{"id":16717,"date":"2022-01-25T02:30:38","date_gmt":"2022-01-24T18:30:38","guid":{"rendered":"https:\/\/www.tejwin.com\/?post_type=insight&#038;p=16717"},"modified":"2024-06-13T13:19:23","modified_gmt":"2024-06-13T05:19:23","slug":"which-industries-did-three-primary-institutional-investors-invest-in-taiwan","status":"publish","type":"insight","link":"https:\/\/www.tejwin.com\/en\/insight\/which-industries-did-three-primary-institutional-investors-invest-in-taiwan\/","title":{"rendered":"Which industries did three primary institutional investors invest in Taiwan?"},"content":{"rendered":"\n<p id=\"696a\">How do the three primary institutional investors invest in Taiwan stocks?<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter caption-align-center\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1_12Mfhhxwk2syWh8IaIASHNQ.jpg\" alt=\"\"\/><figcaption class=\"wp-element-caption\">Photo by&nbsp;<a href=\"https:\/\/unsplash.com\/@alexandermils?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"noreferrer noopener\" target=\"_blank\">Alexander Mils<\/a>&nbsp;on&nbsp;<a href=\"https:\/\/unsplash.com\/s\/photos\/finance?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"noreferrer noopener\" target=\"_blank\">Unsplash<\/a><\/figcaption><\/figure>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f145959939a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f145959939a\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tejwin.com\/en\/insight\/which-industries-did-three-primary-institutional-investors-invest-in-taiwan\/#Highlights\" >Highlights<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tejwin.com\/en\/insight\/which-industries-did-three-primary-institutional-investors-invest-in-taiwan\/#Preface\" >Preface<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tejwin.com\/en\/insight\/which-industries-did-three-primary-institutional-investors-invest-in-taiwan\/#The_Editing_Environment_and_Modules_Required\" >The Editing Environment and Modules Required<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tejwin.com\/en\/insight\/which-industries-did-three-primary-institutional-investors-invest-in-taiwan\/#Database_Used\" >Database Used<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tejwin.com\/en\/insight\/which-industries-did-three-primary-institutional-investors-invest-in-taiwan\/#Data_Processing\" >Data Processing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tejwin.com\/en\/insight\/which-industries-did-three-primary-institutional-investors-invest-in-taiwan\/#Data_Visualization\" >Data Visualization<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.tejwin.com\/en\/insight\/which-industries-did-three-primary-institutional-investors-invest-in-taiwan\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.tejwin.com\/en\/insight\/which-industries-did-three-primary-institutional-investors-invest-in-taiwan\/#Source_Code\" >Source Code<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.tejwin.com\/en\/insight\/which-industries-did-three-primary-institutional-investors-invest-in-taiwan\/#Extended_Reading\" >Extended Reading<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.tejwin.com\/en\/insight\/which-industries-did-three-primary-institutional-investors-invest-in-taiwan\/#Related_Link\" >Related Link<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"5add\"><span class=\"ez-toc-section\" id=\"Highlights\"><\/span><strong>Highlights<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Difficulty\uff1a\u2605\u2606\u2606\u2606\u2606<\/li>\n\n\n\n<li>Advice: This article calculates the stock market value ratios of the three primary institutional investors in various industries. It analyzes the differences between the three direct institutional investors\u2019 industry preferences and strategies. For example, suppose you\u2019re interested in the investment strategy. In that case, you can further refer to\u00a0<a href=\"https:\/\/medium.com\/tej-api-financial-data-anlaysis\/quant-4-trading-strategy-by-keeping-an-eye-on-big-players-9bfb2ef2a296\" class=\"ek-link\" target=\"_blank\" rel=\"noopener\">\u3010Quant(4) Trading Strategy by Keeping an Eye on Big Players to follow the trading strategy of the big players\u3011<\/a>.