, its listing will be suspended. Since July 9, 1999, the Shanghai and Shenzhen Stock Exchanges have implemented "special transfer service" for such suspended stocks.
There are four main differences between special transfer and normal stock trading:
(1) The trading time is different. Special transfer is limited to the opening hours of every Friday, rather than continuous trading day by day.
(2) The price limit is different. The declared price of special transfer shares shall not exceed 5% above and below the last transfer price, which is the same as the daily increase and decrease of ST shares.
(3) The matching methods are different. The special transfer means that the exchange matches all the valid declarations of the stock on the same day in call auction at one time after the market closes, resulting in a unique transaction price, and all the orders that meet the transaction conditions are traded at this price.
(4) The nature of the transaction is different. Special transfer of shares is not listed. Therefore, such shares are not included in the index calculation, the number of transactions is not included in the market statistics, and their transfer information is not displayed in the exchange market. Only designated newspapers and periodicals set up columns to announce the next day.
3 stock market principle:
1) Inertia principle: When it is in an uptrend or a downtrend, its trend will generally continue.
2) Wave principle: how deep it falls, how high it rises; If the quantity is sufficient, the price will rise.
3) extremely quiet and dynamic: narrow prices and shrinking quantities often indicate the coming of big markets.
4) extremes meet: when the market reaches an extreme state, it will run in the opposite direction.
5) Consistency: It is most powerful when the long-term and short-term trends are consistent.
6) Turning and crossing: When the short-term and long-term trends conflict, they may change.
7) Cost principle: When the cost of buying is less than the market cost, the risk is small.
4. Basic terms:
Main board: the main board market, also known as the first board market, refers to the traditional securities market (usually the stock market) and is the main place for securities issuance, listing and trading in a country or region.
Growth Enterprise Market (GEM): The second stock exchange market, also known as the second board market, is a kind of securities market different from the main board market. It is a securities exchange market that provides financing channels and growth space for enterprises that need financing and development, such as entrepreneurial enterprises, small and medium-sized enterprises and high-tech industrial enterprises that cannot be listed on the main board temporarily. It is an important supplement to the main board market and has an important position in the capital market.
New Third Board: Originally, the unlisted joint-stock company in Zhongguancun Science Park entered the agency stock system for the pilot transfer. Because the listed companies are all high-tech enterprises, they are different from the delisted companies in the original transfer system and the listed companies in the original STAQ and NET systems, so they are vividly called "New Third Board". At present, the New Third Board is no longer limited to the unlisted joint-stock companies in Zhongguancun Science Park, nor is it limited to the unlisted joint-stock companies in Tianjin Binhai, Wuhan Donghu and Shanghai Zhangjiang, but a national equity trading platform for unlisted joint-stock companies, mainly targeting small and medium-sized enterprises.
Blue chip: refers to the stable cash dividend policy has higher requirements for the company’s cash flow management. Usually, those company stocks with good operating performance and stable and high cash dividend payment are called "blue chips". Blue-chip stocks refer to large-scale, traditional industrial stocks and financial stocks with long-term stable growth.
Red chips: This concept was born in the Hong Kong stock market in the early 1990s. People’s Republic of China (PRC) is sometimes called "Red China" internationally. Accordingly, Hong Kong and international investors call those stocks with the concept of Chinese mainland registered overseas and listed in Hong Kong "red chips".
Bull market: There are more buyers than sellers in the stock market, and a bullish stock market is called a bull market.
Bear market: A bear market is the opposite of a bull market. There are more sellers than buyers in the stock market, and the bearish stock market is called a bear market.
Opening price: refers to the price of the first transaction of the stock after the opening of the day. If there is no transaction price within 30 minutes after the opening of the market, the closing price of the previous day will be taken as the opening price.
Closing price: refers to the price of the last stock in the daily transaction, that is, the closing price.
Highest price: refers to the highest price among the prices traded on that day. Sometimes there is only one highest price, and sometimes there is more than one.
Lowest price: refers to the lowest price among the prices clinched on that day. Sometimes there is only one lowest price, and sometimes there is more than one.
Blue chip stocks: refer to the stocks of companies with good performance but slow growth. This kind of company has the strength to resist the economic recession, but it can’t bring you exciting profits. Because this kind of company’s business is mature, it doesn’t need to spend a lot of money to expand its business, so the main purpose of investing in this kind of company is to get dividends. In addition, when investing in such stocks, the price-earnings ratio should not be too high, and at the same time, we should pay attention to the record of stock price fluctuations during the historical economic downturn.
Hot stocks: refers to stocks with large trading volume, strong liquidity and large stock price changes.
Growth stocks: refers to the stocks issued by some companies, whose sales and profits continue to grow, and their speed is faster than the growth of the whole country and the industry. These companies usually have great ambitions, pay attention to scientific research, and leave a lot of profits as reinvestment to promote their expansion.
Hand: It is an internationally used unit for calculating the number of shares traded. It must be an integer multiple of the hand to handle the transaction. At present, 100 shares are generally traded in one hand. That is, you must buy at least 100 shares to buy shares.
Volume: reflects the number of transactions. Generally, it can be measured by two indicators: the number of shares traded and the transaction amount. At present, both indicators of Shenzhen and Shanghai stock markets can be displayed.
