每经记者 郑步春

Each step by the reporter zheng spring

　　周一A股因多重压力继续下跌，沪综指跌0.89%报2109.91点，深综指跌1.65%报861.82点。此外，沪B股指数跌5.64%，深B股指数跌3.41%。

On Monday A shares for multiple pressures continue to fall，Shanghai synthesis index fell 0.89% for 2109.91，Shenzhen composite index fell 1.65% to 861.82 points for。In addition，Shanghai B shares fell 5.64%，Deep B shares fell 3.41%。

　　股指压力主要有二：一为B股继续惨跌，二为上周五盘后公布的《上交所风险警示股票交易实施细则(征求意见稿)》不仅凸显出相关股票的退市风险，而且加大退市前的炒作难度。

There are two main stock index pressure：A to B shares continue to tumbled，2 released last Friday after dish《ShangJiaoSuo risk warnings detailed rules for the implementation of the stock exchange(Draft version of the)》Not only highlight related stock retreat city risk，And increase the retreat city before the difficulty of hype。

　　银行股表现不错，所以沪强深弱。银行股表现强和港股有关，港股随外盘大涨。因欧债危机缓和，外盘最近连续大涨。银行股上涨的另一由头是交通银行的非公开增发，该股增发价高于现价，表明相关方正不遗余力地挺价和护盘。

Bank stocks is bad，So Shanghai is strong deep weak。Bank shares strong performance and the stock，Hong Kong stocks with WaiPan soar。Because the debt crisis moderate，WaiPan in recent successive soar。Bank shares were up another excuse is not public shares of bank of communications，The stock price higher than by present price，Show that related to founder spare no effort to a price and offerings。

　　如果银行股近期能保持坚挺，那么通常小盘股、垃圾股跌势会加剧。A股历年常出现这种走势。具体原因笔者弄不清楚，只知有这么回事。最终大盘止跌时往往是银行股补跌，届时垃圾股却不跌反涨。

If bank shares can remain strong recent，So usually the small dish stock、Trash stock declines will intensify。A shares often appear this kind of trend over。The specific reason the author not clear，Know only that's。Finally the reason is often up when bank stocks fell，When trash stock did not fall against the surge。

　　闽灿坤B连续跌停，目前深B股折价不到1元的已有3家，沪B股暂无低于1元个股。另外，两市A股中股价介于1元至2元的有7家。

Fujian tsann kuen B continuous drop stop，At present deep B shares discount less than 1 yuan already 3 home，Shanghai B shares no less than 1 yuan stocks。In addition，Two city A shares between 1 yuan in share price to 2 yuan have seven home。

　　笔者个人认为，股价持续20天低于1元的退市规定不尽合理，虽然世界上许多其他股市也有类似规定，但许多公司股价之所以低于1元和其送转股次数太多有很强关联。而其他的原因当然是经营不善，但笔者暂不讨论这个，因这显而易见。

The author personally think，Share prices for 20 days less than the $1 retreat city rules is not rational，Although many of the world's other stock markets also have similar provisions，But many of the company's share price is lower than $1 and $its sends turn too many times have very strong correlation。And the rest of the reason of course is bad management，But the author are not discussing this，Because this is obvious。

　　送转股仅是财务处理方法之一，并不改变公司基本面，特别是公积金转股和公司财务健康度没一点关系。笔者认为相对更好的做法是按 “资产是否为负值”或 “是否连续亏损”来决定退市，这两个特征和送股关系不大，和转股更没丝毫关系。还有，或者我们也可借鉴其他股市的一些办法，比如在条件合适时，允许相关公司缩股，比如每10股缩成1股，这同样能起到打击垃圾股恶炒的作用。

Sends turn is only one of the financial treatment method，Don't change the fundamentals，Especially accumulation fund convertible and a healthy financial degree didn't 1:00 relationship。The author thinks that it is relatively better press “Whether assets as a negative value”or “Whether successive losses”Decision to withdraw from the market，The two features and send shares the concern is not big，And no more have any convertible relationship。and，Or we can also be reference for some of the other stock market way，For instance in when conditions are right，Allow related companies shrink shares，Like every 10 shares shrink into 1 shares，It can also act as blow trash stock evil fry role。

　　假如B股及A股的超低价股这么跌下去，其后果不堪设想，由于个股有个比价效应，不可能光是1元多的个股跌——当2元个股变成1元股后，3元个股会填补2元个股留下的空档，接着是4元个股变成3元个股……最终股价体系会整体动摇，形成恶性的多米诺骨牌效应。

If B shares and A share of the ultra low-cost shares so fall，The consequence is unimaginable，Because stocks have a parity effect，Can't light is more than 1 RMB stocks fall-when 2 yuan stocks into 1 yuan after initiation，3 yuan stocks will fill the gap of the left 2 yuan stocks，Then is $4 stocks into 3 yuan stocks......Finally share price system will whole moved，Form vicious a domino effect。

　　虽然情况不太乐观，但股指近期超跌严重，技术面正酝酿着反弹机会。如果管理层在某些政策上作些调整，则不排除反弹程度较大的可能。操作方面，笔者猜测2000点上下应有较大支撑，如果本周持续快跌，建议投资者逢低吸纳。

Although not so optimistic，But the recent fall serious stock index，Technology is poised for a rebound face opportunity。If the management in some policy on some adjustments，Do not eliminate the possibility of large extent rebound。operation，The author forecasts 2000 points should be larger and support，If this week continue falling fast，Suggest investors bargain hunting。

　　不过从中线看，2000点也未必就是“钻石底”。A股发展到如今正处于临界点，经济基本面也类似，目前临近不得不转轨的前夜，而转轨必有阵痛。除上述退市因素及新三板等因素外，几年前的股改大非解冻及今秋创业板大非解冻也终将使二级市场付出代价。

But look from the line，2000 points also is not necessarily“Diamond bottom”。A shares are now in A critical point to development，Economic fundamentals are similar，At present to on the eve of the transition is near，And transition there will be pain。In addition to the retreat city factors and new SanBan outside factors，A few years ago a number of big thaw and this autumn gem a thaw also will make 2 class market to pay the price。

　　相对“硬”的一点底部，笔者认为在1700点左右，在此之上的底部都不一定能成为 “钻石底”。1700点有两层含义，一为3478点以来下降通道下轨正指向1800点，若假以时日该点位或降至1700点；二为A股上市以来所有日子的均价差不多也在此，比如250个月均价在1708点。

relative“hard”Point bottom，The author thinks that in about 1700 points，On top of this the bottom of can not be “Diamond bottom”。1700 point has two meanings，A for 3478 points down under the channel rail since 1800 points are pointing to，If given enough time that point a or down to 1700 points；2 A shares listed all day since the average price in the almost also，Such as 250 months average in 1708 points。