Core Viewpoint - The regulatory authorities are firmly enforcing the principle of "delisting does not exempt from responsibility," indicating a zero-tolerance approach towards illegal activities by delisted companies [1][3][5]. Regulatory Actions - In October, the China Securities Regulatory Commission (CSRC) and local securities regulatory bureaus took action against seven delisted companies, with four receiving administrative penalties or prior notices, two shareholders being investigated, and one company facing regulatory measures [1][2]. - Pan Hai Holdings and Qingdao Zhongzi Zhongcheng Group received fines of 8.4 million yuan and 20.6 million yuan respectively for violations related to financial disclosures and contract defaults [2]. Enforcement of Accountability - The regulatory bodies are implementing a "double penalty" approach, holding both the companies and key individuals accountable for violations, which enhances the deterrent effect against misconduct [4][5]. - For instance, the controlling shareholder of Changjiang Health was fined 15 million yuan, and the former and current chairpersons faced fines of 1.2 million yuan each, along with lifetime bans from the securities market [4]. Strengthening Investor Protection - The CSRC is enhancing investor protection measures, particularly for small and medium investors, by promoting proactive compensation from controlling shareholders in cases of significant violations leading to forced delisting [7][8]. - Recent judicial actions have also favored investors, as seen in the case of Shanghai Longyu Data, where investors won a civil lawsuit against the delisted company [7]. Overall Market Impact - The ongoing strict regulatory environment is expected to improve compliance among companies, reduce the occurrence of illegal activities, and ultimately foster a healthier capital market ecosystem [5][6].

Core Viewpoint - The concept of "delisting does not exempt from liability" has become a regulatory norm in the capital market, indicating that companies and related parties will continue to be held accountable for violations even after delisting [1][4]. Group 1: Regulatory Actions - Three delisted companies and their related parties have recently faced regulatory actions, including investigations and penalties, highlighting ongoing accountability in the market [1][2]. - China Zhongqi Investment Co., Ltd. announced that its controlling shareholder, Zhongqi Group, received a notice of investigation from the CSRC for suspected information disclosure violations [2]. - Jiangsu Sunshine, a delisted company, received a notice of administrative penalty for failing to disclose significant events related to a related party transaction, with proposed fines totaling 3.3 million yuan [3]. Group 2: Trends in Delisting Accountability - There has been a notable increase in regulatory actions against delisted companies, with over 70 companies investigated for violations and 33 cases referred for suspected criminal information disclosure [4]. - The regulatory framework aims to enhance compliance awareness among market participants and boost investor confidence, contributing to the high-quality development of the capital market [4]. Group 3: Legal Mechanisms and Enforcement - The introduction of representative litigation mechanisms for delisted companies marks a significant advancement in civil compensation, reducing the cost of investor rights protection and increasing litigation efficiency [6]. - The CSRC has intensified its crackdown on financial fraud, with 13 companies facing mandatory delisting this year due to severe violations, particularly financial misconduct [7]. - Regulatory authorities are focusing on key individuals such as actual controllers and major shareholders to ensure accountability and prevent failures in oversight by intermediaries [7].

Core Viewpoint - The concept of "delisting does not exempt from liability" has become a regulatory norm in the capital market, indicating that companies and related parties will still face accountability for illegal activities even after delisting [1][4]. Group 1: Regulatory Actions - Three delisted companies and their related parties have recently faced regulatory actions, including investigations and penalties, due to violations during their listing period [1][2]. - China Zhongqi Investment Co., Ltd. announced that its controlling shareholder received a notice of investigation from the CSRC for suspected information disclosure violations [2]. - Jiangsu Sunshine, a delisted company, received a notice of administrative penalty for failing to disclose significant events related to related party transactions, with a proposed fine of 3.3 million yuan [3]. Group 2: Trends in Delisting Accountability - There has been a notable increase in regulatory actions against delisted companies, with over 70 companies investigated for illegal activities and 33 cases referred for suspected criminal information disclosure [4]. - The regulatory framework aims to enhance compliance awareness among market participants and boost investor confidence, contributing to the high-quality development of the capital market [4]. Group 3: Legal Mechanisms and Enforcement - The introduction of representative litigation for delisted companies marks a significant advancement in civil compensation mechanisms, reducing the cost of investor rights protection and increasing litigation efficiency [5]. - The CSRC has intensified its crackdown on financial fraud, with 13 companies facing mandatory delisting this year due to severe violations, particularly financial misconduct [6]. - Regulatory authorities are focusing on key stakeholders, including actual controllers and major shareholders, to ensure accountability and maintain market stability [6].

