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Title VI

open-end funds and closed-end funds

difference can redeem the Fund, securities investment funds can be divided into open-end funds and closed-end funds. Open -end fund, fund size is not fixed, but can at any time based on market supply and demand of investors, the issue of new shares or redeem the investment funds. Closed-end funds, as opposed to the purposes of open-end fund , fund size is determined before the release, and after the issuance within the prescribed period, the fund size of fixed investment funds.
open-end funds and closed-end funds are the main differences:
(1) the scale of the variability of the different funds. Closed-end funds have a clear period of existence, in this period of units in issue can not be redeemed. Although the special circumstances of these funds can be Kuomu, but Kuomu should have strict legal conditions . Thus, under normal circumstances, the fund size is fixed. The open-end funds are units issued redeemable, and investors in the fund during the term can also be free to purchase units, resulting in the total funds continue to change daily. In other words, it is always in \ This is a closed-end funds and the fundamental difference between open-end funds.
(2) the sale of units in different ways. Initiated the establishment of closed-end funds, investors can sell to the fund management company or institution to subscribe; when traded closed-end funds, investors can be entrusted to brokers trading on the stock exchange by market value. The open-end fund investors to invest in, they can keep the fund management company or sales purchase or redemption.
(3) the sale price of units formed in different ways. Because of exchange-listed closed-end funds, the trading price greater impact by market supply and demand. When the market for less than demand , the fund unit trading price may be higher than the net asset value per fund unit, when the investor owns the fund assets will increase; when the market oversupply, the Fund may be lower than prices each Fund NAV. The sale price of open- end fund net asset value of fund units is calculated on the basis, can directly reflect the level of net asset value of fund units. In the Fund's trading costs, investors traded closed-end funds with the trading of listed stocks, but also in addition to paying a certain percentage of the price of securities transaction tax and handling fees; and open-end fund investors need to pay the costs associated with (such as the initial charge, redemption fees) are included in the Fund, the price. In general , the cost of trading than closed-end funds open-end funds.
(4) the Fund's investment strategies are different. Because closed-end funds can not be redeemed at any time, which can raise all the funds received for investment , so that, according to fund management companies can develop long-term investment strategy for long-term operating performance. The open-end fund you must keep part of the cash to investors redeemed at any time, but not exhaustively used in long-term investment, typically invest in highly liquid assets.

eighth chapter

what circumstances are unusual fluctuations will be temporarily suspended trading? According to the Shanghai and Shenzhen Stock Exchange

provisions, the following transactions are unusual volatility, trading on the stock ownership of the implementation of the provisional suspension until the parties make an announcement when the market opened after the resumption of the afternoon.
⒈ a stock price increase of three consecutive trading days to limit or drop restrictions;
⒉ a stock for the five consecutive trading days included in the \ the amplitude of the price for 3 consecutive days to reach 15%;
⒋ a stock's daily volume, compared with average daily volume last month, enlarged 10 times for 5 consecutive trading days;
⒌ Exchange or the CSRC will be considered to be abnormal fluctuations in other cases. The special circumstances approved by the CSRC is not the limit. Fund not subject to this restriction.

than the first four
Committee What does it mean?

Committee is a measure of a period of time than to buy the venue, selling the strength of technical indicators. Its formula is: Commission ratio = (number of buyers Committee - Committee of the number of lots sold) / (number of commissioned + commissioned sales buyers lots) × 100%. As can be seen from the formula, \ If the \ Conversely, if the \
the formula \ Such as: a real-time stock quotes and commission entrusted to the highest amount bid was 15.00 yuan, 130 hand, two steps down to 14.99 yuan, respectively, 150 hand, 14.98 yuan, 205 hands; the lowest quote and sell commission commissioned to 15.01 yuan, respectively, 270 hands, up two steps to 15.02 yuan, respectively, 475 hand, 15.03 yuan, 655 hand, the ratio at this time immediately appointed -48.54%. Obviously, this time inside a large selling pressure.
through the \
What is the second

