【中文版】

换手率是指一定时期内股票的成交量占其可流通市值的比例。它反映了股票的流动性，是投资者关注的重要指标之一。

换手率的计算公式为：换手率=成交量/流通市值。如果一只股票的换手率为10%，意味着在过去的某个时间段内，该股票的成交量占其可流通市值的10%。

换手率的高低与股票的活跃程度和交易量有关。一般来说，高换手率意味着该股票的交易量较大，市场活跃度高，容易受到投资者的关注。而低换手率则意味着该股票的交易量较小，市场活跃度低，投资者关注度也相对较低。

换手率对于投资者来说具有重要的参考价值。高换手率可能意味着股票的买卖双方力量均衡，而低换手率则可能意味着买卖双方力量对比悬殊。投资者可以根据换手率的变化来分析股票的趋势和风险。

需要注意的是，换手率并非万能的指标，投资者在分析股票时还需要结合其他指标和市场信息进行综合判断。

【英文版】

The turnover rate refers to the proportion of a stock's trading volume to its tradable market value within a certain period of time. It reflects the liquidity of the stock and is one of the important indicators that investors pay attention to.

The calculation formula of the turnover rate is: turnover rate = trading volume / circulating market value. If the turnover rate of a stock is 10%, it means that in the past certain period of time, the trading volume of the stock is 10% of its tradable market value.

The turnover rate is related to the stock's activity level and trading volume. Generally speaking, a high turnover rate indicates that the stock's trading volume is large and the market activity is high, which is easy to attract investors' attention. While a low turnover rate means that the stock's trading volume is small and the market activity is low, and investors' attention is relatively low.

The turnover rate has important reference value for investors. A high turnover rate may indicate that the buyers and sellers of the stock are balanced in strength, while a low turnover rate may indicate that the buyers and sellers of the stock are severely imbalanced in strength. Investors can analyze the trend and risk of the stock based on the change of the turnover rate.

It should be noted that the turnover rate is not a panacea. Investors need to combine other indicators and market information for comprehensive judgment when analyzing stocks.