<p style="margin-right:0;margin-left:0;text-indent:28px;text-autospace:ideograph-numeric;text-align:justify;text-justify:inter-ideograph"><span style=";font-family:宋体;font-size:14px">历史上历次<span style="font-family:Calibri">IPO</span><span style="font-family:宋体">暂停和重启之后的走势汇总。</span></span></p><p style="margin-right:0;margin-left:0;text-indent:28px;text-autospace:ideograph-numeric;text-align:justify;text-justify:inter-ideograph"><span style=";font-family:宋体;font-size:14px">据统计在<span style="font-family:Calibri">A</span><span style="font-family:宋体">股历史上,共有</span><span style="font-family:Calibri">9</span><span style="font-family:宋体">次暂停</span><span style="font-family:Calibri">IPO</span><span style="font-family:宋体">后的</span><span style="font-family:Calibri">9</span><span style="font-family:宋体">次重启</span><span style="font-family:Calibri">(</span><span style="font-family:宋体">也有称</span><span style="font-family:Calibri">8</span><span style="font-family:宋体">次暂停、</span><span style="font-family:Calibri">7</span><span style="font-family:宋体">次重启,主要是</span><span style="font-family:Calibri">2001</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">7</span><span style="font-family:宋体">月重启后同年</span><span style="font-family:Calibri">11</span><span style="font-family:宋体">月又暂停,期间发行新股甚少,所以市场统计分析有一定误差</span><span style="font-family:Calibri">)</span><span style="font-family:宋体">,对市场造成一定程度的影响。</span></span><span style="font-family: 宋体; font-size: 14px; line-height: 1em; text-indent: 2em;">&nbsp;</span></p><p style="margin-right:0;margin-left:0;text-indent:28px;text-autospace:ideograph-numeric;text-align:justify;text-justify:inter-ideograph"><span style=";font-family:宋体;font-size:14px">  第一次:<span style="font-family:Calibri">1994</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">7</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">~1994</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">12</span><span style="font-family:宋体">月,空窗期:</span><span style="font-family:Calibri">5</span><span style="font-family:宋体">个月;</span></span></p><p style="margin-right:0;margin-left:0;text-indent:28px;text-autospace:ideograph-numeric;text-align:justify;text-justify:inter-ideograph"><span style=";font-family:宋体;font-size:14px">  第二次:<span style="font-family:Calibri">1995</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">1</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">~1995</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">6</span><span style="font-family:宋体">月,空窗期:</span><span style="font-family:Calibri">5</span><span style="font-family:宋体">个月;</span></span></p><p style="margin-right:0;margin-left:0;text-indent:28px;text-autospace:ideograph-numeric;text-align:justify;text-justify:inter-ideograph"><span style=";font-family:宋体;font-size:14px">  第三次:<span style="font-family:Calibri">1995</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">7</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">~1996</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">1</span><span style="font-family:宋体">月,空窗期:</span><span style="font-family:Calibri">6</span><span style="font-family:宋体">个月;</span></span></p><p style="margin-right:0;margin-left:0;text-indent:28px;text-autospace:ideograph-numeric;text-align:justify;text-justify:inter-ideograph"><span style=";font-family:宋体;font-size:14px">  第四次:<span style="font-family:Calibri">2001</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">7</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">~2001</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">11</span><span style="font-family:宋体">月,空窗期:</span><span style="font-family:Calibri">3</span><span style="font-family:宋体">个月;</span></span></p><p style="margin-right:0;margin-left:0;text-indent:28px;text-autospace:ideograph-numeric;text-align:justify;text-justify:inter-ideograph"><span style=";font-family:宋体;font-size:14px">  第五次:<span style="font-family:Calibri">2004</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">8</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">~2005</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">1</span><span style="font-family:宋体">月,空窗期:</span><span style="font-family:Calibri">5</span><span style="font-family:宋体">个月;</span></span></p><p style="margin-right:0;margin-left:0;text-indent:28px;text-autospace:ideograph-numeric;text-align:justify;text-justify:inter-ideograph"><span style=";font-family:宋体;font-size:14px">  第六次:<span style="font-family:Calibri">2005</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">5</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">~2006</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">6</span><span