common terms

[stock index futures] is a kind of stock index futures trading based on stock index futures. It is a forward contract trading, margin trading by the way, the ratio of bond face value of the contract is generally 5% to 15%. It is a cash delivery method, that is, when the contract expires with the closing stock market index as the criteria for settlement, the contract holder to deliver or receive only stock and cash of the city the difference between the two indices, you can complete the settlement procedures.
[zero-stock transaction] less than a turnover unit (1 lot = 100 shares) of stock, such as a stock, 10 shares, known as zero shares. In selling the stock, they can be entrusted with zero shares; but buying shares of stock can not be entrusted to zero, the smallest unit is a hand that is 100 shares.
[call auction] 9:15-9:25 every morning, through the computer matching pair of price and time preference as an indicator to determine the price.
[squeeze] refers to the sale of the investment made in short selling stocks , the stock prices are way up, in the last resort to a higher price than the offer price to buy back the stock has been sold.
[box movements] refers to the stock price of a shape. The high, low, respectively, with a straight line, you can get a box price trends, so called \ Because like a channel, also known as \
[ex] refers to the stock company to investors in the form of cash dividends paid dividends. Before ex-dividend, stock companies need to hold a shareholders meeting to determine in advance the program, check the list of shareholders, ex-dividend date when the register to provide a list of shareholders and are subject to notice in this period of time after the date of the shareholders to stop the transfer period. Ex also cause stock prices fall, investors should be careful judgments.
[ex] joint-stock companies pay dividends to investors when trading in the stock placement or removal of the right referred to as ex-bonus shares. As with the ex-dividend, ex-dividend date, also to provide list of shareholders of record and are subject to notice in this period of time after the date of the shareholders to stop the transfer period. Ex-

N shares, are those registered in mainland China, in New York (New York) listed foreign shares. In China the stock market, when the stock appeared before the name of N-word, that only shares of new stock that day , the letter N in English New (new) abbreviation. Seen with the N prefix stocks, investors know that it is in addition to new shares, should also recognize that the stock price the day the market is not subject to price limits, or can be higher than 10%, a decrease can also be deeper than 10%. This is easier to control risks and seize the investment opportunities. Such as the North of N, N Construction Bank, N oil.

issued since 1993 in Hong Kong H shares of Tsingtao beer, I have 4 network has selected batch of 77 pre-selected companies listed overseas, which the Enterprise is the industry leader in the plant reflects to some extent the Chinese economy the overall level of development and growth potential. The end of 1997. Has 42 overseas listed companies through the restructuring of pre-listed overseas, including Shanghai Petrochemical, Zhenhai Chemical, Qingling Motors, Beijing Datang Power, China Southern Airlines and so on. 31 of them listed in Hong Kong, six in Hong Kong and New York-listed, two in Hong Kong and London while on, the two separate k City, New York (N shares),[link widoczny dla zalogowanych], a single s shares listed in Singapore). Total of 42 companies listed overseas to raise 9.56 billion US dollars of foreign capital.

What is the seventh chapter

ST, PT shares?

