1. Factors affecting stock prices

1. The main factors affecting the changes in the stock market

(1) Economic factors

Economic cycle: the country's financial situation, financial environment, balance of payments, changes in the economic status of the industry, and the adjustment of the country's exchange rate will affect the ups and downs of stock prices.

The economic cycle is an economic fluctuation caused by the inherent contradictions in economic operation, and it is an objective law that does not depend on people's will. The stock market is directly affected by economic conditions and will inevitably exhibit a cyclical volatility. When the economy is in recession, the stock market will inevitably weaken and fall; When the economy recovers and prospers, stock prices also rise or show a strong upward trend. Historically, the stock market is also often a barometer of economic conditions.

When there is a large inflation in the country's fiscal position, the stock price will fall, and when the fiscal expenditure increases, the stock price will rise.

The financial environment is relaxed, the market is well funded, interest rates are falling, the reserve requirement ratio is lowered, and a lot of capital will shift from banks to the stock market, and stock prices tend to rise; The state tightens monetary policy, the market is short of funds, interest rates are raised, and stock prices usually fall.

A surplus in the balance of payments stimulates the country's economic growth, which will cause stock prices to rise; When there is a large deficit, it will lead to the depreciation of the national currency, and the stock price will generally fall.

(2) Political factors

The adjustment or change of national policies, the change of leaders, the frequent occurrence of international power, the transfer of state power, the occurrence of wars between countries, labor disputes and even strikes in some countries often lead to stock price fluctuations.

(3) The company's own factors

The value of the stock itself is the most basic factor that determines the stock price, and this mainly depends on the company's operating performance, credit level, and the associated dividend and dividend payment status, development prospects, and the expected return level of the stock.

(4) Industry factors

Changes in the status of the industry in the national economy, the prospects and potential of the industry, the impact of emerging industries, etc., as well as the position of listed companies in the industry, operating performance, operating conditions, changes in capital portfolio and changes in leadership personnel will affect the price of related stocks.

(5) Market factors

The trend of investors, the intention and manipulation of large investors, the cooperation or mutual shareholding between companies, the increase or decrease of credit trading and futures trading, the arbitrage behavior of speculators, the company's capital increase method and capital increase amount, etc., may have a greater impact on the stock price.

2. Factors affecting the rise and fall of stock prices

(1) Institutional factors

In a stock market, if there is a sound delisting mechanism, companies that are not doing well will eventually be forcibly cleared out of the market or even forcibly bankrupt along with the decline in their quality. Under this system, the rise in stock prices is bound to be limited by the quality of the company. The reason is simple: no one wants to pay a high price for shares in a company that is about to be delisted or about to go bankrupt unless he has something wrong with his brain.

If there is no delisting system or the delisting system is not perfect, there is no or little danger of the junk company being cleared out of the market and going bankrupt, and the stock will not or will not become waste paper. As a result, the stock market becomes a casino, and stocks become a bargaining chip for speculation. This is the institutional root of the emergence and survival of the speculative gambling market, and it is also the institutional basis on which the policy market relies for a long time. Under this system, stock prices can be artificially inflated, and junk companies are not or difficult to clear out of the market, thus tying up extremely scarce resources and leading to inefficient operation of the market. Why has China's stock market become an investment airport? Why has the stock price bubble been sustained for a long time? That's why.

In recent years, why has China's stock market entered a bear road with no end? The government's repeated efforts to help the bear market pattern are still difficult to reverse? One of the important reasons is the establishment of the delisting system. Due to the establishment of the delisting system, junk companies may be eliminated from the market, and their stocks may become a pile of waste paper, so investors start to sell the shares of poor quality companies. In addition, company scandals are reported from time to time, and people are suspicious of even high-performing companies, which has led to a continuous downward shift in the focus of stock prices. Therefore, there is no shortcut to reversing the bear market by improving and upgrading the quality of the company. Liu Jipeng, Zhang Weixing, and others confidently believe that if the stock reform is carried out in accordance with their share reform plan, the index will definitely be able to pull up. The author believes that if the fundamental problem of company quality is not solved, it is simply a fool's dream to think that the stock market will be bullish.

