证券CDR是什么？图解说明

中文：

证券CDR，即中国存托凭证（Chinese Depositary Receipt），是一种允许境外上市公司在境内市场交易的金融衍生产品。简单来说，CDR可以看作是一种“代替股票”的凭证，让境内投资者能够间接投资境外市场。

下面我们通过图解来更直观地理解证券CDR的运作机制：

境外上市公司：假设有一家公司A在境外市场上市，其股票在境外市场有交易。

委托存托：公司A将一部分股票委托给境内的存托银行，这些股票将作为CDR的发行基础。

发行CDR：存托银行根据委托的股票数量发行相应数量的CDR。这些CDR在境内市场进行交易。

交易CDR：境内投资者可以在市场上买卖CDR，与买卖股票类似。但实际上，他们是在买卖与境外原始股票挂钩的衍生产品。

收益与风险：CDR的持有者享有与原始股票相似的收益和风险，但由于汇率、市场供需等因素，CDR的交易价格可能与原始股票有所差异。

证券CDR为投资者提供了一个便捷的投资境外市场的渠道，同时也为境外上市公司提供了更多的融资机会。然而，投资者在参与CDR交易时，也需要关注相关的风险，如汇率风险、市场风险等。

英文：

Securities CDR, or Chinese Depositary Receipt, is a financial derivative product that allows overseas listed companies to trade on the domestic market. In simple terms, CDR can be seen as a kind of "substitute stock" certificate, enabling domestic investors to indirectly invest in overseas markets.

Let's understand the operation mechanism of Securities CDR through a graphical illustration:

Overseas Listed Company: Assume there is a company A listed on an overseas market, and its shares are traded in that market.

Depositary Trust: Company A entrusts a portion of its shares to a domestic depositary bank. These shares will serve as the basis for the issuance of CDRs.

CDR Issuance: The depositary bank issues CDRs in the same number as the entrusted shares. These CDRs are traded on the domestic market.

Trading CDRs: Domestic investors can buy and sell CDRs in the market, similar to trading stocks. However, they are actually trading derivative products linked to the underlying overseas shares.

Returns and Risks: Holders of CDRs enjoy similar returns and risks to the underlying shares. However, due to factors such as exchange rates, market supply and demand, the trading price of CDRs may differ from the underlying shares.

Securities CDR provides investors with a convenient channel to invest in overseas markets, while also offering more financing opportunities for overseas listed companies. However, when investing in CDR trading, investors also need to pay attention to related risks, such as exchange rate risk and market risk.