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"65ad\"><span class=\"ez-toc-section\" id=\"Preface\"><\/span><strong>Preface<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p id=\"b45d\">The three primary institutional investors are essential participants in the Taiwan stock market. Others investors use three direct institutional investors\u2019 daily trading volume, cumulative trading volume, and the shareholding ratio of stocks to be a benchmark to invest. Therefore, we analyze the changes in the stock market value of the three primary institutional investors in the overall stock market and various industries. Then, we sort out the differences in industry preferences and investment strategies of the three direct institutional investors from 2015 to the present, hoping to inspire readers for transactions.<\/p>\n\n\n\n<p id=\"3f0f\">The remarks of the three primary institutional investors are as follows:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Dealers mean Dealers\u2019 proprietary accounts.<\/li>\n\n\n\n<li>Securities Investment Trust Companies mean domestic mutual funds managed by Securities Investment Trust Companies.<\/li>\n\n\n\n<li>Foreign Investors are defined by Regulations Governing Investment in Securities by Overseas Chinese and Foreign Nationals and Regulations Governing Securities Investment and Futures Trading in Taiwan by Mainland Area Investors.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"3138\"><span class=\"ez-toc-section\" id=\"The_Editing_Environment_and_Modules_Required\"><\/span><strong>The Editing Environment and Modules Required<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p id=\"7841\">Windows OS and Jupyter Notebook<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"># \u529f\u80fd\u6a21\u7d44<br>import pandas as pd<br>import matplotlib.pyplot as plt<br>plt.rcParams['font.sans-serif'] = ['Microsoft JhengHei'] # \u89e3\u6c7a plot\u4e2d\u6587\u554f\u984c<br>plt.rcParams['axes.unicode_minus'] = False#TEJ API<br>import tejapi<br>tejapi.ApiConfig.api_key = \"your key\"<\/pre>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"f2d3\"><span class=\"ez-toc-section\" id=\"Database_Used\"><\/span><strong>Database Used<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/api.tej.com.tw\/columndoc.html?subId=14\" rel=\"noreferrer noopener\" target=\"_blank\">Company Information<\/a>: the code of the database is \u2018TWN\/AIND.\u2019<\/li>\n\n\n\n<li><a href=\"https:\/\/api.tej.com.tw\/columndoc.html?subId=42\" rel=\"noreferrer noopener\" target=\"_blank\">Unadjusted daily stock price<\/a>: the code of this database is \u2018TWN\/APRCD,\u2019 covering listed firms\u2019 stock prices<\/li>\n\n\n\n<li><a href=\"https:\/\/api.tej.com.tw\/columns.html?idCode=TWN%2FATINST1\" rel=\"noreferrer noopener\" target=\"_blank\">Net Buy\/Sell of Three Institutional Investors<\/a>: the code of this database is \u2018TWN\/ATINST1\u2019.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"eb5c\"><span class=\"ez-toc-section\" id=\"Data_Processing\"><\/span><strong>Data Processing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p id=\"7602\"><strong>Step 1. Obtain data by TEJ API<\/strong><\/p>\n\n\n\n<p id=\"3b87\">We obtain the codes of listed companies that exclude the financial industry and depositary receipts from TEJ.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\">industry = tejapi.get(\"TWN\/AIND\",<br>                      paginate=True,<br>                      opts={'columns':['coid','mdate','mkt','tejinm4_c','tejinm3_c']},<br>                      chinese_column_name=True)industry = industry[~industry['TSE\u65b0\u7522\u696d_\u540d\u7a31'].isin(['\u91d1\u878d\u696d','','\u5b58\u8a17\u6191\u8b49']) &amp;<br>                    (industry['\u4e0a\u5e02\u5225'].isin(['TSE']))]security_list = industry['\u516c\u53f8\u7c21\u7a31'].tolist()<\/pre>\n\n\n\n<p id=\"c99a\">We obtain the market value of listed companies and the market value of the three primary institutional investors.