记者日前从中国上市公司协会获悉，截至8月31日，我国境内股票市场（沪、深、北三家证券交易所） 共5432家上市公司披露2025年半年度报告。数据显示，2025年上半年，上市公司加快培育创新动能，全 市场研发投入超8100亿元，同比增长3.27%，增速较上年同期提升近2个百分点；整体研发强度2.33%， 同比小幅提升。 总体来看，上半年，全市场上市公司实现营业收入35.01万亿元，同比增长0.16%；实现净利润3万亿 元，同比增长2.54%，增速较上年全年提升4.76个百分点。全市场近六成公司营收正增长，超四分之三 公司实现盈利。 （文章来源：新华社） 截至8月31日，境内股票市场共有上市公司5435家。今年以来新增首发上市67家，创业板、科创板、北 交所合计占66%，主要集中于电子、机械设备行业，战略性新兴产业、高技术制造业占九成。年初以 来，A+H股公司新增11家，耐心资本、中长期资金入市步伐加快，常态化退市机制持续显效，进退有序 良性生态逐渐形成。 上半年，上市公司分红回购规模再创新高。截至8月31日，818家上市公司公布一季度、半年度现金分红 方案，较上年同期增加141家，其中创业板、科创板、北交所28 ...

Core Insights - The article emphasizes the importance of investment in various asset classes to enhance wealth, highlighting that stock investments yield the highest long-term returns compared to other assets [1][3]. Group 1: Historical Performance of Assets - From 1890 to 2020, the average annual growth of the Consumer Price Index in the U.S. was 2.6%, while stocks had an annualized return of 9.5%, 10-year Treasury bonds returned 4.7%, gold returned 3.5%, oil returned 3.0%, and real estate returned 3.2% [1]. - A $1 investment in the S&P Composite Index in 1890 would grow to $128,000 by 2020, while the same amount in 10-year Treasury bonds would only be worth $395, gold would be $85, and real estate would be $62 [1]. Group 2: Investment Strategies - Investing in stocks provides the most significant opportunity to benefit from economic growth, with two main methods: direct stock trading and investing through stock mutual funds, which offer professional management and risk diversification [3]. - The annualized return of the CSI 300 Total Return Index from December 31, 2004, to May 12, 2021, was 12.58%, with a cumulative return of 558% [4]. Group 3: Future Outlook - China's economy is expected to achieve high-quality and sustainable growth due to its large market size and domestic demand potential, supported by technological innovation strategies [4]. - The implementation of a registration-based IPO system and a normalized delisting mechanism is anticipated to enhance the vitality and overall quality of the Chinese stock market [4].

Core Viewpoint - The A-share market is experiencing an accelerated pace of delisting under the regulatory policy of "delisting as necessary," with a total of 23 companies delisted this year due to various reasons including financial issues, trading violations, and major illegal activities [1][2][3] Group 1: Delisting Trends - A total of 23 A-share listed companies have been delisted this year, with 9 due to trading violations and 9 due to financial issues [2][3] - The delisting types have diversified, leading to an increase in companies choosing voluntary delisting, with *ST Tianmao being the fifth company to do so this year [1][2] - The delisting process is becoming more streamlined and efficient, with a focus on enhancing the market's price mechanism and resource allocation capabilities [1][3] Group 2: Regulatory Changes - The new delisting regulations are aimed at protecting investor interests by reducing "shell speculation" and optimizing the market ecosystem [2] - The standards for mandatory delisting due to major violations have become more detailed, with a significant increase in the proportion of companies delisted for financial issues [3] - The regulatory framework is evolving to include stricter measures against financial fraud and governance issues, enhancing the deterrent effect of delisting rules [3] Group 3: Future Recommendations - There is a need for clearer timelines in the delisting process and a reduction of overlapping functions to prevent companies from remaining inactive [4] - Recommendations include strengthening the accountability and penalty mechanisms for companies post-listing, as well as improving investor compensation mechanisms [4]

