CMC(SH:603122) Xin Lang Cai Jing·2025-11-11 10:37Core Viewpoint - The stock price of HeFu China has significantly deviated from its fundamentals, indicating a potential risk of rapid decline due to market overreaction and irrational speculation [1] Summary by Relevant Sections Stock Performance - From October 28, 2025, to November 11, 2025, the company's stock experienced a cumulative increase of 173.35%, with ten out of eleven trading days closing at the daily limit price [1] - As of November 11, 2025, the stock price closed at 18.26 yuan per share, reaching a historical high [1] Business Fundamentals - The company's main business has not undergone significant changes and is currently in a loss-making state [1] - The stock's recent performance is notably higher than the industry average and the Shanghai Composite Index, indicating a significant deviation from the company's fundamentals [1] Valuation Metrics - The current price-to-earnings (P/E) ratio is significantly higher than that of peer companies in the industry, suggesting the presence of a bubble in the stock price [1] Market Dynamics - The stock has shown considerable volatility in trading volume, indicating a "hot potato" effect among investors [1] - There are concerns regarding the sustainability of the stock's upward trajectory, with potential pressures on short-term operating performance and risks of earnings fluctuations [1]