The specific trading hours are: the trading hours of Shenzhen and Shanghai Stock Exchanges are from Monday to Friday.
The morning is Qianshi, and 9: 15 to 9: 25 is call auction time.
9: 30 to 1 1: 30 is the continuous bidding time.
The afternoon is from 13: 00 to 15: 00, which is a continuous bidding time.
Closed days: Trading is not allowed on Saturdays, Sundays and closed days announced by Shanghai Stock Exchange. (Generally, it is national legal holidays such as May Day, November Day and Spring Festival)
Stock transaction fee. There is a handling fee for buying and selling stocks. The buying and selling commission is decided by each securities company. Stamp duty: 3 ‰ (in 2008, stamp duty was reduced and unilaterally collected 1‰). In addition, for every 1000 shares, Shanghai will get 1 yuan transfer fees, and if it is less than 1 yuan, it will get 1 yuan. Shenzhen does not accept transfer fees. The handling fee in Shanghai is 5 yuan (calculated on a per-transaction basis), and there is no handling fee in Shenzhen. Previous stamp duty adjustments: September 9, 2008 19, and the unilateral tax rate was changed to1‰; On April 24th, 2008, it was adjusted from 3‰ to1‰; On May 30th, 2007, it was adjusted from 1 ‰ to 3 ‰; From 2‰ to 60 ‰ on October 23rd, 2005/KLOC-0. The stamp duty on B-share transactions was reduced from 4‰ in 16/0/0 to 2 ‰ in1June 1999, to 3‰ in1June 1998, and from 5‰ to 4 ‰ in 12. 438+099 1 year 1 month Shenzhen stock market was adjusted to 3‰, and Shanghai stock market began to levy 3 ‰19901.23 Shenzhen stock market levied 6‰ stamp duty on buyers +65438 June 28, 0990. The calculation formula is commission ratio = (number of commission buyers-number of commission sellers)/(number of commission buyers+number of commission sellers) × 100%. The commission ratio ranges from-100% to+100%. If the commission ratio is positive, it means that the market buying is strong, and the larger the value, the stronger the buying. On the other hand, if the commission ratio is negative, it means that the market is weak. Subtract the current total purchase amount of a variety from the total sales amount. Reflects the balance of power between buyers and sellers. A positive number means the buyer is stronger, and a negative number means the selling pressure is heavier. Volume ratio is an index to measure the relative volume, that is, the ratio of the average volume per minute after the opening of the market to the average volume per minute in the past five trading days. The formula is: equivalence ratio = current total number of transactions/(average transaction amount per minute in the last five days × accumulated opening time of the day (minutes)) When equivalence ratio is greater than 1, it means that the average transaction amount per minute of the day is greater than the average of the last five days, and the transaction is hotter than that of the last five days; When the equivalence ratio is less than 1, it means that the current transaction is not as good as the average level of the past five days. The opening price is 9: 00 a.m15-9: 25 call auction time. During the period of call auction, the automatic matching system of the exchange only kept matching. After the bidding time is over, the matching system will generate the opening price of the stock on that day according to the principle of call auction. According to the regulations of Shanghai Stock Exchange, if there is no transaction within half an hour after the opening of the market, the closing price of the previous day is the opening price of the day. Sometimes, if a security has not been traded for several days, the stock exchange will put forward a guiding price according to the price trend of the securities entrusted by customers as the opening price after trading. The average price or average selling price on the first day of securities listing is the opening price. Closing price The closing price refers to the transaction price of the last transaction of a security before the end of one-day trading activities on the stock exchange. If there is no transaction on that day, the latest transaction price is taken as the closing price, because the closing price is the standard of the current market and the basis of the opening price of the next trading day, which can be used to predict the future securities market; Therefore, when analyzing the market, investors generally take the closing price as the calculation basis. Disk stall means that investors are not active in buying and selling, but take a wait-and-see attitude, which makes the change of stock price on that day very small. This situation is called disk stop. Reorganization means that after a period of sharp rise or fall, the stock price begins to fluctuate slightly and enters a stage of steady change. This phenomenon is called reorganization, which is the preparation stage of the next big change. Pan Jian's share price rose slowly, called Pan Jian. The stock price of floppy disk falls slowly, which is called floppy disk. Back file refers to the phenomenon that the stock price temporarily falls back because of the excessive increase in the process of rising. The number of transactions refers to the number of transactions of various stocks on that day. Volume refers to the total price of each stock traded on that day. The final purchase price refers to the price that the buyer wants to buy after the close of the day. The final bid refers to the seller's asking price after the close of