资料图片 Material pictures

　　B股指数重挫5.64%，板块个股全线大跌，50余只B股封跌停 B shares index badly hit 5.64%，Stocks plunged full plate，More than 50 only B shares sealing drop stop

　　ST股受推出风险警示板影响，上演跌停狂潮，112只ST股收于跌停 ST stocks launched by risk threat board influence，Drop stop on panic，Only 112 stocks closed at ST drop stop

　　股指再创调整新低，沪指连续六周收出黑色星期一 Stock index hit new low adjustment，HuZhi continuous six weeks out of the black Monday

　　昨日，股市呈现单边加速下跌之势。ST股及B股双双暴跌，拖累沪指再创新低2107.63点。从盘面看，银行股逆势反弹，已经开始出现护盘的迹象。至收盘，沪指报2109.91点，下跌18.85点，跌幅0.89%，成交424.1亿元，沪指连续六周收出黑色星期一；深指报9071.06点，下跌16.07点，跌幅0.18%，成交443.3亿元。

yesterday，The stock market present unilateral accelerate declining trend。ST strands and B shares both slump，Drag HuZhi reached a new low of 2107.63 points。Look from the disk，Bank shares rebounded contrarian，Signs of offerings are starting to appear。Close to，HuZhi quote 2109.91 points，Down 18.85 points，Fall 0.89%，42.41 billion yuan clinch a deal，HuZhi continuous six weeks out of the black Monday；ShenZhi quote 9071.06 points，Down 16.07 points，Fall 0.18%，44.33 billion yuan clinch a deal。

　　五因素致股指再度调整 Five factors to adjust stock index again

　　国泰君安的分析师孙颖认为，市场之所以会再度下跌，主要与五方面因素有关：

The analysts SunYing think hand to cathay Pacific airways，The market will again fall，With five aspects mainly factors：

　　一、上交所27日发布风险警示股票交易实施细则公开征求意见通知，将风险警示股票价格的涨幅限制为1%，跌幅限制为5%，令ST股大面积跌停，对市场的人气造成了很大的打击。

a、ShangJiaoSuo 27 risk warnings issued detailed rules for the implementation of the stock trading public notice for advice，Will risk warnings of stock prices go up a limitation of 1%，Drop a limitation of 5%，Make ST shares drop stop large area，The popularity of the market caused great blow。

　　二、7月7日A股实施退市新规以来，闽灿坤B已连续15个交易日低于每股面值1元，本周五即将面临生死审判，或将成为首只因新规退市的个股。受此影响，B股指数再次暴跌，对A股市场造成了明显的拖累。

two、July 7 A shares implementation retreat city since new rule，Fujian tsann kuen B has 15 consecutive trading day below par value per share 1 yuan，On Friday, will face the life and death trial，Or will become the first because new rule to retreat city stocks。Affected by this，B shares index tumbled again，To the A share market caused significant drag。

　　三、本周两市17家公司共计193.13亿限售股解禁，解禁市值近690亿元，为年内较高水平，令本就不宽裕的资金面再度承压。

three、This week two city 17 companies totaling 19.313 billion limited sales lifted shares，Lifted market capitalisation nearly 69 billion yuan，Higher level for years，Make this will not bounteous financing area confined again。

　　四、中国官方7月PMI将于8月1日公布，市场人士较为谨慎。

four、China's official July PMI will be announced on August 1,，Market experts more prudent。

　　五、指数目前仍在下降通道中运行，本身就存在着较强的调整压力，缺乏令股指走强因素。

five、Index is still falling channel operation，Itself there is strong adjustment pressure，Lack of make stock index go strong factor。

　　B股遭断崖式暴跌 B stocks slump pillar type

　　B股指数昨日出现断崖式暴跌行情，跌幅一度超过7%。收盘大跌5.64%，报205点，列板块跌幅榜之首。盘面上看，个股全线飘绿，京东方B、中鲁B、闵灿坤B等37只非ST类个股封住跌停。

B shares index appeared yesterday cliffs type market slump，Fall once more than 7%。Closing plunged 5.64%，Reported at 205，Fall is the head of the plate column list。Disk on the，Stocks drift across the green，Beijing Oriental B、ZhongLu B、MinCanKun B, only the ST class 37 sealed stocks drop stop。