Core Viewpoint - The recent actions taken against three delisted companies in China signal a clear message: delisting does not exempt companies from accountability, and regulatory scrutiny is intensifying [1][2]. Summary by Relevant Categories Regulatory Actions - Three companies, China Zhongqi, Jiangsu Sunshine, and Futong Information, have faced regulatory actions within four days, highlighting the ongoing enforcement against delisted firms [1]. - Jiangsu Sunshine was fined 3.3 million yuan for fund occupation and false information disclosure, while China Zhongqi and Futong Information are under formal investigation for information disclosure violations [1]. Delisting and Accountability - A total of 178 companies have been delisted from the A-share market this year, indicating an accelerated pace of market cleanup [1]. - The process of delisting is just the beginning; accountability measures are being reinforced, with a focus on continuous regulatory follow-up [1]. Enforcement Mechanism - A comprehensive accountability system is being established, integrating administrative, civil, and criminal penalties, which is becoming the norm in regulatory practices [1].

Overall Performance Overview - The stock index futures concept stocks showed a fluctuating upward trend, with the relevant sector index rising by 1.8%, outperforming the market by 0.5 percentage points [1] - Among the 32 constituent stocks, 24 rose and 8 fell, with a 75% increase in the number of rising stocks [1] - Leading stocks such as China Zhongqi and Hongye Co. saw significant gains of 5.2% and 4.1% respectively, while Xiamen Guomao rose by 3.3% [1] - The trading volume in the sector increased by 20% compared to the previous trading day, indicating a notable rise in market participation [1] Influencing Factors Analysis - The increase in activity in the stock index futures market is the core driving factor, with the average daily trading volume of the CSI 300 stock index futures exceeding 1.5 million contracts, a 35% increase from last month [2] - Regulatory signals indicating an optimization of stock index futures trading have improved performance expectations for related concept stocks [2] - The heightened volatility in the A-share market has increased investors' demand for hedging through stock index futures, benefiting brokerage-related concept stocks [2] - Positive domestic economic data has bolstered market confidence in the financial sector, indirectly benefiting stock index futures concept stocks [2] Subsector Performance - Brokerage concept stocks performed prominently, with CITIC Securities and Huatai Securities rising by 2.8% and 2.5% respectively due to their high proportion of stock index futures brokerage business [3] - Futures company concept stocks showed significant differentiation, with leading firms like Nanhua Futures rising by 3.7%, while smaller firms had gains mostly below 1% [3] - Among listed companies with stakes in futures firms, Zhejiang Dongfang (holding a stake in Yong'an Futures) rose by 3.2%, and Xinhuhongbao increased by 2.1%, outperforming the sector average [3] - Larger market capitalization stocks (over 50 billion) had an average increase of 2.3%, while smaller stocks (under 10 billion) averaged a 1.7% increase, indicating a preference for more liquid assets [3] Fund Flow Analysis - Main funds saw a net inflow of 850 million yuan into the stock index futures concept stocks, with China Zhongqi attracting a net purchase of 120 million yuan and Hongye Co. 80 million