市场按下优胜劣汰“加速键” 公募基金努力出招应对

Core Viewpoint - The A-share market is accelerating the elimination of underperforming companies, with over 140 listed companies facing delisting risk warnings this year, leading to significant stock price declines for many of these companies [1][2][4]. Group 1: Market Dynamics - More than 140 listed companies have been implemented with ST (Special Treatment) status due to new regulations, with 43 and 27 companies receiving this status on April 30 and May 6, respectively [2]. - Companies under delisting risk warnings generally experience sharp declines in stock prices, impacting funds that have invested in these stocks [2][4]. - The "shell value" of listed companies has significantly decreased due to strict enforcement of delisting regulations [7]. Group 2: Fund Involvement - Despite the decline in interest from public funds in ST stocks, some companies that may potentially remove their ST status are still attracting attention from public funds [1][7]. - Among the 140+ companies facing delisting risk, only 19 have fund holdings, primarily from passive funds like ETFs [4]. - Public funds have a low "踩雷" (踩雷 means to hit a mine, referring to investment losses) ratio, with most holdings being in theme ETFs rather than actively managed funds [4]. Group 3: Specific Company Cases - *ST天择, an AI media concept stock, saw its stock price drop significantly after being placed under ST status, despite previously attracting substantial public fund investment [3][2]. - 松发股份 also faced ST status due to negative financial performance, with public funds holding a high concentration in this stock [3]. - ST华通, which faced ST status due to financial fraud, has seen a recovery in stock price, with 22 equity products investing in it as of the end of Q1 this year [7]. Group 4: Investment Strategies - The process for a stock to enter a core stock pool involves multiple layers of scrutiny, with fundamental performance being the primary criterion [5]. - Fund managers must undergo a complex approval process to invest in high-risk ST stocks, reflecting a cautious approach in the current regulatory environment [8]. - Some index funds may choose to retain ST stocks in their portfolios, while others may opt to remove them based on their investment strategies [6].