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"># TEJ\u70ba\u7dad\u6301\u4e3b\u6a5f\u904b\u884c\u7684\u7a69\u5b9a\uff0c\u7e3d\u7b46\u6578\u55ae\u6b21\u6700\u591a\u70ba1,000,000\u7b46\u3002\u6545\u6211\u5011\u53ef\u4ee5\u5c07\u516c\u53f8\u4ee550\u5bb6\u5206\u4e00\u7d44\uff0c\u4ee5\u4fbf\u8ff4\u5708\u5206\u6b21\u6488\u53d6\u8cc7\u6599groups = []<br>while True:<br>    if len(security_list) &gt;= 50:<br>        groups.append(security_list[:50])<br>        security_list = security_list[50:]<br>    elif 0 &lt;= len(security_list) &lt; 50:<br>        groups.append(security_list)<br>        breakmarket_value = pd.DataFrame()<br>for group in groups:<br>    market_value = market_value.append(tejapi.get('TWN\/APRCD',<br>                                                  coid = group,<br>                                                  mdate= {'gte': '2015-01-01','lte':'2021-01-19'},<br>                                                  opts={'columns':['coid','mdate','mv']},<br>                                                  chinese_column_name=True,paginate=True)).reset_index(drop=True)<br>        <br>data = pd.DataFrame()<br>for group in groups:<br>    data = data.append(tejapi.get('TWN\/ATINST1',<br>                       coid = group,<br>                       mdate= {'gte': '2015-01-01','lte':'2021-01-19'},<br>                       opts={'columns':['coid','mdate','qfiimv','fundmv','dlrmv']},<br>                       chinese_column_name=True,paginate=True)).reset_index(drop=True)<\/pre>\n\n\n\n<p id=\"6564\"><strong>Step 2. Merging Data<\/strong><\/p>\n\n\n\n<p id=\"5172\">We merge the corresponding industry name with the above company information.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\">data = pd.merge(data,industry, how='left', left_on='\u8b49\u5238\u540d\u7a31', right_on='\u516c\u53f8\u7c21\u7a31')<br>data = pd.merge(data,market_value, how='left', left_on=['\u8b49\u5238\u540d\u7a31','\u5e74\u6708\u65e5'], right_on=['\u8b49\u5238\u4ee3\u78bc','\u5e74\u6708\u65e5'])<br>data.head(10)<\/pre>\n\n\n\n<figure class=\"wp-block-image aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1_17ZROX4QKtf4zAj1Roj7guA.png\" alt=\"\"\/><\/figure>\n\n\n\n<p id=\"8dad\"><strong>Step 3. Calculate the stock market value of the primary institutional investors.<\/strong><\/p>\n\n\n\n<p id=\"f987\">We obtain the market value of TEJ\u2019s three primary institutional investors. Then, we calculated&nbsp;<code>the market value of the other<\/code>,&nbsp;<code>the other = all \u2014 (foreign investment + Investment Trust + Dealers)<\/code>&nbsp;That is the sum of retail investors, directors, supervisors, corporate legal persons, the insurer, and private equity funds stock of market value.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"># \u8a08\u7b97\u7c4c\u78bc\u6301\u80a1\u5e02\u503c<br>data['\u5176\u4ed6(\u767e\u842c\u5143)'] = data['\u5e02\u503c(\u767e\u842c\u5143)'] - data['\u5916\u8cc7\u7e3d\u6295\u8cc7\u5e02\u503c(\u767e\u842c)'] - data['\u6295\u4fe1\u6301\u80a1\u6578\u5e02\u503c(\u767e\u842c)'] \\<br>    - data['\u81ea\u71df\u6301\u80a1\u6578\u5e02\u503c(\u767e\u842c)']data = data[['\u8b49\u5238\u4ee3\u78bc','TSE\u65b0\u7522\u696d_\u540d\u7a31', 'TEJ\u5b50\u7522\u696d_\u540d\u7a31', '\u5e74\u6708\u65e5', '\u5916\u8cc7\u7e3d\u6295\u8cc7\u5e02\u503c(\u767e\u842c)',<br>             '\u6295\u4fe1\u6301\u80a1\u6578\u5e02\u503c(\u767e\u842c)', '\u81ea\u71df\u6301\u80a1\u6578\u5e02\u503c(\u767e\u842c)','\u5176\u4ed6(\u767e\u842c\u5143)']]# \u6539\u6b04\u4f4d\u540d\u7a31<br>data = data.rename(columns={'\u5916\u8cc7\u7e3d\u6295\u8cc7\u5e02\u503c(\u767e\u842c)':'\u5916\u8cc7',<br>                           '\u6295\u4fe1\u6301\u80a1\u6578\u5e02\u503c(\u767e\u842c)':'\u6295\u4fe1',<br>                           '\u81ea\u71df\u6301\u80a1\u6578\u5e02\u503c(\u767e\u842c)':'\u81ea\u71df',<br>                           '\u5176\u4ed6(\u767e\u842c\u5143)':'\u5176\u4ed6'})<\/pre>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"b387\"><span class=\"ez-toc-section\" id=\"Data_Visualization\"><\/span><strong>Data Visualization<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p id=\"22d6\"><strong>Step 1. calculate the stock market value percentage of the primary institutional investors.