Core Viewpoint - The healthcare industry is undergoing a severe "cleansing operation" in 2025, exemplified by the forced delisting of *ST Suwu (Jiangsu Wuzhong) due to significant financial fraud amounting to 1.772 billion [1][19]. Group 1: Major Violations - *ST Suwu was found guilty of three major violations: concealing the change of actual controller, significant financial fraud, and non-operational fund occupation by related parties [2][21]. - The company concealed the change of its actual controller from "Qian Qunying" to "Qian Qunshan" from 2018 to 2023, misrepresenting the controller in annual reports [2][21]. - The financial fraud involved inflating revenue by 1.772 billion from 2020 to 2023 through non-commercial trade activities, with inflated profits of 76 million and inflated operating costs of 1.695 billion during the same period [2][22]. Group 2: Financial Condition - The financial condition of *ST Suwu has deteriorated significantly, with net assets dropping from 1.072 billion in 2020 to 68.35 million in 2023, while liabilities surged from 1.191 billion to 2.202 billion [11][31]. - Cash flow has been consistently negative, reaching -1.63 billion in 2023, indicating severe liquidity issues [11][31]. - By the end of Q3 2025, the company reported a loss of 87.47 million, with cash flow at -894 million and receivables amounting to 2.1 billion [33]. Group 3: Market Impact - The stock price of *ST Suwu has plummeted over 70% from around 6 yuan in 2020 to approximately 1.5 yuan by the end of 2023, reflecting a market valuation drop from 6 billion to 1.7 billion [15][35]. - In 2025, the stock experienced an 89% decline, with multiple warnings issued due to the price falling below 1 yuan [16][36]. - The delisting of *ST Suwu is part of a broader trend, with several healthcare companies facing delisting in 2025 due to financial misconduct, impacting thousands of investors [1][20].

值得注意的是，公司股票自11月26日以来一直处于停牌状态之中，而在停牌前，该公司股价一度出现五 连板。 图片来 源：界面图库 12月1日晚间， 江苏吴中医药发展股份有限公司（简称：江苏吴中、*ST苏吴，代码：600200.SH） 发 布公告称，公司当日收到上海证券交易所出具的《关于江苏吴中医药发展股份有限公司股票终止上市的 决定》，上交所正式决定终止公司股票上市。 经查明，江苏吴中及相关人员未如实披露实际控制人，2018年至2023年年度报告存在虚假记载；虚增营 业收入、营业成本和利润，2020年至2023年年度报告存在虚假记载。 2018年2月，江苏吴中控股股东苏州吴中投资控股有限公司发生股权变更，变更后，钱群山实际支配江 苏吴中行为，成为江苏吴中实际控制人。江苏吴中2018年至2023年年度报告披露钱群英为实际控制人， 存在虚假记载。 江苏吴中子公司江苏吴中进出口有限公司、中吴贸易发展（杭州）有限公司、江苏吴中海利国际贸易有 限公司通过与浙江优诺德贸易有限公司等多家关联公司开展无商业实质的贸易业务，虚增营业收入、营 业成本和利润。 上述行为导致江苏吴中在2020年至2023年年度报告中分别虚增营业收入4. ...

Core Viewpoint - The article discusses the investment opportunities and strategies within the ChiNext (创业板) series of indices, emphasizing the importance of understanding different index types and their performance metrics for potential investors [4][5]. Group 1: ChiNext Series Indices - The ChiNext series indices focus on growth and innovation-oriented companies, established in 2010, with a strategic positioning defined in 2020 as "three innovations and four new" [4]. - The main indices include the ChiNext Index, ChiNext 50, ChiNext Comprehensive, ChiNext 200, ChiNext 300, and ChiNext Large Cap, with the ChiNext Index being the most recognized, tracking 104 funds with a total scale of 145.35 billion [8][9]. - The ChiNext Comprehensive Index is notable for including all constituent stocks and being the only index to reach a new high in 2021, making it suitable for index enhancement strategies [10][11]. Group 2: Investment Value and Strategy - The ChiNext Index is currently at a median valuation, indicating it may not be suitable for long-term holding but rather for trading opportunities [14][16]. - The article highlights that the investment return is significantly influenced by the initial valuation at the time of purchase, warning against the potential for long-term losses if bought at high valuations [18][17]. - The strategy indices, such as "Chuang Growth" and "Chuang Technology," focus on growth and momentum factors, with the former having a higher performance historically compared to the latter [22][31]. Group 3: Industry Indices - The industry indices include ChiNext Artificial Intelligence, Innovative Energy, Chuang Technology, Chuang Medicine, and ChiNext Software, with the ChiNext Artificial Intelligence index showing the highest annual return of 83.27% [38][40]. - The ChiNext Technology index, focusing on R&D investment and revenue growth rates, has a return of 55% but a smaller tracking scale of 2.52 billion, indicating lower investor attention [46]. - The article notes that the healthcare sector, particularly the Chuang Medicine index, has underperformed with a return of only 7.16%, highlighting the need for careful analysis in industry-specific investments [52].

