Stock Price Surpasses "Cold King," Second Only to Kweichow Moutai - The Eighth Thousand-Yuan Stock in A-Shares is Born, Why Is It Sourcetech?

Ask AI · Can Yuanjie Technology maintain its position as a long-term thousand-yuan stock like Kweichow Moutai?

On March 20, the A-shares once again made history — the popular CPO (co-packaged optics) concept stock Yuanjie Technology (SH688498) surged rapidly after opening, hitting a 20% daily limit during trading, with the highest share price reaching 1,140 yuan, breaking the 1,000 yuan mark. It became the eighth stock in the A-share market to reach 1,000 yuan and the second in the STAR Market.

Near the close, Yuanjie Technology’s stock price pulled back slightly, ending the day at 1,114.99 yuan, up 17.37%. Its total market capitalization reached 95.831 billion yuan, surpassing Cambrian and ranking as the second-highest priced stock in the A-share market, just behind Kweichow Moutai.

By the end of trading, Yuanjie Technology’s stock price had exceeded 1,000 yuan, with the Shanghai-Hong Kong Stock Connect becoming the main driver. On that day, the Shanghai-Hong Kong Stock Connect bought 1.236 billion yuan worth of Yuanjie Technology shares and sold 663 million yuan, with a net purchase of 570 million yuan.

Reviewing the lineage of A-share thousand-yuan stocks: the rise and fall of seven benchmarks and their lessons

For investors, the key question is: after Yuanjie Technology becomes the eighth thousand-yuan stock in the A-share market, is this a fleeting phenomenon or the start of a new long-term trend?

Historically, seven stocks have either broken through or remained above 1,000 yuan: Zhong An Ke, Kweichow Moutai, Yunsai Zhijian, Cambrian, Stone Technology, Hemaic, and Aimeike.

Zhong An Ke and Yunsai Zhijian are predecessors of the “Old Eight” stocks—Feile Audio and Vacuum Electronics—both reaching high points in 1992. Due to stock splits, their prices later declined significantly. Aside from these two stocks, which broke the 1,000 yuan mark very early with different historical backgrounds, recent thousand-yuan stocks mainly appeared in 2021–2022, represented by Kweichow Moutai, Stone Technology, and Aimeike, covering sectors like consumer goods, high-end manufacturing, and medical aesthetics, closely tied to industry trends. Their subsequent performance has been mixed.

Kweichow Moutai is the only stock to remain steadily above 1,000 yuan over the long term, thanks to its strong brand barrier, stable profits, and cash flow, making it a classic case of value investing.

Stone Technology, driven by the rise of smart home appliances, was dubbed “Sweeping Moutai” and approached 1,500 yuan in 2021, with a market value near 100 billion yuan. However, it later faced challenges with “revenue growth without profit growth,” leading to a sharp decline in market value.

Aimeike, a leader in the medical aesthetics sector, broke through 1,000 yuan in 2021. But due to changing consumer willingness and fierce industry competition, its performance has declined. According to its 2025 annual report, the company’s revenue was about 2.453 billion yuan, down 18.94%, and net profit was about 1.291 billion yuan, down 34.05%. It experienced its first year of both revenue and net profit decline since listing, with its stock price dropping nearly 80% from its peak.

These rises and falls show that even in high-growth sectors, if a company’s profitability cannot be sustained or if industry cycles turn unfavorable, high stock prices are hard to maintain.

Hemaic benefited from the 2022 photovoltaic energy storage boom, with its stock price soaring to 1,000 yuan, but later, due to industry cyclicality, its performance turned loss-making, and its stock price fell sharply.

In summary, “thousand yuan” is just a price label. The success of each thousand-yuan stock depends on industry trends, but when the trend fades or technology advances, stock prices can fluctuate. Investors should focus on core competitiveness, sustainable performance, and reasonable valuation.

It’s worth noting that Yuanjie Technology has issued risk warnings amid its rapid rise. The company stated that from March 18 to March 20, its stock price’s cumulative deviation from the mean exceeded 30% over three consecutive trading days, indicating abnormal volatility. The company’s operating performance is affected by macroeconomic conditions, downstream market development, product competitiveness, and customer recognition, among other factors, which introduce uncertainty. If the company’s product structure cannot be continuously optimized, demand and prices for optical chips fluctuate significantly, market competition intensifies, or customer concentration remains high, its operating results could be adversely affected, and the sustainability of its current gross profit margin could be challenged.

Daily Economic News