\
1998 年 4 22, the Shanghai and Shenzhen Stock Exchange announced plans to financial conditions and other unusual financial situation of the stock exchange listed companies for special treatment (English as specialtreatment, abbreviated as \ One exception refers primarily to two situations: First, the two listed companies audited net profit of the fiscal year are negative, the second is a listed company's recent fiscal year audited net assets of less than the par value per share. Trading in shares of listed companies is the implementation of special treatment period, the stock exchange should follow the following rules: (1) stock quotes, price limits at 5%; (2) change the name of the original stock plus the stock ex-\ ST Steel \
PT shares are traded on the stock for the suspension of distribution channels to provide special services produced by the transfer of the stock variety (PT is the English ParticularTransfer acronym), which is based on \ the relevant provisions of a listed company for three consecutive years losses, etc., listed its shares will be suspended. Shanghai and Shenzhen Stock Exchange from July 9, 1999, the suspension of listing of shares on the implementation of such \ PT shares at prices and auction, stock trading is different from normal: (1) The trading hours are different. PT shares open for only five hours each week within the week can be traded only one day. (2) different price limit. According to the latest regulations, PT shares rose only 5% limit, there is no price limit, the risk increases. (3) does not match the same way. Normal stock trading in every trading day between 9:15-9 : 25 auction, call auction is not the declaration of turnover 9:30 into the transaction queue after the continuous auction. While the PT Unit is 15:00 on Friday after the close exchanges once commissioned a report on all of the day to call auction effective way of matching, generate a unique transaction price, the commission declared all eligible are here price. (4) PT shares as a special transfer services, its trading stock is not traded on a real stock, so stock is not included in the index calculation, the transfer of information can only be seen on the day closing price.
fifth chapter

deep differences between the KLCI and the Shenzhen Component Index

is the use of statistical methods in the compiled index, reflecting the overall price of the stock market or class of shares changes and trends in the indicators. According to the price of stock index reflects the scope, stock index can be divided to reflect the trend of the market and reflect the comprehensive index of an industry or a particular class of stock price movements in the index.
Shenzhen Composite Index, is compiled by the Shenzhen Stock Exchange, Shenzhen Stock Exchange listed shares for the calculation of the full range of weights with a circulation of Weighted Composite Index. The index for April 3, 1991 as the base date, based on indices of 100 points. Comprehensive reflection of the Shenzhen Stock Exchange Shenzhen Composite Index all A shares and B shares listed on stock price movements. Were also prepared all the A shares and reflects all stock prices in Shenzhen B shares A shares and Shenzhen B Share Index index. Shenzhen A-share index by 3 April 1991 as the base date, October 4, 1992 began issuing, based on indices of 100 points. Shenzhen B Share Index by 28 February 1992 as the base date, October 6, 1992 began to publish, based on indices of 100 points.
Shenzhen Component Index, was listed on all stock from the extract with 40 representative of the market shares of listed companies as the calculation of the object, and the number of shares outstanding for the right of the weighted stock index calculated, comprehensive reflection of the close friends The listing of A, B shares stock market. The index is taken July 20, 1994 as the base date indices based on 1000 points. Component Index on January 23, 1995 began trial release, May 5, 1995 officially opened. 40 listed companies of A shares used to calculate the component A-share index and industry index, 40 B shares listed in the company and its B shares used to calculate the B share index constituent. The Shenzhen Component Index, also compiled A stock index, including the index of industrial, commercial sub-index, financial index, real estate sub-index, utilities index, integrated enterprise index. The Shenzhen Component Index sampling factors to consider: 1. The length of the date of listing and trading; 2. Market size, per period of time, the company's average total market value of the stock market value of the peace may be in circulation; 3. Trading Activity, the total period per company turnover of dollars. Determine the initial list, and then selected the combination of the following factors as the 40 constituent stocks of listed companies: 1. The company's stock within a period of time the average price-earnings ratio; 2. The company's industry representation and development prospects in their respective professions; 3. The company in recent years financial position, earnings records, development prospects and management quality, etc.; 4. the company's regional, sector representation and so on. To ensure the representativeness index, listed companies must change depending on the constituent stocks of replacement, the Shenzhen Stock Exchange will be held each month on the constituent stocks of 1,5,9 representative to inspect, discuss the need for replacement.
specified transaction?

So-called designated trading, the investors and securities institutions signed an agreement, designated the agency only buying and selling securities for their own trading point . Specifies the transaction has several benefits:

(1) to help prevent theft of investors to sell stocks;

(2) automatically receive dividends from the securities trading system directly to the funds credited to the cash dividend investor account;

(3) can receive a monthly quarterly reconciliation of securities institutions to provide services.

current practice is to specify the Shanghai stock market trading system, so that the relative past Shanghai investors more safety, convenience.
A shares, B shares, H shares, N shares, S shares?

