今年以来，有超过30家上市公司宣告撤销退市风险警示或其他风险警示，成功"摘星脱帽"，从濒临退市 的边缘回归正轨。 探究上述上市公司起死回生的原因，破产重整是有效路径。以某生物公司为例，该公司去年顺利完成破 产重整工作，有效化解了债务风险，引入重整投资人注入增量资金，并通过执行重整计划实现了对大部 分低效闲置资产的剥离，全年实现营利，于今年5月成功"摘星脱帽"。 借助破产重整，濒临退市的企业绝地逢生、枯树回春，折射出上市公司风险化解机制的演进成熟。近年 来，监管部门着力提升上市公司质量，一方面对触及重大违法或持续经营无望的绩差公司、僵尸企业坚 决出清、强制退市；另一方面对暂时遭遇困难但具有挽救价值的危困公司能救则救，支持其通过破产重 整实现重生。今年3月，证监会研究制定《上市公司监管指引第11号——上市公司破产重整相关事 项》，进一步加强上市公司破产重整监管，为有效化解上市公司风险提供了更明确指引。 破除旧我、重生新我，破产重整为那些存在阶段性困难、尚有转圜空间、通过"刮骨疗毒"可重焕生机者 提供了规范的重生路径，留下了充足的改过自新空间。一时经营失误、业绩不理想不会被资本市场判 处"死刑"，借助债务调整、业务 ...

随着"股东大会季"的到来，A股掀起中小股东参与公司治理的热潮。 5月5日，东华能源持股2.01%的股东率先提交临时提案；6日，恒立钻具持股1.45%的股东紧随其后；16 日，*ST景峰持股1.26%的股东也参与其中；23日，银禧科技一纸公告引发市场高度关注…… 此外，还有8家上市公司持股3%以上（低于5%）的股东同样提交了临时提案，这一系列动作，显示出 中小股东在公司治理中的参与度不断提升。 "三大因素正驱动A股上市公司治理结构发生深刻变化。"上海中因律师事务所高级合伙人钟建表示，一 是法律保障增强。自去年7月1日新公司法实施，临时提案权股东的持股比例从3%降至1%，且规定公司 不得提高该比例要求。二是股东权利意识增强。随着资本市场发展，中小股东提交临时提案成为表达诉 求、维护权益的重要武器。三是公司治理的内在需求。部分公司存在治理结构不完善、经营管理效率低 下等问题，中小股东希望通过临时提案，来改善公司治理，促进公司更好发展。 中小股东临时提案频现 5月20日，*ST景峰公告，董事会收到持有1.26%股份的股东平江国资的提案告知函，平江国资提议将 《关于选举刘树林为景峰医药第八届董事会非独立董事候选人的议案 ...

新华财经上海5月29日电（记者高攀、魏雨田）股市稳定关乎亿万投资者切身利益。如何持续稳定和活 跃资本市场？围绕资本市场的变革与投资新逻辑，日前新华财经记者对中国政法大学教授、中国行为法 学会财经专业委员会会长、国家社科基金重大项目首席专家刘纪鹏，九方智投首席经济学家、中国社会 科学院世界经济与政治研究所全球宏观经济研究室主任肖立晟，九方智投总经理、九方金融研究所所长 程伟进行了采访。 在三位专家看来，超过2亿的个人投资者是活跃资本市场的重要基础，应以提升投资者获得感为切入点 和落脚点，继续深化资本市场投融资综合改革，推动投融资两端平衡发展，增强资本市场内在稳定性， 同时利用人工智能等新技术和专业投顾机构为广大投资者赋能，提升投资者专业能力，从而推动资本市 场高质量发展。 增量政策叠加"科技叙事" 提升资本市场新预期 继去年9月24日一揽子增量政策集中出台之后，今年5月7日，中国人民银行、国家金融监督管理总局、 中国证监会再次发布一揽子金融政策，释放稳市场稳预期的强烈信号。与此同时，伴随DeepSeek的崛 起和资本市场服务科技创新的政策举措密集出台，今年以来A股市场特别是科技板块迎来价值重估的浪 潮，资本市场 ...

Group 1 - The core viewpoint is that the change of control in listed companies represents a mechanism of survival of the fittest, providing new opportunities for growth and revitalization through new ownership [1][3] - The entry of new owners often leads to a deep binding of interests with the listed company, allowing for more precise strategic positioning and effective business expansion [1][2] - State-owned enterprises (SOEs) as acquirers bring strong financial strength, policy support, and social resources, which can stabilize funding and enhance market presence for the listed companies [2][3] Group 2 - Investment institutions contribute with market insight and capital operation capabilities, offering diversified support for the development of listed companies [2][3] - Challenges during the ownership transition include the need for interest coordination between old and new shareholders and cultural integration, which can impact stable development [2][3] - Effective communication and reasonable development planning are essential to ensure a smooth transition and sustainable growth for the company [2][3]

