大唐高鸿网络股份有限公司（以下简称"公司"）于 2025 年 9 月 30 日收到 深圳证券交易所（以下简称"深交所"）下发的《终止上市事先告知书》（公司 部函〔2025〕第 314 号）。现将有关内容公告如下： 大唐高鸿网络股份有限公司： 2025 年 9 月 1 日至 2025 年 9 月 26 日期间，你公司连续二十个交易日的股 票收盘价均低于 1 元，触及本所《股票上市规则（2025 年修订）》第 9.2.1 条 第一款第四项规定的股票终止上市情形，本所拟决定终止你公司股票上市交易。 证券代码：000851 证券简称：*ST 高鸿 公告编号：2025-136 大唐高鸿网络股份有限公司 关于收到终止上市事先告知书的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假 记载、误导性陈述或者重大遗漏。 公司指定的信息披露媒体为《证券时报》和巨潮资讯网（www.cninfo.com.cn）。 公司所有信息均以上述指定媒体披露的信息为准。敬请广大投资者注意投资风险。 特此公告。 大唐高鸿网络股份有限公司 2025 年 9 月 30 日 根据本所《股票上市规则（2025 年修订）》《自律监管听证 ...

Market Performance - As of September 30, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have increased by 15.84%, 29.88%, and 51.20% respectively this year [1] - The number of low-priced stocks (below 2 yuan) has decreased to 31 [2] Low-Priced Stocks - Among the 31 low-priced stocks, the lowest is *ST Gao Hong with a closing price of 0.38 yuan [2] - The real estate sector has the highest number of low-priced stocks at 7, followed by construction decoration with 4, and steel with 3 [2] - 19 out of the 31 low-priced stocks have a market capitalization below 10 billion yuan, accounting for over 60% [2] - 21 low-priced stocks are expected to report losses in net profit for the first half of 2025, indicating poor overall performance [2] - 22 low-priced stocks have seen a decline in share price this year, representing over 70% of the total [2] Stock Performance - A total of 446 stocks have increased by over 100% this year, with 4356 stocks showing positive growth, which is over 80% of the total [5][6] - The mechanical equipment and electronics sectors have the highest number of stocks with over 100% growth, at 74 and 52 respectively [6] Sector Performance - The mechanical equipment sector has a year-to-date increase of 37.31% with 74 stocks rising over 100% [7] - The electronics sector has a year-to-date increase of 53.51% with 52 stocks rising over 100% [7] - Other sectors with significant growth include electric equipment, automotive, and basic chemicals, each with over 30 stocks showing substantial increases [6] Top Performing Stocks - The top ten stocks with the highest growth this year have all increased by over 390%, with *ST Yu Shun and Tian Pu Co. among them [8] - The highest growth stock is Shangwei New Materials, which has increased by 1891.60% [8] - The top performing stocks are primarily from the basic chemicals, electronics, automotive, and light manufacturing sectors [8]

Core Points - The A-share market has shown strong performance in 2023, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 15.84%, 29.88%, and 51.20% respectively as of September 30 [1][2]. Group 1: Low-Priced Stocks - As of September 30, there are only 31 stocks with a closing price below 2 yuan, with the lowest being *ST Gao Hong at 0.38 yuan [2][4]. - Among the 31 low-priced stocks, the real estate sector has the highest number with 7 stocks, followed by construction decoration with 4, and steel with 3 [2]. - 19 of the 31 low-priced stocks have a market capitalization below 10 billion yuan, accounting for over 60% of the total [2]. Group 2: Stock Performance - Year-to-date, 22 of the 31 low-priced stocks have seen their prices decline, representing over 70% of this group [2]. - Overall, 21 of these low-priced stocks are expected to report losses in net profit for the first half of 2025, indicating poor performance [2]. Group 3: High-Growth Stocks - Excluding newly listed stocks, 4,356 A-shares have positive returns this year, with over 1,361 stocks rising by more than 50% and 446 stocks increasing by over 100% [5][6]. - The mechanical equipment and electronics sectors have the highest number of stocks with over 100% growth, with 74 and 52 stocks respectively [5][6]. Group 4: Sector Performance - The mechanical equipment sector has a year-to-date growth of 37.31%, while the electronics sector has grown by 53.51% [6]. - Other sectors with significant growth include electric power equipment (43.70%), automotive (28.42%), and basic chemicals (25.40%) [6]. Group 5: Top Performing Stocks - The top ten stocks with the highest growth this year include Shangwei New Materials, *ST Yushun, and Tianpu Co., with growth rates exceeding 390% [7]. - The highest growth stock, Shangwei New Materials, has increased by 1,891.60% with a market cap rising from 2.686 billion yuan to 53.284 billion yuan [7].

