Sou Hu Cai Jing·2025-09-27 15:45Core Viewpoint - The stock market is witnessing a clear divide between "old stocks" (traditional blue-chip companies) and "new stocks" (emerging tech companies), with the former, represented by Kweichow Moutai, experiencing significant declines while the latter, such as Cambricon, shows remarkable growth [1][3][5]. Group 1: Performance of "Old Stocks" - Kweichow Moutai, once a market leader, saw its stock price drop from a peak of 2627.88 yuan in 2021 to 1453.35 yuan by September 22, 2023, resulting in a market capitalization decrease from over 3 trillion yuan to 1.82 trillion yuan [3][5]. - Other traditional companies like Haier Smart Home reported positive performance, with a 10.2% year-on-year revenue growth and a 15.6% increase in net profit for the first half of the year [8][9]. Group 2: Performance of "New Stocks" - Cambricon's stock price surged by 105% in 2023, even surpassing Kweichow Moutai's price at one point, driven by increasing demand for domestic AI chips and accelerated domestic substitution [5][10]. - Despite the impressive growth of "new stocks," concerns exist regarding their high valuation and reliance on a limited number of clients, which poses operational risks [10][12]. Group 3: Innovation in Traditional Companies - White Cloud Mountain, categorized as an "old stock," is actively pursuing innovation in the pharmaceutical sector, including new drug development and digital transformation initiatives [12][13]. - The company's efforts demonstrate that traditional firms can revitalize themselves through innovation, maintaining their relevance in a rapidly changing market [13][17]. Group 4: Investment Strategies - Investors are encouraged to consider both "old stocks" and "new stocks," as each category has its advantages depending on market cycles [15][18]. - A diversified investment approach, allocating funds to both categories, can help mitigate market volatility and enhance overall returns [15][17].