603122，15个交易日涨超290%，谁在刀口舔血？

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][4][7]. Stock Performance - HeFu China's stock price began its rapid ascent on October 28, starting at around 7 yuan, and experienced multiple trading days of price limits, including 12 out of 14 trading days before the suspension [1][2]. - The stock was suspended for trading on November 17 after significant price fluctuations, with the Shanghai Stock Exchange monitoring the stock for abnormal volatility during the period from November 10 to November 14 [2][4]. Financial Performance - For the first three quarters of the year, HeFu China reported revenue of 549 million yuan, a year-on-year decline of 22.80%, and a net loss of approximately 12.39 million yuan, a decrease of 146.65% [7]. - The company has faced declining revenues for over two years, with projected revenues for 2024 expected to drop by 14.05% and net profit by 41.58% compared to 2023 [8]. Market Behavior - The trading activity has shown signs of speculative behavior, with retail investors and small investors making up a significant portion of the trading volume, while institutional investors accounted for only about 10% of the total trading [5]. - HeFu China has been identified as part of a broader trend in the A-share market where stocks with appealing names have experienced irrational surges, indicating a potential "name-driven trading" phenomenon [5][6]. Risk Warnings - Despite the stock's rapid increase, the company has issued multiple risk warnings, stating that the current price levels are significantly detached from its fundamental performance, indicating a bubble-like situation [1][4][6]. - The company's static price-to-earnings ratio stands at 378.03, far exceeding the industry average of 29.37, highlighting the risk of overvaluation [4].