Bold capital is on a rampage, and A-shares are looking for the light of reason in the chaos (Capital Market Record 1211).

First, the market profile

Today (December 11), the A-share market has adjusted its pace of progress in a delicate posture amid shocks. The Shanghai Composite edged up 0.29%, the Shenzhen Component Index rose 0.33%, the ChiNext Index edged down 0.11%, and the Beijing Stock Exchange 50 Index fell 1.41%. Although the trading volume decreased by 429.5 billion yuan from the previous day, the rise of more than 3,800 stocks in the whole market still brought a touch of brightness to investors.

Today, the Shanghai Municipal Government's General Office issued a paper "Shanghai Municipal Action Plan for Supporting the Mergers and Acquisitions of Listed Companies (2025-2027)", Shanghai's local stocks broke out collectively today, and the stock price limit of many companies was limited, and the Shanghai State-owned Assets Reform Index hit a record high, rising by more than 30% during the year.

2. The interweaving of bull stocks and demon stocks: is it an opportunity or a trap?

In this market full of opportunities and challenges, bull stocks and demon stocks are like the brightest stars in the night sky, which not only attracts the attention of investors, but also tests their wisdom and courage.

Yiming Food: The miracle of 12 even plates

Yiming Food, the "first stock of the milk bar", suddenly exerted its strength in the absence of any obvious benefits, and walked out of a wave of jaw-dropping 12 consecutive board market, becoming the longest continuous board stock in the current market. However, behind this dazzling light, there are some hidden secrets. Although the share price has tripled since its year-to-date lows, the company's earnings growth is in the single digits. What's even more puzzling is that Yiming Food also shouted the slogan of opening 800 stores within the year at the beginning of 2024, but the actual situation is that in the first three quarters, the company opened 284 new stores and closed 340 stores in the same period. In the face of the continuous rise in stock prices, Yiming Food said that the company is operating normally and has no merger and acquisition plans.

Other bull stocks: Gathering of heroes

In addition to Yiming Food, there are 6 board stocks such as Rishang Group and Shandong Glass Fiber in the market, 4 board stocks such as Dongfang Zhizao and Aishida, and 3 board stocks such as Zhongbai Group and Xingguang Shares. These stocks are like bright stars, dotting the night sky of the market. However, among these bull stocks, there are also some demon stocks. They may skyrocket in the short term due to a sudden event, but in the long run, they lack the momentum and logic to continue to rise.

The details are as follows:

12 plates: Yiming Food 605179

6 plates: Rishang Group 002593, Shandong Glass Fiber 605006

4 boards: Dongfang Intelligent Manufacturing 002175, Aishida 002403, Jiangnan High Fiber 600527, Yibin Paper 600793, Tianyu Bio 603717

3 boards: Zhongbai Group 000759, Xingguang Co., Ltd. 002574, Fenda Technology 002681, Zhongxin Fluorine 002915, Ningbo Jingda 603088, Huifa Food 603536, Shuai Feng Electric 605336

2 boards: Xi'an Food 000721, Actually Zhijia 000785, 3D Communication 002115, Guangdong Media 002181, Construction Industry 600950, Shengli Precision 002426, Guosheng Financial Holding 002670, Haixin Food 002702, Liberal Arts 603165, Gorgeous Family 600503, Saurer Intelligent 600545, Fudan Fuhua 600624, Dongbai Group 600693, Huayuan Real Estate 600743, Friendship Group 600778. Guang'an Aizhong 600909, Wenfeng Co., Ltd. 601010, Quectel Communications 603236, Valin Seiko 603356, BESTORE 603719, Li Ziyuan 605337, Espressif Technology 688018

3. Bullboard hot spots: the dual play of technology and e-commerce

In today's market, e-commerce and artificial intelligence have become the brightest stars.

E-commerce: 36 daily limits. There are a total of 36 companies in the e-commerce sector, including Yiming Food, Aishida and other board stocks. With the continuous development of the e-commerce industry, more and more companies have begun to set foot in this field and seek new growth points. In this process, those companies that can seize the opportunity and continue to innovate can often win the favor of the market.

Artificial intelligence: the intersection of technology and the future. The artificial intelligence sector also performed well, with a total of 28 companies rising to the limit, and even board stocks such as Fenda Technology and Espressif Technology have become the focus of the market. As one of the future development directions, artificial intelligence has attracted more and more investors' attention due to its broad application prospects and huge market potential. In this field, those companies with core technology and innovation capabilities will undoubtedly become market leaders.

