上证指数2月20日最惊险的一幕是10点30分急跌至2370点关键位，而此前最惊险的一幕是，本次行情的龙头股民生银行(600016,股吧)在盘中一度大跌近4%，10点06分民生银行，10.18元价位，竟出现95984手抛盘，占全日成交的1/30。可见大资金疯狂作空民生银行之坚决。

The Shanghai index 2 months, and the most breathtaking scene is 10 PM tumbled to 2370 point key position,And after the most breathtaking scene is,The market leading people born bank(600016,guba)In the plate once plunged nearly 4%,10 point 6 points minsheng bank,Price 10.18 yuan,But the 95984 PaoPan hand,All accounts for 1/30 of the deal.Visible big money crazy for empty of minsheng bank firmly.

　　民生银行6个交易日，从历史新高11.91跌至10.14后，大跌近15%。其间，上证指数仅跌3%。究竟什么原因民生银行从领涨龙头到领跌祸首？

Minsheng bank six trading day,From a record high of 11.91 to 10.14 after the fall,Plunged nearly 15%.meanwhile,The Shanghai index only fell 3%.What reason minsheng bank from brought up leading to bring down culprit?

　　1.200亿可转债出台+涨幅翻番=历史天量出货 120 million convertible bonds issued + or double = history day delivery quantity

　　事实上，自2月7日以来，作为本轮反弹行情中流砥柱的银行板块突然集体大跌，令股指出现大幅震荡，成为了本次股指调整的引爆者之一。在那之前，自去年12月3日以来，民生银行曾一路高歌猛进，率领着银行板块演绎了一轮疯狂的上涨行情，两个多月内涨幅近一倍树立领涨龙头地位，2月6日更是创出11.91元的历史高点，也成为今年市净率首破2的银行股。

In fact,Since February 7 since,As this rallies mainstay bank plate suddenly collective crash,Make a substantial stock shocks,Become the index adjustment of one of the detonation.Before that,Since last year December 3, since,Minsheng bank has the rapid development,Led bank plate deduce a crazy rising prices,More than two months or nearly doubled set up collar up leading position,February 6, but also makes the history of 11.91 yuan high,This year has become a city net rate first broken 2 bank shares.

　　其实，民生银行的疲软是自2月4日开始的。当日民生银行的市场表现从一开始就令人意外。从早盘开始，民生银行交投就异常活跃，特别是连续出现超过百万股的大单成交，即便是高达400万股的超级大单，在市场上也仅是瞬间完成交易。开盘后1个小时，民生银行的成交额就达到了27亿元，这几乎相当于之前一天的交易总额。而随着成交额的急剧放大，民生银行股价开盘后继续高歌猛进，盘中一度创新11.87元的新高，涨幅超过5%。但民生银行的疯狂表现却开始令市场感到不安。因为就在民生银行猛冲猛打的同时，银行板块却出现了分化，平安、招商、兴业、中信等股份制银行和城商行股价开始回调。这使得民生银行在当日10点半也开始回落，最后民生银行收盘收出长上影线的阳线，而成交金额达58.9亿元，创了历史纪录。而在那之前，上一次民生银行历史天量是2009年4月3日，当天大涨8.72%，成交金额43.3亿元，收报5.65元。此后涨至2009年7月至8.75元才见顶。

In fact,Minsheng bank weakness is since February 4 began.The minsheng bank's market performance from the beginning is surprising.From the early plate began to,Minsheng bank trading is very active,Especially the continuous appear more than strands of large single clinch a deal,Even as high as 4 million strands of super large single,In the market also is only a moment complete the transaction.After the opening one hour,Minsheng bank's turnover reached 2.7 billion yuan,This is almost equal to a day before the transaction amount.With the rapid turnover of amplification,Minsheng bank shares after the opening continue to rapid development,Plate once innovation 11.87 yuan high,Rose more than 5%.But the madness of minsheng bank performance is beginning to make market uneasy.Because just minsheng bank dashed hit out at the same time,Bank plate but appeared differentiation,peace/investment/industrial/Such as citic joint-stock Banks and city firm's stock began to callback.This makes the minsheng bank in the half past ten began to fall,The minsheng bank closing charge out of a long line of Yang today,And clinch a deal amount up to 5.89 billion yuan,"The historical records.But before that,The last time the people's livelihood bank history day quantity is on April 3, 2009,Rose 8.72% on the day,Clinch a deal amount is 4.33 billion yuan,At 5.65 yuan.Then up to July 2009 to 8.75 yuan to see top.

　　上一次民生银行历史天量奠定大涨基础，但这一次民生银行历史天量恐怕奠定大跌基础。

The last time the people's livelihood bank amount of historical day lay the foundation,But this time the minsheng bank history day quantity were laid foundation, I'm afraid.

　　2月7日，民生银行的走势延续了前一日的疲软走势，盘中一度出现了自12月上涨以来的最大跌幅8.12%，收盘报于11元，下跌5.98%，而成交金额则达到了63.42亿元，再创历史天量。2月8日民生银行再跌4.36%，跌破11元关口，至收盘至10.52元成交仍为历史天量61亿元。

Feb. 7,,Minsheng bank trend continuation of the previous day's weak trend,Plate once appeared since December rise of 8.12% since the biggest fall,Closing quote in 11 yuan,Fell 5.98%,And clinch a deal amount is $6.342 billion,Create history day quantity.On February 8 minsheng bank again fell 4.36%,Below $11 pass,To closing to 10.52 yuan to clinch a deal is still history day of 6.1 billion yuan.

　　为什么龙头民生银行在市场迭创反弹新高时，却风云突变，转而大幅下跌。2月8日，民生银行发布了“获准发行200亿可转债”的消息。该消息无疑是泼了一盆冷水。事实上，虽然此次民生银行获准发行可转债被一些分析人士认为是利空，但著名投资人飞雪却表示，在牛市行情中，再融资对个股股票往往是利好。据悉，此次民生银行可转债与通常一样，也设置了优先向原有A股股东优先配售的机制。由于民生银行可转债发行六个月之后可以转为股票，而其股票又被高度看好，肯定会让原有股东不会错过。根据目前了解的情况，民生银行持股比例较高的现有原股东中，绝大部分均对参与优先配售表现出积极的态度。已有多位重要股东表示将全额认购其享有的优先配售部分的额度，甚至还表示，将另通过网上或网下申购方式进一步买入民生转债。

Why leading minsheng bank in market lap and high rebound,But a sudden change in the situation,Dropped to.On February 8,Minsheng bank released"Allowed to issue 20 billion convertible bonds"news.The news is undoubtedly pours cold water.In fact,Although the minsheng bank to issue convertible bonds by some analysts believe that is bad,But famous investors snow has said,In a bull market in the market,Refinancing of stocks stock often is good.It is reported,The minsheng bank convertible bonds and usual,Also set the priority to the original A shareholder priority placement mechanism.Due to the minsheng bank issued convertible bonds after six months can be converted into stock,And the stock is highly valued,Will let the original shareholders can't miss it.According to the current understanding of the situation,Minsheng bank holding a higher percentage of the original shareholders of existing,Most of all to participate in priority placement showed a positive attitude.For many significant shareholder said it will full subscription its enjoy priority placement part of the line,Even said,Will the other through online or offline subscription way further buying the livelihood of the people turn debt.

　　然而，让市场积极认购200亿可转债，并在6个月后选择转股而非等待转债到期还本付息是民生银行两个月翻番的重要推动力。

however,Let the market subscription 20 billion convertible bonds,And in 6 months after the equity transfer choice rather than wait for turn due debt servicing is minsheng bank two months of double an important impetus.