The A-share market continued its volatile upward trend today (May 13). While the storage chip-related indices remained strong, the collaborative optical module sector saw further divergence. Notably, high-priced stocks, such as Yuanjie Technology, experienced significant adjustments. Consequently, official media has cautioned about the risks of stocks trading above 1,000 yuan, questioning whether the technology bubble has burst, how long the storage chip rally can last, and if the optical module trend has concluded.

Caution Regarding High-Value Stocks? Data from the midday close on May 13 showed that storage chip-related indices were not the top performers but still performed relatively well. This movement is somewhat linked to the performance of overseas giants. It is reported that Micron Technology and SanDisk closed down 3.61% and 6.17% overnight, respectively, while SK Hynix continued its upward trajectory today, breaking through its historical high.

Specifically, the HBM (High Bandwidth Memory) index closed up 4.02%, ranking fourth in gains among popular concepts. HBM achieves higher storage performance by vertically stacking multiple DRAM chips using advanced packaging technology. The memory index closed up 2.77%, not yet breaking into the top ten gainers. Among individual stocks, Jacquet Technology hit the 10% daily limit up, while Lianrui New Materials, Huahaichengke, and Dapuwei-UW also saw substantial gains.

In the "optical"-related sectors, indices for optical chips, optical communication, and optical modules (CPO) all closed higher, but their gains were significantly weaker than those of storage chip indices, especially among high-priced stocks, which performed poorly. Currently, there are five A-share stocks trading above 1,000 yuan: Yuanjie Technology, Kweichow Moutai, Cambricon, Lianxun Instruments, and Zhongji Innolight. Except for Kweichow Moutai, the other four are related to the "optical" sector. Apart from Cambricon, these stocks initially closed lower but gradually turned positive by the afternoon session.

In response, the Securities Times published an article warning of the risks for stocks trading at such high levels. It pointed out that many former 1,000-yuan stocks have lost their luster. Since their closing prices first exceeded 1,000 yuan, stocks like Roborock, Imeik Technology, and Homa Appliances have seen their prices halved, with their current prices (unadjusted) all below 120 yuan. Although Kweichow Moutai remains above 1,000 yuan, it has fallen more than 40% from its peak. This illustrates that significant risks often accompany stocks reaching high price levels.

The Tu Wenbin Family's Stake Increase Whether "standing in the light" or "embedded in the chip," both the optical and storage chip sectors are widely recognized as current market mainstays. However, as these two major themes have accumulated substantial gains, the choice between advancing or retreating has become a pressing decision. To provide reference, the author has examined the portfolio adjustments of some notable investors.

Recently, one family has chosen to "stand in the light," undeterred by high prices: the "super retail investor" trio of Tu Wenbin, Shi Yuqing, and their son Tu Shi'en. Their target is Kechuan Technology. Between April 13 and May 11, the Tu family continuously increased their holdings in Kechuan Technology, with their combined stake now reaching the 5% disclosure threshold. Regarding the purpose of this increase, Tu Wenbin and others stated it was due to their recognition of the company's development plans, future prospects, and long-term investment value.

Kechuan Technology is primarily engaged in functional components for electronic products, optical film components, and automotive power battery insulation products. It listed on the Shanghai Stock Exchange in October 2022. In February 2024, the company established a wholly-owned subsidiary, Kechuan Photonics Technology (Suzhou) Co., Ltd., dedicated to the design of high-speed silicon photonic chips and the R&D and production of high-speed optical modules.

In the latest institutional research session on May 9, Tu Wenbin was notably present. The company stated during the session that it is steadily progressing with its silicon photonic chip-related work. The PIC and accompanying silicon photonic engine solutions will undergo synchronous verification with clients, with plans to orderly advance the technological implementation of higher-speed products based on client verification schedules. However, the company also noted that its related products are proceeding with sample verification as planned. Given that large-scale revenue has not yet been generated, these developments are not expected to have a significant impact on current performance.

It is worth noting that, bolstered by the "optical" theme, Kechuan Technology's stock price has risen continuously this year, accumulating gains of over 200% so far. On May 12 and 13, it recorded consecutive limit-up closes, with the latest price at 104.89 yuan per share. The average purchase price for the Tu family during their accumulation period was 84.80 yuan per share, which is at a relatively high level for the company's stock.

Coordinated Bullish Positions In fact, during the first quarter of this year, the Tu family trio was already aggressively taking bullish positions in A-shares, focusing their increased holdings on technology stocks.

As of the end of Q1, Tu Wenbin, Shi Yuqing, and Tu Shi'en appeared in the top ten circulating shareholder lists of four listed companies. Their adjustment steps were largely synchronized. Tuosiyun and Litong Electronics were newly added to their significant holdings. Tenglong Co., Ltd. was only newly added by Tu Shi'en, while Zhongyuan Stock Co., Ltd. saw varying degrees of reduction in their holdings.

Categorized by popular concepts, Tuosiyun belongs to the software development track, associated with AI+ and the "East Data West Computing" initiative. Litong Electronics falls under IDC (computing power leasing). Tenglong Co., Ltd. is linked to liquid cooling servers and fuel cells. Zhongyuan Stock Co., Ltd. is associated with hot concepts like ultra-high voltage and smart grids. Supported by these popular themes, these stocks are generally entering an upward trend. For instance, Litong Electronics hit the 10% daily limit up today.

Looking ahead, can these stocks heavily held by the Tu family achieve doubling gains similar to Kechuan Technology? The author will continue to monitor the situation.