Analysis of the Strong Performance of Shanghai Hanxun (300762.SZ)

Shanghai Hanxun (300762.SZ) entered the strong stock pool today, with the core driving factor being the successful launch of the Zhuque-3 rocket [1][2]. This event drove the overall movement of the commercial aerospace sector, and as the core supplier of the ‘Qianfan Constellation’ space-ground integration [3], Shanghai Hanxun directly benefits from the warming industry sentiment.

The stock shows bullish signals technically, with the KDJ indicator in the bullish zone [0]. On the day, it opened at 26.56 yuan, reached an intraday high of 33.26 yuan (a 52-week high), and closed at 30.50 yuan, with an amplitude of 23.3% [0]. Trading volume increased 5.47 times to 1.6656 million hands, indicating a strong market response to the catalyst, but the pullback after the surge also exposed short-term selling pressure [0].

The company’s main business is private network 4G/5G communication equipment, focusing on industry users in land, sea, air, and space fields [4]. However, its financial indicators are poor: the TTM net profit margin is -16.77%, and the P/E ratio is -237.19, indicating a loss-making state [0]. The P/B and P/S valuations are high, suggesting that the current rise is mainly driven by thematic catalysis rather than fundamental support.

1. Obvious event-driven characteristics: This rise is entirely dependent on the single event of the Zhuque-3 rocket launch and lacks sustained performance support [1][2].
2. High speculation: After hitting a 20% daily limit intraday and then pulling back, heavy trading volume accompanied by profit-taking reflects significant fluctuations in market sentiment [0].
3. Industry linkage effect: As a holding stock of the Aerospace ETF (159227), the stock’s rise is highly correlated with the overall movement of the sector [1].

• Valuation correction risk: The company is loss-making and its valuation is at a historical high, so there is correction pressure [0].
• Overbought risk: Technical indicators suggest overbought conditions, with significant short-term selling pressure [0].
• Catalyst sustainability risk: The actual impact of the rocket launch event on the company’s fundamentals remains to be verified [1].
• Event flaw risk: The recovery failure of the Zhuque-3 first-stage rocket may affect subsequent market sentiment [1].

• The commercial aerospace industry is at a development inflection point; if the company can secure substantial orders in related fields in the future, it may drive fundamental improvement [1].

Shanghai Hanxun’s strong performance today is mainly driven by commercial aerospace thematic events. Technically, it shows a bullish trend but has overbought risks, with weak fundamental support. Investors should pay attention to the support level of 26.94 yuan and the resistance level of 33.26 yuan, while being alert to the sustainability risk of single-event catalysis.