漫画：王建明 【深圳商报讯】（记者 陈燕青）随着*ST天茂9月底退市，今年以来已有25家A股公司完成退市，原因包括财 务类退市、交易类退市、重大违法强制退市、主动退市、吸收合并等多种类型。其中，有3家公司选择主动退 市。 今年8月，*ST天茂公告，由于公司拟进行业务结构调整，面临重大不确定性，可能对公司造成重大影响，拟 以股东会决议方式主动撤回A股上市交易。 除了*ST天茂，今年主动退市的案例还包括中航产融、玉龙股份，原因和前者类似。中航产融主动退市的原 因是"经营面临重大不确定性，可能会对公司造成重大影响"，中航产融旗下的中航信托已被建信信托、国投 泰康信托托管。 除了上述3家公司，还有两家公司因为吸收合并而退市。其中，国泰君安证券吸收合并海通证券，海通证券已 终止上市；中国船舶吸收合并中国重工，中国重工终止上市。 根据记者梳理，今年交易类退市较为普遍，其中股价持续低于面值成为部分公司退市的直接导火索。4月30 日，*ST旭蓝、*ST嘉寓、*ST东方、*ST富润4家公司正式从A股市场摘牌。这4家公司均因触及交易类强制退 市情形，即连续20个交易日的每日收盘价均低于1元而被终止上市。 新"国九条"提出，深化退 ...

经济观察网今天上午，国务院新闻办公室举办"高质量完成'十四五'规划"系列主题新闻发布会。相关负 责人介绍，中央企业科技创新的沃土结出了累累硕果，集成电路、工业母机、工业软件等领域一批"卡 脖子"关键核心技术集中攻克，嫦娥六号、梦想号、"奋斗者"号、深地一号等一批"大国重器"捷报频 传，C919大型客机、国产大型邮轮持续擦亮"中国制造"名片，九三阅兵中系列新域新质作战力量震撼 亮相，极大提振了民族自信自强的志气、骨气和底气。 ...

Group 1: Import and Export Performance - The total import and export value of Yangzhong from January to July reached 4.181 billion RMB, a year-on-year increase of 53.02%, with exports amounting to 3.978 billion RMB, up by 55.82% [1] - Yangzhong has 254 foreign trade enterprises with actual performance, and among the top ten exporters, three companies had no export business last year [2] Group 2: Company Initiatives and Growth - Jiangsu Electric Power Transformer Manufacturing Co., Ltd. has participated in two overseas projects this year, with exports growing by 175.2% year-on-year [2] - Jiangsu Ruike Health Technology Co., Ltd. has shifted its focus to Southeast Asia after facing challenges due to U.S. tariff policies, resulting in continuous export growth [3] - Aiswei Technology Co., Ltd. has achieved an export value of 645 million RMB from January to July, marking a 63.4% increase [4] - Dajin Heavy Industry Co., Ltd. ranked first in export value in Yangzhong with 1.143 billion RMB, benefiting from efficient notarization services [7] Group 3: Technological Advancements and Market Expansion - Daqian Group focuses on core technologies in environmentally friendly electrical equipment and has participated in international projects in Saudi Arabia and Singapore [5] - Tongling Co., Ltd. has 113 patents and saw a 36.4% increase in export value from January to July [5] - Yangzhong encourages key industries such as smart electrical, new energy, and automotive parts to expand internationally, with these sectors accounting for 85% of total exports [5] Group 4: Government Support and Services - Yangzhong's public notary office has increased its service efficiency, with a 25% year-on-year rise in notarization volume, facilitating overseas orders for local companies [7] - The local government emphasizes proactive service and tailored support for the top 30 foreign trade enterprises to enhance export performance [7] - Shifan Energy Technology Co., Ltd. has successfully exported products to Australia, with sales exceeding 20 million RMB in the first half of the year [8]

