Word problems in stocks

Question 1: In that trend curve (white, purple, green, and yellow), what do the curves of each color represent?

White-5-day line

Purple 20-day line

Green 30-day line

Yellow 10-day line

Question 2: What does the total number of current hands and the total number of external and internal prices represent

Total hands: How many lots are there in one *** (1 lot = 100 shares)

Current hands: General Refers to the number of lots currently held

Total transactions: how many transactions

External market: buy

Internal market: sell

Question 3 : In the right basket, what do the colors (red and green) of the outer market and the inner market represent?

Buying represents red

Selling represents green

Question 4 : What does buy and sell mean?

Buy

Sell

Question 5: Shanghai Composite Leading Shenzhen Composite Leading Small and Medium-sized 180 300 Index What does it mean?

Shanghai Stock Exchange 180 is the index 300 calculated by selecting 180 stocks on the Shanghai Stock Exchange. This is also true

Question 6: What is the blue line in the curve?

60-day line

Question 7: What is the retail line?

Retail investor line is one of the characteristic indicators of Great Wisdom stock softness.

Principle:

This indicator gives the retail investor line value. By observing the increase or decrease of retail investor value Changes can help us understand the main operating behavior.

Usage:

1. The stock price fluctuates and consolidates at a relatively low level, and the value of retail investors gradually decreases, indicating that the main force is quietly building positions and can decisively intervene when it rises.

2. As the stock price continues to rise, the value of retail investors continues to decrease, indicating that the main force is still collecting chips. The stock will have a big market, so you can buy on dips and hold shares in the swing band.

3. The stock price has risen and the value of retail investors has increased significantly, indicating that the main force should take profits in a timely manner when raising shipments.

4. The stock price is consolidating at a high level, and the value of retail investors has increased significantly, indicating that the main force is shipping.

Note: It is necessary to comprehensively study and judge the value of retail investors based on the history of stock price trends, so as to analyze the main operating behavior. Pay attention to both the change in direction and the magnitude of the change. Special attention should be paid to the fact that high-control stocks cannot copy the above usage simply and mechanically. Used in conjunction with the control line.

Characteristics of retail investors

Retail investors mainly refer to investors with small financial strength. Their funds for entering the market are generally about 30,000 to 50,000 yuan or even lower, and they are basically composed of working-class people. composition. There are a large number of retail investors, accounting for about 95% of the total number of investors. Those who engage in stock trading in the trading hall of the securities business department are generally retail investors. Due to limited funds and large numbers of people, the behavior of retail investors in stock market transactions is obviously irregular and irrational, and their emotions are easily affected by market conditions and atmosphere. Since retail investors are basically amateur investors, their power is weak, their time and energy are not guaranteed, and their professional knowledge and investment skills are relatively poor. Therefore, retail investors often become the targets of large institutional investors in stock market investments, and their loss ratio is much higher. Much higher than the big ones.

Retail investors: Ordinary investors with small funds who buy and sell stocks in small quantities.

Large investors: Investors who have relatively large amounts of funds in their hands, invest heavily in the stock market, and buy and sell stocks in large numbers.

Institutions: legal persons engaged in stock trading such as securities companies, insurance companies, etc.

Market maker: refers to a large player who has strong power and can affect the price of a certain stock by buying and selling a large amount of it.

More than 500,000 yuan can be called a large account, and large accounts can enter the large account room. If there are tens of millions of large accounts, the securities company will reduce the commission to attract customers to increase trading volume. If possible, the person in charge of the securities company will host a banquet for customers to thank them for their support of the company.

Question 8: What is VOL? What do the top MA5 MA10 on the daily line mean?

Vol refers to trading volume, where {5 10 20} refers to the 5, 10, and 20-day moving average lines respectively.

Yellow line in the chart - 5-day moving average;

Purple line - 10-day moving average;

White line - 30-day moving average;

Pillars: red means that the stock price rose on that day, green means that the stock price fell on that day

MA is the 5-day line

MA10 is the 10-day line

Question 9: BIAS CCI KDJ Wamp; R What does the main entry and exit of MACD mean?

