2026年2月16日，证监会突然发布多项监管措施，一天之内，3家证券龙头公司收到警示函，4家上市公司被立案调查，其中还包括一家芯片行业的龙头公 司。 同时有7只股票发布了退市风险警示公告，拉响了退市的警报。 这场突如其来的监管风暴，让原本就脆弱的港股市场雪上加霜，恒生科技指数更是出现了破位暴跌。 对于A股投资者来说，春节后的开盘压力可想而知。 那么，这些被监管点名的公司到底出了什么问题？ 投资者又该如何规避这些"雷区"呢？ 我们先来看看被证监会警示的3家券商。 第一家是财通证券。 根据证监会网站2026年2月16日发布的信息，财通证券被出具了警示函。 原因出在债券业务上。 监管发现，财通证券的债券内控机制执行不到位，个别项目出现了内核制衡性不足的问题。 简单来说，就是公司内部的风险控制流程没有严格执行，该把 关的地方没把好关。 具体来看，质控和内核部门提出的意见，项目组没有跟踪落实到位，问题没有形成闭环管理。 在债券承销过程中，尽职调查也不规 范，没有充分核查那些可能影响发行人偿债能力的财务会计信息等重大事项。 债券发行之后，财通证券作为受托管理人，履职也不到位，没有充分关注影 响偿债能力的事项，也没有有效督 ...

股票近期走势：公司重整计划已执行完毕，深圳证券交易所核准撤销因法院裁定受理重整而实施的退市 风险警示。股票自2026年2月11日起停牌一天，并于2026年2月12日复牌，股票简称由"ST张股"变更 为"ST张家界"。但因2024年度审计报告被出具持续经营存在不确定性的无保留意见，且最近三年净利 润为负，公司股票继续被实施其他风险警示，日涨跌幅限制仍为5%。 业绩经营情况：公司于2026年1月15日发布2025年年度业绩预告，预计归属于上市公司股东的净利润亏 损4.5亿元至5.5亿元，同比减亏22.69%-5.51%，主要因大庸古城项目计提资产减值。 经济观察网 根据公开信息，ST张家界（000430）（证券代码：000430）近期有以下值得关注的事件： 近期事件：公司及子公司重整计划于2026年2月5日执行完毕，管理人和律师事务所出具了相关监督报告 及法律意见书。重整通过引入投资人（如电广传媒（000917）、芒果文旅等）优化了资本结构，缓解了 债务压力。 ...

Core Viewpoint - Zhangjiajie Tourism Group Co., Ltd. has completed its restructuring plan, leading to the removal of the delisting risk warning by the Shenzhen Stock Exchange, while continuing to implement other risk warnings due to uncertainties in its ongoing operations [2][6]. Group 1: Stock Information - The company's stock will change its abbreviation from "*ST Zhanggu" to "ST Zhangjiajie," while the stock code remains 000430 [2][3]. - The stock will be suspended for one trading day starting February 11, 2026, and will resume trading on February 12, 2026 [2][3][4]. - The daily price fluctuation limit for the stock is set at 5% [4]. Group 2: Delisting Risk Warning Removal - The delisting risk warning was implemented on November 5, 2025, following a court ruling to accept the company's restructuring application [5]. - As of February 5, 2026, the restructuring plan has been executed, and relevant reports have been issued confirming its completion [5][6]. - The Shenzhen Stock Exchange approved the removal of the delisting risk warning, effective February 12, 2026 [7]. Group 3: Ongoing Risk Warnings - The company has reported negative net profits for the last three fiscal years: -259.77 million in 2022, -239.33 million in 2023, and -582.09 million in 2024 [7]. - The audit report for 2024 indicated significant uncertainties regarding the company's ability to continue as a going concern, leading to the continuation of other risk warnings [7].

Core Viewpoint - *ST Zhang Stock has completed its restructuring plan, leading to the removal of the delisting risk warning by the Shenzhen Stock Exchange, effective February 12, 2026 [1] Group 1: Company Announcement - *ST Zhang Stock announced that its restructuring plan was executed successfully as of February 5, 2026 [1] - The company will have its stock trading suspended for one day on February 11, 2026, and will resume trading on February 12, 2026 [1] - The stock name will change from "*ST Zhang Stock" to "ST Zhangjiajie," while the security code remains "000430" [1] Group 2: Regulatory Context - The delisting risk warning was initially imposed on November 5, 2025, following a court ruling that accepted the company's restructuring application [1] - The removal of the delisting risk warning is in accordance with the Shenzhen Stock Exchange's listing rules, specifically Article 9.4.14, which states that the conditions triggering the warning have been eliminated [1] - The daily price fluctuation limit for the stock will continue to be set at 5% [1]

Core Viewpoint - The company *ST Zhanggu (000430.SZ) has completed its restructuring plan, leading to the removal of the delisting risk warning previously imposed by the Shenzhen Stock Exchange due to court-ordered restructuring [1] Group 1: Restructuring and Stock Trading - The company's stock will be suspended for one day starting February 11, 2026, and will resume trading on February 12, 2026 [1] - Following the resumption of trading, the delisting risk warning will be lifted, and the stock name will change from "*ST Zhanggu" to "ST Zhangjiajie," while the stock code remains "000430" [1] - The daily price fluctuation limit for the company's stock will continue to be set at 5% [1] Group 2: Ongoing Risks - Despite the removal of the delisting risk warning, the company's stock will still be subject to other risk warnings due to a qualified opinion issued by Zhongshang Zhonghuan Accounting Firm regarding uncertainties in the company's ability to continue as a going concern based on the 2024 annual financial report [1]

