The income from stock investment consists of two parts: income and capital gains: stocks.
1) Income refers to the dividends and bonus income obtained by stock investors as shareholders in the company's profit distribution according to their shareholding ratio. 2) Capital gains. Capital gains refer to the gains that investors get from stock price changes, that is, the difference between selling stocks at a low price and selling stocks at a high price. (3) Converting the common reserve fund into share capital
The cost of stock investment
The cost of stock investment consists of opportunity cost and direct cost: 1) opportunity cost. When investors plan to invest, they are faced with many choices. If they choose to invest in stocks, they will inevitably give up other investments, that is, give up the opportunity to gain income from other investments. The opportunity cost of stock investment is that they have to give up other investment profit opportunities because they choose stock investment. 2) Direct costs. Direct cost refers to the capital expenditure of stock investors for stock investment, which consists of four parts: stock price, transaction cost, tax and expenditure for effective investment and obtaining market information. A. stock price. Stock price = entrusted buying unit * number of stocks sold b, transaction cost. Transaction fees refer to the fees that investors need to pay in stock trading, including commission fees, registered securities transfer fees, physical delivery fees, etc. At present, the charging standards for domestic trading of stocks in Shanghai stock market are as follows: commission is charged for entrusted trading. After the stock transaction is completed, the investor (customer) shall pay the brokerage commission to the securities company according to the actual transaction amount. Entrusted transaction fee. Investors who fail to make a deal in buying and selling stocks shall pay a brokerage fee of 1 yuan to the securities company. Registered securities transfer fees. All registered securities must be transferred after the transaction. Physical distribution fee. Because Shanghai Stock Exchange implements the system of non-physical delivery in securities trading activities, some investors still have to collect physical objects after purchasing securities, so the stock exchange has to collect securities for investors in a complicated way, which increases a lot of workload. To this end, the Shanghai Stock Exchange stipulates that investors must pay a fee equivalent to 50% of the commission for entrusted transactions if they want to collect physical objects. On the contrary, if they don't collect physical objects, the stock exchange will save them for free on behalf of investors. C. taxation. According to China's current tax regulations: in stock trading, buyers and sellers pay stamp duty according to the market value of stocks; Personal income adjustment tax shall be levied on the part of dividends received by shareholders of joint-stock companies that exceeds the interest on one-year savings deposits. D. information fee. Information and intelligence expenses include expenses incurred in analyzing the stock market, the operation and financial situation of listed companies, expenses incurred in extensively collecting relevant information and materials, and expenses for increasing communication equipment and personal computers for collecting, storing and analyzing stock market information.
Edit the basic strategy of this paragraph.
Stock investment has the characteristics of high risk and high return. The rational process of stock investment should include five steps: determining investment policy → stock investment analysis → portfolio → evaluating performance → revising investment strategy. As one of the links, stock investment analysis is an important basis for the success of stock investment. Five steps of stock investment
Determine investment strategy
Stock investment is a high-risk investment. People often say: "The greater the risk, the greater the income." In other words, the greater the pressure. When investors set foot in stock investment, they must formulate feasible investment policies in light of their own actual conditions. This is essentially a question of determining personal asset portfolio, and investors should master the following two principles. 1) risk diversification principle when controlling personal property, investors should remember: "Don't put eggs in one basket." Compared with real estate, jewelry, antique calligraphy and painting, stocks have good liquidity and strong liquidity; Compared with bank savings and bonds, stocks fluctuate more. Various investment channels have their own advantages and disadvantages. Avoiding risks as much as possible and maximizing benefits have become the two major goals of personal financial management. 2) According to the principle of doing what you can, the stock price changes greatly, so investors should not only make profits, but also be psychologically prepared and actually bear the losses. The Securities Law expressly prohibits overdraft and misappropriation of public funds for stock trading, which embodies this idea of risk control. Investors must combine personal financial resources and psychological endurance to formulate reasonable investment policies.
Conduct investment analysis
Affected by market supply and demand, policy tendency, interest rate changes, exchange rate changes, changes in the company's operating conditions and other factors, stock prices are characterized by volatility and risk. When to get involved in the stock market and what kind of stocks to buy have a direct impact on investors' income. Stock investment analysis has become a very important link in stock investment steps. Stock investment analysis can be divided into basic analysis method and technical analysis method, the purpose of which is to predict the price trend and value discovery, so as to provide investors with the basis for intervention opportunity and variety decision.
