本报讯 大盘接二连三地创出新低，不仅让散户们痛苦难耐，也让上市公司们困苦不堪。昨日午间，华昌达(300278,股吧)公告宣布终止发行股份购买资产议案，而终止的原因便是公司股价低迷造成的资产价值下降。事实上，今年以来已有14家上市公司陆续宣布终止了此前公布的定向增发预案。

Report from our correspondent grail continual makes new lows，Not only let, retail investors who unbearable pain，Also let the listed company to the poor。At noon yesterday，Huachang of(300278,guba)Notice announced that the purchase of assets through issuing shares termination of the bill，And the cause of termination is company's share price downturn caused by the fall in the value of the assets。In fact，Since this year had 14 listed companies have announced terminated the previously published additional directional plan。

　　据Wind数据显示，这14家停止实施定向增发的上市公司原计划预计增发数量合计为21.57亿股，计划募集资金金额合计达260.56亿元。“虽然这个数量在今年以来的两市总增发规模中占比不足5%，但是目前绝大多数上市公司定向增发价格已较当前市场股价明显倒挂，不排除未来将有更多的公司加入到放弃定增的行列中来。”上海一券商分析人士认为。

According to the Wind data display，The 14 home stop implementation directional issued shares of listed companies issued shares of the original plan is expected to total number to 2.157 billion strands，Plan to raise funds amount add up to 26.056 billion yuan。“Although the number of the two cities since this year the total issued shares of scale is about less than 5%，But currently the vast majority of listed companies issued shares of directional current market share price is obviously fuchsia，Would not rule out future there will be more companies to join giving up the increasing efforts。”Shanghai a securities analysts believe that。

　　在这停止定增的14家上市公司中，大部分终止的原因都把它归结为证券市场和行业的景气度下降。华昌达就在昨日的公告中明确说明终止的原因为：公司股价低迷，致使交易对方蔡剑虹、龚伟对公司投资价值的预期出现下降，对本次交易的意愿降低；公司发行股份购买资产事项的交易基础和交易环境已发生较大变化，交易后继续成功推进存在较大不确定性。华昌达昨日下跌了1.63%，上周以来累计下跌了8%左右。

In this stop constant increase of 14 listed companies，Most of the termination reason it boil down to securities market and industry boom descend。Huachang reach in yesterday's announcement clearly explain the cause of termination for：Company's share price downturn，The dealing party CaiJianHong、GongWei investment value of the company expected decline，For this transaction will reduce；The event that the purchase of assets through issuing shares trading base and trading environment has great changes have taken place，After the transaction, continue to promote success there is a big uncertainty。Huachang da fell 1.63% yesterday，Since last week accumulated fell 8%。

　　定增方案抛出不足三个月就宣布终止的东华软件(002065,股吧)，在公告中给出的终止理由也是：经济形势前景不明朗，未来经济走势对IT市场的影响不确定。同样，三变科技(002112,股吧)对定增购买重大资产重组终止给出了几点原因，其中一个最重要的便是由于股市和整个行业的不景气致使公司股价持续低迷，导致交易对方程俊明等七名自然人对公司的投资价值的预期在下降，对本次交易的意愿降低。此外，蓝帆股份(002382,股吧)定增终止的原因是公司项目未取得环保核查批复，九鼎新材(002201,股吧)终止的原因则是由于重组对方为解决发展困境，拟与其他企业实施互保融资而无法继续重组进程，两公司股票今年来累计分别下跌了17%、15%。

Constant increase plan out less than three month announced terminated donghua software(002065,guba)，In the notice of termination reason is also given in：Economic situation prospect unclear，Future economic trends for the IT market impact is uncertain。The same，Three changes technology(002112,guba)To increase the material assets reorganization shall purchase termination gives several reasons，One of the most important is because the stock market and the industry's recession the company's share price continued downturn，Cause the transaction to equation CSL Ming and seven natural person to the company's investment value of the expected decline in，For this transaction will reduce。In addition，LanFan shares(002382,guba)Constant increase termination reason is that the project has not environmental protection check reply，Which carries weight new material(002201,guba)Termination reason is due to the recombination each other in order to solve the problems，Quasi and other enterprises to implement mutual insurance financing and cannot continue restructuring process，Two company stock to accumulative total this year fell 17%, respectively、15%。

