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book value：definition、meaning、Formulas and examples

What is book value? For value investors，Book value is the sum of the amounts of all items on the stockholders' equity portion of a company's balance sheet。You can also calculate book value by subtracting a business's total liabilities from its total assets.。 Accountants also use book value to evaluate the assets a company owns。This is not the same as the investor's book value，Because it is used internally for management accounting purposes。 KEY POINTS A company's book value is the sum of all items in the shareholders' equity section of the balance sheet。 Book value is often different from the market value of the company。 Using book value per share in fundamental analysis (BVPS) and price-to-book ratio (P/B)。 Understanding Book Value Shareholders’ Equity is the portion of a company’s balance sheet，It explains where their money is going。The chart below is Amazon’s consolidated balance sheet for fiscal 2022。Note liabilities and stockholders' equity (in the red box，Also called stockholders' equity) section。1 on the balance sheet，You'll see "Total Stockholders' Equity"，Value is 1,382 billion US dollars。This figure is calculated by converting preferred shares、common stock、national debt、Paid-in capital、Calculated by adding the value of additional comprehensive income and retained earnings。Some companies include unrealized gains and losses、Capital surplus or accumulated adjustments and many other items，Depends on the industry the company operates in and its internal accounting procedures。 The chart below shows that Coca-Cola has an "Equity attributable to Shareholders" line。in this case，This would be how investors assess Coca-Cola's book value。2 Since the company's book value represents the equity value，So when trying to determine whether a stock is fairly priced， Comparing book value to a stock's market value can be an effective valuation technique。 Purposes of Book Value There are two main investor uses of book value.： It is used among other financial ratios to help investors evaluate a company as a comparison to a company's market capitalization，Book value can indicate whether a stock is underpriced or overpriced。 Book value is also included in some financial ratios，Can help investors understand more about a company’s financial health。 book value per share (BVPS) book value per share (BVPS)It is a fast calculation method，Used to determine a company's per-share value based on the amount of its common stockholders' equity.。To get BVPS，Divide total stockholders' equity by the total number of shares of common stock outstanding。 therefore，If a company has 2100 million in stockholders’ equity and 200 10,000 common shares outstanding，Then its book value per share will be 10.50 Dollar。please remember，This calculation does not include any other line items that may be included in the stockholders' equity section，Includes only outstanding common shares。 There is a difference between outstanding shares and issued shares，However, some companies may refer to outstanding common stock as "outstanding" stock in their reports。 price to book ratio (P/B) Ratio When similar companies in the same industry use a uniform accounting method for asset valuation，The price-to-book ratio (P/B) is a valuation multiple that can be used to compare their values.。When comparing companies across different industries and industries，This ratio may not serve as a valid basis for valuation，Because companies record their assets differently。 therefore，A high price-to-book ratio is not necessarily a premium valuation，反之，A low price-to-book ratio is not necessarily a discounted valuation。 Calculating the price-to-book ratio is simple - divide the market price per share by the book value per share。In the previous example，The book value per share is…