style="font-family:宋体">月,空窗期:</span><span style="font-family:Calibri">1</span><span style="font-family:宋体">年;</span></span></p><p style="margin-right:0;margin-left:0;text-indent:28px;text-autospace:ideograph-numeric;text-align:justify;text-justify:inter-ideograph"><span style=";font-family:宋体;font-size:14px">  第七次:<span style="font-family:Calibri">2008</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">12</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">~2009</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">6</span><span style="font-family:宋体">月,空窗期:</span><span style="font-family:Calibri">8</span><span style="font-family:宋体">个月;</span></span></p><p style="margin-right:0;margin-left:0;text-indent:28px;text-autospace:ideograph-numeric;text-align:justify;text-justify:inter-ideograph"><span style=";font-family:宋体;font-size:14px">  第八次:<span style="font-family:Calibri">2012</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">10</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">~2014</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">1</span><span style="font-family:宋体">月,空窗期:</span><span style="font-family:Calibri">15</span><span style="font-family:宋体">个月。</span></span></p><p style="margin-right:0;margin-left:0;text-indent:28px;text-autospace:ideograph-numeric;text-align:justify;text-justify:inter-ideograph"><span style=";font-family:宋体;font-size:14px">  第九次:<span style="font-family:Calibri">2015</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">7</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">-2015</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">11</span><span style="font-family:宋体">月,空窗期:</span><span style="font-family:Calibri">4</span><span style="font-family:宋体">个月</span></span></p><p><span style=";font-family:宋体;font-size:14px">&nbsp;</span></p><p><span style=";font-family:宋体;font-size:14px"><br></span></p><p><span style=";font-family:宋体;font-size:14px"> <span style="font-family:Calibri">IPO</span><span style="font-family:宋体">暂停、重启对上证综指的影响</span></span></p><p><span style=";font-family:宋体;font-size:14px"> 新股发行一级市场和交易二级市场本身就是一种相互依存的关系,<span style="font-family:Calibri">A</span><span style="font-family:宋体">股市场中新股的发行影响市场资金供需,继而对二级市场大盘有一定影响。从历史统计结果来看,但就新股发行单一因素对二级市场的影响幅度相对有限,并没有改变大盘的总体走势,但往往成为市场上涨或下跌的加速剂。</span></span></p><p><span style=";font-family:宋体;font-size:14px">(1)<span style="font-family:宋体">第一次暂停:大幅上涨</span></span></p><p><span style=";font-family:宋体;font-size:14px">  暂停<span style="font-family:Calibri">IPO</span><span style="font-family:宋体">时间:</span><span style="font-family:Calibri">1994</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">7</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">21</span><span style="font-family:宋体">日</span><span style="font-family:Calibri">~1994</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">12</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">7</span><span style="font-family:宋体">日。</span><span style="font-family:Calibri">1994</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">7</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">20</span><span style="font-family:宋体">日</span></span><a href="http://quote.eastmoney.com/SZ000573.html"><span style=";font-family:宋体;font-size:14px">粤宏远<span style="font-family:Calibri">A</span></span></a><span style=";font-family:宋体;font-size:14px">发行后,一直到当年<span style="font-family:Calibri">12</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">8</span><span style="font-family:宋体">日,</span><span style="font-family:Calibri">&nbsp;</span></span><a href="http://quote.eastmoney.com/SH600872.html"><span style=";font-family:宋体;font-size:14px">中炬高新</span></a><span style=";font-family:宋体;font-size:14px">发行,新股暂停发行约<span style="font-family:Calibri">5</span><span style="font-family:宋体">个月。</span></span></p><p><span style=";font-family:宋体;font-size:14px">  此次暂停共<span style="font-family:Calibri">98</span><span style="font-family:宋体">个交易日,期间大盘经过一轮俯冲,从</span><span style="font-family:Calibri">380</span><span style="font-family:宋体">点附近快速探底</span><span style="font-family:Calibri">325.89</span><span style="font-family:宋体">点左右。大约在一周,随后就展开一轮大幅度上涨,至当年</span><span style="font-family:Calibri">9</span><span style="font-family:宋体">月上旬,已经飙升至</span><span style="font-family:Calibri">1052.94</span><span style="font-family:宋体">点</span><span style="font-family:Calibri">(1994</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">9</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">13</span><span style="font-family:宋体">日</span><span style="font-family:Calibri">)</span><span style="font-family:宋体">。