009:‌股票交易中的“T+0”“T+1”“T+2”制度解析

009:‌股票交易中的“T+0”“T+1”“T+2”制度解析_插图

 

一、基本概念

  1. T+0

    • 定义‌:当日买入的股票可当日卖出,资金可即时回笼并重复使用。
    • 特点‌:高频交易、流动性强,但投机风险高。
    • 现状‌:我国股票交易实行‌T+1‌,但‌资金结算仍为T+0‌(卖出股票的资金当日可用)^^。
  2. T+1

    • 定义‌:当日买入的股票需次日(T+1)才能卖出,但卖出资金当日可用。
    • 实施时间‌:我国自1995年1月1日起实行,旨在抑制过度投机^^。
  3. T+2

    • 定义‌:交易后需隔两日(T+2)才能完成清算交割,反向操作延迟更长。
    • 特点‌:降低交易速度,减少短期波动风险,常见于部分国际市场^^。

二、我国现行制度详解

  1. 股票交易规则

    • T+1制度‌:买入股票次日方可卖出,但资金结算为T+0(卖出后资金当日可用)。
    • 例外‌:债券、ETF、货币基金等部分品种支持T+0交易。
  2. 涨跌停板制度

    • 限制幅度‌:A股涨跌幅为10%(科创板、创业板为20%,新股首日除外)。
    • 目的‌:防止价格剧烈波动,保护投资者利益(1996年12月实施)^^。

三、国际对比与风险提示

  1. 国际差异

    • 成熟市场‌(如美股):普遍实行T+2交割制度,但允许T+0交易。
    • 新兴市场‌:部分国家(如印度)曾尝试T+0,后因风险调整至T+1^^。
  2. 风险与策略

    • T+0风险‌:高频交易易导致亏损,需严格止损。
    • T+1优势‌:降低散户投机冲动,促进长期投资^^。

四、常见问题

  • 为何资金T+0、股票T+1?
    平衡流动性与风险,避免资金闲置同时抑制短线炒作。
  • 哪些品种支持T+0?
    可转债、部分跨境ETF、外汇保证金等^^。

(注:我国制度以沪深交易所最新规则为准,历史背景参考1995年及1996年政策文件。)

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指标使用通用经验总结

  1. 一般出现信号不急着立即介入,介入时机一般尾盘半小时判断信号是否可介入;
  2. 指标信号出现后第二天冲高阴线立即清仓等待突破上一个信号点最高价判断是是否介入;
  3. 指标信号出现后第二天阴线或假阳线立即清仓,等待突破上一个信号点最高价在判断是否介入;
  4. 在上涨,现价处于上涨高位的『介入、看多』信号不参与;
  5. 不是信号一出现就介入,要根据市场环境,量价关系,市场情绪等诸多因素判断是否可介入;
  6. 技术指标有其本身局限性,宁可错过,也不要做错
  7. 拿到指标后,多测试,多练习,看是否符合预期,总结规律;

总之一旦信号失真,不符合预期,立即清仓控制风险 ;

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