华夏时报（www.chinatimes.net.cn）记者 董红艳 北京报道 亚振家居(603389.SH)的"披星戴帽"并未对其股价形成压力。5月19日开盘，*ST亚振再度涨停，9.96元/股，涨幅 4.95%，连续10个交易日涨停，累计涨幅62.75%。有股民评价称："（股价）ST比没ST时还猛！" 4月份，*ST亚振的股价也曾出现大幅上涨，结合上涨之后公布的控制权变更计划，市场上产生了"内幕交易"的质 疑声。不过，亚振家居方面向《华夏时报》记者对此进行了否认。 对于*ST亚振股价的频繁大幅波动，分析人士向《华夏时报》记者指出，从基本面恶化倒逼控制权尝试变更，到 小市值特征吸引投机资金，再到概念炒作放大波动，亚振家居的股价异动是多重问题和矛盾的连锁反应。这一连 串的反应在面临退市压力的小盘股中具有一定的典型性。 值得关注的是，随着*ST亚振股权转让的推进，新东家吴涛逐渐走进公众视野。而这位矿业大亨曾在资本市场因 为对游久游戏的操作，引发大量关注。这也引得投资者对于*ST亚振本次易主想象颇丰。 股价上演疯狂十连板 而值得关注的是，被实施了退市风险警示后，*ST亚振的股价却反常表现得"极为兴奋"。交易数据显示 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed a total penalty of 294 million yuan on He Mou Ru for manipulating the securities market, highlighting the ongoing crackdown on market manipulation practices in the industry [1][3]. Group 1: Penalty Details - He Mou Ru was found to have controlled multiple securities accounts and manipulated stock prices through tactics such as "capping the涨停" (price limit), resulting in illegal profits of 147 million yuan [3][4]. - The CSRC decided to confiscate He Mou Ru's illegal gains of 147 million yuan and impose an equal fine of 147 million yuan, totaling 294 million yuan in penalties [4]. - This case is part of a broader trend, as the CSRC has issued at least three penalties exceeding 1 billion yuan this year, with total fines surpassing 750 million yuan for similar market manipulation violations [4]. Group 2: Regulatory Actions - The CSRC has intensified its enforcement efforts, with 739 securities and futures law violations investigated in 2024, resulting in 592 penalty decisions, including 178 insider trading cases and 71 market manipulation cases [4]. - The CSRC's vice chairman, Chen Huaping, emphasized the commitment to combat insider trading and market manipulation that severely harm the interests of small investors during the "5.15 National Investor Protection Promotion Day" event [5].

特别提示： 根据中国证券登记结算有限责任公司深圳分公司出具的《信息披露义务人 持股及股份变更查询证明》《股东股份变更明细清单》、本次交易相关内幕知 情人等相关方出具的自查报告、存在买卖情形的相关机构和人员出具的声明及 承诺等文件，在上述内幕信息知情人等相关方出具的自查报告及相关声明真实、 准确、完整的前提下，上述相关自然人和机构在自查期间买卖佛山佛塑科技集 团股份有限公司（以下简称"佛塑科技""上市公司""公司"）股票的行为 不会对本次交易构成实质性障碍；除上述情况外，纳入本次交易核查范围内的 其他内幕知情人等相关方在自查期间不存在于二级市场买卖佛塑科技股票的情 况；本次重组不存在因涉嫌内幕交易被中国证监会立案调查或者被司法机关立 案侦查的情形，符合《深圳证券交易所上市公司自律监管指引第 8 号——重大 资产重组（2025 年修订）》之相关规定。 证券代码：000973 证券简称：佛塑科技 公告编号：2025-27 佛山佛塑科技集团股份有限公司 关于发行股份及支付现金购买资产并募集配套资金暨关联交易 相关主体买卖股票情况自查报告的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、 ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-054 本次交易的股票交易自查期间为上市公司本次重组停牌前 6 个月至重组报告书披 露之前一日止，即自 2024 年 9 月 19 日至 2025 年 4 月 25 日。 二、本次交易的内幕信息知情人核查范围 新奥天然气股份有限公司 关于本次交易相关内幕信息知情人买卖股票情况的 自查报告的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 新奥天然气股份有限公司（以下简称"公司" "上市公司"或"新奥股份"）拟通过 全资子公司私有化新奥能源控股有限公司（股票代码：02688.HK，以下简称"标的公 司"），并以介绍上市方式在香港联合交易所有限公司主板上市（以下简称"本次交易" "本次重组"）。 根据《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露内容与格 式准则第 26 号——上市公司重大资产重组》及《监管规则适用指引——上市类第 1 号》 等文件的规定，公司对本次交易涉及的相关内幕信息知情人买卖公司股票进行核查，现 就查询情况公告如下： 一、本 ...

