值得关注的是，在此次主动申请退市前，因2024年年报难产，天茂集团本身也面临着较大的退市压 力。 今年以来，A股已有多家公司主动退市。 设有投资者保护机制 A股又有一家上市公司拟主动退市。 近日，天茂实业集团股份有限公司（以下简称"天茂集团"）发布公告称，公司拟以股东会决议方式 主动撤回A股股票在深交所的上市交易。不过，目前以股东会决议方式主动退市尚须股东表决通过。 在主动申请退市前，因2024年年报"难产"，天茂集团面临着较大的退市压力。根据此前公告，天茂 集团因未在法定期限内披露2024年年报、2025年一季报，公司自7月8日起复牌并实施退市风险警示。根 据上市规则，如果自实施退市风险警示之日起的两个月内仍未披露2024年年报，深交所将决定终止公司 股票上市交易。 5月6日，天茂集团公告称，收到中国证监会下发的《立案告知书》，因涉嫌未按期披露定期报告， 5月6日，中国证监会决定对公司立案。 此后，公司在股票停牌的两个月内仍未能披露2024年年度报告和2025年第一季度报告，7月8日，公 司股票复牌并被深交所实施退市风险警示，股票简称变为"*ST天茂"。根据深交所股票上市规则，若公 司在股票交易被实施退市风 ...

Market Performance - The three major stock indices experienced fluctuations and rose, with the Shanghai Composite Index briefly surpassing previous highs, reaching the highest level since December 2021 [1] - The ChiNext Index saw an increase of over 1% during the trading session [1] Sector Analysis - Sectors such as coal, logistics, agriculture, healthcare, liquor, and oil showed declines, while the military industry sector performed strongly [3] - Sectors including non-ferrous metals, automobiles, steel, and semiconductors saw upward movements, with industrial gases, PEEK materials, and photolithography machine concepts being particularly active [3] Market Sentiment - Market sentiment improved significantly due to easing trade tensions between China and the U.S. and expectations of interest rate cuts by the Federal Reserve [3] - Policy direction is gradually shifting towards supporting residents, exemplified by the introduction of fertility subsidies, which lays a foundation for economic recovery [3] - The strong performance of global risk assets further boosted the risk appetite in the A-share market, with expectations that both large and small caps will work together to break through historical resistance levels [3]

Group 1 - The core viewpoint of the articles is that the proactive delisting of companies like *ST Tianmao raises concerns about regulatory oversight and the need for stricter measures for problem companies in the market [1][3] - The number of companies voluntarily delisting has increased, with 30 companies announced to be delisted this year, including 5 that chose to delist voluntarily [1][2] - The proactive delisting trend is expected to continue, with 2025 projected to be a significant year for voluntary delistings, contrasting with previous years where the numbers were much lower [2][3] Group 2 - The current delisting rate in the Shanghai and Shenzhen markets is notably low, with less than 1% of listed companies delisting annually, indicating a need for improvement compared to mature markets [2][3] - There are concerns regarding the effectiveness of the current delisting regulations, particularly in cases of financial fraud, where many companies are not forced to delist despite engaging in fraudulent activities [2][3] - The case of *ST Tianmao highlights the complexities surrounding voluntary delisting, including ongoing investigations by regulatory bodies and the need to protect investor rights even after delisting [3]

