Analysis of Market Warning Significance of Guangyun Technology Being Included in the Key Monitoring List

Based on the relevant information searched, I will conduct a systematic analysis of the market warning significance of Guangyun Technology being included in the key monitoring list.

According to the stock trading abnormal fluctuation announcement released by Guangyun Technology (688365.SH) on January 13, 2026, the cumulative deviation of the company’s stock closing price gains exceeded 30% over three consecutive trading days: January 8, January 9, and January 12, 2026, triggering the STAR Market’s abnormal fluctuation criteria [1]. The company clearly warned that if the stock price rises abnormally further, it may apply for a trading suspension for verification, the stock may be placed under key monitoring by the Shanghai Stock Exchange (SSE), and abnormal trading accounts may be suspended from trading [2].

The company also disclosed that its AI-related products only access and adapt to external third-party large models, and it has not been involved in the development of artificial intelligence large models itself. The revenue from related products accounts for a small proportion, and there is uncertainty about their contribution to future performance [1]. The company’s net profit attributable to shareholders of listed companies in the first three quarters of 2025 was -15.0319 million yuan, with a risk of performance loss [1].

According to the SSE’s “Detailed Rules for Real-Time Monitoring of Abnormal Trading of STAR Market Stocks”, regulatory measures have formed a closed-loop management system of “Early Warning - Verification - Restriction” with three progressive tiers [3]:

The key monitoring period is 10 trading days, during which single-day purchase amounts exceeding 10 million yuan will be automatically flagged by the system [3]. The Guangyun Technology case shows that once severe abnormal fluctuations are triggered, not only must the listed company issue a risk warning announcement, but the accounts of investors participating in speculation will also face substantive restrictions.

Although Guangyun Technology is related to the AI concept, the company clearly stated that it has not developed large models itself, the revenue from related products accounts for a small proportion, and its performance is still in a loss state [1]. This reveals the typical characteristics of current market speculation:

1. Disconnection between Hot Concepts and Actual Business
   : The company was hyped by the market as an “AI concept stock” just for accessing third-party large models, and its stock price deviated significantly from fundamentals in the short term
2. Insufficient Performance Support
   : Companies with consecutive losses are unable to support sustained stock price increases
3. Clear Regulatory Attitude
   : The SSE has strict supervision over “catching hot trends” and “speculating on concepts” behaviors. Recently, it issued regulatory warnings to STAR Market companies YHLO and Injoinic for inaccurate information disclosure regarding their “brain-computer interface” businesses [4]

Since 2025, regulators have continued to strengthen the “zero tolerance” stance:

• Increased Delisting Efforts
  : Throughout the year, 12 listed companies have been subject to mandatory delisting due to major violations, and more than 40 listed companies have been designated as ST due to financial fraud and other issues [5]
• Improved Investor Protection Mechanisms
  : The China Securities Regulatory Commission (CSRC) issued the “Several Opinions on Strengthening the Protection of Small and Medium Investors in the Capital Market”, specifying 23 measures in 8 aspects [6]
• Severe Crackdown on Speculation Trends
  : Regulatory authorities have resolutely taken regulatory measures and seriously pursued responsibilities for behaviors of “catching hot trends” and “speculating on concepts” through information disclosure [4]

Stricter supervision is guiding changes in capital flows:

• Quantitative capital is contracting in micro and small-cap stocks [3]
• Activity of theme stocks has declined, and the market style is shifting to fundamental-driven [3]
• Capital is migrating to low-valued blue chips and defensive sectors, and the valuation center of small and medium-cap stocks is facing downward pressure [3]

1. Be Alert to Abnormal Fluctuation Signals
   : Consecutive daily limit-ups and a deviation from the market index exceeding 30% will trigger regulatory early warnings
2. Verify the Authenticity of Concepts
   : Distinguish between “actual business” and “catching hot trends”, and pay attention to clarification content in company announcements
3. Evaluate Fundamental Support
   : Be cautious of companies with consecutive losses and lack of substantial business transformation

Guangyun Technology being included in the key monitoring list is a typical case of regulators continuously purifying the market ecology. This indicates that:

1. Increased Risk of Concept Speculation
   : Abnormal stock price fluctuations without fundamental support will face regulatory measures such as trading suspension for verification and account restrictions
2. Strengthened Investor Protection
   : Supervision has shifted from “post-incident accountability” to “pre-incident early warning”, and investors need to improve their risk awareness
3. Accelerated Shift in Market Style
   : Capital will further concentrate on high-quality targets with fundamental support, and the living space for the “speculating on small and poorly-performing stocks” strategy has been significantly compressed

Investors should pay close attention to risk warning announcements of listed companies, invest rationally in accordance with the law, and avoid suffering significant losses due to blind following of speculation.

[1] Shanghai Securities News - Announcement of Abnormal Stock Trading Fluctuation of Hangzhou Guangyun Technology Co., Ltd. (https://paper.cnstock.com/html/2026-01/13/content_2169331.htm)

[2] Securities Times - STAR Market Evening News (https://news.qq.com/rain/a/20260112A06OVC00)

[3] Eastmoney Wealth Account - Detailed Introduction to A-Share Abnormal Fluctuation Regulatory Rules (2025 Updated Version) (https://caifuhao.eastmoney.com/news/20260112221039874670450)

[4] Securities Times Network - Delisting Risk Looms Behind Consecutive Daily Limit-Ups of *ST Stocks, Investors Should Participate Rationally (https://www.stcn.com/article/detail/3587998.html)

[5] Securities Times Network - More Than 10 Listed Companies Triggered Mandatory Delisting Due to Major Violations in 2025 (https://www.stcn.com/article/detail/3560791.html)

[6] China Securities Regulatory Commission (CSRC) - CSRC Introduces Policy Measures to Protect Small and Medium Investors (https://www.csrc.gov.cn/csrc/c100028/c7591192/content.shtml)