BIAS: Deviation rate, referred to as Y value, is a technical indicator derived from the moving average principle. Its function It is mainly formed by measuring the degree of deviation of the stock price from the moving average during the fluctuation process, so as to determine the possible retracement or rebound caused by the deviation of the stock price from the moving average trend when the stock price fluctuates violently, and the movement of the stock price within the normal fluctuation range. Maintain the credibility of the original trend.

The market measurement principle of deviation is based on the principle that if the stock price deviates too far from the moving average, no matter whether the stock is above or below the moving average, it is likely to trend towards the average. The deviation rate represents the percentage value of the stock price deviating from the trend indicator.

1. Calculation formula

Y value = (closing price of the day - moving average closing price within N days)/moving average closing price within N days × 100%

Among them, N days are the establishment parameters, which can Set up the moving average according to the number of days you choose. Generally, it is set as 6 days, 12 days, 24 days and 72 days. It can also be set as 10 days, 30 days and 75 days.

2. Application Principles

The deviation rate is divided into positive deviation and negative deviation. When the stock price is above the moving average, the deviation rate is positive, otherwise it is negative. When the stock price is consistent with the moving average, the deviation rate is 0. As the stock price moves up and down, the deviation rate shuttles above and below 0 points repeatedly, and its value has a certain market testing function for future trends. Generally speaking, when the positive multiplier rises to a certain percentage, it means that short-term bulls are more likely to take profits, which is a selling signal; when the negative multiplier drops to a certain percentage, it means short covering. The greater the possibility, the more likely it is to be a buy signal. There is currently no unified principle as to what level of ride-off ratio is the correct buying point or selling point. Users can use their experience in chart observation to judge the strength of the market and draw comprehensive conclusions. Generally speaking, in a rising market, if you encounter a negative divergence rate, you can buy along the falling price, because the entry risk is small; in a declining market, if you encounter a positive divergence, you can sell your holdings when the price rebounds. .

Since the stock price has different deviation rates relative to the moving average of different days, except for the sudden rise or fall that will cause the deviation rate to reach a high percentage instantly, the short, medium and long-term deviation rates generally have regular patterns. follow. The following is the reference data for foreign moving averages of different days to meet the trading signal requirements:

The deviation of the 6-day average: -3% is the buying opportunity, +3.5 is the selling opportunity;

12-day average deviation: -4.5% is a buying opportunity, +5% is a selling opportunity;

24-day average deviation: -7% is a buying opportunity, +8% It is the time to sell;

The 72-day average deviation: -11% is the time to buy, +11% is the time to sell.

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CCI: (Commodity Channel lndex) Chinese name: Homeopathic Indicator

This indicator was created by Donald Lambert and specifically measures whether the stock price has exceeded the normal distribution range. It is a special kind of overbought and oversold indicators, fluctuating between positive infinity and negative infinity. However, it is not necessary to use 0 as the central axis. This is also different from the indicator that fluctuates between positive infinity and negative infinity. However, every overbought and oversold indicator has an "antenna" and a "ground". Except for the indicator with 50 as the central axis, the antenna and ground lines are 80 and 20 respectively, the positions of the antennas and ground lines of other overbought and oversold indicators must vary according to different markets and different individual stock characteristics.

The antenna and ground wire directions of the unique CCI indicator are +100 and -100 respectively. This is not only a unique insight of the original author, but also very different in meaning from the antenna ground lines of other overbought and oversold indicators. Readers must have a good understanding of his principles in order to make a comprehensive and complete application of CCI and the BOLLINGERBANDS and ROC indicators to be introduced in the following chapters.

What is the overbought and oversold indicator? As the name suggests, "overbought" means that the ability of buyers has been exceeded, and the number of people buying stocks exceeds a certain percentage. Then, according to the "anti-mass psychology", stocks should be sold in the opposite direction at this time. "Oversold" means that the seller has oversold the stock. When the number of people selling the stock exceeds a certain proportion, the stock should be bought instead. This is the anti-market and anti-mass theory that is often the most valued under normal market conditions. However, if the market is unusually strong, the overbought and oversold indicators will suddenly lose direction, the market will continue to advance, and the masses seem to have lost control. For this disordered behavior of stock prices, the CCI indicator provides different perspective view.

