Core Viewpoint - The extreme drop in the stock price of Wangshan Wangshui-B (02630) from HKD 97 to HKD 51, a nearly 50% decline, is seen as a recalibration of market order rather than the end of the story, leading to a clear double W bottom formation and subsequent upward trend [1] Phase 1: Panic Sell-off and Liquidity Crisis - From November 6 to November 12, the newly listed Wangshan Wangshui experienced a rapid decline of 44.37%, dropping from HKD 97 to HKD 51, which is still approximately 70% above the issue price of HKD 33.37, indicating that the drop was more about eliminating irrational early-stage bubbles [2] - The total trading volume during this period was 7.8622 million shares, with a 94.9% bearish volume ratio, suggesting that almost all liquid shares underwent a turnover, providing a solid foundation for new institutional investors [2][3] Phase 2: Double W Bottom Formation and Shift in Market Sentiment - From November 13 to November 21, the market quickly organized a rebound, forming a right bottom at HKD 52.55, which is higher than the left bottom at HKD 51, confirming the area as an effective low point [4] - The bullish volume reached 974,200 shares, surpassing the bearish volume of 846,400 shares for the first time since the drop, indicating a fundamental shift in market sentiment [4] Phase 3: Main Uptrend Breakthrough and Self-Reinforcing Trend - From November 24 to December 2, the stock price surged from HKD 59.85 to HKD 79.3, a 31.42% increase, successfully breaking through the neck line at HKD 74, indicating a strong bullish trend [6] - The low turnover rate of 1.13% during this period suggests that circulating shares were highly locked, indicating strong control by the main force [6] Phase 4: Healthy Consolidation and Technical Confirmation Post Main Uptrend - From December 3 to December 11, the stock price corrected from a high of HKD 79.3 to a low of HKD 70.5, resulting in a 7.80% decline, which is considered a healthy adjustment rather than a trend reversal [8] - The total trading volume of 962,440 shares during this period was slightly higher than during the main uptrend, indicating a typical "pullback with volume" phenomenon, while the 1.44% turnover rate suggests good locking of shares despite the adjustment [10][11]

在资本市场的技术分析框架中，一次极端的"断崖式"暴跌，往往并非故事的终点，而可能是一场精密计 算的秩序重构。 智通财经APP观察到，旺山旺水-B（02630）在经历从97元至51元、幅度近50%的垂直打击后，并未陷 入漫长的阴跌，反而在迅速构筑起一个结构清晰、量价配合经典的双W底形，并最终展开一轮流畅的主 升浪。下文，我们将穿透K线图与成交量的表层，剖析其背后主力运作的深层逻辑与市场情绪转换的微 观密码。 第一阶段：恐慌性暴跌与流动性危机 11月6日至12日，刚刚上市的旺山旺水经历了一场极限压力测试。其股价在短短5个交易日内从97港元的 高点急速坠落至51港元，累计跌幅达44.37%，完成了次近乎腰斩的极端调整。 值得关注的是，即使跌至51元低点，股价仍比发行价33.37港元高出约70%。这表明暴跌并未跌破发行 价这一核心价值锚，更多是挤出上市初期非理性泡沫的过程。此外，当首批获利丰厚的筹码（以发行价 计获利仍超70%）开始集体兑现时，由于流通盘（仅十分之一股份）本身很小，巨大的卖盘相对于有限 的活跃买盘形成碾压。 786.22万手的区间总成交与94.9%的阴量占比，以及超过10%的换手，意味着几乎所有流动筹 ...