A股“炒小炒差”风气逆转

Core Viewpoint - The article discusses the increasing regulatory scrutiny and consequences faced by ST companies in the A-share market, highlighting a shift from speculative trading to risk-averse investment strategies as a result of ongoing reforms and a "zero tolerance" approach to financial misconduct [3][16]. Financial Misconduct and Penalties - ST Yuanzhi and *ST Lifang have been subjected to risk warnings and penalties due to long-term financial fraud, with *ST Lifang found to have inflated revenue by over 600 million yuan across three years [3][5][8]. - ST Yuanzhi was penalized for falsely reporting sales and rental income, leading to inflated revenues of approximately 336 million yuan and profits of about 93 million yuan from 2019 to 2021 [5][6]. - *ST Lifang's fraudulent activities included inflated revenues of 280 million yuan, 312 million yuan, and 46 million yuan for the years 2021 to 2023, with penalties totaling 40 million yuan imposed on the company and its executives [8][7]. Changes in Market Behavior - There is a notable shift in investor behavior from speculative trading in low-quality stocks to a more cautious approach focused on selecting high-quality investments, as indicated by the recent regulatory actions against ST companies [3][16]. - The article emphasizes that the market is moving away from the "炒差" (speculative trading) mentality towards a more mature investment philosophy that prioritizes risk management [18]. Financial Performance of Companies - Both ST Yuanzhi and *ST Lifang have reported significant financial losses in recent years, with ST Yuanzhi's net profit losses exceeding 400 million yuan from 2018 to 2022, and *ST Lifang's losses surpassing 1 billion yuan over five years [14][15]. - In 2023, *ST Lifang continued to report losses, with a net profit loss of approximately 62 million yuan in the first nine months [14]. Regulatory Environment - The article highlights the intensified regulatory environment for ST companies, with a focus on maintaining market integrity and eliminating fraudulent entities as part of the ongoing registration system reforms [16][17]. - The regulatory actions are seen as a necessary step to "clear the market" and ensure a healthier investment ecosystem [17].