Build a portfolio
When investors invest in stocks, on the one hand, they want to maximize returns, on the other hand, they want to minimize risks. The balance point between the two, that is, within the acceptable risk level, the investment scheme that maximizes the income constitutes the best investment portfolio. According to personal financial status, psychological status and affordability, investors have low-risk tendency or high-risk tendency respectively. Those with low risk tendency should form a stable investment portfolio and invest in stocks with stable annual income, low P/E ratio and high dividend rate, such as public utility stocks. High-risk groups can set up radical investment portfolios, pay attention to the growth of listed companies, and choose more "dark horse" listed companies involved in high-tech fields or with the theme of asset restructuring.
Evaluate investment performance
Regular evaluation of investment bonds, calculation of investment income and review of success or failure in decision-making play a connecting role in stock investment.
Modify investment strategy
With the passage of time, various factors such as market and policy have changed, and investors' evaluation of stocks and expectations of returns have also changed. On the basis of evaluating the previous debts, the investment strategy needs to be revised again. In this way, the process of determining investment policy → stock investment analysis → establishing investment portfolio → evaluating industrial debt is repeated. The five steps of stock investment complement each other to ensure the realization of investors' expected goals.
Edit this analysis and introduction.
Main analytical methods
There are two main methods of stock investment analysis: one is basic analysis; The second is technical analysis. 1) basic analysis basic analysis method through the analysis of the macroeconomic situation, industry situation and company operating conditions that determine the intrinsic value of the stock and affect the stock price, the investment value and reasonable value of the stock are evaluated and compared with the stock market price, and accordingly trading suggestions are formed. The basic analysis includes the following three aspects: macroeconomic analysis. Study the impact of economic policies (monetary policy, fiscal policy, tax policy, industrial policy, etc.). ) and economic indicators (GDP, unemployment rate, inflation rate, interest rate, exchange rate, etc. ) In the stock market. Industry analysis. Analyze the influence of industry prospect and regional economic development on listed companies. Analyze the industry status, market prospect and financial situation of listed companies in detail. 2) Technical analysis The technical analysis method analyzes the trend and predicts the future from the aspects of stock volume, price, time to reach these prices and volume, and the space for price fluctuation. At present, K-line theory, wave theory, shape theory, trend line theory and technical index analysis are commonly used, which will be analyzed in detail later. Choosing the right investment analysis method, the basic analysis method can fully grasp the basic trend of stock price, but it is not sensitive to short-term market changes; Technical analysis is close to the market and responds quickly to short-term changes in the market, but it is difficult to judge long-term trends, especially for policy factors. As can be seen from the above, basic analysis and technical analysis have their own advantages and disadvantages and scope of application. Basic analysis can grasp the long-term price trend, and technical analysis can provide reference for short-term trading opportunities. Investors should combine them organically in specific applications to maximize utility.
gather information
The starting point of investment analysis lies in information collection. Hearsay market rumors are very deceptive and risky. Field research of listed companies consumes human and financial resources. For ordinary investors, stock investment analysis, especially basic analysis, mainly depends on domestic and foreign news released by the media and information publicly disclosed by listed companies. 1) Information to be publicly disclosed by listed companies After the implementation of the Securities Law, strict requirements have been put forward for the accuracy, completeness and authenticity of information disclosure by listed companies. The public information that investors have the right to obtain includes: a. Prospectus (prospectus for issuing new shares by allotment). Disclosure of the investment and feasibility of the raised funds. B. listing announcement. Disclosure of the company's establishment process, business scope, financial status before listing and stock issuance. Interim report. Within two months after the end of the first half of each fiscal year. The contents include the company's financial and accounting reports and operating conditions; Major litigation matters involving the company; Changes in issued stocks and corporate bonds; Important matters and other matters submitted to the shareholders' meeting for consideration. Annual report. Make an announcement within 4 months after the end of each fiscal year. The content includes company profile; Financial and accounting reports and operating conditions of the company; Brief introduction of directors, supervisors, managers and related senior managers and their shareholding; The issued stocks and corporate bonds, including the list of the top 10 shareholders who hold the most shares of the company and the amount of their holdings; Other matters stipulated by the securities regulatory authority of the State Council. E. temporary announcement of major events. Major events that may have a greater impact on the stock price of listed companies include the following: major changes in the company's business policy and business scope; The company's major investment behavior and major decisions on purchasing property; The conclusion of important contracts by the company may have an important impact on the company's assets, liabilities, rights and interests and operating results; Breach of contract in which the company incurred major debts and failed to pay off due major debts; The company has suffered major losses or serious losses exceeding 10% of its net assets. F. Significant changes have taken place in the external conditions of the company's production and operation. G, the company chairman, 1/3 or more directors or managers change. H. Significant changes have taken place in the equity of shareholders who hold more than 5% of the company's shares. 1. To decide on capital reduction, merger, division, dissolution and filing for bankruptcy of the Company. J. In major litigation involving the company, the court shall revoke the resolutions of the shareholders' meeting and the board of directors according to law. K other matters stipulated by laws and administrative regulations. 2) Information collection methods At present, there are five publications designated by China Securities Regulatory Commission to disclose information of listed companies: china securities journal, shanghai securities news, Securities Times, Financial Times and Securities Market Weekly. In addition, radio and television will also briefly reprint relevant information. You can also find the information you need online.
