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◎记者李雨琪

4月24日,A股三大指数冲高回落,盘中一度集体翻红,随后走势分化。截至收盘,上证指数报3297.29点,涨0.03%;深证成指报9878.32点,跌0.58%;创业板指报1935.86点,跌0.68%。全市场当天成交额为11389亿元,较上个交易日缩量1235亿元。

盘面上,受国际金价反弹影响,市场再度进入避险情绪,超3500只个股下跌。银行、电力、煤炭等板块涨幅居前,算力、半导体、软件开发等板块跌幅居前。从行业指数来看,尽管高股息资产纷纷上涨,但场内也有化学制药、风电、食品加工制造等板块保持活跃。此外,多只高位股尾盘走出反包走势,安记食品、国芳集团均上演“地天板”。

业内人士分析,近期市场虽然反复“拉扯”,但风格切换总体是良性的,毕竟全A平均股价也在涨跌交替中渐渐补缺。

高股息资产纷纷上涨

周四,银行、电力、煤炭等高股息资产集体上涨。银行板块中,齐鲁银行涨超3%,厦门银行、渝农商行等涨势明显。中国银行、农业银行、工商银行分别涨2.10%、2.01%和1.83%,股价均创历史新高。

中金公司表示,一季度银行持仓集中度提高、股份行占比较高,主要缘于经济阶段性企稳下的市场风格切换。此外,近期银行股作为指数重要组成部分对指数维稳也起到了重要作用,在目前市场领涨方向并不明确的背景下,资金选择防御的重要方向。

电力板块表现更为强势。截至收盘,乐山电力、华银电力、广西能源、西昌电力、韶能股份等多只个股涨停。

华银电力近日发布了2025年一季报。报告期内,公司实现营业收入23.07亿元,同比增长5.06%;实现净利润7567.49万元,同比增长894.61%。

消息面上,国家能源局近日发布数据显示,2025年3月全社会用电量8282亿千瓦时,同比增长4.8%。

国泰期货表示,当前国内经济延续回暖态势,制造业PMI持续回升。预计4月全社会用电量同比增速有望延续3月回升势头,增速区间或为4.5%至5.5%。

长江证券分析称,从历史规律看,不论是A股红利还是港股红利,在4月超额收益均较为明显。统计2022年至2024年红利风格表现较强区间的A股红利和港股红利月度表现,发现红利风格有一定的季节效应,在1月、4月、8月及12月超额收益较为明显。从行业表现看,A股红利中,国有行、水电和高速公路4月表现较好。

宠物经济概念股走强

宠物经济概念股昨日集体走强,路斯股份盘中一度涨超20%。截至收盘,天元宠物以20%幅度涨停,路斯股份、乖宝宠物涨超10%,中宠股份、依依股份涨停。

业绩方面,多家宠物公司交出亮眼的一季度“成绩单”。中宠股份一季报显示,公司一季度实现营业收入11.01亿元,同比增长25.41%;归属于上市公司股东的净利润9115.53万元,同比增长62.13%。乖宝宠物一季度实现营业收入14.89亿元,同比增长34.82%;归属于上市公司股东的净利润2.04亿元,同比增长37.68%。

银河证券预计,我国宠物行业规模有望于2027年突破4000亿元。情感经济、科学养宠、理性养宠等消费趋势的变化将带来结构性机遇。宠物食品、医疗等子行业均存持续扩容预期,相关企业盈利能力有望进一步增强。建议关注宠物食品、宠物医疗板块。

机构:5月行情“不穷”

太平洋证券认为,与市场上方套牢盘的压力相比,当前市场成交额仍不足以形成有效突破,预计后续仍将维持震荡走势。方向上,预计市场将以消费、科技和红利三者轮动上涨,考虑到资金的避险需求,行情更可能在“五一”假期后展开。

中原证券表示,近期A股呈现分化格局,沪深300、上证50等宽基指数受益于机构资金持续流入,金融、地产等大盘蓝筹表现占优,而科技成长板块延续调整。4月是年报和一季报密集披露期,市场将从预期驱动转向基本面验证。预计短期市场仍以区间震荡为主,但政策托底与经济韧性为结构性机会提供支撑。未来市场有望呈现科技领涨、红利防御、消费复苏与内需驱动的特征,建议投资者把握结构性机会,兼顾防御与成长。

据光大证券研究,通过追踪上证指数、沪深300、深证成指、创业板指、中证500、中证1000等12个指数,在过去20年的时间里,这些指数5月的平均涨跌幅基本为正值,但是多数指数上涨概率不超50%,因此5月行情“不穷”。

该机构认为,5月A股将出现风格切换,中小市值指数、成长股或逐渐成为市场的主线机遇。

   

  距年报季结束不到一周时间,多家上市公司公告年报难产。背后原因五花八门,有的公司因财务信息等相关重要事项未能完成核实查证程序,有的公司则因为欠钱导致原年审会计师“跑路”,新会计师甚至还未进场。由此即将引发的违规风险,也让不少投资者感到担忧。

