｜2024年6月17日 星期一｜

NO.1 轉融通引發市場波動？證監會回應

證監(jian)會網站6月(yue)(yue)16日(ri)(ri)(ri)消息，針對有自媒(mei)體稱“轉(zhuan)融(rong)(rong)(rong)(rong)(rong)通(tong)(tong)瘋(feng)狂報復，難(nan)怪市場持續下(xia)跌，轉(zhuan)融(rong)(rong)(rong)(rong)(rong)通(tong)(tong)（6月(yue)(yue)12日(ri)(ri)(ri)）一天新(xin)(xin)增近1.7億(yi)股(gu)(gu)(gu)”相關問題，證監(jian)會回(hui)(hui)應(ying)稱：6月(yue)(yue)12日(ri)(ri)(ri)轉(zhuan)融(rong)(rong)(rong)(rong)(rong)券出(chu)借(jie)(jie)數(shu)量(liang)有所增加，主要是由于(yu)指數(shu)成分(fen)股(gu)(gu)(gu)半年度調整導致轉(zhuan)融(rong)(rong)(rong)(rong)(rong)券“還(huan)舊借(jie)(jie)新(xin)(xin)”，即收(shou)回(hui)(hui)被調出(chu)成分(fen)股(gu)(gu)(gu)等(deng)存量(liang)出(chu)借(jie)(jie)股(gu)(gu)(gu)份，同時(shi)出(chu)借(jie)(jie)新(xin)(xin)納入的成分(fen)股(gu)(gu)(gu)等(deng)。自媒(mei)體引用(yong)個別交易日(ri)(ri)(ri)新(xin)(xin)增出(chu)借(jie)(jie)數(shu)據，忽略了存量(liang)收(shou)回(hui)(hui)、余(yu)(yu)額減(jian)少的情況。從數(shu)據來看(kan)，6月(yue)(yue)11日(ri)(ri)(ri)（周(zhou)二）、6月(yue)(yue)12日(ri)(ri)(ri)（周(zhou)三）新(xin)(xin)增出(chu)借(jie)(jie)2.8億(yi)股(gu)(gu)(gu)、1.7億(yi)股(gu)(gu)(gu)，同時(shi)收(shou)回(hui)(hui)8.6億(yi)股(gu)(gu)(gu)、0.5億(yi)股(gu)(gu)(gu)，兩(liang)天轉(zhuan)融(rong)(rong)(rong)(rong)(rong)券余(yu)(yu)量(liang)實際累(lei)計(ji)凈減(jian)少4.6億(yi)股(gu)(gu)(gu)，當(dang)周(zhou)轉(zhuan)融(rong)(rong)(rong)(rong)(rong)券余(yu)(yu)額下(xia)降54億(yi)元，降幅14%。下(xia)一步(bu)，證監(jian)會將堅持問題導向和目標導向，充分(fen)評估并完善融(rong)(rong)(rong)(rong)(rong)券與(yu)(yu)轉(zhuan)融(rong)(rong)(rong)(rong)(rong)券規(gui)則，加強(qiang)融(rong)(rong)(rong)(rong)(rong)券與(yu)(yu)轉(zhuan)融(rong)(rong)(rong)(rong)(rong)券逆周(zhou)期調節。同時(shi)，持續加大行為(wei)(wei)監(jian)管(guan)和穿(chuan)透(tou)式監(jian)管(guan)力(li)度，對大股(gu)(gu)(gu)東、相關機構通(tong)(tong)過多層(ceng)嵌套、融(rong)(rong)(rong)(rong)(rong)券“繞道”減(jian)持限售股(gu)(gu)(gu)等(deng)違法(fa)違規(gui)行為(wei)(wei)，依法(fa)嚴肅查處。

點評：證監(jian)(jian)(jian)會(hui)的回應及時(shi)且必要，針對市場(chang)對轉融(rong)通(tong)引(yin)發波動的誤解進(jin)行(xing)了澄清。轉融(rong)券(quan)出(chu)借數量的增加(jia)，主要是由于指數成(cheng)分股的調整，而非市場(chang)普遍擔憂的惡(e)意做空。這(zhe)一(yi)現象反映出(chu)市場(chang)對于轉融(rong)通(tong)機(ji)制的誤解以及對市場(chang)波動的過度敏感。證監(jian)(jian)(jian)會(hui)強調了融(rong)券(quan)與轉融(rong)券(quan)規(gui)則的完(wan)善和逆周期調節(jie)的重(zhong)要性(xing)，這(zhe)有助于穩(wen)定市場(chang)預期，減少(shao)不必要的恐慌(huang)。同時(shi)，證監(jian)(jian)(jian)會(hui)加(jia)大監(jian)(jian)(jian)管力度，對違(wei)法(fa)違(wei)規(gui)行(xing)為的查處，將(jiang)有助于維護市場(chang)秩序，保護投資者利益(yi)。