When refuting Wu Jinglian's theory that "a thousand points should not be entrusted to the city," Liu Jipeng pointed out: The government should actively support the city when necessary. What does it mean to be "when necessary"? What he means is: a thousand points means "when necessary". His reasoning is that if the Shanghai Composite Index is below 1ooo points, the stock market will lose its financing function, market participants will lose money, foreign capital will not want to enter, and the stock market will lose its vitality. In the author's opinion, Liu Jipeng: (1) I can't figure out under what circumstances the city should be entrusted and under what circumstances the market should not be supported. If it is not because of the company's quality problems, but due to external factors, the stock price has fallen sharply, and it is very necessary for the government to actively support the market; If the stock price falls because the stock price is not commensurate with the quality of the company and returns to the value of the stock, not only is it not necessary for the government to support the market, but it is also unable to support it. As mentioned earlier, under the conditions of the delisting regime, the price of the stock is suppressed by the quality of the company. The current bear market in China's stock market is the result of the quality suppression of listed companies, and the decline in stock prices is a rational return, and there is no need for the government to support the market. In recent years, the government has introduced a lot of policies to support the city, and everyone knows how effective it is. (2) Alarmist and ulterior motives. If the Shanghai Composite Index is lower than 1ooo points, the stock market will lose its financing function? Going to lose its life? I beg to differ. If the index falls below 1ooo points, the return on investment of the stock market is equal to or greater than the rate of return of other investment channels, and a huge amount of peripheral funds will pour into the stock market driven by the nature of profit-seeking, how can the stock market lose its financing function and vitality? In fact, the loss of the financing function mentioned by Liu Jipeng refers to the loss of the high-priced financing function. The purpose of his agitation for the government to hold on to the market is simply to keep the major shareholders from making money in the stock market. Most people think that Liu Jipeng is thinking about the interests of shareholders, which is a superficial phenomenon, and his bones are to protect the interests of high-priced moneymakers.

(2) Stock value

The company's stock is the capital needed for the financing, and the investor buys the stock to obtain the desired return. It can be seen that the original function of the stock market is a financing tool for companies and an investment tool for investors. What investors are willing to pay when investing in a stock depends on how much return the stock can give investors. High returns, high bids; Low returns, low bids. From this, it can be concluded that the level of the stock premium is determined by the profitability of the company, or the value of the stock. In a word, the price of a stock rises and falls depending on the actual and expected value of the stock.

The stock price index is a value calculated based on the stock price, so the size of its value is also determined by the profit of the listed company, and the change of its value also changes along with the change of the profit of the listed company. If we want to judge the index level and trend of a stock market, we must examine the overall profitability of listed companies.

The indicators used by investors to measure the profitability and stock value of a company mainly include return on net assets, price-earnings ratio, earnings per share, and dividend per share. The latter four indicators are calculated on the basis of the number of shares, so with the progress of the share reform and the increase or decrease of the number of shares, their values also change, while the return on net assets is not affected by the share reform. Therefore, during the period of share reform, investors should use the return on net assets to measure the company's profitability and stock value. Liu Jipeng, Zhang Weixing, et al. believe that "the success or failure of stock reform should be based on the rise and fall of stock prices", which means that it is possible to increase the proportion of non-tradable shares to increase the value of price-earnings ratio, earnings per share, dividend per share and other indicators, or to increase the proportion of tradable shares to increase the short-term speculative value of stocks. The author believes that even according to this plan, the stock price will not be able to pull up, and the larger the shrinkage ratio, the deeper the stock price will fall. Because under the pressure of the realization of the consideration interest, the stock price will inevitably be exterminated.

(3) Supply and demand forces

The law of supply and demand is the most basic economic law that governs the rise and fall of commodity prices, and the rise and fall of the price of stocks, as an economic good, must also follow this law. For a long time, why has our stock market been able to soar? Why is a bubble created and sustained? It's because the demand for stocks is greater than the supply of stocks. According to the statistics of the China Securities Regulatory Commission, from January 1998 to December 2098, the number of investor accounts increased by 10,000, and the outstanding share capital increased by 10,000 shares. Assuming that investors invest an average of 50,000 yuan, then the increase in funds is 12o687ooo yuan, which is 17.44 times the increase in the share capital of outstanding shares. It is precisely under the impetus of capital that the stock price continues to rise, the speculative atmosphere in the stock market is becoming more and more intense, and the stock market bubble is getting bigger and bigger.