　　股市低迷，不仅使得多家公司无奈放弃此前公布的定向增发预案，同时也使得已公布定增方案的上市公司纷纷陷入“破增”的尴尬境地。Wind数据显示，在今年以来公布增发预案且尚未实施的275家上市公司中，以昨日收盘价计算，有124家公司当前股价仍处于增发价之下，“破增”幅度在10%以上的公司就达72家，西飞国际(000768,股吧)、光电股份(600184,股吧)、恒逸石化(000703,股吧)三公司的“破增”幅度最大，分别达45%、44%、41%，此外斯米克、郑州煤电(600121,股吧)、首钢股份(000959,股吧)、光迅科技(002281,股吧)、岳阳纸业等个股“破增”幅度均在30%以上，厦工股份(600815,股吧)、雷鸣科化(600985,股吧)、酒钢宏兴(600307,股吧)、云天化(600096,股吧)、光正钢构(002524,股吧)、科达机电(600499,股吧)、万马电缆(002276,股吧)、西部建设(002302,股吧)、天威视讯(002238,股吧)等个股“破增”幅度均在15%以上。

Stock market downturn，Not only makes many companies but give up previously published additional directional plan，At the same time also makes published constant increase scheme of listed companies have into“Broken increase”Awkward situation。Wind data display，Since this year has not been released and issued shares of plan implementation of the 275 listed companies，Yesterday in the closing price calculation，124 companies to the current share price is still in the shares under the price，“Broken increase”Rate in more than 10% of the company reached 72，Fly international(000768,guba)、Photoelectric shares(600184,guba)、Constant escape petrochemical(000703,guba)Three company“Broken increase”The largest amount，Is 45% respectively、44%、41%，In addition, Mick、Zhengzhou coal(600121,guba)、Shougang shares(000959,guba)、Light communication technology(002281,guba)、Yueyang paper stock, etc“Broken increase”Amplitude are more than 30%，Mansion worker shares(600815,guba)、LeiMingKe change(600985,guba)、Jisco HongXing(600307,guba)、Cloud change(600096,guba)、Light steel structure(002524,guba)、Keda mechanical and electrical(600499,guba)、All horse cable(002276,guba)、Western construction(002302,guba)、Tianwei video(002238,guba)Stocks such as“Broken increase”Amplitude are more than 15%。

　　“市场出现大面积的‘破增’往往是非理性极端走势的一种体现，增发价往往代表市场所认可的股票当期合理价格，当股价跌破合理价值时，就意味着这类股票相对而言具有了某种安全边际。”华泰证券(601688,股吧)分析师陈勇认为，从历史经验看，在市场见底回升之后的1～3个月期间内，绝大部分破增股表现都能超越大盘。在经历了近期持续下跌后，市场见短期底部的可能性比较大，投资者可以谨慎关注破增幅度在15%以内、且符合国家政策导向的成长型公司。 记者 陈慧

“Large area of the market to appear‘Broken increase’The extreme movements are often irrational a reflection，Shares on behalf of the market price tend to be approved by the current stock price reasonable，When the share price fell below reasonable value，Means that the shares relative to character has a margin of safety。”Huatai securities(601688,guba)Analysts think Chen yong，From the historical experience to look at，In the market to see bottom rebound after 1 ~ 3 months period，Most of the broken rights issue performance to go beyond the grail。After a recent after falling，See the market short-term bottom the possibility of more，Investors can wariness broken increase in 15% less than、And conform to the state policy oriented growth company。 Reporter Chen hui