Cambricon(SH:688256) Sou Hu Cai Jing·2025-09-29 06:48Group 1 - The core viewpoint of the articles highlights a significant wave of share reductions by early investors in the A-share market, coinciding with a market recovery [2][3][6] - On September 26, Tianyue Advanced announced that its shareholder, Hubble Technology Venture Capital Co., Ltd., plans to reduce its stake by up to 3.8769 million shares, representing 0.8% of the total share capital [2][6][7] - In September alone, 426 listed companies have issued reduction announcements, totaling 696 instances of share reductions, marking a 49% increase compared to the same period last year [3][5] Group 2 - The reduction trend is closely linked to the market's upward movement, with the Shanghai Composite Index reaching a nearly ten-year high of 3899 points on September 18 [3][5] - In the first half of the year, 428 A-share companies experienced shareholder reductions, with a total of 1315 reduction events amounting to nearly 60 billion yuan, doubling compared to the same period in 2024 [5][6] - Notable investment institutions, including those affiliated with Xiaomi and Huawei, have been actively reducing their stakes, with Hubble Investment planning to cash out approximately 335 million yuan from its holdings in Tianyue Advanced [6][8] Group 3 - The reduction activities by investment institutions have surged, with August alone seeing 255 reduction events involving 138 companies, and the total reduction amount increasing by over four times compared to the same month last year [5][6] - The electronic information sector saw the highest reduction amounts in August, with Guobo Electronics leading at 770 million yuan [5] - The timing of reductions is critical, as seen with the case of Shangwei New Materials, where a significant reduction occurred before the stock price surged dramatically [9][10]