Stock is a kind of valuable securities, which means that the holder (company shareholder) has the right to use a joint stock limited company, and each share of the same kind means that it has the same right to use the enterprise, that is, "the same share has the same right". Stocks can be announced for sale or not.
In the stock market, stocks are also the object of project investment and speculation. Stock is the evidence that users (i.e. shareholders) of joint-stock companies (for sale and unlisted) own the assets and interests of the company.
Stock is a certificate publicly announced or privately sold by a joint stock limited company to investors when raising assets, which is used to prove the true identity of investors and their dominant position in the total share capital, and has interests and defense rights according to the number of shares owned by the holders.
Stocks on sale are called stock market value, and can be bought and sold at will in the stock exchange center (secondary market). Unlisted stocks do not enter the stock exchange center and cannot be bought or sold at will. This is called the market value of unlisted stocks.
2. Characteristics of stocks
One: non-refundable Once the stock is sold, the holder cannot return the stock to the enterprise, but can only get back the capital according to the sale in the financial market. Companies selling stocks can not only subscribe for or even sell all the stocks, but also withdraw from the stock exchange center and return to unlisted companies again.
Two: risk, buying stocks is a kind of venture capital.
Liquidity: As an asset security, stock is a convenient and reasonable special financing tool and commercial paper, which can be freely traded and transferred in the financial market.
Four: for-profit.
Five: the right to participate. This right of use is a kind of comprehensive control, such as participating in shareholders' meetings, regulating online voting, participating in major business decisions of enterprises, deducting dividends or enjoying benefits. , but also bear the risks brought by improper operation of enterprises.
3. Inventory commodity circulation stage
The primary market, also known as the issuance and sales market, refers to the enterprises selling newly issued stocks to investors immediately or according to intermediary services. To put it bluntly, the newly issued shares include initial public offering and public offering. The former is the original shares of the New Third Board sold by enterprises to investors for the first time, and the latter is to basically increase the new market share in the original shares of the New Third Board.
The secondary stock market, also known as the stock exchange market, is a place where investors buy and sell sold stocks. This sales market creates liquidity for stocks, which can be converted into cash in time. The secondary stock market can generally be divided into institutional stock exchanges and OTC markets.
However, there are also mixed characteristics of the third and fourth sales markets. The third sales market refers to the sales market generated when the stocks originally sold in the stock exchange are transferred to other places for trading. In other words,
The third-level sales market transaction is the stock sold in the stock exchange and traded in the OTC market, which is different from the general OTC transaction. The fourth sales market means that large institutions (and quite a few themselves) avoid ordinary artists' brokers and use electronic communication internet to conduct huge stock transactions in real time.
Over-the-counter sales market cannot conduct public bidding, and its price is reached according to discussion; Compared with stock trading, OTC trading is less controlled and more convenient. OTC trading is relative to stock exchange trading, but any stock trading activity outside the stock exchange can be called OTC trading. Because this kind of transaction is mainly carried out on the bank counter of a securities company, it is also called over-the-counter trading.
4. Stock trading hours
Worship-Friday from 9: 30am to11:30am and from13: 00pm to15: 00pm. According to the law, investors can submit orders step by step at 9: 15 a.m. during stock trading hours, and the authorized entrustment price is limited to 10% of the closing price of the previous trading day, that is, in the middle of the price limit of the stock on that day. Orders authorized before 9:25 am will be discussed at 9:25 am.
The price obtained is, to put it bluntly, the "opening price". Orders entrusted between 9: 25 and 9:30 will be settled gradually at 9: 30. If the price you authorized cannot be traded on the current trading day, you must cancel the order again every other trading day.
Rest day: Trading is not allowed on Saturdays, Sundays and rest days announced by Shanghai Stock Exchange. (Generally, it is a legal holiday in China, such as May Day, November Day, Spring Festival, New Year's Day, Tomb-Sweeping Day, Dragon Boat Festival and Mid-Autumn Festival).
5. Stock transaction fee
There is a service charge for buying and selling stocks. The trading commission shall be determined by each securities company. Contract stamp duty: 3 ‰ (in 2008, the contract stamp duty decreased and was deducted unilaterally 1‰). In addition, every 1000 shares in Shanghai stock market are deducted 1 yuan transfer fees, which is less than 1 yuan charge 1 yuan.
Shenzhen is exempt from transfer fees. 5 yuan (according to the charging standard of each order) is the authorization fee in Shanghai, and Shenzhen is free of authorization fee. Stock transaction costs generally include contract stamp duty, commission, transfer fees and other miscellaneous expenses.
