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 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 ecosystem [1][3]. Group 1: Inquiry Transfer Overview - Inquiry transfer has become a popular mechanism for indirect share reduction among listed companies, with 147 companies conducting 162 transactions this year, totaling approximately 998.79 billion yuan [3]. - 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]. - Since the pilot implementation of the inquiry transfer system in August 2020, 223 companies have conducted 322 transfers, with a cumulative transfer value exceeding 1.7 trillion yuan [4]. Group 2: Market Impact and Participation - The inquiry transfer has significantly reduced the impact of large-scale reductions on stock prices, with regulations ensuring that the transfer price cannot be lower than 70% of the average trading price over the previous 20 trading days [4]. - The average discount rate for inquiry transfers this year has increased, with an average discount of 84% compared to 88% and 90% in 2024 and 2023, respectively [5]. - Institutional participation in inquiry transfers has surged, with an average of over 17 institutions involved in each transfer this year, compared to 14 in 2024, indicating heightened interest from institutional investors [7]. Group 3: Benefits for Investors - Inquiry transfers facilitate a smoother transition from early investors to long-term investors, helping to alleviate pressure on the secondary market and boost investor confidence [6]. - The mechanism allows for a more efficient reduction process, with the ability to complete pricing within one day and the option for multiple parties to transfer or acquire shares [7]. - For long-term investors, the inquiry transfer offers a higher discount floor compared to traditional placements, enabling quicker accumulation of shares [8].

Core Viewpoint - The recent surge in the Shanghai Composite Index, which has increased by over 10% in the past three months, has led to a notable rise in stock prices for various sectors, including electronics, pharmaceuticals, and new materials, while also highlighting a significant trend of share reductions among listed companies [1][3]. Group 1: Share Reduction Trends - In July, 436 listed companies announced shareholder reductions, and this trend continued into August with over 200 companies disclosing reduction plans by August 13 [3]. - The primary reasons for these reductions include the upcoming mid-year report disclosures, prompting executives and shareholders to sell shares before entering a quiet period, and an increased desire to cash out due to significant stock price increases [3][5]. - Controlling shareholders and actual controllers remain the main contributors to these reductions, with over 100 actual controllers announcing share reductions since July [3]. Group 2: Market Analysis and Expert Opinions - According to experts, the recent stock price increases have provided venture capital funds with exit opportunities, particularly for projects that went public three to four years ago [5]. - Concerns arise regarding whether the reductions by major shareholders indicate potential changes in the fundamentals of the listed companies, which could affect investor sentiment [7]. - Despite the notable market gains, the overall market trend is characterized as a "slow bull" or a gently upward-moving market, suggesting that the impact of share reductions on the broader market is limited [7]. Group 3: Investment Strategies - Investors are advised to focus on individual stock risks and consider investing in related ETFs to capture sector opportunities while avoiding stock volatility [7]. - It is recommended to be cautious of stocks that have seen significant short-term price increases, those with performance detached from fundamentals, and those not aligned with the country's long-term development goals [10].