AI For Trading: Stocks,indices,Funds (33)

Stocks

Equity = Assets - Liabilities
Stock or Shares represent partial ownership of a company’s equity.

Indices(指数)

What is an index?
Aggregated value of a group of stocks company's equity.

指数:
S&P: Standard and Poor’s 500 Index (USA)
标准普尔:标准普尔500指数(美国)

Dow: Dow Jones Industrial Average (USA)
道指:道琼斯工业平均指数(美国)

IBOVESPA: Ibovespa Brasil Sao Paulo Stock Exchange Index (Brazil)
IBOVESPA:Ibovespa Brasil圣保罗证券交易所指数(巴西)

MERVAL: Buenos Aires Stock Exchange Merval Index (Argentina)
MERVAL:布宜诺斯艾利斯证券交易所Merval指数(阿根廷

NIKKEI: Nikkei 225 Index (Japan)
日经:日经225指数(日本)

HANG SENG: Hang Seng Composite Index (Hong Kong)
恒生:恒生综合指数(香港)

FTSE 100: Financial Times Stock Exchange 100 Index (UK)
富时100指数:金融时报证券交易所100指数(英国)

EURO STOXX: EURO STOXX 50 (Europe)
EURO STOXX:EURO STOXX 50(欧洲)

Indices are Virtual Portfolios

Indices are not actual funds that people invest in.
指数不是人们投资的实际资金。
They represent the aggregated performance of a collection of stocks.
它们代表了一系列股票的综合表现。

Indices Describe the Market

  • Indices track subgroups of the market, and may be designed specifically to track stocks in the same stock exchange, same country, or same sector.
  • Indices give investors a measure of the market’s status.
  • Professional investment managers may use indices as benchmarks against which they can evaluate their own fund’s performance.

CSI 300 就是我国股指期货的标的物沪深300指数。2005年4月8日,中证指数有限公司沪深300指数(CSI 300 Index)正式登陆交易所行情系统运行。

沪深300指数:是从上海和深圳两个股市中,选择业绩好、行业代表性强、流通市值比较大的300只优秀股票作为代表。以这三百只股票的涨跌幅度,制定了一个指数,略微大于上海的上证指数。

Market Cap(市值)

Market Cap: Market capitalization/capitalisation 市场总值,上市公司的股票市值总合。它的大小和成长度是判断一个公司好坏的重要依据。指公司总的市场价值,公式为,公司总股本 × 每股股价。

Market capitalization defined as large-cap,mid-cap or small-cap.In other words,market cap is the market value of the company.

Growth V. Value(成长股和价值股)

Whether companies are considered growth or value stocks, So, what's a growth stock, and what's a value stock?

Growth Stock: Growth in sales, revenue, earnings
成长股:销售额,收入,收益增长

Value Stock: Stable sales, revenue, earning.
价值股票:稳定的销售额,收入,收益。

Ratios(比率)

Ratios (Fundamentals)

Price to earnings ratio: the stock price divided by the company’s earnings per share over the past four quarters.
市盈率:股票价格除以公司过去四个季度的每股收益。

Price to sales ratio: the the stock price divided by the sales per share over the past four quarters.
价格与销售比率:股票价格除以过去四个季度的每股销售额。

Price to book ratio: the stock price divided by the book value per share.
价格与账面比率:股票价格除以每股账面价值。

The book value is the company’s accounting value, which is assets minus liabilities.
账面价值是公司的会计价值,即资产减负债。

Growth stocks tend to have high price to earnings, price to sales, and price to book ratios.
成长型股票往往具有较高的收益价格,价格与销售额以及价格与账面比率。

Value stocks tend to have lower price to earnings, price to sales, and price to book ratios.
价值股票往往具有较低的收益价格,价格与销售额以及价格与账面比率。

Generally speaking, software and biotechnology stocks have high PE ratios, while agriculture and construction companies tend to have lower PE ratios.

Index Categories(指数分类)

S&P Index Categories

Indices are created as subsets of other indices. One way of creating subsets include categorizing by market cap, and then value vs. growth. This is how Standard and Poor’s breaks down some of its indices:
指数被创建为其他指数的子集。创建子集的一种方法包括按市值分类,然后是价值与增长。这就是标准普尔分拆一些指数的方式:

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Price Weighting(价格加权)

Price Weighting: Add up all the prices, and you’ll have an index value.
价格加权:加上所有价格,你就会得到一个指数值。

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Note in practice that we’ll rescale this number. You’ll see this later in the lesson.

Market Cap Weighting(市值加权)

We can get an index by adding up the market cap of all stocks in the index. Note that in practice, we’ll rescale this number. You’ll see this later in the lesson. \(\sum_{1}^{n} (price_i \times number of shares_i)\)

我们可以通过将指数中所有股票的市值加起来得到一个指数。

练习题

A market cap weighted index has two stocks, A and B. Stock A has 3 million shares at $5 per share. Stock B has 10 million shares at $2 per share. What are the weights of stock A and B in the portfolio?

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答案:C

The market cap of stock A is 3 million shares times $5, or $15 million.
The market cap of stock B is 10 million shares times $2, or $20 million.
The total market cap is $15m + $20m = $35m.
Stock A has a weight of $15/$35 = 43%.
Stock B has a weight of $20/$35 = 57%.

为者常成,行者常至