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class=\"stheadline-lead-image\">\n  \u003Cimg alt=\"港交所交易机制改革示意图\" src=\"https:\u002F\u002Foss.articledatacenter.com\u002Fadc\u002Fmedia\u002Faa\u002Fadcimg_01kxgjv38h14ejxjmtxyhkzb3n.png\">\n  \u003Cfigcaption>港交所交易机制改革分阶段推进示意图\u003C\u002Ffigcaption>\n\u003C\u002Ffigure>\n\n\u003Ch2>价差调整具体方案\u003C\u002Fh2>\n\u003Cp>根据港交所公布的细则，本次调整涉及：\u003C\u002Fp>\n\u003Cul>\n  \u003Cli>股价高于0.5港元但低于10港元的证券\u003C\u002Fli>\n  \u003Cli>最低上落价位将从现行的0.01港元下调至0.005港元\u003C\u002Fli>\n  \u003Cli>调整幅度达到50%，为近年最大单次降幅\u003C\u002Fli>\n\u003C\u002Ful>\n\n\u003Cblockquote>\n  \"此次改革将显著提升市场流动性，特别是对中小市值股票的交易活跃度产生积极影响\"，市场分析人士指出。\n\u003C\u002Fblockquote>\n\n\u003Ch2>系统测试安排\u003C\u002Fh2>\n\u003Cp>为确保系统平稳过渡，港交所将于实施前的12月1日（星期六）上午9:00至中午12:10，开放交易系统进行非强制性测试。交易所特别强调：\u003C\u002Fp>\n\u003Cul>\n  \u003Cli>测试涵盖衍生产品市场系统调整\u003C\u002Fli>\n  \u003Cli>涉及正股收市价显示方式变更\u003C\u002Fli>\n  \u003Cli>虽属自愿参与，但强烈建议所有交易所会员参加\u003C\u002Fli>\n\u003C\u002Ful>\n\n\u003Ch2>改革进程回顾\u003C\u002Fh2>\n\u003Cp>本次调整是港交所交易机制优化计划的第二阶段：\u003C\u002Fp>\n\u003Col>\n  \u003Cli>\u003Cstrong>2022年8月\u003C\u002Fstrong>：完成首阶段调整，涉及10-50港元价位股票\u003C\u002Fli>\n  \u003Cli>当时将10-20港元股票价差从0.02港元降至0.01港元\u003C\u002Fli>\n  \u003Cli>20-50港元股票价差从0.05港元收窄至0.02港元\u003C\u002Fli>\n\u003C\u002Fol>\n\n\u003Ch2>市场影响预期\u003C\u002Fh2>\n\u003Cp>业内人士普遍认为，连续两阶段的价差调整将产生叠加效应：\u003C\u002Fp>\n\u003Cul>\n  \u003Cli>降低投资者交易成本\u003C\u002Fli>\n  \u003Cli>提高价格发现效率\u003C\u002Fli>\n  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