6. Introduction of stock-related proper nouns
Call auction means that every trading day at 9: 0015-9: 25 am, investors apply for trading at will according to their acceptable psychological state, and the computer trading software system conducts centralized consultation on all reasonable authorizations. If the bill is duly authorized to be signed and cancelled within call auction time, it will automatically and reasonably enter the continuous bidding at 9: 30.
In call auction, the order of buying and selling without trading volume is reasonable again, and it automatically enters the continuous bidding and waits for the appropriate price trading volume. Calling the auction key causes the opening price, and then the stock market conducts continuous trading, so it has continuous bidding. At 9: 00, 15-9:20, the application can be accepted and cancelled. The application can be accepted from 9: 20 to 9: 25, but the application cannot be cancelled.
To put it bluntly, call auction is the day before the opening of the new house. You can input the stock price according to the closing price of the previous day and the forecast analysis of the stock market on that day, and input all orders submitted by the host within call auction time, and calculate the price of a large trading volume according to the standards of price priority and time priority. This price is called call auction's volume price, and the whole process is called call auction.
Satan requires the trustee to have the right to change and revoke the authorization before it is revoked. If there is a part of the transaction volume, a part of the transaction volume is irrevocable.
During the five minutes from 9: 0015-9: 20, the buying and selling server can accept the buying and selling application or the ordering application, but it does not solve the buying and selling application or cancel the application.
During the opening of the new house in call auction from 9: 20 to 9: 25, the Shanghai Stock Exchange Server will not accept the application; At 9: 20-9: 25, 14: 57- 15: 00, the trading server of Shenzhen Stock Exchange will not accept the application for cancellation of bidding.
Volume amplification is an index value considering relative volume, which is the ratio of the average volume per minute after the opening of the stock market to the average volume per minute in the past five trading days.
The commission rate is an index value considering the relative compressive strength of the purchase order in a certain period. Its calculation method is commission ratio = (number of entrusted buyers-number of entrusted sellers)/(number of entrusted buyers+number of entrusted sellers) × 100%.
Price-to-book ratio is one of the most common indicators to evaluate whether the stock price level is effective. It is obtained by dividing the stock price by the current year's earnings per share (the same result can be obtained by dividing the company's market value by the current year's profit attributable to shareholders).
P/E ratio refers to the ratio of share price to provident fund per share. P/E ratio can be used to analyze investment income. Generally speaking, stocks with lower P/E ratio have higher investment value, and conversely, the investment value is lower.
Bankers can only hurt a big grower in the stock market. General control 10% to 30% of the stock market value can be the master control. Bankers are also shareholders of the company. Bankers generally refer to the shareholders of a company with a large stock market value. Bankers owning a stock may damage or even manipulate its share price in the secondary market. Bankers and shareholders are a relative definition. Unlike investors,
Bankers can manipulate the market and stock prices. In other words, investors' profit depends on the hope of stock price growth, while bankers themselves promote stock price growth. The hot spots of bookmakers include four parts: stock opening, stock pulling-up, stock sorting and stock delivery. To put it bluntly, the "shock warehouse" is more likely to rise. Generally speaking, it is a trilogy of eating, pulling and giving.
The banker's stock is open and the banker's speculation is profitable. It is also based on the bid-ask spread. Bankers should generally choose a lower stock price to open positions, and the lower the better. Once a stock soars gradually, it will get rid of the buffer zone and is likely to be sent out anytime and anywhere. When the dealer feels that the delivery date has not yet arrived, he must start to shrink sideways at a high position.
Generally, it is the price difference, and investors can easily send it by mistake. Generally speaking, dealers should deliver goods overhead. Overhead is characterized by large trading volume and large amplitude. Unless it is to catch up with the stock market, the top of the stock is generally more than one month. The dealer must participate in the competition so that he can win; Bankers must also have ways to manipulate the development trend of the situation and let themselves win.
Bankers should divide their positions into two parts, one is used to build positions in stocks, and the other is used to manipulate stock prices. In the stock market, some assets are needed to control the market, and the main control of these assets is very risky. If it is done in the circle, the profit of this part of the assets is very low and it is likely to lose money. The key to making money is to build assets by stocks.
Sitting in the village is a win-win situation. There are some rules in the stock market that can be used by bookmakers to ensure that the cost of main control is lower than the profit of stock opening. The basis of main control is that the operation of stock price is nonlinear.
The rapid concentration of many transactions can make the stock price fall rapidly, while the slow trading, even if the volume is already large, still does little harm to the stock price. With the improvement of investors' overall literacy, the difficulty coefficient of sitting in a village will become larger and larger, the banker will take the dominant position, and the shareholders will always be in a passive position when analyzing the market situation.