中(zhong)證(zheng)(zheng)網訊（記者 周璐璐）7月(yue)10日，證(zheng)(zheng)監會(hui)宣(xuan)布依法(fa)批準中(zhong)證(zheng)(zheng)金(jin)融(rong)(rong)公司暫停轉融(rong)(rong)券業務(wu)的(de)申請，自2024年(nian)7月(yue)11日起實施。同(tong)時，批準證(zheng)(zheng)券交易所將融(rong)(rong)券保證(zheng)(zheng)金(jin)比例由不得低于80%上調至100%，私募證(zheng)(zheng)券投(tou)資(zi)基金(jin)參(can)與融(rong)(rong)券的(de)保證(zheng)(zheng)金(jin)比例由不得低于100%上調至120%，自2024年(nian)7月(yue)22日起實施。對此，中(zhong)信(xin)建投(tou)表(biao)示，新政策(ce)回應投(tou)資(zi)者關切，釋放(fang)呵(he)護信(xin)號。 

　　中信(xin)建投(tou)表示，融(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)、轉(zhuan)(zhuan)(zhuan)融(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)體(ti)量已(yi)經明顯(xian)收縮，新(xin)政策平(ping)穩過(guo)渡(du)。2023年(nian)8月以來(lai)(lai)，證監會根據市(shi)場情況和(he)(he)投(tou)資(zi)(zi)者關(guan)切，采取(qu)了(le)(le)一(yi)系列加強融(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)和(he)(he)轉(zhuan)(zhuan)(zhuan)融(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)業務監管的舉措，包(bao)括限制戰略投(tou)資(zi)(zi)者配售股(gu)份出借，上調融(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)保證金(jin)比例，降(jiang)(jiang)低轉(zhuan)(zhuan)(zhuan)融(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)市(shi)場化(hua)約定申報(bao)證券(quan)(quan)(quan)(quan)(quan)(quan)劃轉(zhuan)(zhuan)(zhuan)效率，暫(zan)停新(xin)增轉(zhuan)(zhuan)(zhuan)融(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)規模(mo)(mo)等。截至2024年(nian)6月底，融(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)、轉(zhuan)(zhuan)(zhuan)融(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)規模(mo)(mo)累計下降(jiang)(jiang)64%、75%。融(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)規模(mo)(mo)占(zhan)A股(gu)流通(tong)市(shi)值(zhi)約0.05%，每日融(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)賣出額(e)占(zhan)A股(gu)成(cheng)交額(e)的比例由0.7%下降(jiang)(jiang)至0.2%。截至7月9日，融(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)和(he)(he)轉(zhuan)(zhuan)(zhuan)融(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)余額(e)分別為(wei)318億元和(he)(he)296億元。當前(qian)暫(zan)停轉(zhuan)(zhuan)(zhuan)融(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)業務條(tiao)件已(yi)經成(cheng)熟，一(yi)是因(yin)為(wei)融(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)、轉(zhuan)(zhuan)(zhuan)融(rong)(rong)券(quan)(quan)(quan)(quan)(quan)(quan)規模(mo)(mo)和(he)(he)占(zhan)比已(yi)經大幅下降(jiang)(jiang)，對市(shi)場的影響明顯(xian)減弱，二是因(yin)為(wei)明確了(le)(le)依法(fa)展期和(he)(he)新(xin)老劃斷安排，過(guo)渡(du)較為(wei)平(ping)穩。總體(ti)來(lai)(lai)看(kan)，新(xin)政策回應(ying)投(tou)資(zi)(zi)者關(guan)切，釋放(fang)呵護信(xin)號。

　　中信建投(tou)表示，融(rong)資(zi)融(rong)券(quan)是(shi)資(zi)本(ben)市場(chang)重要(yao)的(de)基礎性(xing)制度之一，對(dui)平抑非理性(xing)波動，促進多空平衡與價格發(fa)現，吸引中長(chang)期資(zi)金入(ru)市具有積極作(zuo)用。本(ben)質上(shang)融(rong)券(quan)、轉(zhuan)融(rong)券(quan)業務對(dui)市場(chang)影響是(shi)中性(xing)的(de)，然(ran)而由于“券(quan)源公平性(xing)”和“限售股(gu)出借”問題受到投(tou)資(zi)者(zhe)長(chang)期詬病。一是(shi)源于融(rong)券(quan)券(quan)源的(de)稀缺(que)，公眾投(tou)資(zi)者(zhe)難以(yi)獲取券(quan)源，而量化(hua)私募能(neng)夠(gou)更容易地融(rong)券(quan)并(bing)實施(shi)T+0交易，造成系統性(xing)的(de)不公平；二是(shi)戰略投(tou)資(zi)者(zhe)出借限售股(gu)，是(shi)否存在類似“自(zi)賣自(zi)買”、聯合(he)做空等(deng)利(li)益輸送(song)的(de)漏(lou)洞，引發(fa)投(tou)資(zi)者(zhe)關切。因(yin)此證監會暫停轉(zhuan)融(rong)券(quan)、強化(hua)融(rong)券(quan)逆周期調節(jie)是(shi)對(dui)投(tou)資(zi)者(zhe)關切問題的(de)最新回應(ying)，有利(li)于提(ti)升市場(chang)信心。

　　中信建投(tou)(tou)強調(diao)，應重視監(jian)(jian)(jian)(jian)管層新政(zheng)策的(de)信號意義(yi)。為了落實新“國九條”部署要求，切實回(hui)應投(tou)(tou)資者關切，維護市(shi)場(chang)穩定運行，證(zheng)(zheng)監(jian)(jian)(jian)(jian)會近(jin)日動作(zuo)頻(pin)(pin)頻(pin)(pin)。包括(kuo)5月15日正式發布《證(zheng)(zheng)券(quan)市(shi)場(chang)程(cheng)序化(hua)(hua)交(jiao)(jiao)易管理規(gui)定（試(shi)行）》，明確(que)了交(jiao)(jiao)易監(jian)(jian)(jian)(jian)管、風險防控、系統(tong)安(an)全、高(gao)頻(pin)(pin)交(jiao)(jiao)易特別(bie)規(gui)定等一系列監(jian)(jian)(jian)(jian)管安(an)排。指(zhi)導滬深(shen)北交(jiao)(jiao)易所制(zhi)定《程(cheng)序化(hua)(hua)交(jiao)(jiao)易管理實施細則》，于6月7日公開征求意見。截至6月末，全市(shi)場(chang)高(gao)頻(pin)(pin)交(jiao)(jiao)易賬戶1600余個，年(nian)內(nei)下(xia)降(jiang)超過(guo)20%，觸及異常交(jiao)(jiao)易監(jian)(jian)(jian)(jian)控標準的(de)行為在過(guo)去(qu)3個月下(xia)降(jiang)近(jin)6成。綜(zong)合(he)看(kan)，證(zheng)(zheng)監(jian)(jian)(jian)(jian)會強化(hua)(hua)對程(cheng)序化(hua)(hua)交(jiao)(jiao)易監(jian)(jian)(jian)(jian)管、暫停(ting)轉(zhuan)融(rong)券(quan)業務和強化(hua)(hua)融(rong)券(quan)逆(ni)周期(qi)調(diao)節，呵護A股市(shi)場(chang)的(de)政(zheng)策信號較(jiao)為強烈，有(you)利于投(tou)(tou)資者的(de)信心修復。