Shares of listed companies in China are A shares, B shares, H shares, N shares and the S stock and other distinctions. This distinction based primarily on location and stock market investors may be facing. The official name of
A shares of RMB common stock. It is within my company issued the same for domestic institutions, organizations or individuals (not including Taiwan, Hong Kong and Macao investors) to the subscription and trading of RMB common shares, in 1990, China's A shares a total of only 10 to the end of 1997, A shares increased to 720, A shares of total share capital of 164.6 billion shares, total market value of 1.7529 trillion yuan, with GDP ratio was 22.7%. A unit of volume in 1997 was 447.1 billion shares, the annual turnover amounted to 30,[link widoczny dla zalogowanych],295 billion yuan, China's A share stock market after several years of rapid development, has begun to take shape.
B shares of the official name of the yuan of special stock, which is based on the RMB value indicated in the subscription and trading of foreign currency in the territory (Shanghai, Shenzhen) stock exchange trading. It is limited to investors: foreign natural persons, legal persons and other organizations, Hong Kong, Macao and Taiwan of natural persons, legal persons and other organizations, to settle Chinese citizens in foreign countries. China Securities Regulatory Commission and other investors. Investment in Japanese stocks at this stage, mainly in the categories of institutional investors who cancel the letter. B share companies incorporated and listed in all the territory. Only outside investor in China or Hong Kong, Macau and Taiwan.
first day since the end of 1991, stocks?? Shanghai power vacuum in Japanese stocks since the previous release, after 6 years of development, China's share market has been on local market development by the China Securities Regulatory Commission that identity management systems market. The end of 1997 , China had 101 shares of stock at a total capital of 125 million shares, with a total market capitalization of 37.5 billion RMB 3 children with the A-share market share market size is much smaller in comparison. In recent years, China is still at stock and other derivative products to make some useful exploration. For example, in 1995, Shenzhen CSG successfully launched at the company shares, convertible bonds, China Merchants Shekou Port Service conducted a secondary listing in Singapore, the pilot, Shanghai and Shenzhen have also carried out four companies will be converted to an ADR on shares counter market transactions in the United States co-pilot and so on.
H shares, which registered in the Mainland, listed foreign shares in Hong Kong. Hong Kong English is HOngKOng, whichever prefix, foreign shares listed in Hong Kong called H shares. And so on, New York, the first letter is N, Singapore's first letter is S shares listed on the New York and Singapore are called N shares and for 5 shares.

What is the third

call auction? There are several steps which call auction?

Each trading day, any collection of securities bid auction and continuous auction is divided into two parts, the call auction is valid for all commissioned focus, Shenzhen and Shanghai cities in the call auction trading hours 9:15 am to 9:25. Call auction to complete four steps:
first step: to determine the effective commission in a case of price limits , the effective commission is so determined: Based on the previous day's closing price of the securities and only determined to calculate the rate of Change the day of the ceiling price, the lowest price. Effective price range is the only stock price ceiling, the lowest price among all the price. Beyond this limit the scope of the commission entrusted to be invalid, the system for automatic cancellation processing.
Step Two: Select the transaction price. First, the effective price range selected to produce the greatest volume of all entrusted to the price. If more than two such prices, then select the transaction price in accordance with the following rules:
(1) higher than the prices of all selected below the selected purchase price of commission and commission of all sales to all transactions.
(2) and select the same price all transactions must be entrusted to the party. Meet the above conditions, such as the price is still more, select from the recent market price yesterday.
third step : focus on matching commission to deal with all of the purchase price in accordance with the commission in order of highest to lowest, price of same into the system according to chronological order; all the sales commission by commission from low to high price order, price of same in accordance with the chronological order into the system. Order to buy individually commissioned by the top surface of matching transactions and selling commission, that in accordance with the \ The commission called the buy price, there is no limit or less than the selling price equal to the commission. All transactions are transactions in the same price.
Step: Quote revealed
(1) If the only securities trading volume is zero, it will reveal the transaction price for the opening,[link widoczny dla zalogowanych], the recent transaction price, high, low, and reveal the volume, Turnover.
(2) commissioned by the remaining effective in revealing the actual purchase price of the highest known price for the call to buy reveal if the highest bid does not exist is called , then called the purchase price revealed revealed empty; the actual selling price of the lowest selling reveal to reveal price, if the minimum selling price does not exist, reveal the selling price of revealing empty. Closing call auction in the commission failed to automatically enter the continuous auction.

