The broad market generally refers to the Shanghai Composite Index. Because stock funds mainly invest in stocks, they are closely related to the stock market, so we should always pay attention to the Shanghai Composite Index. First, how to look at the market? Securities companies generally have a market display, which lists all kinds of real-time information of all stocks in Shanghai and Shenzhen in detail. If we want to grasp the trend of the market, we should first learn to look at the market and enter the market in this way. First of all, at the opening, we should look at call auction's share price and turnover to see whether it is higher or lower, that is to say, compared with yesterday's closing price, the price is higher or lower. It shows the will of the market and expects whether the stock price will go up or down today. The volume of trading indicates the number of people involved in the trading, which often has a great influence on the activity of trading in one day. Then look at the direction of stock price changes in half an hour. Generally speaking, if the stock price is too high, it may fall back in half an hour, and if the stock price is too low, it may rebound in half an hour. At this time, it depends on the size of the trading volume. If it opens higher and does not fall back, and the trading volume is enlarged, then the stock may rise. When we look at the stock price, we should not only look at the current price, but also look at yesterday's closing price, the opening price of the day, the current highest and lowest prices, the range of ups and downs, etc. Only in this way can we see where the stock price is now and whether it is worth buying. See if it is rising or falling. Generally speaking, you should not rush to buy a falling stock, but wait until it stops falling. Rising stocks can be bought, but be careful not to be trapped by them. There are often several ups and downs in a day. You can see whether the stock you want to buy is in line with the trend of the broader market. If so, the best way is to keep an eye on the broader market, sell it when the stock price rises to the top, and buy it when the stock price falls to the bottom. Although you can't guarantee that your business is completely correct, you can at least sell it at a relatively high price and buy it at a relatively low price, without buying a highest price and selling it at a lowest price. By comparing the number of buyers and sellers, we can see whether the buyer is more powerful or the seller is more powerful. If the strength of the seller is far greater than that of the buyer, it is best not to buy it. Explain the size of a transaction just made in the computer. If a large number of shares appear continuously, it means that many people are buying and selling the shares, and the transaction is active, which is worth noting. And if no one buys it for a long time, it is unlikely to become a good stock. The cumulative number of hands on hand is the total number of hands. The total number of lots is also called turnover. Sometimes it is more important than the stock price. The ratio of the total number of lots to the number of shares in circulation is called turnover rate, which shows how many shareholders bought on the same day. The high turnover rate shows that there are many people buying and selling the stock, which is easy to rise. However, if it is not a new stock that has just been listed, but there is a huge turnover rate (more than 5%), it often falls the next day, so it is best not to buy it. There are two ways to express the rise and fall. In some securities companies, the market shows an absolute number, that is, it is clear at a glance that it has risen or fallen by a few cents. There are also some securities companies that show relative numbers on the market, that is, up or down by a few percent. So when you want to know the actual number of ups and downs, you have to convert. In addition, when the company pays dividends, it is necessary to register the shares, because if you buy shares the next day, you will not get dividends and bonus shares, and you will not be able to distribute shares. Generally speaking, the stock price will fall, so the previous closing price displayed on the market the next day is no longer the actual closing price of the day before yesterday, but is calculated according to the combination of the transaction price and the amount of dividend cash, the number of allotment shares and the share price. If it is a dividend on the display screen, it is written as DRXX, which is called ex-dividend. If it is a dividend or a rights issue, write XRXX, which is called ex-dividend; if it is a dividend and a rights issue, write XDXX, which is called ex-dividend. The last two words are abbreviations of company names, such as "DR Tsingtao Beer" and "DR Changhong". This day is called the ex-dividend date or ex-dividend date of the stock (ex-dividend date). The method of calculating ex-dividend price is relatively simple, as long as the closing price of the previous day is subtracted from the amount of dividends paid. For example, the closing price of a stock the day before is 2.8 yuan, and the dividend amount is 5 cents per share, so the ex-dividend price is 2.75 yuan. When calculating the ex-dividend price, if it is a bonus share, it is necessary to divide the closing price of the previous day by the number of shares of the next day. For example, the closing price of a stock the day before was 3.9 yuan, and the ratio of giving shares was 1:3, that is, dividing 3.9 yuan by 1+3/1, that is, the ex-dividend price was 3.9/1.3=3. yuan. When placing shares, the money spent on placing shares is still added. For example, the closing price of a stock the day before is 14 yuan, the proportion of allotment is 1:2, and the allotment price is 8 yuan, so the ex-dividend price is (14X1+8X2)/(1+2)=13 yuan. After a day's trading, if the actual closing price of the day is higher than the calculated price, it is called right filling; conversely, if the actual closing price is lower than the calculated price, it is called right posting. This often has a great relationship with the market situation at that time. When the stock price rises, it is easy to fill in the right, and when the stock price falls, it is easy to post the right. When the market situation is good, people are often willing to buy shares that are about to be allotted dividends or just ex-rights, because it is easy to fill in the rights at this time, that is to say, the stock price is easy to continue to rise on the same day, although it may seem that the stock price is lower than the previous