⊙记者 郭成林 ○编辑 孙放

Reporter GuoChengLin ○ ⊙ SunFang editor

　　总股本仅1.6亿，两个月发生28笔大宗交易，合计卖出4604万股，套现3.61亿元——这是天伦置业(000711,股吧)5月底“10转5”后至今发生的交易异象，为A股市场所罕见。更值得注意的是，上述大宗交易竟来自多达17处的卖方席位；买方席位也显得非常凌乱，未有主要股东持续减持痕迹；天伦置业也未就此发布任何股东减持的提示性公告。

The total stock of only 160 million，Two months occurrence and big trades，Total sold 46.04 million shares，Taking 361 million yuan-this is tianlun vacation homes(000711,Shares it)At the end of may“10 turn 5”Since occurred transactions vision，For A stock market place rare。More attention is，The bulk of that as many as 17 from the seller in seats；The buyer also appear very messy seats，No major shareholders continued decrease maintain trace；Tianlun home buyers also not released any reduced their shareholders in the suggestive announcement。

　　两个月，上市公司总股本的28%在二级市场上了无痕迹般“易手”，股价持续暴跌又放量大涨，神秘的买卖方至今隐身在后，其资本逻辑何其耐人寻味！

Two months，28% of the total equity of the listed companies in the secondary market is on a trace“Changed hands”，Share prices tumbled and continued slump issuance，Mysterious MaiMaiFang so far in stealth，Its capital logic are intriguing！

　　8月7日晚深交所数据显示，天伦置业当天发生三笔大宗交易，成交价格6.5元，成交股数360万股。但这三笔交易分别来自三个卖出席位，宏源证券(000562,股吧)北京丰北路营业部、方正证券(601901,股吧)绍兴胜利东路营业部、国信证券杭州萧然东路营业部；买入席位为齐鲁证券广州天河路营业部、中信证券(600030,股吧)上海恒丰路营业部。

August 7, shenzhen late figures show，Tianlun home buyers day happen three big trades，Clinch a deal the price of 6.5 yuan，Clinch a deal the number of 3.6 million shares。But the three deal were from the three seats sold，Hongyuan securities(000562,Shares it)Beijing road business abundance、Founder securities(601901,Shares it)Shaoxing victory east road sales department、Expressed securities chorun east road sales department；Buy seats for qilu securities guangzhou tianhe road sales department、Citic securities(600030,Shares it)Shanghai hengfeng road sales department。

　　据统计，5月28日起，天伦置业合计发生多达28笔大宗交易，合计交易股数4604万股，交易金额达到3.61亿元。

According to the statistics，On 28 May, within，Tianlun home buyers aggregate happen as many as 28 big trades，Total number of 46.04 million shares trading，Transaction amount of 361 million yuan。

　　再溯资料，天伦置业4月21日公布2011年年度报告，报告期内，公司实现营业总收入5926.36万元，降7.52％；净利润1863.21万元，增96.64％，拟10转增5。

Tracing the material again，Tianlun home buyers on 21 April 2011 annual report released，During the reporting period，To achieve the company business revenue of RMB 59.2636 million yuan，Drop 7.52%；Net profit of 18.6321 million yuan，96.64% increase，5 to 10 turn add。

　　由此，天伦置业通过出售资产方式实现2011年业绩大增，随后在5月24日实施高送转，但转眼即出现大量大宗交易减持。再看上述交易细节，多处异常值得关注。

this，Tianlun home buyers by selling assets means 2011 earnings soar，Then in the May 24 implemented high sent to turn，But that moment appears to be a massive bulk holdings。And look at this trade details，Abnormal in concern。

　　首先，公司在送转之后总股本达到1.6亿，截至今日4604万股的减持股份已占到了28.6%——两个月内如此巨量减持，十分罕见。

first，The company in turn and then send the total stock reach 160 million，So far 46.04 million strands of the reduced stake is already up to 28.6%-two months so huge amount holdings，Very rare。