每经评论员 杜宇 笔者认为，ST联合应详细披露重组计划的具体细节，包括资金来源、整合方案、业绩承诺与补偿机 制、提供详细的决策流程和人员信息，以便公众和监管机构能够清楚地了解到决策的全过程，澄清市场 疑虑。此外，公司还需向投资者充分说明此次重组对改善公司业绩、提升市场竞争力的具体作用，避免 投资者因信息不对称而产生不必要的恐慌或盲目跟风。 5月14日晚间，ST联合（SH600358，前收盘价4.73元，市值：23.88亿元）发布公告称，公司筹划以发行 股份及支付现金的方式购买江西润田实业股份有限公司（以下简称润田实业）部分或全部股权并募集配 套资金，预计构成重大资产重组和关联交易。然而，就在公告发布的当天，ST联合股价提前涨停，这 一异常表现引发了市场对内幕交易的强烈质疑。 根据相关规定，上市公司在发布重要公告之前，应当严格保密，避免信息泄露。然而，ST联合在5月14 日收盘时股价涨幅达5.11%，而公司是晚间才发公告宣布谋划重大资产重组，某些人的先知先觉，引发 了市场对内幕交易的质疑。 值得注意的是，ST联合近年来的业绩表现不佳，2023年至2025年第一季度归母净利润持续亏损，分别 为-1696.05万元 ...

Group 1 - The core viewpoint emphasizes the importance of protecting the legal rights of small and medium investors as a foundation for the sustainable and healthy development of the capital market [1] - The current legal framework for protecting small and medium investors is expected to become more robust and effective [1] Group 2 - Small and medium investors are at a disadvantage in terms of investment experience, information access, and analytical skills, making them vulnerable to violations such as false statements, insider trading, and market manipulation [2] - From March 2021 to March 2025, the Beijing Financial Court accepted 9,101 cases of securities fraud liability disputes, with 9,077 cases (99.7%) related to securities false statement liability [2] Group 3 - The legal system for false statement civil lawsuits is more developed, leading to a higher number of lawsuits related to false statements compared to other violations [3] - Investors can also seek compensation for losses caused by insider trading and market manipulation under the Securities Law [3] Group 4 - The Supreme People's Court's new regulations have removed the pre-litigation procedures for false statement civil lawsuits, allowing investors to file lawsuits without waiting for administrative or criminal penalties [4] - The main challenge in these cases lies in the burden of proof, particularly in establishing causation and loss [4] Group 5 - The introduction of the new regulations is expected to ease the burden of proof for investors, but it will take time for the system to fully implement these changes [5] - Future improvements in the litigation process and better communication between lawyers, courts, and regulatory bodies are anticipated [5] Group 6 - The new Securities Law has established mechanisms for representative lawsuits and special representative lawsuits to address collective disputes among investors [6] - The Beijing Financial Court is exploring an innovative "dual-track dual-platform" mechanism for resolving collective disputes, combining representative lawsuits with demonstration judgment mechanisms [6] Group 7 - Both representative lawsuits and demonstration judgments can enhance trial efficiency and reduce the cost of rights protection for investors [7] - The Supreme Court and the Securities Regulatory Commission have established a diversified dispute resolution mechanism to provide alternatives to litigation for investors [7] Group 8 - In false statement liability disputes, accurately identifying the responsible parties is crucial for protecting investors' rights and increasing the cost of violations [8] - The determination of civil liability among various defendants, including issuers and intermediaries, is a key focus in these cases [8] Group 9 - Recent judicial practices have introduced proportional joint liability to determine the responsibility of intermediary institutions in false statement cases [9] - This approach considers the subjective fault of the intermediary and the causal relationship between their negligence and the resulting damages [9] Group 10 - There is often a discrepancy between the amount compensated and the actual losses incurred by investors, which can be confusing [10] - The court determines compensation based on the actual losses incurred due to false statements, which may not cover all losses experienced by the investor [10] Group 11 - The legal basis for claims related to securities false statements is tort liability, which requires precise determination of damages and causation [11] Group 12 - The increase in civil compensation cases related to market manipulation and insider trading highlights the need for judicial interpretations in these areas [12] - The current Securities Law includes provisions for civil liability related to insider trading and market manipulation, but remains somewhat general [12] Group 13 - There is ongoing academic debate regarding the necessity of judicial interpretations for civil compensation related to insider trading and market manipulation [13] - Establishing a clear framework for civil liability in these cases is essential for ensuring investor compensation [13]