2023-10-19
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convertible preferred stock：definition、Common terms and examples

What is convertible preferred stock? Convertible preferred stock is preferred stock that the holder may elect to convert into a fixed number of common shares after a predetermined date。 Most convertible preferred stock is exchangeable at the request of shareholders，But sometimes there is a provision that allows a company or issuer to force conversion。The value of convertible preferred stock ultimately depends on the performance of the company's common stock。 Key Points Convertible preferred stock is a dividend-paying preferred stock，Can be converted into common stock after a specified date at a fixed conversion ratio。 Convertible preferred stock is a hybrid security that has characteristics of both debt and equity。 If the common stock trades above the conversion price，Preferred stockholders may find it worthwhile to convert their shares into common stock。 Preferred shareholders who convert their shares give up the rights of preferred shareholders (no fixed dividends or higher claims on assets)，Become an ordinary shareholder (with voting rights and the ability to participate in stock price appreciation)。 Understanding Convertible Preferred Stock Companies Use Convertible Preferred Stock to Raise Capital。These securities are particularly useful as a financing vehicle for early-stage companies，Because they can provide investors with greater flexibility，making it an attractive option。That is, investors have the promise of regular dividends and the potential for future stock price appreciation.。 Preferred stock is a type of equity capital issued by a company，Higher asset and income requirements than common stocks。Preferred stocks typically pay a steady dividend，Dividends on common stock will only be paid if approved by the board of directors based on the company's recent financial performance.。 Preferred shares generally do not have voting rights like common shares。therefore，Preferred stock is often thought of as a hybrid of corporate bonds and common stock。 Convertible Option A characteristic feature of convertible preferred stock is that it contains embedded options，Allows the holder to trade them for a specified number of common shares at some time in the future。This conversion option offers holders potential upside，Because the value of common stock may increase over time。at the same time，It also has the advantages of preferred shares。 However，This advantage comes at a price。Convertible preferred stock generally trades at a higher price than common preferred stock，And the dividend yield may also be relatively low。 Convertible Preferred Stock Terms Terms commonly used when referring to convertible preferred stock are as follows:： face value：par value of preferred stock，or the dollar amount payable to holders in the event of bankruptcy。 conversion ratio：The number of common shares an investor receives upon conversion of convertible preferred stock。The ratio is set by the company when it issues convertible preferred stock。 conversion price：The price at which convertible preferred stock can be converted into common stock。