<\/strong><\/p>\n\n\n\n<p id=\"e4aa\">We can easily group the data through the&nbsp;<code>groupby<\/code>&nbsp;function to analyze the descriptive statistics under different groups. Then, we use the following code to group the dates and add up the stock market value ratios of the overall listed companies on each date.<\/p>\n\n\n\n<p id=\"f627\">The figure below shows that the proportion of foreign investors\u2019 market value in Taiwan stocks has steadily increased since 2015. Even though foreign investors have traded over -447 billion since the beginning of 2021, the market capitalization of foreign investors is still nearly 40%. Investment Trusts and Dealers hold only a smaller percentage of the stock market value.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"># \u7e6a\u88fd\u7c4c\u78bc\u6301\u80a1\u5e02\u503c\u767e\u5206\u6bd4<br>figure_table1 = data.groupby(['\u5e74\u6708\u65e5'])[['\u5916\u8cc7','\u6295\u4fe1','\u81ea\u71df','\u5176\u4ed6']].sum()<br>figure_table1 = figure_table1.divide(figure_table1.sum(axis=1), axis=0)fig, ax = plt.subplots(figsize = (14,8))<br>ax.set_title('\u7c4c\u78bc\u6301\u80a1\u5e02\u503c\u767e\u5206\u6bd4', fontsize=16, fontweight='bold')<br>ax.set_ylabel('Percentage', fontsize=12,rotation=0)<br>ax = ax.stackplot(figure_table1.index, figure_table1.T)<br>plt.legend(figure_table1.columns,loc=2, prop={'size': 12})<br>plt.show()<strong># \u8981\u53cd\u904e\u4f86\u770b\u5716\u4f8b\u53bb\u5c0d\u7167\u5716\u5f62<\/strong><\/pre>\n\n\n\n<figure class=\"wp-block-image aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1_1kLl4QpJp5flXzUQpqkXk6g.png\" alt=\"\"\/><\/figure>\n\n\n\n<p id=\"b8ce\"><strong>Step 2. the primary institutional investors hold market value percentages in different industries.<\/strong><\/p>\n\n\n\n<p id=\"db5e\">The figures below show foreign investment, investment trust, and dealers from left to right. We find that foreign investment and investment trust have similar industry holding market value trends. However, foreign investment is more concentrated in the semiconductor industry than investment trust. Compared to the formers, dealers have relatively volatile industry holdings and similar market capitalizations in different sectors. It reflects their more flexible and short-term investment strategies.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1tC_qlNjrVfp1m7iBTOeL5g.png\" alt=\"\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1sKun6gXvOXzEdvp9R4x0eg.png\" alt=\"\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1Y9ZWrJqFb3TqccWTZgNgew.png\" alt=\"\"\/><\/figure>\n\n\n\n<p id=\"9067\"><strong>Step 3. Foreign investments hold market value percentage in the semiconductor industry supply chain.<\/strong><\/p>\n\n\n\n<p id=\"850e\">From 2015 to the present, the shareholding ratio of foreign investments in the semiconductor industry has increased from 40% to 70%. Therefore, we would like to further analyze the shareholding value of foreign money in the semiconductor industry chain through the sub-industries classified by the TEJ database. Among the 23 semiconductor sub-industries, foundry accounted for 80%, while 2330 TSMC accounted for more than 95% of the foundry.