As for the issue of price priority and time priority in stocks, I have been thinking about it for a long time and have not figured it out. Please give me some advice:

Basic concept of stocks: (careful summary)

A shares

Refers to the certificate issued by the company to prove the shares held by the shareholders.

B Shares of a Limited Liability Company

The entire capital of a limited liability company is divided into equal shares, and the shares of a limited liability company are held by the shareholders. A limited liability company has all its assets against the liabilities of the company.

The code of Carbon Bank

The trading code of Shanghai A shares starts from 600 or 601

The trading code of B shares starts from 900

Shenzhen The stock exchange's A-share trading code starts at 000

The B-share trading code starts at 200

The stock code for Shanghai's subscription of new shares starts at 730

The code for subscribing new shares on the Shenzhen Stock Exchange and the trading code of the Shenzhen Stock Exchange

The allotment code starts at 080 in Shenzhen on the Shanghai Stock Exchange and starts at 700

1, quotation unit< /p>

The minimum unit returned for the price change of A shares is 0.01 yuan. For example: If you want to buy Shenzhen Development, fill in the order price: 10.02 yuan, but you don’t need to fill in 10.002 yuan. The smallest unit of change in the B-share declaration price is 0.001 yuan (Shanghai Stock Exchange)

2. Price limit

The maximum 10% increase (or decrease) in the daily market price The closing price of the previous day

ST shares, ranging from 5% change

The IPO price on the day when the highest price increases limits the IPO issue price (+1000%), the lower limit is the issue price × (1-50%). But the rules of the price limit must be followed the next day.

3 IPO

When putting into service during the day, certain rules will be followed to limit the stipulated IPO price. Shenzhen City stipulates that the collective bidding range for new shares on the first day of listing is 150 yuan, and the continuous auction bidding range is 15 yuan for the latest transaction price. The price of new shares on the Shanghai stock market when the bidding range is 10% on the first day of continuous bidding.

4. First lot

A single lot is 100 shares. The principle of stock trading should be an integer multiple of one lot

Allotment will occur when there is a lack of "first lot" and so on 10 to get 3 shares. If you have 100 shares and 130 shares, you can sell 130 shares. . In other words, there is a lack of "first-hand" selling of odd shares.

5, current lot

Time of trading lot

6, T +1

T is the first letter of English trade (meaning transaction). There are two regulations in Shanghai and Shenzhen. Buy stocks on the same day and sell them the next day. If you sell stocks on the day when the transaction is confirmed, you can buy the stocks at the rate of return on that day.

7. Call auction

(How the opening price is generated) Trading started the day before, that is: 9:15 to 9:25 a.m., on the Shanghai and Shenzhen Stock Exchanges Buy and sell orders from investors began to be accepted. At the moment of the official opening at 9 o'clock on the 30th, the computer host of the Shanghai-Shenzhen Euronext began to match transactions, and the maximum number of each stock price determined the opening price of each stock. There is no call auction for the afternoon opening. Call auction NA: Subscription of new shares, rights issue, bonds.

Continuous bidding call auction

If the auction is completed at the lowest price, then the stock market has a continuous trading stage, so there is a continuous bidding. Collect unfilled buy and sell orders in the auction, continue to wait for the appropriate price transaction, and automatically enter continuous bidding. At this time, investors all over the country are still entering valid trading orders at the Shanghai and Shenzhen Stock Exchanges. The computer hosts of the Shanghai and Shenzhen Stock Exchanges, and the host computers are also constantly allowing investors to enter various valid and continuous trading orders across the country. Bidding matches buy and sell orders for transactions.

9. Fill in the form

Fill in "buy" or "sell". Some people say that allotment of money to buy, of course, to make up for the "buy". This allotment is in Shenzhen, fill in "buy". But in Shanghai stock market allotment, you should fill in "sell". "Selling" does not mean "selling" the rights issue, but "selling" the over-allotment option, the allotment.

10. Regulations on issuance of new shares

: When a listed company applies to issue new shares, in addition to complying with the regulations, the issuance of new shares by a listed company must also comply with the weighted average net profit ratio of the last three fiscal years. The return on assets is not less than 10% on average, and the return on weighted average net assets in the most recent fiscal year is not less than 10% on other conditions

① Directed issuance is issued to old shareholders and other investors.

(2) The bidding and issuance price is uncertain.

③Not applicable to additional investors and corporate bond issuance. Such as Shenzhen Konka;

④Only one fund is attached.

⑤Issuance ratio.

⑥Some extras.

⑦ Online synchronization mid-range price.

11. Seeing more than expected stock price increases, bullish investors are optimistic about the stock market's prospects.

Short-term investors who are bearish on the expectation that stock prices will fall and are bearish on the prospects of the stock market.

Whether the stock price rises at the expected level, wait and see stock market investors

On the 12th, diving is a metaphor for the stock market decline

13 Lu

Refers to the speculative atmosphere in the stock market. Like deer, speculators who frequent short-term speculation ran away when they saw Li.

