正因股价未现剧烈波动，舆论对询价转让一片叫好。然而，询价转让并非"一贴了之"的灵丹妙药， 更无法根治A股减持顽疾。 首先，询价转让并非对所有原始股东都适用。机构不是"活雷锋"，愿意接盘，要么看好公司基本 面，要么认为价位足够便宜。因此，他们只肯为优质公司或低价筹码买单，平庸公司或高位股票很难请 动这些"接盘侠"。 其次，拉长视角看，询价转让并未消除减持压力，只是延后。受让股份有6个月锁定期，期满后机 构同样要套现；无论谁接盘，最终筹码都要市场消化。一旦行情转弱，扩容带来的抛压仍会显现。 因此，询价转让治不了A股减持"顽疾"，必须对症下药、釜底抽薪：一是优化股权结构，把控股股 东及实控人持股压到30%以内，首发限售股总量控制在50%以内；二是升级减持规则，股价破发、分红 未达募资额或业绩"变脸"的，首发前股份一律不得减持。只有制度"扎紧篱笆"，才能从根本上解决减持 难题。（作者系财经评论员） 最近，宁德时代联合创始人、公司第三大股东黄世霖询价转让1%股份一事受到市场广泛关注，也 引发市场对"询价转让"这一减持方式的聚焦。黄世霖本次拟转让4563.24万股，按初步确定的376.12元/ 股计算，将套现近172亿元 ...

Core Viewpoint - The recent stock transfer of Ningde Times (300750) from Goldman Sachs (Asia) Securities to Citibank, valued at HKD 2.905 billion, indicates a significant shift in shareholder strategy amidst the unlocking of nearly 50% of its H-share IPO locked shares, which may exert pressure on the stock price [1] Group 1: Stock Transfer and Market Impact - On November 21, Ningde Times' shareholder transferred shares worth HKD 2.905 billion from Goldman Sachs (Asia) Securities to Citibank, representing 3.86% of the company [1] - Nearly 50% of Ningde Times' H-share IPO locked shares were unlocked on November 20, with approximately 77.5 million shares facing potential sell-off [1] - Morgan Stanley noted that some strategic investors, such as Sinopec, are unlikely to sell their shares, but the current H-share price is 107% higher than the IPO price, and the H-share is trading at a 23% premium to the A-share, which is rare for dual-listed shares, suggesting potential pressure on the stock price due to the unlocking [1] Group 2: Shareholder Actions - Shareholder Huang Shilin plans to transfer 45.6324 million shares through an inquiry-based transfer, representing 1% of the total share capital as of November 13, 2025 [1] - The preliminary inquiry transfer price is set at RMB 376.12 per share, which would allow Huang Shilin to cash out approximately RMB 17.163 billion [1] - Huang Shilin is a co-founder of Ningde Times and previously served as the vice chairman and deputy general manager, currently holding a 10.21% stake, making him the third-largest shareholder [1]

Core Viewpoint - CATL's stock has dropped over 4%, currently trading at 463.6 HKD, with a trading volume of 2.109 billion HKD, amid concerns over the unlocking of nearly 50% of its H-share IPO locked shares [1] Group 1: Stock Performance - CATL's stock price has decreased by 4.02% as of the latest report [1] - The current trading price represents a 107% premium over the IPO price, and a 23% premium compared to its A-share price, which is unusual for dual-listed shares [1] Group 2: Share Unlocking and Potential Selling Pressure - Approximately 77.5 million shares are facing potential sell-off due to the unlocking of H-share IPO locked shares starting November 20 [1] - Morgan Stanley indicated that some strategic investors, such as Sinopec, are unlikely to sell their shares, but the unlocking will still exert pressure on the stock price [1] Group 3: Major Shareholder Activity - Major shareholder Huang Shilin plans to transfer 45.6324 million shares through an inquiry-based transfer, representing 1% of the total share capital as of November 13, 2025 [1] - The preliminary inquiry transfer price is set at 376.12 HKD per share, which would allow Huang Shilin to cash out approximately 17.163 billion HKD [1] - Huang Shilin is a co-founder of CATL and currently holds 10.21% of the company's shares, making him the third-largest shareholder [1]