Price: refers to the ascending and descending unit of bidding price. The price varies with the stock price per share. Take the Shanghai Stock Exchange as an example: the price of 100 yuan at the end of each stock market is 0.10 yuan, the price of 100-200 yuan is 0.20 yuan, the price of 200-300 yuan is 0.30 yuan, the price of 300-400 yuan is 0.50 yuan, and the price above 400 yuan is 1.00 yuan.
Suspension: the stock exchange suspends its trading in the stock market because of the continuous rise or fall of the stock price due to certain news or activities. After the situation is clarified or the enterprise returns to normal, it will resume trading on the exchange.
Rise and fall: compare the daily closing price with the previous day’s closing price to decide whether the stock price will rise or fall. Generally, it is indicated by "+""-"on the bulletin board above the trading desk.
Stop (Down) Board: The maximum range of stock price rise (down) in a day specified by the exchange is the percentage of the closing price of the previous day, and it cannot exceed this limit, otherwise the trading will be automatically stopped.
Open high: refers to the opening price is much higher than the closing price of the previous day.
Open low: it means that the opening price is much lower than the closing price of the previous day.
Disk stall: refers to the fact that investors do not actively buy and sell, but take a wait-and-see attitude, so that the change of the stock price on that day is very small. This situation is called disk stall.
Reorganization: refers to the fact that after a period of sharp rise or fall, the stock price begins to fluctuate slightly and enters the stage of stable change. This phenomenon is called reorganization, which is the preparation stage for the next big change.
Gap: It means that the stock price starts to jump sharply stimulated by strong bullish or negative news. Gaps usually appear before the start or end of a big stock price change.
P/E ratio: P/E ratio is the ratio of the price per share of a stock to the earnings per share. (P/E ratio = market price per share of common stock ÷ annual earnings per share of common stock) The numerator in the above formula is the current price per share of the stock market, and the denominator can be the earnings in the latest year or the predicted earnings in the next year or years. P/E ratio is one of the most basic and important indexes to estimate the value of common stock. It is generally believed that it is normal to keep the ratio between 20 and 30. If it is too small, it means that the stock price is low and the risk is small, so it is worth buying. If it is too large, it means that the stock price is high and risky, so you should be cautious when buying. However, the stocks with high P/E ratio are mostly hot stocks, and the stocks with low P/E ratio may be unpopular stocks.
Back file: refers to the phenomenon that the stock price temporarily falls back because of the excessive rise in the process of rising.
Rebound: refers to the phenomenon that the stock price sometimes rises temporarily with the support of the buyer because of the rapid decline in the falling market. The rebound is smaller than the decline, and the downward trend resumes after the rebound.
Bull: a person who is optimistic about the stock market outlook, buys stocks first, and sells stocks to earn the difference when the stock price rises to a certain price.
Short position: refers to investors who think that the stock price has risen to the highest point and will soon fall, or when the stock has begun to fall, they think that it will continue to fall and sell it at a high price.
Bull market: Also known as bull market, it is a market where share prices generally rise.
Short market: a market in which the stock price shows a long-term downward trend. In the short market, the stock price changes sharply and rises slightly. Also known as bear market.
Flipping: The bulls who were originally optimistic about the market changed their views and sold their stocks, sometimes by borrowing stocks. This behavior is called flipping or flipping.
Flip-over: Those who were originally short changed their views, bought back the stocks they sold, and sometimes bought more stocks. This behavior is called flip-over.
Short-selling: a speculative act of buying stocks in anticipation of a rising share price, and then selling the bought stocks before actual delivery, and collecting the difference or making up the difference when actual delivery.
Short selling: speculation that the stock price is expected to fall, so the stock is sold, and the sold stock will be replenished in full before the actual delivery, and only the difference will be settled when the delivery takes place.
Negative: factors and news that promote the stock price to fall and are beneficial to bears.
Lido: It is a factor and news that stimulates the stock price to rise and is beneficial to bulls.
Lock-up: refers to the expected stock price rise, but after buying, the stock price road falls; Or expect the stock price to fall, but after selling the stock, the stock price rises all the way. The former is called long lock-up, and the latter is short lock-up.
Large investors: large investors, such as consortia, trust companies and other groups or individuals with huge funds.
Middle household: refers to investors with large investment.
Retail investors: small investors who buy and sell stocks in small quantities.
Broker: one who carries out the orders of customers and buys and sells securities, commodities or other property, and receives commission for it.
Grab short-term: expect the stock price to rise, buy at a low price first and then sell at a high price in the short term. Expect the stock price to fall, sell it at a high price and then wait for an opportunity to buy it back at a low price in the short term.
Consolidation: after a period of rapid rise or fall, the stock price changes slightly due to resistance or support, and changes hands.
Pull-up: Pull-up is an extraordinary way to raise the stock price substantially. Usually, big families throw them out after pulling them to make huge profits.
Suppress: it is an extraordinary method to substantially depress the stock price. Usually, after being suppressed, large households buy in large quantities to make huge profits.
Dark horse: refers to a stock whose share price has doubled or multiplied in a certain period of time.