the tenth chapter

stock

IX

securities Dictionary

Open: securities trading on the stock exchange, opened the first trading day is opened by opening were divided into high open low the peace open.
Open : Open is a security in exchange for each business day of the first transaction, the first trading day is the opening price. Provided by the Shanghai Stock Exchange, such as within half an hour after the market opened without a securities transaction, the day before the date of opening for the listing price. Sometimes for days without a securities transaction by the Stock Exchange, the trading of securities according to the customer the price of commission, provide guidance prices, prompting the opening price after the transaction as a. Listed on the first day of listing of securities traded on the day before the counter sale by the average price or the average offer price for the opening.
closing price: refers to a security's closing price the day trading activity in the stock exchange last transaction before the end of the transaction price. If no transaction date, then use the last transaction price as the closing price on the same day as the closing market price of the standard, but also the opening price the next trading day basis from which to predict future stock market prices; so investors in the market analysis,[link widoczny dla zalogowanych], commonly used as the basis for calculating the closing price.
number of transactions: the number of shares traded that day.
the highest price: the stock traded that day , the different prices are the highest transaction price.
Low: refers to the day, the lowest closing price of the different transaction price.
increased disk: closing price is much higher than the day before opening.
opened lower panel: is the closing price the previous day opening many.
disk file: the investors are not actively traded, and more on the sideline, so the day stock price volatility is very small, a condition called disk file.
order: after a period of sharp stock price is up or down, it begins to minor fluctuations, changes into the stable phase, a phenomenon known as the finish, finishing a major change in the next stages of preparation.
disk Kennedy: the share price to rise slowly, as disk Kennedy.
disk soft: slow down stock prices, known as disk soft.
upward: that is subject to strong bullish or bearish news, stock prices began to significantly beat . Gaps are usually major changes in the stock occurred before the beginning or end.
retreated: the process of stock prices is due to rise too quickly and fell back a temporary phenomenon.
rebound: the stock market is falling, the stock price fell too fast because sometimes, being picked up by buyers supporting surface phenomenon. Magnitude smaller than the rebound rate of decline, the downward trend resumed after the rebound.
turnover plots: is the number of stock trading all day.
Turnover: refers to the day, the total price of each stock transaction.
purchase price of the last call: this refers to the day after the close, the price buyers want to buy.
Last call for price: the day is closing, the seller's asking price.
long: on the stock market outlook is good, first to buy stock, so stock rose to a price, people who sell the stock make the difference.
short : is the stock price has risen to become the highest point, and soon will fall, or when the stock started falling, will continue into fall, investors sold to take advantage of high prices.
Change: the daily closing price the previous day's closing price comparison to determine the stock price is up or down. Parties in the transaction stage general bulletin board number with \
price: refers to the outcry of the lifting units. With the stock price high and low market price per share varies. The Shanghai Stock Exchange as an example: over the end price of 100 yuan per share price is 0.10 yuan; 100-200 yuan per share price is the price of 0.20 yuan; 200-300 yuan per share price is the price of 0.30 yuan; per share price of 300-400 price is 0.50 yuan; per share price is above the market price of 400 yuan 1.00 yuan;
consolidation: that the stock market often appears sluggish stock price hovering in the situation, not only do not increase in a period of time, nor down, Shanghai investors We call this the stiff prison.
placement: The company issued new shares, the shares by the shareholders of all ginseng to special (below market) to the shareholders to subscribe .
asking price, offer: the seller is willing to sell stock shares in the lowest price.
card market: some large banks and brokerage companies, stock exchanges set a large electronic screen at any time to provide the stock market .
