Market fluctuations in China's mainland stock market in August 2018

Market fluctuations in China's mainland stock market in August 2018

2018年8月市场波动统计

中国大陆地区股票市场2018年8月市场波动：

1.1.2.5 资金流入与资金流出的含义（2）

我们在价格是如何波动的文章中提到，影响价格波动的是持有股票或现金，但是交易委托单还没有提交的交易者。

其中持有现金的这部分交易者，会影响价格向上方波动；而持有股票的这部分交易者，会影响价格向下方波动。

我们接下来再看一看具体的情况。

【例】

我们着重看一下，已经提交委托的情况

上图显示了在“卖一”12.39元的位置，有股票持有者委托了20手，等待成交。

未提交委托的现金持有者，如果此时提交委托如下：

• 委托价格12.39元，买入15手
• 则该笔交易可完成，涉及金额：12.39*1500=18585元。

而对于此笔交易而言，是现金持有者“主动性行为”造成的，因此可以描述为：主动买入的资金为18585元。

这个含义，随着不断使用和转述，慢慢演变成“资金流入18585元”。

实际严格意义上来讲应该是：主动买入资金18585元。

再引申一步来讲：

主动买入使用资金18585元  =   被动卖出获得资金18585元

市场分析中的资金流入和流出的概念，并非是股票市场增加或减少了资金，而是表明了成交意愿的主动性和被动性。

1.1.2.4 Meaning of capital inflow and capital outflow (1)

In financial transactions, an important principle is that the same prices of both parties to the transaction can be traded.

【example】

Trader A wants to sell 1000 shares of a stock at a price of 9.32 yuan. If the trader β wants to buy the 1,000 shares, he must buy it at 9.32 yuan.

If you do not consider other fees, this is formed:

Trader A

     Selling 1,000 shares at 9.32 yuan, getting 9320 yuan in cash, losing stock.

Trader β

     Buying 1,000 shares at 9.32 yuan, paying 9,320 yuan in cash, getting stocks.

It can be seen from the above that how much cash is paid by someone, how much cash is obtained by someone, and there is no change in the whole market in terms of cash.

[Thinking]
Why do market analysts always say something like "Today's stock capital inflow of 50 million yuan"?

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1.1.2.4 资金流入与资金流出的含义（1）

在金融交易中，一个重要的原则就是：在成交时，交易双方彼此给出的价格要一致。

【比如】

交易者A希望以9.32元的价格卖出某只股票1000股，那么交易者β如果想要买入这1000股，必须以9.32元价格买入。

如果不考虑手续费等其他费用，这就形成了：

交易者A
    以9.32元卖出股票1000股  获得  9320元现金  失去股票

交易者β 
    以9.32元买入股票1000股  支付  9320元现金  得到股票

从上面可以看出，有人支付多少现金，就有人获得多少现金，整个市场就现金而言，没有任何变动。

【思考】为什么市场分析人士总会说类似于“今日某只股票资金流入5000万元”这样的话呢？

1.1.2.3 How does the price fluctuate (2)

In the previous article, we mentioned two situations where prices are no longer fluctuating:

1. No new transaction orders are submitted;
2. The price of the newly submitted transaction order is in the range where the transaction cannot be completed.

Next, we discuss the situation when prices fluctuate, which requires

1. A new transaction order is submitted;
2. The price of the newly submitted order is in the range that can be filled.

【example】

When the price stays still, it will fluctuate, there are two directions:

{ price up fluctuations }

The reason for the upward price fluctuation is that the price of the new trading order falls within the range shown in the following figure.

Thus forming a price up fluctuation.

{ price downward fluctuation }

The reason for the price downward fluctuations is that the price of the new trading order falls within the range shown in the chart below.

Thus forming a price downward fluctuation.

[Thinking]

The prices of the two parties are equal at the time of the transaction.

 Why is there always an analysis report saying that there are a lot of capital inflows in the market or a stock today, or is there a lot of capital flowing out?

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1.1.2.3 价格是如何波动的（2）

上一篇文章中，我们提到了两种价格不再波动的情况：
1、不再有新的交易委托单提交；
2、新提交的交易委托单的价格处于无法成交的区间。

接下来，我们探讨价格波动时的情形，这要求
1、有新的交易委托单提交；
2、新提交的委托单的价格处于可成交范围。

【例】

当价格保持静止后产生波动，有两个方向

{ 价格向上波动 }

造成价格向上波动的原因，是新的交易委托单的价格，落在了如下图所示的区间范围

从而形成了价格向上的波动

{ 价格向下波动 }

造成价格向下波动的原因，是新的交易委托单的价格，落在了如下图所示的区间范围

从而形成了价格向下的波动

【思考】交易时双方的价格是对等的，为什么总有分析报道说，今日市场或者某只股票流入资金xxx，或者流出资金xxx？

1.1.2.2 How does the price fluctuate (1)

In the previous article, we learned that there are four types of traders in a trading market at a certain time. Let's explore how these four types of traders influence price volatility.

【example】

Such as a variety from

10:00 to 10:04

Price fluctuations are as follows

if     10:04 to 10:10

No new traders are submitting orders. Since the prices of both parties to the transaction are inconsistent, the trader who has submitted the order cannot make a deal, so the price will stop at 12.34 and keep it.

At this point, a new trader submits an order. Due to the different price ranges of the submitted orders, there are two different situations.

【The first case:   Prices remain unchanged】

This situation is caused by the order submitted by the new trader as shown in the following figure.

The new transaction commission price is in an area where the transaction cannot be completed, so the price remains unchanged.