White Horse: It means that the stock price has formed a long-term rising channel, and there is still some room for growth.
Cheating: Large households use investors’ superstitious psychology to analyze data and charts, and deliberately pull up and suppress the stock index, resulting in a certain linear pattern of technical charts, which induces investors to buy or sell in large quantities, thus achieving their goal of making a fortune. The technical chart line type caused by this fraud is called cheating.
Technical analysis: analysis and research on the market and stock based on the relationship between supply and demand. Technical analysis studies price trends, trading volume, trading trends and forms, and charts the above factors to predict the possible impact of current market behavior on the future supply and demand of securities and the securities held by individuals.
Basic analysis: analyze the enterprise according to factors such as sales, assets, income, products or services, market and management. It also refers to the analysis of macro-political, economic and military trends to predict their impact on the stock market.
Unlisted stock: a stock that is not registered and listed on a stock exchange.
Power of attorney: written proof that a shareholder entrusts others (other shareholders) to exercise voting rights on his behalf at the shareholders’ meeting.
Turnover rate: the percentage of the number of shares traded in the stock exchange to the number of shares listed and circulated in the exchange.
Warrant: a certificate issued by a stock issuing company to the original shareholders of the company to buy a certain number of shares at a preferential price when issuing new shares. Warrants are usually time-limited, outdated and ineffective. During the validity period, the holder can sell or transfer it.
Ex-rights: Ex-rights are the closing price of the stock the day before ex-rights minus the price difference of the included rights.
Dividend: the closing price of the stock the day before minus the dividend issued by the listed company is called dividend.
Containment: Any stock that has the right not to be delivered is called possession.
Right-filling: after the ex-rights, the stock price rises, and the ex-rights price difference is made up, which is called right-filling.
Capital increase: listed companies often apply for capital increase (paid share allotment) or new capital increase in capital reserve (free share allotment) for business needs.
Rights issue: when the company issues new shares, it will distribute them to shareholders for subscription at a special price (below the market price) according to the number of shares owned by shareholders.
Sedan chair: predict that the stock price will rise, buy at a low price before everyone else, and sell at a profit after many retail investors follow suit and the stock price rises.
Lift the sedan chair: I wake up after others have already bought it, and I also buy it. As a result, the stock price is raised to make others profit, and the stock price I bought is not low-priced and unprofitable.
Get off the sedan chair: the sedan chair passengers get off the sedan chair when they make profits on rallies.
Resistance line: the price at which the stock price rises to a certain level, and if there are a large number of selling situations, the stock price stops rising or even falls back.
Support line: the price at which the stock price falls to a certain level, and if there is a large amount of buying, the stock price will stop falling or even rise.
Gap: The stock market is stimulated by strong bullish or negative news, and the stock price begins to jump sharply. When it rises, the opening or lowest price of the day is higher than the closing price of the previous day by more than two reporting units, which is called "jumping up"; When it falls, the intraday or highest price of the day is lower than the closing price of the previous day by two reporting units, while in a day’s trading, it rises or falls by more than one reporting unit, which is called "jumping down".
Fill-in-the-blank: refers to making up the empty price without trading when the gap appears, that is, after the gap, the stock price will return to the pre-gap price after a period of time to fill the gap price.
Retracement: In the upward trend, the phenomenon that the stock price rises too fast and falls back to adjust the price.
Sky-high price: the highest price of an individual stock when it changes from a long market to a short market.
Breakthrough: refers to a kind of price fluctuation after a period of stock price.
Bottom: When the stock price continues to fall to a certain price, it will stop falling and rise again, one or several times.
Head: when the stock price rises to a certain price, it will fall due to resistance.
Hanging in: the meaning of buying stocks.
Hanging out: the meaning of selling stocks.
Kaiping offer: refers to the opening price of today is the same as the closing price of the previous business day.
Full delivery: it is a special delivery force law for buying and selling stocks of restructured companies or listed companies with major problems.
Washing dishes: In order to achieve the purpose of speculation, we must let the sedan-chair passengers who bought at a low price and were not determined to get off the sedan-chair on the way, so as to reduce the pressure of going up, and at the same time, let the average price of shareholders rise, which is conducive to the means of raising, covering and killing.
Knock-on-knock transfer: a way of transfer transaction. This is a means for securities brokers to earn investment profits. Brokers buy stocks at low prices, collect commissions from customers, and then sell them to another customer at high prices, thus making a lot of profits.
5. ups and downs
Price fluctuation = (current price-closing price of last trading day)/closing price of last trading day *100%
6, small, medium and large.
Small-cap stocks are defined as stocks whose circulating market value is below the average circulating market value of A shares.
Generally, stocks with a circulating share capital of more than 100 million yuan are called large-cap stocks; 50 million to 100 million stocks are called mid-market; Less than 50 million shares are called small-cap stocks.
As far as the price-earnings ratio is concerned, the price-earnings ratio of small-cap stocks is higher than that of mid-cap stocks, and mid-cap stocks are higher than that of large-cap stocks. Especially when the market is weak, there are more opportunities for small-cap stocks. In the bull market, large-cap stocks and mid-cap stocks are more suitable for the entry and exit of large funds, so stocks with large plates are more optimistic. Because of the large circulation and great influence on the index, it often becomes a tool for the market to regulate the index. Investors should choose individual stocks. Generally, small and medium-sized stocks should be selected in a bear market, and large and medium-sized stocks should be selected in a bull market.