According to the principle of wave theory, the stock price moves forward in 5 waves. When it develops into the final 5th wave stage, whether it is an upward wave or a downward wave, it is the time when the market fluctuations are the most ferocious and violent. The masses go crazy without reason, and the stock price accelerates to complete the largest increase in a very short period of time. fluctuation.

Some investors want to buy and sell stocks within the safest range. However, for some investors who are more adventurous and gambling, they would rather choose to intervene in the fast and profitable market in a high-risk environment. This kind of market is often full of glares. You have to bet quickly and escape quickly! It can make people gamble happily and give investors with strong gambling a sense of pleasure of cutting through the mess with a quick knife.

The overbought and oversold indicators ranging from 0 to 100 are specially designed for normal market conditions. Then, the CCI indicator is specially designed to deal with extreme market conditions. In other words, under normal market conditions, the CCI indicator will not work. When CCI scans for abnormal stock price fluctuations, fighter jets immediately take off to fight, and they are determined to fight quickly. The victory or defeat will be determined immediately. Even if the bet loses, they must speed up and escape immediately!

Attention! The "antenna" of CCI is +100, and the "ground" is -100. This range may also change slightly due to changes in the nature of individual stocks. This depends on readers' careful observation and addition or deletion. However, in general there won't be much difference.

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KDJ: The Chinese name is stochastic index, which originated from the futures market.

The application rules of the KDJ indicator. The KDJ indicator is three curves. When applying it, it is mainly considered from five aspects: the absolute number of the KD value; the shape of the KD curve; the intersection of the KD indicator; the KD indicator Divergence; the value of the J indicator.

First, consider the value of KD. The value range of KD is 0 to 100, which is divided into several areas: above 80 is the overbought area, below 20 is the oversold area, and the rest are wandering areas.

According to this division, if KD exceeds 80, you should consider selling, and if KD is below 20, you should consider buying. It should be noted that the above division is only a preliminary process of applying the KD indicator and is only a signal. It is easy to cause losses if you operate entirely according to this method.

Second, consider the shape of the KD indicator curve. When the KD indicator forms a head and shoulders pattern and multiple tops (bottoms) at a higher or lower position, it is a signal to take action. Note that these forms must appear at a higher or lower position. The higher or lower the position, the more reliable the conclusion.

Third, consider the intersection of KD indicators. The relationship between K and D is just like the relationship between stock price and MA. There are also issues such as death cross and golden cross. However, the application of cross here is very complicated and comes with many other conditions.

Take K crossing D from bottom to top as an example: K crossing D above is a golden cross, which is a buy signal. But whether you should buy the golden cross depends on other conditions.

The first condition is that the position of the golden cross should be relatively low, in the oversold zone. The lower the better.

The second condition is the number of intersections with D. Sometimes in the low position, K and D have to cross back and forth several times. The minimum number of crossovers is 2, and the more, the better.

The third condition is the position of the intersection point relative to the low point of the KD line. This is the often said "right-side intersection" principle. K only intersects D when D is already looking up, which is much more reliable than intersecting D when D is still falling.

Fourth, consider the divergence of the KD indicator. When KD is at a high or low level, if there is a deviation from the stock price trend, it is a signal to take action.

Fifth, the value of J indicator exceeds 100 and is lower than 0, which belongs to the abnormal area of ??price. Greater than 100 means overbought, and less than 0 means oversold.

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Wamp; R: William Index uses swing points to measure the oversold phenomenon of the stock market. It can predict the high or low points within the cycle period, thereby proposing efficient investment signals, %R=100- (C-Ln)/(Hn-Ln)×100

Among them: C is the closing price of the day, Ln is the lowest price in N days, Hn is the highest price in N days, and N days in the formula are optional parameters. , usually set to the 14th or 20th.