证券代码：000422 证券简称：湖北宜化 公告编号：2025-049 湖北宜化化工股份有限公司 关于本次重组相关主体买卖股票情况自查 报告的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 根据中国证券登记结算有限责任公司深圳分公司出具的《信息披 露义务人持股及股份变更查询证明》《股东股份变更明细清单》、本 次交易相关内幕知情人等相关方出具的自查报告、存在买卖情形的相 关机构和人员出具的声明及承诺等文件，在上述内幕信息知情人等相 关方出具的自查报告及相关声明真实、准确、完整的前提下，上述相 关自然人和机构在自查期间买卖湖北宜化化工股份有限公司（以下简 称"上市公司"或"湖北宜化"）股票的行为不会对本次交易构成实 质性障碍；除上述情况外，纳入本次交易核查范围内的其他内幕知情 人在自查期间不存在于二级市场买卖湖北宜化股票的情况；本次重组 不存在因涉嫌内幕交易被中国证监会立案调查或者被司法机关立案 侦查的情形，符合《深圳证券交易所上市公司自律监管指引第 8 号— —重大资产重组（2025 年修订）》之相关规定。 湖北宜化拟支付现金购买控股股东湖北宜 ...

Group 1 - The core issue revolves around the investigation of the controlling shareholder, Jiang Wei, for insider trading, which has raised concerns about potential related party transactions and market trust in the company [1][2] - The company reported a significant decline in revenue growth, with a 1.64% increase projected for 2024, marking a four-year low, while traditional business segments are experiencing revenue declines [2][3] - The company's reliance on acquisitions for growth is being questioned, as the integration of acquired entities has shown mixed results, and R&D investment has decreased significantly [3][4] Group 2 - The company faces internal challenges, including governance issues and declining performance, while external pressures from industry competition and pricing strategies are intensifying [4] - The medical aesthetics sector is becoming increasingly competitive, with other players also facing challenges, indicating a potential end to the high-growth phase for hyaluronic acid products [3][4] - To regain market confidence, the company must address compliance, innovate in R&D, and diversify its business operations [4]

5月8日，身处控制权更迭中的康惠制药（603139.SH)在北京酒仙桥注册了新的子公司，业务聚焦科技人 工智能与中药毫无关联，名称中的"智创"字样则与收购方名称（悦和智创）一脉相承。 相关细节正折射一种可能：虽然转让控制权的交易仍在等待交易所的审查与确认，理论上尚存不确定 性，但公司已经按照易主成功完成来启动业务布局。 康惠制药这次易主事件，属于典型的"小公司，大戏码"。新崛起的"算力新贵"携真金白银完成了对传统 中药大佬的逆袭，而卡在财报季最后，康惠制药拿出一份行业垫底、经营崩塌之惨烈超预期的成绩单， 则让交易各方真实目的越来越难以遮掩：套现方急于速战速决，接盘方图的就是个"壳"。 前文《康惠制药：迷途中易主，"遗老"与"新贵"的资本联姻术》，梳理了一个靠保健品生意起家的传 统"药人"，如何在运营上市企业过程中陷入并购迷途，最终只能靠卖掉企业套现来完成最后一搏； 也对这场资本联姻的逻辑进行剖析：一对算力公司实控人夫妇，通过一个当天成立的合伙企业，以外界 眼中非理性高价（24.70元/股）豪掷5.43亿，来收购一家财务恶化的中药上市公司——同时不管你信不 信，坚称其目的不是借壳。 本文则聚焦这场控制权变更"速 ...

资料来源：赣锋锂业 2024年度可持续发展报告 编者按：ESG年报解读为搜狐财经及价值公司100联合发起的针对各公司ESG报告披露情况的解读专 栏。 参考上交所《上市公司治理准则》、港交所《环境、社会及管治守则》等文件，搜狐财经迭代完善各行 业ESG测评体系标准，并以最新标准为依托，以2024年公司ESG报告为主要数据来源，对公司环境资 源、社会责任及公司管治进行了评价。 本文为"赣锋锂业"篇。 出品 | 搜狐财经 研究员 | 张子豪 近期，"锂矿双雄"双双公布2025年一季报。赣锋锂业营收37.72亿元，同比下滑25.43%，亏损3.56亿元； 天齐锂业营收25.84亿元，与上年同期持平，净利润1.04亿元，已实现扭亏为盈。 2024年，赣锋锂业面临全球锂行业的深度调整，也迎来了上市15年来首次年度亏损。全年营收189亿 元，同比下滑42.66%，归母净亏损20.74亿元，资产负债率攀升至52.8%的历史高位。 2024年至今，赣锋锂业面临内幕交易行为的行政处罚，以及金融衍生品操作的损失等挑战。本文结合赣 锋锂业2024年度可持续发展报告，从ESG视角分析赣锋锂业的相关情况。 赣锋锂业涉内幕交易被罚，高管合 ...