4600亿大牛股，遭套现近23亿，A股高位减持再现

Core Viewpoint - The A-share technology sector is experiencing a wave of share reductions, with significant implications for market sentiment and stock valuations, particularly highlighted by the recent reduction plans from major shareholders of Zhongji Xuchuang [2][10]. Group 1: Shareholder Reductions - Zhongji Xuchuang's controlling shareholder, Shandong Zhongji Investment Holdings, plans to reduce its stake by up to 5.5 million shares within three months, potentially cashing out nearly 2.3 billion yuan based on the closing price on September 29 [2][4]. - Over 100 technology companies in the A-share market have announced share reduction plans since September, indicating a broader trend of shareholder cashing out amid high stock prices and valuation concerns [2][10]. - Major shareholders of Zhongji Xuchuang, including its chairman and vice president, have also engaged in share reductions, with significant amounts cashed out during the high stock price period [5][6]. Group 2: Financial Performance and Market Context - Zhongji Xuchuang reported a revenue of 14.789 billion yuan for the first half of the year, a year-on-year increase of 36.95%, and a net profit of 3.995 billion yuan, up 69.4% [8]. - The stock price of Zhongji Xuchuang has surged over 180% in the second half of the year, reaching a market capitalization of 463.1 billion yuan, reflecting strong demand for optical modules driven by increased capital expenditures from overseas clients [6][8]. - The technology sector has seen a concentration of share reductions, particularly in the electronics and computer industries, with notable companies like Lanke Technology and Softcom Power also announcing significant shareholder reductions [10][11]. Group 3: Market Sentiment and Valuation Concerns - The wave of share reductions is perceived as a signal of increased willingness among institutional investors to cash out after substantial stock price increases, potentially leading to short-term market volatility [12]. - There is a growing divergence in valuation assessments among institutional investors regarding technology stocks, particularly in the optical module sector, as some analysts suggest that the positive fundamentals may already be reflected in current stock prices [12][13]. - The market is witnessing a reassessment of technology stock valuations, with some analysts expressing skepticism about overly optimistic profit forecasts for companies like Zhongji Xuchuang [13].