股票质押发展之路

1、股票质押发展之路一、股票质押业务发展历程2013年5月，沪深交易所和中登公司发布了股票质押式回购交易及登记结算业务办法（试行），在对股票质押式回购交易进行规范的同时，也拉起了股票质押式回购业务蓬勃发展的序幕。同年6月24日，上证所和深交所正式启动股票质押式回购业务。国泰君安、海通证券、国信证券等9家券商获得第一批试点资格；6月25日，股票质押式回购业务启动首日融资金额便达17亿元左右。随着券商、银行入场后，股票质押式回购业务由于手续简便，不涉及过户、交易税收等问题，加之最长回购期限达到3年，使得其开始井喷式发展，截至2017年年底，沪深A股整体股票质押规模已突破6.3万亿元。二、场内VS场外.

2、场内一般来讲，沪深交易所所称的股票质押式回购交易指的是场内交易，这种“场内”股票质押业务是由证券公司及其成立的资管计划作为融出方，并通过交易所交易系统进行业务上报的流程化操作，是一种已经被标准化的业务。其具体流程如下图所示：份额.场外场外质押不同于场内，其资金融出方可以是银行、信托、保险公司、基金子公司和其他实体企业等机构资金。场外交易的交易流程较为简单，交易双方可直接在中证登进行股票质押登记，进而完成股票质押交易（是否需要公证根据出资方需求而定）。考虑到实际操作中，银行资金因其固有的成本优势，大部分场外质押多半会有银行资金的参与，而银行资金又往往通过信托通道来完成整个质押交易，其具体流程如下

3、图所示：三、股票质押新规2018年1月12日，沪深交易所和中证登正式发布了股票质押式回购交易及登记结算业务办法（2018年修订）（以下简称新办法），并自2018年3月12日起正式实施。与原办法相比，新办法修订内容主要包括三个方面：一是进一步聚焦服务实体经济定位。明确融入方不得为金融机构或其发行的产品，融入资金应当用于实体经济生产经营并专户管理，融入方首笔初始交易金额不得低于500万元，后续每笔不得低于50万元，不再认可基金、债券作为初始质押标的。二是进一步强化风险管理。明确股票质押率上限不得超过60，单一证券公司、单一资管产品作为融出方接受单只A股股票质押比例分别不得超过30%、15%,单只A

4、股股票市场整体质押比例不超过50%。三是进一步规范业务运作。明确证券公司开展业务的资质条件，要求证券公司建立融入方信用风险持续管理及资金用途跟踪管理机制。根据中证登公布的数据，截止2018年1月12日，单只A股股票市场整体质押比例超过50%的上市公司如下表所示：单一股票质押比例证券代码证券简称质押笔数（笔）无限售股份质押数量（万）有限售股份质押数量（万）A股总股本（万）质押比例（%）603696安记食品116.242226.0012000.0050.22603698航天工程2315.950.0041230.0050.33603699纽威股份11026910.500.0075000.0050.3

5、5603701德宏股份2873.02278.0011952.0050.4603703盛洋科技4098.761238.0022970.0050.41603707健友股份1525.982357.5042350.0050.41603708家家悦2023.600.0046800.0050.49603711香飘飘40.800.0040001.0050.51603716塞力斯356.65505.857131.6050.63603717天域生态283.681904.6017271.1650.72603718海利生物1282.204000.0064400.0050.74603721中广天择62.03287.0

6、010000.0050.8603722阿科力10.00362.008670.0050.93603725天安新材60.28308.0014668.0050.95603726朗迪集团232.59510.009472.0051.01603727博迈科304.860.0023414.5051.04603728鸣志电器336.670.0032000.0051.12603729龙韵股份161.332028.276667.0051.26603730岱美股份468.58108.0040800.0051.44603737三棵树3781.121829.2010218.1251.52603738泰晶科技328.05

7、3956.0011335.6051.58603757大元泵业165.400.008380.0051.7603758秦安股份2718.16764.0043879.7051.92603766隆鑫通用91106515.190.00211307.7451.95603767中马传动184.370.0021332.0051.96603768常青股份288.59892.5020400.0052.11603776永安行715.00315.349600.0052.13603777来伊份6217.384210.3624371.9352.19603778乾景园林431514.1616104.5050000.0052

8、.38603779威龙股份401299.016649.4622964.6752.4603787新日股份2723.790.0020400.0052.41603788宁波高发1110.920.0016435.3052.5603789星光农机3663.131595.8026196.0452.58603797联泰环保152.430.0021334.0052.6603798康普顿2823.240.0020000.0052.61603799华友钻业288239.8723757.0059267.6652.62603887603887城地股份29472.95831.9310300.0060.166038006