7. Grab power
On the eve of ex-rights, the stock price soared because of the need to send and distribute shares, which is called grabbing rights.
8, bargain-hunting
Refers to the operation strategy of measuring the stock price falling to the lowest point by some valuation index, especially buying when it falls sharply in a short time, and expecting the stock price to rebound soon.
Buying the cheapest stock is an investment opportunity that all investors yearn for, and it is also a profit model that value investors believe in. However, what kind of price is the "cheapest" or "bottom", there is no clear standard. The bargain-hunting is often a description of what has happened at the lowest point, but it is difficult to judge what kind of point is the bottom in the future. In addition, the rapid decline of some stock prices is not due to underestimation, but often due to the fact that the company’s fundamentals do have problems. If you buy at this time, not only will the stock price not rebound soon, on the contrary, it may fall further before the fundamentals are clear. Investment guru Peter Lynch famously said, "Don’t bargain-hunt". This means that if investors are convinced that the stock price falls below the reasonable valuation level when there is no major problem in the company’s fundamentals, they can consider buying without trying to predict the bottom.
9, sideways
Sideways refers to the situation that the stock price often lingers and stagnates in the stock market, neither rising nor falling in a certain period of time. K-line combination presents a "one" shape. This kind of situation generally appears at the bottom or the dealer is washing dishes and sucking goods. Investors should not participate in the operation at this time. They should pay attention to observation and wait for the form to go well, and then intervene to take a ride.
10. Knocking
It is a trading method for stock investors (bookmakers or large institutional investors). The specific operation method is to open accounts in several business departments at the same time, and quote transactions among the business departments in a saw-saw way to achieve the purpose of manipulating the stock price.
11 Shanghai Composite Index
The Shanghai Composite Index, broadly speaking, has 16 kinds in the above four categories:
1. There are four sample indexes (1. CSI 300 2. SSE 180 3. SSE 50 4. Dividend index).
2. There are two kinds of composite indexes (1. Shanghai Composite Index 2. New Composite Index)
3. There are 7 categories of classified indexes (1.A-share index 2.B-share index 3. Industrial index 4. Commercial index 5. Real estate index 6. Public index 7. Comprehensive index).
4. Three other indexes (1. Fund index 2. government bond index 3. Corporate bond index)
In a narrow sense, it refers to the Shanghai Composite Index. Its sample stocks are all listed stocks, including A shares and B shares, which generally reflect the changes in the listed stock prices of the Shanghai Stock Exchange and have been officially released since July 15, 1991.
The full name of Shanghai Stock Exchange Composite Stock Index is Shanghai Stock Exchange Composite Stock Index, which is a commonly used statistical index at home and abroad to reflect the overall trend of Shanghai stock market.
The Shanghai Stock Exchange compiled the Shanghai Stock Exchange and released it on July 15th, 1991. The Shanghai Stock Exchange’s withdrawal number is in "points" and the base date is December 19th, 1990. The base date is set at 100 points. With the continuous development of Shanghai stock market, on February 21, 1992, Shanghai A-share index and Shanghai B-share index were added to reflect the respective trends of different stocks (A-share and B-share). On June 1, 1993, the Shanghai Stock Exchange’s classified indexes were added, namely, industrial index, commercial index, real estate index, public utility index and comprehensive industry index, to reflect the respective trends of stocks in different industries.
So far, the Shanghai Stock Exchange Index has developed into a series of stock price indexes including comprehensive stock price index, A-share index, B-share index and sub-index.
Calculation formula of Shanghai Composite Index
The Shanghai Composite Index is a weighted comprehensive stock price index calculated by the licensing formula with the number of shares issued during the reporting period as the weight.
Index of reporting period = (total market value of sampling stocks in reporting period/total market value of sampling stocks on base day) ×100.
Total market value = ∑ (market price × number of shares issued)
Among them, the total market value of the base day sampling stocks is also called divisor.
12. Market index
China’s stock market index refers to the "Shanghai Composite Index" in Shanghai and the "Shenzhen Component Index" in Shenzhen.
Shanghai Composite Index: A stock index with all the stocks listed on the Shanghai Stock Exchange (including A shares and B shares) as samples, circulation as the weight (including circulating share capital and non-circulating share capital), calculated by the weighted average method, with December 19, 1990 as the base date and the base date index as 100 points.
Shenzhen Component Stock Index: The stocks of 40 listed companies with market representativeness are selected from all the stocks listed on Shenzhen Stock Exchange as samples, and the circulating share capital is used as the weight, calculated by the weighted average method, and the base date is July 20, 1994, and the base date index is set as the stock price index of 1000 points.
13. Dow Jones index
Dow Jones index is an arithmetic average stock price index.
The Dow Jones index is the oldest stock index in the world, and its full name is the stock price average index. Generally speaking, the Dow Jones index may refer to the first group of the four groups of the Dow Jones Industrial Average.
