出品｜搜狐财经 作者｜汪梦婷 市场回暖之际，一批早期投资者正悄然兑现收益。 9月26日晚间，天岳先进发布公告称，持股5.63%的股东哈勃科技创业投资有限公司（下称"哈勃投资"）拟减持公司股份合计不超过387.69万股，即不超过公 司总股本的0.8%。 哈勃投资系华为旗下CVC机构，专注硬科技投资，截至目前，哈勃投资持有天岳先进2726.25万股股份，均为天岳先进IPO之前获得，此次减持为入股以来首 次。 天岳先进的情况并非个例。9月以来，A股市场迎来一波减持小高潮。截至9月26日，仅当天就有天岳先进、再升科技、紫燕食品、莎普爱思等10家公司发布 股东减持计划。 据Wind数据，9月前四周A股上市公司共发生696起减持事件，较去年同期的467起增加约49%。 市场回暖"减持潮"再现 自2025年4月以来，A股市场持续震荡上行，上证指数在9月18日最高探至3899点，创下近十年新高。在此背景下，创投机构减持活动明显活跃。 Wind数据显示，今年9月以来，已有426家上市公司发布减持公告，涉及696起减持，其中超168家起减持计划涉及股权投资股东。 | 日期： | 首次公告日期 √ | 开始日期: | 2025-0 ...

Core Viewpoint - The recent surge in the A-share market has led to a significant increase in share reduction plans by listed companies, indicating a potential "reduction tide" as shareholders seek to cash out during market highs [1][10]. Group 1: Market Trends - Since July, the Shanghai Composite Index has reached new highs, surpassing 3600 points, prompting nearly 400 A-share companies to announce around 700 share reduction plans [1][3]. - The month of July has seen a notable increase in stock prices, with the Shanghai Composite Index reporting a rise of 0.12% to close at 3597.94 points on July 28 [3]. Group 2: Share Reduction Details - A total of 382 companies have disclosed share reduction plans in July, with significant reductions from companies like Tianli Lithium Energy, Dali Kape, and Delmar, where reductions exceeded 4% [3][4]. - Notably, Tianli Lithium Energy's major shareholder plans to reduce 540,000 shares, representing 4.55% of the total share capital, with an estimated cash-out of approximately 161 million yuan [4]. Group 3: Shareholder Behavior - Several companies have experienced coordinated share reductions by multiple shareholders, such as Guoyuan Technology, where 14 individuals plan to reduce a total of 264,300 shares, accounting for about 1.99% of the total share capital [5][6]. - Shareholders of stocks that have recently seen price increases, such as Zhongshe Co. and Meibang Co., have also engaged in significant cashing out during this period [8][9]. Group 4: Regulatory Environment - The regulatory environment has tightened around share reductions, with measures in place to prevent "roundabout reductions" and other covert operations, aiming to balance the freedom of reductions with market stability [11][12]. - The implementation of new reduction regulations has reportedly led to a decrease in reduction amounts and a reduction in the number of violations, indicating a shift towards a more stable market environment [12].

Market Performance - The A-share market performed well this week, with a notable overall positive atmosphere despite a slight decline in the Shanghai Composite Index by 0.70% [1] - Nearly 3,400 stocks rose, and the market maintained above the 3,400-point level, marking four consecutive days of overall gains [1] Shareholding Changes - A total of 41 companies announced share reduction plans, with 23 having completed their reductions and 18 planning to do so [2] - Notable cases include Keda Intelligent Technology Co., Ltd., where the controlling shareholder plans to reduce holdings by up to 23,348,400 shares, representing 3% of the total share capital, due to personal funding needs [4][6] - Zhejiang Jinsheng New Materials Co., Ltd. received a notice from the China Securities Regulatory Commission regarding an investigation for information disclosure violations [7][12] Stock Price Movements - Keda Intelligent's stock price surged by 105% this year, reaching a market capitalization of 9.948 billion yuan, prompting the controlling shareholder to seek maximum investment returns through share reduction [6] - Sanmei Co., Ltd. saw its stock price reach a historical high of 46.91 yuan, with the controlling shareholder planning to reduce 5,684,800 shares, amounting to an expected cash-out of 268 million yuan [10] - Zhongwang Software's stock price increased by 46% this year, leading shareholders to decide to reduce 3.15% of their holdings, with an expected cash-out of 347 million yuan [10] Regulatory Actions - Four companies issued warnings about delisting risks, including ST Jinguang, which has entered a delisting preparation period with 15 trading days remaining [12][16] - Jinsheng New Materials has been under investigation for three consecutive years of losses, raising concerns about potential financial misconduct [12]