Since June 2oo1, China's stock market has entered a long bear road, and there is still no reversal. This reversal in market conditions is inseparable from changes in supply and demand forces. On the supply side:

1. The pace of incremental expansion increases. By the end of 2oo4, there were more than 13oo listed companies in China, especially with the emergence of some large-cap stocks, the number of stocks supplied has increased dramatically.

2. The expansion of the stock has begun. The division of shares has strictly affected the health of China's stock market, and the prelude to the share reform in May this year has finally begun. With the advancement of share reform and the implementation of full circulation, the supply of shares will increase exponentially.

On the demand side, the number of investors is decreasing. According to the data released by the China Securities Regulatory Commission, from June 1998 to June 2oo1, the growth rate of shareholder account opening was 72.96%, and from June 2oo1 to June 2oo4, the growth rate of shareholder account opening decreased to 11.6%, and according to some brokerage business department personnel, many accounts have become shell accounts, so the growth rate of shareholder account opening has actually been negative. As the number of shareholders decreases sharply, funds are scattered out of the stock market at a faster rate, because shareholders will not only bring 1.oo yuan into the market. Why is this happening? This is because the price of a stock is so disproportionate to its value that investors find it difficult to make the expected returns, or even lose a lot of money. The author has made statistics on a total of 484 listed companies with the code OOOOO1-OO1896 in Shenzhen. In 2oo4, the average cash dividend per share of these 484 companies was O.O56 yuan, and the cash dividend rate was only 1.o5%, which was far lower than the one-year bank savings deposit interest rate. The low rate of return in the stock market is the fundamental reason why on-exchange investors continue to drift away and off-market investors dare not get involved.

It can be seen that on the one hand, the supply of stocks is increasing sharply, and on the other hand, the demand for stocks is decreasing, and it is inconceivable that stock prices and indices do not fall. As "home" in the field of economics, it is impossible for Liu Jipeng and Zhang Weixing not to understand the most basic laws of economics, nor can they not understand the above facts, so why do they insist that "success or failure should be judged by the rise and fall of stock prices"? The author is puzzled!

To sum up, the rise and fall of stock prices is the result of the combined effect of institutional factors, stock value and market supply and demand, and the rise and fall of the index is also the result of the action of market laws. The reform of equity division, in essence, is only in the case of the change of the stock market system, that is, from the division of equity to the full circulation of shares, the shares of the two types of shareholders are reconfirmed, it has neither eliminated the delisting mechanism, nor changed the quality of the company, not to mention that the implementation of full circulation has intensified the contrast between market supply and demand forces, therefore, the reform of equity division is difficult to promote the rise of stock prices in any case. Therefore, we can conclude that "successful share reform is to pull up the stock price" is a big fallacy.

2. Technical analysis and fundamental analysis

People who predict market price trends can be divided into two groups: one is basic analysis and the other is technical analysis. Technical analysts believe that all or most of the external factors that affect the market have been reflected in the market price movement. It is characterized by the application of mathematical and logical methods to the past and present behavior of the market, and the summary of some typical behaviors, so as to predict the future trend of the market. Market behavior includes the level of price, the change in price, the volume of transactions that accompany these changes, and the time elapsed to complete these changes. Technical analysis is an analytical tool widely used in the securities market, which is a skill and a science. It can be said that it is unthinkable for investors to succeed in the securities market without the help of technical analysis.

Technical analysis is mainly based on the K-line chart and some technical indicators, such as RSI, MACD, etc. to determine the next trend of the stock, the main assumption of technical analysis is that history will be repeated, the same reason produces the same result, so the study of various forms of stock changes in history, used to predict its future changes, this is technical analysis.

Fundamental analysis refers to the analysis of the macro economy and the industry, specific to the company's operating conditions, profit prospects, etc.

At present, many fund managers are very much advocating the so-called value investment, in fact, it is to show the current stock market value (company value of stocks), which should belong to fundamental analysis, but when to buy these stocks, it is decided according to technical analysis, because an important factor affecting stock prices is human psychology, and human nature will not change.

What are the main differences between technical analysis and fundamental analysis?

Technical analysts believe that short-term market price trends are more important than long-term price trends, and in short-term price fluctuations, according to price technical charts and indicators, selling on highs and buying on dips can make greater profits. Fundamental analysts believe that you can only start entering the market after the main trend is confirmed, and you can buy and hold your own advantages and disadvantages for a long time, while forex traders can complement each other if they can have both.