Group 1 - The average stock price of A-shares is 13.70 yuan, with 31 stocks priced below 2 yuan, the lowest being *ST Gaohong at 0.38 yuan [1] - Among the low-priced stocks, 41.94% are ST stocks, indicating a significant presence of troubled companies in this segment [1] - The Shanghai Composite Index closed at 3882.78 points as of September 30 [1] Group 2 - Among the low-priced stocks, 11 stocks increased in price today, with *ST Xingguang leading with a rise of 2.15% [1] - Conversely, 9 stocks declined, with the largest drop being 9.52% for Zitian Tui [1] - The trading volume and turnover rates vary significantly among these low-priced stocks, with some showing high turnover rates despite low prices [1][2]

New Stock Issuance - New stock issuance for Daoshengtianhe (Code: 780026) priced at 5.98 RMB on September 29, 2025[1] - Offer period for the acquisition of Shangwei New Materials (Code: 688585) is from September 29, 2025, to October 28, 2025[1] Delisting and Trading Alerts - Zitian Tui (Code: 300280) is in the delisting preparation period with 4 trading days remaining until the last trading day[1] - Significant abnormal fluctuations reported for Kaipu Cloud (Code: 688228) on September 25, 2025[1] Recent Announcements - Multiple companies including Zhonghuan Hailu (Code: 301040) and Shenhuafa A (Code: 000020) have recent announcements regarding their stock activities[1] - A total of 30 companies have made announcements regarding stock fluctuations and trading activities in the past week[1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is intensifying its regulatory enforcement against financial fraud and information disclosure violations, aiming to enhance market integrity and investor confidence [1][2][3]. Regulatory Framework - Recent legal reforms, including the new Securities Law and related regulations, have established a robust regulatory framework for capital markets, providing a solid basis for enforcement actions [2][3]. - The CSRC has issued over 2,200 administrative penalties for financial fraud and market manipulation during the 14th Five-Year Plan period, with fines totaling 41.4 billion yuan, marking increases of 58% and 30% respectively compared to the previous five-year period [2][3]. Enforcement Actions - The CSRC is focusing on severe violations such as financial fraud and insider trading, with notable cases leading to significant penalties, including a 2.25 billion yuan fine against Zhongke Huayuan Titanium Co., Ltd. for compliance violations [3][4]. - Since last year, the CSRC has investigated 67 delisted companies for illegal activities, with 33 cases referred for potential criminal prosecution [3][4]. Investor Protection - The regulatory bodies are enhancing investor protection mechanisms, including the introduction of new judicial interpretations and multi-faceted dispute resolution frameworks to support investor rights [5][6]. - Landmark cases, such as the special representative litigation against Kangmei Pharmaceutical, have resulted in substantial compensation for investors, demonstrating the effectiveness of the new protective measures [5][6]. Comprehensive Accountability - The CSRC is promoting a multi-layered accountability system that integrates administrative, civil, and criminal responsibilities to strengthen deterrence against securities violations [8][9]. - Over the past five years, the CSRC has referred more than 700 cases to law enforcement, leading to serious criminal accountability for numerous offenders [9]. Future Directions - Experts suggest that future regulatory efforts should focus on precise enforcement against financial fraud while ensuring that intermediary institutions fulfill their responsibilities as gatekeepers [4][6]. - There is a call for a "one-stop" platform for investor rights protection, integrating various forms of dispute resolution to facilitate easier access for small investors [7].