The calculation formula of William Index is the same as that of Strength Index and Stochastic Index. The calculated index value fluctuates between 0 and 100. The difference is that the smaller the value of William Index, the stronger the buying momentum of the market. , on the contrary, the greater the value, the stronger the selling pressure in the market. When applying the William Index, the following basic rules are generally adopted:

(1) When the %R line reaches 80, the market is in an oversold condition and the stock price trend may bottom out at any time. Therefore, the horizontal line of 80 is generally called the buying line, where investors can wait for opportunities to buy; on the contrary, when the %R line reaches 20, the market is in an overbought condition, and the trend may be about to peak, and the horizontal line of 20 is called the buying line. is the selling line.

(2) When %R climbs up from the oversold zone, it indicates that the market trend may turn. Under normal circumstances, when %R breaks through the 50 central axis, the market turns from a weak market to a strong market, which is A buying signal; on the contrary, when %R falls downward from the overbought zone and falls below the 50 central axis, it can be confirmed that the strong market has weakened, which is a selling signal.

(3) Due to changes in the momentum of the stock market, overbought can be overbought again, and oversold can be oversold again. Therefore, when %R enters the overbought or oversold zone, the market situation is not certain. Turn around immediately. Only when it is confirmed that the %R line has turned significantly, falling below the sell line or breaking through the buy line, can it be a correct buying and selling signal.

(4) When using the William Index to develop market trends, it is best to use the Strength and Weakness Index for verification at the same time. At the same time, when the %R line breaks through or falls below the 50 central axis, it can also be used to confirm whether the signal of the strength index is correct. Therefore, if users can correctly apply the William Index and give full play to its complementary function with the Strength Index in developing strong and weak markets and overbought and oversold phenomena, they can make a clearer judgment on the general trend.

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MACD: It is developed based on the advantage of the moving average that it is easier to grasp the direction of trend changes. It uses two different speeds (one changes at a fast rate - short-term moving average, and the other is slower - long-term The exponential smooth moving average of the moving average) is used to calculate the difference (DIF) between the two as the basis for judging the market, and then the 9-day smooth moving average of its DIF is calculated, that is, the MACD line. MACD actually uses the signs of the convergence and separation of fast and slow moving averages to judge the timing and signals of buying and selling.

1. The basic application method of MACD

In application, MACD uses the 12th as the fast moving average (12th EMA) and the 26th as the slow moving average (26th EMA). First calculate Find the values ??of these two moving averages, and then calculate the difference between the two values, that is, the difference (DIF) = 12-day EMA - 26-day EMA. Then based on this difference value, calculate the 9-day EMA value (that is, the MACD value); draw lines for the DIF and MACD values ??separately, and then analyze according to the "staggered analysis method". When the DIF line breaks through the MACD smooth line upward, it is an upward trend. The confirmation point is the buy signal. On the contrary, when the DIF line falls below the MACD smooth line, it is the point where the decline is confirmed, which is a sell signal.

In addition to confirming the mid-term uptrend or downtrend, the MACD theory can also be used to identify short-term reversal points. In the graph, you can observe the straight-line column with a long vertical distance between the DIF and MACD lines (the algorithm of the straight-line bar is very simple, just subtract the MACD line from the DIF line). When the straight line bar starts to get smaller from the larger one, it is a sell signal. When the straight line bar starts to get bigger from the smallest (the largest negative number), it is a buy signal. Therefore, we can judge the short-term reversal point based on the straight line bar.

Generally speaking, in a sustained upward trend, the 12-day EMA is above the 26-day EMA, and the positive difference (+DIF) will become larger and larger. On the contrary, in a downtrend, the difference value may become negative (-DIF), and the negative difference value becomes larger and larger, so when the market begins to reverse, the positive or negative difference value will shrink. MACD theory, that is, the positive and negative differences will be narrowed. MACD theory uses the intersection of the positive and negative deviations with its 9-day smooth moving average as the basis for judging buying and selling signals.