　　孙颖表示，目前B股的系统性风险仍处释放过程中，短期尚难看到企稳迹象，投资者不要盲目抄底抢反弹。市场人士认为，B股市场发展长期停滞，B股市场被逐渐边缘化。相关政策的缺失，确实对B股公司带来了很大的负面影响，也给B股投资者造成了不小的损失。目前来看，B股的下跌因素可能还会继续发酵，短期的筑底行动应该会得以延续。

SunYing said，At present B shares of systemic risk still at release process，Short-term is still difficult to see signs of stabilising，Investors don't blindly copy bottom rob rebound。Market experts think，B shares a long market development，B shares are gradually marginalized market。The lack of the relevant policy，Indeed for B shares company has brought a lot of negative effects，Also to B shares investors caused a lot of losses。So far，B shares fall factors may also will continue to rise，The action should be built in the short term will to continue。

　　ST板块集体跌停 ST plate collective drop stop

　　昨日，ST板块上演了十分罕见的跌停狂潮。135只成分股中，112只ST股票收于跌停，仅有*ST广钢、ST合臣和ST长信等6只ST股幸免于难。

yesterday，ST plate on a very rare drop stop shower。Only 135 stocks，112 only ST stock closed at drop stop，Only * ST rolling、ST $minister and ST long letter 6 only ST shares survived the crash。

　　“ST板块之所以会上演集体跌停狂潮，导火索源于上证所上周五发出风险警示股票交易实施细则的征求意见稿，之所以推出风险警示板，很大程度上是为了抑制市场对绩差股、垃圾股、重组股的疯狂炒作，大力倡导价值投资。”对此，东方证券的分析师王智强认为，预计接下来ST股、*ST股将会进一步被市场边缘化甚至抛弃，特别是一些绩差而又重组无望的ST类股票，随着交易的日益冷清，最终将被施以退市处理。

“ST plate are put on the collective drop stop shower，From ShangZhengSuo last Friday a fuse risk warning stock trading the draft version of the detailed rules for the implementation，Launch the risk the threat board，To a large extent is to curb market performance of poor shares、Trash stock、Restructuring strands of crazy hype，Advocate the value investment。”this，The analysts WangZhiJiang think Orient securities，Expected next ST shares、* ST shares will further marginalized by the market even throw away，Especially some poor performance and restructuring hopeless ST stocks，With the increasingly cold and cheerless trade，Eventually will be given the retreat city processing。

　　1元股已经增至7只 1 yuan stocks have risen to seven

　　随着市场的持续下跌，A股中的1元股数量也开始增多。至昨日收盘，共有包括TCL集团、*ST东电、名流置业(000667,股吧)、京东方A、*ST长油、山鹰纸业(600567,股吧)、ST梅雁等在内的共7只股票加入了1元股军团。而像马钢股份、四川长虹(600839,股吧)、*ST能山和长航凤凰(000520,股吧)等股价徘徊在2元附近的股票则随时有可能加入到1元股行列。

As the market continues to decline，The 1 yuan A share of that number has been increasing。To yesterday closing quotation，There were including TCL group、* ST east electric、Celebrities home buyers(000667,Shares it)、Beijing Oriental A、* ST long oil、Hawks paper(600567,Shares it)、ST MeiYan etc in all 7 stock joined the 1 yuan stocks legion。And like masteel shares、Sichuan long rainbow(600839,Shares it)、* ST can mountain and changhang phoenix(000520,Shares it)And to wander in the share price of $2 near the stock at any time can join the ranks of the 1 yuan。

　　“虽然1元股军团已经扩容至7只，但并不能将此视为市场见底的标志。在2008年的那轮下滑当中，1元股的数量最多曾一度扩充到数十只之多，现在只是当初的一个零头而已。”对此，东北证券(000686,股吧)的分析师房静认为，如果市场继续调整，那么1元股的数量肯定会进一步增多。

“Although 1 yuan stocks to 7 who have already expansion only，But as the market and can't see the sign。In the 2008 years, to the wheel of decline，1 yuan strands of the largest number of once extended to the dozens of only，Now only at the beginning of a zero head just。”this，Northeast securities(000686,Shares it)Analysts room static think，If the market continues to adjust，So 1 yuan stocks will further increase the number of。

