侃股：10%，沪深主板“ST”股更加理性

Core Viewpoint - The adjustment of the price fluctuation limit for ST and *ST stocks from 5% to 10% aims to align them with regular stocks, thereby reducing the number of consecutive price limits and enhancing investor protection [1][2]. Group 1: Market Impact - The new regulation is expected to decrease the occurrence of consecutive price limits for problem stocks, which will help in reducing capital accumulation and lowering investment risks [1]. - The current 5% limit has led to market inefficiencies, as seen in the example of *ST Yushun and *ST Yazhen, where stock prices surged over 300% without fundamental improvements [1][2]. - The adjustment is anticipated to improve pricing efficiency and resource allocation in the market, marking a significant step in the deepening of the registration system [1][2]. Group 2: Comparison with Other Markets - The fluctuation limit for regular stocks is 10%, while the previous 5% limit for ST stocks created an arbitrage opportunity, leading to increased market volatility [2]. - In comparison, the Sci-Tech Innovation Board and the Growth Enterprise Market have a 20% fluctuation limit for risk warning stocks, which has resulted in more rational price movements and fewer consecutive price limits [2]. Group 3: Long-term Outlook - In the long run, the adjustment is expected to lead to a more rational market value for ST stocks and higher pricing efficiency [2][3]. - The new limit may accelerate the exit of poorly performing stocks from the market, as significant negative news could lead to quicker price declines and trigger delisting mechanisms [2]. Group 4: Potential Risks - For small-cap and illiquid ST stocks, the 10% fluctuation limit may exacerbate liquidity risks, leading to larger price swings during significant buy or sell orders [3].