Group 1 - The core viewpoint of the news highlights the active performance of the fintech sector, with significant rebounds in related ETFs, indicating a positive market sentiment towards financial technology stocks [1][3]. - Three fintech-related ETFs showed half-day gains exceeding 4.5%, leading the market in terms of performance [1][3]. - The financial technology ETFs have experienced a slight decrease in shares this year, with the fintech ETF (159851) seeing a reduction of 12.5 million shares, representing a change rate of -3.83% [2]. Group 2 - The investment logic suggests that the Chinese government is accelerating the construction of a financial powerhouse through policies that support "technology finance" and "digital finance," enhancing financial support for achieving high-level technological self-reliance [3]. - Demand from banks, insurance, and securities institutions is expected to increase IT investments driven by the transition to new systems and the construction of intelligent platforms, with a notable rise in IT demand from small and medium-sized financial institutions [3]. - The core investment areas for financial institutions currently focus on cloud technology, with large models and AI agents anticipated to improve operational efficiency [3]. Group 3 - The CSI Financial Technology Theme Index selects listed companies involved in financial technology-related products and services to reflect the overall performance of these securities [4]. - The major weighted stocks in the CSI Financial Technology Theme Index include companies like Tonghuashun (8.88%), Dongfang Caifu (8.86%), and Runhe Software (7.69%), indicating a diverse representation of the sector [5].

全球投资者对中国市场的信心正在增强。未来资产环球投资（香港）有限公司首席投资官安珠姬表示， 外资机构正逐步提升中国资产配置比例，预期企业盈利的下行风险有限，市场也将迎来价格重估。摩根 士丹利董事总经理、中国在岸股票业务主管沈黎说，中国政府宣布了一系列具体的增量政策，稳定了投 资者和市场的信心，境外投资者尤其是长期资本表现出了较高热情。 "近期在与海外投资者沟通时，我发现无论是量化基金还是做市商，海外投资者都希望能更好地参与中 国市场。"瑞银全球金融市场部中国主管房东明表示。外资"加码"中国的背后，是更加确定、更具前景 的经济环境。近期，中国各项政策协同发力，对内，着力稳就业、稳企业、稳市场、稳预期，经济恢复 向好态势巩固；对外，着力完善对外开放体制机制，扩大高水平对外开放。相关政策落地见效，有望持 续提振市场信心。 深圳证券交易所主办的2025全球投资者大会近日举行。来自19个国家和地区的近400名金融监管机构及 交易所、主权财富基金、养老金、资产管理公司、创投机构、评级机构等代表参会，围绕进一步推动全 球投资者深入挖掘投资中国资产、投资中国资本市场的新机遇展开讨论。 更高确定性 "投资中国意味着更高的确定性 ...

Core Viewpoint - The regulatory authorities in China are intensifying their scrutiny of the misuse of funds by listed companies, particularly focusing on the actions of major shareholders and actual controllers who exploit company resources for personal gain [1][2][3]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) has introduced new rules requiring listed companies to promptly demand the return of misappropriated funds and disclose the reasons for such actions, their impact on the company, and the rectification plans [1][2]. - As of May 28, 2023, there have been 48 administrative measures or penalties against 37 companies related to fund misuse, including warnings, fines, and orders for correction [1][2]. Enforcement Against Major Shareholders - The regulatory bodies are targeting the "key minority," which includes major shareholders and executives who engage in fund misappropriation, with a focus on both direct and indirect methods of fund occupation [2][3]. - Specific cases, such as the reprimand of ST Dongshi for failing to return 106 million yuan of raised funds, illustrate the ongoing enforcement actions against individuals involved in fund misuse [2][3]. Accountability Mechanisms - The regulatory framework emphasizes that misappropriated funds must be returned, with strict deadlines for rectification and potential delisting for non-compliance [4][5]. - Companies are encouraged to utilize legal measures, such as lawsuits and asset freezes, to recover misappropriated funds, ensuring the protection of minority shareholders [5][6]. Independent Oversight - Independent directors are actively involved in urging management to recover misappropriated funds, as seen in the case of ST Changkang, where independent directors issued a reminder to address fund occupation issues [6]. - The China Securities Investor Services Center is promoting collective and derivative lawsuits to enhance investor protection and ensure accountability for fund misuse [6].

