This is truly incredible. Those conventional methods—trading halts, abnormal movement alerts, risk announcements—are useless in the face of this wave of market activity. Resumption of trading continues to hit the daily limit, pre-emptive suspensions are still hitting the limit, and abnormal movement restrictions are still in place. Last night, I thought several stocks would suspend trading, but only one actually did; the rest were just risk warnings, which exceeded expectations.

In the face of capital and sentiment, any mechanism is useless.

Look at the main players in this wave of market activity: Zhitai New Materials hit 20cm daily limit for six consecutive trading days and was confirmed as the strongest stock of the year, and will suspend trading starting tomorrow for investigation. Leike Defense and Aerospace Huanyu both issued announcements saying they will apply for trading halts if their stock prices continue to rise abnormally. Gravity Communications hit 5 daily limits in 6 days, but the GEO division is still in the planning stage and has no revenue. Borui Communications explicitly stated that GEO business revenue is zero. Aerospace Brain-Computer Interface? Not developed. Commercial aerospace? Also not present. Aerospace Power’s main business does not involve commercial aerospace; it only processes rocket engine parts.

But none of these can stop it. On the aerospace development side, the controlling shareholders China Aerospace Systems Engineering and China Aerospace Science and Industry Corporation sold 8.38 million shares and 7.44 million shares respectively during this abnormal fluctuation period. The stories on the龙虎榜 are even more interesting: Chen Xiaoqiun’s seat bought net 60.53 million yuan of Leike Defense, Shanzi Gaoke was jointly bought net 484 million yuan by four institutional seats, and XinKe Mobile had two institutional seats net buying 107 million yuan.

This is the real story behind the market.