比特币"雪崩"，价格一度跌破8.2万美元关口，较10月份创下的12.6万美元历史高位，跌幅超过30%。这 个幅度有可能会创下自2022年Terra稳定币崩盘引发行业连锁破产以来的最大单月跌幅。 暴跌的并非只有比特币。 第二大加密货币以太坊同步深度下挫，跌幅一度达8.9%，跌破2700美元。整个加密货币市场的总市值 自4月以来首次跌破3万亿美元大关。 崩盘的直接导火索，是高达近10亿美元的杠杆头寸在隔夜交易中被强制平仓。强制清算与ETF结构性抛 售的汇合，令市场陷入一种特别脆弱的状态。而任何试图稳定市场的努力，都会立刻被来自多个方向的 抛售压力所吞噬。 根据CoinGlass数据，永续期货的未平仓合约已较10月峰值下降了35%，表明投机者正在大规模撤离这个 危险地带。 老玩家离场。 上周五，美联储三巨头之一的约翰·威廉姆斯公开发表讲话，称"在不久的将来"降息可能是合理的。这 一被市场解读为"鸽派"的明确信号。威廉姆斯的表态之所以引发如此巨大反应，是因为它直接挑战了此 前多位美联储官员的"鹰派"立场，将美联储内部尖锐的矛盾公开化。 矛盾的根源，三大难解之题。 在政策立场上，鹰派认为股市繁荣代表资金充裕，鸽派则指出 ...

Core Viewpoint - The company *ST Xulan is facing severe financial and regulatory challenges, including a significant risk of delisting due to continuous stock price decline and ongoing investigations by regulatory authorities [2][12][15]. Group 1: Regulatory Issues - The actual controller of *ST Xulan, Li Zhaoting, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [1][12]. - This marks the third time within a year that the company and its related parties have been involved in regulatory scrutiny, indicating systemic governance failures [13][14]. - The company has been subjected to multiple regulatory actions, including a notice for rectification regarding the return of 7.796 billion yuan in non-operating funds, which remains unresolved [6][12]. Group 2: Financial Performance - As of March 14, *ST Xulan's stock price has fallen below 1 yuan for nine consecutive trading days, with a current price of 0.86 yuan per share, leading to a market capitalization of only 1.3 billion yuan [2]. - The company's financial situation has deteriorated significantly, with a reported revenue decline of 50.94% to 1.489 billion yuan in 2023 and cumulative losses exceeding 3 billion yuan from 2019 to 2023 [7][8]. - The company is projected to incur a net loss of 300 to 500 million yuan in 2024, with substantial uncertainties regarding the resolution of non-operating fund issues [8]. Group 3: Delisting Risks - If *ST Xulan's stock price remains below 1 yuan for 20 consecutive trading days, it will face mandatory delisting [2]. - The company has already been placed under delisting risk warnings due to its financial and operational issues, including a negative internal control report for 2023 [9][15]. - The ongoing investigations and the inability to return misappropriated funds have severely limited the company's options for restructuring or reorganization, further heightening delisting risks [15][19]. Group 4: Corporate Governance - The company's governance structure has been called into question due to repeated regulatory violations and the inability to manage financial resources effectively [14]. - The legal restrictions imposed by the CSRC during the investigation period prevent the company from pursuing asset restructuring, which is often seen as a lifeline for companies facing delisting [15][16]. - The significant amount of misappropriated funds (7.527 billion yuan) has deterred potential restructuring parties, complicating the company's path to recovery [17][19].