The Dow Jones index was first compiled by Charles Dow, the founder of Dow Jones Company, in 1884. Its original Dow Jones stock average index was compiled by arithmetic average method based on the stocks of 11 representative railway companies, and published in the Daily Communication edited and published by Charles Dow himself. Its calculation formula is:
Average share price = sum of prices of selected stocks/number of selected stocks.
The Dow Jones index, the Dow Jones stock average index, is the most influential and widely used stock index in the world. It takes some representative company stocks listed on the new york Stock Exchange as the compilation object, and consists of four stock price average indexes, namely:
(1) the Dow Jones Industrial Average Index, which takes the stocks of 30 famous industrial companies as the compilation object;
(2) Dow Jones Transportation Stock Average Index with 20 famous transportation companies as the compilation object;
(3) Dow Jones public utility share price average index based on the stocks of six famous public utility companies;
(4) The Dow Jones Stock Average Index, which takes the stocks of 56 companies involved in the above three stock average indexes as the compilation object.
Significance of Dow Jones index
The Dow Jones Stock Average Index is the most influential and authoritative stock index in the world at present. One of the reasons is that the stocks selected by the Dow Jones Stock Average Index are representative, and the issuing companies of these stocks are all famous companies with important influence in the industry. Their stock prices have attracted the attention of the world stock market, and investors from all countries attach great importance to them. In order to maintain this feature, Dow Jones Company often adjusts the stocks it chooses for its stock price average index, and replaces those that lose their representativeness with dynamic and more representative company stocks. Since 1928, 30 kinds of industrial and commercial company stocks, which are only used to calculate the Dow Jones Industrial Average Index, have been replaced 30 times. Almost every two years, a new company stock will replace the old company stock. The second reason is that The Wall Street Journal, the news carrier that publishes the Dow Jones stock average index, is the most influential newspaper in the world financial circle. Every day, the newspaper reports in detail the average index of sampled stocks, percentage change rate and transaction amount of each sampled stock calculated by it every hour, and pays attention to correcting the average index of stock price after stock splitting. During the business hours of new york stock exchange, the Dow Jones stock average index is published every half hour. The third reason is that this average stock price index has never stopped since it was compiled, and it can be used to compare the stock market and economic development in different periods. It has become one of the most sensitive average stock price indexes reflecting the changes in the US stock market and is the main reference for observing market dynamics and engaging in stock investment.
However, because the Dow Jones stock index is a constituent stock index, its representation has been questioned and criticized by people, because it includes only a very small part of more than 2,500 listed companies, and most of them are hot stocks, and it does not include companies in service industries and financial industries that have developed rapidly in recent years.
Since May 25th, 1996, the Dow Jones China Stock Index has been compiled for China’s stock market. As of April 1st, 1998, there were 88 stocks in Shanghai and Shenzhen stock markets as its constituent stocks, so it was called the Dow Jones China 88 Stock Index.
The Dow Jones index usually refers to the Dow Jones Industrial Average Price Index, which is a stock index with strong representativeness, wide application range and outstanding function. The Dow Jones average price index of 30 industrial stocks came out on May 26th, 1896.
14. Nasdaq index
Nasdaq is the abbreviation of National Association of Securities Dealers Automated Quotations, but it has become synonymous with Nasdaq stock market. The rise of information and service industry gave birth to Nasdaq. Nasdaq, founded in 1971, is a global stock market that completely adopts electronic transactions, provides a competitive stage for emerging industries, and is self-regulated. Nasdaq is the largest electronic stock trading market in the United States and the world.
NASDAQ is the English abbreviation of the name of the automatic quotation system, which was founded by the National Association of Securities Dealers in 1968. Nasdaq is characterized by collecting and publishing quotations from securities firms that trade unlisted stocks over the counter. It has now become the largest stock exchange market in the world. At present, there are more than 5200 listed companies. Nasdaq is the first stock market in the world to adopt electronic trading, and it has more than 260,000 computer sales terminals in 55 countries and regions.
Nasdaq index is an average stock price index reflecting the changes in the Nasdaq stock market, with a basic index of 100. Nasdaq’s listed companies cover all new technology industries, including software and computers, telecommunications, biotechnology, retail and wholesale trade. Microsoft, which attracted worldwide attention, went public through Nasdaq and achieved success.
NASDAQ stock market is the fastest growing market among the major stock markets in the world, and it is the first electronic stock market. More than half of the stocks that change hands in the American market every day are traded on Nasdaq, and nearly 5,400 companies’ securities are listed on this market.
Nasdaq is unique compared with other stock markets by applying today’s advanced technology and information-computer and telecommunications technology. 519 brokers representing the world’s largest securities companies are called market makers, and they offer 60,000 bid and sell prices on Nasdaq. These large-scale activities are handled by a huge computer network, and the best quotations are displayed to investors in 52 countries. (including more than 70 computer terminals)
Nasdaq has a variety of market makers, and investors take open competition to complete the trading of any listed stock in the Nasdaq market-buying and selling Nasdaq stocks with their own capital. This kind of competition and capital supply activities make the trading active, and the extensive and orderly market and the rapid implementation of instructions provide favorable conditions for large and small investors to buy and sell stocks. All this is different from the auction market. It has a single designated trader, or a specific person. This person is appointed to be responsible for all the transactions of a stock in this market, and to be responsible for mixing buyers and sellers, and to act as a trader when necessary in order to keep the transaction going.