此后至</span><span style="font-family:Calibri">12</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">7</span><span style="font-family:宋体">日,又回到了</span><span style="font-family:Calibri">650</span><span style="font-family:宋体">点附近。</span></span></p><p><span style=";font-family:宋体;font-size:14px">  暂停期间,上证综指涨幅高达<span style="font-family:Calibri">65.75%</span><span style="font-family:宋体">,最高涨幅达到</span><span style="font-family:Calibri">223.10%</span><span style="font-family:宋体">。</span></span></p><p><span style=";font-family:宋体;font-size:14px">(2)<span style="font-family:宋体">第一次重启:延续下跌</span></span></p><p><span style=";font-family:宋体;font-size:14px">  <span style="font-family:Calibri">1994</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">12</span><span style="font-family:宋体">月新股发行重新启动后,大盘继续探底,并在次年的</span><span style="font-family:Calibri">1</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">19</span><span style="font-family:宋体">日达到前期下探至</span><span style="font-family:Calibri">571.36</span><span style="font-family:宋体">。期间最大跌幅达到</span><span style="font-family:Calibri">17.82%</span></span></p><p><span style=";font-family:宋体;font-size:14px">(3)<span style="font-family:宋体">第二次暂停:</span><span style="font-family:Calibri">N</span><span style="font-family:宋体">字上涨</span></span></p><p><span style=";font-family:宋体;font-size:14px">  暂停<span style="font-family:Calibri">IPO</span><span style="font-family:宋体">时间:</span><span style="font-family:Calibri">1995</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">1</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">19</span><span style="font-family:宋体">日</span><span style="font-family:Calibri">~1995</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">6</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">9</span><span style="font-family:宋体">日。</span><span style="font-family:Calibri">1995</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">1</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">18</span><span style="font-family:宋体">日,仪征化纤招股后,到当年</span><span style="font-family:Calibri">6</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">12</span><span style="font-family:宋体">日,</span><span style="font-family:Calibri">&nbsp;</span></span><a href="http://quote.eastmoney.com/SH600874.html"><span style=";font-family:宋体;font-size:14px">创业环保</span></a><span style=";font-family:宋体;font-size:14px">招股,期间新股暂停发行时间约<span style="font-family:Calibri">5</span><span style="font-family:宋体">个月。</span></span></p><p><span style=";font-family:宋体;font-size:14px">  期间大盘曾走出一波大幅度上涨行情,从<span style="font-family:Calibri">524.42</span><span style="font-family:宋体">点</span><span style="font-family:Calibri">(1995</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">2</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">7</span><span style="font-family:宋体">日</span><span style="font-family:Calibri">)</span><span style="font-family:宋体">起上涨,到当年</span><span style="font-family:Calibri">5</span><span style="font-family:宋体">月涨到最高的</span><span style="font-family:Calibri">926.41</span><span style="font-family:宋体">点</span><span style="font-family:Calibri">(1995</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">5</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">22</span><span style="font-family:宋体">日</span><span style="font-family:Calibri">)</span><span style="font-family:宋体">,随后展开回调。</span></span></p><p><span style=";font-family:宋体;font-size:14px">  此次暂停共<span style="font-family:Calibri">96</span><span style="font-family:宋体">个交易日。暂停期间,上证综指上涨幅度达到</span><span style="font-family:Calibri">18.36%</span><span style="font-family:宋体">,最高涨幅达到</span><span style="font-family:Calibri">76.65%</span><span style="font-family:宋体">。</span></span></p><p><span style=";font-family:宋体;font-size:14px">(4)<span style="font-family:宋体">第二次重启:小幅下跌</span></span></p><p><span style=";font-family:宋体;font-size:14px">  <span style="font-family:Calibri">1995</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">6</span><span style="font-family:宋体">月重启新股发行后,</span><span style="font-family:Calibri">6</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">12</span><span style="font-family:宋体">日大盘已经跌破</span><span style="font-family:Calibri">700</span><span style="font-family:宋体">点,至</span><span style="font-family:Calibri">7</span><span style="font-family:宋体">月初,大盘已经跌至</span><span style="font-family:Calibri">610.33</span><span style="font-family:宋体">点</span><span style="font-family:Calibri">(1995</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">7</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">4</span><span style="font-family:宋体">日</span><span style="font-family:Calibri">)</span><span style="font-family:宋体">,期间最大跌幅为</span><span style="font-family:Calibri">13.92%</span><span style="font-family:宋体">。