基金经理没吃到“硬菜”，砸盘了？

Core Viewpoint - The sudden drop in SH Technology's stock price was triggered not by financial performance or regulatory issues, but by the lack of a proper meal during an institutional research meeting, reflecting a distorted market culture in A-shares [1][7][10] Group 1: Market Reaction - SH Technology's stock price fell sharply the day after a highly publicized institutional research meeting, with the catalyst being complaints from fund managers about the absence of a decent meal [1][7] - Comments from fund managers suggested that the lack of a meal indicated financial instability, leading to a negative market sentiment [1][10] Group 2: Underlying Issues - The incident highlights a twisted norm in the A-share market where the quality of hospitality during investor meetings is seen as a measure of a company's strength and sincerity [3][8] - There is a concern that some fund managers' professional judgments are influenced by non-rational factors, which could distort the capital market's pricing mechanism [5][10] Group 3: Regulatory and Cultural Implications - Regulatory authorities have emphasized the need to standardize investor relations management and prohibit the transmission of undisclosed information through informal channels [5][10] - If the "dining culture" affects investment decisions and leads to implicit exchanges of benefits, it raises serious concerns about market integrity and compliance [5][10] Group 4: Recommendations for Improvement - The capital market should return to its fundamentals, focusing on value and transparency rather than hospitality [6][11] - Companies should prioritize enhancing core technologies, improving governance structures, and increasing profitability over elaborate reception arrangements [6][11] - Fund managers should rely on solid research rather than personal relationships to make investment decisions, promoting a more mature and rational A-share market [6][11]