CFP图 CFP figure

　　国内证券市场设立涨跌幅限制主要还是为抑制投机，保护中小投资者的利益。如今，设立这样的不对称涨跌幅，或许初衷是好的，但手段有些简单粗暴了。不能由投资者来承担改革的巨大成本

Domestic securities markets set price limit to curb the main or speculation，To protect the interests of small and medium shareholders。now，Set up such asymmetric go up drop，Perhaps purpose is good，But means some simple and crude。By investors to undertake reform not the huge cost

　　老林曾是*ST兴业的一位小股东，作为股龄超过15年的老股民，他聊起炒股经来是口若悬河，而其中他最得意的便是关于ST股的炒作。

Lim was * ST a small industrial shareholder，More than 15 years of age as of old people，He talked about the to fry is eloquent，And among them, he is the most proud about ST strands of hype。

　　“像*ST兴业这样上市时间长、盘子小、拥有重组概念的ST股，股价最有上升空间。股价本身不高，入场成本比较低，每个月发退休金时就会买进一些放着，我非常看好它的前景。”这是2009年4月，*ST兴业股东大会上老林对《国际金融报》记者说的一番话。

“Like * ST industrial so long time to market、Plate small、With the concept of restructuring of ST，Share prices rising most space。Share price itself is not high，The cost is low，Each month hair pension will buy some put，I am very bullish on its prospects。”This is April 2009，* ST industrial a shareholders' meeting to come《The international financial report》The reporter said the words。

　　如今，记者再联系上老林，请他再说说关于他所投资的ST股的情况时，电话那头陷入了长时间的沉默。此后，低哑的声音显示出老林的情绪，“5月份已经开始逐步清理手头上的ST股票，但节奏并不快，没想到进一步的退市安排来得这么突然，损失很惨，都是血汗钱啊”。

now，The reporter contact lim again，Please say that he said about his investments of ST，Telephone that into a long silence。Since then，The voice of the kid shows lim emotions，“In April was began gradually clean up the ST stock on hand，But isn't a fast pace，Didn't expect further retreat city arrangement come so suddenly，Loss is very miserable，Is hard-earned money”。

　　

散户赔钱机构出逃 Retail investors lose money institutions to run away

　　ST股的黑马传奇捧红了A股市场上的不少牛人，包括曾经的“基金一哥”王亚伟、2007年因介入ST金泰42个涨停板而一举成名的刘芳、2010年狂澜8家ST股的吴鸣霄等，这些范例在某种程度上影响了中小投资者的炒作策略。A股确实就有不少中小投资者像老林一样热衷于炒作ST股。

ST strands of the black horse legend boomed the a-share market, many of the ox，Including once the“Fund a brother”WangYaWei、Because in 2007 the intervention in ST jintai 42 harden board and the liu fang to fame、In 2010 eight home ST shares overwhelming WuMingXiao, etc，These examples in some extent influence the middle and small investors hype strategy。That really is A shares many small investors like lim as keen on hype ST shares。

　　同花顺(300033,股吧)数据统计，目前，沪深两市包括B股在内，共有164只ST股，根据今年一季报中公布的股东户数，ST股票的股东人数合计约达到550.8万户。再以两市ST股的总股本计算，平均每个股东账户持有的ST股股份数量为1.12万股。

Straight flush(300033,Shares it)Data statistics，At present，Shenzhen city, including two B shares，A total of 164 only ST shares，According to this year a quarterly reports published by the number of shareholders，ST stock of total shareholders about a total of 5.508 million。Again with two city ST strands of total equity calculation，On average, each partner account held ST shares number is 11200。

　　有券商分析师根据上述数据粗略估算，第一季度末，每个股东账户持有的ST股票市值不会超过8万元。这意味着，ST股的持仓账户中，中小投资者仍然占据大多数。

According to the above data brokers analysts have a rough estimate，At the end of the first quarter，Each partner account of ST stock market value won't hold more than 80000 yuan。This means that，ST shares open account，Small investors still occupy the most。

　　今年第一季度末，ST股的平均股价大约为6.78元/股，如今，按照8月1日的收盘价统计，ST股的平均股价已经缩水16.22%，至5.68元/股。这只是一个粗略的平均值，实际情况可能比这个更严重。

At the end of the first quarter of this year，ST strands of average share price about of RMB 6.78 per share，now，According to the August 1 closing price statistics，ST strands of average share price has shrunk by 16.22%，To $5.68 per share。This is only a rough average，The actual situation may be more serious than this。

　　老林就是例子，虽然5月份他就开始着手清理手中的ST股，但内心依然觉得ST股退市不会这么快，清理的幅度也不大。“最令人想不到的是*ST兴业连续9个跌停。”老林说，“从停牌前的9.33元，一路跌倒5.88元，抛都抛不出去。”由于*ST兴业是老林持有时间最长的一只股票，成本较低，因此，这轮下跌擦去了他在*ST兴业上50%的盈利，并没有亏损。但他还持有的*ST吉纤、*ST宝硕等亏损幅度则达到了40%。