9、03800道森股份327.672581.0020800.0052.65603801志邦股份416.011111.7716000.0052.82603803瑞斯康达337.302873.3542105.5653.22603806福斯特804543.080.0040200.0053.23603808歌力思4738.990.0033730.2053.5603809豪能股份60.63200.0010667.0053.7603811诚意药业721.39118.308520.0054.07603813原尚股份62.49500.008827.0054.27603816顾家家居465.444427.00428

10、14.1054.38603817海峡环保258.620.0045000.0054.5603818曲美家居25224.750.0048412.0054.6603819神力股份13397.253653.3012082.0054.63603822嘉澳环保201.81718.287335.0055.06603823百合花1814.250.0022500.0055.07603825华扬联众30.07782.0016000.0055.14603826坤彩科技265.412949.4236000.0055.25603828柯利达2324.674518.0033022.6955.63603829洛凯股份32.

11、320.0016000.0055.7603833欧派家居13220.95385.1042059.6555.92603838四通股份352211.0111399.8426668.0056.06603839安正时尚6914.206856.0028906.0656.31603843正平股份441765.7114019.6840000.3056.4603848好太太10.270.0040100.0056.41603855华荣股份1313.011500.0033107.0056.42603856东宏股份20.760.0019724.2056.66603858步长制药1701598.3212476.446

12、8180.0056.86603859能科股份385.213063.1111356.0057.24603860中公高科47.820.006668.0057.32603861白云电器8618.120.0040910.0057.33603866桃李面包47186.885239.0047062.6057.36603868飞科电器523.780.0043560.0057.45603869北部湾旅25985.966624.7634880.6357.71603877太平鸟2111.21430.0048093.2458.28603878武进不锈3721.942190.2420200.0058.44603879

13、永悦科技123.761641.0014400.0058.84603880南卫股份60.341984.1610000.0059.01603881数据港6713.11688.0021058.6559.05603882金域医学156.260.0045788.4659.65603883老百姓307.516994.1128494.5359.8603885吉祥航空372198.987728.00179701.3559.87603886元祖股份3613.080.0024000.0059.91603888新华网5013.930.0051902.9460.35603889新澳股份314882.121383.55

14、39365.1160.59603890春秋电子40.371000.0013700.0060.6603896寿仙谷91.54610.0013980.0060.66603898好莱客108278.77518.0031811.8360.68603899晨光文具319.210.0092000.0060.7603900莱绅通灵275.934342.1034047.3860.94603901永创智能2736.186300.0040000.0061.03603903中持股份171.311186.0310333.6061.07603906龙蟠科技162.850.0020800.0061.31603908牧高笛

15、284.83140.596669.0061.62603909合诚股份651.922104.0310000.0061.63603912佳力图22.940.0014800.0061.75603916苏博特101.67360.0030400.0061.75603918金桥信息563469.342700.0017732.5061.78603919金徽酒351577.7320321.0036400.0061.92603920世运电路4919.680.0040180.0062.1603922金鸿顺1514.540.0012800.0062.7603926铁流股份166.920.0012000.0062.7

16、6603928兴业股份26109.540.0020160.0062.92603929亚翔集成121123.06160.0021336.0063.09603933睿能科技1994.700.0010267.0063.1603936博敏电子182.995987.0016735.0063.11603937丽岛新材20.450.0020888.0063.21603938三孚股份30.35339.0015016.6663.31603939益丰药房792.27680.0036269.4763.5603955大千生态3619.501782.898700.0063.65603958哈森股份4319.760.00

17、21736.0063.7603959百利科技12846.2811137.0022400.0063.73603960克来机电123.750.0010400.0063.79603963大理药业20.350.0010000.0063.8603966法兰泰克116.741041.0016000.0064.09603968醋化股份2123.190.0020448.0064.44603969银龙股份11736.671250.0040000.0064.59603970中农立华30.16920.0013333.3464.77603976正川股份30.220.0010800.0065.35603977国泰集团4

18、32364.280.0022108.0065.87603978深圳新星40.35132.008000.0065.9603979金诚信11163.7814279.4558500.0067.31603980吉华集团335.088706.1250000.0067.34603985恒润股份335.631983.008000.0067.41603986兆易创新998.861444.5120267.9768.69603987康德莱288.073150.0031543.5070.91603988中电电机214269.640.0012000.0071.28603989艾华集团122.12130.0030000.0071.39603990麦迪科技30976.301445.008092.2672.51603991至正股份386.552500.007453.5072.55603993洛阳钼业15033301.620.001766577.2675.3603996中新科技191.8810085.6330015.0075.56603997继峰股份9559.6218775.0763000.0077.34603998方盛制药7212452.76198.1543093.6577.96603999读者传媒573