Huawei concept: the banner of the rise of domestic production. Huawei's concept sector also performed well, with a total of 22 companies up and down. Among them, Rishang Group, Fenda Technology and other board stocks demonstrate the strength of domestic enterprises in scientific and technological innovation. As Huawei's global influence continues to expand, more and more enterprises have begun to cooperate with Huawei to jointly promote technological innovation and industrial upgrading.

Fourth, the U.S. stock market closes: the Dow Jones fell calmly

Eastern time on Tuesday, the three major U.S. stock indexes collectively closed lower, and investors are closely watching the upcoming key inflation report, which will directly affect the Federal Reserve's interest rate decision next week. The Dow has fallen for four consecutive days, but its volatility has been extremely limited throughout the day. Although the market is showing a trend of rising and falling, on the whole, the U.S. stock market still maintains a relatively stable state.

The Nasdaq China Golden Dragon Index closed down 4.34%, and popular Chinese concept stocks fell collectively. However, compared to the previous day's increase of 8.54%, today's decline is not large. To a certain extent, this also reflects investors' confidence and expectations in the Chinese concept stock market.

5. Qian Cheng, Thousands of Shun Wanshun: Finding the Light of Reason in Chaos

In this market full of opportunities and challenges, bull stocks and demon stocks are intertwined, making it difficult to distinguish. However, as long as we keep a cool head and rational thinking, we can find our own bright path from this chaos. Investing is a marathon, not a sprint, and what we need is patience and persistence. Let us continue to move forward hand in hand in the days to come, and jointly welcome a better tomorrow.

Finally, the author uses a short poem to harness "Fengyun":

The stock market is changing

The bull demons are mixed and difficult to distinguish.

Rational investment is the right way

Fang has to shine brightly on the heart.

Appendix 1: Stock market dynamics

09:00 - 09:20 Pre-opening and early opening

FTSE China A50 Index Futures: opened 0.04% higher, and closed down 0.05% in the previous trading day.

09:21 - 09:25 Hong Kong stocks and A-shares open

Hong Kong stocks opened: The Hang Seng Index opened 0.46% higher, and the Hang Seng Tech Index opened 0.46% higher. Among them, JD Health: up more than 2%.

A-share open: The Shanghai Composite Index opened 0.19% lower, the Shenzhen Component Index opened 0.29% lower, and the ChiNext Index opened 0.15% lower.

09:26 - 09:30 Sector and individual stock activity

Quantum technology concept: active at the beginning of the session, Starlight shares, Geer Software (603232), Fudan Fuhua (600624) daily limit, Guodun Quantum (688027), Jida Zhengyuan (003029), Philips (300245) and other collective high open.

The concept of reform of state-owned enterprises in Shanghai: active at the beginning of the session, affected by favorable policies, Chuangxin International (600095), Fudan Fuhua (600624) daily limit, Kaikai Industrial (600827), First Pharmaceutical (600833), Shibei High-tech (600604), Xujiahui (600838) and so on.

09:30 - 09:45 Sector and individual stock trend changes

AI application direction: At the beginning of the session, Huayang Lianzhong (603825) fell to the limit, Fengyuzhu (603466), Fushi Holdings (300071), Wanxing Technology (300624), Jincai Internet (002530), Tianyu Digital Technology (002354), etc. followed the decline.

Reducer concept: lower in early trading, Shandong Mining Machinery (002526), Shanzi Hi-Tech fell to the limit, Qinghai Huading (600243), Lander Technology (002123), Rifa Precision Machinery (002520), Wuzhou New Year (603661) and so on.

Retail sector: abnormal movements, Zhongbai Group (000759) 8 days and 5 boards, Youa shares (000792) daily limit, Dashang shares (600694), Wenfeng shares (601010), Xujiahui (600838), Jiajiayue (603708) and other rapid follow-up.

Yiming Food (605179): touched the daily limit, recorded 12 consecutive boards, and the turnover was 517 million yuan.

Hang Seng Tech Index: The gain extended to 1%, and the Hang Seng Index is now up 0.70%.

09:45 - 10:00 Further developments in sectors and individual stocks

Insurance sector: short-term decline, Tianmao Group (000627) fell more than 8%, Xinhua Insurance (601336), Chinese Insurance (601319), Chinese Life (601628), China Pacific Insurance (601601) and other follow-ups.

