**Concept of Trading Volume**  

Trading volume typically refers to the number of shares traded within a specified period. It can be expressed in several ways:  

1. **Number of Shares Traded**  

   - Usually measured in "lots" (1 lot = 100 shares).  

   - Suitable for historical comparison of a single stock’s trading volume but does not account for differences in float shares among stocks.  

2. **Turnover Amount**  

   - Calculation: Turnover = Number of Shares Traded × Average Price.  

   - Useful for analyzing overall market trends and reflecting capital inflows/outflows for individual stocks.  

   - Limitation: Cannot directly compare the impact of turnover between stocks (e.g., ¥10 million turnover in a small-cap stock vs. a large-cap stock has different implications in total market activity).  

3. **Turnover Rate**  

   - Calculation: Turnover Rate = (Number of Shares Traded / Float Shares) × 100%.  

   - **Float Shares**: Refers to shares freely tradable in the market, excluding locked-up shares or those held by insiders.  

   - The turnover rate indicates a stock’s liquidity (trading activity):  

     - **High Turnover Rate**: Frequent trading, strong investor interest.  

     - **Low Turnover Rate**: Low market attention, inactive trading.  

   - **Caution**: A sudden surge in turnover rate at high stock prices, coupled with market rumors ("small narratives"), may signal insider selling (distribution phase), warranting caution for short-term speculation.