How to treat the domestic stock market?

Since 2006, the China stock market has picked up, attracting a large number of investors. Especially from June to May, 2007, the number of newly opened accounts in Shanghai and Shenzhen stock markets hit record highs. In a short period of time, 80 million households, 90 million households and 65.438 billion households were repeatedly broken. From white-collar workers in the company to ordinary workers, from retired people to housewives ... "Talking about stocks and discussing money" has become the hottest topic in the streets. The first sentence that many people meet is: "Has the stock gone up?" Some families go into battle, some sell houses and borrow money to stock ... Many people exclaim: "This is an era of stock trading for all!" Then, what is the stock market, how to treat the risks of the stock market, how to make good use of the stock market to manage money, and how to be a rational investor in the rapidly changing stock market? What is the stock market 1986 1 1? A Sino-US financial seminar was held in Beijing. At that time, Comrade Deng Xiaoping met with Van Erlin, chairman of new york Stock Exchange who attended the meeting. Van Erling brought two special gifts: NYSE badges and securities samples. To Fan Erlin's great surprise, Comrade Deng Xiaoping returned a more special gift: the first stock in China just listed-the stock of Shanghai Le Fei Audio Company. For a time, foreign news reported in succession: "China shakes hands with the stock market!" Today, more than 20 years later, Chinese people have become an important channel for many people to manage their finances. Hundreds of millions of people are watching the stock market rise and fall every day, and hundreds of billions of dollars are flowing in the stock market every day. The so-called stock market is also the market where stocks are issued and traded. To understand the market, we should start with the emergence and development of the stock system. With the development of socialized mass production, it is difficult to meet the huge capital demand of enterprise development, whether it is the producer's own capital accumulation or limited loan capital. Therefore, the method of raising funds by issuing stocks and establishing a joint stock limited company, that is, the shareholding system, appeared. When a person buys shares in a company, he becomes a shareholder of the company. He bears limited liability to the company, takes risks and shares profits within the limit of his capital contribution. Stocks are liquid. If the stock holder is in urgent need of cash or wants to convert into other securities, he can sell the stock, which leads to stock trading. The need of securities trading naturally gave birth to the securities trading market. As early as 16 1 1, businessmen bought and sold shares of overseas trading companies in Amsterdam, the Netherlands, forming the embryonic form of the stock exchange. 1773, the first British stock exchange was formally established in London. 1792, the New York Stock Exchange was born. After the 20th century, the stock markets of developed capitalist countries in the world developed rapidly and played an increasingly important role in economic life. The history of China stock can be traced back to the Westernization Movement in19th century. At that time, a number of joint-stock enterprises jointly organized by officials and businessmen appeared in China. China Merchants Steamship was founded in 1873 and issued the earliest stock in China. 19 14, China Beiyang government promulgated the Stock Exchange Law, and in19/0/7, the Beijing Stock Exchange was established. Before coming to War of Resistance against Japanese Aggression, there were more than 100 listed stocks. But after many twists and turns, the stock market has never developed. For a long time after the founding of New China, the shareholding system was excluded as a unique thing of capitalism. Since the reform and opening up, with the deepening of the economic system reform, we have a new understanding of the nature and function of the joint-stock system, and began to break through the ideological imprisonment of the joint-stock system, and the stock market came into being again. 1984 On July 20th, Beijing Tianqiao Department Store Co., Ltd., the first joint-stock company in China, was established, which opened the curtain of the joint-stock reform of enterprises. September 26th 1986 China Industrial and Commercial Bank Shanghai Trust and Investment Company Jing 'an Sub-branch was listed as an agent to buy and sell shares of Le Fei Audio Company and Zhong Yan Industrial Company. This is the first place in Shanghai to operate OTC securities trading business, and it is also the first time for New China to conduct stock trading. 1990165438+1On October 26th, the first stock exchange in new China, the Shanghai Stock Exchange, was established and opened on February 9th of the same year at 65438. 1 990 65438+February1Shenzhen Stock Exchange was established and officially opened on July 3rd 199 1. The establishment and opening of these two exchanges marked the independent development of the new China stock market from the banking system. 1992, the China Securities Regulatory Commission was established, and the stock trading in China gradually embarked on a formal and legal track. Over the past decade, the Shanghai and Shenzhen stock markets have touched the hearts of thousands of people in Qian Qian. When Shenzhen Stock Exchange 1990 was put into trial operation, only one stock was listed and traded, and only six were listed the following year. By July 2007, there were more than 950 stocks listed on the Shanghai Stock Exchange and more than 500 stocks listed on the Shenzhen Stock Exchange. 