</span></span></p><p><span style=";font-family:宋体;font-size:14px">(5)<span style="font-family:宋体">第三次暂停:</span><span style="font-family:Calibri">n</span><span style="font-family:宋体">型下跌</span></span></p><p><span style=";font-family:宋体;font-size:14px">  暂停<span style="font-family:Calibri">IPO</span><span style="font-family:宋体">时间:</span><span style="font-family:Calibri">1995</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">7</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">5</span><span style="font-family:宋体">日</span><span style="font-family:Calibri">~1996</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">1</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">3</span><span style="font-family:宋体">日。</span><span style="font-family:Calibri">1995</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">7</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">4</span><span style="font-family:宋体">日</span></span><a href="http://quote.eastmoney.com/SH600875.html"><span style=";font-family:宋体;font-size:14px">东方电气</span></a><span style=";font-family:宋体;font-size:14px">公开发行后的随后一段时间内,只有</span><a href="http://quote.eastmoney.com/SH600876.html"><span style=";font-family:宋体;font-size:14px">洛阳玻璃</span></a><span style=";font-family:宋体;font-size:14px">、<span style="font-family:Calibri">&nbsp;</span></span><a href="http://quote.eastmoney.com/SZ000585.html"><span style=";font-family:宋体;font-size:14px">东北电气</span></a><span style=";font-family:宋体;font-size:14px">两家新股发行,到<span style="font-family:Calibri">1996</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">1</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">4</span><span style="font-family:宋体">日,黔轮胎招股。</span></span></p><p><span style=";font-family:宋体;font-size:14px">  此次暂停共<span style="font-family:Calibri">128</span><span style="font-family:宋体">个交易日,尽管</span><span style="font-family:Calibri">1995</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">9</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">12</span><span style="font-family:宋体">日达到阶段高点</span><span style="font-family:Calibri">792.54</span><span style="font-family:宋体">,之后回落至</span><span style="font-family:Calibri">530.79(1996</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">1</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">3</span><span style="font-family:宋体">日</span><span style="font-family:Calibri">)</span><span style="font-family:宋体">。期间上证指数跌幅为</span><span style="font-family:Calibri">12.60%</span><span style="font-family:宋体">,最高涨幅为</span><span style="font-family:Calibri">22.03%</span><span style="font-family:宋体">。</span></span></p><p><span style=";font-family:宋体;font-size:14px">(6)<span style="font-family:宋体">第三次重启:大幅上涨</span></span></p><p><span style=";font-family:宋体;font-size:14px">  <span style="font-family:Calibri">1996</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">1</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">3</span><span style="font-family:宋体">日重启后,</span><span style="font-family:Calibri">1</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">19</span><span style="font-family:宋体">日探底</span><span style="font-family:Calibri">512.83</span><span style="font-family:宋体">点后,一路上行,展开一轮大牛市,在当年年底飙升至</span><span style="font-family:Calibri">1258.69</span><span style="font-family:宋体">点,并于</span><span style="font-family:Calibri">2001</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">6</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">14</span><span style="font-family:宋体">日达到</span><span style="font-family:Calibri">2245.44</span><span style="font-family:宋体">高点,期间最大涨幅达到</span><span style="font-family:Calibri">257.02%</span><span style="font-family:宋体">。</span></span></p><p><span style=";font-family:宋体;font-size:14px">(7)<span style="font-family:宋体">第四次暂停:单边下跌</span></span></p><p><span style=";font-family:宋体;font-size:14px">  暂停<span style="font-family:Calibri">IPO</span><span style="font-family:宋体">时间:</span><span style="font-family:Calibri">2001</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">7</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">31</span><span style="font-family:宋体">日</span><span style="font-family:Calibri">~2001</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">11</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">2</span><span style="font-family:宋体">日。