yuan, together accounting for nearly a quarter of the sector's funds [4] - Northbound funds showed net buying in brokerage concept stocks, with CITIC Securities receiving a net inflow of 50 million yuan, while some smaller futures company stocks experienced slight selling [4] - The sector has seen net inflows from main funds for three consecutive trading days, totaling 2 billion yuan, indicating sustained interest in the sector [4] Technical Analysis - The stock index futures concept stocks index has broken through the previous resistance level (approximately 1200 points) and closed at 1220 points, marking a new high in nearly three months [5] - The moving average system shows a bullish arrangement, with the 5-day, 10-day, and 20-day moving averages all trending upward, providing effective support [5] - The MACD indicator is operating above the zero axis, with the red histogram slightly lengthening compared to the previous day, indicating stable bullish momentum [5] - The volume-price relationship is favorable, confirming the effectiveness of the breakout and opening up short-term upward space [5] Institutional Perspectives Summary - Shenwan Hongyuan Securities noted a clear upward trend in the activity of the stock index futures market, with related concept stocks expected to release performance elasticity, maintaining an "overweight" rating for the sector [7] - Guotai Junan analyzed that the expectation of policy optimization will continue to catalyze the sector's performance, with brokerage concept stocks offering valuation advantages and performance certainty, warranting close attention [7] - Kaiyuan Securities cautioned against the risk of stock index futures trading volume falling short of expectations, recommending a focus on leading enterprises and avoiding chasing small-cap stocks [7] - Minsheng Securities predicted that if the trading fee reduction policy is implemented, the sector could see a short-term increase of 10%-15% [7] Correlation Analysis with the Market - The Shanghai Composite Index rose by 0.6%, while the stock index futures concept stocks' sector increased by 1.8%, significantly outperforming the market, indicating strong independent market characteristics [8] - Historical data shows that when the growth rate of stock index futures trading volume exceeds 30%, the correlation between the sector and the market weakens, making it easier to achieve excess returns [8] - The current increase in volatility in the A-share market complements the hedging attributes of stock index futures concept stocks, leading to a preference for this sector during turbulent market conditions, which is expected to continue for some time [8] Investment Strategy Recommendations - Short-term investors are advised to focus on trading opportunities in leading stocks within the sector, such as China Zhongqi and Hongye Co., with a suggested profit-taking line of 5% and a stop-loss line of 3% [9] - Long-term investors should consider positioning in brokerage concept stocks with strong performance certainty, such as CITIC Securities and Huatai Securities, which combine growth in stock index futures business with stable traditional operations, suitable for holding for 1-3 months [9] - Risk-averse investors may opt for blue-chip stocks with stakes in leading futures companies, such as Xiamen Guomao, which exhibit lower volatility and stable dividends [9] - Caution is advised against chasing small-cap stocks that have surged over 10% recently to mitigate the risk of pullbacks [9]

