speculative shares的意思为“投机股”，投机股是指那些易被投机者操纵而使价格暴涨暴跌的股票。投机股通常是内行的投机者进行买卖的主要对象，由于这种股票易暴涨暴跌，投机者通过经营和操纵这种股票可以在短时间内赚取相当可观的利润。

为了更好的理解改词，下面再给你看一下改词的英文释义：

A speculative stock is a stock that a trader uses to speculate. The fundamentals of the stock do not show an apparent strength or sustainable business model, instead the trader expects that such things may one day come about for one reason or another. For the present moment, however, the price of the stock is comparatively low and holds a high degree of risk. This may be a penny stock or an emerging market stock that the trader expects to become much better known very soon. Many traders are drawn to speculative stocks due to their higher volatility relative to blue-chip stocks, which creates an opportunity to generate greater returns (albeit at a greater risk). Most long-term investors and institutional investors stay away from speculative stocks unless they are part of a mutual fund or exchange-traded fund (ETF).

如：

1.Often times, speculative stocks are clustered in sectors such as mining, energy, technology, and biotechnology. While there is significant risk involved in investing in early-stage companies in these sectors, the possibility that a small company may find a giant mineral deposit, invent the next big app, or discover a cure for a disease offers enough incentive for speculators to take a chance on them.

投机股票往往集中在采矿、能源、科技和生物技术等行业。虽然在早期投资这些行业风险很大，但小公司可能具有发现一个巨大的矿藏，发明下一个大应用程序，或发现治愈疾病的可能性，为投机者抓住机会提供了足够的动力。

2.This section summarized the main trends of post-IPO characteristics, from the graphics, turnover, industry, plates, etc. sum up all aspects of speculative shares, sub-set of strategies of new shares. 

本部分主要总结新股上市后各种走势特点，从图形、换手率、行业、盘子等等各个方面总结出投机股、次新股的一整套策略。