短期调整不改中小盘成长占优

Group 1 - The implementation of the new "National Nine Articles" starting January 1, 2025, will significantly reduce the number of companies at risk of being classified as ST (Special Treatment) or facing delisting, as many companies have already responded to the new regulations by enhancing their self-management and increasing shareholder returns [1][16][42] - The number of companies potentially classified as ST due to insufficient dividends has decreased significantly, with 210 companies on the main board and 105 on the ChiNext and Sci-Tech Innovation boards identified as at risk, a reduction of 16 and 95 companies respectively compared to previous assessments [16][19][20] - The new regulations impose strict constraints on companies that fail to meet dividend standards, with specific thresholds set for different boards, which is expected to lead to an increase in actual dividend distributions in 2024 [16][19] Group 2 - Short-term and long-term perspectives indicate that small-cap growth stocks remain worthy of allocation, supported by favorable policies, external events, and liquidity conditions [2][37] - In the short term, the market is likely to see further positive policy implementations, including expanded equipment renewal and consumption stimulus measures, which will benefit small-cap growth stocks [2][37] - Long-term projections suggest that 2025 will likely be a phase of profit peak and credit stabilization, where high-performing small-cap stocks may outperform [2][37] Group 3 - The number of companies facing mandatory delisting due to major violations has decreased from 29 to 19, indicating improved compliance among listed companies [20][21] - The number of companies at risk of delisting due to regulatory compliance issues has slightly increased, with 19 companies identified that received negative or unqualified audit opinions [20][21] - Financially distressed companies have seen a significant reduction in potential delisting risks, with 76 new companies identified as at risk based on the latest financial data, down from 99 [20][21]