证券时报记者 程丹 岁末年初，多家*ST公司打响保壳大战。围绕"营收+利润"和净资产两大核心关键指标，一些*ST公司通 过破产重整、并购优质资产、剥离亏损业务、推进债务重组与豁免等手段自救，尽管手段多样，但 在"退市不免责"的全周期严监管下，合规边界正日益收紧，保壳难度不小。 南开大学金融发展研究院院长田利辉表示，保壳争得的是时间，根本出路在于刮骨疗毒，剥离亏损业务 与破产重整等手段是公司法赋予企业的合法自救工具，关键在于区分"报表式保壳"与"实质化重生"，前 者通过关联交易、突击增收等手法修饰指标，但这无异于饮鸩止渴，后者则通过重整实现债务出清、业 务重构和治理再造，这才是值得鼓励的市场化纾困路径。 保壳方式层出不穷 财务指标逼近红线，多家"披星戴帽"的上市公司谋求自救。2025年，50家上市公司成功实现"脱星摘 帽"，其中，31家上市公司撤除了"其他风险警示"（ST），19家上市公司撤除了"退市风险警 示"（*ST）。 部分上市公司则试图通过剥离亏损资产快速"回血"，出现了0元出售、1元转让的案例。如2025年12月3 日，*ST南置公告称，公司重大资产出售已实施完毕。根据方案，公司以1元价格向关联方上海 ...

围绕"营收+利润"和净资产两大核心关键指标，一些*ST公司通过破产重整、并购优质资产、剥离亏损业务、推进债务重组与豁免等手段自 救，尽管手段多样，但在"退市不免责"的全周期严监管下，合规边界正日益收紧，保壳难度不小。 南开大学金融发展研究院院长田利辉表示，保壳争得的是时间，根本出路在于刮骨疗毒，剥离亏损业务与破产重整等手段是公司法赋予企 业的合法自救工具，关键在于区分"报表式保壳"与"实质化重生"，前者通过关联交易、突击增收等手法修饰指标，但这无异于饮鸩止渴，后 者则通过重整实现债务出清、业务重构和治理再造，这才是值得鼓励的市场化纾困路径。 保壳方式层出不穷 财务指标逼近红线，多家"披星戴帽"的上市公司谋求自救。2025年，50家上市公司成功实现"脱星摘帽"，其中，31家上市公司撤除了"其他 风险警示"（ST），19家上市公司撤除了"退市风险警示"（*ST）。 岁末年初，多家*ST公司打响保壳大战。 在零容忍的监管趋势下，仅仅通过变更数据的"技术型保壳"已无空间可言，监管部门通过"刨根问底"式的问询、立案调查等方式，严防违规 保壳。 如*ST观典，在保壳关键期，上交所向该公司出具关于2025年三季度报告的问询 ...

保壳方式层出不穷 登录新浪财经APP 搜索【信披】查看更多考评等级 证券时报记者 程丹 岁末年初，多家*ST公司打响保壳大战。围绕"营收+利润"和净资产两大核心关键指标，一些*ST公司通过破产重 整、并购优质资产、剥离亏损业务、推进债务重组与豁免等手段自救，尽管手段多样，但在"退市不免责"的全周 期严监管下，合规边界正日益收紧，保壳难度不小。 南开大学金融发展研究院院长田利辉表示，保壳争得的是时间，根本出路在于刮骨疗毒，剥离亏损业务与破产重 整等手段是公司法赋予企业的合法自救工具，关键在于区分"报表式保壳"与"实质化重生"，前者通过关联交易、突 击增收等手法修饰指标，但这无异于饮鸩止渴，后者则通过重整实现债务出清、业务重构和治理再造，这才是值 得鼓励的市场化纾困路径。 财务指标逼近红线，多家"披星戴帽"的上市公司谋求自救。2025年，50家上市公司成功实现"脱星摘帽"，其中，31 家上市公司撤除了"其他风险警示"（ST），19家上市公司撤除了"退市风险警示"（*ST）。 部分上市公司则试图通过剥离亏损资产快速"回血"，出现了0元出售、1元转让的案例。如2025年12月3日，*ST南 置公告称，公司重大资产出售 ...

Core Viewpoint - The article emphasizes the need to cultivate more high-quality listed companies in the capital market, highlighting the importance of optimizing the structure of listed companies and enhancing their investment value [1] Group 1: Market Structure and Reform - There is a call for deeper reforms in the mergers and acquisitions market to enhance the flexibility and convenience of refinancing mechanisms [1] - Support is needed for listed companies to transform and upgrade, aiming to develop new productive forces and foster world-class enterprises [1] Group 2: Incentives and Returns - The article suggests improving the incentive and constraint mechanisms for listed companies to stimulate entrepreneurial spirit and innovation [1] - Companies are urged to strengthen their awareness of returning value to investors through cash dividends and share buybacks [1] Group 3: Market Ecology - The establishment of a normalized delisting mechanism is emphasized, along with the need for diverse exit channels to ensure an orderly market ecology that promotes survival of the fittest [1]

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of the capital market, focusing on improving the incentive and constraint mechanisms for listed companies to stimulate entrepreneurial spirit and innovation [1] Group 1: Capital Market Improvements - The China Securities Regulatory Commission (CSRC) Chairman Wu Qing advocates for refining the incentive and constraint mechanisms for listed companies [1] - There is a call to encourage listed companies to strengthen their awareness of returning value to investors through cash dividends and share buybacks [1] Group 2: Market Ecology - The article highlights the importance of consolidating and deepening the regular delisting mechanism to ensure a smooth exit for companies [1] - It stresses the need to establish a market ecology that promotes orderly entry and exit, ensuring a competitive environment where the fittest survive [1]

Group 1 - The core viewpoint of the articles highlights the positive performance of China's stock market in the first half of 2025, with significant growth in R&D investment and overall company revenues and profits [1][2] - As of August 31, 2025, a total of 5,432 listed companies in China's stock market disclosed their semi-annual reports, showing a market-wide R&D investment exceeding 810 billion yuan, a year-on-year increase of 3.27% [1] - The overall revenue of listed companies reached 35.01 trillion yuan, with a slight year-on-year growth of 0.16%, while net profit amounted to 3 trillion yuan, reflecting a year-on-year increase of 2.54% [1] Group 2 - The growth rates for companies listed on the ChiNext, STAR Market, and Beijing Stock Exchange were notably higher, with revenue increases of 9.03%, 4.90%, and 6.08% respectively, and a net profit growth of 11.18% for the ChiNext [1] - The number of listed companies in the domestic stock market reached 5,435, with 67 new listings this year, primarily in the electronics and machinery sectors, indicating a strong focus on strategic emerging industries and high-tech manufacturing [1] - The total cash dividend amount from listed companies reached 649.7 billion yuan, with an overall dividend payout ratio of 31.97%, slightly up from the previous year, indicating enhanced stability and predictability in dividend payments [2]

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].