Core Points - *ST Changyao (300391.SZ) experienced a decline of 9.34%, closing at 2.33 yuan, with a total market capitalization of 816.3 million yuan [1] - The company received a "Notice of Investigation" from the China Securities Regulatory Commission (CSRC) on November 7, 2025, due to suspected false reporting of financial data [1] - If the CSRC's subsequent administrative penalties confirm the violations, the company may face mandatory delisting under the Shenzhen Stock Exchange's rules for major violations [1]

公司虽已于前期推进预重整,但对照最高人民法院和中国证监会于2024年12 月31日发布的《关于切实审理好上市公司破产重整案件工作座谈会纪要》(法 (2024)309号)(以下简称"《重整纪要》")予以自查，因公司已被立案调查，且 存在重大违法强制退市的风险，属于《重整纪要》第9条"不具备作为上市公司 的重整价值"的情形，公司存在不符合重整条件的风险。 3、公司存在财务类强制退市风险。 证券代码：300391 证券简称：*ST 长药 公告编号：2025-100 长江医药控股股份有限公司 关于立案调查进展暨风险提示公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 重要风险提示： 1、公司存在重大违法强制退市风险。 长江医药控股股份有限公司(以下简称"公司")于2025年11月7日收到中国 证券监督管理委员会(以下简称"中国证监会")下发的《立案告知书》(证监立 案字0042025020号),因公司涉嫌定期报告等财务数据虚假记载，根据《中华人民 共和国证券法》《中华人民共和国行政处罚法》等法律法规，中国证监会决定对 公司立案。若后续经中国证监会行政处罚认定的事实， ...

Core Viewpoint - The A-share market showed a decline with the Shanghai Composite Index closing at 3878.00 points, down 0.51% and below the five-day moving average, with a total trading volume of 168.36 billion yuan [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3878.00 points, reflecting a decrease of 0.51% [1]. - The total trading volume in the A-share market reached 168.36 billion yuan [1]. Group 2: Stocks Breaking the Five-Day Moving Average - A total of 233 A-shares broke above the five-day moving average today [1]. - Notable stocks with significant deviation rates include: - Sifangda (300179) with a deviation rate of 12.01% and a daily increase of 15.37% [1]. - *ST Changyao (300391) with a deviation rate of 11.26% and a daily increase of 20.09% [1]. - Jindike (688670) with a deviation rate of 8.49% and a daily increase of 15.93% [1]. Group 3: Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that just crossed the five-day moving average include: - Jiuli Special Materials (300996) with a deviation rate of 8.38% and a daily increase of 11.38% [1]. - Zhongheng Design (603017) with a deviation rate of 8.14% and a daily increase of 9.98% [1]. - Shuangqiang Technology (001211) with a deviation rate of 7.13% and a daily increase of 9.99% [1].

Group 1 - The Shanghai Composite Index closed at 3878.89 points, below the five-day moving average, with a decline of 0.48% [1] - The total trading volume of A-shares reached 1,352.517 billion yuan [1] - A total of 193 A-shares have surpassed the five-day moving average today, with notable stocks including Sifangda, Puliansoft, and Zhongheng Design showing significant deviation rates of 12.40%, 8.97%, and 8.14% respectively [1] Group 2 - The stocks with the highest deviation rates from the five-day moving average include: - Sifangda (300179) with a price increase of 15.89% and a deviation rate of 12.40% - Puliansoft (300996) with a price increase of 12.16% and a deviation rate of 8.97% - Zhongheng Design (603017) with a price increase of 9.98% and a deviation rate of 8.14% [1] - Other notable stocks with smaller deviation rates include: - Jianmin Group, Klete, and Sanwei Equipment, which have just crossed the five-day moving average [1]

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of November 28, there are 919 stocks with a circulating market value below 3 billion yuan, and 356 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,641 stocks have a total market value below 5 billion yuan, with 514 stocks below 3 billion yuan [1] Smallest Market Capitalization Stocks - The three stocks with the smallest circulating market values are: - *ST Yuan Cheng: 189 million yuan - Kuntai Co., Ltd.: 651 million yuan - Kangliyuan: 698 million yuan [1] - The three stocks with the smallest total market values are: - *ST Yuan Cheng: 189 million yuan - *ST Changyao: 813 million yuan - *ST Suwu: 881 million yuan [1] Selected Stocks with Low Market Capitalization - A list of stocks with circulating market values below 2 billion yuan includes: - *ST Yuan Cheng: 189 million yuan, PE ratio: N/A, Industry: Construction Decoration - Kuntai Co., Ltd.: 651 million yuan, PE ratio: 47.32, Industry: Automotive - Kangliyuan: 698 million yuan, PE ratio: 36.15, Industry: Light Industry Manufacturing - Other notable stocks include: - Yangzhou Jinqiao: 719 million yuan, PE ratio: 25.10, Industry: Textile and Apparel - Keres: 735 million yuan, PE ratio: 179.75, Industry: Communication [1][2]