2. Calculation method

(1) Calculate the smoothing coefficient

One of the biggest strengths of MACD is the smooth movement of its indicator, especially for some violently fluctuating markets. This smoothness The characteristics of movement can describe the price fluctuations more gently, thus greatly improving the practicality of the data. However, before calculating EMA, the smoothing coefficient must first be obtained. The so-called coefficient is the unit number of the moving average period, such as days, weeks, etc. The formula is as follows:

2

Smoothing coefficient =——————————

Number of period units + 1

22

For example, the smoothing coefficient of the 12-day EMA is————=——=0.1538;

12+113

2

26 The daily EMA smoothing coefficient is——=0.0741

27

(2) Calculate the index average (EMA)

Once the smoothing coefficient is obtained, It can be used for the calculation of EMA. The formula is as follows:

Today’s index average = smoothing coefficient × (today’s closing index – yesterday’s index average) + yesterday’s index average.

The 12-day EMA can be calculated according to the formula

2

The 12-day EMA = - × today's closing index - yesterday's index average) + yesterday's Index average.

13

211

=—×Today’s closing index +—×Yesterday’s index average.

1313

Similarly, the 26-day EMA can also be calculated:

225

The 26-day EMA =—×Today’s closing index + Yesterday’s closing index +—× Yesterday’s index average.

2727

Due to the different sizes of daily market fluctuations, it is not suitable to calculate the moving average based on the daily closing price, so the demand index (DemandIndex) was created. The Nai-Light Demand Index represents the daily closing index.

When calculating, the weight of the most recent day is increased (twice), that is, the more recent data is given a larger weight. The calculation method is as follows:

C×2＋H+L

DI＝————————

4

Among them, C is the closing price, H is the highest price, and L is the lowest price.

So, today’s closing index in the above formula can be replaced by the demand index.

(3) Calculate the initial value of the index average

When you start to keep a continuous record of the index average, you can use the closing price or demand index of the first day as the Initial value for exponential averaging. If you want to be more precise, you can average the closing prices or demand index in recent days and use the average price as the initial value. also. The selected number of period units can also be used as the base period data for calculating the average.

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DEA\DIEF:

When both DIFF and DEA are positive, that is, when they are both above the zero axis, the general trend is a bull market. If DIFF breaks through DEA ??upward, you can buy.

When both DIFF and DEA are negative, that is, when they are both below the zero axis, the general trend is a short market. If DIFF falls below DEA, it can be sold.

When the DEA line deviates from the K-line trend, it is a reversal signal.

DEA has a higher error rate during the game, but if it is combined with RSI and KD, it can make up for the shortcomings appropriately.

Analyzing the MACD histogram, when it changes from positive to negative, it often indicates the time to sell, and vice versa, it is often a buy signal.

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The main entry and exit: The main force in the stock market refers to investors with huge amounts of funds. In terms of composition, they include most institutional investors, and of course there are also a small number of individual investors, commonly known as "big investors." In a period when the market capacity is small, the advance and retreat of the main players can usually affect the ups and downs of the general trend. Today, with the continuous expansion of market share, big funds can at most have an impact on the rise and fall of individual stocks or a few sectors. Since the investment behavior of the main players is usually related to the ups and downs of stock prices to a certain extent, studying the main trends will have a lot of reference value for small and medium-sized investors when choosing investment objects.

A few years ago, there was a transaction return system called "Dragon and Tiger List" that was very popular. Investors can dynamically discover the movements of some major institutions and their positions in some stocks. By observing the increase or decrease in positions at a stage, we can clearly understand the main force's intentions. Later, due to improvements in stock transaction return technology, fewer and fewer institutional accounts could be monitored by this "dragon and tiger list". After 1996, there were changes in investment philosophy, and the investment method that used the main trends as the main reference for buying and selling stocks was gradually forgotten by people. Today, the trends of institutional investors are becoming more and more hidden, and at this moment, it is increasingly difficult to grasp the trends of institutional investors from public information. To sum up, there are roughly four channels left to reflect the main trends - 1. "Shareholding status of the top ten shareholders" in listing announcements, annual reports, and interim reports. This kind of information is basically released every six months, with a long time interval. In addition, the specific release time of annual reports and interim reports is some distance away from December 31 and June 30 each year, so their reference value must also be discounted. But from another perspective, since most of the inflows and outflows of large funds cannot be completed in a short period of time, combined with the fluctuation trajectory of the stock price in half a year or a year, as well as the "top ten shareholders' shareholdings" between institutional investors and The changes in the positions of "big investors" can still be analyzed to reveal the phased increase or decrease in positions of the main players in some stocks.