Nasdaq has increased the excellent factors in the trading market and enhanced its trading system. These improvements have enabled Nasdaq to send investors’ instructions to other electronic communication networks, and it feels as if it has entered an auction market.
Nasdaq stock market includes three independent markets:
In February 2006, NASDAQ announced that the stock market would be divided into three levels: "NASDAQ Global Select Market", "NASDAQ Global Market" (the original "NASDAQ National Market") and "NASDAQ Capital Market" (the original NASDAQ Small Stock Market), which further optimized the market structure and attracted enterprises of different levels to go public.
Nasdaq Global Select Market (NASDAQ-GS)
The standard of NASDAQ global select market is higher than any other market in the world in terms of finance and liquidity. Being listed in NASDAQ select market is the embodiment of the achievements and identity of high-quality companies.
Nasdaq Global Market (the original "NASDAQ National Market") (NASDAQ-GM)
As the largest and most active stock market in Nasdaq, there are nearly 4,400 stocks listed in the global market of Nasdaq. In order to convert in the Nasdaq national market, the company must meet strict financial, capital and joint management indicators. There are some of the largest and most famous companies in the world in the Nasdaq global market.
Nasdaq Capital Market (the original "Nasdaq Small Capital Market")
Nasdaq is a market for growing companies. There are more than 1,700 stocks listed on the Nasdaq small capital market. As a small-scale capital level, Nasdaq’s listing standards are not as strict as the global market listing standards, but the standards they jointly manage are the same. When small capital companies develop steadily, they usually upgrade to the Nasdaq global market.
China shares listed on Nasdaq:
China Net | Sina Net | Sohu Net
Netease | TOM Net | Shanda Network
Qiaoxing telephone | air network | worry-free future
Finance | Ctrip | AsiaInfo Technology
Well-informed | UT Starcom | Nine Cities Tariff and Trade
Beijing Kexing Huayou Century Automobile System
Pacific Business Focus Media Dexin Wireless
Yangling Bodison | Baidu | Meidong Bio
Shengyuan international Synutra
E Long | China Medical | China Technology | Home Inn
China Education | Ninth City | Xinhua Finance and Economics
ATA company | Alibaba
The Crane
Pulian Software (Ji ‘nan)
Perfect Time and Space | Giant Network
15. Volume
Refers to the total number of shares traded on that day. Under normal circumstances, stocks with large turnover and rising prices tend to be better. When the trading volume continues to be low, it usually appears in the bear market or stock consolidation stage, and the market is not active. Volume is an important basis for judging the stock trend and providing an important basis for analyzing the main behavior. Investors should pay close attention to stocks with abnormal trading volume. Among them, the total hand is the total number of transactions in this stock so far, and the current hand is the number of shares that have just been traded. Units are shares or hands.
There are stock proverbs about the volume of transactions: quantity comes first, that is, the amount of days sees sky-high prices, and the amount of land sees land prices; Bottom volume, close your eyes and buy. According to this operation, the success rate is high and there are many opportunities.
Due to the imperfection of the market system, in order to achieve the goal of capital exit, the main players often use the form of big orders to knock on the market to lure other funds to follow suit. Therefore, it is common for the volume index to cheat, and it is absolutely impossible to mechanically use the volume theory to guide the operation.
Because the volume is mainly used to prove that the market trend is on the rise, the volume should increase when the price rises and decrease when the price is adjusted back. Once the price exceeds the previous peak, the volume decreases, and it also shows a tendency to increase in the callback. At this time, the upward trend tends to fall further. In the downward trend, the performance of volume is just the opposite.
The volume level represents the intensity of competition between long and short sides behind the price movement, which can help chart analysts to evaluate the strength of long and short sides well. Therefore, trading hours with huge volume often represent important significance, such as reversal day, which is often accompanied by huge volume.
16. Wei Bi
Commission ratio is an index to measure the relative strength of buying and selling orders in a certain period of time. Its calculation formula is: commission ratio = (number of entrusted buyers-number of entrusted sellers)/(number of entrusted buyers+number of entrusted sellers) ×100%.
The range of commission ratio is -100% to+100%. When the commission ratio is-100%, it means that there is only selling but not buying, indicating that the market selling is very large; When the commission ratio is+100%, it means that there is only buying but not selling, indicating that the buying in the market is very strong. When the commission ratio is negative, selling is bigger than buying; And the commission ratio is positive, indicating that buying is bigger than selling. The change of commission ratio from-100% to+100% is a process in which selling gradually weakens and buying gradually strengthens.
It should be noted that since December 8, 2003, the Shenzhen-Shanghai Stock Exchange has adjusted the disclosure scope of trading orders, and the market data seen by investors has changed from the original "third-grade market" to "fifth-grade market". The corresponding number of entrusted buyers and entrusted sellers can be adjusted to the total number of five files.
The main force can be faked. They can make use of "false entrusted trading", that is, they deliberately buy one, buy two, buy three, sell one, sell two and sell three pending orders to affect the size of the commission ratio, but they may not close the deal at that time, which will give you the illusion. Pay attention to this.