Lim are examples，Although may he began cleaning the hands of the ST shares，But the heart still think ST strands of retreat city will not so fast，Clean up the range is not big。“The most unexpected is * ST industrial nine consecutive drop stop。”Lim said，“From the 9.33 yuan before trading，All the way fall to 5.88 yuan，Cast all cast out。”* * * * ST industrial is due to the longest hold time after only stock，Cost is low，so，This wheel fall erased the he * * * * ST in the 50% of the profits，And no losses。But he also hold * ST auspicious fiber、* ST bosoar loss rate and reached 40%。

　　与散户赔钱不同的是，机构则提前出逃。

And retail investors lose money is different，The organization was in advance。

　　从目前披露并不完全的上市公司中报来看，ST安彩、ST北人、*ST领先、*ST漳电、*ST天成、ST厦华等6家ST公司的名单中出现了金融机构的身影。其中，持有ST安彩的华泰证券(601688,股吧)两只集合理财产品；持有*ST领先的东方证券一只集合理财产品；持有*ST天成的南方上证380指数基金等都是在第二季度介入这些股票的。

Disclosure is not completely from the current of the listed company center daily news and see，ST AnCai、ST northerners、* ST leading、* ST zhang electricity、* ST tiancheng、Xiamen is ST six house ST company list appeared in the form of financial institutions。Among them，Hold AnCai ST huatai securities(601688,Shares it)Two set financial products；Hold * ST leading Oriental securities a set financial products；Hold * ST tiancheng south Shanghai 380 index fund is in the second quarter of stock in it。

　　事实上，第二季度正是机构大举减持ST股的时间。2012年一季报显示，共有38家机构现身ST股前十大流通股东。尤其是*ST天成，第一季度曾有9只基金扎堆介入该股。

In fact，The second quarter is reduced their aggressively in institutions of time of ST。In 2012 a quarterly reports showed，There are 38 agencies appeared before a great circulation of ST ten shareholders。Especially * ST tiancheng，The first quarter had nine fund gathers intervention in the shares。

　

　ST板块退市第一股浮现 ST plate retreat city first shares emerge

　　“ST股的退市恐慌来得比预计早了很多。”上海一家大型券商资管部负责人感慨到，“问题出在闽灿坤B，退市规则出台时交易所对于面值这个规定本来并不被大家重视，但闽灿坤B的触线，让投资者意识到有些ST股的股价也很低，再加上上证所"不对称涨跌幅"就变成压死骆驼的最后一根稻草。”

“ST strands of retreat city panic than expected a lot more early。”Shanghai a large brokers endowment tube department chief regrets，“The problem in fujian tsann kuen B，Retreat city rules issued the regulations on face value when exchange was not to pay attention to，But fujian tsann kuen B touch line，Let investors realize some ST strands of share price is very low also，Plus ShangZhengSuo"Asymmetric go up drop"Becomes killed camels the last straw。”

　　同花顺数据显示，截至8月1日，除去已经暂停上市的股票，两市1元股的个数增加至9只，排名靠近面值红线的分别为*ST长油、*ST东电、ST梅雁、京东方A。其中，*ST长油股价已跌至1.18元。

Straight flush data shows，As of August 1,，Remove has suspended listed stocks，Two city 1 yuan strands of number increased to nine，Ranking near the face value of the red line were * ST long oil、* ST east electric、ST MeiYan、Beijing Oriental A。Among them，* ST long oil shares have fallen to 1.18 yuan。

　　因此，有分析人士预计，*ST长油如果没有公布扭亏和重组方案，该公司有可能成为ST板块中第一支退市的股票，同时也是沪市退市第一股。不过，上述资产管理部负责人认为，上证所的“风险警示板”规则正处于征求意见稿阶段，在配套措施还没有完善之前，不排除监管部门推出一些过渡政策的可能。

so，Analysts have expected，* ST long oil if not announced putting and restructuring plan，The company may become the first team in ST plate to withdraw from the market of the stock，Shanghai is also a retreat city first shares。but，The assets management department officials think，ShangZhengSuo of“Risk warnings board”Rules are in the draft version of the stage，In supporting measures haven't perfect before，Don't exclude regulators offer some of the transition policy may。

　　事实上，由于沪深交易所的退市规则采取了新老划断的措施，让不少ST股免于今年年底退市。但值得注意的是，一些今年带帽的ST公司和持续亏损的*ST公司的风险敞口却在持续放大。