【Thinking】 In the second case, if the price fluctuates, where is the trader's price of the submitted order?

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1.1.2.2 价格是如何波动的（1）

上一篇文章中，我们了解到在某个时刻或者某个时间段，交易市场中有四类交易者，下面我们来探讨一下，这四类交易者是如何影响价格波动的。

【例】

比如某个品种从
10:00到10:04
的价格波动如下

假如
10:04到10:10
不再有新的交易者提交委托单。由于买卖交易双方的价格不一致，已经提交委托单的交易者无法成交，因此价格会停在12.34处，保持下去。

此时，有新的交易者提交委托单。由于提交的委托单价格区间不同，造成两种不同的情形。

第一种情形：

价格依然保持不变

这种情况是由于新的交易者提交的委托单如下图所示造成的

新的交易委托价格处于无法成交的区域，因此价格依然保持不变

【思考】第二种情况，如果让价格波动起来，交易者是提交的委托单价格会处于哪个区域呢？

1.1.2.1 Four types of traders

In the time-sharing chart, we can observe the situation of the order that the trader has not yet completed, as shown below.

This shows a summary of the two types of traders (stock holders and cash holders) that have not yet been filled, including price information and total commissions.

These orders cannot be filled because the prices of the two parties are inconsistent.

At the same time, there are other traders who have not submitted the order at this time, so in fact, at some point, there are four types of traders in the market that are affecting the market.

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1.1.2.1 四类交易者

在分时图中，我们可以观察到交易者还未成交的委托单情况，如下图

这里显示了两类交易者（股票持有者和现金持有者）还未成交的委托单的汇总情况，包括了价格信息和总的委托量。

由于交易双方的价格不一致，因此这些委托单无法成交。

而同时还有其他的交易者此时并没有提交委托单，因此实际上在某个时刻，市场有四类交易者在影响着市场的交易。

1.1.2 the time-sharing chart

Another thing that traders often observe is the "time-sharing map."

The time-sharing chart is mainly composed of five parts.

Part 1: Shows the continuous fluctuations in prices and plots the weighted average price.

Part 2: Shows a summary of the corresponding volume when the price changes.

Part 3: shows the case where the order was submitted but not yet filled.

Part 4: Shows the summary of transactions that have been completed so far.

Part 5: Shows the current status of the transaction.

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1.1.2 分时图

交易者经常观察的另一个内容就是“分时图”。

分时图主要由五部分组成。

第1部分：显示了价格的连续波动情况，同时绘制出加权平均价格的变化曲线。

第2部分：显示了价格变动时对应的成交量的汇总。

第3部分：显示了提交了委托单，但是还未成交的情况。

第4部分：显示了截至到目前已经成交的汇总。

第5部分：显示了当前时刻正在成交的状况。

1.1.1.8 stage increase

Securities analysis software usually provides statistical functions. In dynamic display board, traders can use statistical functions to summarize data.

【example】

Traders want to count the stocks' ups and downs in the past year, and can use the “stage increase” function to quickly calculate the results of a certain period of time.

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1.1.1.8 阶段涨幅

证券分析类软件通常会提供统计功能，在动态显示牌中交易者可以利用统计功能进行数据汇总。

【例】

交易者希望统计最近一年关注的股票涨跌情况，就可以利用“阶段涨幅”这一功能，快速地统计出某个时间段的结果。

1.1.1.7 Price–earnings ratio

The next article will explore some of the other data in the dynamic display board. These data are not directly related to the transaction, but they affect the judgment and actions of the trader.

P/E ratio=price of share / earnings per share

The P/E ratio reflects that when a trader buys a stock at a certain price, if the company can continue to operate according to the past profitability, then the trader can recover the transaction cost in this ideal state after several years.

On the surface, this is a very easy to calculate data, but because of the different time points, it will cause a lot of ambiguity. E.g:

• Price per stock: Since the stock price fluctuates every day, which value is more reasonable?
• Earnings per share: Since the profitability of each stage of the company is also different, which value is more reasonable?

【example】

Price fluctuation

Earnings per share 

The difference between the two data collections, the calculated P/E ratio results are different, which will cause the trader to bias the stock expectations.

Therefore, the trader needs to know that when analyzing the P/E ratio data, it is necessary to know clearly which two time points or time periods the data is collected, so as not to cause the deviation of the analysis.

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1.1.1.7 市盈率

接下来的文章将探讨动态显示牌中其他一些数据。这些数据和交易没有直接的联系，但是却影响着交易者的判断和行动。

市盈率：每股市场价格/每股盈利

市盈率反映了，当交易者以某个价格买入股票后，如果上市公司能够按照以往的盈利能力继续运营，那么交易者在此理想的状态下，经过多少年可以收回交易成本。

从表面上来看，这是一个很容易计算的数据，但是由于采取的时间点不同，也会引起很多歧义。例如：

每股市价：由于股票价格每天都在波动，采取哪一个数值较为合理？
每股盈利：由于企业每个阶段的盈利能力也有所不同，采取哪一个数值较为合理？

【例】

价格的波动

各阶段计算的每股盈利

这两种数据采集的差异，计算出的市盈率结果不同，这会引起交易者对股票预期的偏差。

因此交易者需要知道，当分析市盈率数据时，需要明确知道数据是采集了哪两个时点或时间段的，以免引起分析的偏差。

1.1.1.6 Dynamic display card summary (Part 1)

The previous article on dynamic display cards focused on some of the concepts directly related to transactions and clarified them.

Traders should have a good habit:

For the concepts that are often used, think about whether you can use your own words to describe these concepts more rigorously.

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