199 1 year, the turnover of Shenzhen Stock Exchange was only 3.5 billion yuan, and on May 30, 2007, the turnover of Shanghai and Shenzhen Stock Exchanges reached a record high of 41633.7 billion yuan. At that time, few people knew about the stock market, and even fewer people participated in the stock market investment. By the end of June 2007, the total number of accounts in Shanghai and Shenzhen stock markets had reached1070456400. China stock market has experienced ups and downs from scratch and from small to large, and is gradually developing and maturing. After these years' development, we have more and more realized the important role of the stock market in the development of market economy. The first is the "magnet" to raise funds. By issuing stocks, enterprises gather idle funds scattered in society to form huge long-term capital to support socialized large-scale production and large-scale operation. The scale and speed of stock market financing are unmatched by enterprises relying on their own accumulation and bank loans. The second is the "pusher" of the enterprise transformation mechanism. Developing the stock market and giving full play to the role of the market mechanism are conducive to establishing a real property right system, realizing the diversification of investors, forming a scientific, democratic and effective major decision-making supervision mechanism, improving the corporate governance structure and promoting the formation of a modern enterprise system. The third is to optimize the "regulator" of capital allocation. The investment value of the company can be found through the market. Investors usually choose stocks with good growth and great profit potential to invest, and abandon stocks with declining performance and poor income, so that funds gradually flow to enterprises with good benefits and great development potential, thus realizing the rational allocation of capital. The fourth is to maintain the "buffer valve" of financial security. At present, China's financial market is not perfect, direct financing lags behind the development of indirect financing, and the phenomenon of excessive dependence on banks is still very serious. Once the bank has problems, it will often lead to huge systemic risks. Vigorously developing the stock market and increasing the proportion of direct financing will help reduce the proportion of indirect financing in the whole social financing, make the operation of the whole financial system more flexible and dynamic, and effectively prevent and disperse financial risks. The fifth is to observe the "barometer" of the economic situation. By analyzing the stock trading of listed companies, we can understand the development trend of the whole industry and see through the operation of the whole economy. It can be seen that the development of the stock market is of great significance for optimizing the allocation of resources, promoting the development of market economy, promoting enterprises to deepen reform and improve competitiveness, deepening financial reform, maintaining financial security, rationally managing personal finances, and realizing the preservation and appreciation of wealth. The basic characteristic of stock is 1. Irrevocable. A stock is a valuable security with a free term. After investors subscribe for shares, they can no longer ask for withdrawal, but can only sell them to third parties in the secondary market. 2. Participation. Shareholders have the right to attend the shareholders' meeting, elect the board of directors of the company and participate in major decisions of the company. Shareholders' willingness to invest and transcendental economic interests are usually realized by exercising shareholders' right to participate. The size of shareholders' participation in company decision-making depends on the number of shares they hold. 3. profitability. Shareholders have the right to receive dividends or bonuses from the company by virtue of the shares they hold, and to obtain investment income. Dividends or bonuses mainly depend on the company's profit level and the company's profit distribution policy. Profitability also shows that you can earn the spread profit by buying stocks at a low price and selling them at a high price. 4. Liquidity. Refers to the tradeability of stocks among different investors. Liquidity is usually measured by the number of shares that can be circulated, the trading volume of shares and the sensitivity of stock prices to trading volume. 