3月(yue)18日(ri)，轉融(rong)(rong)(rong)(rong)券(quan)(quan)市(shi)場(chang)化(hua)約(yue)定申(shen)報由實時可用調整為次日(ri)可用，市(shi)場(chang)所理解的轉融(rong)(rong)(rong)(rong)券(quan)(quan)“T+1”正式落地(di)。中證金融(rong)(rong)(rong)(rong)數(shu)據(ju)顯示，截至3月(yue)19日(ri)，轉融(rong)(rong)(rong)(rong)券(quan)(quan)余(yu)額為562.71億(yi)(yi)元(yuan)，較前一交易日(ri)減少(shao)12.93億(yi)(yi)元(yuan)，轉融(rong)(rong)(rong)(rong)券(quan)(quan)余(yu)量為37.57億(yi)(yi)股(gu)，3月(yue)19日(ri)融(rong)(rong)(rong)(rong)出數(shu)量和筆數(shu)均出現增加。截至3月(yue)19日(ri)，A股(gu)市(shi)場(chang)融(rong)(rong)(rong)(rong)券(quan)(quan)余(yu)額為424.11億(yi)(yi)元(yuan)，較前一交易日(ri)減少(shao)3.45億(yi)(yi)元(yuan)。

　　業內人士表(biao)示，轉(zhuan)融(rong)券的(de)存(cun)量將逐步了結(jie)，償還數量大于融(rong)出數量，因此轉(zhuan)融(rong)券余額仍(reng)在持續下降。

　　轉融券和融券規模持續下降

　　今年(nian)以(yi)來，監管層對于轉(zhuan)融(rong)(rong)券和融(rong)(rong)券已多(duo)次發聲——優(you)化融(rong)(rong)券及(ji)轉(zhuan)融(rong)(rong)通機制。

　　1月28日(ri)(ri)，證(zheng)(zheng)監(jian)會宣布，為貫(guan)徹(che)以投資者(zhe)為本的(de)監(jian)管(guan)理念，加強對限(xian)售(shou)股出借(jie)的(de)監(jian)管(guan)，證(zheng)(zheng)監(jian)會經充(chong)分論證(zheng)(zheng)評估，進(jin)(jin)一步優化(hua)了融(rong)券機制。具體包括兩方面：一是全面暫停(ting)限(xian)售(shou)股出借(jie)；二是將(jiang)轉融(rong)券市場化(hua)約定申報由實時(shi)可用(yong)調(diao)整(zheng)為次日(ri)(ri)可用(yong)，對融(rong)券效率進(jin)(jin)行限(xian)制。證(zheng)(zheng)監(jian)會明確，因(yin)(yin)涉及(ji)系統調(diao)整(zheng)等因(yin)(yin)素，第一項措施自1月29日(ri)(ri)起實施，第二項措施自3月18日(ri)(ri)起實施。

　　2月6日，證監(jian)(jian)會網站(zhan)發文，對融(rong)(rong)(rong)(rong)(rong)券(quan)(quan)業(ye)務提出了三(san)方(fang)面進一步(bu)加強監(jian)(jian)管(guan)的措施：一是(shi)暫(zan)停新增(zeng)轉融(rong)(rong)(rong)(rong)(rong)券(quan)(quan)規(gui)(gui)模(mo)，以現轉融(rong)(rong)(rong)(rong)(rong)券(quan)(quan)余(yu)額為上限(xian)，依法暫(zan)停新增(zeng)證券(quan)(quan)公司轉融(rong)(rong)(rong)(rong)(rong)券(quan)(quan)規(gui)(gui)模(mo)，存量(liang)逐(zhu)步(bu)了結；二是(shi)要求(qiu)證券(quan)(quan)公司加強對客戶交(jiao)易行(xing)為的管(guan)理，嚴禁向利用融(rong)(rong)(rong)(rong)(rong)券(quan)(quan)實施日內回轉交(jiao)易（變相“T+0”交(jiao)易）的投資者提供融(rong)(rong)(rong)(rong)(rong)券(quan)(quan)；三(san)是(shi)持(chi)續加大監(jian)(jian)管(guan)執法力度(du)，依法打擊利用融(rong)(rong)(rong)(rong)(rong)券(quan)(quan)交(jiao)易實施不當(dang)套利等(deng)違法違規(gui)(gui)行(xing)為，確(que)保融(rong)(rong)(rong)(rong)(rong)券(quan)(quan)業(ye)務平穩運行(xing)。

　　3月15日(ri)，證監(jian)會(hui)發布了《關于加強上市公(gong)司監(jian)管的意見（試(shi)行(xing)）》。其中，在“有效防(fang)范(fan)繞(rao)道減持(chi)”方面規定，禁止大股東(dong)(dong)、董(dong)事、高(gao)管參與(yu)以本公(gong)司股票為(wei)標的物的衍生品交易，禁止限售股轉融通出借、限售股股東(dong)(dong)融券賣出，防(fang)范(fan)利用“工具”繞(rao)道減持(chi)。

