Core Viewpoint - The recent surge in trading activity in the A-share market has led to speculative trading in risk-warning stocks, particularly *ST Suwu, which has shown significant price volatility and raised concerns about trading risks [2][3]. Group 1: Trading Activity and Speculation - The stock of *ST Suwu has experienced a significant increase, with a trading turnover rate of 20.93% on August 27, indicating abnormal trading behavior [3]. - The stock has seen a cumulative price increase of over 12% within two trading days, triggering alerts for abnormal trading fluctuations [3]. - Similar speculative trading behavior has been observed in *ST Guandao, which reported a cumulative price increase of 42.14% over two trading days [4]. Group 2: Regulatory Actions and Risks - *ST Suwu has been under scrutiny from the China Securities Regulatory Commission (CSRC) for falsifying financial statements, which could lead to forced delisting [3][5]. - The company faces multiple risks, including significant fund occupation by its controlling shareholder and the freezing of all shares held by the controlling shareholder [3]. - *ST Guandao has also received a notice from the CSRC regarding potential forced delisting due to major violations [5]. Group 3: Market Behavior and Investor Sentiment - The phenomenon of "炒小炒差" (speculating on small and poor-performing stocks) is re-emerging, with investors engaging in high-risk trading strategies [3][7]. - Investors are often misled by the low price of ST stocks, viewing them as opportunities without recognizing the underlying risks associated with their deteriorating fundamentals [8]. - The speculative nature of ST stocks has created a "game of passing the parcel," where risks are amplified, and many investors may end up as "bag holders" [7].

Core Viewpoint - The article highlights the resurgence of speculative trading in the A-share market, particularly focusing on the risks associated with "ST" stocks, which are often subject to manipulation and lack fundamental support [3][4][9]. Group 1: Market Activity - Recently, the A-share market has shown high activity, with trading volumes exceeding 30 trillion yuan over two consecutive days, leading to speculative trading in risk-warning stocks [3][4]. - *ST Suwu's stock price has seen a significant increase, with a trading turnover rate of 20.93% on August 27, indicating a speculative bubble [4][5]. Group 2: Regulatory Concerns - *ST Suwu received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) for inflating revenue and profits, which could lead to forced delisting [5][6]. - *ST Guangdao also experienced abnormal trading, with a price increase of 42.14% over two days, prompting the company to halt trading for investigation [5][6]. Group 3: Risks of Speculative Trading - The article discusses the inherent risks of trading in ST stocks, including the potential for sudden delisting, liquidity issues, and poor information disclosure [9][10]. - Investors often misinterpret low prices as opportunities, ignoring the diminishing "shell value" of ST stocks due to regulatory reforms [10].

Core Viewpoint - The recent surge in trading activity in the A-share market has led to speculative trading in risk-warning stocks, particularly *ST Suwu, which has shown significant price volatility and raised concerns about trading risks [1][2][5] Group 1: Stock Performance and Trading Risks - *ST Suwu's stock price has experienced a significant increase, with a trading volume spike and a turnover rate of 20.93% on August 27, indicating abnormal trading behavior [2] - The company has been under scrutiny for potential violations, including inflated revenue and profit figures, which could lead to forced delisting [2][3] - Other stocks, such as *ST Guangdao, have also shown extreme price fluctuations, with a cumulative price increase of 42.14% over two days, prompting regulatory investigations [3] Group 2: Regulatory Actions and Market Behavior - The North Exchange has taken disciplinary actions against accounts involved in the speculative trading of *ST Suwu, highlighting the serious nature of the trading activities [4] - The phenomenon of "炒小炒差" (speculating on small and poor-performing stocks) is re-emerging, with investors often disregarding the underlying risks associated with such stocks [5][6] Group 3: Investor Sentiment and Market Dynamics - There is a growing trend among investors to view low-priced stocks as opportunities, despite the significant risks associated with ST stocks, which have seen their "shell value" diminish due to regulatory reforms [6] - Analysts warn that the speculative nature of ST stock trading can lead to severe financial consequences for investors, emphasizing the need for a return to value-based investing [6]

Core Viewpoint - The article discusses the performance of the "Active Selection" strategy compared to the CSI 300 index and other equity fund indices, highlighting its ability to generate excess returns in most years since its inception, particularly noting a recovery in 2025 after underperforming in 2024 [1][2][36]. Performance Summary - As of June 30, 2025, the Active Selection strategy achieved a 5.46% excess return compared to the CSI 300 index [1]. - The performance of the Active Selection strategy since its inception shows that it outperformed the CSI 300 and the equity fund index in most years, particularly excelling during the bull market from 2020 to 2021 [4][8]. - Yearly performance data indicates that in 2020, the Active Selection strategy rose by 65.78%, outperforming the CSI 300 by 24.49% and the equity fund index by 5.61% [7][4]. 2024 Underperformance Analysis - In 2024, the Active Selection strategy increased by 6.56%, but underperformed the CSI 300, which rose by 14.68%, resulting in an 8.12% shortfall [11][12]. - The underperformance in 2024 is attributed to market style shifts, particularly a surge in small-cap and loss-making stocks, which the Active Selection strategy does not engage with [14][23]. Investment Strategy Insights - The article emphasizes the importance of investing in companies with strong profitability, as measured by Return on Equity (ROE), and categorizes companies into three groups based on their ROE [15][18]. - The strategy focuses on high-quality stocks, avoiding speculative investments in loss-making companies, which led to its relative underperformance during periods of "speculative trading" in 2024 [23][34]. - Long-term investment in high-performing stocks is advocated, aligning with the principle that stock prices ultimately reflect the underlying company's value over time [37][38].

