香港交易所-散户投资

RETAILINVESTORSURVEY2009March2010Research&CorporateDevelopmentHKEXRETAILINVESTORSURVEY2009CONTENTSPage1.Executivesummary........................................................................................................12.Introduction....................................................................................................................43.Retailparticipation.........................................................................................................53.1Typesofinvestor....................................................................................................53.2Typesofstockinvestorandderivativesinvestor...................................................64.Investorprofile...............................................................................................................84.1Profileofstockinvestors.......................................................................................84.2Profileofequity,warrant,CBBCandETFinvestors............................................84.3Profileofderivativesinvestors..............................................................................85.Stockholdingandtradingpattern.................................................................................125.1Stockholdingvalueofstockinvestors.................................................................125.2Listedcompanyshareholdingsofstockinvestors...............................................135.3Tradingpatternofstockinvestors.......................................................................155.4Relationshipbetweenstockholdingvalueandtradingpatternofstockinvestors.....................................................................................................215.5Tradingpatternofderivativesinvestors..............................................................236.Tradingchannels..........................................................................................................256.1Stocktradingchannels.........................................................................................256.2Derivativestradingchannels................................................................................317.Onlinetraders...............................................................................................................357.1Incidenceandproportionofonlinestocktradersandonlinederivativestraders357.2Profile,tradingchannelsandtradingpatternofonlinestocktradersandonlinederivativestraders................................................................................................378.PerceptionsoftheHKExmarkets................................................................................43Glossary.........................................................................................................................51Appendix1.Surveymethodology.......................................................................................53Appendix2.Respondedsamplebyinvestortype................................................................55Appendix3.Precisionofsurveyfindings............................................................................56HKEXRETAILINVESTORSURVEY200911.EXECUTIVESUMMARYTheRetailInvestorSurveyhasbeenconductedperiodicallysince1989.ThesurveyfindingsprovideinformationontrendsandcharacteristicsofretailparticipationintheHKExmarkets.Theprevioussurveywasconductedin2007.Thelatestsurvey,RetailInvestorSurvey2009,wasconductedfrom13Novemberto23December2009.Theterms“Dec2009”or“2009”areusedincontexts,tablesandchartsforeasyreferenceonly.(Cautionisneededininterpretingthefindingsonderivativesinvestorsbecauseoftheirsmallsamplesize.)Retailparticipation•35.1%oftheHongKongadultpopulation(or2,069,000individuals)wereretailinvestorsinstocks(iesecuritiesmarketproducts)and/orderivatives(iefuturesandoptions)tradedonHKEx.•Thenumberofretailstockinvestorsreached2,059,000in2009,thehighestrecordlevel.Theparticipationratewas35.0%oftheadultpopulation,comparedto35.7%in2007.•Stockownersreachedthehighestlevelin2009,bothinnumber(1,917,000)andinpercentage(32.6%)oftheadultpopulation.•RetailparticipationintheHKExderivatives(iefuturesandoptions)marketremainedlow.Only1.3%oftheadultpopulation(or75,000individuals)werederivativesinvestors,comparedto1.6%in2007.•Amongallstockinvestors:o97%investedonlyinstocks,only3%alsoinvestedinderivatives;oalmostall(98%)investedinequitiesand24%investedinETFs;o10%investedinwarrants(downfrom20%in2007),7%investedinCallableBull/BearContracts(CBBCs)(assessedforthefirsttimein2009),andtogether12%investedinstructuredproducts(iewarrantsand/orCBBCs);o15%heldstocksbutdidnottradeduringthe12monthsprecedingtheinterview(comparedto14%in2007),ie85%werestocktraders.•Amongderivativesinvestors,86%investedalsoinstocksand14%investedonlyinderivatives(upfrom3%in2007).Investorprofile•ThetypicalHongKongretailstockinvestorwas45yearsold,withmatriculationoraboveeducation,amonthlypersonalincomeofaboutHK$16,250andamonthlyhouseholdincomeofaboutHK$35,000.•ThetypicalHongKongreta