Core Viewpoint - The restructuring plan of Zhangjiajie Tourism Group Co., Ltd. has been successfully completed, leading to the removal of the delisting risk warning by the Shenzhen Stock Exchange [1] Group 1 - The company announced that the restructuring plan was executed on February 10, 2026 [1] - The Shenzhen Stock Exchange approved the removal of the delisting risk warning due to the court's acceptance of the restructuring [1] - The company's stock will be suspended for one day starting February 11, 2026, and will resume trading on February 12, 2026 [1] Group 2 - Upon resumption of trading, the delisting risk warning will be lifted, but other risk warnings will continue to apply [1] - The stock abbreviation will change from "*ST Zhanggu" to "ST Zhangjiajie," while the security code remains "000430" [1] - The daily price fluctuation limit for the company's stock will remain at 5% [1]

2.股票简称：由"*ST 张股"变更为"ST 张家界" 证券代码：000430 证券简称：*ST张股 公告编号：2026-005 张家界旅游集团股份有限公司 关于撤销退市风险警示并继续实施其他风险警示 暨股票停复牌的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： 1.张家界旅游集团股份有限公司（以下简称"公司"）重整计划 已执行完毕，深圳证券交易所（以下简称"深交所"）已核准公司撤 销因被法院裁定受理重整而实施的退市风险警示。公司股票自 2026 年 2 月 11 日（星期三）开市起停牌一天，并于 2 月 12 日（星期四） 开市起复牌。 2.公司股票自 2026 年 2 月 12 日复牌之日起撤销退市风险警示并 继续实施其他风险警示，股票简称由"*ST 张股"变更为"ST 张家界"， 证券代码仍为"000430"，公司股票价格的日涨跌幅限制仍为 5%。 3.本次因破产重整而被实施的退市风险警示情形被撤销后，公司 股票交易仍因 2024 年年度财务报表被中审众环会计师事务所（特殊 普通合伙）（以下简称"中审众环"）出具的持续经营存在不确定性 ...

Group 1 - The company *ST Zhang (000430.SZ)* has indicated that the 2025 annual report is expected to be disclosed in mid-April 2026, with the specific date to be confirmed by company announcements [2]

Core Viewpoint - Zhangjiajie Tourism Group Co., Ltd. (*ST Zhang) has applied to revoke the delisting risk warning on its stock following the completion of its restructuring plan, although it will continue to face other risk warnings due to ongoing uncertainties in its operations and negative net profits over the past three years [1][2]. Group 1: Company Restructuring - The company was placed under delisting risk warning on November 5, 2025, after a court accepted its restructuring [1]. - The restructuring plan has been executed, and a supervisory report has been issued confirming its completion [1]. - The company has applied to the Shenzhen Stock Exchange to revoke the delisting risk warning, with a decision expected within fifteen trading days [1]. Group 2: Financial Performance - The company has reported negative net profits for the last three years, leading to continued other risk warnings on its stock [1]. - From 2020 to 2024, the company's revenue figures were 169 million, 199 million, 132 million, 420 million, and 432 million yuan, respectively, while the corresponding net profit losses were 92 million, 135 million, 260 million, 239 million, and 582 million yuan, totaling a cumulative loss of 1.308 billion yuan over five years [3]. - For the year 2025, the company anticipates a loss between 450 million and 550 million yuan, which represents a year-on-year reduction in losses of 22.69% to 5.51% [5]. Group 3: Project Development - The Duyong Ancient City project, which has significantly impacted the company's performance, was initiated with an investment exceeding 2 billion yuan but has not met operational expectations, resulting in continuous losses [2][3]. - The project took nearly five years to complete, with the chairman acknowledging indecision during its construction [3]. - The restructuring plan includes collaboration with various investors to revitalize the Duyong Ancient City project, aiming to transform it into a cultural tourism hub [4].

Core Viewpoint - Zhangjiajie Tourism Group Co., Ltd. has completed its restructuring plan, which has significantly improved its financial situation and allowed the company to apply for the removal of the delisting risk warning on its stock [5][11][17]. Group 1: Restructuring and Financial Improvement - The company and its subsidiary underwent a restructuring process initiated by the court in November 2025, which was completed by December 2025 [7][9]. - The restructuring involved the introduction of investors and adjustments to equity, effectively alleviating the company's debt crisis and improving its asset-liability structure [11]. - The total share capital of the company increased from 404,817,686 shares to 809,635,372 shares following the restructuring [9]. Group 2: Board Decisions and Agreements - The board of directors approved the application to revoke the delisting risk warning due to the completion of the restructuring [1][14]. - The board also agreed to continue the "one ticket system" joint operation agreement for the subsidiary Yangjiajie Cableway, extending the cooperation period from 2 years to 3 years while maintaining a 13% profit-sharing right [2]. Group 3: Future Outlook - The completion of the restructuring is expected to have a positive impact on the company's financial status for the fiscal year 2025, with specific figures to be confirmed in the audited financial statements [11]. - The company aims to consolidate existing operations and explore new growth opportunities in line with policy directions [11].