Core Viewpoint - *ST Suwu has been delisted due to long-term financial fraud and information disclosure violations, with significant implications for its future operations and market presence [2][6]. Financial Misconduct - Since 2018, *ST Suwu has concealed its actual controlling shareholder and inflated its revenue by over 1.77 billion yuan through related party transactions [2][6]. - Approximately 1.69 billion yuan of funds have been non-operationally occupied by related parties, nearly depleting the company's core assets [2][6]. - The company has been fined 10 million yuan, and its actual controller has been fined 15 million yuan and banned from the securities market for 10 years [6]. Business Performance - The company's revenue has significantly declined, with a year-on-year drop of 38.85% in the first three quarters of 2025, resulting in a net loss of 87.468 million yuan [2][8]. - The traditional pharmaceutical sector has also suffered, with a 55.79% decline in revenue during the same period [8]. Legal and Regulatory Issues - In February 2023, *ST Suwu received a notice from the China Securities Regulatory Commission (CSRC) regarding suspected violations of information disclosure laws [5]. - The company faced a series of regulatory actions, including warnings and administrative penalties, culminating in its delisting [5][6]. Product and Market Challenges - The "Tongyan Needle" (AestheFill) has become a critical growth point for *ST Suwu, contributing 35.55% of its revenue in Q1 2025 [7][8]. - A dispute over the agency rights for AestheFill has emerged, with the company facing a potential loss of this key product due to a contract termination by a partner [7][8]. Future Outlook - With the delisting, *ST Suwu faces severe challenges in liquidity and creditworthiness, as it loses access to capital markets [9][10]. - The company must find new revenue sources quickly to survive, as its current financial situation is precarious, with only about 49.19 million yuan in cash remaining [9][10].

记者丨 韩利明 编辑丨季媛媛 财务造假，A股医美概念龙头*ST苏吴退市！从行情来看，*ST苏吴年内股价暴跌，从年初的9 元多，一度跌到不足1元，年内跌幅一度超过90%。 A股医美概念龙头股被强制退市 停牌前5涨停 12月1日晚间，*ST苏吴（江苏吴中，600200.SH）发布公告称，已收到上海证券交易所出具的 股票终止上市决定。根据安排，公司股票将于2025年12月9日进入退市整理期，预计最后交易 日期为12月29日。 此次*ST苏吴被强制退市， 核心原因在于触及重大违法强制退市情形。 回溯来看，11月25 日，*ST苏吴收到中国证监会下发的《行政处罚决定书》（下称"《决定书》"），认定其披露 的2020年至2023年年度报告存在虚假记载。依据相关规定，上交所作出了上述终止上市的决 定。 事实上，在收到证监会《决定书》的次日，*ST苏吴股票已开始停牌，停牌周期至12月8日结 束。从停牌前的市场表现来看，截至11月25日收盘， 该股票已连续五个交易日涨停，当天收 报1.24元/股，涨幅达5.08%，总市值为8.81亿元。 不过， 与去年同时期相比，该公司的股价 和市值，已缩水近九成。 值得注意的是，*ST苏吴的 ...

Market Performance - Major stock indices in the two markets experienced fluctuations, with the Shenzhen Component Index and the ChiNext Index dropping over 1% at one point, and more than 3700 stocks declining [1] - As of the market close, the Shanghai Composite Index fell by 0.42% to 3897.71 points, the Shenzhen Component Index decreased by 0.68%, the ChiNext Index dropped by 0.69%, and the STAR 50 Index declined by 1.24% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.6073 trillion yuan [1] Sector Performance - Sectors such as non-ferrous metals, media, pharmaceuticals, semiconductors, brokerages, automobiles, and liquor saw declines, while retail, coal, insurance, and real estate sectors experienced gains [1] - Concepts related to cross-strait integration and Hainan Free Trade Zone were active [1] Investment Outlook - According to Industrial Securities, the easing of overseas disturbances, rising expectations for global liquidity, and improved risk appetite have laid a solid foundation for the current year-end market trend [1] - Following previous fluctuations and digestion, clearer economic and industrial development plans from year-end meetings are expected to further consolidate market consensus and guide mainline directions [1] - A bullish mindset is recommended, with continued investment in the recovery of Chinese assets [1] - Focus should be on sectors with policy support and positive economic outlook for next year, including "anti-involution" and price-increasing resource products (chemicals, building materials, steel, energy metals, precious metals), agriculture, and new consumption & service consumption (leisure food, education, travel chain, etc.) [1] - Technology growth is anticipated to be a key driver in breaking through the current market volatility [1]