Core Viewpoint - The article discusses the rise of inquiry transfer as a preferred method for shareholders to exit their investments in the context of a recovering market, highlighting its market-oriented and standardized characteristics, which have reshaped the A-share reduction ecology [1][3]. Group 1: Inquiry Transfer Overview - Inquiry transfer has become a favored tool for orderly exits by shareholders, with a cumulative transfer amount nearing 100 billion yuan this year [1]. - The inquiry transfer mechanism allows original shareholders to transfer shares to specific institutional investors through non-public inquiries, primarily used in the Sci-Tech Innovation Board and the Growth Enterprise Market [4]. Group 2: Market Participation and Impact - In 2023, 147 listed companies conducted 162 inquiry transfers, with a total transfer amount of approximately 998.79 billion yuan, indicating strong demand for indirect reductions among listed companies [3]. - The inquiry transfer by Ningde Times, which involved a transfer of 45.63 million shares at a price of 376.12 yuan per share, marked the largest single transaction of its kind this year, totaling around 17.2 billion yuan [2][3]. Group 3: Regulatory and Structural Changes - The regulatory framework has evolved to guide capital exits in a more structured manner, promoting long-term value over short-term cashing out, with specific rules on transfer ratios, pricing limits, and lock-up periods for buyers [5][6]. - The inquiry transfer system has been active since August 2020, with over 223 companies participating and a total transfer value exceeding 170 billion yuan, reflecting a growing trend in the market [5]. Group 4: Institutional Investor Engagement - The average number of institutions participating in inquiry transfers has increased to over 17 this year, with an average subscription multiple of about 2, indicating heightened interest from institutional investors [7]. - The inquiry transfer mechanism facilitates a smoother transition from early investors to long-term investors, thereby alleviating pressure on the secondary market and enhancing investor confidence [6][7]. Group 5: Benefits to Market Stability - Inquiry transfers are designed to minimize the impact of large reductions on stock prices, with a lock-up period of six months for the acquiring parties, promoting a stable investment environment [8]. - The average discount rate for inquiry transfers has increased, with this year's average discount at 84%, compared to 88% and 90% in 2024 and 2023, respectively, indicating a trend towards more favorable pricing for institutional investors [5][8].

在今年市场行情回暖的背景下，科创板和创业板上市公司掀起了"另类"减持浪潮。不同于以往集中竞价、协议转让、大宗交易的常规操作，询价转让以市 场化、规范化的特点，成为股东有序退出的优选工具，年内累计询价转让金额近千亿元，显著重塑了A股减持生态。 询价转让以独特的制度优势和市场表现，正逐渐获得市场各方的认可。业内人士指出，随着更多上市公司和机构投资者参与，询价转让这一市场化减持工具 将在优化资本市场生态、促进长期资金入市等方面发挥更大作用。 年内询价转让金额近千亿元 近日，宁德时代发布公告称，经向机构投资者询价后，初步确定的转让价格为376.12元/股，较11月17日收盘价折价3.75%。 据了解，本次询价转让吸引了基金管理公司、合格境外机构投资者、保险公司、证券公司、私募基金管理人等专业机构投资者参与，合计有效认购股份数量 约1.47亿股，对应的有效认购倍数为3.2倍。 财通基金证券业务部执行副总监黄元华表示，近年来，询价转让数量和规模呈整体上升趋势，体现了监管态度导向。监管层通过询价转让分层次、差异化的 制度设计（如锁定期、折价率、受让方资质），将股东退出的"洪流"疏导为"细流"——资本退出不等同于价值抽离，监 ...