The conversion price can be calculated by dividing the par value of the convertible preferred stock by the stated conversion ratio.。 conversion premium：The dollar amount by which the market price of convertible preferred stock exceeds the current market value of the common stock into which it is convertible. It may also be expressed as a percentage of the market price of convertible preferred stock.。 Example of Convertible Preferred Stock Consider the hypothetical company ABC Inc. Convertible Preferred Stock Issued，The price is 1,000 Dollar，conversion rate 10，The fixed dividend is 5%。therefore，The conversion price is 100 Dollar，and ABC's common stock must trade above this threshold，It’s worth it for investors to make the switch。Even though the common stock is trading close to 100 Dollar，Also probably not worth converting，Because preferred shareholders will give up 5% fixed dividends and a higher claim on the company's assets in the event of liquidation。 If the convertible preferred stock trades at 1,000 Dollar，ABC common stock trades at…
2023-10-19
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reverse stock split：what is it、How it works and examples

What is a reverse stock split? A reverse stock split is a corporate action，It combines an existing number of shares into fewer (higher priced) shares。A reverse stock split divides the total number of existing shares by a number like 5 or 10，Respectively called 1:5 or 1:10 reverse split。Reverse stock split also known as stock merger、Stock consolidation or stock rollback，Opposite of stock split，A stock split is the dividing of one stock into multiple parts。 KEY POINTS A reverse stock split combines the existing number of shares held by shareholders into fewer shares.。 A reverse stock split does not directly affect a company's value (only its stock price)。 It can indicate that a company is in trouble，Because it increases the value of low-priced stocks。 Staying relevant and avoiding delisting are the most common reasons companies adopt this strategy。 Investopedia/Ryan Oakley Understanding Reverse Stock Splits Based on Market Developments and Situations，A company can take a number of actions at the corporate level that may affect its capital structure。One of them is a reverse stock split，i.e. existing company stock is effectively merged，to create a smaller number of shares that are proportionally more valuable。Since the company will not create any value by reducing the number of shares，Therefore the price per share will rise proportionally。 Increased price per share is the primary reason companies choose reverse stock splits，The relevant ratio may vary from 1:2 to Gundam 1:100 No wait。A reverse stock split won't affect a company's value，Although they are usually the result of a significant depreciation in the value of their shares。The negative connotations associated with this behavior are often self-defeating，Because stocks will come under renewed selling pressure。 Reverse stock split proposed by company management，and must be approved by shareholders through voting rights。 Advantages and Disadvantages of Reverse Stock Splits There are various reasons why a company decides to reduce the number of shares outstanding in the market.，some of them are beneficial。 Advantages: Prevent major exchanges from delisting：Shares may have hit all-time lows，This could leave it vulnerable to further market pressures and other adverse developments，For example, failure to meet exchange listing requirements。 