</span></span></p><p><span style=";font-family:宋体;font-size:14px">  由于此轮暂停前后新股波动较小。暂停期间,市场单边下跌<span style="font-family:Calibri">13.57%</span><span style="font-family:宋体">,并于</span><span style="font-family:Calibri">2001</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">10</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">22</span><span style="font-family:宋体">日达到</span><span style="font-family:Calibri">1514.86</span><span style="font-family:宋体">低点,下跌幅度达到</span><span style="font-family:Calibri">31.41%</span><span style="font-family:宋体">。</span></span></p><p><span style=";font-family:宋体;font-size:14px">(8)<span style="font-family:宋体">第四次重启:震荡下跌</span></span></p><p><span style=";font-family:宋体;font-size:14px">  <span style="font-family:Calibri">2001</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">11</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">2</span><span style="font-family:宋体">日后,市场经历三年的震荡期,并于</span><span style="font-family:Calibri">2003</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">11</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">13</span><span style="font-family:宋体">日达到</span><span style="font-family:Calibri">1307.40</span><span style="font-family:宋体">低点。本轮</span><span style="font-family:Calibri">IPO</span><span style="font-family:宋体">启动期间内,市场震荡下行,跌幅达到</span><span style="font-family:Calibri">21.86%</span><span style="font-family:宋体">。</span></span></p><p><span style=";font-family:宋体;font-size:14px">(9)<span style="font-family:宋体">第五次暂停:延续小幅下跌</span></span></p><p><span style=";font-family:宋体;font-size:14px">  暂停<span style="font-family:Calibri">IPO</span><span style="font-family:宋体">时间:</span><span style="font-family:Calibri">2004</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">8</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">26</span><span style="font-family:宋体">日</span><span style="font-family:Calibri">~2005</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">1</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">23</span><span style="font-family:宋体">日共</span><span style="font-family:Calibri">101</span><span style="font-family:宋体">个交易日。自</span></span><a href="http://quote.eastmoney.com/SZ002038.html"><span style=";font-family:宋体;font-size:14px">双鹭药业</span></a><span style=";font-family:宋体;font-size:14px">发行之后,新股发行再度暂停,到<span style="font-family:Calibri">2005</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">1</span><span style="font-family:宋体">月,</span><span style="font-family:Calibri">&nbsp;</span></span><a href="http://quote.eastmoney.com/SH600027.html"><span style=";font-family:宋体;font-size:14px">华电国际</span></a><span style=";font-family:宋体;font-size:14px">的发行宣告<span style="font-family:Calibri">IPO</span><span style="font-family:宋体">重新启动。</span></span></p><p><span style=";font-family:宋体;font-size:14px">  暂停期间,虽然也出现了多次的反弹,但是下降趋势十分明显,市场再度创出新低,于<span style="font-family:Calibri">2005</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">1</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">21</span><span style="font-family:宋体">日达到低点</span><span style="font-family:Calibri">1189.21</span><span style="font-family:宋体">。期间最大跌幅达到</span><span style="font-family:Calibri">25.82%</span><span style="font-family:宋体">。</span></span></p><p><span style=";font-family:宋体;font-size:14px">(10)<span style="font-family:宋体">第五次重启:延续单边下跌</span></span></p><p><span style=";font-family:宋体;font-size:14px">  <span style="font-family:Calibri">2005</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">1</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">23</span><span style="font-family:宋体">日后,新股恢复发行。期间大盘延续单边下跌趋势,跌幅达到</span><span style="font-family:Calibri">13.15%</span><span style="font-family:宋体">,并于</span><span style="font-family:Calibri">2005</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">5</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">24</span><span style="font-family:宋体">日达到</span><span style="font-family:Calibri">1057.54</span><span style="font-family:宋体">低点。</span></span></p><p><span style=";font-family:宋体;font-size:14px">(11)<span style="font-family:宋体">第六次暂停:大幅上涨</span></span></p><p><span style=";font-family:宋体;font-size:14px">  暂停<span style="font-family:Calibri">IPO</span><span style="font-family:宋体">时间:</span><span style="font-family:Calibri">2005</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">5</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">25</span><span style="font-family:宋体">日</span><span style="font-family:Calibri">~2006</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">6</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">2</span><span style="font-family:宋体">日,共</span><span style="font-family:Calibri">264</span><span style="font-family:宋体">个交易日。