The main advantage of fundamental analysis is that it can grasp the basic trend of securities prices more comprehensively, and it is relatively simple to apply. The disadvantages of fundamental analysis are mainly that the time span of prediction is relatively long, and the guidance effect on short-term investors is relatively weak. At the same time, the accuracy of the prediction is relatively low. The advantage of technical analysis is that it is close to the market and considers the problem more directly. Compared with fundamental analysis, technical analysis is quick to achieve results in securities trading, and the cycle of obtaining benefits is shorter. In addition, technical analysis reacts more directly to the market, and the results of the analysis are closer to local phenomena in the actual market. The disadvantage of technical analysis is that the scope of the problem is relatively narrow, and it cannot make a useful judgment on the long-term trend of the market. Fundamental analysis is mainly applicable to securities price forecasts with relatively long cycles, relatively mature securities markets, and areas with low forecast accuracy. Technical analysis is suitable for short-term market forecasting, and long-term analysis must rely on other factors, which is the most important problem to pay attention to in the application of technical analysis. The conclusions of technical analysis are of a mere nature and should be in the form of probabilities.

Let's talk about the combination of fundamental and technical analysis

Many investors have an inaccurate understanding of the relationship between fundamental and technical analysis. In fact, whether it is the foreign exchange market or the stock market, in order to see the true face of the market, two analyses are indispensable.

The so-called fundamental analysis in the foreign exchange market is the process of knowing the supply and demand of the target currency. Money, like any commodity, falls when it is oversupplied, and rises when it is in short supply. Since it is such a simple relationship, what we want to study is, first, the relationship of supply, and second, the relationship of demand. Other questions simply don't need to be bothered. The supply relationship is not difficult to know. Just look at the Federal Reserve's website, and every month the black and white paper is reported. Assuming that the demand for the dollar remains unchanged, there are two market reactions to the Fed's start to increase the money supply. Stocks will rise, and the dollar will weaken. As the money supply decreases, the dollar will stabilize or rise. There is a difference of about two months in time, that is, the market reacts slowly to changes in the money supply for two months. So studying the money supply every month is the first thing that an expert in the financial markets does. Now that we know the state of the money supply, the next step is to study the relationship between demand. It's a bit of a hassle, because there's a lot of research to be done. The demand for a currency is determined by the attractiveness of that currency. Which currency is attractive depends on, firstly, the potential for appreciation, and secondly, the direction of real interest rates. In order to look at the prospects of the currency, we must first look at the prospects of the currency assets. The potential for asset appreciation depends on the prospects of the country's stock market, real estate market, and bond market. In other words, if the economic outlook is good, there is potential for appreciation, and if the real interest rate rises, the demand increases, and the country's currency has the potential to rise. To look at the outlook of the economy, we should first look at the employment/unemployment situation, national productivity, political stability, international trade, interest rate cycles, foreign capital inflows, domestic capital flows, and so on. After understanding the relationship between supply and demand for money, you will have a sense of the general direction in the medium to long term. This is known as the fundamentals of fundamental analysis. Very much needed and very simple stuff. For example, the money supply in the United States has stabilized recently, the dollar has begun to stabilize, and the stock market weakness has continued.

With regard to technical analysis, technical analysis is based on the theory that because such and such a pattern or technical data in the past has been exhibited in such and such a way, the current pattern may also be exhibited in the same way as the past result. Even some technical analysts believe that everything is reflected in the price, and there is no need to study anything else, just study the price and the graph or some indicators. In the foreign exchange market, such investors account for the vast majority. (The problem is that the vast majority of the market is always the losing side?) )。 The point of technical analysis is to thoroughly familiarize yourself with a variety of past graphs and other technical data and apply them to real-world situations. How many hits there are, it depends on each person's creation.

What cannot be predicted by any amount of analysis is short-term/medium-term/long-term sudden events. For example, there was a major earthquake in Japan, and the situation was severe. or the 911 incident. or the Taiwan Strait War. or the intervention of central banks. Count the table of jù and so on. Some big households rely on intelligence to deal with these sudden incidents. Small households do not have this ability, so they can only follow the market. Something that can only be improvised.

In any case, you always have to follow the trend in the investment market to make money. Which time frame to follow the trend depends on the choice of each investor. To put it simply, fundamental analysis points the way, and technical analysis points out the twists and turns along the way to the fundamental direction. A combination of fundamental and technical analysis can improve the probability of spotting trends.