　　短线继续保持观望 Short line keep watching

　　申银万国的分析师向阳认为，大盘的止跌回稳可能还有一个过程，上证指数自5月4日高点2453点回调以来，其阶段调整趋势未变，在尚未扭转之际，谨慎等待也是一种策略。本周是此波回调以来的第13周，如果市场出现异动也属正常，只是大盘见底的信号仍然未明，反转的条件还不成熟，需要基本面、政策面的配合。在没有确定的信号出现之前，投资者不妨继续等待观望。

Shenyin &wanguo analysts think exposed，The reason of late may still have a process，The Shanghai index from the May 4, 2453 points since high callback，The phase adjust trend is not changed，In not yet the reverse，Careful waiting for is also a kind of strategy。This week is the wave of the week 13 since callback，If the market to appear moved is normal，Just see bottom grail signal still unknown，The reversal of the conditions are not mature，Need fundamentals、Policy with the。In no established before the emergence of signal，Investors might as well continue to wait and see。

　　“另外，投资者遇急跌时可以少量参与反弹，但是对于反弹的期望值不可过高。”向阳说。

“In addition，Investors can meet tumbled in a rebound，But to rebound not too high expectations。”Xiangyang said。

　　东北证券的分析师王彦龙表示，监管层不断出台措施引导市场进行价值投资，绩差股将逐渐遭到资金抛弃，这或将引发中报亏损的个股出现抛压潮。在宏观经济下滑的背景下，蓝筹股业绩增速也出现下滑，市场做多动能不足，致使股指持续阴跌成为一种常态。股指短期加速探底的可能性不断加大，而沪指在跌破2100点恐慌性杀跌后，脉冲式行情可能随时出现，但是反弹高度还受制于消息面和成交量的变化，仓位较轻者在2100点下方可以适当参与超跌股的反弹行情，稳健投资者依然保持观望态势，等待股指企稳。

Securities analysts WangYanLong northeast said，Regulatory measures introduced gradually lead the market value investment，Poor performance of will gradually abandoned by money，This or will trigger a center daily news the loss of the stocks appear underselling tide。In the background of macro economic downturn，Blue chip performance rate declined，The market do more kinetic energy shortage，The stock index fell for Yin be constant。The agent of short-term acceleration index rising possibility，And HuZhi below 2100 points after winners of panic，Pulsed market might be，But rebound height is also hamstrung by surface and the change of the news volume，A light person in 2100 point position below can appropriate participation super fall strands of rallies，Investors remain steady watching situation，Waiting for stabilising stock index。

　　银行板块逆势飘红 Bank plate contrarian wave red

　　数据显示，昨日，资金净流入的仅有银行类一个板块；资金净流出前三位的板块分别为券商、有色金属、酿酒食品。

Data shows，yesterday，The net inflow of funds only bank kind a plate；Money before net outflows three plates for brokers respectively、Non-ferrous metal、Wine food。

　　在股指调整的背景下，以兴业银行(601166,股吧)、交通银行和浦发银行(600000,股吧)等为代表的银行类股票逆势走强，银行板块也成为唯一逆势飘红的行业板块。

In the background of stock index adjustment，With the bank(601166,Shares it)、Bank of communications and Shanghai pudong development bank(600000,Shares it)And as a representative of the bank kind the stock go against the strong，The bank sector also became the only contrarian wave red industry sector。

　　煤炭股走势也明显强于大盘，兰花科创(600123,股吧)、盘江股份(600395,股吧)等均小幅走高。国都证券的分析师孙祥臣认为，目前煤炭行业的景气度比较低迷，煤炭股短期内缺乏系统性机会，投资者对该类股票仍应保持谨慎。本报记者 孙宪超

Coal stocks also is stronger than the market trend，Orchid win the(600123,Shares it)、Essay shares(600395,Shares it)All small go up。Securities analysts think SunXiangChen capital，The coal industry boom of the low，Coal stocks in the short term the lack of systematic opportunity，Investors on this kind of stock should still remain cautious。Our correspondent SunXianChao