Exchanges usually set minimum purchase prices for listed stocks.。If the stock falls below the purchase price，and remain below that threshold level for a period of time，There is a risk of being delisted from the exchange。 For example，Nasdaq could sustain a lower share price per share 1 USD stocks delisted。1After being removed from national exchanges，The company's stock will be downgraded to penny stock status，Forcing them to be listed on the Pink Sheet。Once you enter the alternative market for these low value stocks，These stocks will become more difficult to buy and sell。 attract big investors：The company also maintains a higher share price through reverse stock splits，Because many institutional investors and mutual funds have policies prohibiting holding stocks priced below minimum value。Even if a company is still not at risk of being delisted from an exchange，But if you don’t qualify for such a large investor to buy，would damage its trading liquidity and reputation.。 Meet regulatory agency requirements：in different jurisdictions around the world，The regulation of a company depends on factors such as the number of shareholders。By reducing the number of shares，Companies sometimes aim to reduce the number of shareholders，subject it to its preferred regulator or preferred law。Companies that want to go private may also try to reduce the number of shareholders through such measures。 Raise the breakup price： Plans to create and list spin-off companies，An independent company established by selling or allocating new shares of an existing business or division of a parent company，Reverse splits can also be used to obtain attractive prices。 For example，If the stock of the company planning to spin off is trading at a lower price，then the company may have difficulty pricing the shares of its spinoff company at a higher price。This problem can be solved by reverse splitting the stock and increasing the trading price per share。 Disadvantages Generally speaking，Market participants do not view reverse stock splits positively。This indicates that the stock price has bottomed，Company management attempts to artificially inflate stock price without any real business proposition。also，As the number of shares on the public market decreases，Liquidity of stocks may also be affected。 Example of Reverse Stock Split Suppose a pharmaceutical company has in the market 1000 10,000 outstanding shares，The trading price per share is 5 Dollar。Because the stock price is low，Company management may wish to artificially inflate the price per share。 it decided to proceed 1:5 reverse stock split，This essentially means that 5 Consolidation of existing shares into one new share。After corporate action，The company will have 200…
2023-10-19
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common stock：what is it，different types，with preferred shares

Common stock is not just a piece of paper - or now a digital entry - but a ticket to ownership in a company。When you own common stock，You can influence company decisions by voting for the board of directors and company policies。in the long run，This type of equity can provide attractive returns。but please remember，There's a problem：如果一家公司必须清算其资产，Common stockholders will be last in line，only if bondholders、Preferred stockholders and other creditors receive their share before they are paid。 The value of common shares outstanding is reported in the stockholders' equity section of a company's balance sheet。 