CMC(SH:603122) Hua Xia Shi Bao·2025-12-23 06:38Core Viewpoint - The stock of HeFu China has experienced irrational surges, leading to multiple risk warnings from the company, indicating a significant disconnection from its fundamentals [2][4]. Group 1: Stock Performance and Company Actions - HeFu China's stock price has increased over 250% from October 28 to December 5, despite the company reporting a net loss of approximately 12.39 million yuan for the third quarter [2][4]. - The company has issued nearly ten risk warning announcements since the first trading halt, explicitly stating that its stock price is being irrationally speculated upon [2][4]. - The controlling shareholder of HeFu China holds 55% of the company's shares, with a market value increase of over 3.5 billion yuan since October 28, and plans to reduce holdings worth approximately 200 million yuan [2][4]. Group 2: Market Trends and Investor Behavior - The A-share market is witnessing a trend of "cross-year stocks," with multiple companies experiencing consecutive trading halts, indicating a speculative atmosphere as the year-end approaches [5][6]. - Historical data shows that "cross-year stocks" often start their rallies around mid-November, with a significant portion having low market capitalization and stock prices, making them susceptible to speculative trading [6][7]. - Market participants are advised to be cautious of the high risks associated with these speculative stocks, as they can experience extreme volatility and significant losses after rapid price increases [7].