Core Viewpoint - The A-share market has seen a significant increase in both voluntary and involuntary delistings, indicating a tightening regulatory environment and a shift towards higher quality standards in the capital market [3][4]. Group 1: Voluntary Delistings - As of August 10, 2023, there have been five companies that voluntarily delisted through shareholder resolutions or mergers, surpassing the annual average of 1-4 cases from 2020 to 2024 [3]. - Companies such as 中航产融 (AVIC Capital) and 玉龙股份 (Yulong Co.) have already completed their delistings, while *ST天茂 (ST Tianmao) is in the process of withdrawing its listing due to failure to disclose financial reports [3]. - The proactive delisting of *ST天茂 is attributed to its inability to disclose the 2024 annual report, which could trigger mandatory delisting if not resolved by early September [3]. Group 2: Involuntary Delistings - Ten companies have triggered mandatory delisting criteria due to serious violations, with *ST高鸿 (ST Gaohong) being a notable case involving systematic financial fraud, including inflated revenues of 3.5 billion and profits of 4 billion [3]. - The chairman of *ST高鸿 has been fined 7.5 million and banned from the market for life, with total penalties for responsible parties amounting to 167 million [3]. Group 3: Regulatory Changes - New regulations effective in 2024 will raise the financial delisting revenue threshold from 100 million to 300 million, and introduce new criteria for delisting due to severe fraud [4]. - Eight companies have already been delisted this year for failing to meet the new market capitalization requirement of 500 million or for having share prices below par [4]. Group 4: Market Trends - A total of 30 companies have been delisted this year, with a balanced distribution among those delisted for major violations, financial issues, and trading problems [5]. - The regulatory body has initiated investigations against 35 out of 55 delisted companies, reflecting a more stringent enforcement approach [5]. - Policies encouraging market-driven delistings and discouraging "shell protection" behaviors have led to 12 cases of mergers, such as the absorption of 海通证券 (Haitong Securities) by 国泰君安 (Guotai Junan) [5].

1. Report Industry Investment Rating No content provided regarding the industry investment rating. 2. Core Views of the Report - The AH premium has significantly declined due to factors such as the acceleration of southbound capital inflows, the increasing attractiveness of Hong Kong stocks' dividend - paying sectors, and the improvement of the Hong Kong stock market structure. It may converge in the long - term but cannot be completely eliminated [24]. - The short - term bond market lacks a clear main line, with the 10 - year Treasury bond yield ranging between 1.6 - 1.8%. The short - end is benefited by loose liquidity, while the long - end is affected by the stock market and domestic demand policies. It is recommended to seize coupon opportunities of ordinary credit bonds, secondary perpetual bonds, and certificates of deposit [24]. - The margin trading balance has exceeded 2 trillion yuan again, reflecting the increasing market activity. The current A - share market has different characteristics from 2015, and the overall performance this year is expected to be better than that in 2013 [25]. - The short - term stock market may enter a consolidation period, and the focus may shift to style switching. For convertible bonds, it is recommended to reduce positions, take profits on high - priced varieties, and adjust the portfolio structure [25]. 3. Summary by Directory 3.1 Macro Data - In Q2 2025, GDP grew by 5.2% year - on - year, slightly lower than the previous quarter [1]. - In July 2025, the manufacturing PMI was 49.3%, down from the previous month; the non - manufacturing PMI was 50.1%, also lower than the previous month [1]. - In June 2025, the year - on - year growth rates of M0, M1, and M2 were 12.0%, 4.6%, and 8.3% respectively, showing different trends compared to the previous month and the same period last year [1]. - In July 2025, exports increased by 7.2% year - on - year, and imports increased by 4.1% year - on - year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The US will suspend the implementation of a 24% tariff on Chinese goods for another 90 days starting from August 12, 2025, while retaining a 10% tariff [2]. - Ant Group and China National Rare Earth Group have refuted the rumor of jointly building a rare - earth RMB stablecoin [2]. - The probability of the Fed cutting interest rates by 25 basis points in September is 85.9%, and the probability of cumulative rate cuts of 50 basis points in October is 55.1% [3]. 3.2.2 Metals - The suspension of lithium mine production by CATL has led to a full - board limit - up of lithium carbonate futures contracts, driving up the prices of domestic lithium carbonate spot and lithium mine stocks [4]. - The national standard for the transportation safety and multimodal transport of power lithium batteries will be implemented on February 1, 2026 [4]. - As of August 8, the inventories of various metals such as tin, zinc, and aluminum showed different changes [5]. 3.2.3 Coal, Coke, Steel, and Minerals - In June, the copper production of Escondida and Collahuasi mines in Chile decreased year - on - year [7]. - Codelco is gradually resuming the operation of its largest copper mine, El Teniente [7]. 3.2.4 Energy and Chemicals - The refined oil price may experience the fourth suspension of adjustment this year due to the rise and then fall of international oil prices during the current pricing cycle [8]. - Chongqing has issued regulations on the development and construction of distributed photovoltaic power generation [9]. - India plans to launch a credit guarantee plan and has released $3.4 billion in oil rescue compensation [9]. - In June, Colombia's natural gas and oil production decreased year - on - year [9]. - UBS expects Brent crude oil prices to fall to $62 per barrel by the end of this year and rise to $65 per barrel by mid - 2026 [10]. 3.2.5 Agricultural Products - Mexico has set a minimum export price for fresh tomatoes after the US imposed tariffs [11]. - Malaysia's palm oil exports in July increased by 3.82% compared to June [12]. 3.3 Financial News Compilation 3.3.1 Open Market - On August 11, the central bank conducted 112 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 432.8 billion yuan [13]. 3.3.2 Key News - The Ministry of Finance and the State Taxation Administration are soliciting public opinions on the implementation regulations of the VAT law [14]. - The central settlement company simplifies the investment process for overseas central bank - type institutions [14]. - The China Inter - bank Market Dealers Association strengthens the self - discipline management of underwriting quotes in the inter - bank bond market [15]. - The science and technology innovation bond market has expanded rapidly, and efforts are needed to improve the recognition of private enterprise science and technology innovation bonds [16]. - The debt risk of real estate enterprises is gradually being resolved, and the industry is moving towards a new stage [16]. 3.3.3 Bond Market Summary - Yields of major interest - rate bonds in the inter - bank market generally rose, and Treasury bond futures closed down [18]. - In the exchange bond market, some bonds of AVIC Industry - Finance Holdings Co., Ltd. and Treasury bonds rose, while some other bonds fell [18]. - The CSI Convertible Bond Index rose, and the performance of individual convertible bonds varied [19]. - Money market rates showed different trends, and the yields of financial bonds and Treasury bonds in auctions were announced [20]. - European and US bond yields showed different trends [22]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose, while the central parity rate was depreciated [23]. - The US dollar index rose, and most non - US currencies fell [23]. 3.3.5 Research Report Highlights - The AH premium has declined significantly, and it may converge in the long - term [24]. - The short - term bond market lacks a clear main line, and the 10 - year Treasury bond yield ranges between 1.6 - 1.8% [24]. - The margin trading balance has exceeded 2 trillion yuan again, and the A - share market is more active [25]. - The short - term stock market may enter a consolidation period, and convertible bond investment strategies need adjustment [25]. 3.4 Stock Market Key News - The A - share market was operating at a high level, with the Shanghai Composite Index rising for six consecutive days. Most stocks rose, and the trading volume expanded [30]. - The Hong Kong Hang Seng Index rose slightly, and the performance of different sectors varied [30]. - Many funds have suspended large - scale subscriptions due to the A - share market recovery [30]. - Four public funds have announced self - purchase plans for equity funds [31].

