近日，沪深交易所同步发布《关于调整主板风险警示股票价格涨跌幅限制比例及有关事项的通知（征求 意见稿）》，拟将主板ST、*ST股票的涨跌幅限制由5%调整至10%，与普通股票保持一致。 沪深主板ST股票和*ST股票将与沪深主板股票涨跌幅限制相同，统一调整成10%，将有效减少问题股票 连续涨跌停板的数量，减少资金堆积，降低投资风险，有利于投资者进出，更好保护中小投资者权益。 改革直指A股市场长期存在的制度性痛点，通过统一规则提升定价效率、优化资源配置，为市场注入理 性基因，堪称注册制深化进程中的关键一环。 现行5%的涨跌幅限制源于2012年沪深交易所对风险警示股票的特殊管制，初衷是保护投资者免受极端 波动冲击。然而，这一制度在实践中的副作用日益显现。 以2025年4月至6月为例，*ST宇顺、*ST亚振等个股连续涨停，股价在三个月内涨幅超过300%，但同期 公司基本面并无实质改善。5%的涨幅限制导致市场情绪无法充分消化，资金通过连板接力制造虚假繁 荣，形成涨停板陷阱，这是5%涨幅限制的弊端之一。 另外，普通股票10%的波动空间与"ST"股5%的波动空间形成制度套利空间。游资利用这一差异，在普 通股与"ST"股间快速切 ...

Group 1 - The second batch of insurance funds has officially entered the market, focusing on high-dividend assets, industrial upgrades, and counter-cyclical investments, with a total pilot amount of 222 billion yuan across three batches [2] - The Shanghai and Shenzhen Stock Exchanges are seeking public opinion on adjusting the price fluctuation limits for risk-warning stocks from 5% to 10%, which is expected to enhance pricing efficiency and reduce stock volatility [2] - Four major banks have completed over 500 billion yuan in private placements, with the Ministry of Finance injecting 500 billion yuan to strengthen capital, marking the first issuance of special government bonds for this purpose in over 20 years [2] Group 2 - Trump criticized Federal Reserve Chairman Powell, suggesting he would prefer a successor willing to lower interest rates, which raised concerns about the independence of the Federal Reserve and its impact on U.S. financial markets [3] - The U.S. dollar index has dropped over 10% in the first half of 2025, reaching a 38-year low, as global central banks reduce U.S. Treasury holdings and institutional funds move away from the dollar [3] - The Middle East turmoil has affected the oil market, with Brent crude prices experiencing significant fluctuations due to geopolitical tensions, yet global financial markets have shown resilience [3] Group 3 - Foreign investment institutions like Goldman Sachs and UBS are optimistic about Chinese assets, with A-shares' total market value surpassing 100 trillion yuan, driven by China's economic resilience and attractive valuations [4] - The price of Moutai has dropped nearly 20% since the beginning of the year, attributed to market conditions and changes in marketing strategies, as the company seeks to adapt to new consumer demographics [5] - The solid-state battery sector has seen a resurgence in the A-share market, with significant price increases driven by policy support and industrialization acceleration [5]

一路 "狂飙" 的增长之路 信用债 ETF 能在短时间内取得如此惊人的成绩，背后离不开一系列关键时间节点的推动和政策的大力支持。今年 1 月，证监会印发的《促进资本市场指 数化投资高质量发展行动方案》犹如一颗信号弹，提出 "稳步拓展债券 ETF"，并部署 "稳妥推出基准做市信用债 ETF""研究将信用债 ETF 纳入债券通用 回购质押库" 等重要举措 。政策东风一吹，市场迅速响应。1 月 7 日，首批 8 只信用债 ETF 同日火热发售，1 月 16 日结束募集，1 月 27 日全部敲定上市 时间，在上交所与深交所相继上市交易，整个过程一气呵成，跑出了资本市场的 "加速度"，募集总规模达 218 亿元，为后续的规模增长奠定了坚实基 础。 3 月 21 日晚间，中国证券登记结算公司又连续发文出台三项举措，允许信用债 ETF 试点开展交易所质押式回购、拓宽受信用保护债券回购范围、暂免部 分债券登记结算费用 。其中，允许符合一定条件的信用债 ETF 产品试点开展交易所债券通用质押式回购业务，这一举措满足了市场对信用债 ETF 入库开 展回购交易的需要，大大提高了信用债 ETF 产品的流动性、吸引力和交易活跃度，推动 ...