Core Viewpoint - The recent revision of the "Major Asset Restructuring Management Measures for Listed Companies" by the China Securities Regulatory Commission is a key factor in activating the A-share merger and acquisition market, with several companies announcing restructuring plans, notably Haiguang Information's proposed stock swap merger with Zhongke Shuguang [1] Group 1: Market Impact - The new policy is expected to significantly invigorate the A-share merger and acquisition market during a critical economic transformation period, facilitating capital exit paths beyond IPOs and accelerating the securitization of quality assets [1] - Mergers and acquisitions can enhance resource allocation efficiency and support the integration and upgrading of industrial chains, allowing traditional industries to adopt emerging technologies for transformation and new industries to expand scale and international competitiveness [1] Group 2: Regulatory Considerations - There is a need to prevent the misinterpretation of the new regulations, particularly regarding the increased regulatory tolerance for financial condition changes and related party transactions, which should not be seen as leniency for ST and *ST companies [2] - The market has seen a resurgence in speculation on ST companies post-policy, with *ST Yushun's stock price increasing over threefold this year, but the focus of the new regulations is not on these companies, and the long-term trend is towards stricter delisting measures [2] Group 3: Investor Protection - Strengthening regulation is essential to empower and protect small investors, particularly against related party mergers that may involve profit transfers, and historical data shows that performance commitments often fail post-acquisition [2] - Regulatory bodies should enhance the participation and voting rights of small investors in the restructuring process, as evidenced by recent cases where proposed related party mergers were halted due to investor opposition [2][3]

今天两市成交1.84亿，市场表现惨淡，中位数下跌3.08%，这个幅度可以说是重创了，股民痛感强烈。好端端的突然挨一个暴击，很多人一直到现在都不 明所以。 坊间倒是有一个传闻，说前几天监管召集了一些公募机构，座谈关于当前行情的看法，会上有一部分机构反应了目前市场风格过于倾向价格投机，炒小炒 差现象严重。这些话监管听进去了，回头向下传递了精神，各种游资炒作被窗口指导，于是今天概念股就全线下跌了。 这个说法不少人在讲，我今天就听到了两个相似的版本，连在监管面前告状的机构人士都有名有姓的，但这件事我不能保真，你们就当一八卦听。 但股民群体对机构有怨气肯定是真的，今天好几个股群还在热传一个假新闻，说摩根大通发研报指责公募机构操纵股价，准备让散户接盘。这个我一看就 知道是山炮编的，大概是哪位亏钱的兄弟想打着小摩的旗号吐槽，但行文全是皇帝用金锄头那味，下次还不如让ai帮你写。 说了那么多其实我也不确定今天大跌的原因，欧美90%都在涨，亚太邻居这一圈也没有跌1%以上的，就a股和港股今天遭大罪了。如果非要找个罪魁，可 能美元指数的持续上升确实有压力，汇率已经反弹到了7.25，再加上美股最近一直在创新高，这使得大量资金从港股撤出 ...

昨天老婆说我要做手术切脂肪瘤，很多读者在后台问我咋回事。其实就是右手小臂上有两个肉瘤，挺多年了，眼见着慢慢变大。之前去看过皮肤科，说是 脂肪瘤，可以不用管。但随着它两变大，我平时键盘打字的时候经常会挤压到，不舒服，就想着手术给切了。 我拿手机给拍个照片 医生说这个小手术，局部麻醉就行，约了11月26日，手术后14天拆线，不能洗澡但不耽误键盘打字。我老婆担心留疤不好看，问能不能缝美容针，给医生 逗笑了，说咱公立医院讲究的是效率，顾不上这个。我对这个无所谓，我都40的人了，手臂上有两个疤又如何，只是感慨人一上了年纪，身体就开始有各 种各样的问题。 我估计读者里应该也有不少类似的情况，回头手术恢复了我再发个照片对比图，也给那些犹豫着要不要去医院切的做个参考。费用的话差不多500切一 刀，大的小的都这个价。 写到这脑袋突然灵光一闪，想到了割肉这个词，自己都忍不住笑了。这次真物理割肉了，打算标题皮一下，唬弄唬弄你们 …… 今天a股成交1.85万亿，市场中位数-0.38%，连续两天出现回调。市场风格倒是延续了之前的风格，现在就是炒小炒差，分水岭是在10月16日，在那之后 的10个交易日里，上证50指数累计下跌0.6%，而 ...