17. Inner disk and outer disk
Entrust the transaction at the seller’s price into the "outer disk"; Entrust the transaction at the buyer’s price into the "inner disk".
The "outer disk" and "inner disk" add up to become the volume of transactions. When analyzing, the "outer disk" is included because of the seller’s entrustment. For example, the "outer disk" means that most of the selling prices are met by people, which shows that the buying potential is strong; If the buyer’s transaction is included in the "inner disk", if the "inner disk" is too large, it means that most of the buying prices are willing to sell, indicating that the seller has greater strength; If the inside and outside disk are roughly equal, the strength of the buyer and the seller is equal. But in fact, can the ratio of internal and external stocks really accurately reflect the strength of stock trends? Since the dealer can make a false daily line and volume, can’t he make a false internal and external disk? Therefore, it is necessary for us to study the details of the internal and external disks carefully.
However, investors should pay attention to the transaction situation of the stock price at the low, middle and high levels and the total turnover of the stock when using the external and internal markets. Because the number of external and internal disks is not valid at all times, many times the external disk is large and the stock price does not necessarily rise; If the internal market is large, the stock price does not necessarily fall.
In the process of stock price decline, it often happens that the outer disk is large and the inner disk is small, which does not necessarily mean that the stock price will rise. Because sometimes the dealer will use several orders to suppress the stock price to a lower position, and then hang up the order in selling 1 and selling 2, and buy his own order, resulting in a temporary sideways or slight increase in the stock price. Sometimes the outer disk is obviously larger than the inner disk, and investors think that the dealer is eating food, so they buy it one after another. As a result, the stock price continues to fall the next day.
In the process of stock price rising, it often happens that the inner disk is large and the outer disk is small, which does not necessarily mean that the stock price will fall. Because sometimes the dealer will use a few bills to raise the stock price to a relatively high level, and then after the stock price falls, buy 1 and buy 2 to pay the bill. Some investors think that the stock price will fall, so they sell the stock at the secret price of the banker, but the banker hangs the order step by step and takes all the orders away. This method of pulling up first and then hanging the bill at a low position often shows the market with a large inner disk and a small outer disk, and will quickly continue to push up the stock price after the dealer has absorbed enough chips.
The stock price has gone up by a big margin. If there is a large increase in the external market on a certain day, but the stock price does not go up, it means that the dealer may be creating an illusion to prepare for shipment.
The stock price has fallen by a large margin. If the intraday price increases a lot, but the stock price does not fall, it may be that the dealer is creating an illusion to suppress the absorption of goods.
Friends who often watch the market should have had such experience. When a stock is sideways at a low position and the dealer is in the stage of absorbing funds, the inner disk is often larger than the outer disk. The specific situation is that the dealer holds the stock price with a larger list, while holding down the stock price with a larger list at several price points. Many people are confused by the big selling list above, and at the same time, they can’t stand the long-term sideways, so they sell it little by little, 3,000 shares and 5,000 shares. When the market is particularly depressed, I still see one or two hundred shares selling orders. At this time, the banker is not eager to raise the price to buy, but only patiently undertakes it a little bit. Only a few retail investors see that the stock price is no longer likely to fall deeply, and occasionally buy a little more than the banker, only to form a little outside market. As a result, the active selling is far greater than the active buying, that is, the inside and outside markets are relatively large. Such stocks may look weak at that time, but they are likely to come out of the big market in the future, especially for a long time.
However, if the stock price is already high after full hype, the situation is just the opposite. The intraday bill is bigger than the selling bill. The banker uses the big bill to catch up with the retail investors. He pays out little by little, and then lifts the price up. In fact, the original big bill has been withdrawn and hung up. It seems that everyone is bravely moving forward. In fact, the retail investors have been used as a river pawn. Occasionally, a large family in the village suddenly smashed the tray below, and we saw that the original tray below was so fragile. The reason was that everyone was rushed to the front. I am afraid that some people who didn’t buy it quickly withdrew their orders and hung them up, which was a gesture of never giving up until they bought it. In fact, there were not many orders below, so the dealer had to make up a big list as soon as possible to resist. At this time, the outer disk is much larger than the inner disk. Do you think it is a good thing? Short-term follow-up, fast-forward and fast-out may be ok, and you may be caught in it if you are not careful, so that you may not turn over for half a year. What is mentioned above are two typical situations when the banker is financing and shipping. At that time, the signals provided by the internal and external markets are contrary to our usual understanding, so the first thing to do is to find out where the stock price is. Without preconditions, it is impossible to draw meaningful conclusions simply by analysis.
