跌近15%！寒王遇“茅台魔咒”，这只是开始？

Core Viewpoint - The concept of "Moutai Curse" suggests that any company's stock price exceeding Moutai will subsequently decline, with Cambricon being the latest challenger to this phenomenon after its stock price surged tenfold over the past year, reaching 1465 yuan before experiencing a significant drop [1][2]. Group 1: Historical Context - Over the past eight years, no company has surpassed Moutai's stock price until Cambricon, which briefly held the title of A-share king [2]. - Historically, 14 companies have exceeded Moutai's stock price, primarily around 2015, a period marked by a major bull market and the impending burst of the mobile internet bubble [2][4]. Group 2: Performance Analysis - Among the 14 companies that surpassed Moutai, half began to decline within a month, with five of those experiencing a downward trend within a year [4][5]. - Companies like暴风科技 (Storm Technology) and全通教育 (All-in Education) illustrate the volatility, with the former peaking at 327 yuan in 2015 before plummeting due to operational failures and financial issues [5][6]. Group 3: Current Situation of Cambricon - Cambricon's current price-to-earnings (PE) ratio stands at 514, significantly higher than the historical average of 232 for the 14 companies that previously surpassed Moutai [7][9]. - Following its peak, Cambricon's stock price dropped 14.45% to 1202 yuan, indicating a trend similar to those companies that previously faced the "Moutai Curse" [9]. Group 4: Market Conditions - The current market environment for Cambricon is characterized by external risks, including geopolitical tensions and global economic downturns, contrasting with the internal risks faced in 2015 [10].