Since the '99 interim report, when this part of information is published in the annual reports and interim report summaries of listed companies, the relevant information has been improved and strengthened. Most institutional holdings can be distinguished whether they are tradable. At the same time, among the 10 largest shareholders It is also required to disclose whether there are related relationships. In Hongqiao Airport's 1998 annual report, the second to fifth largest shareholders were Nanpeng Industrial, Beijing Nanzheng, Guangzhou Nanjing, and Nanjing Company. Public opinion was criticized for not disclosing the full name of the organization and not specifying whether there was any related relationship. And raise questions. As of Hongqiao Airport's 1999 interim report, 4 of the 10 largest shareholders are JAC Investment, Xinhuai Technology, Huaihai Investment and Nanjing Xinhuai with similar names. At this time, they have been marked as "unrelated."

2. Investment portfolios released quarterly by securities investment funds. When securities investment funds choose investment objects, they will have different investment philosophies. Some focus on growth stocks, and some focus on index stocks. At the same time, when securities investment funds participate in an individual stock, they will have different investment philosophies. There is a cap, plus the portfolio must be published regularly. In this way, the trends of securities investment funds, an important part of institutional investors, can be accurately grasped. There is also a gap between the investment portfolios released quarterly by securities investment funds and the actual time. However, if the shareholdings of securities investment funds in the "shareholdings of the top ten shareholders" in some companies' annual reports and interim reports are compared with the shareholdings of securities investment funds based on Combining the investment portfolios released quarterly, the time interval can be shortened from every six months to every three months, which is also very effective in judging the future stock price trends of those funds' heavy holdings. If the funds invested in buying a certain stock in the announced investment portfolio are close to the prescribed upper limit, it at least means that there is little room for the securities investment fund to significantly increase its holdings of this stock again in the future. Once this stock accelerates its rise in the future and lacks effective trading volume, it should arouse alarm. At least this foundation can cash out its holdings at any time, and this is the day it has been waiting for. In the first quarter of this year, the Internet stocks held by many funds have reduced in weight to varying degrees compared with the end of last year. This is related to the surge in Internet stocks at the beginning of the year. In fact, in the Internet stock market after early March, most indicators The rise in Internet stocks has obviously lacked effective cooperation with trading volume, which shows that the main funds cannot follow up in time, and the stock price is not far from a short-term high and a correction.

3. Public trading information of securities with an increase or decrease of more than 7% released by the exchange. This information mainly reflects which trading seat the main force uses to buy and sell a stock. Investors can judge the concentration of chips in the hands of the main force through the correlation between each seat. Of course, this information also has shortcomings, that is, it only discloses the transaction amount, but not the specific number of lots. Investors can only make rough calculations based on the average transaction price of the stock on that day; in addition, the transaction amount does not show the number of purchases and sales. The direction, whether it is accumulating money or selling, must be comprehensively analyzed based on its handicap characteristics to draw a conclusion. On June 8 this year, the transaction volume of Zhengzhou Coal and Electricity was 307.59 million yuan. According to public information, the three seats of Cinda Trust were sold for 134.76 million yuan, 68.63 million yuan, and 28.48 million yuan respectively. This information at least tells people where the main activities are. The situation of their funds and chips can also be seen.

In the use of this type of information, whether the distribution of transaction amounts among the five major trading seats is balanced and whether the total transaction amount accounts for the proportion of the stock's transactions on that day are worthy of further analysis, and sometimes some clues can be found from it. Useful information. On June 2 this year, Henan Star's stock price reached its daily limit. Public information showed that the first three seats, Haitong Nanjing Chengbei, had a transaction of 24.82 million yuan, Taizhou Trust Huangyan had a transaction of 17.36 million yuan, and Haitong Zunyi had a transaction of 10.25 million yuan. However, the total transaction of the stock that day was only 42.54 million yuan. Yuan, it seems that the concentration of chips in this stock is relatively high.