Of course, many times, the stock price is neither high above nor lying motionless on the floor, but jumping up and down the ascending channel, or taking the descending channel, or doing box oscillation or narrow sideways. How can we judge the meaning of the inner and outer disk at these times? When the stock rises along a wave with a certain slope, before the high point of each wave, the outer disk is stronger than the inner disk. In the disk, it is common to push the big bill layer by layer or constantly take the initiative to buy the disk. In the sprint process, the price and volume rise together. At this time, we should pay attention to gradually reducing the pounds on rallies. When the stock price peaks and falls back, the inner disk is stronger than the outer disk. At this time, we should leave in time, because even if there is a high point in the future, there will be necessary retracement. We can wait for the low point. Later, the stock price fell to a certain extent, supported by a certain moving average. Although the internal market was still stronger than the external market, the stock price no longer fell. In the intraday market, there was a common big bill across it. Although it didn’t go up, how much was received. This is called bargain hunting. At this time, we might as well participate in a small amount. Even if the ascending channel is broken and the previous high point becomes the highest point, we can at least hope on double heads or shoulders, so we still have a chance to escape. The above refers to the situation that the stock price runs in the rising channel, while the situation that the stock price runs in the falling channel is just the opposite. Only in a short rebound process will the outer disk be larger than the inner disk. In most cases, the inner disk is larger than the outer disk. For such stocks, we will not participate. As for the box-shaped oscillating unit,Because the volume of transactions tends to enlarge and shrink regularly, the timing of intervention and withdrawal is better grasped, and the characteristics of making judgments with the help of internal and external disks are roughly the same as those of stocks taking the upward channel. Narrow-range consolidation stocks are often accompanied by a sharp decline in trading volume, and the reference significance of internal and external markets is even smaller. Because the size of the inside and outside disk must be combined with the size of the transaction volume, when the transaction volume is extremely small or large, it is often a pure retail market or a large number of dealers. The inside and outside disk has lost its own meaning and there are too many false elements.
In addition, there are two extreme situations, namely, the internal and external disk at the daily limit and the daily limit. When the stock price is at the daily limit, all transactions are internal, but the determination to rise is quite firm. We can’t judge that the trend is not good because the internal market is much larger than the external market. When the stock price is at the daily limit, all transactions are external, but the downward momentum is full, so we can’t say that the trend is strong because the external market is much larger than the internal market.
In a word, the size of the inner disk and the outer disk is helpful to judge the trend of the stock, but it must be judged by combining the position of the stock price and the size of the trading volume at the same time, and more attention should be paid to the big form of the stock trend, and we must not pay too much attention to the details and ignore the overall situation.
There are often "external disks" and "internal disks" in technical analysis systems. The inclusion of the transaction entrusted by the seller into the "outer disk" is an active purchase, which shows that the buying potential is strong, and it is displayed in red, which is what people often say. The inclusion of the "inner disk" entrusted by the buyer is active selling, which shows that the seller is strong and displayed in green, which is what people often call selling.
"Outer disk" and "inner disk" add up to volume. People often use "outer disk" and "inner disk" to analyze which side of buying and selling power is dominant and judge the market situation. But sometimes the main force uses the hedge plate to put up a smoke screen.
18, conventional risk causes
The risks that make investors suffer losses in the securities market can be summarized into two categories: one is the risks brought by external objective factors; The other is the risk caused by the subjective factors of investors themselves.
The risks brought by external objective factors are:
1) Interest rate risk
When the interest rate is lowered, people think that it is uneconomical to deposit money in the bank, so they will take out their money to buy securities, which will lead to an increase in the number of securities buyers and an increase in the price of securities. On the contrary, when interest rates are raised, people feel that it is cost-effective to deposit in the bank, so the number of people buying securities decreases and the price falls.
2) Price risk
Generally speaking, when the price index rises and the currency depreciates, people will feel that they have suffered a loss in buying bonds, which will lead to a decline in bond prices. In 1988, when the 100 yuan government bonds were snapped up, they were thrown out at a price of 70 to 80 yuan, which was affected by this. However, the stock is a means to preserve the value, because having the symbol of enterprise assets will increase the value of enterprise assets when the price rises, so the price rise often causes the stock price to rise. On the other hand, rising prices, especially those of coal, electricity and oil, will increase the cost of enterprises, and investing in stocks will inevitably be risky. On the whole, however, when prices rise and bond prices fall, the stock market will prosper.
3) Market risk
This refers to the risk of securities price changes caused by various factors in the securities market itself.
The securities market is changing rapidly, which directly affects the relationship between supply and demand, including political turmoil, tight money supply, government intervention in financial markets, psychological fluctuations of investors and big speculators making waves, etc., which can all cause an uproar in the securities market.
4) Enterprise risk
It refers to the risks caused by listed companies’ performance influenced by industry competition, market demand, changes in raw material supply, costs and expenses, and management. There are generally three kinds of enterprise risks. First, business risk, there are some factors that a certain product is saturated and unsalable in the market, and there are also the influence of the government’s industrial policy, which is that a certain industry or industry is restricted. For example, in order to prevent and control pollution, polluting enterprises have to close down or relocate, or they have to spend a lot of money to rectify pollution, resulting in a great drop in profits or even losses. The second is financial risk, which refers to the poor financial situation of enterprises, including improper financial management, poor planning, expansion negligence, etc., thus causing undue business losses and capital losses. If an enterprise has operational risks, it can still adjust its direction. If it encounters financial risks, it sometimes uses untrue financial data in its accounting report to deceive shareholders and mislead investors. When a large amount of non-operating income or extraordinary interest income suddenly appears in the financial report, it seems that the company’s profits have greatly increased, which needs special attention. This is probably an illusion, and investors must be cautious.
Source: Straight Flush Financial Research Center