　　自證監(jian)會宣布暫停新增轉(zhuan)融(rong)(rong)券(quan)(quan)規(gui)模以來，轉(zhuan)融(rong)(rong)券(quan)(quan)的市場規(gui)模和A股(gu)融(rong)(rong)券(quan)(quan)余(yu)額(e)均出(chu)現明顯下(xia)降(jiang)。Wind數據顯示，截至3月19日(ri)，轉(zhuan)融(rong)(rong)券(quan)(quan)余(yu)額(e)為(wei)562.71億(yi)元(yuan)，較2月6日(ri)時(shi)下(xia)降(jiang)35.78%。同(tong)時(shi)，隨著轉(zhuan)融(rong)(rong)券(quan)(quan)存(cun)量逐步了(le)結，融(rong)(rong)券(quan)(quan)余(yu)額(e)亦大幅下(xia)降(jiang)。截至3月19日(ri)，A股(gu)融(rong)(rong)券(quan)(quan)余(yu)額(e)為(wei)424.11億(yi)元(yuan)，較2月6日(ri)的596.19億(yi)元(yuan)下(xia)降(jiang)了(le)172.08億(yi)元(yuan)，降(jiang)幅為(wei)28.86%。

　　轉融券融出數量環比增加

　　2月6日(ri)(ri)(ri)(ri)以來，轉(zhuan)(zhuan)融(rong)(rong)(rong)券交易(yi)(yi)一度接近(jin)冰點，Wind數據(ju)顯示(shi)，2月6日(ri)(ri)(ri)(ri)融(rong)(rong)(rong)出(chu)數量(liang)(liang)為5552.11萬(wan)(wan)(wan)股，2月7日(ri)(ri)(ri)(ri)驟降(jiang)至21.38萬(wan)(wan)(wan)股，全市場僅(jin)有5筆轉(zhuan)(zhuan)融(rong)(rong)(rong)券交易(yi)(yi)，融(rong)(rong)(rong)出(chu)數量(liang)(liang)環(huan)比大降(jiang)99.61%。2月6日(ri)(ri)(ri)(ri)-2月19日(ri)(ri)(ri)(ri)期間，轉(zhuan)(zhuan)融(rong)(rong)(rong)券融(rong)(rong)(rong)出(chu)數量(liang)(liang)連(lian)續3個(ge)(ge)交易(yi)(yi)日(ri)(ri)(ri)(ri)未(wei)超(chao)過50萬(wan)(wan)(wan)股，2月20日(ri)(ri)(ri)(ri)開始，融(rong)(rong)(rong)出(chu)數量(liang)(liang)從529.81萬(wan)(wan)(wan)股開始慢(man)慢(man)變化，3月6日(ri)(ri)(ri)(ri)融(rong)(rong)(rong)出(chu)數量(liang)(liang)達2947.37萬(wan)(wan)(wan)股，3月14日(ri)(ri)(ri)(ri)-3月18日(ri)(ri)(ri)(ri)連(lian)續3個(ge)(ge)交易(yi)(yi)日(ri)(ri)(ri)(ri)在1200萬(wan)(wan)(wan)股左右。

　　3月(yue)18日，轉融(rong)(rong)券(quan)市場化約定申報由(you)實時可用(yong)調整為次日可用(yong)，市場所理解的(de)轉融(rong)(rong)券(quan)“T+1”正式落地。從新規落地后的(de)具(ju)體交(jiao)(jiao)易(yi)來看，中證金融(rong)(rong)數(shu)(shu)(shu)據顯示，3月(yue)19日合(he)計(ji)融(rong)(rong)出(chu)數(shu)(shu)(shu)量(liang)為5184.53萬股，較前一交(jiao)(jiao)易(yi)日融(rong)(rong)出(chu)數(shu)(shu)(shu)量(liang)的(de)1192.89萬股環(huan)比增(zeng)加334.62%，3月(yue)19日轉融(rong)(rong)券(quan)交(jiao)(jiao)易(yi)有(you)587筆，交(jiao)(jiao)易(yi)筆數(shu)(shu)(shu)和融(rong)(rong)出(chu)數(shu)(shu)(shu)量(liang)均出(chu)現增(zeng)加。融(rong)(rong)出(chu)費率(lv)多在(zai)(zai)1%-3%之間(jian)，高的(de)有(you)6.60%，但融(rong)(rong)出(chu)費率(lv)超過5%的(de)占(zhan)比極低(di)，出(chu)借期限多在(zai)(zai)14天。

　　中(zhong)信(xin)證券金融(rong)產業首席分(fen)析師(shi)田良表示，此次(ci)轉融(rong)券交易機(ji)制由“T+0”改為“T+1”，有利于制約(yue)機(ji)構在(zai)信(xin)息、工(gong)具(ju)運用方(fang)面的(de)優勢，給(gei)各類投資者更充足的(de)時間消(xiao)化(hua)市(shi)(shi)場(chang)信(xin)息，對于改善市(shi)(shi)場(chang)多空(kong)結構，約(yue)束不(bu)當(dang)套利行為，提升市(shi)(shi)場(chang)公平(ping)性具(ju)有積極意義。