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　　進(jin)入到(dao)3月，新三(san)板市場的(de)熱度持續上(shang)(shang)升，交投(tou)十分(fen)(fen)(fen)火爆。在日成(cheng)(cheng)交迭(die)創新高(gao)的(de)過程中(zhong)，上(shang)(shang)周(zhou)五新三(san)板總(zong)成(cheng)(cheng)交額及(ji)做市股成(cheng)(cheng)交額分(fen)(fen)(fen)別(bie)站(zhan)上(shang)(shang)了35億元(yuan)關口和25億元(yuan)關口，分(fen)(fen)(fen)別(bie)達37.53億元(yuan)和26.09億元(yuan)。由此(ci)，全(quan)周(zhou)新三(san)板市場的(de)成(cheng)(cheng)交額首次(ci)超過百億元(yuan)，達124.04億元(yuan)，較上(shang)(shang)周(zhou)大增90.16%。市場人士指出，做市公司(si)盈利增速(su)遠(yuan)高(gao)于新三(san)板總(zong)體，在做市股的(de)帶(dai)動下，新三(san)板交投(tou)火熱。但隨著(zhu)估值(zhi)修復與競(jing)價交易(yi)制度落地的(de)臨近，新三(san)板公司(si)分(fen)(fen)(fen)層已經初現端(duan)倪，兩極分(fen)(fen)(fen)化現象(xiang)將不(bu)可(ke)避免。

　　成交額迭創(chuang)新高 做市股成主角

　　進入3月(yue)(yue)以來，新三(san)(san)板市(shi)(shi)(shi)場(chang)(chang)(chang)的(de)活躍度不斷上(shang)升，市(shi)(shi)(shi)場(chang)(chang)(chang)總(zong)成(cheng)(cheng)交額(e)接連(lian)突破了10億(yi)(yi)元(yuan)(yuan)(yuan)、15億(yi)(yi)元(yuan)(yuan)(yuan)、20億(yi)(yi)元(yuan)(yuan)(yuan)、25億(yi)(yi)元(yuan)(yuan)(yuan)和35億(yi)(yi)元(yuan)(yuan)(yuan)關口，而這(zhe)一快速增(zeng)長(chang)勢頭在(zai)上(shang)周得到了尤為(wei)突出的(de)表現。據東方財富(300059,股(gu)(gu)吧(ba))Choice數據，3月(yue)(yue)30日至4月(yue)(yue)3日，新三(san)(san)板市(shi)(shi)(shi)場(chang)(chang)(chang)總(zong)成(cheng)(cheng)交額(e)從周一的(de)19.54億(yi)(yi)元(yuan)(yuan)(yuan)攀升至37.53億(yi)(yi)元(yuan)(yuan)(yuan)。其(qi)中，4月(yue)(yue)3日新三(san)(san)板市(shi)(shi)(shi)場(chang)(chang)(chang)共有467只股(gu)(gu)票發生交易，其(qi)中做市(shi)(shi)(shi)轉(zhuan)讓(rang)(rang)股(gu)(gu)占224席(xi)；整體(ti)市(shi)(shi)(shi)場(chang)(chang)(chang)合(he)(he)計成(cheng)(cheng)交額(e)為(wei)37.53億(yi)(yi)元(yuan)(yuan)(yuan)，做市(shi)(shi)(shi)轉(zhuan)讓(rang)(rang)成(cheng)(cheng)交26.09億(yi)(yi)元(yuan)(yuan)(yuan)，協(xie)議轉(zhuan)讓(rang)(rang)成(cheng)(cheng)交11.45億(yi)(yi)元(yuan)(yuan)(yuan)；整體(ti)市(shi)(shi)(shi)場(chang)(chang)(chang)合(he)(he)計成(cheng)(cheng)交數量為(wei)2.63億(yi)(yi)股(gu)(gu)，做市(shi)(shi)(shi)轉(zhuan)讓(rang)(rang)占51.41%，達1.25億(yi)(yi)股(gu)(gu)，上(shang)述數字紛紛創下了歷史的(de)新高(gao)。