Group 1: Market Mechanisms and Trends - The regular delisting mechanism in China's capital market is showing effectiveness, with 30 companies announced for delisting this year, indicating a healthy market ecology is forming [1] - The A-share market has seen a significant increase in financing balance, surpassing 2 trillion yuan for the first time since July 2015, reflecting a more mature participant structure and improved regulatory system [5] Group 2: Fund Performance and Investment Strategies - Consumer-themed funds have shown a stark performance divergence, with some funds underperforming due to heavy investments in traditional consumer stocks, while others have excelled by capturing new trends, with returns exceeding 60% [2] - 99% of equity funds have reported positive returns over the past year, with an average return of 34.06%, highlighting the emergence of structural opportunities in the market [7] Group 3: Capital Inflows and Market Dynamics - Southbound capital has seen a net inflow of over 910 billion HKD this year, marking a historical high and contributing to a significant rise in the Hong Kong stock market, with the Hang Seng Index up over 24% [3] - The Hong Kong refinancing market has experienced explosive growth, with over 240 companies raising 183.9 billion HKD, primarily driven by new economy sectors [8] Group 4: Policy and Economic Support - Various measures are being implemented to enhance investment and stimulate private sector activity, with new business registrations increasing by 4.6% for private enterprises in the first half of the year [4] - A new fiscal subsidy policy for personal consumption loans has been introduced, aimed at supporting consumer spending in key areas such as education and healthcare [11] Group 5: IPO Trends - The Hong Kong market is becoming a popular destination for AI companies seeking IPOs, with 213 companies having submitted applications, including around 50 AI firms [13]

Core Viewpoint - The implementation of new delisting regulations in the A-share market has led to an increase in the number of companies facing delisting, indicating a shift towards a more normalized delisting mechanism that enhances market efficiency and resource allocation [1][5][6]. Delisting Events - *ST New Yi became the first company to face mandatory delisting due to major violations, with its stock set to enter a delisting period on March 30, 2022, after two consecutive years of financial fraud [3]. - *ST Aige has been trading below 1 yuan for 16 consecutive days, making it likely to become the first company to be delisted under the "1 yuan delisting" rule if it continues this trend [2]. - *ST Changdong has also triggered financial delisting indicators, with its 2021 annual report showing negative net assets and net profits, leading to a suspension of its stock [2]. Market Response and Trends - The number of delisted companies has increased significantly since the new regulations were implemented, with 10, 16, and 20 companies delisted in 2019, 2020, and 2021 respectively, reflecting a year-on-year growth of 100%, 60%, and 25% [3]. - Experts believe that the new delisting rules have effectively deterred fraudulent activities and reinforced the seriousness of legal regulations in the market [5][6]. Future Implications - The gradual formation of a normalized delisting mechanism is expected to accelerate the turnover of companies in the A-share market, enhancing the overall market environment and ensuring that only qualified companies remain listed [5][6]. - The upcoming full implementation of the registration system is anticipated to further improve market inclusivity, necessitating stricter delisting standards [6].

随着2023年业绩预告密集披露，风险警示股队伍或将扩大，且触及财务类退市指标的个股数量有可能增 加。 Wind数据显示，截至1月29日17时，已有20只风险警示股披露2023年业绩预告，其中11只续亏，7只扭 亏为盈，1只预增，1只预减。其中，7只为*ST股，包括4只扭亏为盈，2只续亏、1只预减。 对于续亏的*ST股而言，退市风险已越来越大，可能因触及财务类退市指标被强制退市。例如，*ST豆 神、*ST莫高由于连续两年亏损，且2023年度业绩报告续亏，可能面临暂停上市。 随着业绩预告披露，*ST正邦、*ST金山、*ST全新等扭亏为盈，或将摘星。1月27日晚间，*ST正邦公 告称，2023年正邦科技营业收入预计60亿元至70亿元，上年同期为144.150389亿元。 *ST西域、ST八菱、ST景谷等有望摘帽。*ST西域公告显示，2023年，公司归母净利润约8660万元至 1.066亿元，同比扭亏为盈；营业收入约2.95亿元至3.05亿元。 由于业绩续亏，ST中珠、ST星源、ST深天等9只ST股将有可能戴星。例如，ST深天1月26日公告称，预 计2023年末归属于上市公司股东的净资产为-995.6万元至-4995 ...