5. Price fluctuation and risk. Due to the influence of the company's operating conditions, the relationship between supply and demand, economic policies, public psychology and many other factors, the stock price shows obvious volatility. There is great uncertainty in fluctuation, which may make stock investors suffer losses. The greater the uncertainty of price fluctuation, the greater the investment risk. Because of this, stock is a high-risk financial product. Why is the stock market risky? Some time ago, some opinions were widely circulated among investors, saying that the China stock market will usher in the "golden decade" and the Shanghai Composite Index will break through 10000. At the same time, all kinds of "wealth stories" that make money easily by stock trading are also circulating everywhere. These give people the impression that "stock trading is to make money" and "the future will only rise and not fall", which makes more and more people rush into the stock market without thinking. For them, stocks are like printing presses. If you buy them, you can make money and never lose money. They don't really understand that the stock market is actually a risky market. First of all, the risk comes from the changes in the operating conditions of the listed companies you have invested in. Because ordinary investors are often not professionals, coupled with the asymmetry of market information, it is sometimes difficult to understand the real business situation of a company. Even if you buy shares of excellent companies, it doesn't mean that everything will be fine from now on. Performance can only represent the company's past. In the rapidly changing business world, optimistic companies should always meet challenges from all sides. Fierce industry competition, changing market environment and different business strategies will bring a lot of uncertainty to the company's future. Once the performance declines, the stock price will also fall and shareholders will suffer losses. If the company goes bankrupt, all shareholders' funds will go up in smoke. Secondly, the rise and fall of the whole stock market also contains risks. Generally speaking, there is an indicator to judge the market situation-the price-earnings ratio. P/E ratio is one of the most basic and important indicators to reflect the value of individual stocks in the market. It is generally believed that it is normal for the price-earnings ratio to fluctuate in the range of 10 to 20 times, and the market risk is small at this time. The greater the P/E ratio, the greater the possibility of a bubble in the stock market and the greater the market risk. The data shows that the current P/E ratio of American, British, Chinese mainland and Hongkong stock markets fluctuates in the range of 10 to 20 times, while the average P/E ratio of Japanese and Indian markets is in the range of 23 to 25 times. At present, the average P/E ratio of Shanghai and Shenzhen stock markets in China has exceeded 40 times, and the risk can be imagined. In the first few months of 2007, some stocks even had a price-earnings ratio of thousands of times! Thirdly, the irrational behavior of "chasing up and killing down" brings great risks. There are many new investors who lack understanding of the stock market, stocks and listed companies. Sometimes it is easy to lose money by listening to the so-called "experience" of relatives and friends, or inquiring about all kinds of "gossip" to buy stocks accordingly; Sometimes blindly "chasing up and killing down" with everyone, the result is often to take over the quilt cover at the highest point of the stock price, or to "cut the meat" in a hurry. These irrational behaviors can be said to come from the risk of pharmaceutical companies and ask for trouble. In addition, unpredictable factors outside the market will also cause stock market turmoil and cause risks. For example, the changes in the international and domestic economic situation, the adjustment of national financial and industrial policies, natural disasters and man-made disasters. , may lead to a sudden shock in the stock market. Therefore, the stock market is never as risk-free as some people think, and it can only be earned without loss and easily obtained. Risk is everywhere, which is the real essence of the stock market under the appearance of "wealth myth", and we should have a clear understanding of it. What is the price-earnings ratio? P/E ratio is the ratio of price per share to earnings per share. P/E ratio = common stock price per share/annual earnings per share. The numerator in this formula is the current price per share of the stock market, and the denominator can be the income in the last year or the predicted income in the next year or years. P/E ratio is one of the most basic and important indicators to measure the value of common stock. Generally speaking, maintaining the ratio of 10 to 20 times is a political party. If it is too small, it means that the stock price is low and the risk is small, so it is worth buying. If it is too large, it means that the stock price is high and risky, so be cautious when buying. Why invest in the stock market with the mentality of managing money instead of making a fortune? With the rapid economic development in China in recent years, social wealth has been increasing, people's living standards have been significantly improved, and people's pockets have become more and more bulging. "Have extra money in hand, what should I do? How can we preserve and increase the value of this money? " This is a question that many rich people often have to consider. People often say, "if you don't manage your money, money will ignore you." Even for ordinary people, financial management is very necessary. For example, there is 10000 yuan. If you put it at home, 1 year later will still be 10000 yuan, but its actual purchasing power will decline with the rise of prices. But if you manage your money correctly, you can not only preserve your money, but also increase its value. Judging from the actual situation in China, in the past, people's financial management channels were relatively simple, mainly relying on bank savings to manage their finances. By the end of March 2007, the savings deposits of urban and rural residents in China