Core Viewpoint - The number of companies voluntarily delisting from the Chinese capital market has increased significantly this year, reflecting a deeper implementation of the "should delist, must delist" principle under stricter regulations [2][3][4]. Group 1: Voluntary Delisting Cases - Five companies have announced voluntary delisting as of August 10 this year, which is a notable increase compared to previous years [3]. - The methods of voluntary delisting include shareholder resolutions to withdraw from trading and mergers, with three companies opting for the former and two for the latter [3][4]. - The increase in voluntary delisting is attributed to market factors such as poor stock performance and the desire to alleviate short-term pressures [4]. Group 2: Regulatory Environment - The China Securities Regulatory Commission (CSRC) has emphasized the need to solidify and deepen the regular delisting mechanism, enhancing investor protection during the delisting process [5]. - A total of 30 companies have announced their delisting this year, with various reasons including major violations, trading-related issues, and financial irregularities [5][6]. - The regulatory framework for delisting has become more refined, with stricter standards for companies involved in financial fraud and other violations [6]. Group 3: Consequences of Delisting - Companies that delist, whether voluntarily or involuntarily, are still subject to regulatory scrutiny and potential penalties for past violations [7][9]. - For instance, *ST Tianmao is under investigation for failing to disclose financial reports on time, which could lead to further penalties even after voluntary delisting [8][9]. - The CSRC has taken a firm stance on holding companies accountable for their actions, ensuring that delisting does not exempt them from legal responsibilities [9].