Core Viewpoint - The pace of delisting in A-shares has significantly accelerated in the past month, reflecting a more stringent market mechanism for eliminating underperforming companies and enhancing overall quality [1][6]. Group 1: Delisting Statistics - As of August 4, 2023, a total of 23 A-share companies have been delisted this year, with 10 of those occurring in the last month, accounting for over 40% of the total [1][2]. - The reasons for delisting include major violations and financial issues, with a notable decrease in the number of companies delisted for face value reasons compared to the previous year [4][5]. Group 2: Reasons for Delisting - Companies such as退市锦港 (Jin Gang) were delisted due to major violations related to financial fraud, including inflated profits through false trade activities [2][3]. - Other companies like中程退 (Zhong Cheng) and退市九有 (Jiu You) were delisted for failing to meet financial standards, with negative net assets and adverse audit opinions on their financial reports [2][3]. Group 3: Regulatory Changes - New regulations implemented in April 2023 have made it more difficult for companies to reverse delisting warnings, leading to a more rigorous enforcement of delisting standards [5][6]. - The trend towards a normalized delisting mechanism aligns with the "14th Five-Year Plan" for capital market development, emphasizing timely removal of underperforming companies [6]. Group 4: Future Outlook - Experts suggest that the delisting system needs continuous optimization, including clearer processes and enhanced regulatory oversight to protect investors and ensure compliance [6][7].

深圳商报·读创客户端记者 詹钰叶 因财务造假，诺泰生物于7月21日停牌，7月22日复牌起将被实施其他风险警示，简称将变更为"ST诺泰"。从持仓情况看，招商基金等公募机构可能踩雷。 根据公告，诺泰生物称日前收到中国证监会下发的《行政处罚事先告知书》，根据《上海证券交易所科创板股票上市规则（2025年4月修订）》相关规定， 公司股票将被实施其他风险警示。诺泰生物股票在7月21日停牌1天，22日起复牌并实施其他风险警示，其A股简称将变更为ST诺泰、A股扩位简称为ST诺泰 生物。 《行政处罚事先告知书》显示，诺泰生物2021年年度报告存在虚假记载，虚增营业收入3000万元，虚增利润总额2595.16万元。此外，公司在公开发行文件 中编造重大虚假内容，中国证监会拟对公司责令改正，给予警告，并处以4740万元罚款；对公司实际控制人赵德中给予警告，并处以1300万元罚款；对其他 相关责任人给予警告并处以不同金额的罚款。 具体来看，至今年6月30日，王景管理的招商蓝筹精选股票、招商制造业转型灵活配置混合与招商品质升级混合分别持有诺泰生物约1.02亿元、6907万元与 5191万元，环比均有不同程度的增长。其中，招商蓝筹精选股 ...

Group 1 - The normalization of the delisting mechanism is crucial for the healthy operation of the capital market [1] - The article aims to enhance investors' understanding of delisted companies during the financial publicity month in 2024 [1] - The series "Delisting Knowledge Handbook" will cover topics such as arrangements for delisted companies, stock transfer rules, and management of convertible bonds after delisting [1] Group 2 - This issue introduces the basic knowledge of delisted convertible bonds and investor suitability [1]

Group 1 - The article emphasizes that a normalized delisting mechanism is crucial for the healthy operation of the capital market [2] - It aims to enhance investors' understanding of delisted companies through a series of educational materials during the 2024 Financial Promotion Month [2] - The current issue introduces the meaning of delisted sectors and the arrangements for companies after delisting [2]