Concept speculation meets "cooling signal": multiple A-share companies issue intensive stock price fluctuation announcements
Introduction
Recently, the A-share market has seen another wave of concept speculation, with popular themes such as Nvidia concept, PCB (printed circuit board), electronic fabric, glass substrate, and liquid cooling rotating, driving up stock prices of related stocks. However, with the rapid price rise, the gap between market sentiment and company fundamentals is widening. On the evening of June 28, more than a dozen A-share listed companies disclosed stock price fluctuation announcements, clarifying and explaining the relevant popular concepts, sending a strong rational signal. This is not only a demonstration of listed companies' responsibility to investors but also reflects the hidden dangers and risks in chasing market hotspots.
Electronic fabric and PCB concept stocks urgently clarify: limited business share, view rise rationally
Among the recent market focus, Sinoma Science & Technology is undoubtedly one of the most eye-catching stocks. In the past 9 trading days, the company has gained 5 limit-up days, with the stock price rising continuously, attracting widespread market attention. In response to the abnormal stock price fluctuation, Sinoma Science & Technology issued an announcement on the evening of June 28, stating that the special fiber fabric products produced by its wholly-owned subsidiary Taishan Fiberglass have recently attracted high attention, but the related business accounts for a small proportion of overall revenue. In fiscal 2025, Taishan Fiberglass's electronic fabric products (excluding special fiber fabric products) achieved sales revenue of 360 million yuan, and special fiber fabric products achieved sales revenue of 628 million yuan, accounting for only 1.19% and 2.08% of the company's 2025 operating revenue respectively. This data clearly shows that although the market has high expectations for the electronic fabric concept, the contribution of this business to Sinoma Science & Technology's overall performance is very limited.
At the same time, Gowin Semiconductor was also sought after for themes such as "computing power, high-speed CCL, optical module PCB, Nvidia supply," hitting three consecutive limit-up days last week. Facing market enthusiasm, the company decisively clarified: its subsidiary CCL company currently does not produce M8 or M9 CCL, M7/M8 grade high-speed CCL is still in R&D testing, and PCBs for 800G/1.6T optical modules are also under research. More notably, Gowin Semiconductor explicitly denied the market rumor that "high-frequency boards have passed Nvidia certification," stating that the company currently supplies no products to Nvidia. These clarifications reveal the significant gap between concept speculation and the company's actual business, which investors should calmly examine.
Liquid cooling, glass substrate and other tech concept stocks issue risk warnings: high valuations, unclear earnings outlook
In addition to electronic fabric and PCB concepts, concept sectors targeting emerging tech fields such as liquid cooling, semiconductor glass substrate, and specialty gases have also been hotly pursued by the market. Facing abnormal stock price rises, related companies have issued risk warnings, reminding investors of the risks of high valuations and irrational speculation.
In its stock price fluctuation announcement, PhiChem Materials explicitly pointed out that the company's current P/E ratio is significantly higher than the industry average, posing a risk of high valuation. The stock price has risen substantially in the short term, and there may be excessive market sentiment and irrational speculation. Regarding the market-concerned glass substrate TGV wet electronic chemicals business, PhiChem stated that the product has not yet achieved mass supply and has not formed significant operating revenue, having little impact on the company's overall performance. This means that despite the market's high expectations for this business, its actual earnings contribution remains to be tested by time and market.
Yinjiachem also acknowledged in its announcement that the company's stock price has risen rapidly in the short term, with high turnover ratios, indicating excessive market sentiment and irrational speculation, with a risk of rapid decline in the future. Regarding discussions related to its specialty gas business, the company clarified that its fluorine-containing specialty gas products are mainly carbon tetrafluoride and sulfur hexafluoride, and it currently has no business related to tungsten hexafluoride. This statement effectively curbed excessive imagination about the specialty gas business.
Luxshare Precision also issued a stock price fluctuation announcement, stating that the company's liquid cooling products accounted for only 0.002% and 0.027% of its total operating revenue in fiscal 2025 and Q1 2026 respectively. The proposed acquisition of Suzhou Coolerxin Technology Co., Ltd. had fiscal 2025 revenue (unaudited) accounting for only 1.306% of the company's same-period revenue, and the contribution is expected to remain small over the next 2-3 years. The company stressed that liquid cooling products are not its main products and will not have a significant impact on business performance; its main business remains automotive precision stamping dies, automotive seat frames, etc. This candid attitude helps investors rationally assess the company's value.
Rational investing: avoid concept speculation, return to company fundamentals
From the content of the above announcements, it can be seen that concept speculation often deviates from the actual business situation of companies and easily triggers irrational volatility in stock prices. Although the market's optimistic expectations for technological innovation are reasonable to some extent, in practice, many emerging businesses are still in the R&D or small-batch supply stage, have not formed scale revenue, let alone made significant impacts on overall performance. When participating in concept speculation, investors should be highly cautious about the risks of chasing highs and avoid being swept away by short-term sentiment.
At the same time, the proactive issuance of clarification announcements by listed companies is commendable. This is not only a performance of fulfilling information disclosure obligations and maintaining market order but also an important measure to protect investor interests. Regulators should also strengthen monitoring of such concept speculation and punish those spreading false information to maintain a healthy and orderly market environment.
Conclusion
Concept speculation is a double-edged sword in capital markets. It can bring fund attention to related companies but also bring investment risks due to the gap between expectations and reality. The intensive announcements on the evening of June 28 send a clear signal: in the A-share market, concept speculation will eventually return to fundamentals. When facing popular themes, investors should rationally evaluate, carefully decide, and avoid blind following. Only by returning to value investing based on company fundamentals can long-term stable returns be achieved. In the future, with the continuous improvement of market mechanisms and ongoing investor education, the A-share market will become more mature, and the risks of concept speculation will be gradually and effectively controlled.