继玉龙股份、中航产融后，A股又一家上市公司拟主动退市。 近日，*ST天茂发布公告称，公司拟以股东会决议方式主动撤回A股股票在深交所的上市交易。不过， 目前以股东会决议方式主动退市尚需股东表决通过。 在计划主动退市前，*ST天茂已经因无法在法定期限内披露2024年年报和2025年一季报，被实施退市风 险预警。 从业绩情况来看，近年来该公司净利润持续亏损，资产负债率超过85%。据*ST天茂2024年度业绩预 告，该公司去年归母净利润预计亏损5亿-7.5亿元。 *ST天茂拟主动退市 因财报"难产"拉响退市风险预警一个月后，*ST天茂作出了主动退市的决定。 *ST天茂称，由于公司拟进行业务结构调整，面临重大不确定性，可能对公司造成重大影响。若《关于 以股东会决议方式主动终止公司股票上市事项的议案》未能获得股东会审议通过，可能损害中小股东利 益，并提示股东在股东会表决时做出慎重决策。 根据*ST天茂此前披露，截至2025年7月18日，*ST天茂的股东人数约为11.19万人。而对于此次主动退 市存在异议的股东，*ST天茂称由荆门市维拓宏程管理合伙企业(有限合伙)向其提供现金选择权，行权 价格为1.60元/股。 *ST天茂 ...

8月9日，*ST天茂披露公告称，公司拟以股东会决议方式主动撤回A股股票在深交所的上市交易，并在 股票终止上市后申请转入全国中小企业股份转让系统有限责任公司代为管理的退市板块转让。 北京商报讯（记者 马换换 王蔓蕾）8月11日，*ST天茂（000627）开盘涨停，开于涨停价1.52元/股。 值得一提的是，*ST天茂是继玉龙股份、中航产融后，A股市场年内第三家拟主动退市公司。 ...

Group 1 - The A-share market is facing increased delisting risks due to financial fraud and information disclosure violations, with *ST Zitian, *ST Suwu, *ST Tianmao, and *ST Gaohong being the focal points [1][4] - As of now, 23 companies have been delisted in the A-share market this year, with reasons including financial delisting, trading delisting, major illegal forced delisting, and voluntary delisting [3] - *ST Gaohong has been subjected to a forced delisting procedure due to serious financial fraud and has been fined 135 million yuan by the CSRC, with its stock price down 26.82% this year [4][5] Group 2 - *ST Zitian received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing due to false financial reporting, with a stock price decline of 87.01% this year [4] - *ST Suwu is under investigation for information disclosure violations, with a stock price drop of 87.88% this year, nearing the delisting threshold [5] - *ST Tianmao has opted for voluntary delisting and plans to provide a cash option for investors at 1.60 yuan per share, with a stock price decline of 68.95% this year [6] Group 3 - The trend of voluntary delisting is emerging, with five companies, including *ST Tianmao, choosing this route, often providing cash options to protect investor interests [6]

■ 谢若琳 8月8日晚间，*ST天茂公告宣布，选择主动退市，这也是今年第三例主动退市案例。 危机在四个月前已现端倪。4月底，*ST天茂未能如期披露2024年年报和2025年一季报，这一异常举动 立即引发监管关注。5月5日，*ST天茂公告称，公司因涉嫌未按期披露定期报告，被证监会立案调查。 两个月后的7月8日，公司被实施退市风险警示，股票简称由"天茂集团"变更为"*ST天茂"。根据规定， 若9月6日前公司仍无法披露年报，将面临强制退市。于是，主动退市成为*ST天茂综合考虑下的首选。 主动退市常态化也是A股走向成熟的必经之路。过去A股市场以强制退市为主，自新"国九条"提出"加大 退市监管力度"以来，监管层面不断畅通多元化退市渠道，鼓励支持市场化的退市方式，越来越多的上 市公司选择主动退市。 今年，已经有5家上市公司"主动离场"。其中，*ST天茂、玉龙股份、中航产融3家公司选择主动退市； 中国重工、海通证券则因吸收合并退市。而主动退市的上市公司大多设置现金选择权，如*ST天茂的现 金选择权的行权价格为1.60元/股，较停牌前收盘价（1.45元/股）溢价10.34%。 上市公司不仅要能"退得下"，更要力争"退得稳"。 ...