profit and loss critical point: the stock exchange trading volume basis points more than it would be profitable, otherwise losses.
fill rate: the former ex-dividend, the stock market price is approximately equal to the market price before the ex-dividend is not declared dividends Giga will. Thus, after the announcement of dividend shares will rise. After ex-dividend, the share price often drops below the price before the ex-dividend. Difference between the two about equal to the dividend. If the dividend is completed, shares rose close to or above pre-ex-dividend stock price, the difference is made up of two, called the fill rate.
face value: that the company initially set the nominal value of the stock.
authorized capital: for example a company's authorized capital is 20 million yuan, but only 10 million yuan when opening it is enough for shareholders is fully paid up capital of 10 million yuan.
blue chips: refers to the capital, reputation of excellent stock issued by listed companies.
brokerage commissions: brokers and execute the instructions received compensation, usually a percentage of turnover.
bull market: also known as the bull market, that is, stock prices generally rising market.
bear market: stock prices showed a downward trend in long-term market, bear market, the stock was up a whopping changes. Also known as the bear market.
capital: the ownership of all shares on behalf of companies, including common and preferred stock.
capitalization of securities: ordinary shareholders holding shares in accordance with the ratio of new shares free of charge, also known as temporary shares or bonus shares.
and sold: the stock exchange trading transaction, the required delivery of the securities acts of the day called and sold.
more turning space: the original optimistic about the market's bull, views change, not only the hands of the shares sold, but also by the stock sold, this behavior is called the turn or turn an empty space.
flip over: those who had made short, to change their views, not only to sell the stock repurchase, but also to buy more stock, this behavior is called the flip and more.
buy empty: the expected stock price will rise, so buy the shares before the actual delivery, and then buy the stock to sell, the actual delivery charge difference or make up the difference when a speculation.
short: the expected stock price will fall, which sold shares in the event before the actual delivery, will be shown with has added the stock to sell, delivery, only to settle the difference of the speculation.
bad: share prices fell to favorable factors and short messages.
profitable: to stimulate the stock rose on favorable factors and long messages.
sky: is the stock price prospects look bad, borrowed stock to sell, or sell the stock futures , such as buying back a long time before the act.
short space: into a short-term bearish price, sell borrowed stock, short time to pay back the act.
long and more: It is long-term bullish on stock prices, that long-term stock price rising, so buy the stock long-term hold, so stock up after quite a long time to sell, profit gains behavior.
shorter and more: It is short term bullish on stock prices, buy stocks, if not up slightly from the selling price behavior.
fill empty: empty buy back previously sold off the stock behavior.
hanging space: is short grab a hat, short selling the stock, only to the end of the day stock prices fell, had high up into a loss. To kill more and more: It is generally believed that stock prices will rise the day, so grab the market cap of particularly long, but the price has not increased substantially, such transactions close, competing to sell, resulting in the case of the closing price fell sharply. Squeeze: It is generally believed that stock prices will fall that day, so hats are robbed short, but stock prices fell sharply, and last, not cheap to buy, had to compete to make progress before the close, but a significant increase in the closing price of the situation.
dead and more: a bullish stock market outlook, buying the stock, if stock prices fall, would rather put a few years, never enough money to never sell.
stuck: is the expected price rise, but, after buying the stock all the way down; or the expected stock price down, sell the stock, the stock price way up, said the former long hold-up, which is the short lock-in.
grab a hat: that day, then buy low and sell high or sell high then buy low, stock trading, the types and quantities are the same, make the difference from the behavior.
hat off: in the rush hat acts, called the cap off.
decapitated: this refers to grab bull hats, buy the stock, only to the end of the day stock prices to rise, but fell, had low
What is the first

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