day at the close, but in fact the stock price has risen. In 1997, when the Bank of China exclusively launched the forward settlement and sale of foreign exchange, it was announced that the settlement price of four-month forward dollars was as high as 8.4 or even 8.5, which was much higher than the normal settlement price of around 8.27. At that time, at the beginning of the Asian financial crisis, the currencies of many Asian countries were hit and depreciated sharply, and rumors of RMB depreciation were everywhere. The Bank of China announced such a high forward settlement price, which many companies who did not understand the formation mechanism and calculation method of forward price did not understand, fearing that it was a prelude to RMB depreciation, or represented the trend of RMB depreciation, because they thought that if the RMB did not depreciate, the settlement exchange rate today would be 8.27. Four months later, it will be 8.27, so China Bank can provide a four-month settlement exchange rate of 8.4. If the market price is lower than 8.4, China Bank will definitely lose money, and the bank will definitely not do loss-making business, indicating that the RMB exchange rate will depreciate to at least 8.4 after four months. In fact, this is because many companies do not understand how the forward foreign exchange trading price is formed and calculated. For example, what should I do if I want to change US dollars into Japanese yen in three months? There are two methods. One is to convert US dollars into Japanese yen now and deposit Japanese yen for a fixed period of three months. The other is to deposit US dollars for a fixed period of three months now, and then convert them into Japanese yen with interest after the expiration. The yen obtained by these two methods must be the same, otherwise there will be arbitrage opportunities in the market. However, the interest rates of the US dollar and the Japanese yen are different, so the exchange rates used by the two methods are also different. The first method uses the spot exchange rate, while the second method uses the forward exchange rate. Therefore, the forward price is mainly formed by the spot exchange rate plus or minus the interest rate difference between the two currencies. If the US dollar (i.e. the first currency or the currency with constant value) is regarded as currency A and the Japanese yen (i.e. the second currency or the currency with variable value) is regarded as currency B, their forward calculation formula is: forward exchange rate = spot exchange rate+spot exchange rate × (B lending rate-A lending rate) × forward days ÷ 36 From this calculation company, it can be seen that when the spot exchange rate is determined, the forward exchange rate, Forward exchange rate If the interest rate of currency B is higher than that of currency A, the bracket value in the formula is positive, and the forward exchange rate is higher than the spot exchange rate, which is called premium, and the bracket value is called premium point; If the interest rate of currency B is lower than that of currency A, the bracket value is negative, and the forward exchange rate is lower than the spot exchange rate, which is called discount, and the bracket value is called discount point. When the interest rates of both currencies are determined, the longer the forward term, the larger the premium point or discount point, and the larger the spread between the forward exchange rate and the spot exchange rate. For example, the one-month interbank lending rate of USD is 2.46%, the interest rate of JPY is .11%, and the spot exchange rate of USD/JPY is 12.45. Using these factors, the one-month USD/JPY forward exchange rate can be calculated: the one-month USD/JPY exchange rate = 12.45+12.45× .11%-2.46 %× 3. Similarly, it is not difficult to understand why the forward settlement price of China Bank was as high as 8.4 or above in 1997. At that time, the RMB capital market was in short supply, and the interbank lending rate of RMB was as high as double digits (assuming 13%), while the interbank lending rate of US dollar was less than 5%. Based on this, the forward exchange rate of four-month USD/RMB was calculated as the four-month USD/RMB exchange rate = 8.27+8.27× 13%-5 %× 12× 36 = 8.27+.22. Taking advantage of the higher forward exchange settlement quotation published by Bank of China, they have signed forward exchange settlement agreements with Bank of China. While other companies can only settle foreign exchange with the spot quotation of 8.27, they can already enjoy the forward exchange settlement quotation of 8.3, 8.4 or even as high as 8.5, and the export proceeds are less than 1 million US dollars. These companies have obtained additional exchange income of several million yuan through the forward exchange settlement business in the "foreign exchange kit" of Bank of China. Similarly, in 1999, for fear of inflation in the US economy, the Federal Reserve Bank of the United States repeatedly raised the interest rate of the US dollar, making the interbank lending rate of the US dollar as high as 6.5%, while the interbank interest rate of the RMB dropped to about 3%, making the forward settlement and sale of foreign exchange in China Bank change from a substantial premium to a substantial discount. The four-month forward sale price is less than 8.2, and the spot sale price closer to 8.3 is .1. Many companies that need to buy US dollars to pay for imports have signed forward sales contracts with the Bank of China. The same amount of foreign exchange sales has saved millions of yuan in foreign exchange purchase expenses and greatly improved the company's operating efficiency. The calculation formula of forward exchange rate is an important and useful formula in the international financial market. Through the calculation formula, we can find that the forward exchange rate of A/B currency has nothing to do with the future trend of exchange rates of A and B. The discount of forward exchange rate (lower than spot exchange rate) does not mean that the exchange rates of these two currencies will fall in the future, but only indicates that the interest rate of A currency is higher than that of B currency. Similarly, the premium of forward exchange rate does not mean that the currency exchange rate will rise in the future, but only shows that the interest rate of currency A is lower than that of currency B. The forward exchange rate is only related to the interest rates of two currencies, A and B, and the days of forward. Mastering this is very useful for us to use forward business to prevent exchange rate risks.