3. Technical indicators

After logging in to the Great Wisdom Software/Tools/Help/Great Wisdom System Overview/Catalog/Technical Indicator Parameters/Great Wisdom Indicators/Trend Indicators

You can look at some commonly used ones such as: k-line, moving average, kdJ indicator, macd is almost enough.

Fourth, the method of reading the report

Basic principles and methods of studying reports

The increasingly expanding securities market is gradually showing that a comprehensive analysis of the financial statements of listed companies and a comprehensive study of the fundamentals of listed companies are very important for selecting the right stocks and achieving good investment returns. Specifically, the study of listed companies is to do a good job in the two "three combinations".

The first "three combinations" are: combining the analysis of financial figures with the development trend of the industry in which the listed company is located; Combine the analysis of financial figures with the competitiveness, supply and demand of commodities produced by listed companies; Combine the analysis of financial figures with the market flow of individual stocks.

The second "three combinations" are: when analyzing financial statements, it is necessary to combine trend analysis, structural analysis and ratio analysis; Combine total changes with rate changes; Combine the quantitative ratio of the analysis to the nature of the problem being analyzed. The essence of these two "three combinations" is that we should not only pay attention to the past and current operating results of listed companies, but also be good at predicting the future development trend of the company through the changes in the relevant numbers.

1. Analysis of monetary funds and liabilities

Monetary funds are a general term for all types of cash, bank deposits and other monetary funds of a company. It can not only reflect the immediate payment ability and turnover of the enterprise, but also one of the important indicators of whether the enterprise has growth potential. When analyzing monetary funds, there are two ways to start; One is the total amount of funds of the listed company, and the other is the monetary funds that each share can have after deducting debts. If a listed company has neither new projects nor sufficient funds, then its investment value is debatable. When the macro environment tightens, a company's debt position often determines its own development trend. If a company has a large backlog of products, is debt-ridden, and has no way to raise money, the outlook for the company is not very promising. Generally speaking, the analysis of the debt status of an enterprise is mainly based on the proportion of the amount of liabilities in the total assets of the enterprise, that is, the asset-liability ratio, and the asset-liability ratio of listed companies with normal production and operation status is roughly around 25%. If it is less than this percentage, it indicates that the company has strong financial resources. On the contrary, companies with a shortage of liquidity and heavy debt burdens tend to have an asset-liability ratio of more than 8o%, and the slightest carelessness of such enterprises may fall into the abyss of bankruptcy. Of course, in the period when enterprises are facing demand expansion, it is still possible to expand debt management. However, the premise is that the profit rate generated by the enterprise's debt operation should be higher than the average interest rate of borrowings, and the difference between the two should not be less than the average profit rate of society. Therefore, this expansion must be moderate and not excessive.

2. Analysis of inventory and accounts receivable.

These two items directly reflect the sales status of the enterprise, and thus are related to the solvency and efficiency of the enterprise. In the financial statements, inventory is the total price of various types of finished products, semi-finished products and raw materials that the company has in stock. For manufacturers and retailers, excessive inventory overstock is not a good phenomenon, once the growth rate of inventory exceeds the sales growth rate, it means that the normal capital circulation of enterprises is blocked, there is a shortage of working capital, and future reproduction will be affected. The only way to avoid this is to sell at a lower price, reduce inventory, and recycle cash. But this measure had to suffer the loss of lower profits. Of course, the change from more to less inventory can also be regarded as the first sign of a turnaround in business operations. Accounts receivable is the total amount of assets receivable and not received by the company. If the number of accounts receivable is too much, it means that the company's payment recovery is not smooth, and the funds are in arrears, which in turn causes the company's own liquidity to be tight. What is even more worrying is that some accounts receivable are easy to become "bad debts", which will cause the loss of enterprise assets and affect the company's future development.