申请人：中国中期投资股份有限公司，住所：北京市朝阳区建国门外光华路14号1幢1层8号。 申请人中国中期投资股份有限公司（以下简称公司或申请人）不服深圳证券交易所（以下简称本所或深交所）作出的《关于中国中期投资股份有限公司 股票终止上市的决定》（深证上〔2024〕419号），提出复核申请。本所按照规定受理后，根据《深圳证券交易所理事会上诉复核委员会工作细则（2023年 修订）》的规定，组织上诉复核委员会召开了复核会议。现该复核事项已审议终结。 一、本所作出的股票终止上市决定 本所《关于中国中期投资股份有限公司股票终止上市的决定》（深证上〔2024〕419号）认定，2023年5月5日，因公司2022年度经审计的净利润为负值 且营业收入低于1亿元，公司股票交易被实施退市风险警示。 2024年4月30日，公司披露的2023年年度报告显示，公司2023年年度财务会计报告被出具无法表示意见的审计报告，触及本所《股票上市规则（2023年8 月修订）》第9.3.11条第一款第三项规定的股票终止上市情形。根据本所《股票上市规则（2023年8月修订）》第9.3.14条的规定以及本所上市审核委员会的 审议意见，本所决定公司股票终止 ...

证证券代码：000996 证券简称：中期退 公告编号：2024-042 中国中期投资股份有限公司 关于股票终止上市暨摘牌的公告 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、公司股票已被深圳证券交易所决定终止上市，2024 年 6 月 6 日，退市整 理期为十五个交易日，预计最后交易日期为 2024 年 6 月 27 日。 2、公司股票已被深圳证券交易所决定终止上市，将在 2024 年 6 月 28 日被 摘牌。 中国中期投资股份有限公司（以下简称"公司"）于 2024 年 5 月 29 日收到 深圳证券交易所（以下简称"深交所"）下发的《关于中国中期投资股份有限公 司股票终止上市的决定》（深证上〔2024〕419 号），鉴于公司股票被深圳证券 交易所决定终止上市，根据《深圳证券交易所股票上市规则》《关于退市公司进 入退市板块挂牌转让的实施办法》等相关规定，公司应当在股票被终止上市后及 时做好相关工作，以确保公司股份在摘牌后四十五个交易日内可以进入全国股转 公司代为管理的退市板块（以 下简称"退市板块"）挂牌转让。相关事项公告 如下： 一、终 ...

证证券代码：000996 证券简称：中期退 公告编号：2024-041 中国中期投资股份有限公司 关于公司股票进入退市整理期交易第八次风险提示公告 6. 对于将在股票摘牌后至完成退市板块初始登记期间到期的司法冻结业务， 建议有权机关在股票摘牌前通过原协助执行渠道提前办理续冻手续。 中国中期投资股份有限公司（以下简称"公司"）于 2024 年 5 月 29 日 收到深圳证券交易所（以下简称"深交所"）下发的《关于中国中期投资股 份有限公司股票终止上市的决定》（深证上〔2024〕419 号），深圳证券交 易所决定终止公司股票上市。根据深交所《股票上市规则（2023 年 8 月修订）》 （以下简称"《上市规则》"）的相关规定，公司股票将于 2024 年 6 月 6 日 起进入退市整理期交易。现将公司股票在退市整理期交易的相关安排公告如 下： 一、公司股票在退市整理期间的的证券代码、证券简称及涨跌幅限制 1. 证券简称:中期退 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. 公司股票于退市整理期届满的次一交易日摘牌，公司股票终止上市。 2. 公司股票 ...

证证券代码：000996 证券简称：中期退 公告编号：2024-040 中国中期投资股份有限公司 关于公司聘请主办券商的公告 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。 一、聘请主办券商的情况说明 中国中期投资股份有限公司（以下简称"公司"）于 2024 年 5 月 29 日收到 深圳证券交易所（以下简称"深交所"）下发的《关于中国中期投资股份有限公 司股票终止上市的决定》（深证上〔2024〕419 号），深圳证券交易所决定终止 公司股票上市。 公司股票终止上市后，将转入全国股转公司代为管理的退市板块进行股份转 让。根据《深圳证券交易所股票上市规则》《关于退市公司进入退市板块挂牌转 让的实施办法》相关规定，公司应当聘请具有主办券商业务资格的证券公司并与 其签订相关协议，委托其提供进入全国股转公司代为管理的退市板块挂牌转让服 务，并授权其办理证券交易所市场的股份退出登记、股份重新确认、退市板块的 股份初始登记、提供股份转让服务等事宜。 二、聘请主办券商的基本情况 机构名称：西南证券股份有限公司 企业类型：股份有限公司（上市公司） 统一社会信用代码：91500 ...

证证券代码：000996 证券简称：中期退 公告编号：2024-039 中国中期投资股份有限公司 关于公司股票进入退市整理期交易第七次风险提示公告 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. 公司股票于退市整理期届满的次一交易日摘牌，公司股票终止上市。 二、公司股票退市整理期交易起始日及交易期限 2. 公司股票进入退市整理期的起始日为 2024 年 6 月 6 日，退市整理期为十 五个交易日，预计最后交易日期为 2024 年 6 月 27 日。 3. 公司股票将在退市整理期交易 15 个交易日，截止 2024 年 6 月 26 日已交 易 14 个交易日，剩余 1 个交易日，交易期满将被终止上市，敬请广大投资者 审慎决策，注意投资风险。 4. 退市整理期间，公司将不筹划或实施重大资产重组事项。 5. 请投资者、证券公司等市场主体在股票摘牌前及时了结股票质押式回购、 约定购回、融资融券、转融通、深股通等业务。 6. 对于将在股票摘牌后至完成退市板块初始登记期间到期的司法冻结业务， 建议有权机关在股票摘牌前通过原协助执行渠道提前办理续冻手续。 ...