　　由此，上(shang)周(zhou)新(xin)(xin)三(san)板(ban)周(zhou)成(cheng)(cheng)交(jiao)量和(he)成(cheng)(cheng)交(jiao)額(e)(e)分別達到(dao)了(le)(le)10.55億(yi)股(gu)(gu)(gu)和(he)124.04億(yi)元，周(zhou)增幅分別達48.48%和(he)90.16%；日(ri)(ri)均(jun)成(cheng)(cheng)交(jiao)股(gu)(gu)(gu)票數(shu)量為450只，為歷史新(xin)(xin)高，其中做(zuo)(zuo)市轉(zhuan)讓股(gu)(gu)(gu)日(ri)(ri)均(jun)成(cheng)(cheng)交(jiao)217只，協議轉(zhuan)讓日(ri)(ri)均(jun)成(cheng)(cheng)交(jiao)232只。雖然做(zuo)(zuo)市股(gu)(gu)(gu)數(shu)量相比協議轉(zhuan)讓股(gu)(gu)(gu)明顯偏少，但從成(cheng)(cheng)交(jiao)額(e)(e)角度看，做(zuo)(zuo)市股(gu)(gu)(gu)為新(xin)(xin)三(san)板(ban)市場(chang)絕對的(de)(de)主角，上(shang)周(zhou)新(xin)(xin)三(san)板(ban)做(zuo)(zuo)市轉(zhuan)讓合(he)計成(cheng)(cheng)交(jiao)額(e)(e)達83.96億(yi)元，較上(shang)周(zhou)大增122.57%，且占到(dao)了(le)(le)上(shang)周(zhou)新(xin)(xin)三(san)板(ban)市場(chang)總成(cheng)(cheng)交(jiao)額(e)(e)的(de)(de)67.69%。

　　指(zhi)數方面，截至4月3日，三(san)板成指(zhi)收(shou)于(yu)(yu)2075.18點，上(shang)周(zhou)上(shang)漲(zhang)(zhang)(zhang)了445.28點，漲(zhang)(zhang)(zhang)幅(fu)達27.32%，周(zhou)合計成交額為99.05億元；三(san)板做市收(shou)于(yu)(yu)2503.63點，上(shang)周(zhou)上(shang)漲(zhang)(zhang)(zhang)607.75點，漲(zhang)(zhang)(zhang)幅(fu)達32.06%。指(zhi)數的大幅(fu)上(shang)漲(zhang)(zhang)(zhang)進一步體現出了新(xin)三(san)板市場(chang)的活躍程(cheng)度。

　　個股(gu)(gu)(gu)(gu)方面(mian)，據東方財富Choice數據，上(shang)(shang)周(zhou)新三板合計成(cheng)(cheng)(cheng)交(jiao)額在1億(yi)(yi)(yi)元(yuan)以上(shang)(shang)的(de)股(gu)(gu)(gu)(gu)票有(you)(you)24只(zhi)。做市轉讓股(gu)(gu)(gu)(gu)有(you)(you)19只(zhi)，中海陽、融信(xin)(xin)租賃和(he)(he)天階生物的(de)成(cheng)(cheng)(cheng)交(jiao)額位居前三甲，上(shang)(shang)周(zhou)成(cheng)(cheng)(cheng)交(jiao)4.63億(yi)(yi)(yi)元(yuan)、4.07億(yi)(yi)(yi)元(yuan)和(he)(he)3.01億(yi)(yi)(yi)元(yuan)；而(er)協議(yi)轉讓股(gu)(gu)(gu)(gu)有(you)(you)5只(zhi)，分別為(wei)九鼎投資5.69億(yi)(yi)(yi)元(yuan)、聯訊證券(quan)3.76億(yi)(yi)(yi)元(yuan)、圣泉集團(tuan)1.87億(yi)(yi)(yi)元(yuan)、墾豐種業1.68億(yi)(yi)(yi)元(yuan)和(he)(he)成(cheng)(cheng)(cheng)大生物1.03億(yi)(yi)(yi)元(yuan)。漲(zhang)跌(die)(die)(die)幅(fu)方面(mian)，做市轉讓股(gu)(gu)(gu)(gu)上(shang)(shang)周(zhou)漲(zhang)幅(fu)超(chao)(chao)過(guo)100%的(de)有(you)(you)13只(zhi)，僅(jin)海芯(xin)華夏的(de)漲(zhang)幅(fu)超(chao)(chao)過(guo)10倍(bei)，下跌(die)(die)(die)僅(jin)有(you)(you)友(you)食品和(he)(he)皇品文化，跌(die)(die)(die)幅(fu)僅(jin)為(wei)18.78%和(he)(he)1.49%；而(er)協議(yi)轉讓股(gu)(gu)(gu)(gu)方面(mian)，漲(zhang)幅(fu)超(chao)(chao)過(guo)100%有(you)(you)34只(zhi)，奧維(wei)云網、翼(yi)捷股(gu)(gu)(gu)(gu)份、金剛(gang)游戲和(he)(he)凱(kai)英信(xin)(xin)業的(de)周(zhou)漲(zhang)幅(fu)超(chao)(chao)10倍(bei)，下跌(die)(die)(die)則(ze)有(you)(you)31只(zhi)，富機達能、昌信(xin)(xin)農貸、新網程和(he)(he)聯宇技術的(de)周(zhou)跌(die)(die)(die)幅(fu)超(chao)(chao)過(guo)了80%。

