30日，在上海证券交易所“风险警示板”呼之欲出的背景下，A股ST板块遭遇批量跌停。

30,，The Shanghai stock exchange“Risk warnings board”Under the background of be vividly portrayed，A shares ST plate in batch drop stop。

　　继建立、完善退市制度之后，设立“风险警示板”再度为充斥A股的“炒差”之风敲响了警钟。人们期待着，持续的制度变革能让投资者学会“用脚投票”，并通过压缩绩差股的生存空间，引领A股完成向价值投资的“结构转型”。

Following the establishment、Perfect retreat city system after，Set up“Risk warnings board”For A share of the full again“Fry bad”Wind was a wake-up call。People look to，Sustained institutional change can let investors to learn“Voting with their feet”，And through the compression of the poor performance of living space，Lead A shares to complete the value investment“Structure transformation”。

　“风险警示板”呼之欲出，逾百只ST股跌停 “Risk warnings board”Be vividly portrayed，More than one hundred only ST shares drop stop

　　27日收盘之后，上海证券交易所就《风险警示股票交易实施细则》向社会公开征求意见。根据该意见稿，被实施退市风险警示，因暂停上市后恢复上市被实施其他风险警示，因退市后重新上市被实施其他风险警示，或因其他情形被实施其他风险警示的股票，将被分别冠以“*ST”和“ST”标识，并进入风险警示板交易。退市整理股票的简称前冠以“退市”标识，自退市整理期开始之日起，在风险警示板交易30个交易日，期限届满后的次日予以摘牌。

27 after closing，Shanghai stock exchange《Risk warnings detailed rules for the implementation of the stock exchange》To solicit comments from the public。According to the draft，Been implemented to withdraw from the market risk warnings，Because the recovery was suspended for listing listed for other risk warnings，For retreat city to be implemented after listing other risks warning，Or because other circumstances be carry out other risk warnings of the stock，Will be dubbed respectively“* ST”and“ST”logo，And into the risk warnings board deal。Retreat city finishing the stock as as before“Retreat city”logo，Since the beginning of sorting out of date，In risk warnings board 30 trading day trading，After the expiry of the next to be removed。

　　呼之欲出的“风险警示板”，在征求意见稿出台后的首个交易日就引发强烈反应：沪深股指双双下行，两市逾百只ST股和*ST股报收于跌停价位。上证综指盘中再探年内新低，并改写2009年3月以来的收盘新低。

Of be vividly portrayed“Risk warnings board”，In the draft version of the first trading day on caused strong reaction：Shenzhen stock index both to the downside，Two city more than one hundred only ST shares and * ST shares at the drop stop in price。The Shanghai composite index plate agent years again low，And rewrite since March 2009 closed at the low。

　　值得注意的是，上交所为风险警示股票分别确定了1%的涨幅限制和5%的跌幅限制。这种“非对称”的涨跌幅限制，无疑强化了对这一特殊股票群体的风险警示效果。

Note the，ShangJiaoSuo for risk warnings stocks are determined the limit and the 1% increase 5% drop a limitation。this“asymmetric”Price limit of，Undoubtedly strengthen to this special group of stock risk warning effect。

　引导投资者和A股向价值投资转型 Guide investors and A shares to the value investment transformation

　　由于长期投资理念和分红文化的缺失，长期以来“低买高卖”成为A股主要的获利模式。依靠重组消息而往往股价一飞冲天的垃圾股，成为投机者们“讲故事”甚至“编故事”的绝好对象。在偏听偏信、盲目跟风的过程中，许多普通投资者曾付出惨痛代价。上交所“风险警示板”因此被视为向“炒差”者敲响的又一记警钟。

Due to long-term investment philosophy and the lack of share out bonus culture，long“Buying low and selling high”Become A shares of main profit pattern。Rely on restructuring the message and often share price soared garbage shares，Become the speculators“stories”even“stories”Object of the great。In partial to appreciate、The process of blindly following trends，Many ordinary investors had to pay a terrible price。ShangJiaoSuo“Risk warnings board”So as to“Fry bad”Another record on the alarm。

　　根据新规，风险警示股票盘中换手率达到或超过30%的，上交所可以根据市场需要，对其实施盘中临时停牌，停牌时间持续至当日14:55；同一账户或同一控制人控制的多个账户，当日累计买入的单只风险警示股票，数量不得超过50万股。武汉科技大学金融证券研究所所长董登新教授表示，在鼓励垃圾股股价主动向下回归的同时，这一制度将完全颠覆传统炒差手法及炒壳重组游戏，让投资者真正学会“用脚投票”。

According to the new rules，Risk warnings stock changing hands at or plate rate of more than 30%，ShangJiaoSuo can according to the market's needs，The implement plate temporary suspension，Until that day trading time 14:55；The same account or the same control people more than the control of the account，On that day the cumulative single risk warnings to buy stocks，Number of no more than 500000。Wuhan university of science and technology, director of financial securities DongDengXin professor said，In encouraging the garbage shares the initiative back down at the same time，The system will completely subverts the traditional technique and the poor fry fry shell restructuring game，Let investors really learned“Voting with their feet”。

　　今年前7个月，上证综指累计跌幅达到4.09%，而汇聚两市众多大盘蓝筹的沪深300指数仅微跌了0.3%。这或许是一个信号：在制度的引导下，A股正在显现向蓝筹主导的“转型”迹象。

First seven months of the year，The Shanghai composite index fell 4.09% cumulative，And gathering two city many grail of blue chip csi 300 index only slightly fell 0.3%。Perhaps this is a signal：Under the guidance of the system，A shares are leading to the blue chip appeared“transformation”signs。

　　（综合新华社记者潘清和本报记者谢卫群报道）

（Integrated xinhua news agency PanQingHe our reporter XieWeiQun reported）