3. Profitability analysis.

Generally speaking, the amount of profit and the level of profitability will be directly related to the return on investment of shareholders, and investors must pay attention to it. Earnings per share after tax. This is the most concerning factor in the financial statements of listed companies. Its analysis includes two aspects: one is the absolute quantity, which reflects the past of the enterprise; The second is the increase or decrease in after-tax profit per share, which reflects the growth of the enterprise. To analyze the after-tax profit per share, it is also necessary to consider the factor of the annual allotment of shares of the listed company. Gross profit and profit growth rate. Investors must pay attention to analyzing the multiple factors that affect the change in total profits. The first is to analyze the increase and decrease of the company's sales volume and the impact on profits; the second is to analyze the increase and decrease of the company's operating costs and various expenses; The third is to analyze the changes in the sales price of commodities and their impact on profits. If the operating costs and various expenses of a listed company increase significantly, it is likely that there are strict problems in the operation and management of the enterprise. In addition, investors should also analyze whether there is a misery in the total profit, so investors should pay attention to the analysis of the amount and composition of the expenses to be amortized and withheld expenses to see whether there are any expenses that should be amortized and not mentioned; Analyze whether the financial expenses are compatible with long-term and short-term borrowings; Analyze the changes in various assets of the enterprise to see whether the depreciation of fixed assets and the amortization of intangible assets and deferred assets are in line with the current accounting system. In addition, investors should also be good at combining factors such as the industry characteristics and economic cycle of listed companies, comprehensively analyze the profit growth rate, sales profit margin, return on net assets and their changes, and compare them with the profit margins of listed companies in the same industry, so as to judge the management level and profit change trend of listed companies.

Finally, medium- and long-term investors should also pay attention to analyzing the ability of listed companies to steadily obtain profits and increase profits over a long period of time.

〈p〉Analyze the composition of profits. Generally speaking, listed companies with prominent main business, large industry share, and stable profit growth are less risky. For other companies, although their total profits have increased during the year, the profits of their main business have not improved, or even dropped sharply, and such performance growth is often unstable: either because of excessive expansion of uncompetitive side businesses or excessive speculation, once not grasped well, the enterprise will quickly collapse. Analyze the potential or potential for earnings growth. It is necessary to pay attention to the talent structure of listed companies and the amount of scientific research expenses; Analyze the situation of new patents, new technology applications, and new product development of enterprises; Analyze whether a new sales network and sales methods have been developed; Analyze the actual situation of the company's main projects under construction and the operation of the main projects that have been completed, to see whether there will be a new profit growth point, and whether there is a good market speculation theme. Finally, let's talk about the comprehensive analysis of financial situation. There are many methods of comprehensive analysis of financial situation, and here is a brief introduction to the main ones.

〈p〉DuPont Financial Analysis System. The DuPont system believes that the financial activities and financial indicators of enterprises are interrelated, interdependent and mutually influential, so it plots the internal relationship between multiple financial indicators into a DuPont analysis chart. The basic idea of the analysis is:

1. Net profit margin on owner's equity is the most comprehensive financial analysis indicator and the core of DuPont's analysis system.

2. The net profit margin of assets is the most important indicator that affects the profit margin of owners' equity, which has a strong comprehensiveness, and the net profit margin of assets depends on the net profit margin of sales and the level of asset turnover.

3. Expanding sales revenue and reducing costs is the fundamental way to improve the sales profit margin of enterprises, and expanding sales is also a necessary condition and way to improve asset turnover.

4. It is necessary to comprehensively analyze the asset structure that affects the asset turnover rate and the equity structure that affects the solvency of the enterprise. It is necessary to analyze whether the use of enterprise assets is reasonable in relation to sales revenue, analyze the asset structure in relation to the equity structure, or analyze the solvency in relation to the asset structure.

〈p〉Radar chart analysis. This method is a method to summarize the main financial analysis ratios and compare the company's various financial indicators with the industry average and the best level in the company's history, so as to achieve the goal of comprehensively reflecting the overall financial status of the enterprise.

〈p〉Wall's specific gravity scale. It combines the current ratio, equity ratio, sales profit margin, return on total assets, return on capital, asset-liability ratio, accounts receivable turnover rate, inventory turnover ratio and other financial ratios with a linear relationship, and gives their respective score weights, and then compares them with the standard ratio to determine the scores of each index and the cumulative score of the overall indicators, so as to make a comprehensive evaluation of the financial status and profitability of the enterprise.

To sum up, investors should focus on choosing those listed companies with more sufficient cash, less accounts receivable, stronger solvency, better commodity sales, higher profit margins, and new profit growth points for investment.

What metrics are required for performance reporting

The format of the annual report of a listed company is fixed in accordance with the relevant regulations. Investors can first read the second part, "Summary of Accounting Figures". The most commonly used earnings per share, net assets per share, and return on equity can be seen in it. The above figures can be seen from the company's basic profitability. One of these numbers is called "Net cash flow from operating activities per share", which investors should pay close attention to, and it can reflect whether the company has actually made profits in the course of its operations.