　　成長空(kong)間仍在 市場或陷(xian)分化

　　與成交額(e)一(yi)同快速增(zeng)(zeng)(zeng)長的還有新(xin)三板市(shi)場的總(zong)體規模。據(ju)(ju)東方財富Choice數(shu)據(ju)(ju)，截(jie)至(zhi)4月3日(ri)，新(xin)三板掛(gua)牌公司數(shu)量(liang)為(wei)2177家(jia)，較上(shang)周(zhou)增(zeng)(zeng)(zeng)加37家(jia)。其中做市(shi)轉(zhuan)讓(rang)230家(jia)，較上(shang)周(zhou)增(zeng)(zeng)(zeng)加13家(jia)，協議轉(zhuan)讓(rang)增(zeng)(zeng)(zeng)24家(jia)至(zhi)1947家(jia)。由此，上(shang)周(zhou)新(xin)三板總(zong)股(gu)(gu)(gu)本(ben)由前(qian)一(yi)周(zhou)的915.83億(yi)股(gu)(gu)(gu)增(zeng)(zeng)(zeng)至(zhi)929.44億(yi)股(gu)(gu)(gu)，其中做市(shi)轉(zhuan)讓(rang)為(wei)124.28億(yi)股(gu)(gu)(gu)，協議轉(zhuan)讓(rang)為(wei)805.16億(yi)股(gu)(gu)(gu)；新(xin)三板總(zong)流(liu)通股(gu)(gu)(gu)本(ben)增(zeng)(zeng)(zeng)至(zhi)332.36億(yi)股(gu)(gu)(gu)，其中做市(shi)轉(zhuan)讓(rang)54.91億(yi)股(gu)(gu)(gu)，協議轉(zhuan)讓(rang)277.45億(yi)股(gu)(gu)(gu)。

