证监会一直在引导投资者理性投资，养成价值投资的习惯。但以玄学炒股为代表的过度投机则破坏价值 投资根基，扭曲市场定价功能，侵蚀价值投资。 无论是当前的马字辈，还是去年的蛇字辈股票炒作，都是完全忽略上市公司基本面的过度投机，往往导 致标的股价严重偏离公司实际价值，产生巨大的风险泡沫。潮水退去，龙字辈、蛇字辈等玄学炒作过后 的股价暴跌，仍历历在目。 价值投资和投机呈现跷跷板效应，资金总会选择赚钱效应更好的一方。盘子小、快进快出，玄学炒股在 短期内更引人注目。久而久之，会严重冲击价值投资理念。尤其是中小投资者，很容易误入歧途，在追 涨杀跌的投机炒作中越陷越深。 当更多资金涌入玄学炒股的行列，将可能出现劣币驱逐良币的情况，导致资本市场出现非理性的资源错 配。无厘头的玄学概念股可能炒上天，真正的绩优股却可能因无人问津而遭遇估值"错杀"。 一些不好的苗头值得警惕。在马字辈股票的玄学炒作中，出现了部分机构专用席位。机构投资者本该是 耐心资本的代表、价值投资理念的践行者。参与玄学炒作的个别机构投资者，大大降低了专业投资者的 公信力，直接影响中小投资者通过公募等渠道入市的信心。 A股又现玄学炒股，万里马、玉马科技等马字辈股票6月 ...

Core Viewpoint - The stock of Chuanfa Longmang (002312.SZ) has been stagnant around 11 yuan, contrasting with the broader recovery in the phosphorus chemical index and the recent speculative trading in the market, raising questions about its valuation and the sustainability of its growth prospects [2][10]. Group 1: Stock Performance and Market Sentiment - Following the "tariff incident" on April 7, the phosphorus chemical index has rebounded, but Chuanfa Longmang's stock has not followed suit, remaining flat [2]. - Recent speculative trading in stocks associated with the "Ma" character has seen increases of over 60%, reminiscent of last year's hype around Chuanfa Longmang [2]. - The stock experienced significant volatility last year, with a peak of 22.88 yuan per share before a rapid decline, indicating a pattern of speculative trading driven by retail investors [6][10]. Group 2: Company Developments and Financials - Chuanfa Longmang has undergone multiple business transformations since its listing in 2009, currently focusing on phosphorus chemicals under the control of the Sichuan State-owned Assets Supervision and Administration Commission [3][12]. - The company reported a revenue of 1.56 million yuan from its new energy materials segment in the first half of 2024, which accounted for only 0.39% of total revenue, indicating limited contribution to overall performance [15]. - The company’s operating costs for new energy materials reached 1.19 billion yuan, representing 1.70% of total costs, highlighting the financial strain of this segment [16]. Group 3: Industry Context and Future Prospects - The phosphorus chemical industry is currently facing an oversupply situation, which poses challenges for Chuanfa Longmang's growth trajectory and its second growth curve in new energy materials [11][18]. - The company is actively pursuing acquisitions to enhance its resource base, including a recent announcement to acquire a 51% stake in Guotuo Mining, which will fill a gap in lithium resources [8][21]. - Despite the strategic moves to expand its resource capabilities, the company faces significant debt pressures, with short-term borrowings reaching 1.31 billion yuan and long-term borrowings at 4.35 billion yuan as of Q1 2025 [23][24].