Core Viewpoint - The concept of "Moutai Curse" suggests that any company's stock price exceeding Moutai will subsequently decline, with Cambricon being the latest challenger to this notion after its stock price surged tenfold over the past year, reaching 1465 yuan on August 27, only to drop significantly thereafter [1][2]. Group 1: Historical Context - Over the past eight years, no company has surpassed Moutai's stock price until Cambricon, which briefly held the title of A-share king [1]. - Historically, 14 companies have exceeded Moutai's stock price, primarily around 2015, coinciding with the last major bull market and the impending burst of the mobile internet bubble [1][3]. Group 2: Stock Performance Analysis - Among the 14 companies that surpassed Moutai, half experienced a decline within one month, and five of these were in a downward trend within a year [2][3]. - The average PE ratio of these 14 companies was 232, while Cambricon's PE ratio reached an extreme 514, indicating a significant overvaluation [6][8]. Group 3: Market Sentiment and Risks - The surge in Cambricon's stock price is attributed to the current AI market frenzy, drawing parallels to the mobile internet bubble [7]. - Concerns are rising regarding the sustainability of the AI bubble, with Cambricon's stock price showing a pattern similar to those companies affected by the "Moutai Curse" [8][9]. - As of September 4, Cambricon's stock price fell by 14.45% to 1202 yuan, while Moutai's price remained relatively stable at 1472.7 yuan [9].

Core Viewpoint - The concept of "Moutai Curse" suggests that any company's stock price exceeding Moutai will subsequently decline, with Cambricon being the latest challenger to this phenomenon after its stock price surged tenfold over the past year, reaching 1465 yuan before experiencing a significant drop [1][2]. Group 1: Historical Context - Over the past eight years, no company has surpassed Moutai's stock price until Cambricon, which briefly held the title of A-share king [2]. - Historically, 14 companies have exceeded Moutai's stock price, primarily around 2015, a period marked by a major bull market and the impending burst of the mobile internet bubble [2][4]. Group 2: Performance Analysis - Among the 14 companies that surpassed Moutai, half began to decline within a month, with five of those experiencing a downward trend within a year [4][5]. - Companies like暴风科技 (Storm Technology) and全通教育 (All-in Education) illustrate the volatility, with the former peaking at 327 yuan in 2015 before plummeting due to operational failures and financial issues [5][6]. Group 3: Current Situation of Cambricon - Cambricon's current price-to-earnings (PE) ratio stands at 514, significantly higher than the historical average of 232 for the 14 companies that previously surpassed Moutai [7][9]. - Following its peak, Cambricon's stock price dropped 14.45% to 1202 yuan, indicating a trend similar to those companies that previously faced the "Moutai Curse" [9]. Group 4: Market Conditions - The current market environment for Cambricon is characterized by external risks, including geopolitical tensions and global economic downturns, contrasting with the internal risks faced in 2015 [10].

Core Viewpoint - The article discusses the phenomenon known as the "Moutai Curse," which suggests that companies whose stock prices exceed that of Moutai tend to experience a decline thereafter. The latest challenger to this curse is Cambricon, whose stock price surged tenfold over the past year, briefly surpassing Moutai before experiencing a significant drop [4][5]. Group 1: Historical Context - Over the past eight years, no company has surpassed Moutai's stock price until Cambricon. Historically, 14 companies have exceeded Moutai's price, primarily around 2015, a period marked by a bull market and the impending burst of the mobile internet bubble [5][6]. - A review of the stock performance of these 14 companies after surpassing Moutai shows that half of them began to decline within a month, with many experiencing significant drops within a year [9][10]. Group 2: Performance Analysis - Among the 14 companies, only China Shipbuilding and Yanghe Brewery maintained an upward trend for a year after exceeding Moutai's price. The average price-to-earnings (PE) ratio for these companies was 232, while Cambricon's PE ratio reached an extreme 514 [9][13][16]. - The article highlights that the stock price surges of these companies were often driven by speculative bubbles without solid fundamental support, leading to inevitable declines when market enthusiasm waned [15][16]. Group 3: Current Market Conditions - Cambricon's recent stock performance mirrors the patterns observed in previous instances of the "Moutai Curse," with its stock price peaking at 1,465 yuan before dropping significantly. As of September 4, Cambricon's stock closed at 1,202 yuan, reflecting a 14.45% decline [17]. - The current market environment differs from 2015, with risks stemming more from external factors such as geopolitical tensions and global economic downturns, rather than internal leverage issues [17].