KEY POINTS Common stocks are securities that represent ownership in a company。 in liquidation，Common shareholders will receive from creditors、The assets remaining after bondholders and preferred stockholders have been paid off。 There are many types of stocks traded in the market：Value stocks are priced low relative to their fundamentals，Growth stocks, on the other hand, are companies that tend to increase in value due to increased earnings.。 Investors should invest funds in different securities based on their risk tolerance，To achieve portfolio diversification。 Common Stock Explained Common stock is primarily a form of ownership in a company，Represents a claim to a portion of a company’s assets and earnings。If you are a shareholder，This is "Part Owner"，But that doesn’t mean you own the company’s physical assets，such as a chair or computer；These assets are owned by the company itself，is a distinct legal entity。相反，as a shareholder，You have a residual claim on the company’s profits and assets，This means you are entitled to whatever remains after all other obligations have been met。 Common stock trades on an exchange，Can be bought and sold by investors or traders，Common stockholders are entitled to receive dividends when declared by the company's board of directors。generally，They are paid out of company earnings，The decision to allocate them is made by the Board of Directors taking into account company performance、Factors such as future capital requirements and broader financial objectives。 The first common stock in history was issued by the Dutch East India Company in 1602 Annual issue，and trades on the Amsterdam Stock Exchange。over the next four centuries，Stock markets are created around the world，Tens of thousands of companies are listed on major exchanges such as the London Stock Exchange and the Tokyo Stock Exchange。 Larger U.S. stocks trade on public exchanges such as the New York Stock Exchange (NYSE) or Nasdaq。As of 2023 mid-year，The New York Stock Exchange owns approx. 2300 listed companies，Also 5700 companies listed on other U.S. stock markets，Make the New York Stock Exchange the world's largest exchange by market capitalization。1Smaller companies that cannot meet the listing requirements of these major exchanges are considered unlisted companies，Its shares trade over the counter。 What are preferred shares? Preferred stock is a unique class of stock，compared to common stock，it provides different rights。While both types give ownership of the company，However, preferred stockholders have higher requirements for company assets and dividends than common stockholders.。This elevated status is reflected in the name of the "preferred" shares。 Common Stock vs. Preferred Stock Both common stock and preferred stock allow investors to own a stake in a business.，But investors need to understand some key differences。 Common Stock vs. Preferred Stock Common Stock Preferred Stock Voting Rights The holder has voting rights in the company，Can participate in company policy decisions and board elections。 Generally speaking，Holder has no voting rights，Although this may vary depending on the specific terms of the shares。 Dividends not guaranteed，Paid at the discretion of the Board of Directors。 Usually fixed must be paid before any dividends are issued to common stockholders。 Liquidation preference follows bondholders and preferred stockholders，The holder has the final right to claim any remaining assets。 Shareholders have a higher claim on assets，and receive payment before common shareholders。 Convertibility Not convertible into other forms of security。 Convertible into common stock subject to terms。 Volatility Generally speaking，More because it is more sensitive to company performance and market conditions。 Due to fixed dividends and greater requirements on assets，reduced。…