　　在整(zheng)體(ti)(ti)市(shi)場規模快(kuai)速(su)擴(kuo)張的背后(hou)(hou)，新(xin)(xin)(xin)三(san)板(ban)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)的整(zheng)體(ti)(ti)估值(zhi)水平(ping)偏低，且盈(ying)利(li)(li)能(neng)(neng)力(li)及(ji)(ji)成(cheng)長能(neng)(neng)力(li)均優于(yu)(yu)(yu)A股(gu)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)，這保證了新(xin)(xin)(xin)三(san)板(ban)市(shi)場成(cheng)長空間。廣發證券(quan)(000776,股(gu)吧)表示，首先，據2013年(nian)(nian)盈(ying)利(li)(li)情況測算，新(xin)(xin)(xin)三(san)板(ban)掛牌(pai)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)、做(zuo)(zuo)市(shi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)、協議公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)平(ping)均PE分(fen)(fen)別(bie)為(wei)38.41、48.65和(he)34.97倍(bei)，平(ping)均PB則(ze)分(fen)(fen)別(bie)為(wei)6.08、9.48和(he)5.07倍(bei)，根據2014年(nian)(nian)上半(ban)年(nian)(nian)同(tong)比增速(su)測算，預測PE分(fen)(fen)別(bie)為(wei)31.90、41.45及(ji)(ji)27.52倍(bei)，可見新(xin)(xin)(xin)三(san)板(ban)掛牌(pai)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)估值(zhi)水平(ping)普遍偏低，做(zuo)(zuo)市(shi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)估值(zhi)水平(ping)高(gao)(gao)(gao)于(yu)(yu)(yu)新(xin)(xin)(xin)三(san)板(ban)總(zong)(zong)體(ti)(ti)；其次，盈(ying)利(li)(li)能(neng)(neng)力(li)方(fang)(fang)面，2014年(nian)(nian)上半(ban)年(nian)(nian)做(zuo)(zuo)市(shi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)、新(xin)(xin)(xin)三(san)板(ban)總(zong)(zong)體(ti)(ti)、協議公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)以(yi)及(ji)(ji)A股(gu)的毛利(li)(li)率(lv)分(fen)(fen)別(bie)為(wei)24.32%、26.30%、27.04%、18.17%，凈(jing)(jing)(jing)利(li)(li)率(lv)分(fen)(fen)別(bie)為(wei)7.34%、4.81%、3.85%以(yi)及(ji)(ji)5.10%，做(zuo)(zuo)市(shi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)與新(xin)(xin)(xin)三(san)板(ban)總(zong)(zong)體(ti)(ti)、協議公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)毛利(li)(li)率(lv)相差不大，但(dan)整(zheng)體(ti)(ti)均明(ming)顯高(gao)(gao)(gao)于(yu)(yu)(yu)A股(gu)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)，而凈(jing)(jing)(jing)利(li)(li)率(lv)方(fang)(fang)面，做(zuo)(zuo)市(shi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)的凈(jing)(jing)(jing)利(li)(li)率(lv)明(ming)顯高(gao)(gao)(gao)于(yu)(yu)(yu)其他(ta)三(san)者，新(xin)(xin)(xin)三(san)板(ban)總(zong)(zong)體(ti)(ti)的凈(jing)(jing)(jing)利(li)(li)率(lv)略低于(yu)(yu)(yu)A股(gu)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)，但(dan)是總(zong)(zong)的來看(kan)，做(zuo)(zuo)市(shi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)盈(ying)利(li)(li)能(neng)(neng)力(li)高(gao)(gao)(gao)于(yu)(yu)(yu)新(xin)(xin)(xin)三(san)板(ban)總(zong)(zong)體(ti)(ti)，新(xin)(xin)(xin)三(san)板(ban)盈(ying)利(li)(li)能(neng)(neng)力(li)高(gao)(gao)(gao)于(yu)(yu)(yu)A股(gu)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)。最后(hou)(hou)，成(cheng)長能(neng)(neng)力(li)方(fang)(fang)面，2014年(nian)(nian)上半(ban)年(nian)(nian)做(zuo)(zuo)市(shi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)、新(xin)(xin)(xin)三(san)板(ban)、協議公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)、A股(gu)的營(ying)收增速(su)分(fen)(fen)別(bie)為(wei)17.76%、12.42%、10.53%以(yi)及(ji)(ji)4.92%，歸(gui)母凈(jing)(jing)(jing)利(li)(li)增速(su)分(fen)(fen)別(bie)為(wei)37.59%、15.99%、4.31%以(yi)及(ji)(ji)7.74%，可見做(zuo)(zuo)市(shi)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)盈(ying)利(li)(li)增速(su)遠高(gao)(gao)(gao)于(yu)(yu)(yu)新(xin)(xin)(xin)三(san)板(ban)總(zong)(zong)體(ti)(ti)、新(xin)(xin)(xin)三(san)板(ban)顯著高(gao)(gao)(gao)于(yu)(yu)(yu)A股(gu)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)。

　　不過齊魯(lu)證券也指(zhi)出，伴隨著交易(yi)量(liang)屢(lv)創(chuang)新(xin)(xin)高，新(xin)(xin)三板公司僅今年3月整體PE從30倍(bei)上漲到46倍(bei)，流動性紅利釋(shi)放明顯。隨著估值修(xiu)復與競價交易(yi)制度(du)落地的臨近，新(xin)(xin)三板公司分(fen)化(hua)已(yi)經初(chu)現端倪，兩極分(fen)化(hua)現象將不可(ke)避免。

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