1、 2008-7-28Education and Service, Supervision and Protection: Four-in-One to Vigorously Develop the Team of Qualified InvestorsPresident of Shanghai Stock ExchangeZhang YujunJuly, 28th, 200812008-7-28Introduction: Brief Analysis of the Characteristics of InvestorsConclusionContentsFirst, to enhance t
2、he investor education by innovating the approaches Second, to develop the investor service based on the analysis of their demandsThird, to conduct the supervision over investors with fresh ideas Fourth, to improve the investor protection by putting the system first22008-7-28Introduction: Brief Analy
3、sis of the Characteristics of Investors32008-7-28Characteristics of the structure and conducts of investors(1)1. The number of individual investors accounts has increased, while their proportion in total cap has declined every year; The proportion of institutional investors accounts in total market
4、cap has steadily increased year by year. 2. Individual investors especially small-sized ones prefer small cap stocks and ST stocks; Institutional investors prefer larger cap stocks.3. Although equipped with less investment experience, individual investors prefer high-risk securities that may bring h
5、uge profits.4. Individual investors prefer stocks with high P/E, neglecting the intrinsic value of stocks.42008-7-285. Overall profitability of individual investors has increased with the enlargement of the investment scale, but is still lower than that of institutional investors at the same period.
6、6. The corresponding proportions of stocks with different up/down ratio in the portfolios of individual investors remain constant; For the institution investors, just the opposite. The institutional investors are capable of picking the right stocks in a bull market.7. Individual investors trade acti
7、vely with a turnover rate about 2-4 times that of institutional investors.8. Individual investors and institutional investors trade adversely.Characteristics of the structure and conducts of investors(2)52008-7-28Figure 1: Change of market cap held up by individual and institutional investorsIndivid
8、ual investors prefer stocks with high P/E, neglecting the intrinsic value of stocks.62008-7-28Figure 2: Percentage change of various periods of investment for the investment scale of less than 100,000 RMB 72008-7-28Figure 3: Cash amount for net purchase of individual investors with an investment of
9、less than 100,000 RMB or between 100,000 to 1 million RMB82008-7-28Figure 4: Cash amount for net purchase of investment funds or QFII membersFinding based on the comparison between Figure 3 and Figure 4:Individual investors and institutional investors trade adversely. In the year of 2007 and 2008, i
10、ndividual investors were the net seller, while institutional investors were the net buyer in the market.92008-7-28Figure 5: Individual vs. Institutional: Change of proportions of stocks with different up/down ratio in the portfolio(2005-2008)Individual investors and institutional investors prefer stocks with different up/down ratio10
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