Core Viewpoint - The A-share market is experiencing a mixed performance, with the Shanghai Composite Index falling below 3,800 points, while the MSCI China A50 Connect Index is undergoing a correction, down approximately 1.7% [1] Market Performance - The market remains active with strong trading volumes, supported by continuous capital inflow and rising policy expectations [1] - Key stocks leading the market include Luxshare Precision (002475) and China Shipbuilding, while Zhongji Xuchuang (300308), Cambricon Technologies, and Haiguang Information are lagging [1] External Environment - The external environment is relatively stable, with a high expectation for a Federal Reserve interest rate cut in September, which is favorable for the equity market [1] - The reshaping of global capital flows is also seen as beneficial for the A-share market [1] Investment Opportunities - The upward trend of the A-share market is expected to continue, with market hotspots likely to remain in a rotation phase, indicating structural allocation opportunities [1] - A50 ETF (159601) closely tracks the MSCI China A50 Connect Index, providing a diversified exposure to 50 leading stocks in the A-share market, making it a preferred choice for both domestic and foreign investors [1] - The MSCI China A50 Connect Index emphasizes liquidity and industry balance during its compilation, showcasing significant large-cap characteristics compared to other indices [1]

Group 1 - The core viewpoint of the articles highlights the increasing trend of companies facing delisting in the A-share market due to major violations, particularly financial fraud, with a significant rise in the number of companies entering delisting procedures in 2025 compared to previous years [2][4] - *ST Gao Hong has been forced to delist due to financial fraud, facing a hefty penalty of 160 million yuan, while *ST Tian Mao has opted for voluntary delisting, offering shareholders a cash option at 1.6 yuan per share [2] - In 2025, 10 companies have entered delisting procedures due to major violations, which is significantly higher than the 3 companies that faced delisting in the first five years following the 2014 regulations [2][4] Group 2 - Since the beginning of 2025, five companies have voluntarily delisted, including *ST Tian Mao, with others like Yulong Co. and AVIC Industry facing operational deterioration, while China Shipbuilding Industry and Haitong Securities delisted due to mergers [3] - The voluntary delisting process has included cash options for shareholders, such as 3.54 yuan per share for AVIC Industry and 13.2 yuan per share for Yulong Co., providing an exit strategy for small investors [3] - The structure of delisting is undergoing a significant transformation, shifting from being primarily finance-driven to a more diversified approach, with various categories of delisting including major violations, trading issues, financial problems, regulatory issues, and voluntary delisting [4]

Market Overview - On July 31, the A-share market opened lower and experienced wide fluctuations, with the Shanghai Composite Index finding support around 3580 points[2] - The Shanghai Composite Index closed at 3573.21 points, down 1.18%, while the Shenzhen Component Index closed at 11009.77 points, down 1.73%[7] - Total trading volume for both markets was 19,621 billion yuan, above the median of the past three years[3] Sector Performance - Strong performers included banking, software development, internet services, and consumer electronics, while coal, steel, energy metals, and shipbuilding sectors lagged[3] - Over 70% of stocks in the two markets declined, with chemical pharmaceuticals, software development, and internet services showing the largest gains[7] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 14.81 times and 41.76 times, respectively, indicating a mid-level valuation compared to the past three years[3] - The market is currently in a dual-driven phase of policy and capital, establishing a slow upward trend despite short-term technical adjustment pressures[3] Economic Context - China's economy continues to show moderate recovery, with consumption and investment as core drivers[3] - Long-term capital inflows are increasing, with steady growth in ETF sizes and continuous inflow from insurance funds, providing significant support[3] Investment Recommendations - It is suggested to focus on technology growth and cyclical manufacturing as dual main lines for investment, while also considering high-dividend banks, public utilities, and strategic emerging industries[3] - Short-term market expectations lean towards steady upward fluctuations, with close monitoring of policy, capital, and external market changes advised[3]

Core Insights - The total import and export value of the Yellow River Basin's nine provinces reached 3.12 trillion yuan in the first half of the year, marking a historical high for the same period and accounting for 14.3% of the national total, with a year-on-year growth of 8.2%, maintaining growth for 17 consecutive months, which is 5.3 percentage points higher than the national overall growth rate [1][2] Group 1 - The provinces of Qinghai, Gansu, and Henan within the basin experienced rapid growth in imports and exports, achieving double-digit growth [2] - The diversification of markets continues to advance, with a 7% increase in import and export value with countries involved in the Belt and Road Initiative [2] - The number of foreign trade entities in the basin has significantly expanded, with 96,000 companies having import and export performance, an increase of 7,206 compared to the same period last year [2] Group 2 - The competitiveness of advantageous products continues to strengthen, with rapid growth in exports of mobile phones, agricultural products, ships, and containers [2] - The demand for imports in the technology innovation sector has been released, driving a 7.9% increase in the import value of electromechanical products in the Yellow River Basin [2]

