2 1 Shi Ji Jing Ji Bao Dao·2025-09-29 23:21Core 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 [1][9]. 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 [1][3]. - 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 [1][9]. - Major shareholders of Zhongji Xuchuang, including its chairman and vice president, have also engaged in share reductions, reflecting a pattern of selling among key insiders [3][4]. Group 2: Market Context and Performance - Zhongji Xuchuang's stock price has surged over 180% in the second half of the year, reaching a market capitalization of 463.1 billion yuan, which has prompted shareholders to realize gains [6][12]. - The company reported a revenue of 14.789 billion yuan in 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 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 reductions [11][13]. Group 3: Valuation Concerns - The wave of reductions is occurring at a time when many technology stocks have reached high valuations, leading to increased scrutiny and differing opinions among institutional investors regarding future growth prospects [12][14]. - Analysts have expressed mixed views on the sustainability of high valuations in the light of recent performance, with some suggesting that the positive fundamentals may already be priced in [12][14]. - The ongoing reductions may serve as a "stress test" for the technology sector, as the market adjusts to the implications of insider selling and varying valuation perspectives [14].