NO.2 低至0.1元，基金公司對ST個股批量調估值

南方基金近(jin)日公告(gao)稱，自2024年6月14日起，對旗下(xia)基金持有(you)(you)的(de)ST富通、*ST超華、ST愛(ai)康、ST長康、*ST美吉，均按照人(ren)民幣(bi)0.10元進(jin)行(xing)估值。從去年底(di)的(de)持倉情況(kuang)來(lai)看，持有(you)(you)這些(xie)ST個股(gu)的(de)基金主要(yao)是南方中證2000ETF、南方中證1000ETF。其他ST個股(gu)方面，截至今年一季(ji)度末，持有(you)(you)它們(men)的(de)基金也(ye)主要(yao)是被動(dong)指(zhi)數型產品，不過也(ye)有(you)(you)部分主動(dong)管理型產品重倉持有(you)(you)。

點評：南方(fang)基(ji)金(jin)(jin)對(dui)ST個(ge)股的(de)估值調(diao)整至0.1元，這(zhe)一(yi)舉(ju)措可(ke)能是(shi)基(ji)于對(dui)這(zhe)些(xie)公(gong)司基(ji)本面惡化的(de)判斷(duan)，或(huo)是(shi)遵(zun)循相(xiang)(xiang)關(guan)監管規定。ST個(ge)股通常代表公(gong)司存在經(jing)營風險或(huo)財務問題，基(ji)金(jin)(jin)公(gong)司此舉(ju)可(ke)能是(shi)為了防范投資(zi)風險，保護(hu)投資(zi)者利益。然而，這(zhe)一(yi)做法也(ye)可(ke)能引發市(shi)場(chang)對(dui)ST板塊的(de)進一(yi)步(bu)恐慌，加劇相(xiang)(xiang)關(guan)股票的(de)下跌壓力。基(ji)金(jin)(jin)公(gong)司在進行此類(lei)估值調(diao)整時，應充分考(kao)慮市(shi)場(chang)影響，避(bi)免引發連鎖反應。

NO.3 樂弘基金注銷基金銷售牌照

近日，證監會青島(dao)監管局發(fa)布公告(gao)稱，在(zai)(zai)收到青島(dao)樂(le)弘基(ji)(ji)金(jin)(jin)銷售(shou)有(you)限(xian)公司的(de)(de)申請后，決定注銷該公司的(de)(de)基(ji)(ji)金(jin)(jin)銷售(shou)牌照。青島(dao)樂(le)弘基(ji)(ji)金(jin)(jin)銷售(shou)有(you)限(xian)公司原來的(de)(de)名稱為(wei)(wei)樂(le)視基(ji)(ji)金(jin)(jin)銷售(shou)（青島(dao)）有(you)限(xian)公司，現(xian)在(zai)(zai)的(de)(de)控股(gu)(gu)股(gu)(gu)東(dong)(dong)為(wei)(wei)融(rong)(rong)(rong)創華北發(fa)展集(ji)團(tuan)有(you)限(xian)公司，而融(rong)(rong)(rong)創華北發(fa)展集(ji)團(tuan)有(you)限(xian)公司的(de)(de)大(da)股(gu)(gu)東(dong)(dong)為(wei)(wei)融(rong)(rong)(rong)創房地產集(ji)團(tuan)有(you)限(xian)公司。截至目(mu)前，年內注銷基(ji)(ji)金(jin)(jin)銷售(shou)牌照的(de)(de)機構(gou)已增至四家(jia)，分(fen)別為(wei)(wei)華融(rong)(rong)(rong)融(rong)(rong)(rong)達、華羿恒信、恒宇天澤(ze)、樂(le)弘基(ji)(ji)金(jin)(jin)。

點評：樂(le)弘(hong)基(ji)(ji)金(jin)銷售(shou)(shou)牌(pai)照的(de)(de)注銷，反映了監管層(ceng)對基(ji)(ji)金(jin)銷售(shou)(shou)行(xing)業(ye)的(de)(de)嚴格監管態(tai)度(du)(du)。基(ji)(ji)金(jin)銷售(shou)(shou)牌(pai)照的(de)(de)注銷可能與(yu)公司違(wei)規行(xing)為、業(ye)務能力不足或市場(chang)環境變化(hua)有關。這不僅是(shi)(shi)對樂(le)弘(hong)基(ji)(ji)金(jin)的(de)(de)警示，也(ye)是(shi)(shi)對整個基(ji)(ji)金(jin)銷售(shou)(shou)行(xing)業(ye)的(de)(de)提(ti)醒，要(yao)求各機(ji)構加強(qiang)合規經營，提(ti)升(sheng)服(fu)務質量。同(tong)時，這也(ye)表(biao)明(ming)基(ji)(ji)金(jin)銷售(shou)(shou)行(xing)業(ye)的(de)(de)整合正在加速，有利于(yu)提(ti)升(sheng)整個行(xing)業(ye)的(de)(de)健康度(du)(du)和競爭(zheng)力。