Mid line market makers: The speculation cycle is 1-6 months, with a control degree (of circulating stocks) of 30% -80%. The market features a wave like upward trend, with clear collection and distribution periods, and a general upward space of 50% -100%. The profit target is generally above 50%. For example: 0667 Huayi Investment, the market started in late March 1998 and lasted until early August 1998.

Long term market makers: lock in chips, speculate for a period of six months to one year, control the market (circulating stocks) by more than 50%, and the characteristics of the market are: ① forming a long-term upward channel; ② Generally, growth stocks with significant potential for improvement in performance are selected, with a room for growth of over 100% and a profit target of generally over 100%. For example: 0589 Guizhou Tire, the dealer started working from June 1996 and continued until May 1997, with the stock price rising from 5 yuan to nearly 37 yuan. 2. The difference between securities brokerage and self speculation by companies. Securities brokerage: A rigorous speculation plan is formulated by the trader in advance, and after approval by the supervisor, the company's finance department mobilizes funds for implementation. Due to the fact that most of its speculative funds are short-term borrowings or misappropriation of customer margin, it generally does not hold long-term shares. Before entering the market, it is common to reach a certain understanding with listed companies, enjoying increasing trading volume to earn transaction fees and attracting small and medium-sized retail investors. The trading techniques are relatively formal, usually only dealing with two or three major market trends in a year. It is usually referred to as the legitimate army among the main players in the market, mainly referring to the proprietary business of securities companies. Sometimes, due to certain needs (such as underwriting rights issues), protection measures may be taken.

Listed company market makers: Due to industry regulations, they generally do not directly buy or sell their own stocks, but mostly indirectly entrust others to speculate on their behalf. Its funding sources are mostly temporarily idle working capital of the company, which is generally listed in the "investment income" account. Often releasing or fabricating positive news (themes) to support speculation, often boosting stock prices before and after the listing of its internal employee stocks, or protecting or boosting the company's image in order to smoothly implement rights issues, improve and maintain the company's image, sometimes even at a loss.

3. The difference between being a trend maker, a sector maker, and an individual stock maker is that a trend maker has the strongest strength and generally chooses benchmark stocks or leading stocks in the market. On the one hand, it is convenient to enter and exit, and on the other hand, it can regulate the overall market index. Its characteristic is that the import and export volume is large and the time is long, the more individual stocks are swallowed, and the heavier the position, the greater the power to launch the market. These types of market makers are usually large and powerful securities firms, which are difficult for small and medium-sized institutions as well as large private investors to sustain. For example, the market makers who entered Hongqiao Airport in late September 1998 are major securities firms.

Market makers in speculative sectors often use a leading stock as the leader of the market, followed by other stocks in the same sector, adopting a round robin (round robin) approach. Once the entire sector is fully launched, it is often the time for major varieties to adjust (reduce positions). When market makers speculate on such stocks, they often match it with industry themes (or regional positive news). For example, the concept stocks of "post disaster reconstruction" that emerged in the market in August 1998 were centered around the cement sector. Stock market makers: This is the most common type of market maker, known as "setting aside the overall market to make a stock". They often prefer to choose small cap stocks for the purpose of controlling the market and creating independent trends, but generally have strong speculative tendencies. It is further divided into old and new shares.

The so-called Laozhuang stocks refer to stocks that have been "warm" for a period of time and have already completed the process of collecting chips. They can be divided into the following three situations: ① There are already substantial profits, and they are eager to seek opportunities to distribute at high prices. As long as someone enters the market to take over, intraday institutions will sell short (such as 0795 Taiyuan Corundum, which was sideways at a high level for more than a month before mid July 1998, at which time the intraday institutions had already made a lot of profits. By July 13th, the market makers waited for the opportunity to lose weight when the market was high. ② It may be shallowly trapped, and usually there is no obvious collection process before attacking again. The main way to achieve the goal of unwinding and withdrawing is to repeatedly oscillate up and down or continue to pull up. For example, 0720 Shandong Cable had already been shallowly trapped in the intraday institutions before late July 1998, and then began to attack continuously. There was no trace left from the opening of the market during the second uptrend. ③ It has already been deeply trapped in the intraday market, and it is generally necessary to take advantage of the optimistic trend of the overall market trend Only then will the self rescue be pulled up again, and the extent of the upward movement is considerable. When hovering at a low level, the trading volume generally shrinks significantly. At this time, intervention is both safe and there are great opportunities for future profits. For example, before August 18, 1998, Chengdu Hualian had already been heavily trapped by institutional investors. Due to the slowdown of the market, the market makers began to take advantage of the situation again on August 18.

The so-called Xinzhuang stocks refer to newly settled market makers. This type of market maker usually goes through four complete stages of speculation, unlike the (trapped) old house stocks that lack the stage of collecting chips. Xinzhuang generally likes to start a new business when choosing individual stocks, and is unwilling to choose stocks that already have a branch to invest in.