本报讯 上交所发布的《上海证券交易所风险警示股票交易实施细则（征求意见稿）》，再度重创近期“命运多舛”的ST板块，昨日逾百只ST个股跌停。分析人士表示，该《细则》彰显监管层力推价值投资决心，是退市制度的进一步完善，A股市场有望迎来正常的新陈代谢。

Report from our correspondent ShangJiaoSuo release《Shanghai stock exchange risk warnings detailed rules for the implementation of the stock exchange（Draft version of the）》，Hit again recently“Star-crossed lovers”Plate of ST，Yesterday more than one hundred only ST stocks drop stop。Analysts said，the《rules》Reveal regulatory push the value investment determination，To withdraw from the market system is further improved，The A share market are expected to enjoy their normal metabolism。

　新规“压垮”百只ST The new rules“Crushed by”One hundred only ST

　　昨日是杭州股民于先生黑暗的一天，他持有的近1000手*ST华光开盘即“一字”跌停，当日损失超过1.6万元。更让他揪心的是，昨天的跌停似乎只是个开始：*ST华光全天成交金额不过54万元，跌停板上还有5.8万多手卖单在排队等着“逃命”，“这势头比去年12月连续跌停时还糟”。

Yesterday is hangzhou people in the darkness of the day Mr，He held nearly 1000 hand * ST uh guano opened namely“A word”Drop stop，On the day of the loss of more than 16000 yuan。More let he is due，Yesterday's drop stop seems to only a start：* ST uh guano clinch a deal amount is 540000 yuan but all day，Drop stop there are 58000 more hands sell sheet in the queue for the“Flee for life”，“This momentum than last December fell stopping for worse”。

　　*ST华光昨日并不“寂寞”，当日ST板块全线重挫：111只正常交易的ST个股中，共107只跌停，其余4只也曾触及跌停。这一“惨剧”的背后推手正是7月27日上交所发布的《上海证券交易所风险警示股票交易实施细则（征求意见稿）》，而纳入“风险警示板”股票一天只能涨1%、跌则达到5%，是杀伤力最大的一项新规。按此计算，ST类股票需要连续70个涨停才能翻倍，可谓向下容易向上难。

* ST is not yesterday“lonely”，On that day all ST plate heavy volumes：Only 111 of the normal trade stocks in ST，A total of 107 only drop stop，The rest have touch only 4 drop stop。this“tragedy”Intriguing-albeit ambivalent-adopter behind on July 27, ShangJiaoSuo release《Shanghai stock exchange risk warnings detailed rules for the implementation of the stock exchange（Draft version of the）》，And into the“Risk warnings board”The stock one day can go up 1%、Fall is up to 5%，Is one of the largest killer new rules。According to the calculation，ST stocks needs a 70 to harden doubled，It may be said down easy up difficult。

　　一些“牛散”也纷纷失足，包括有“ST大王”之称的吴鸣霄。去年年底，随着ST板块的游戏规则逐渐改变，吴重仓的ST个股表现也不如人意。资料显示，目前吴鸣霄持有ST海建、*ST北生和ST中房等3只ST个股。除了暂停上市的*ST北生外，ST海建和ST中房昨日悉数跌停。ST海建7月10日公布的最新股东名单中，吴鸣霄持有359.49万股，则昨日一天就浮亏逾89万元。至于ST中房，吴曾在去年四季度减持了548.6万股，但今年一季度末仍持有451.6万股，如此后持股不变，则从4月至今吴已浮亏585万元。

some“Cow scattered”Also slipped in succession，including“King of ST”Said the WuMingXiao。By the end of last year，The rules of the game as ST plate gradually change，WuChongCang of ST performance are also not encouraging individual stocks。Data shows，At present WuMingXiao hold ST sea built、* ST north life and ST zhong only individual stocks and ST。In addition to suspend the * ST listed north born outside，ST sea built and ST zhong drop stop full yesterday。ST sea built on 10 July's latest list of shareholders，WuMingXiao holds 3.5949 million shares，Yesterday is a day FuKui more than 890000 yuan。As for ST zhong，Wu was in the fourth quarter last year holdings by 5.486 million shares，But at the end of the first quarter of this year still holds 4.516 million shares，So after shareholding unchanged，From the April 5.85 million yuan FuKui has so far wu。