reached 654.38+07.5 trillion yuan, and the per capita savings deposits exceeded 654.38+03 million yuan. It should be noted that the rapid growth of residents' savings deposits, on the one hand, provides a large number of sources of funds for China's economic development, but on the other hand, it also brings some problems that cannot be ignored. From a national perspective, the high growth of bank savings deposits will lead to a high proportion of indirect financing, increase the pressure on banks, and easily form and aggravate the systemic risks of banks. For ordinary people, it is not a cost-effective way to deposit money in banks with little interest income at present when prices are rising rapidly and bank interest rates are low. Experience at home and abroad shows that investing in the stock market is also an important channel for financial management. The characteristics of stock market financial management are relatively high risks and high returns. However, as long as we establish a normal financial mentality and choose the stocks of listed companies with good performance to hold for a long time, we can get better returns. In recent years, with the continuous rise of China stock market, many investors have tasted the sweetness of financial management through the stock market. From the first half of 2007, in less than five months, the total market value of Shanghai and Shenzhen has doubled from 8 trillion yuan to 16 trillion yuan. Recently, the total market value of Shanghai and Shenzhen stock markets has exceeded 20 trillion yuan, and the stock prices held by many investors have risen to varying degrees. It should be said that ordinary people should be encouraged to invest in the stock market. However, it is worth noting that some time ago, some investors did not invest in the stock market with a normal mentality, but took the stock market as a gambling city with the mentality of "making a fortune" and "getting rich" and tried to achieve "getting rich overnight" in the stock market. Driven by this mentality, they often put everything they have, and some even put property on it to borrow money to enter the stock market. Once the investment fails, it will bring irreparable losses to these investors. Hundreds of years' development history of foreign stock markets and more than ten years' development history of China stock market fully prove that in the long run, it is impossible and unrealistic for everyone to want to "get rich overnight" through stock market investment. Undeniably, in reality, there are very few people who get high returns in the stock market in a short time, but for most investors, it is impossible to get rich in the stock market and "get rich overnight". For example, in the first half of 2007, some investors were crazy about speculating junk stocks with this abnormal mentality, speculating some junk stocks with no performance support and a price-earnings ratio of several hundred times. After the hype subsided, these stocks continued to fall, and many people were deeply involved and suffered heavy losses. From a realistic point of view, if you buy stocks with this abnormal mentality, it is risky and easy to cause psychological distortion and irrational behavior, turning investment into speculation. In the end, it is often not getting rich, but losing blood. The stock market is like a magnifying glass, which easily magnifies people's greed and makes irrational investment behavior. As early as the17th century, after the famous scientist Newton failed to invest in securities, he said with emotion, "I can calculate the orbit of celestial bodies, but I can't calculate the madness of human nature." Newton's words gave us great enlightenment: only by establishing a normal investment mentality and taking the stock market as a long-term financial management method is the correct choice. Not long ago, Shang Fulin, chairman of the China Securities Regulatory Commission, mentioned in a speech on the capital market that for ordinary people, investing in the stock market should be a bit "free money, free time and free mood". "Spare money" refers to extra money beyond the necessities of life, instead of putting money into the stock market to support families, provide for the aged, prevent diseases and raise children, not to mention taking a house as a mortgage, taking a bank loan and taking money borrowed by relatives and friends for stock trading. "Leisure time" refers to taking stock trading as a nosy thing after work, which is not the main business, nor the "re-employment project", let alone neglecting one's own job and trading stocks during working hours or office hours. "Leisure" means keeping a peaceful mind, and don't expect to get rich overnight. The stock market is not a secure place. When investors enter the stock market, they must be psychologically prepared for investment failure, have risk awareness and be prepared to guard against risks, and treat the ups and downs of the stock market with a normal heart. How to be a rational stockholder? Since May 30th, 2007, the stock market has experienced violent shocks. The latest data shows that the upsurge of new investors entering the market since March 2007 has cooled down. As of July 13, the number of new A-share accounts has plummeted to 62,953, setting a new low after the Spring Festival holiday. In June, the phenomenon of residents' savings deposits switching to the stock market came to a sudden stop, and 654.38+0678 billion yuan of funds returned to the bank. This kind