There are many high-performing companies in our market that not only do not pay dividends to investors, but always propose financing plans. If you look closely, this indicator of such a company is often far from the earnings per share, which means that the company is only rich on paper, and there is a lot of moisture in profits.

In the third part, "Shareholders", you can find a clause "the total number of shareholders at the end of the reporting period". You can also divide the number of outstanding shares by the number of shareholders to see if there is an average number of shares held by each shareholder.

The fifth section, "Financial Position of the Company", contains a number of sub-items, three of which must be looked at.

1. "The company's financial status" can see the year-on-year growth rate of main business profit and total net profit, from which the company's development trend can be seen.

2. The company's investment. In particular, some new shares and sub-new shares should pay attention to the progress of their investment projects.

3. In the new year's exhibition plan, find out whether the company's exhibition plan is consistent with the hot spots in the market.

The eighth part, "Financial Accounting Report", mainly includes three statements: income statement, balance sheet and cash flow statement. The income statement will list operating expenses, administrative expenses, and financial expenses (that is, the so-called three expenses). The company's internal management ability can be examined, and the year-on-year change of the three fees can be compared with the net profit growth rate in the fifth part, if the growth rate of the three fees is higher than the increase in net profit, it indicates that the company's management needs to be strengthened. Read the annual report in the above way, a statement can be seen in 15 minutes, and some basic elements are also included, investors may wish to give it a try.

5. Handicap language (trading skills)

Logical interpretation of the language of the handicap

For a professional investor, the level of the market will directly affect its operating effect, even the medium-term investor can not ignore its value (if the medium-term investor intervenes at a higher level, but does not know how to use the high sell low to reduce costs, even if it is profitable, it cannot be called a qualified professional investor.

Through the intraday stock index and individual stock trends, the strength of the long and short sides is determined, which determines the grasp of the hype rhythm of the stock, and is also the key to whether it is profitable or profitable. The biggest difference between professional investors and academics is that they can often see the subtleties in the unpredictable stock market. The reason why they can see the information conveyed by many changes in the intraday is mainly an accumulation of experience, which is often obtained by repeatedly summarizing their own operational failures for many years, but now many investors who have been in the market for many years are also retail investors (regardless of the amount of their funds), that is, they are not good at summarizing. Therefore, the bullish level is an important basis for successfully measuring the level of a professional investor. The market should mainly focus on the judgment of the future trend of the stock index and individual stocks, and the judgment of the market is generally considered from the following three aspects:

1. Research and judgment on the selection of stock indexes and individual stocks (observe whether the stock index is consistent with the operating trend of most individual stocks)

Second, the implicit information behind the disk stock index (weakening or strengthening).

3. Grasp the rhythm of the market, sell high and buy low, and reduce the cost of holding a position, (which is particularly important), this article mainly discusses the research and judgment of individual stocks. In order to better grasp the direction of stock price operation, we must understand the intraday trend, and make a comprehensive judgment in combination with other factors, generally understand that the market needs to pay attention to the opening, closing, intraday trend, pending order price, number of pending orders, transaction price, transaction quantity and trading time, etc., but this is only traditional cognition, and other factors are discussed in detail below.

Pending orders

When investors conduct short-term trading, they often conduct handicap analysis, and the timely charts that can be provided by general trading system software are to announce the trading situation of three orders, namely buy one, buy two, buy three and sell one, sell two and sell three. This kind of order pending order trading is often the window of the bookmaker's "determination", but due to the defects of the current transmission quality and analysis software, it is difficult for investors to see the real trading situation, and the main force uses this defect to frequently make intraday deception, so that investors have wrong trading behavior. The author has written down his records and understanding of the observation of order orders for many years, hoping to help investors and friends.

Summary: The real meaning of pending orders is to --- the day-to-day operation layout of mainstream funds: the window of the real-time stock price fluctuation area of mainstream funds on the same day. Pay attention to the fluctuation area to understand its true meaning, such as: at what price the mainstream funds put a large order, and press up and down the position. The focus is on whether there are active orders at this level. Be sure to pay attention to the real-time orders and transaction center of gravity at the key positions at this time, which fully reflects the control intention of mainstream funds to "give up operation" and "resolutely operate". If the market is not good, the pending orders of individual stocks are broken instantly, it depends on whether it is a large order or a small order of retail investors, as well as the magnitude and degree of the stock price fall, and whether it can be recovered instantly, and whether the shrinkage and volume can be real. Analyze the intention of the pending order layout of the mainstream funds on the same day - suction and pull out: combined with the relative position of the daily K-line chart of the stock price {high, low} to judge, the details will be carefully expanded below.