Core Viewpoint - The industrial production growth in China is expected to slow down in the second half of the year due to export-related factors, but supportive policies and the cultivation of new growth drivers will help maintain stable industrial growth [1][5][8]. Group 1: Industrial Production and Economic Growth - The export delivery value accounts for nearly 40% of China's industrial output, indicating a significant reliance on exports [1][5]. - In the first half of the year, the industrial added value of large-scale enterprises grew by 6.4% year-on-year, with June seeing a notable increase of 6.8%, exceeding market expectations [1][6]. - The Ministry of Industry and Information Technology (MIIT) plans to implement new growth stabilization plans for key industries such as steel and petrochemicals in the second half of the year [1][6][9]. Group 2: Key Industry Performance - Major industrial provinces have shown strong performance, with all 31 provinces reporting year-on-year growth in industrial added value, and several provinces achieving over 8% growth [6][7]. - Key industries such as electrical machinery, automobiles, and electronics have contributed significantly to industrial growth, with high-tech manufacturing sectors showing robust performance [6][7]. Group 3: Future Growth Drivers - Emerging industries like humanoid robots and 3D printing are expected to provide new growth points for the economy, with the potential to become new pillars of growth [7][12]. - The MIIT is focusing on nurturing new industries and developing future sectors such as bio-manufacturing and low-altitude industries [9][11]. Group 4: Support for Small and Medium Enterprises (SMEs) - The MIIT plans to enhance the development environment for SMEs by addressing issues like overdue payments and providing policy support [13][14]. - The National SME Development Fund has completed the establishment of its seventh batch of sub-funds, with a total scale of 8.287 billion yuan, focusing on hard technology sectors [14][15].

Group 1 - The Shanghai 180 ETF Index (510040) increased by 1.07%, with notable gains from stocks such as Baotou Steel (600010) up 10.00%, WuXi AppTec (603259) up 9.99%, and Northern Rare Earth (600111) up 9.89% [1] - The new trade agreement between the US and ASEAN countries may complicate China's re-export trade through ASEAN, potentially accelerating the trend of Chinese companies establishing factories abroad [1] - The Shanghai 180 Index selects 180 securities from the Shanghai market based on market capitalization and liquidity, reflecting the overall performance of core listed companies in the Shanghai securities market [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the Shanghai 180 Index (000010) include Kweichow Moutai (600519), Zijin Mining (601899), and China Ping An (601318), with these ten stocks accounting for 25.4% of the index [2]

Group 1 - The article discusses the long-term decline of several Chinese stocks, highlighting that some may take years to recover, testing investors' patience [1] - China First Heavy Industries has a market capitalization of 18 billion, with its stock price dropping 88% from 21.37 to 2.65 over the past decade, remaining stagnant between 2 and 3 yuan for eight years [3] - China Aluminum has seen a 90% decline from a peak of 60.10 to 6.62 over 18 years, with a significant drop of 96% from 2.6 five years ago [4] - China Shipbuilding Industry Corporation has a current stock price of 4.32, down 80% from 20.12 ten years ago, with 580,000 investors still holding [6] - China Power Construction has a stock price of 4.71, down 85% from 19.06 ten years ago, despite recent performance improvements [7] - China Railway has a current stock price of 5.58, down 76% from 22.55 ten years ago, with 470,000 shareholders [9] Group 2 - The article notes that despite some companies having good fundamentals, their stock prices remain in a downward trend, raising questions about when they will bottom out [9] - The number of shareholders for China First Heavy Industries has remained relatively stable between 230,000 and 250,000, indicating a lack of significant new investment [3] - China Power Construction has a price-to-earnings ratio of 6.9, similar to some bank stocks, and its net asset value has decreased by 43% [7]