宁德时代（300750.SZ）创始股东减持的转让价出炉！ 时代财经注意到，黄世霖本次询价转让的股份占其所持股份比例的9.79%，转让原因为"自身资金需求"。而本次询价转让的价格下限不低于发送认购邀请 书之日前20个交易日宁德时代股票交易均价的70%。 宁德时代在公告中指出，本次询价转让为非公开转让，不通过集中竞价交易或大宗交易方式进行，不属于通过二级市场减持。受让方通过询价转让受让的 股份，在受让后6个月内不得转让。 11月17日晚，就股东询价转让一事，宁德时代披露公告称，经向机构投资者询价后，初步确定的转让价格为376.12 元/股。本次询价转让收到有效报价单 共55份，涵盖基金管理公司、合格境外机构投资者、保险公司、证券公司、私募基金管理人等专业机构投资者。 据时代财经计算，按转让价376.12元/股计算，黄世霖本次询价转让可套现约172亿元。 同日晚间，时代财经从宁德时代处了解到，本次转让共吸引533亿元资金参与认购，成交价格较前收盘价折价约6.9%。 然而，这笔减持也被投资者在社交平台上热议。 据公告，参与本次询价转让报价的机构投资者合计有效认购股份数量为1.47亿股，对应的有效认购倍数为3.2倍。而 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月17日晚，宁德时代（300750）公告称，根据2025年11月17日询价申购情况，初步确定的本次询价转 让价格为376.12元/股。本次询价转让拟转让股份已获全额认购，初步确定受让方为16家机构投资者， 拟受让股份总数为45632363股。 | 宁德时代 300750 | | 390.78 -13.34 | | | --- | --- | --- | --- | | 已收市 CNY | | 融 通 自选 + ▼ | | | 港(3750):526.000(-2.95%) | | | H/A: + 22.65% | | 委比 | -1.86% 委差 | | -2 | | 菜开 | 390.84 | 2 | | | 卖口 | 390.83 | 1 | | | 英三 | 390.81 | 36 | | | 堂二 | 390.80 | 22 | | | 家 | 390.79 | 16 | | | ж | 390.78 | 10 | | | 买二 | 390.77 | 2 | | | 买三 | 390.76 | 4 | | | 买四 | 3 ...

转让机制：缓冲市场冲击的关键设计 上证报中国证券网讯（记者 闫刘梦）近日，宁德时代发布公告称，公司重要股东、联合创始人黄世霖 因自身资金需求，拟通过询价转让方式出让公司4563.24万股股份，占公司总股本的1%。以宁德时代11 月14日收盘价每股404.12元估算，这笔交易对应的市值约为184.4亿元。 与常规减持方式不同，黄世霖此次股份转让采用了询价转让模式，这一机制从根本上区别于二级市场直 接抛售。 根据公告，本次转让不通过集中竞价交易或大宗交易方式进行，不属于通过二级市场减持。这意味着大 量股份不会直接冲击二级市场交易，避免了短期内集中卖压对股价的直接影响。 宁德时代在公告中详细说明了定价机制：转让价格下限原则上不低于发送认购邀请书之日前20个交易日 公司股票均价的70%。最终转让价格将根据"价格优先、数量优先、时间优先"的原则，通过专业的询价 过程确定，中金公司担任财务顾问，确保了过程的规范性和专业性。 事实上，这种定价方式既保障了转让方的合理权益，同时折价机制也为受让机构提供了安全边际，提升 了投资吸引力。 锁定安排：抑制短期抛售的稳定器 符合条件的机构投资者包括证券公司、基金管理公司、期货公司、信 ...

2021年7月15日，倍轻松在上交所科创板上市，公开发行新股1541万股，占发行后总股本的比例为25.00%，发行价格为27.40元/股。 倍轻松上市首日盘中创下高点185.58元/股，此后该股股价一路震荡下行。 倍轻松上市募集资金总额为4.22亿元；扣除发行费用后，募集资金净额为3.59亿元，较原拟募资净额少1.38亿元。倍轻松此前披露 的招股书显示，公司原拟募资4.97亿元，分别用于"营销网络建设项目"、"研发中心升级建设项目"、"信息化升级建设项目"、"补充 营运资金"。 倍轻松首次发行的保荐机构为安信证券，保荐代表人为翟平平、任国栋。倍轻松上市发行费用(不含税)总额为6332.36万元，其中安 信证券获得保荐、承销费用3155.64万元。 中国经济网北京11月17日讯倍轻松(688793.SH)于11月14日晚间披露股东询价转让计划书，公司控股股东、实际控制人马学军拟转让 股份2,552,579股，占倍轻松总股本的比例为2.97%。马学军委托中信证券股份有限公司(以下简称"中信证券")组织实施本次询价转 让。 根据倍轻松11月14日的收盘价30.42元计算，马学军本次询价转让金额约合7764.95万元 ...

Core Points - The company Fivotech (688371.SH) announced a preliminary inquiry transfer price of 18.55 yuan per share based on the inquiry subscription situation as of November 7, 2025 [1] - The seller and the organizing securities firm have agreed to initiate an additional subscription process, with the deadline for additional subscriptions no later than November 20, 2025 [1] - This inquiry transfer does not involve a change in the company's control and will not affect the company's governance structure or ongoing operations [1]