Real estate sector: higher, Qixia Construction (600533) daily limit, Gorgeous Family (600503), Shibei High-tech (600604) previously closed the board, Joy City (000031), China Enterprises (600675), Xinhualian (000620), Suzhou High-tech (600736), Everbright Jiabao (600622) and so on.

Computing power leasing concept: abnormal movements, Yakang shares (301085), Chengdi Xiangjiang (603887) both rose by the limit, Runze Technology (300442), Yunsai Zhilian (600602), Tongniu Information (300895), Kehua Data (002335), etc. followed up.

Aquaculture sector: shocks rose, Huaying Agriculture (002321) daily limit, Tianyu Biology (stock code not provided, may be a clerical error or specific reference), Chuangxin International (600095) before the daily limit, Zhongshui Fishery (000798), Minhe shares (002234), Xiaoming shares (300967) and so on.

Liquor stocks: Shock rebound, Huangtai Liquor (000995) rose by the limit, Rock Shares (600696), Golden Seed Liquor (600199), Yingjiagong Liquor (603198), Laobai Dry Liquor (600559), Jinhui Liquor (603919), Shede Liquor (600702), etc.

Food processing and manufacturing sector: strengthened, Huifa Food (603526), Taoli Bread (603866), Babi Food (605338) rose by the limit, and BESTORE (300783), Three Squirrels, and Huangshanghuang (002695) followed up.

The

turnover of Shanghai, Shenzhen and Beijing exceeded 500 billion yuan, a decrease of more than 300 billion yuan from the previous day; Among them, the turnover of the Shanghai Stock Exchange was 190.4 billion yuan, the turnover of the Shenzhen Stock Exchange was 306.2 billion yuan, and the turnover of the Beijing Stock Exchange 50 was 6 billion yuan.

10:00 - 10:56 Follow-up of sectors and individual stocks

Humanoid robot concept: abnormal movements, Mitutoyo Intelligent (300276) fell more than 10%, Efort (688165), Wuzhou Xinchun (603661) fell more than 8%, Beite Technology (600699), Mingzhi Electric (603728), Shuanglin shares (300100) and other stocks fell more than 5%.

The concept of consumer electronics: the shock is higher, Tianjian shares (300825), Yingtong Communication (002861) daily limit, Zhongke Lanxun (688332) rose more than 8%, Edifier (002351), Guoguang Electric (002045), Huiwei Technology (002888), Zowee Technology (002369) and so on.

Penny stocks: repeatedly active, Xinhualian (000620), Qixia Construction (600533), Palm (002431), Xiamen Engineering (600815), Jinzhengda (002470), Jishi Media (601929) daily limit, Shanying International (600567), Huaying Agriculture (002321), Masteel (600808) and so on.

Industrial metal sector: abnormal movements, Liyuan shares (002501) rose by the limit, Yun Aluminum shares (000807) rose by more than 7%, Huafeng Aluminum (601702), Shenhuo shares (000933), North Copper (000737), Yiqiu Resources (601388) and so on.

The concept of humanoid robots: repeatedly active, Wuzhou Xinchun (603661), Hanyu Group (002290), Aishida (002403), Fenda Technology (002681) daily limit, Keli Sensing (603662), Tianyu Digital Technology (002354) and so on.

Kitchen and bathroom electrical appliances: short-term rise, Shuai Feng Electric (605336) 3 boards, Martian (300894), Yitian Intelligent (300911), Aopu Technology (603551), Vantage (002035), Wanhe Electric ** (002543) and so on. The rise in the share prices of these companies may have been positively affected by the growth of market demand or the improvement of the company's performance.

10:56 - Epilogue Semiconductor concepts go higher

Semiconductor concept: shocks higher, Broadcom Integration (603068) daily limit, Hengxuan Technology (688699), Puran shares (688366), Shanghai Belling (600171), Telink Micro (688099), Dongxin shares (688110) and other stocks rose more than 5%. The rise in this sector may reflect the market's optimistic expectations for the future development of the semiconductor industry.

　　11:03

The

turnover of the Shanghai and Shenzhen stock exchanges exceeded the 1 trillion yuan mark for the 51st consecutive trading day, but compared with the previous trading day, the trading volume shrank by more than 380 billion yuan, indicating that the market trading activity has declined.