On 14, the gap was higher than yesterday's opening price, the highest price.

The opening price gapped lower than yesterday's lowest price.

The opening price of the gap exceeds the highest price, and yesterday's opening price is lower than yesterday's lowest price.

15, Golden Cross

The term in the technical analysis of golden cross. Refers to the short-term moving average passing through the medium-term moving average or the short-term and medium-term moving average passing through the long-term moving average trend chart at the same time.

16. The market opening is specific to the buying and selling of individual stocks. There are 5 trading information.

On the 17th, the committee commissioned the number of buyers to enter the Stock Exchange, and the host wanted to buy a stock. The number of buyers behind the five-position committee displayed on the sales department's terminal computer is invisible to ordinary investors. For example, current investors see buy one, two, three, four, five, different prices reveal the number of shares they want to buy.

Enter the lot size of the stock you want to buy into the Euronext host. The terminal computer displays the number of lots sold by the five-position commission to the sales committee behind which the average investor does not see the sales department. As investors see sales at one, two, three, four, and five, it reveals the different price levels of lots of stock that people are looking to sell.

18. Appointment Ratio

Committee on the number and ratio of buyers, calculated by the difference between the number of lots appointed for selling and the number of appointed buyers and appointment Lots for sale, and revealed the current entrusted transaction trends

45.95% said that the purchasing power of Shenzhen Development Bank was higher than the sales price

On the 19th, price priority, time priority stock trading , many investors must be organized in accordance with the rules of "price priority, time priority" when buying and selling stocks.

20. In the recruitment stage market (issuance market) stocks, issuance, and circulation markets are not listed. < /p>

After the shares are issued in the secondary market (circulation market), the company's shares are listed for trading on the market.

On the 21st, the stock index is generally used to reflect the macro aspect. The trend of the stock market itself changes. The preparation principle is: the ratio of the stock market value on one day to the market value on the stock base day. For example, the base day of the stock index is set on December 19, 1990, and the real-time index = the previous day. closing index 4899.142 billion yuan. The calculation formula is: Index = 1496.52×[18] = 1496.60 48991.42÷48988.71. It increased by 0.08 points from February 18 to February 17

22 component index

Starting from January 3, 1995, to the release on February 20 of the same year, the Shenzhen Component Index was compiled in real time, because 2/3 of the equity capital did not flow into China's stock market composite index. , it is very scientific to reflect the changes in the stock market, and the component index is prepared based on the circulating shares, there is a certain rationality: "who calculates the cycle."

On March 23, the price-to-earnings ratio = stock price/earnings per share

Reflects the relationship between the company’s stock price and the after-tax profit per share. The calculation formula is the company’s stock price, the company’s tax per share Profit (earnings per share) as a proportion of the closing price. The closing price of North Asia Group (600705) in 2002 was 6.20 yuan. The earnings per share in 2002 was 0.165 yuan. Therefore, at the end of 2002, the price-to-earnings ratio of the stock price was 37.58 times (6.20÷0.165). Because stocks change every day, earnings per share are only calculated once a year. Coupled with the problem of non-tradable shares, the price-to-earnings ratio is unscientific as the only criterion for measuring the stock market. In addition, loss-making stocks do not calculate the P/E ratio.

On the 24th, book value = price/book value per share (more important)

Net capital reserve fund, capital public welfare fund, statutory surplus reserve fund, discretionary reserve fund, undistributed surplus items , also known as net worth stocks. The book value per share is calculated by dividing the net amount by the company's total equity. Calculated based on book value per share (earnings per share price-to-earnings ratio), the book's value is equal to the closing price divided by the net value per share. North Asia Group (600705) had a closing price of $6.20 in 2002 and a book value of $2.725 per share in 2002. Its book value was 2.275 times.

25. Transfer of custody

For investors who buy and sell stocks in a sales department, they must go through the procedures of transfer of shares to custody. Plan (go to B sales department from A sales department):

1 (B sales department) open an account for the transferee, and record the name of the business department B and the seat number.

The transferor (sales department) fills out the "Toglin Application Form".

The next day, check whether the stock has arrived at B’s sales department.

4. The Shanghai stock market needs to designate a trading business department, and sales department B will handle the designated transaction again.

On the 26th, ex-dividends ex-dividends (XD, XR, DR) in English do not include dividends, or XD. English EXCLUSION RIGHT (XR). If it is ex-dividend and ex-right, it is abbreviated as DR.

If a stock is ex-dividend today, the stock is marked with XD before its name; if the stock is ex-dividend today, the stock is marked with XR before its name; if the stock is ex-dividend and ex-rights, the stock is marked with DR name.

On the 27th, N shares the first letter of the new meaning of N in English. The reason is the difference between the new shares on the first day of listing and the new shares N.

28, roadshow

Literal translation of English roadshow. Refers to consultation with shareholders of a listed company's shares, the company's leadership and underwriters regarding investor issues. Nowadays it is generally done via the Internet.