2023-10-19
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6Basic financial ratios and their meaning

Introduction Financial ratios are important tools for assessing a company's financial position and performance.。This article will introduce 6 basic financial ratios and their meanings，Help investors better understand and analyze corporate financial data。 6Basic financial ratios and their meaning Debt Ratio Debt Ratio measures the ratio of a company's debt to total assets。It calculates the ratio between a company’s total liabilities and total assets。A higher debt service ratio may indicate that the company is facing higher financial risks。 Current Ratio The current ratio measures the ratio between a company's current assets and current liabilities.。It calculates a company's ability to use current assets to repay short-term debt relative to current liabilities.。A higher current ratio usually indicates a company's greater ability to pay its debts。 Debt-to-Equity Ratio The Debt-to-Equity Ratio measures the ratio between a company's debt and shareholders' equity.。It calculates the ratio of a company's debt to shareholders' equity。A higher gearing ratio may indicate higher levels of company debt。 Operating Profit Margin (Operating Profit Margin) Operating profit margin measures the company's profit level per unit sold.。It calculates the ratio between a company's operating profit and net sales。Higher operating margins generally indicate better profitability for the company。 Net Profit Margin Net Profit Margin measures the company's net profit level per unit sold.。It calculates the ratio between a company's net profit and net sales。A higher net profit margin usually indicates that the company is effectively controlling costs and making good profits。 Price-to-Earnings Ratio The Price-to-Earnings Ratio measures the price investors are willing to pay for each share of earnings.。It calculates the ratio between a company's share price and its earnings per share。A higher P/E ratio may indicate optimism about the company's future growth potential.。 Analysis using financial ratios Comprehensive analysis through financial ratios，Investors can understand the financial health of the company、Solvency、Profitability and Valuation。Trends in ratios also provide insight into a company's performance。 Conclusion Understanding and analyzing basic financial ratios is critical for investors to evaluate a business's financial health。Investors can evaluate a company's financial ratios by comparing them to industry standards and competitors.，to make more informed investment decisions。 Frequently Asked Questions How do financial ratios help investors analyze a business? Financial ratios provide information about the financial status of a business、Important information on profitability and valuation，Help investors evaluate and compare the potential investment value of different companies。 What types of businesses do financial ratios apply to? Financial ratios apply to all types of businesses，including listed companies、Small and medium-sized enterprises and startups。 What are the limits of financial ratios? Financial ratios provide only limited information，It cannot be used alone as the basis for investment decisions.。