　　11:18

Douyin's concept plate suddenly moved up, among which the provincial Guangzhou Group (002400), Olympian Technology (002913), gravity media (603598), three-dimensional communication (002115) strong limit, Tianlong Group (300063), Haitian Ruisheng (688787), Silk Road Vision (300556) and other stocks also followed, with significant gains.

　　11:30

The three major A-share indexes all showed a slight upward trend in early trading. As of midday close, the Shanghai Composite Index rose 0.22%, the Shenzhen Component Index rose 0.43%, and the ChiNext Index edged up 0.08%. The BSE 50 fell 0.64%. The half-day turnover of the whole market reached 1,142.7 billion yuan, but compared with the previous trading day, the trading volume decreased by 381.1 billion yuan. More than 3,500 stocks in the market rose.

In terms of sector themes, consumer electronics, Shanghai state-owned enterprise reform, quantum technology, food processing and manufacturing and other sectors were among the top gainers. Among them, the concept of consumer electronics led the rise, and individual stocks such as Tianjian (300829), Xingxing Technology (300256), Shengli Precision (002426), Zowee Technology (002369), and Edifier (002351) rose to the limit. In the concept of reform of Shanghai state-owned enterprises, Jiaoyun Co., Ltd. (600676), Yimin Group (600824), Shanghai Trade (600822), First Pharmaceutical (600833), Kaikai Industrial (600827), Shanghai 900 (600838) and other shares have a daily limit. In terms of the food processing and manufacturing sector, Yiming Food has a daily limit for 12 consecutive trading days, and individual stocks such as Haixin Food (002702), Babi Food (605338), Huifa Food (603536), and Taoli Bread (603885) have also increased their limits.

At the same time, insurance, Sora concept and other sectors were among the top decliners. Among the insurance stocks, Tianmao Group (000627) fell to the limit, and stocks such as Xinhua Insurance (601336) and Bank of Ningbo (002142) also followed. Sora Concept led the decline, Huayang Lianzhong (603825) fell to the limit, and stocks such as Yidiantianxia (301171) and Fengyuzhu (603499) fell more than 7%.

　　13:02

The cultural media sector had a strong trend in the afternoon, among which Guangdong Media (002181), Visual China (000681), Gravity Media (603598), Jishi Media (601929) and other stocks rose by the limit, Tianlong Group (300063) rose by more than 15%, and stocks such as Palm Reading Technology (603533) and Xinhua Media (600373) also rose rapidly.

　　13:13

The concept of Hainan Free Trade Zone has changed locally, among which Hainan Ruize (002596) and Hainan Development (002163) both have daily limits, and stocks such as Lishang Guochao (600735), Hainan Haiyao (000566), Hainan Expressway (000886), and Huawen Group (000793) have also followed suit.

　　13:33

The concept of high-speed copper cable connection fluctuated higher, among which Wall Nuclear Materials (002130) hit the daily limit, Zhaolong Interconnection (300913) rose by more than 10%, and Shenyu shares (300544), Kaiwang Technology (301182), Deren Electronics (002055), Huafeng Technology (688629) and other stocks also followed the rise.

　　13:36

Hong Kong stocks continued to fall in the afternoon, with the Hang Seng Tech Index falling more than 1% after rising more than 1% at one point; The Hang Seng Index also fell 0.5%.

　　13:52

The tourism and hotel sector has been repeatedly active, among which Xi'an Catering (000721) has risen for two consecutive trading days, Xi'an Tourism (000610) has risen by more than 5%, and Tongqinglou (605108), Junting Hotel (301073), Qujiang Cultural Tourism (600706), Huatian Hotel (000428) and other stocks have also followed the rise.

　　14:14

Up to now, the turnover of the three markets in Shanghai, Shenzhen and Beijing has exceeded 1.5 trillion yuan, but compared with the previous trading day, the trading volume has shrunk by 412.6 billion yuan. Among them, the turnover of the Shanghai Stock Exchange was 579.2 billion yuan, the turnover of the Shenzhen Stock Exchange was 903.5 billion yuan, and the turnover of the Beijing Stock Exchange 50 was 18 billion yuan.

　　14:16

The concept of online car-hailing has changed locally, among which Jinjiang Online (600650) has touched the daily limit, and Fulin Transportation (002357), Haiqi Group (603069), Volkswagen Transportation (600611), Longzhou (002682), Tongda Electric (603390) and other stocks have also followed the rise.