Edit this investment risk
The risk of stock investment has obvious duality, that is, its existence is objective, absolute, subjective and relative; It is both inevitable and controllable. Investors' control of stock risk is aimed at the duality of risk and adopts a series of investment strategies and technical means to minimize the cost of taking risks.
Basic principles of risk control
The objectives of risk control include determining the specific objects of risk control (basic factor risk, industry risk, enterprise risk, market risk, etc.). ) and degree of risk control. How investors determine their goals depends on their subjective investment motives and the objective attributes of stocks. 1. Risk avoidance principle. The so-called risk aversion refers to predicting the possibility of risk in advance and analyzing and judging the conditions and factors of risk occurrence. The specific way to invest in stocks is to give up investing in risky stocks. Relatively speaking, the principle of avoiding risks is a relatively passive and conservative principle to control risks. 2. Risk reduction principle. The principle of risk reduction means that in the process of engaging in the economy, we should not give up the established goals because of the existence of risks, but take various measures and means to minimize the probability of risks and reduce possible economic losses. 3. Lien risk principle. This means that when the risk has occurred or it is known that the risk cannot be avoided and transferred, we should face up to the reality, take the risk from the perspective of long-term interests and overall interests, and minimize the risk loss as much as possible. In stock investment, investors determine the degree of risk tolerance within their own power, and decisively "cut the meat and reduce the position" and "stop the loss" and adjust themselves when the stock price falls and they have lost money. 4.*** Risk sharing principle. In stock investment, investors participate in stock investment in partnership with various forms of investment groups and share investment risks together. This is a conservative risk control principle.
Risk control plan
After determining the objectives and principles of risk control, investors should formulate a set of specific risk control plans according to the established principles to reduce the blindness of behavior and ensure that the objectives of risk control can be realized. Risk control plan and investment plan are usually combined. With a plan on how to make more profits, there is a plan on how to take less risks. Investment plan is a necessary condition for implementing risk control principles and achieving risk control objectives, but it is also restricted by the latter two. Although there are many specific forms of existing investment plans, they can be roughly divided into three categories: one is the trend investment plan; One is the formula investment plan; One is the investment scheme of capital preservation or stop loss. 1 trend investment plan. This is a long-term investment plan, suitable for long-term investors. This investment plan is mainly based on the Dow theory, which holds that when a market trend is formed, investors should maintain their investment status, and then change their investment status when there is a signal of major trend reversal. Major market trends are constantly changing, and investors can follow suit to obtain long-term investment income. Another typical representative of the trend investment plan is the hatch plan, also known as "10% investment plan", which was invented by the famous American investor Mr. hatch. Its basic content is: investors compare the average stock price in a certain period (usually in months) with the highest or lowest value in the previous period, sell when the average value is higher than the highest value 10%, and buy when it is lower than the lowest value 10%, in which the monthly average value is calculated by the arithmetic average of the sum of weekly averages. 2 Formula investment plan. This is a fixed investment plan. It follows the risk control principle of reducing risk, dispersing risk and transferring risk, and uses the short-term market price fluctuation of different kinds of stocks to control risks and obtain benefits. Specifically, there are classified investment plans, average cost investment plans, fixed amount investment plans, fixed proportion investment plans and variable proportion investment plans. These plans have different forms, but the basic principles are basically the same. The main features can be summarized as three aspects: First, all methods divide funds into two parts, namely, aggressive investment and protective investment. The former invests in stocks with relatively large price fluctuations, and its rate of return is generally higher and the risk is relatively high; The latter invests in stocks or investment funds with relatively stable stock prices, with stable returns and relatively low risks. Second, determine an appropriate ratio between the two funds, and adjust the ratio according to the formula with the change of stock price, so that the combination of the two funds can reach the expected income level and risk control goal. Third, investors invest in machinery according to the change of market price level.