Investors should also consider other factors，Such as industry prospects、Competitive environment and management team。 Why is it important to compare financial ratios to industry standards and competitors? Comparing financial ratios to industry standards and competitors can help investors understand a company's relative position in the industry，and assess their performance levels。 Do trends in financial ratios matter? Yes，Trends in financial ratios can provide insights into a company's performance。Investors should pay attention to long-term changes in ratios，to understand the company's financial performance and trends。
2023-05-24
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值得关注的股票——Credit Suisse、First Republic、Bed Bath & Beyond、Philips

据美国华尔街日报2023年4月24日报道，以下几只股票是值得投资者关注的： Credit Suisse（瑞士信贷）：该银行宣布将在未来几年内裁员数千人，以削减成本和提高盈利能力。此举是新任CEO上任后的首项重大决策，旨在帮助该银行重回增长轨道。 First Republic（第一共和银行）：该银行公布了其首季度的业绩，收益和利润均超出了市场预期。also，该银行还宣布将向股东派发每股0.22美元的股息。 Bed Bath & Beyond（床浴及更多）：该公司发布了其2022年财年报告，显示其销售额和利润均出现了下降。不过，该公司称正在实施一项新战略，旨在提高盈利能力和市场竞争力。 Philips（飞利浦）：荷兰电子公司宣布将投资2.5亿欧元在美国新建一家工厂，旨在满足市场对医疗设备的需求。该工厂将生产一系列高科技医疗设备，包括磁共振成像设备和超声波诊断仪器等。 总的来说，这些股票都有其值得投资者关注的地方。However，投资者应该注意到，股票投资存在风险，需要谨慎对待。
2023-04-25
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什么是联合养老保险？

Tontine 是早期筹集资金系统的名称，在该系统中，个人向一个共同的资金池中支付资金，并根据他们从使用该资金池进行的投资中获得 的回报份额获得股息。 随着小组成员的死亡，他们没有被新的投资者取代，因此收益被分配给越来越少的成员。幸存的投资者从他们认识的人的死亡中获利，许多人认为这一特征令人毛骨悚然。 要点 Tontine 是早期筹集资金系统的名称，个人将资金存入共同的资金池。 in the united states，联合养老保险在 1700 年代和 1800 年代很流行，然后在 1900 年代初期逐渐消失。 联合养老保险投资者在加入时一次性支付，并在去世前收到类似股息的年度付款。 已故联合养老保险投资者的股份分配给幸存的成员，剩余成员的份额随着更多成员的死亡而增加。 了解联合养老保险 虽然它们在今天看起来很陌生，但联合养老保险的传奇血统至少可以追溯到半个世纪前。这个名字来自 17 世纪意大利金融家洛伦佐·德·通蒂 (Lorenzo de Tonti)。1目前尚不清楚他是否真的发明了联合养老保险，但 Tonti 在 17 世纪确实向法国政府提出了一项著名的联合养老保险计划，作为国王路易十四筹集资金的一种方式。 for this reason，历史学家认为通蒂的想法起源于他的家乡意大利的金融民俗。这个想法一开始并没有流行起来，最终通蒂登上了巴士底狱。 几十年后，在中世纪后期，联合养老保险作为皇家法院的融资工具在欧洲变得普遍。由于征税通常是不可能的，欧洲君主主要通过联合养老保险借钱来资助他们的自相残杀的战争。 在 1900 年代流行的鼎盛时期，联合养老保险几乎占据了美国保险市场的三分之二，占美国财富的 7.5% That's all。arrive 1905 Year，在美国这个只有 1800 万家庭的国家，估计有 900 万份有效的联合养老保险。2 1906 年美国禁止联合养老保险。3…
2023-01-03
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亚马逊第三季度财报好坏参半后股价暴跌

关键要点 由于担心假日销售低迷，亚马逊第三季度财务报告喜忧参半，股价暴跌。 亚马逊网络服务 (AWS) 的收入未能达到分析师的预测。AWS 是亚马逊的高利润云计算业务。 亚马逊今年首次公布季度利润，超出分析师的每股收益预期。 亚马逊收益结果 公制 击败/错过/比赛 报告值 分析师预测 每股收益 打 $0.28 $0.22 收入 错过 $127.1B $127.4B 亚马逊网络服务收入 错过 $20.5B $21.1B 资料来源：基于 Visible Alpha分析师共识的预测 亚马逊 (AMZN) 财务业绩：分析 美国最大的电子商务零售商 亚马逊公司 ( AMZN ) 的股票在该公司公布的财务业绩喜忧参半后，在延长交易中下跌了五分之一。亚马逊网络服务 (AWS) 的总收入和收入低于预期，亚马逊预计第四​​季度的假日销售将乏善可陈，因为消费者控制支出以应对不稳定的经济环境。 尽管市场似乎关注增长问题，但财报中至少有一个亮点，因为亚马逊报告第三季度利润好于预期，这得益于其对 Rivian Automotive Inc 的投资获得11 亿美元的估值收益.…
2022-10-31
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Meta（Facebook）股票因收益而受到抨击，支出令人失望

关键要点 Meta 2022 财年第三季度每股收益 (EPS) 为 1.64 Dollar，低于预期。 Meta 的收入同比下滑，而第三季度的支出飙升。 Meta 的股价在 10 moon 26 日的盘后交易中暴跌 20%，为 2016 年初以来的最低价；在 10 moon 27 日的盘前交易中，它们仍然下跌了 20% That's all。 Meta 表示，它正在对人工智能、数据中心和虚拟现实进行必要的长期投资。 马克扎克伯格通过特殊类别的超级投票股份控制公司，让创始人可以自由地忽视迅速削减成本的呼吁。 元收益结果 公制 击败/错过/比赛 报告值 分析师预测 每股收益（美元） 错过 1.64 1.87 收入 ($B) 打 27.7 27.4…
2022-10-31
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限价单与止损单：What's the difference?

