Market Ecology Overview - Since 2015, the A-share market has undergone significant changes, with increased stock buybacks, rising dividend amounts, decreased net reductions by major shareholders, and intensified delisting efforts, leading to a healthier market ecology and improved investor confidence [1][2][3] Stock Buybacks - Stock buybacks have transitioned from being a minority practice to a normalized strategy among listed companies, with the total buyback amount exceeding 160 billion yuan in 2024, marking a historical high [2][3] - The number of companies implementing buybacks surged to over 2,100 in 2024, reflecting enhanced market liquidity and improved corporate governance [3] - The proportion of buybacks for equity incentives decreased from 89.74% in 2015 to 71.34% in 2024, while the number of companies engaging in market value management buybacks increased significantly [3] Dividends - Cash dividends have become a key indicator of market health, with total cash dividends reaching nearly 2.4 trillion yuan in 2024, a historical high, and the number of companies distributing dividends increasing to approximately 3,761 [5][6] - The frequency of dividend distributions has also risen, with over 300 companies announcing third-quarter cash dividend plans in 2024 [5] - The overall dividend payout ratio reached 45.04% in 2024, the highest since 2015, indicating a shift towards a more investment-oriented market [6][7] Shareholder Reduction Behavior - The reduction of major shareholders' stakes has been further regulated, with net reductions dropping to 85.9 billion yuan in 2024, the lowest level since 2015 [9][10] - The number of companies announcing reductions fell to 1,689 in 2024, the lowest since 2019, while the frequency of industry capital increasing its stakes has risen [9] - Regulatory measures have linked shareholder reductions to dividends and stock prices, effectively stabilizing the capital market [10] Delisting Mechanism - The delisting mechanism has evolved, with the number of delisted companies reaching a historical high of 52 in 2024, reflecting stricter quality requirements beyond financial metrics [10][11] - Regulatory policies have been enhanced to enforce delisting standards, promoting the exit of low-quality companies from the market [10][11] - The focus on delisting has shifted to include violations of laws and regulations, with ongoing scrutiny even after companies have been delisted [11]

Group 1 - The core point of the article is the termination of *ST Jiuyou's listing due to financial fraud, marking the end of its capital market journey and highlighting the severe penalties imposed by regulatory authorities [1][2] - The company engaged in systematic financial fraud over four years, starting in 2020, by misclassifying funds and inflating profits, which led to a total revenue inflation exceeding 350 million yuan and profit inflation of over 34 million yuan [2] - The regulatory crackdown on *ST Jiuyou is part of a broader trend, with other companies facing similar fates, indicating a tightening of regulations against shell companies and zombie enterprises in the market [4] Group 2 - The penalties imposed on the company's former actual controller and other responsible individuals reflect a comprehensive accountability approach, with fines ranging from 500,000 to 3 million yuan for various executives [3] - The case has activated investor relief mechanisms, allowing investors who suffered losses during a specific period to pursue legal claims for compensation, indicating a maturing system for investor protection in the A-share market [3] - The use of non-traditional evidence, such as WeChat chat records and bank statements, demonstrates the effectiveness of regulatory technology in uncovering complex fraudulent activities [4]

文/李悦 尽管特朗普政府在5月宣布暂停对主要贸易伙伴加征关税90天，并启动密集谈判，但市场对美元霸权 根基的质疑声浪未减。 当前， 美元指数 持续下挫， 跌破100关口，创2023年以来新低；10年期美债收益率 持续 攀升， 资金出逃迹象显著。这场由贸易政策驱动的资本流动剧变，正迫使市场重新审视美元体系的韧性。 面对美元指数跌破100，市场关于"美元崩盘"的讨论升温。 对此，刘锋指出，当前 讨论暴露出对国 际货币体系运行逻辑的认知偏差。他 提出 三个核心问题：崩盘的参照系是什么？崩盘的具体路径如 何演绎？崩盘后的替代性国际货币体系将如何构建？ 刘锋 表示 ， 当前美国经济面临结构性挑战，穆迪下调美国主权信用评级即为例证，但这并不等同 于美元体系崩溃。 刘锋称，美国目前处于发展下行阶段，包括中国在内的许多国家不愿意持有美债。然而，若不购买美 债，资金又该投向何处？ 2025年，全球资本市场正经历一场历史性转折。美元指数跌破100关口、美债遭遇自2001年以来最 严重的抛售潮，曾经被视为"避险天堂"的美元资产，正遭遇历史性的信任危机。 而这场肇始于 华盛顿的信任危机，终将重塑全球资本分配逻辑 ， 历史底部区域的A ...

"资本市场不允许任何一家公司欺诈上市，就像一锅汤一样，一颗老鼠屎和十颗老鼠屎难道不一样吗？ 难道有一颗老鼠屎的汤就能喝？"吴晓求以此形象比喻当前市场中存在的欺诈问题。有些人总认为"大部 分上市公司是好的"，但资本市场不是靠大部分公司好就可以稳定运作的生态，只要有作假存在，整个 市场的透明度就会受到破坏，投资价值就失去了基础。 资本市场的本质是透明、公平和法治，如果没有严密的制度设计和有效的法律威慑，欺诈上 市、财务造假等乱象就难以遏制，投资者的信心也无从谈起。 全 文2694字 ，阅读约 需7分钟 新京报记者 肖隆平 编辑 郑伟 彬 校对 刘越 4月22日，在新京报主办的主题为"直面关税战，锻造经济韧性——2025新京智库春季论坛"上，中国人 民大学国家金融研究院院长、中国资本市场研究院院长吴晓求教授表示，资本市场的本质是透明、公平 和法治，如果没有严密的制度设计和有效的法律威慑，欺诈上市、财务造假等乱象就难以遏制，投资者 的信心也无从谈起。 有一颗老鼠屎的汤就不能喝 吴晓求强调，资本市场的风险收益率不是来自价格波动本身，而是来自企业的成长性、科技创新能力和 产业周期带来的不确定性。因此，上市公司的竞争力是资 ...