涨跌幅将放宽，主板ST股嗨翻天

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges plan to increase the price fluctuation limit for ST/*ST stocks on the main board from 5% to 10%, aligning it with regular stocks to enhance pricing efficiency and reduce mechanism differences [1][2][4]. Summary by Sections Regulatory Changes - The adjustment marks the end of a long-standing differentiated limit, indicating a further step in market-oriented reforms [2][5]. - The new rule aims to improve pricing efficiency, reduce internal mechanism differences, and alleviate extreme price fluctuations in the risk warning stocks [5][6]. Market Reaction - On the first trading day after the announcement, nearly 70% of stocks in the risk warning sector rose, with 16 stocks hitting the daily limit [2][10]. - Despite the positive market response, many stocks in this sector have not shown substantial fundamental improvements [2][11]. Historical Context - The previous 5% limit was established in 1998 to warn investors of financial anomalies or poor management in listed companies [4]. - The risk warning stocks include ST companies, *ST companies, and those in the delisting arrangement period [4]. Market Dynamics - The number of stocks in the main board risk warning sector reached 126 as of June 30, with some stocks experiencing significant price increases despite the previous limit [8][9]. - The relaxation of the limit is expected to provide greater trading opportunities, but it also raises concerns about speculative bubbles and liquidity risks [11][12]. Investor Guidance - Experts advise investors to be cautious, as the increased volatility may lead to greater risks, particularly for retail investors who may lack the information advantage [12][13]. - Recommendations include focusing on stocks with high "delisting" certainty, maintaining proper position sizes, and adhering to stop-loss strategies [12][13].