15个交易日涨超290%，603122再发风险提示

Core Viewpoint - The stock price of HeFu China (603122.SH) has surged dramatically, increasing by 291.92% from October 28 to November 20, reaching a historical high of 26.18 yuan per share, despite the company's ongoing financial losses and declining performance [1][2][6]. Stock Performance - HeFu China's stock price began its rapid rise on October 28, starting at around 7 yuan, and experienced multiple trading days of price limits, including 13 days closing at the limit price by November 20 [2][3]. - The stock's trading volume showed significant fluctuations, with a turnover rate exceeding 20% on several key dates during the price surge [3][4]. Financial Performance - The company reported a revenue of 5.49 billion yuan for the first three quarters of the year, a decrease of 22.80% year-on-year, and a net loss of approximately 12.39 million yuan, down 146.65% [6][7]. - HeFu China's revenue is projected to decline further, with expected decreases of 14.62% and 42.96% for 2023, and 14.05% and 41.58% for 2024, respectively [6][7]. Market Behavior - The stock's price increase has been attributed to speculative trading behavior, with significant participation from retail investors and a notable "hot potato" effect [1][3][5]. - The company has issued multiple risk warnings, indicating that its current price levels are significantly detached from its fundamental performance, with a static P/E ratio of 378.03, compared to the industry average of 29.37 [3][5]. Investor Composition - The trading activity has been dominated by individual and small investors, with retail investors accounting for over 90% of the total trading volume during certain periods [4][5].