4. Other statistical data of the exchange. This mainly refers to the statistical analysis information published on the Shenzhen Stock Exchange website. The shareholder shareholding distribution and stock transaction distribution data will reveal some very useful information.

In the "Shareholders' Shareholding Distribution" column, the number of shareholders holding more than 100,000 shares and the shareholding ratio are important information that reflects the main positions, while the "Stock Transaction Distribution" can reveal whether there are any transactions during the transaction process. The main force moves in and out frequently. Although this set of information cannot tell people who the "main force" is, it can reflect the trajectory of the main force's phased activities from one aspect. Due to the lack of flexibility in the entry and exit of large funds, their investment strategies will be different from those of investors with relatively small amounts of funds. Especially after 1996, the "awakening" of investment concepts caused institutional investors to change their past practice of only relying on financial advantages to influence stock prices, and began to focus on the study of the fundamentals of listed companies, and their investment strategies also began to focus on medium and long-term operations. Therefore, although the above-mentioned information channels cannot be compared with the "Dragon and Tiger List" in terms of timeliness and accuracy, they can still provide a very valuable reference for small and medium-sized investors to grasp the main trends.

For small and medium-sized investors, although they do not have the ability to conduct research on listed companies like institutional investors, they can grasp the trends of institutional investors through some public information. Take "Acheng Steel" (now renamed as "Kelihua"), one of the big bull stocks in recent years, as an example. Among the "top ten shareholders" of the stock's 1997 interim report, "Cathay Corporation" and "Cathay Securities" appeared. "; In the '97 annual report, the number of shares held by "Cathay Securities" increased, and "Zhentai Industrial" (the third largest shareholder) appeared at the same time; in the '98 interim report, the fund Jintai appeared, and in addition, "Zhang Yunfan" who appeared in the listing announcement ", "Xu Zhenqing", "Wang Xinfeng", "Wang Chonghua" and other A-prefixed accounts "reappeared" at the same time. Whether they are institutions or "big households", to sum up, the "main force" has frequent activities and is comprehensive. With no intention of quitting, combined with a series of asset restructuring actions on the company’s fundamentals, it’s clear that it looks like a “dark horse”.

The study of main trends belongs to the same category of securities investment analysis as basic analysis and technical analysis. In practical application, like other analysis methods, you first need to understand its shortcomings and problems. It cannot be solved. The second step is to constantly summarize in actual combat and combine some regular things with the actual operating characteristics of the stock market, so that they can be effectively used to guide people's investment activities.

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F shares are common stocks issued and listed overseas by Chinese joint-stock companies. Net worth refers to book value, which is the actual value contained in the stock. Book value represents the actual assets owned by each share of stock and is therefore generally regarded as the lowest price for a listed stock. Market value refers to the price of a stock in the market after it is listed, which can be divided into the issue price and the transaction price.

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F-share premium rate: It is the ratio by which the issue price of common stocks issued and traded overseas by Chinese joint-stock companies exceeds the net asset value per share.

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Retail account line: It is the increase and decrease curve of the number of retail investor reviews. It reflects the main capital in and out activities through the upward and downward trends of the retail account line. When the retail investor line rises, funds leave the market and chips are dispersed; when the retail investor line drops, funds enter the market and chips are concentrated.

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Full circulation price comparison , Price-to-book ratio comparison, Price-to-earnings ratio comparison: Judging from the current situation, after the share-trading reform is carried out and full circulation is achieved, the stock price will decline, and the corresponding price-to-book ratio and price-to-earnings ratio can be effectively reduced.

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Average net price after conversion: This term is very vague. I don’t know whether it is a conversion to increase share capital or a conversion of non-tradable shares into tradable shares?

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Large order: It is one of the most significant features of the main force pushing up stocks. It is easy to find such short-term changes during the day. We often see that certain stocks will suddenly trade a very large amount during the day. After placing a buy and sell order, the stock price changed significantly, and the intraday transactions immediately became active. After a period of fierce competition, the stock price finally chose the direction of breakthrough.