Core Points - *ST Gaohong (000851.SZ) has reported that its stock price has been below 1 yuan for twenty consecutive trading days as of September 26, 2025 [1] - According to the Shenzhen Stock Exchange's listing rules, companies with A-shares that have a stock closing price below 1 yuan for twenty consecutive trading days will have their stock trading terminated [1] - The stock will be suspended from trading starting September 29, 2025, following the announcement [1] Summary by Sections - **Stock Performance** - *ST Gaohong's stock price has been below 1 yuan for twenty consecutive trading days [1] - **Regulatory Framework** - The termination of trading is based on Article 9.2.1 and Article 9.1.15 of the Shenzhen Stock Exchange's listing rules [1] - Companies that fall under this category will not enter a delisting preparation period [1] - **Trading Suspension** - The stock will be suspended from trading on September 29, 2025, as per the regulations [1]

证券代码：000851 证券简称：*ST 高鸿 公告编号：2025-135 大唐高鸿网络股份有限公司 关于公司股票将被终止上市暨停牌的风险提示公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假 记载、误导性陈述或者重大遗漏。 特别提示： 1.截至 2025 年 9 月 26 日，大唐高鸿网络股份有限公司(以下简称"公司") 股票收盘价格已经连续二十个交易日均低于 1 元。根据《深圳证券交易所股票上 市规则》（以下简称《股票上市规则》）第 9.2.1 条、第 9.1.15 条相关规定， 在深交所仅发行 A 股股票的公司，通过深交所交易系统连续 20 个交易日的股票 收盘价均低于 1 元，深交所终止其股票上市交易；因触及交易类强制退市情形而 终止上市的股票不进入退市整理期。敬请广大投资者注意投资风险。 2. 根据《股票上市规则》第 9.2.6 条相关规定，在深交所仅发行 A 股股票 的公司，连续二十个交易日的股票收盘价均低于 1 元，应当在事实发生的次一交 易日开市前披露，公司股票于公告后停牌。公司股票（证券简称：*ST 高鸿，证 券代码：000851）将自 2025 年 9 月 29 日（星 ...

格隆汇9月28日丨*ST高鸿(000851.SZ)公布，截至2025年9月26日，大唐高鸿网络股份有限公司股票收盘 价格已经连续二十个交易日均低于1元。根据《深圳证券交易所股票上市规则》第9.2.1条、第9.1.15条相 关规定，在深交所仅发行A股股票的公司，通过深交所交易系统连续20个交易日的股票收盘价均低于1 元，深交所终止其股票上市交易；因触及交易类强制退市情形而终止上市的股票不进入退市整理期。敬 请广大投资者注意投资风险。根据《股票上市规则》第9.2.6条相关规定，在深交所仅发行A股股票的公 司，连续二十个交易日的股票收盘价均低于1元，应当在事实发生的次一交易日开市前披露，公司股票 于公告后停牌。公司股票（证券简称：*ST高鸿，证券代码：000851）将自2025年9月29日（星期一） 开市起停牌。 ...

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 低价股排名 | 代码 | 简称 | 最新收盘价（元） | 日涨跌幅（%） | 日换手率（%） | 市净率（倍） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 000851 | *ST高鸿 | 0.38 | -5.00 | 5.87 | 0.99 | 通信 | | 300280 | 紫天退 | 0.43 | -4.44 | 6.32 | 0.06 | 传媒 | | 600200 | *ST苏吴 | 1.05 | 5.00 | 2.70 | 0.42 | 医药生物 | | 000656 | *ST金科 | 1.39 | -0.71 | 0.77 | | 房地产 | | 601005 | 重庆钢铁 | 1.45 | -0.68 | 1.17 | 0.78 | 钢铁 | | 600022 | 山东钢铁 | 1.47 | -0.68 | 0.62 | 0.84 | 钢铁 | | 000627 | *ST天茂 | 1.58 | | | 0.36 | 非银金融 | | 002496 | *ST辉丰 | ...