Group 1 - The Chinese medicine sector experienced a decline of 0.83% on November 28, with Yue Wannianqing leading the drop [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] - Key stocks in the Chinese medicine sector showed mixed performance, with Tai Long Pharmaceutical rising by 5.37% to a closing price of 8.04 [1] Group 2 - Yue Wannianqing saw a significant drop of 13.71%, closing at 22.84, with a trading volume of 296,100 shares [2] - Other notable declines included Zhongsheng Pharmaceutical, which fell by 10.00% to 23.95, and Te Yi Pharmaceutical, which decreased by 6.41% to 14.01 [2] - The overall net capital flow in the Chinese medicine sector indicated a net outflow of 981 million yuan from main funds, while retail investors contributed a net inflow of 766 million yuan [2]

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of November 27, there are 947 stocks with a circulating market value below 3 billion yuan, and 361 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,673 stocks have a total market value below 5 billion yuan, with 535 stocks having a total market value below 3 billion yuan [1] Smallest Stocks by Circulating Market Value - The three stocks with the smallest circulating market values are: - *ST元成: 189 million yuan - 坤泰股份: 635 million yuan - 康力源: 691 million yuan [1] Smallest Stocks by Total Market Value - The three stocks with the smallest total market values are: - *ST元成: 189 million yuan - *ST长药: 802 million yuan - *ST苏吴: 881 million yuan [1] Selected Stocks Overview - A table lists various stocks with their circulating market values, total market values, price-to-earnings ratios, and industry classifications, highlighting the diversity in sectors such as automotive, light manufacturing, and healthcare [1][2]

New Stock Listings - Nant Technology (920124) listed at an issue price of 8.66 on November 27, 2025[1] - Tianpu Co., Ltd. (605255) is in the offer period from November 20 to December 19, 2025[1] - Jianglong Shipbuilding (300589) and Huasheng Lithium Battery (688353) reported significant abnormal fluctuations[1] Abnormal Fluctuations - Multiple companies including ST Wanfang (000638) and ST Dongyi (002713) have reported abnormal trading activities[2] - Companies such as ST Suwu (600200) and ST Yanshan (000608) are also under scrutiny for unusual market behavior[3]

Core Insights - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Market Overview - As of November 26, there are 956 stocks with a circulating market value below 3 billion yuan, and 373 stocks with a circulating market value below 2 billion yuan [1] - A total of 1,687 stocks have a total market value below 5 billion yuan, with 550 stocks below 3 billion yuan [1] Smallest Stocks by Circulating Market Value - The three stocks with the smallest circulating market values are: - *ST元成: 189 million yuan - 坤泰股份: 635 million yuan - 康力源: 681 million yuan [1] Smallest Stocks by Total Market Value - The three stocks with the smallest total market values are: - *ST元成: 189 million yuan - *ST长药: 872 million yuan - *ST苏吴: 881 million yuan [1] Selected Stocks with Low Market Values - A list of stocks with circulating market values below 2 billion yuan includes: - *ST元成: 1.89 billion yuan, PE ratio: N/A, Industry: Construction Decoration - 坤泰股份: 635 million yuan, PE ratio: 46.19, Industry: Automotive - 康力源: 681 million yuan, PE ratio: 35.26, Industry: Light Industry Manufacturing - 扬州金泉: 706 million yuan, PE ratio: 24.66, Industry: Textile and Apparel - 科瑞思: 707 million yuan, PE ratio: 172.76, Industry: Communication [1][2]

Core Viewpoint - The article discusses the ongoing strict regulatory environment for listed companies in China, highlighting recent administrative penalties and investigations against several A-share companies, particularly focusing on issues related to financial misconduct and information disclosure violations [3][4]. Group 1: Regulatory Actions - Multiple A-share companies, including Longbai Group, Dongjiang Environmental Protection, and *ST Chuangxing, have received administrative penalties for various violations, including false financial reporting and undisclosed related-party transactions [3][5]. - Over 10 A-share companies have been penalized or investigated in November alone, with a significant number being ST companies, indicating a heightened regulatory scrutiny [3][4]. Group 2: Specific Cases - Longbai Group's subsidiary was fined 1.49 million yuan due to a safety incident that resulted in casualties and economic losses, while Dongjiang's subsidiary faced penalties for tax evasion amounting to 202.42 million yuan [6][7]. - *ST Chuangxing was found to have false financial records and inadequate disclosure of related-party transactions, leading to a correction order from the Shanghai Securities Regulatory Bureau and warnings issued to its executives [8][9]. Group 3: Other Companies Involved - Companies like Haosai and Jushihua were also investigated for information disclosure violations, with their stock prices dropping significantly following the announcements [10]. - Jia Ying Pharmaceutical faced penalties for failing to disclose 220 million yuan in related-party loans, resulting in warnings and fines totaling 4.9 million yuan [10][11]. - Hengli Tui, which has been delisted, was penalized for financial fraud involving inflated revenue figures, leading to fines of 39.4 million yuan against the company and its executives [13][14].