这是</span><span style="font-family:Calibri">A</span><span style="font-family:宋体">股历史上,新股发行暂停时间最长的一次,因为股改影响范围很广,新股发行暂停了一年。</span></span></p><p><span style=";font-family:宋体;font-size:14px">  本轮暂停期间,上证综指一路上涨,于<span style="font-family:Calibri">2006</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">6</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">2</span><span style="font-family:宋体">日达到阶段高点</span><span style="font-family:Calibri">1695.58</span><span style="font-family:宋体">,上涨幅度达到</span><span style="font-family:Calibri">55.46%</span><span style="font-family:宋体">,最高幅度达到</span><span style="font-family:Calibri">69.86%</span><span style="font-family:宋体">。</span></span></p><p><span style=";font-family:宋体;font-size:14px"><span style="font-family:Calibri">(12)</span><span style="font-family:宋体">第六次重启:大涨大跌</span></span></p><p><span style=";font-family:宋体;font-size:14px">  <span style="font-family:Calibri">2006</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">6</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">5</span><span style="font-family:宋体">日,新老划断第一股</span></span><a href="http://quote.eastmoney.com/SZ002051.html"><span style=";font-family:宋体;font-size:14px">中工国际</span></a><span style=";font-family:宋体;font-size:14px">招股,虽然导致了短期市场的回落,大盘从<span style="font-family:Calibri">1700</span><span style="font-family:宋体">点附近最低回落到</span><span style="font-family:Calibri">1512.52</span><span style="font-family:宋体">点,但随后很快就创出新高,此后更是一路上涨到</span><span style="font-family:Calibri">6124.04</span><span style="font-family:宋体">点</span><span style="font-family:Calibri">(2007</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">10</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">16</span><span style="font-family:宋体">日</span><span style="font-family:Calibri">)</span><span style="font-family:宋体">。随后,全球</span></span><a href="http://topic.eastmoney.com/619/"><span style=";font-family:宋体;font-size:14px">股市暴跌</span></a><span style=";font-family:宋体;font-size:14px">,至<span style="font-family:Calibri">2008</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">12</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">6</span><span style="font-family:宋体">日新一次暂停时,上证综指已经跌至</span><span style="font-family:Calibri">1800</span><span style="font-family:宋体">点附近。</span></span></p><p><span style=";font-family:宋体;font-size:14px"><span style="font-family:Calibri">(13)</span><span style="font-family:宋体">第七次暂停:大幅上涨</span></span></p><p><span style=";font-family:宋体;font-size:14px">  暂停<span style="font-family:Calibri">IPO</span><span style="font-family:宋体">时间:</span><span style="font-family:Calibri">2008</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">9</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">16</span><span style="font-family:宋体">日</span><span style="font-family:Calibri">~2009</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">6</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">29</span><span style="font-family:宋体">日。第七次暂停</span><span style="font-family:Calibri">IPO</span><span style="font-family:宋体">发生在金融危机全面爆发之际,为期</span><span style="font-family:Calibri">9</span><span style="font-family:宋体">个月,共</span><span style="font-family:Calibri">189</span><span style="font-family:宋体">个交易日</span></span></p><p><span style=";font-family:宋体;font-size:14px">  <span style="font-family:Calibri">2008</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">9</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">25</span><span style="font-family:宋体">日</span></span><a href="http://quote.eastmoney.com/SZ002274.html"><span style=";font-family:宋体;font-size:14px">华昌化工</span></a><span style=";font-family:宋体;font-size:14px">4080<span style="font-family:宋体">万股</span><span style="font-family:Calibri">A</span><span style="font-family:宋体">股登陆深市</span></span><a href="http://quote.eastmoney.com/SZ159902.html"><span style=";font-family:宋体;font-size:14px">中小板</span></a><span style=";font-family:宋体;font-size:14px">,当天大盘见顶<span style="font-family:Calibri">2333.28</span><span style="font-family:宋体">点后涨</span><span style="font-family:Calibri">3.64%</span><span style="font-family:宋体">收报</span><span style="font-family:Calibri">2297.50</span><span style="font-family:宋体">点,</span><span style="font-family:Calibri">2009</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">6</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">29</span><span style="font-family:宋体">日达到</span><span style="font-family:Calibri">2976.92</span><span style="font-family:宋体">,最高涨幅达到</span><span style="font-family:Calibri">64.04%</span><span style="font-family:宋体">。