　　14:26

The

retail sector strengthened at the end of trading, among which Hangzhou Jiebai (600814), Baida Group (600865), Zhongbai Group (000759), Maoye Commercial (600828), Friendship Group (600778), Yimin Group () and other stocks rose to the limit. On the news side, according to the official website of the Hangzhou Municipal Government, the "Hangzhou Three-Year Action Plan (2025-2027) to Build a "City of Games, Sleepless Hangzhou" is soliciting public opinions, which mentions that it intends to support duty-free tax refund consumption in the city.

　　14:39

Huayuan Real Estate (600743) staged a market at the end of the day, with a turnover of more than 600 million yuan, showing the strong attention of market funds.

　　14:56

The end of the information and innovation sector changed, among which Jingyeda (003005) daily limit, Guangha Communication (300711), Anheng Information (688023), Oriental Guoxin (300166), Desheng Technology (002908), Jiulian Technology (688609) and other stocks also followed the rise.

Appendix 2: Capital market information

1. The People's Bank of China carried out a 7-day reverse repurchase operation of 78.6 billion yuan today, and the winning interest rate remained unchanged at 1.50%. At the same time, a 7-day reverse repo of 41.3 billion yuan expired today, and the central bank maintained market liquidity through reverse repo operations.

2. Recently, the Ministry of Human Resources and Social Security will mobilize and deploy the full implementation of the personal pension system. The personal pension pilot will be fully liberalized in the near future, expanding from the original 36 pilot cities to the whole country. In addition, individual pension fund products will also usher in expansion, and some mature broad-based ETF feeder funds and broad-based index OTC products will add Y shares to meet the needs of more investors.

3. The Ministry of Finance, the State Administration of Taxation and the Propaganda Department of the CPC Central Committee jointly issued an announcement on the tax policy for the transformation of for-profit cultural institutions into enterprises in the reform of the cultural system. The announcement mentioned that for-profit cultural institutions that are transformed into enterprises before December 31, 2022 can enjoy preferential tax policies during the transitional period, including exemption from corporate income tax and exemption from real estate tax for self-use properties.

4. The Voice of China of China Central Radio and Television issued a document saying that the Political Bureau of the Central Committee of the Communist Party of China decided to implement a moderately loose monetary policy next year. This policy tone is more positive than "prudent", creating a suitable policy environment for the implementation of more aggressive RRR and interest rate cuts. The article also mentions that a series of more targeted monetary policy tools are worth looking forward to, which will effectively reduce the comprehensive financing cost of the real economy and stimulate market demand and vitality.

5. The Ministry of Education and the National Copyright Administration jointly issued a notice on doing a good job in the legalization of software in the education system. The notice requires that by the end of 2027, the education system should fully use genuine operating system software, office software and anti-virus software, and eliminate the use of software without the authorization of software copyright holders. At the same time, it is necessary to raise the awareness of copyright protection among the staff of the education system, teachers and students.

6. According to the latest data, the financing balance of the Shanghai Stock Exchange was 956.648 billion yuan, an increase of 5.195 billion yuan from the previous trading day, and the financing balance of the Shenzhen Stock Exchange was 909.757 billion yuan, an increase of 8.511 billion yuan from the previous trading day. The total financing balance of the two cities reached 1,866.405 billion yuan, an increase of 13.706 billion yuan from the previous trading day, showing that the market financing activities are active.

7. Recently, in response to the phenomenon of "self-built valuation model" prevalent in wealth management subsidiaries, the financial regulatory authorities have intervened. The regulator has issued a notice clearly requiring wealth management subsidiaries not to iron out fluctuations in the net value of products through closing prices, smoothed valuations and self-built valuation models in violation of regulations to ensure market fairness and transparency.

8. The Hangzhou Municipal Government recently solicited the public solicitation of "Hangzhou City to Build" City of Competition. Opinions on the "Three-Year Action Plan (2025-2027)" of Hangzhou that never sleeps. It is mentioned that it is planned to support duty-free and tax-free consumption in the city, encourage qualified duty-free operators to deploy duty-free shops in Hangzhou, and support Hangzhou enterprises to obtain duty-free licenses. At the same time, it also supports time-honored brands and new Guochao brands to apply for the business qualification of departure tax refund stores to enrich the categories of tax refund goods.