In fact，Because of the shenzhen stock exchange to withdraw from the market rules adopted a new and old delimit fault measures，Let many ST shares from the end of this year to withdraw from the market。But it is worth noting that，Some of this year with cap company and the loss-making ST * * * * ST company's risk exposure in continuous but amplification。

　　从研究机构针对中报业绩预告所作的业绩预测来看，有包括ST传媒、ST博元、ST当代在内的30家公司可能“披星”。此外，包括*ST川化、*ST东电在内的26家公司可能暂停上市。

From research institutions for the performance center daily news forecast performance forecast，Include ST media、ST bo yuan、ST contemporary, 30 companies may“With star”。In addition，Including * ST ChuanHua、* ST east electricity, 26 companies may halt on the market。

　　此外，最令人岌岌可危的莫过于已经暂停上市的24只已经暂停上市的ST股。按照退市新规，2012年1月1日之前已暂停上市的公司，交易所将在2012年12月31日之前对其作出是否核准其恢复上市的决定。24只ST股中，除了*ST吉药，其余个股均是在今年之前暂停退市的，这些个股中最早暂停退市的是*ST嘉瑞，其暂停上市时间是在2006年4月。

In addition，The most exciting way has suspended the onslaught of listed 24 only has suspended the ST shares listed。According to retreat city new rules，On January 1, 2012 before listing of the company has been suspended，Exchange will be in December 31, 2012 to its before make a decision whether to approve the listing of the recovery。24 only in ST shares，In addition to * ST auspicious medicine，The rest are in individual stocks before the retreat city suspended this year，These stocks as the first stop retreat city is * ST jarry，The time is suspended for listing in April 2006。

　

　不对称涨幅争议 Asymmetric or controversial

　　“我们拥护交易所的退市新规，尽快让那些"僵尸股"复活，我们从中解套。但另一方面，交易所在风险警示板设立的不对称涨幅不是明摆着让投资者亏损。管理层在制定规则时难道不是应该首先考虑中小投资者利益吗？”已经暂停上市的*ST创智一位小股东对《国际金融报》记者抱怨，“即便交易所说这只是征求意见稿，以后会酌情修改，但我们从中只能解读出监管部门在制定政策时的出发点和立场就没有站在中小投资者这一方。”

“We support exchange retreat city new rules，Let those as soon as possible"Zombie shares"resurrection，We take solution to cover。But on the other hand，Exchange risk warnings set up by the board in asymmetric or not obvious let investors losses。Management in setting the rules don't should first consideration when small investors interests？”Has suspended the * ST listed on a small shareholders to successfully《The international financial report》Journalists complain that，“Even if the exchange said it just drafts，Later will take into consideration the amendments，But we take only unscramble a supervision department in making policy when the starting point and the position is no standing in small investors this party。”

　　7月27日，上证所发布“风险警示股票交易实施细则（征求意见稿）”规定，纳入风险警示板股票每天涨幅限制为1%，跌幅限制为5%。有关不对称涨跌幅的规则，将上百只ST股砸得连续两天抬不起头。

July 27,，ShangZhengSuo release“Risk warnings detailed rules for the implementation of the stock exchange（Draft version of the）”provisions，Into the risk warnings board stock rise 1% limit for every day，Drop a limitation of 5%。The asymmetric go up drop rules，Will it only ST shares hundreds of two consecutive days can't lift head。

　　实际上，不仅中小投资者对征求意见稿中的不对称涨跌幅有意见，连职业投资人也忍不住出来喊话。

In fact，Not only small investors to draft version of the asymmetric price have opinions，Even the professional investors could not help out propaganda。

　　8月1日，微博认证为“北京神农投资总经理陈宇”的投资人表示已经将意见和建议提交上证所，其中，建议取消不对称涨幅规则，其意见有三，不宜启用不公平交易规则；不宜在改革过程中造成投资人的损失；慎重以行政手段干预市场。

August 1,，Micro bo authentication for the“Beijing shen nong investment general manager researh material-11”Investors said has opinions and Suggestions ShangZhengSuo submitted，Among them，Suggest cancel asymmetry or rules，The comments have three，Should not be enabled unfair trade rules；Not in the reform process of the loss caused by investors；Careful to administrative means market intervention。

　　上述*ST创智股东表示，成熟资本市场的股票是没有涨跌幅限制的。当初，国内证券市场设立涨跌幅限制主要还是为抑制投机，保护中小投资者的利益。“如今，设立这样的不对称涨跌幅，或许初衷是好的，但手段有些简单粗暴了。不能由投资者来承担改革的巨大成本”。

The above * ST a conducive intellectual shareholders said，The stock of the mature capital markets is no price limit。had，Domestic securities markets set price limit to curb the main or speculation，To protect the interests of small and medium shareholders。“now，Set up such asymmetric go up drop，Perhaps purpose is good，But means some simple and crude。By investors to undertake reform not the huge cost”。