一财社论：优化资本市场风险警示，实现治理能力跃升

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges are seeking public opinion on adjusting the price fluctuation limit for risk warning stocks on the main board from 5% to 10%, aligning it with other main board stocks, indicating a shift towards more effective risk management in the A-share market [1][2]. Group 1: Market Dynamics - The price fluctuation limit is a defensive measure aimed at reducing market risk, which has historically enhanced public engagement and mitigated speculative trading [1]. - As the capital market matures, the effectiveness of this price limit as a risk mitigation tool has diminished, necessitating an update to better meet the needs of risk identification, pricing, and management [2][3]. Group 2: Trading Freedom and Risk Management - Removing trading restrictions is essential to enhance market participants' ability to express preferences, thereby improving risk identification, pricing, and trading capabilities [3][4]. - Lowering information asymmetry and protecting market autonomy are crucial for fostering a healthy trading environment where risks can be effectively managed [3][4]. Group 3: Market Efficiency - Aligning the fluctuation limits of ST stocks with other main board stocks is expected to invigorate market liquidity and enhance pricing efficiency, ultimately optimizing resource allocation in the capital market [4][5]. - The removal of trading restrictions is viewed as a significant advancement in the governance and capability of the capital market, allowing for better risk absorption and management [5].