Core Viewpoint - The phenomenon of "AH share premium inversion" is observed in six companies, where H-shares are priced higher than A-shares, attributed to low liquidity and foreign investors' preference for industry leaders [1][2]. Group 1: Market Dynamics - The Heng Seng AH Share Premium Index (HSAHP) remains above 120, indicating a 20% premium of A-shares over H-shares [1]. - The six companies experiencing this inversion include CATL, China Merchants Bank, Hengrui Medicine, Weichai Power, WuXi AppTec, and Midea Group [2]. - The market sees a preference for newly listed stocks in the H-share market, which have lower liquidity, leading to higher valuations [2]. Group 2: Liquidity and New Listings - The "inversion" stocks are characterized by a high proportion of newly listed shares, with three of the six companies listed for less than a year [2]. - The market capitalization of H-shares is often significantly smaller than that of A-shares, contributing to the liquidity scarcity and price inversion [2]. - As institutional investors gradually exit their IPO allocations, the liquidity in the H-share market is expected to increase, potentially narrowing the premium [2]. Group 3: Foreign Investment Preferences - Foreign investors show a strong preference for industry leaders that have established market positions and stable financials [3][4]. - These companies typically operate in traditional sectors such as finance, energy, and infrastructure, which have predictable profit models [3]. - The preference for H-shares is also driven by the perception of higher growth potential and better governance structures in these companies [4]. Group 4: Examples of Inversion - BYD and China Merchants Bank are highlighted as typical examples of companies where H-shares occasionally exhibit a premium over A-shares [5]. - The presence of monopolistic characteristics in H-shares can attract foreign investment, as these companies are often seen as irreplaceable in the global market [5].

Core Viewpoint - The flu epidemic level in China is rising, leading to increased activity in the anti-flu concept stocks, with Haiwang Biological hitting the daily limit up [1] Group 1: Market Activity - The Medical Innovation ETF (516820.SH) is down 0.81%, with mixed performance among constituent stocks; Dong'e Ejiao (000423) leads with a 0.91% increase, while Kanghong Pharmaceutical (002773) falls by 2.43% [1] - The latest data from the Chinese Center for Disease Control and Prevention shows that the flu positivity rate among outpatient and emergency cases is close to 45%, indicating a medium epidemic level, with some provinces reaching a high epidemic level [1] - The Medical Innovation ETF has seen a net outflow of 2.582 million yuan recently, but over the past 20 trading days, there have been 14 days of net inflow totaling 99.49 million yuan [1] Group 2: Investment Insights - Guosen Securities notes that the current valuations in the medical device and pharmacy sectors already reflect risks from domestic and international policies, suggesting a focus on undervalued stocks with potential highlights or marginal changes [1] - The Medical Innovation ETF selects 30 pharmaceutical blue-chip stocks, covering key sectors such as innovative drugs (34%), CXO (17%), medical devices (13%), and consumer healthcare (11%), indicating a potential for short-term gains in lower-valued medical core assets [1] - The pharmaceutical sector is experiencing significant differentiation, with innovative drug valuations being high (historically at the 88th percentile), while CXO, medical devices, and consumer healthcare sectors show potential for rebound [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 【导读】涉嫌信披违法违规、违规融资等，当代集团被立案 中国基金报记者 晨曦 当代集团，被立案！ 当代集团称，在立案调查期间，公司将积极配合中国证监会的调查工作，同时严格按照监管要求及相关规则，及时履行后续进展情况的信息披露义务。 公开信息显示，当代集团成立于1988年7月，是注册在武汉东湖新技术开发区内的一家民营高新技术集团公司，注册资本为55亿元；集团创始人为艾路 明。发展三十多年，"当代系"逐渐拓展至医药、消费、文化等各产业领域，曾控股人福医药、三特索道等多家上市公司。 2022年4月，当代集团首只债券发生违约事件，随后多只债券陆续发生违约。2023年8月，人福医药、三特索道等公司公告称，艾路明因涉嫌信息披露违法 违规被中国证监会立案。 12月2日，武汉当代科技产业集团股份有限公司发布公告称，其于11月28日收到中国证监会《立案告知书》。因涉嫌信息披露违法违规、违规融资等，中 国证监会决定对其立案。 2024年9月，债权人以当代集团不能清偿到期债务且明显缺乏清偿能力，向武汉中院提交重整申请。 此外，由于未在法定期限内披露定期报告，当代集团及艾路明在2025 ...

盘面上看，有色、传媒、半导体、券商、医药、汽车等板块走低，零售、煤炭、保险板块上扬，福建本 地股、海南自贸概念等活跃。 华西证券指出，展望12月，A股市场将步入国内外重要政策观察窗口，市场风险偏好或逐渐抬升，跨年 行情迎来布局期。海外方面，美联储降息概率较大，美元流动性担忧缓解和人民币汇率偏强运行，有利 于外资增配中国资产；国内方面，12月中上旬将召开中央政治局会议和中央经济工作会议，确定2026年 经济发展目标和宏观政策基调，反内卷、促消费、新质生产力等有望受益政策催化。行业配置上，建议 关注：产业趋势聚焦"十五五"相关主题投资，如商业航天、AI应用、储能、军工、创新药等；受益海外 流动性改善的有色金属等；前期调整幅度居前的港股科技等。 2日早盘，两市主要股指盘中震荡下探，科创50指数跌超1%，场内近4000股飘绿。 截至午间收盘，沪指跌0.55%报3892.55点，深证成指跌0.77%，创业板指跌0.88%，科创50指数跌 1.18%，沪深北三市合计成交10562亿元。 ...