　　除了吴鸣霄以外，另一位资本市场名家吴彩莲是*ST鑫富的“老面孔”，一季度末持股738.52万股，如其持股未作变动，则从4月至今浮亏高达2634万元。

In addition to WuMingXiao outside，Another capital market is famous WuCaiLian * * * * ST xin rich“Old faces”，At the end of the first quarter of 7.3852 million shares，As the shareholding not change，From the April FuKui so far as high as 26.34 million yuan。

　助A股吐故纳新 To help get A share

　　“风险警示板设立有利于引导市场更为注重价值投资。”中金公司分析师汪超认为，A股市场已连续4年没有因连续亏损而退市的公司，从历史数据上看，绩差股退市概率也仅有2%。“没有完善退市制度的A股市场，就像一个无法正常新陈代谢的病人。”本次《细则》力度之大彰显监管层力推价值投资决心：一是涨跌幅的不对称增大短期交易行为的风险性；再者，1%的涨幅限制、30%的换手率限制以及50万股的当天买入限制都增加了ST板块投机者“短平快”的操作难度，收益、风险比明显下降。

“Risk is advantageous to the threat board leads the market more attention to the value investment。”Cicc analysts WangChao think，The A share market has no for four consecutive years continuous losses retreat city company，Look from the historical data，Poor performance of retreat city probability barely 2%。“No perfect retreat city system of the A share market，Like a cannot normal metabolism of the patient。”the《rules》The big reveal regulatory efforts to push the value investment：One is the price of the asymmetry of the risk increase short-term trading behavior；moreover，The 1% increase restrictions、30% of the changing hands rate restrictions, and on the day of 500000 shares to buy limit increases the ST plate speculators“DuanPingKuai”Operation difficulty，income、Risk than decreased obviously。

　　值得注意的是，昨日ST股的大面积跌停压力，也传导至一部分非ST绩差股，比如昨日跌停的春晖股份(000976,股吧)、百隆东方(601339,股吧)、向日葵(300111,股吧)等多只个股的中报预告业绩均大幅恶化。汪超对此表示，长远来看，该项措施的意义并不仅仅在于抑制ST炒作，结合刚刚实施的风险警示规则，其对ST股票的惩罚性举措将使上市公司的管理者和控股股东更加关心公司业绩和股价波动，极力避免戴星戴帽。

Note the，Yesterday the large area of ST drop stop pressure，And part of the transmission to poor performance of ST，For instance yesterday drop stop chunhui the shares(000976,Shares it)、BaiLong east(601339,Shares it)、sunflower(300111,Shares it)And only stocks are significantly worse performance forecast reported。WangChao expressed，The long run，The significance of the measure lies not only in inhibit ST hype，Combined with the implementation of the rules just risk warnings，The ST stock punitive measures will be of the listed company of managers and controlling shareholders more concerned about performance of the company and share price fluctuations，DaiXing avoid to put on a hat。

　　从操作策略角度，汪超认为，目前距新规大限还有5个月的缓冲期，短期利空过后ST板块仍将表现为分化走势，有业绩支持和重组预期，可以基本保证明年摘星摘帽的ST股票仍将有阶段性机会。在新规设定下，ST板块在2013年之后已经不具备短期的交易性机会，建议投资者年末清仓ST板块和可能戴星戴帽的垃圾股，逐步转为政策大力支持的价值型投资。

From operation strategy Angle，WangChao think，At present time away from the new rules in 5 months of cushioning period，After short-term bad ST plate will still performance for differentiation trend，A performance support and restructuring expectations，Can the basic guarantee for the stars to pick the cap next year will still include ST stock phased opportunity。In the new rules set down，ST plate after 2013 have not have the opportunity to short-term trading sex，Suggest investors have a ST plates and the end of may DaiXing wear cap trash stock，Gradually to policy support to the investment value。

　　不过昨日有报道称，深交所并无风险警示板的设置，触及风险警示的股票涨跌幅限制仍按原规定执行。

But reports have said that yesterday，There is no risk warning shenzhen plate setting，Touch the risk warnings stock price limit still press former provisions。

　　记者 艾凌羽

Reporter YiLingYu