</span></span></p><p><span style=";font-family:宋体;font-size:14px"><span style="font-family:Calibri">(14)</span><span style="font-family:宋体">第七次重启:大幅下跌</span></span></p><p><span style=";font-family:宋体;font-size:14px">  尽管本轮重启周,大盘延续上涨趋势,到<span style="font-family:Calibri">2009</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">8</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">4</span><span style="font-family:宋体">日达到</span><span style="font-family:Calibri">3478.01</span><span style="font-family:宋体">高点,但此后持续三年的震荡下跌,到</span><span style="font-family:Calibri">2012</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">12</span><span style="font-family:宋体">月达到</span><span style="font-family:Calibri">1949.46</span><span style="font-family:宋体">的低点。重启期间,市场下跌幅度超过</span><span style="font-family:Calibri">30%</span><span style="font-family:宋体">。</span></span></p><p><span style=";font-family:宋体;font-size:14px"><span style="font-family:Calibri">(15)</span><span style="font-family:宋体">第八次暂停:探底反弹</span></span></p><p><span style=";font-family:宋体;font-size:14px">  自<span style="font-family:Calibri">2012</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">10</span><span style="font-family:宋体">月新股停发,市场探底至</span><span style="font-family:Calibri">1949.46(2012</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">12</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">4</span><span style="font-family:宋体">日</span><span style="font-family:Calibri">)</span><span style="font-family:宋体">,随后反弹至</span><span style="font-family:Calibri">2444.80(2013</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">2</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">18</span><span style="font-family:宋体">日</span><span style="font-family:Calibri">)</span><span style="font-family:宋体">,期间最高涨幅达到</span><span style="font-family:Calibri">25.41%</span><span style="font-family:宋体">。</span></span></p><p><span style=";font-family:宋体;font-size:14px"><span style="font-family:Calibri">(16)</span><span style="font-family:宋体">第八次重启:探底反转</span></span></p><p><span style=";font-family:宋体;font-size:14px"><span style="font-family:Calibri">&nbsp; &nbsp; &nbsp; &nbsp;2014</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">1</span><span style="font-family:宋体">月</span><span style="font-family:Calibri">IPO</span><span style="font-family:宋体">重启以来,沪指震荡走低后,一度创出</span><span style="font-family:Calibri">1974</span><span style="font-family:宋体">的调整新低,随后大幅上涨,一路走高,开启一波罕见的牛市行情。沪指最高到</span><span style="font-family:Calibri">5178</span><span style="font-family:宋体">点。</span></span></p><p><span style=";font-family:宋体;font-size:14px">总体来看,新股重启对于上证指数的影响偏于负面,但影响有限;<span style="font-family:Calibri">IPO</span><span style="font-family:宋体">暂停则偏于正面。历史上</span><span style="font-family:Calibri">8</span><span style="font-family:宋体">次暂停中,市场大多迎来较大幅度上涨,仅有</span><span style="font-family:Calibri">1995</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">7</span><span style="font-family:宋体">月、</span><span style="font-family:Calibri">2001</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">7</span><span style="font-family:宋体">月和</span><span style="font-family:Calibri">2004</span><span style="font-family:宋体">年</span><span style="font-family:Calibri">8</span><span style="font-family:宋体">月略有下跌,下跌幅度为</span><span style="font-family:Calibri">15%</span><span style="font-family:宋体">以内,而其余几次暂停期间最大上涨幅度大多超过</span><span style="font-family:Calibri">50%</span><span style="font-family:宋体">。在</span><span style="font-family:Calibri">8</span><span style="font-family:宋体">次</span><span style="font-family:Calibri">IPO</span><span style="font-family:宋体">重启后,仅有</span><span style="font-family:Calibri">1996-2001</span><span style="font-family:宋体">、</span><span style="font-family:Calibri">2006-2008</span><span style="font-family:宋体">年,</span><span style="font-family:Calibri">2014</span><span style="font-family:宋体">年出现牛市的大幅上涨,其余阶段均为下跌,幅度为</span><span style="font-family:Calibri">10-20%</span><span style="font-family:宋体">左右。</span><span style="font-family:Calibri">IPO</span><span style="font-family:宋体">重启或暂停前后,市场大多延续变更之前的趋势,但</span><span style="font-family:Calibri">IPO</span><span style="font-family:宋体">不是市场的拐点标志,但却是历次市场上涨或下跌的加速器。</span></span></p><p>转自东方财富网</p>