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1Hq70NsWyq7pVVCNfE_Ou3g.png\" alt=\"\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1dmXlTjNpPiNsy7lH-lfeHQ.png\" alt=\"\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"424a\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p id=\"2650\">60% of the market value held by foreign investors and investment trust companies is in the semiconductor industry. Although dealers also have a relatively high share of market value in the semiconductor industry, the overall sector holding market value has fluctuated dramatically, reflecting the flexible investment strategy of self-operated companies \u2014 short line operation. In addition, we also further analyzed the market value ratio of foreign investors in the semiconductor industry chain. We found that the layout of foreign investment in the industry stock selection reflects the 80\/20 rule. The proportion of foreign investors holdings in the market value is mainly contributed by 2330 TSMC.<\/p>\n\n\n\n<p id=\"65b8\">Finally, suppose readers are interested in analyzing primary institutional investors and industry grouping. In that case, readers are welcome to go to&nbsp;<a href=\"https:\/\/eshop.tej.com.tw\/E-Shop\/Edata_intro\" rel=\"noreferrer noopener\" target=\"_blank\">TEJ E-Shop<\/a>&nbsp;to purchase a package combination that meets their needs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"737e\"><span class=\"ez-toc-section\" id=\"Source_Code\"><\/span><strong>Source Code<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/gist.github.com\/tej87681088\/3ef81d97bd72194518822b34cc742c09#file-tejapi_medium-14-ipynb\" class=\"ek-link\" target=\"_blank\" rel=\"noopener\">Click here to go Github<\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"9a26\"><span class=\"ez-toc-section\" id=\"Extended_Reading\"><\/span><strong>Extended Reading<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.tejwin.com\/en\/insight\/trading-strategy-by-keeping-an-eye-on-big-players\/\" class=\"ek-link\">Trading Strategy by Keeping an Eye on Big Players<\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"c173\"><span class=\"ez-toc-section\" id=\"Related_Link\"><\/span><strong>Related Link<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/api.tej.com.tw\/index.html\" rel=\"noreferrer noopener\" target=\"_blank\">TEJ API<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/eshop.tej.com.tw\/E-Shop\/Edata_intro\" rel=\"noreferrer noopener\" target=\"_blank\">TEJ E-Shop<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>How do the three primary institutional investors invest in Taiwan stocks? Highlights Preface The three primary institutional investors are essential participants in the Taiwan stock market. Others investors use three direct institutional investors\u2019 daily trading volume, cumulative trading volume, and the shareholding ratio of stocks to be a benchmark to invest. Therefore, we analyze the [&hellip;]<\/p>\n","protected":false},"featured_media":16719,"template":"","tags":[2569,2574,2583,2371,3008],"insight-category":[690,50],"class_list":["post-16717","insight","type-insight","status-publish","has-post-thumbnail","hentry","tag-chip-analysis","tag-data-visualization","tag-finance","tag-python","tag-tejapi-quant","insight-category-data-analysis","insight-category-fintech"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/16717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight"}],"about":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/types\/insight"}],"version-history":[{"count":1,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/16717\/revisions"}],"predecessor-version":[{"id":24152,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/16717\/revisions\/24152"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media\/16719"}],"wp:attachment":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media?parent=16717"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/tags?post=16717"},{"taxonomy":"insight-category","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight-category?post=16717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}