of "going out" and "going in" shows that investors' understanding of market risks is gradually deepening, and blind investment behavior is gradually decreasing. In recent years, great changes have taken place in the stock market, which has taught shareholders a vivid lesson. However, the development and maturity of China stock market still have a long way to go, and many investors still have a certain distance from real rational investment and mature financial management. So, how should we be a rational stock market investor? First of all, we should rationally judge whether we have the basic conditions for investing in stocks. In fact, not everyone is suitable for stock trading. When the family is not rich, the ability to resist risks is low, so it is suitable to deposit "spare money" in the bank or buy bonds. Make a good investment plan before entering the market, adhere to the principle of living within our means, and it is best not to invest more than 30% of the regular income in the stock market. As for those who spend all their pensions, raise children, etc. On stock trading, it is even more inappropriate to mortgage real estate, borrow money or buy out the money of laid-off workers' working years. We must firmly establish a sense of risk. "Investment is risky, and you need to be cautious when entering the market" is a well-known saying, but not everyone can always tighten this string. In May, 2007, China Securities Regulatory Commission issued the Notice on Strengthening Investor Education continuously, requiring relevant units to warn investors to manage their finances rationally, and buyers should be conceited and safety should come first. However, many investors did not care, and as a result, they suffered serious losses in the subsequent volatile market. Therefore, we must put the risk awareness into every link of investment and financial management. When deciding to enter the market or invest in a stock, we must objectively evaluate our risk tolerance, have reasonable expectations for investment returns, and be psychologically prepared for possible losses. At the same time, we should reduce the risk as much as possible through rational analysis and operation. Have a sense of long-term investment. The scenery should be long and open-minded. Historical experience shows that long-term investment can avoid risks and gain sufficient value-added benefits. For example, in the United States, the average holding period of most stock investors since the bull market in the 1980 s is 3 to 4 years, and they usually don't go in and out frequently with the short-term fluctuations of the market. Even in the 1997 Southeast Asian financial crisis, they remained calm in the face of more intense market fluctuations. Compared with the rational financial management concept of these investors, the average holding period of our shareholders in the past four years is 1 to 2 years, which is basically a short-term investment. Frequent trading seems to miss every opportunity, but in fact, the risk of the stock market far exceeds the opportunity. The more frequent the operation, the more the risk will multiply, and it is often no use to lose money or make money. Master the necessary professional knowledge. Sharp tools can do a good job. Investing in the stock market is a highly professional behavior. If you want to fall less in the unpredictable stock market, you can't fight unprepared. It is necessary to learn and master securities, finance and other related professional knowledge, timely understand relevant information, make correct decisions through scientific analysis, and do not blindly invest and follow the crowd. Some people follow suit when they see others buying stocks to make money, or pay too much attention to the speculation of stock trading. They don't even understand and pay attention to the most basic things such as the performance of listed companies, stock returns and market analysis. , but only by hearsay or their own feelings. This is tantamount to using the stock market as a gambling table. Whether you can make a profit depends entirely on luck, especially not enough. To be a rational and mature investor, it is very important to keep a good attitude. The ancients said that they did not rejoice in things or grieve for themselves. It should be noted that the stock market is always in fluctuation, which is the risk and charm of the stock market, and we should have a peaceful attitude towards it. You can't take investing in the stock market as your whole life. Because of the fluctuation of the stock market, you can't eat or drink, you can't be ecstatic because of the skyrocketing stock market, and you can't be depressed because of the plunge. Otherwise, investing in the stock market will become a heavy mental burden. "How can you see a rainbow without experiencing wind and rain?" It is conceivable that after the baptism of the stock market shock, tens of millions of investors in Qian Qian will continue to mature in practice, and the China stock market will continue to develop in a healthier situation, and the future of the stock market will be full of hope. Sohu Securities statement: The information in this channel is quoted from cooperative media and cooperative institutions, and does not represent Sohu Securities' own views and positions. Investors are advised to judge this information carefully and enter the market accordingly at their own risk. Tell you a website for diagnosing stocks:/viplegu1689867777168680. I hope it helps you!