7月28日，上证所发布了《风险警示股票交易实施细则（征求意见稿）》，拟将ST股和*ST股都纳入风险警示板，并对相应个股单日涨跌幅作限制，ST股因此持续大面积跌停。从政策趋势看，对ST股的监管越来越严。从2011年11月28日出台创业板退市制度，到4月29日出台主板退市制度，再到5月13日关于借壳重组条件条件等同于IPO，留给ST和*ST股的空间越来越小。但同时这也不断激励上市公司开展自救或者采取其他方式以脱困，尤其是7月28日新政后进一步坚定了管理层的决心，如*ST索芙和S*ST聚友不惜套住自己进行股改等，这或许也给投资者带来了一些机会。

July 28,，ShangZhengSuo released《Risk warnings detailed rules for the implementation of the stock exchange（Draft version of the）》，Plan to put ST shares and * ST shares are integrated into the risk the threat board，And to the corresponding stocks go up drop a point for restrictions，ST shares so drop stop for large area。From a policy perspective of the trend，On ST strands of supervision more and more severe。From 2011 on November 28, the gem sets to withdraw from the market system，To April 29 th a motherboard retreat city system，And then to May 13 about borrow shell restructuring conditions conditions equivalent to the IPO，For ST and * ST strands of space more and more little。But at the same time it also continuously encourage the listed company in or take other ways to save hook，On July 28, especially after New Deal further strengthened management determination，Such as * ST cable fu and S * ST at trapping jjuyou spare on his own reform, etc，This may also give investors with some opportunities。

　　我们预判股市短期还将反弹，一些脱离退市风险或者预计基本面会有所改善的ST和*ST股在暴跌后应有一定的修复机会。修复动力来自于财务指标的改善、重组事件的驱动：（1）关注半年报业绩有所改善并已经扭亏（不包括通过非经常性损益而扭亏）的公司，最好是一些已经申请，可能即将摘帽的ST公司。（2）关注已经开始重组的公司。按照重组程序，主要是提出预案、向证监会申请和申请获批的上市公司，这些公司传统的亏损业务将被替换，借壳公司将完成上市。

We will also be anticipation short-term stock market rally，Some from risk or is expected to withdraw from the market fundamentals would improve the ST and * ST shares slump in after due and certain repair opportunity。Repair motivation comes from the improvement of financial indicators、Restructuring of the events of the driver：（1）Attention half annals performance improved and putting already（Not including through the regular putting profit and loss）company，Had better be some have application，May soon pick cap ST company。（2）Concern has started to restructuring of the company。According to the restructuring program，Main is put forward plans、To the CSRC application and application is approved of the listed companies，The company losses of traditional business will be replaced，Shell company will borrow complete listing。

　　由于ST和*ST公司较多，具体我们关注两类个股：（1）已申请摘帽的ST公司：ST香梨、ST金谷源和ST金叶。（2）处于预案阶段的重组类股，如ST合臣、ST长信、ST金化，以及背靠实力不俗的大股东的重组股，如ST阿继、*ST天成。需要提醒投资者的是，大部分ST和*ST股仍然具有风险。（国信证券）

Because ST and * ST company more，Specific we focus on two types of stocks：（1）Pick the cap has applied for the ST：Fragrant pear ST、ST jingu source and ST gold leaf。（2）In the restructuring plan stage shares，Such as ST and I、ST long letter、ST of gold，And back to the great strength of the big shareholders restructuring shares，Such as ST, the、* ST tiancheng。Investors need to be reminded of is，Most of the ST and * ST shares still has a risk。（Expressed securities）