CITIC Securities: The impact of the new delisting regulations on the short-term market style is more reflected in the emotional level.

Golden Ten Data reported on December 27 that CITIC Securities Research Report said that 2024 is the first year of the new A-share delisting regulations, and the trigger conditions of delisting risk warning (*ST) involve four main directions: financial, transactional, standardized, and major violations. In response to the small and micro market market that the market is concerned about recently, CITIC Securities has analyzed all the penalties imposed on listed companies by the regulator since the beginning of this year, and has not found that there has been a rapid tightening of supervision for small and medium-sized market cap companies in the near future. Since late November, the A-share trading loss index has continued to deteriorate, and the proportion of TMTzone transactions in all A transactions has returned to a high level, which may lead to the spontaneous "closing circle" behavior in the process of market hot theme rotation, bringing pressure on the adjustment of the small Market Cap style.