the day. Quote quotation is the highest or lowest price quoted by a trader in the securities market for a certain period of time. Quotation represents the highest price that buyers and sellers are willing to pay. The bid price is the price that the buyer is willing to buy a security, and the bid price is the price that the seller is willing to sell. The order of quotation is customarily to quote first and then quote. In the stock exchange, there are four kinds of quotations: one is shouting, the other is gesturing, the third is filling in the declaration record form, and the fourth is inputting it into the computer display screen. Highest price: refers to the highest price among the trading prices of the day. Sometimes there is only one highest price, and sometimes there is more than one. Lowest price: refers to the lowest transaction price of the day. Sometimes there is only one lowest price, and sometimes there is more than one. Chip investors hold a certain number of stocks. There are more buyers than sellers in the bull market. A bull market is called a bull market. There are many factors that form a bull market, mainly including the following aspects: ① Economic factors: the increase in profits of joint-stock enterprises, economic prosperity, the decline in interest rates, the development of emerging industries and moderate inflation may push up the stock market price. Political factors: government policies, laws and decrees, or sudden political events can all cause the stock price to rise. ③ Factors of the stock market itself: such as snapping up stocks, speculators shorting, and buying stocks on a large scale can all trigger 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 a bearish stock market is called a bear market. The factors that trigger a bear market are similar to those that trigger a bull market, but they change in the opposite direction. Long-term and long-term market means that investors are optimistic about the stock market and expect the stock price to be bullish, so they buy stocks at a low price and sell them when the stock rises to a certain price to obtain the difference income. Generally speaking, people usually call the stock market whose share price keeps rising for a long time a bull market. The main feature of stock price changes in bull market is a series of ups and downs. Short position A short position in the market is that investors and stock traders think that the current stock price is high, but it is bad for the stock market prospect, and they expect the stock price to fall, so they sell the borrowed stock in time and buy it when the stock price falls to a certain price to obtain the difference income. This trading method of selling before buying and earning the difference from it is called short position. People usually refer to the stock market with a long-term downward trend as a short market, and the changes of stock prices in the short market are characterized by a series of sharp declines and small increases. [Raising funds by issuing stocks] Initial public offering (IPO) refers to the process of raising funds for enterprise development through initial public offering. When a large number of new shares are subscribed, it is necessary to make a formal share distribution, which is also called drawing new shares. Investors who subscribe expect to sell at a price higher than the subscription price. Corresponding to the first level, most public shares are underwritten by the group and enter the market. The bank buys its own account from the issuer at a certain discount price and then sells it at the agreed price. The preparation cost of public offering is high, which can be partially avoided to some extent. This phenomenon was initiated at the end of the year, when the United States was experiencing technology network stocks. The founder will set up a company, during which he hopes to raise funds through IPO. Because investors think that these companies have a chance to become "second", their share prices usually rise in the initial stage of listing, and many founders become famous overnight. Thanks to this, employees have also earned considerable income. Now, most of the shares raised through IPO will be traded in the market. Many companies will raise funds to develop their business in a similar way.
The main work of the participants
The Company and its directors prepare and revise profit and cash flow forecasts, approve prospectuses, sign underwriting agreements and roadshows.
The sponsor arranges the timetable, coordinates the consultancy work, prepares the prospectus and the draft listing application, and submits the stock pricing declaration.
The accountant completes the audit business, prepares the accountant's report, and reviews the profit and working capital forecast.
The appraiser completed the due diligence on the company's real estate and reported the assets appraisal to the company.
The lawyer arranges the reorganization of the company, reviews the relevant legal confirmation and determines the underwriting agreement.
Sponsoring lawyers consider the organizational structure of the company, review the prospectus, prepare the underwriting agreement, and the stock exchange reviews the listing application and prospectus and holds a hearing.
The stock transfer registry prepares stocks and repayment checks, prints a large number of stock printers and translators, drafts and translates listing materials, and prints a large number of listing documents.