限价单与止损单：概述 不同类型的订单可以让您更具体地了解您希望经纪人如何完成您的交易。当您下限价单或止损单时，您告诉您的经纪人您不想要市场价格（股票交易的当前价格）；相反，您希望在股票价格与您指定的价格匹配时执行您的订单。 限价单和止损单之间有两个主要区别。第一个是限价单使用价格来指定交易发生的最低可接受金额，而止损使用价格在指定价格交易后触发实际订单。二是限价单可以被市场看到，而止损单只有被触发才能看到。 关键要点 限价单对市场可见，并指示您的经纪人以特定价格或更好的价格填写您的买入或卖出订单。 止损单对市场是不可见的，当达到止损价格时将激活市价单。 止损单可避免未成交或部分成交的风险，但由于它是市价单，您的订单可能以低于预期的价格成交。 For example，如果您想以每股 79 美元的价格购买 80 美元的股票，那么您的限价单可以被市场看到，并在卖家愿意满足该价格时执行。市场不会看到止损单，只有在达到或超过止损价格时才会触发。 在常规止损单中，如果价格触发止损，则会输入市价单。如果订单是止损限价，则将在触发止损价格的情况下下达限价订单。therefore，止损限价单将需要止损价和限价，两者可能相同，也可能不同。限价单 限价单 是以特定价格买入或卖出股票的订单 。 1For example，如果您想以 100 美元或更低的价格购买 100 美元的股票，您可以设置限价单，除非您指定的价格可用，否则该限价单不会被执行。but，您不能设置简单的限价单来购买高于市场价格的股票，因为已经有更好的价格可用。 same，您可以设置限价单以在特定价格可用​​时卖出股票。想象一下，您拥有每股价值 75 美元的股票，如果价格达到每股 80 Dollar，您想出售。限价单可以设置为 80 Dollar，仅以该价格或更高价格成交。您不能设置限价单以低于当前市场价格卖出，因为有更好的价格可用。 止损单 止损单 有几种不同的变体，但它们实际上都是以最初下单时市场上尚不可用的价格为条件的。当未来价格可用时，将触发止损单，但根据其类型，经纪人会以不同的方式执行它们。2 许多经纪商现在在他们的订单类型中添加了“报价止损”一词，以明确止损订单只有在达到市场上的有效报价时才会触发。For example，如果您设置了一个止损价为 100 美元的止损单，则只有在满足 100 美元或更高的有效报价时才会触发它。 当您的止损价格被达到或超过时， 正常的止损订单将变成传统的 市场订单。止损单也可以设置为挂单。如果您想在股票价格上涨时开仓 ， 可以在当前市场价格之上设置止损市价单，当您的止损价达到时，该市价单将变为常规市价单。2 为了仅在满足市场上的有效报价时触发止损订单，经纪人将“报价止损”一词添加到其订单类型中。 止损限价单 限价止损单 由 两个价格组成：止损价和限价。当达到特定的止损价格时，此订单类型可以激活限价订单以买入或卖出证券。2 For example，假设您以 100 美元的价格购买股票并预计股票会上涨。如果您的预测错误，您可以下限价单来卖出股票。 如果您将止损价设置为 90 Dollar，将限价设置为…
2022-10-31
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[前瞻0827]鲍威尔鸽派讲话提振美股，A股稳了？

美联储主席鲍威尔称，并没有迹象表明经济过热的上升风险，通胀加速超过2%还没有明显的信号，有合理的理由认为今年经济将表现强劲。若经济保持强劲态势，渐进加息可能是合适的。渐进的加息规避了速度过慢和过快的风险。 受此消息影响，上周五外盘方面：标普500指数创盘中历史新高；纳斯达克综合指数创纪录新高；伦铜创逾两个月最大单周涨幅；现货黄金升破1200美元/盎司关口，日内涨逾1%；布油涨破76美元/桶，涨幅超1.8%；美油涨1.9%，刷新逾两周以来高位；离岸人民币兑美元上破6.80关口，日内涨逾900点。 接下来，就为大家解读下周末的消息： 重点资讯汇总： 沪深港通北向看穿机制（投资者识别码制度）将于2018年9月17日正式实施，北向看穿机制实施后，北向交易投资者将提供身份编码相关信息，这将有助于交易所一线监管和中国证监会监管执法，维护市场秩序；证监会正式发布外商投资期货公司管理办法，三年后持股比例不再设限。 点评：这是在强监管背景之下，基于A股散户投资者为主的现实情况，进行的主动创新，以满足满足内地证券市场实时、全面监察市场的需要。 稳汇率再加码，逆周期因子重启。基于自身对市场情况的判断，8月份以来人民币对美元汇率中间价报价行陆续主动调整了”逆周期系数”，以适度对冲贬值方向的顺周期情绪。 广东省下发通知严禁新增P2P网贷机构，浙江宁波、云南等地也暂停了”私募基金”、”资产管理”、”股权管理投资基金”等字样机构的注册申请，问及原因是目前处于对这些机构的清理整顿期，或与最近P2P、私募风险事件频发有关。 信托业的罚单与日俱增。今年以来，信托行业已经累计收到18张罚单，这还不包括对员工及高管的处罚。in，紫金信托、厦门国际信托分别被江苏银监局、厦门银监局罚款60万元，这是今年以来18张罚单中罚金最高的。 工信部对存在问题的593款不良手机应用进行了下架处理。Alibaba、小米两家公司被用户申诉涉及的主要问题都是单方面停止通信服务，京东为用户投诉处理不及时。 浙江省道路运输管理局要求滴滴平台立即整改，整改期间暂停其在浙江区域的顺风车业务。滴滴的两次顺风车”命案”引发了社会的关注，特别是最新这一次时间，暴露出滴滴顺风车的更多问题，对其5000亿上市计划会带来不小的影响。 华夏基金确认养老目标基金8月28日起发行。华夏养老目标日期2040三年持有期FOF已获中国证监会2018年8月3日证监许可，基金自2018年8月28日至2018年9月17日通过基金份额发售机构公开发售。本基金的募集期限不超过3个月，自基金份额开始发售之日起计算。 农业农村部数据显示，从7月初开始，全国蔬菜价格连续7周上涨。农业农村部给出的答案是：高温和降雨天气影响蔬菜供应。关于后期菜价走势，卓创资讯分析师认为，入秋后蔬菜供应量逐步增加，菜价上涨将得到抑制。 据猫眼数据，截至8月25日下午17点51分，2018年暑期档总票房已达163.46亿元，提前6天超越去年暑期档，再度创历史新高。其中超过10亿票房的影片有我不是药神（近31亿），西红柿首富（近25亿）和一出好戏（12.6亿）。 数据显示，截至8月24日，A股上市公司公布的股份回购方案共计228份，拟回购总额约684.47亿元。当前A股市场的投资者情绪、资金、政策等多方面来看，已基本具备了底部区域特征，这意味着市场下行空间非常有限，且已进入可投资阶段。 特斯拉将放弃私有化。特斯拉首席执行官埃隆·马斯克称私有化方案比预期的要难。基于过去数周的讨论以及清楚的考虑，特斯拉的股东们相信特斯拉维持上市是明智的。 娃哈哈董事长宗庆后称未来要大资金投入的项目可以考虑上市，正在开发针对亚健康的系列有保健功能的新产品。 下周事件前瞻 解读： CSS 2018第四届中国互联网安全领袖峰会将于8月30日召开：致力于聚合互联网产业领域与网络安全行业的力量，共筑”互联网产业安全交流与合作平台”，共建”互联网安全新生态”，进而推进产业快速、稳定创新，为国民经济的升级转型和蓬勃发展做出贡献。 永新光学将于8月29日申购：申购代码为732297，公司主要从事光学显微镜、光学元件组件和其他光学产品的研发、生产和销售。投资投向光学显微镜扩产项目、功能性光学镜头及元件扩产项目、车载镜头生产项目以及研发中心建设项目。 雅运股份将于8月30日申购：申购代码为732790，公司主要从事中高端染料和纺织助剂的研发、生产、销售及相关染整应用技术服务。投资用于新建年产1.6万吨高性能环保纺织助剂生产项目、服装品牌商颜色管理服务体系建设项目新建项目等。 主题一、7000吨投放还不够，茅台再出放量”新政”。 在抛出”双节”旺季放量7000吨的”降温”大招之后，茅台又接连打出”稳市”的组合拳：第一，为进一步加快市场供应速度，允许专卖店和经销商于8月底前就执行9、10月份的计划；第二，8月份起，茅台年份酒将不再占用经销商全年计划。 茅台自2016年执行配额按月发货以来，这还是首次出现可提前执行次月乃至后两月配额的现象；汾酒系列也暂停结算。 点评：双节期间白酒需求量或将有明显增长。近期白酒板块估值回调较为严重，在双节临近前夕，节日效应下，大概率出现一轮估值修复。 A股市场中，可关注相关标的贵州茅台、五粮液、山西汾酒、古井贡酒、伊力特等。 主题二、台泥、海螺、中材、华润等一大批水泥企业宣布涨价。 近两日广东珠三角区域多家企业发布提价通知称上调水泥价格。英德海螺、清新海螺、佛山海螺发布提价通知，自8月25日起各标号水泥在原价基础上上调20元/吨。华润水泥、台泥英德、中材亨达、英红华侨水泥自8月25日起上调20元/吨。 点评：下半年随着基建增速扩大，基础建材类需求相应扩大。今年水泥量价齐升，公司业绩出现爆发式增长。 A股水泥龙头上市公司可关注：海螺水泥、华新水泥、万年青、天山股份等。
2018-08-26
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