Wire flash
A-share top-priced stock Lianxun Instrument plunges over 6% in afternoon, tech sector weakens
Editorial responsibility
- No named human review is recorded for this page.
- Source reporting is collected, normalized, translated or condensed automatically when needed.
- Automatically published source-backed update
On September 21, A-share high-price stocks experienced a significant decline, with the market's most expensive stock, Lianyi Instrument, falling over 6% after dropping more than 7% intraday. Other high-priced tech stocks, including Pinzhun Laser, Yushu Technology-W, Muxi Shares-U, Hengdongguang, and Suiyuan Technology-U, also declined. The tech sector broadly underperformed, with sub-sectors like advanced packaging, lithography machines, HBM, and memory chips falling. Chip testing stock Liyang Chip dropped nearly 13%. Analysts offered contrasting views on the outlook. Huaxi Securities predicted that A-share tech stocks will experience a structural divergence, shifting from speculative momentum to a rational pricing phase focused on fundamentals, order fulfillment, and earnings. For pre-holiday trading, AVIC Securities recommended defensive positioning in large-cap and consumer stocks, particularly food & beverage and pharmaceuticals, noting that small-cap stocks face pressure. The brokerage expects a broad rally in the five days after the holiday, led by TMT sectors, and that growth and financial stocks will outperform over the subsequent 20 trading days.
Source report
Date: September 21
Lianxi Instruments, the highest-priced stock on the A-share market, experienced a volatile trading session today. The stock declined in early morning trading, with losses accelerating in the afternoon to exceed 7%. As of press time, the decline remained above 6%.
Weak Performance Across New High-Price Tech Stocks
Other high-priced new stocks in the market also performed poorly:
- Pinzhun Laser and Yushu Technology-W fell nearly 4%
- A range of hard-tech new stocks, including Muxi Co., Ltd.-U, Hengdongguang, and Suiruan Technology-U, declined in tandem
Sector Rotation: Pharma Gains, Tech Lags
In terms of sector performance, market capital was primarily concentrated in the pharmaceutical sector today, with the innovative drug sector posting strong gains. In contrast, the technology sector led the decline, with losses in:
- Advanced packaging
- Lithography equipment
- HBM (High Bandwidth Memory)
- Storage chips
Liyang Chip, a chip testing stock, saw its afternoon losses widen sharply, falling nearly 13%.
Analyst Outlook: Tech Sector to See Divergence
Huaxi Securities commented on the technology sector, stating that A-share tech stocks are expected to experience divergence. As external macroeconomic uncertainties gradually resolve and market sentiment recovers, the overall A-share tech sector is likely to see a rebound. However, this round of recovery will move away from the previous "broad-based rally with small-cap speculation" pattern. Instead, structural divergence, selective strength, and quality-driven gains will become the core characteristics of this tech rally.
The market's pricing logic has fundamentally shifted—from earlier speculation on long-term expectations, thematic concepts, and sentiment-driven momentum, toward a more rational pricing phase that emphasizes:
- Fundamental verification
- Order fulfillment
- Earnings delivery
- Valuation alignment
Pre-Holiday Strategy: Small Caps Under Pressure, Consumption and Pharma Favored
AVIC Securities offered guidance on pre-holiday thematic selection:
- Before the holiday: Small-cap stocks face pressure, while large-cap styles are relatively resilient. Consumption-related sectors tend to outperform as the holiday approaches, with food & beverage and pharmaceutical & biotech showing relative strength.
- Five trading days after the holiday: A broad-based rally is typical, with the TMT sector showing the most significant gains.
- Twenty trading days after the holiday: Growth and financial styles tend to outperform. Growth stocks deliver stronger returns, while financial stocks exhibit a higher probability of gains. The electronics and non-bank financial sectors show higher median returns and win rates.
Source
数据宝Eastern
Part of this Story
A-share high-price tech stocks plunge; Lianxun Instrument drops over 6%, sector rotates to pharma