　　其次，谁在减持？据记者统计，天伦置业28笔大宗交易的卖出席位分布在杭州、北京、绍兴、上海、深圳等地多达16处营业部，还有1家机构专用席位，其中绝大部分来自杭州和上海。

second，Who in the holdings？According to the reporter statistics，Tianlun home buyers and big trades the sell seats distribution in hangzhou、Beijing、shaoxing、Shanghai、Shenzhen city, as many as 16 place sales department，A special agencies seats，For the most part from hangzhou and Shanghai。

　　此前A股市场从未出现过上市公司重要股东减持股份分布在如此众多的营业部席位中，而两个月来天伦置业从未发布过股东减持提示性公告，也显示这或非“大非”股东的减持套现。

After A share market has never seen an important shareholders listed company shares distribution reduction in so many sales in the seats，But two months to tianlun home buyers never published shareholders reduce held instructional announcement，Also show that this or not“a”The shareholders holdings to cash。

　　最后，减持期间股价异常波动。5月底高送转实施后，天伦置业股价从9.7元快速拉涨至10.8元；随后持续暴跌至6.55元，跌幅近40%；自8月3日起的两个交易日再放量大涨至7.4元，换手率达到24%。

finally，Reduced their share prices during abnormal fluctuations。High end of may send after the implementation of the turn，Tianlun buyers from 9.7 yuan quickly pull stock rose to $10.8；Then continues to slump to 6.55 yuan，Dropped by almost 40%；Since August 3 up two trading tumbled again rose to 7.4 yuan，Changing hands rate of 24%。

　　“每天都会接到很多股民的电话，咨询大宗交易的事情。”天伦置业董秘赵润涛对记者介绍，“但由于减持没有触及信息披露要求，减持方没有义务通知上市公司，我们也就不知道是谁在减持。但近期公司经营情况没有发生变化。”

“Many people from every day of the phone，Consulting the block trading things。”Tianlun home buyers dong ZhaoRunTao secret to reporters is introduced，“But because decrease the has touched the information disclosure requirements，Reduced their party under no obligation to inform the listed company，We also don't know is who in reducing the holdings。But recent operation circumstances no change。”

　　天伦置业的经营情况如何？据其年报，主营地产开发、物业租赁、煤矿及金矿。

Tianlun home buyers business condition？According to its annual report，In real estate development、Property leasing、Coal and gold。

　　具体来看，天伦置业地产开发业务基本停滞、物业租赁业务较为稳定，最大看点是其金矿项目——叫曼矿业55%的股权，后者持有田阳县叫曼金矿的《矿产资源勘查许可证》和《开采黄金矿产批准书》；凤山县金双矿区、凤山县黄家湾矿区和凤山县下洞矿区的《矿产资源勘查许可证》，但近年来因股权诉讼一直未实际运行。

Specific to see，Tianlun real estate development of real estate business basically stopped、Property leasing business relatively stable，Watch is the largest project that mann-gold mining the equity of 55%，The latter hold TianYangXian that mann gold mines《Mineral resources exploration permit》and《Mining gold mineral ratification》；FengShanXian double gold mining area、FengShanXian HuangGuWan mining area and FengShanXian hole under the mining area《Mineral resources exploration permit》，But in recent years because of the equity litigation has not actual operation。

　　2011年11月，天伦置业公告，收到百色市中级人民法院关于公司控股子公司广西田阳天伦矿业有限公司股权诉讼事项的《行政判决书》，认为“公司上诉的理由有事实和法律依据，予以支持。”“本判决为终审判决。”由此，叫曼矿业的股权之争终于盖棺定论，公司股价也掀起一波涨幅。

November 2011，Tianlun home buyers announcement，Receive BaiSeShi intermediate people's court about holding subsidiary company in guangxi TianYang tianlun mining Co., LTD equity litigation matters《Administrative judgment》，think“The company has an appeal to the reason of facts and the law basis，Support a。”“This judgment is a final decision。”this，That man the equity of the mining industry for finally fatal，The company also lifted shares a wave rise。

　　但依据目前公告，叫曼矿业尚未实现复产，天伦置业涉矿概念也未做实，这与近两个月“换庄式”的大宗减持有否微妙关联？

But based on current public announcement，That man was not achieved mining production，Tianlun home buyers in the concept of mine is not，This and the last two months“Changes a village type”Major minus hold no subtle association？