  公司欠钱会计师“跑路”

  4月24日,金力泰(维权)发布公告,公司原定于2025年4月29日披露2024年年报和2025年一季报。因涉及年度报告中财务信息等相关重要事项未能完成核实查证程序,公司预计无法按时完成2024年年报和2025年一季报的编制工作,预计无法在法定期限内披露上述定期报告。

  无独有偶,紫天科技(维权)4月23日公告称,原定于4月23日披露公司2024年年度报告以及2025年第一季度报告。截至公告日,因公司仍未聘请年审会计师,预计无法在法定期限前披露2024年年度报告及2025年第一季度报告。

  会计师之所以“撂挑子”,主要是因为相关上市公司欠款。紫天科技表示,2024年5月20日,公司召开2023年年度股东大会,审议通过聘请北京亚泰国际会计师事务所(特殊普通合伙)(下称“亚泰国际”)为公司2024年度审计机构。公司于2025年4月14日收到亚泰国际发来的《通知函》,告知公司截至2025年4月11日仍未与亚泰国际签订2024年度审计业务约定书,并欠付2023年度审计费用,亚泰国际将不再与公司洽谈2024年年审合作事宜。

  还有不少公司提示了定期报告存在逾期风险。st新潮表示,公司将积极推进2024年度审计机构的年度审计工作,但审计机构能否按时完成审计工作尚存在不确定性,若其不能按时完成审计工作,则公司将存在无法在法定期限内披露经审计的年度报告的情形。

  st宇顺表示,根据公司2024年度审计相关工作量来看,时间较为紧张,存在无法在2025年4月30日前完成相关审计工作并披露公司2024年度报告的风险。ST宇顺原定于4月29日披露2024年年报,但距离预约披露日仅剩20天时,其审计机构祥浩(广西)会计师事务所(特殊普通合伙)因“人力资源配置和工作安排”原因辞任。这是公司继2024年12月利安达会计师事务所辞任后,短期内第二次更换审计机构。公司4月9日公告,拟聘任深圳正一会计师事务所(特殊普通合伙)为公司2024年度财务报告审计机构和内部控制审计机构。

  违规风险引发中小投资者担忧

  按期披露定期报告是上市公司的法定义务。证券法第七十九条规定,上市公司应当在每一会计年度结束之日起四个月内,报送并公告年度报告,其中年度财务会计报告应当经符合该法规定的会计师事务所审计。

  无法按期披露年报,上市公司将面临“披星戴帽”乃至退市的风险。金力泰表示,根据深交所相关规定,未在法定期限内披露相关年度报告或者半年度报告情形的,公司股票在相应期限届满的次一交易日起停牌。如公司在股票停牌后两个月内仍未披露2024年年度报告,公司股票交易将被实施退市风险警示;若公司在股票交易被实施退市风险警示之日起的两个月内仍未披露2024年年度报告,深交所将决定终止公司股票上市交易。紫天科技、ST宇顺等面临同样的风险。

  这引发了部分投资者的担忧。年报无法按期披露的公告一出,金力泰股价随即出现20%幅度跌停。在股吧中,不少股民表达了不满,有股民表示要维权。去年三季报显示,金力泰股东人数超过23000户。

  紫天科技股票正处于停牌中,但投资者的焦虑情绪依然在股吧中蔓延。有股民表示:“如果这样不负者(责)任,就等着股民一起起诉吧!”去年三季报显示,公司股东人数超过32000户。

  部分公司问题重重

  事实上,除了无法按期披露年报的风险,上述部分公司早已隐患重重。

  例如,紫天科技就存在前期整改未完成的风险。公司公告表示,因前期财务会计报告存在虚假记载,公司收到福建证监局责令改正措施的决定,要求公司在2025年3月16日前完成整改并提交报告。但目前公司尚未聘请具备证券、期货相关业务资格的会计师事务所,也未向福建证监局提交整改报告。公司股票已于3月17日起停牌,根据规定,若停牌后两个月内仍未完成整改,公司股票交易可能被实施退市风险警示;若再两个月内仍未完成整改,公司股票可能会被终止上市。

  在风险爆发的同时,紫天科技独董又曝出公司存在内控问题。紫天科技独立董事孟繁锋今年3月底提出辞职。其表示,辞职的主要原因有两项:一是公司管理层主要成员辞职等致使公司内控已无法有效运作;二是公司长期拖欠独立董事津贴。

  不少公司的业绩表现也不尽如人意。例如,紫天科技持续亏损。1月27日晚,紫天科技发布2024年度业绩预告,预计2024年净亏损1.5亿元至2.2亿元。上年同期,公司净亏损12.1亿元。

  还有公司触及被实施退市风险警示的财务类指标。ST宇顺表示,公司预计2024年度净利润、扣除非经常性损益后的净利润均为负值,且扣除后的营业收入低于3亿元,根据相关规定,在公司2024年年度报告披露后,公司股票交易可能被实施退市风险警示。

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