Analysis of Institutional Trading Behavior on the Dragon and Tiger List for December 23, 2025

December 23 Dragon and Tiger List data shows that institutional investment behavior is divided: 24 stocks received net buying, and 24 were net sold [0]. From the perspective of trading characteristics and track distribution, the top three net bought stocks—DFMC (new energy materials), CNIIC (advanced manufacturing/aerospace), and Kema Technology (memory chips)—represent different logics:

• DFMC: Mainly engaged in core materials for lithium battery electrolytes. On December 23, it hit the daily limit (+9.98%), with trading volume doubling (0.82 billion shares the previous day vs. 1.75 billion shares that day), reflecting institutions’ optimism about the long-term demand for the new energy track [0].
• CNIIC: Mainly engaged in precision bearings and aerospace optical devices. Its stock price fell by 5.40% that day but trading volume increased by 2.5 times, possibly an institutional bottom-fishing behavior to lay out the track supported by the national high-end manufacturing policy [0].
• Kema Technology: Engaged in memory chip business. It hit the daily limit on December 22 and has recently been affected by the news that “China will introduce a $70 billion chip industry incentive policy”. Institutions bought to bet on policy dividends [1,2].

• Institutional layout presents a dual logic of “policy + growth”: New energy materials benefit from global penetration rate improvement, advanced manufacturing/aerospace is supported by national strategies, memory chips are expecting policy incentives—all three tracks have long-term growth potential [0,1,2].
• The “decline + high trading volume” feature of CNIIC reflects institutions’ contrarian layout thinking for high-quality targets, possibly indicating their tolerance for short-term fluctuations and recognition of long-term value [0].

• Opportunity
  : The three tracks (new energy materials, advanced manufacturing/aerospace, and memory chips) that institutions concentrated on buying have policy or industry demand support and may continue to attract capital attention in the future [0,1,2].
• Risk
  : Stocks such as Midea Environmental Technology that were net sold may have potential risks such as short-term overvaluation, underperformance, or track policy changes, but the specific reasons need further verification [0].

1. Institutional net buying focused on three tracks—new energy materials, advanced manufacturing/aerospace, and memory chips—reflecting long-term strategic layout logic [0].
2. The trading characteristics of CNIIC indicate that institutions may adopt a bottom-fishing strategy [0].
3. The memory chip track is affected by policy incentive expectations and attracts institutional layout [1,2].
4. Institutional net selling behavior needs further analysis of the reasons in combination with the specific situation of individual stocks [0].