Core Viewpoint - The "Shanghai Stock Exchange Capital Market Chongqing Service Week" aims to enhance the development and efficiency of Chongqing enterprises through capital market platforms, broaden financing channels, and support key industrial park development for high-quality economic growth in Chongqing [1][2]. Group 1: Event Highlights - The event focuses on Chongqing's "Three Tough Battles and One Activation" reform initiatives, which include state-owned enterprise reform, park development reform, and the separation of government and enterprise, aimed at effectively revitalizing state-owned assets [1][2]. - A total of 15 specialized activities were tailored to meet the actual needs of Chongqing's reforms, emphasizing the improvement of listed company quality, revitalization of existing assets, and service to key parks [1][2]. Group 2: Support for Listed Companies - The Chongqing Securities Regulatory Bureau hosted a seminar on high-quality development for listed companies, inviting eight main board enterprises to discuss mergers, acquisitions, and bond financing to enhance company quality and financing structure [2]. - Currently, there are 78 A-share listed companies in Chongqing, with three of the top five by market capitalization listed on the Shanghai main board [2]. Group 3: Comprehensive Service Efforts - The Shanghai Stock Exchange (SSE) demonstrated its comprehensive service capabilities through various high-quality training sessions on topics such as company listings, ETF value investment, and REITs, with over 700 participants [2]. - Activities included one-on-one visits to potential listed companies in parks and joint services for equity and debt financing to support local capital and industrial collaboration [2]. Group 4: Future Plans - The SSE plans to focus on Chongqing's "33618" modern manufacturing cluster and "416" technology innovation layout, continuing to monitor the development of advantageous industries and state-owned enterprise restructuring [3]. - Future initiatives will include a series of activities under the "Direct to Exchange" and "SSE Goes to Chongqing Counties" programs, employing a service model of "training + seminars + visits + continuous tracking" to promote more "hard tech" and blue-chip companies to enter the capital market [3].

企业名称遂川县智控资产运营有限公司法定代表人彭克兢注册资本500万人民币国标行业金融业>资本 市场服务>其他资本市场服务地址江西省吉安市遂川县泉江镇洋村新车站裙楼C座企业类型有限责任公 司（非自然人投资或控股的法人独资）营业期限2025-5-27至无固定期限登记机关遂川县市场监督管理 局 来源：金融界 序号股东名称持股比例1遂川县两山开发投资有限公司100% 经营范围含许可项目：建设工程施工，建设工程设计，建设工程监理，建设工程勘察，公路工程监理， 文物保护工程施工，地质灾害治理工程施工（依法须经批准的项目，经相关部门批准后在许可有效期内 方可开展经营活动，具体经营项目和许可期限以相关部门批准文件或许可证件为准）以自有资金从事投 资活动，自有资金投资的资产管理服务，融资咨询服务，信息咨询服务（不含许可类信息咨询服务）， 财务咨询，供应链管理服务，工程管理服务，物业管理，企业管理，企业管理咨询，资产评估，集贸市 场管理服务，乡镇经济管理服务，社会经济咨询服务，园区管理服务，贸易经纪，物业服务评估，土地 调查评估服务，销售代理，市场营销策划，商务代理代办服务，对外承包工程，土石方工程施工，金属 门窗工程施工，园林 ...

Core Viewpoint - The report "Financial Reshaping Consumption Power" emphasizes the necessity of boosting consumption in the context of economic transformation, highlighting the role of the financial industry in transitioning from mere "funding supply" to "ecosystem construction" [1][4]. Group 1: Consumption Boosting as an Economic Imperative - The need to boost consumption has shifted from an optional strategy to a mandatory requirement due to significant changes in the global economic landscape and domestic economic transformation [3]. - In 2024, the contribution rate of final consumption expenditure to economic growth in China is projected to be 44.5%, a notable decline from 2023 [3]. Group 2: Financial Role in Consumption Enhancement - The core logic for boosting consumption is encapsulated in the concepts of "ability to consume," "willingness to consume," and "daring to consume," which are interrelated and essential for a comprehensive approach to consumption enhancement [4]. - Financial mechanisms can effectively alleviate budget constraints through consumer credit, thereby facilitating the realization of consumption desires and stimulating economic circulation [4][5]. - The report warns against excessive financialization, which could lead to risks such as capital idling and squeezing real consumption demand [4]. Group 3: Financial Product and Service Diversification - Financial institutions are encouraged to provide a diverse range of products and services to lower consumption barriers and meet the varied needs of consumers, thereby unleashing consumption potential and driving overall economic expansion [6][7]. - The report identifies credit policies as a primary tool for boosting consumption, noting a significant drop in loan interest rates from the "3" range to the "2" range due to competitive pressures [7][8]. Group 4: Institutional Transformation and Collaboration - Financial institutions are transitioning from a focus on "traffic competition" to "ecosystem co-construction," with banks and consumer finance companies diversifying their offerings to enhance user engagement [11][12]. - The rise of consumption-related REITs has become a new highlight in the capital market, with an average increase of over 30% in the first quarter of 2025 [12]. Group 5: Innovation and Risk Management in Financial Services - Financial technology is seen as a key to breaking through existing challenges, with significant improvements in digital risk control models leading to lower non-performing loan rates [13]. - The report emphasizes the importance of balancing policy incentives with risk prevention to maintain a healthy cycle between consumption finance and the real economy [13][14].