(1) The significance of one-way integer selling orders and converting orders to buy orders

1. One-way continuous integer (mostly 1oo hands, depending on the size of the circulating disk) sell orders, and pending orders continue to be small (mostly single-handed) and do not change significantly because of the volume, this kind of disk is generally caused by the main force in the concealed knocking, especially when the market is scarce, it is extremely obvious, at this time it should be at the end of the absorption, the time of the final suppression of the absorption (of course, it should be judged in combination with the overall trend of the stock).

For example: at the beginning of 2oo3, Honghe Guangming (6oo239), at a low level (6.5O yuan - about 6.85 yuan) has continued to suddenly appear 1oo hands continuous selling orders, and suddenly appear every few days, and the transaction is not active, the turnover rate is still between 1.3o%--o.3%, open the monthly chart of the stock, you can clearly see that the stock has been down all the way since December O4, 2oo1 after seeing the mid-term top, all the way down, falling for 13 months, compared with the decline of the market, The stock fell by more than 43%, the weekly daily technical chart also shows that the stock is in the historical low price area, among the top ten shareholders Guangdong Securities holds 1344857 shares and several individual shareholders Du Caixin holds 481286 shares, Gu Qingqi holds 36oooo shares, Yin Xiufang holds 316378 shares, of which Guangdong Securities Co., Ltd. is the lead underwriter of the company's 2oo1 allotment, through guò "balance underwriting" method, has become one of the top ten shareholders of the company, plus the upper and lower shadows often appear in the daily chartAt such a low price, this kind of table can be judged to be the main force in a small position to absorb goods, and then with the technical cooperation, there will be a short-term pull-up.

2. One-way continuous integer (mostly 1oo hands, depending on the size of the circulating disk) buy orders, and there is no obvious change in the pending order, the transaction is all caused by the main force against the inverted, at this time, it is generally mostly the main force to pull up the initial trial action or the initial activation of the start of the chasing follower disk.

For example, the recent Luneng Taishan (OOO72O) and December O4, 2oo1 Zhongxing Commercial (ooo715) continued to fall after the short-term restlessness, down more than 5O%, to Zhongxing Commercial (OOO715) as an example, the stock operation is more typical, since the stock was listed, has been running in a large box of 5.89 yuan - 14.23 yuan, the reason for this may be the poor fundamentals, but since the market peaked on June 24, 2oo1, the stock has appeared in a strong sideways state, The intraday shock amplitude began to increase, but as soon as it reached the key position of the technology, there were traces of human control, and the K-line pattern of the long upper and lower shadow lines often appeared in the control of the stocks, and the K-line pattern began to appear more and more in the control of the stocks, and on September 21, 2oo1, the stock suddenly appeared sharply suppressed for 18 days, and the turnover rate also remained below 3%, and the intraday chips were locked better, and the stock price ran to November 27, 2oo1, and was only one step away from the historical high of 14.23 yuan. At 9:52 o'clock on December 4, 2oo1, a large single of 416 hands opened the situation, and then hung out a sell order of about 5oo hands on the sell one, note that the selling order at this time is not necessarily the main force in the short selling, it should be the dealer's own chips, the dealer is creating a volume to attract the attention of retail investors, with the surging of buy orders, the sell orders are also increasing, after the 9oo multi-hand sell order was eaten, the main force in the intraday was provoked to press out a 16oo multi-hand sell order on the sell one, no matter how big the buy is, Still let it remain until the close, the author is in the intraday intervention, the third day, continuous volume breakthrough, the fourth day to create a high of 14.22 yuan nearly five years, but the intraday sell-off such as note, in the fall of the transaction continued to amplify, the author in the profit of about 1o% of the stock throw, but the subsequent trend is also unexpected by the author, the stock fell from 14.22 yuan to 6.93 yuan in one breath, the author still has palpitations in retrospect.

;

Tips: The new domain name "biquge.info" has been launched by Biquge, and the original domain name is about to be discontinued. Please tell each other, thank you!