　　道达手记 Total cell phone

　　垃圾股的熊市 Trash stock of a bear market

　　本周一，ST板块如风卷残云般，齐聚跌停板，100多只ST股中，仅有4只有幸躲过跌停浩劫。

On Monday，ST plate as a FengJuanCanYun，Gathered in a drop stop，More than 100 only of ST，Only four only to avoid drop stop disaster。

　　人品高低之说，常被用来形容一些好运的人，而在股市上，或许也有股品高低之分，4只没有跌停的幸运儿，没准股品比其它100多只ST股更高。

Character of high and low said，Is often used to describe some of good luck，And in the stock market，May also has a product of high and low points，4 only not drop stop the lucky，Perhaps more than any other product of 100 only ST stocks higher。

　　股品高低之说无从考证，但是4只ST股中，有2只的股价超过20元，有1只超过10元，这3只ST股的基本面，在整个ST股中应该属于中上等。基本面的差别，或许也可以解释4只ST股没有跌停的现象。

Strands of product of high and low said no looking，But only four of ST，2 the share prices of more than 20 yuan only，One more than 10 yuan，This just ST strands of fundamentals，In the whole ST shares in the should belong to cork。Basic difference between the，Perhaps it can only explain 4 ST shares not drop stop phenomenon。

　　其实，无论B股或是ST股的大面积跌停，制度性变革成为了最直接的导火索，但我认为，即使没有这些突发性事件，大幅下跌的大门，迟早会向这些公司打开。而制度性变更，仅仅是加速了这些公司实现价值回归。

In fact，Whether B shares or ST strands of large area drop stop，Institutional change is the direct fuse，But I think，Even without these unexpected events，A sharp drop in the gate，Sooner or later, these companies to open。And institutional change，Just accelerated the company realized value these regression。

　　以B股来说，虽然指数大跌5.6%，但是万科B、张裕B、招商局B等却明显强势，万科B甚至盘中创出一周来新高。

B shares in it，Although the index plummeted 5.6%，But China vanke B、ZhangYu B、China merchants B, but obviously strong，China vanke B even creating a record high for plate。

　　为何泥沙俱下，却仍有抗跌英雄？巴菲特的名言无疑是最佳注解：当潮水褪去后，才会发现谁在裸泳。跌幅最大、跌势更狠的公司，都是绩差股，或者说是垃圾股，这也是2012年A股市场走势的缩影。进入7月，市场已经跌破了年初的低点，新低不断被刷新，众多个股上演末路狂奔，高台跳水频频上演，但是，依然有一些优质公司，却独立潮头，比如五粮液(000858,股吧)、贵州茅台(600519,股吧)等，这就是市场最大的变化。

Why NiShaJuXia，But there are still falling resistance hero？Buffett's famous is easily the best comment：When the tide after faded，Who can find in swimming naked。Biggest drop、Alpha more maliciously company，Is poor performance of，Or was it a trash stock，This is the 2012 a-share market trends in miniature。Into July，The market has dipped below low at the beginning of the year，Low constantly refreshed，Many stocks staged an end run，Top divers on frequently，but，There are some high quality company，Nice but independent，Such as wu liang ye(000858,Shares it)、Guizhou maotai(600519,Shares it)etc，This is the biggest change in the market。

　　一个成熟的、健康的市场，应该百花齐放，既有股价上百元甚至上千元的公司，也有大批的仙股存在。好公司不断受到资金的关注，随着业绩的增长股价继续保持上升，而垃圾公司则会受到抛弃，甚至退市，市场最终实现良性循环。我判断，A股市场垃圾股熊市时代已经来临，这也是管理层所愿意看到的。而A股市场必然面临短期的阵痛，这对于所有的股市参与人，或许有点太快，但是前进的车轮，将不会停止。 （张道达）

A mature、Healthy market，Should let flowers bloom，Both share price hundreds of dollars, even thousands of yuan company，Also have a large number of penny stocks exist。Good company was constantly under the attention of funds，Along with the growth of the share price performance to keep up，And waste will be abandoned by the company，Even retreat city，Market finally realize benign circulation。I judge，The A share market trash stock bear market time has come，This also is management would like to see。And A share market must inevitably face short-term pain，This for all the stock market participants，Maybe a bit too fast，But of the wheels of progress，Will not stop。 （ZhangDaoDa）