Summary of Key Points
Recently, the A-share market has seen a rare pattern where there is "1 stock priced over 2,000 yuan and 4 stocks priced at 1,000 yuan or less": Lianxun Instruments (the first stock on the STAR Market to reach 2,000 yuan), Cambricon, Yuanjie Technology, and Zhongji Xuchuang (all part of the AI industry chain), along with Guizhou Moutai, a leader in the consumer goods sector, form a group of stocks priced at 1,000 yuan or less. AI has become a "star-making factory" for such high-priced stocks—since Cambricon surpassed the 1,000-yuan mark in August 2025, an average of one new AI stock with a price of 1,000 yuan has been created every 88.6 days. In contrast, many previous stocks that were once priced at 1,000 yuan (such as the "Old Eight Stocks" and stars in the consumer goods/new energy sectors) have seen their prices plummet due to industry cycles, with only Moutai surviving through market fluctuations. This reflects changes in China's industrial structure: capital always flows towards the most promising sectors, and industry dividends determine the fate of stock prices.
I. Lianxun Instruments: From 81 yuan to 2,100 yuan, how did it become the "King of Stocks" on the STAR Market?
Lianxun Instruments' rapid rise is almost rocket-like:
- Breakout upon listing: It entered the STAR Market on April 24, 2026, with an issue price of 81.88 yuan, and its stock price soared by 875% on the first day (closing at 799 yuan), reaching 1,000 yuan within just five days. On June 4, it reached a high of 2,155 yuan, a 25-fold increase from the issue price, with a total market value of 215 billion yuan, making it the current "King of Stocks."
- Reasons for the rise: The company seized the opportunity in AI computing power and its scarcity. Lianxun Instruments is one of the few domestic companies capable of manufacturing high-speed optical module testers, which are essential components for AI servers. Its equipment can test 400G/800G/1.6T and other advanced optical modules, and it serves as a client for global leaders such as Zhongji Xuchuang and NeoPhotonics. It is also the second company in the world to mass-produce 1.6T testers, giving it a unique competitive advantage that has attracted substantial investment.
II. AI as a "Star-Making Factory" for High-Price Stocks: One New Stock Every 88 Days
The AI sector has seen a rapid emergence of high-priced stocks in the past year:
- Cambricon (the first AI stock to reach 1,000 yuan): Its price rose by 164% within 25 days after surpassing the 1,000-yuan mark in August 2025, although it experienced a 40% pullback later on. However, its price has since reached a new high of 1,966 yuan this year as the semiconductor market has rebounded.
- Yuanjie Technology: Its price exceeded 1,000 yuan in March 2026 and has increased by 210% this year, reaching a record high in June.
- Zhongji Xuchuang: Its price also surpassed 1,000 yuan in May. As a global leader in optical modules, the company reported revenue of 19.5 billion yuan and profits of 5.7 billion yuan in the first quarter (a year-on-year increase of 192% and 262%), with its stock price rising by 18.6 times during this period.
- Moutai is the only "non-AI" stock among these: Its price exceeded 1,000 yuan in 2019. Despite the slowdown in the liquor industry, Moutai has maintained its position due to its strong brand and stable cash flow, becoming a "perennial winner."
This indicates that AI is currently the hottest sector, attracting significant capital investment. As long as a company is related to AI and possesses core technologies, its stock price can soar.
III. Where Are the Previous High-Price Stocks Now?
Most of the previous high-priced stocks have seen their prices plummet:
- The "Old Eight Stocks" era (1990s): Zhonganke (formerly Feile Co., Ltd.) once reached a peak of 3,550 yuan (the highest in A-share history) but is now worth less than 3 yuan; Yunsaizhilian (formerly Vacuum Electronics) peaked at 2,587 yuan and is now at 18 yuan. This is due to the decline in industry dividends, technological advancements, and failed company transformations.
- Consumer goods/new energy sectors (2020-2022):
- Aimeike (a leader in medical aesthetics): Its peak price was 1,331 yuan, but it is now at 97 yuan due to slower performance growth.
- Shitou Technology (robo-vacuum cleaner manufacturer): Its peak price was 1,495 yuan, and it has dropped by 70% as the industry entered a period of competitive saturation.
- Haimai Co., Ltd. (photovoltaic company): Its peak price was 1,339 yuan, but it is now at 92 yuan due to overcapacity and declining prices in the photovoltaic sector.
- The only exception: Moutai: Thanks to its "national liquor" brand and stable profits, Moutai has managed to maintain a price above 1,000 yuan even during industry downturns, setting an example for resilience.
IV. The Secret Behind the Rotation of High-Price Stocks: Follow the Industry Cycle
The emergence and disappearance of high-priced stocks reflect the transformation of China's industries:
- 1990s: The "Old Eight Stocks" were scarce electronic targets that became high-priced through speculation.
- After 2020: Consumer goods (medical aesthetics, home appliances) and new energy (photovoltaics) were the hot sectors, with leading companies becoming high-price stocks.
- Currently: AI is at the heart of the global technological revolution, and industries such as computing power and optical modules are attracting investment.
The pattern is simple: when an industry is in a period of rapid growth (like AI), leading companies' stock prices can soar. However, once industry dividends peak, capital will withdraw, and prices will return to more rational levels.
In summary, the story of high-priced stocks on the A-share market reflects the evolution of China's industries—capital always follows the most promising sectors. While Lianxun Instruments and other AI-related stocks are currently performing well, whether they can maintain their success like Moutai depends on how long the industry remains booming and whether the companies can continue to generate profits. For ordinary investors, it is better to understand the underlying industrial logic: seize opportunities when trends are favorable and withdraw in a timely manner.
Conclusion
The rise of high-priced stocks on the A-share market is a reflection of China's industrial transformation—from traditional electronics to consumer goods and new energy, and now to AI. Capital always focuses on the hottest sectors. While Lianxun Instruments and other AI-related stocks are currently performing well, whether they can achieve long-term success like Moutai depends on the sustainability of the industries they are part of. For investors, it is more important to understand the underlying industrial trends rather than chasing high prices.