Inspur Software (600756.SH) Hot Stock Analysis: AI Concept Driven and Potential Risks

Inspur Software (600756.SH) has recently become a hot stock due to AI concept speculation and M&A expectations, achieving two consecutive limit-ups on November 17-18 with an interval gain of 21.01%[1][0]. The company has built six major AI product systems including the Lingxi Youyan multimodal base large model[0], while there are market expectations of merging with Inspur Information and injecting Huaguang Optoelectronics assets[1]. However, the company’s first three quarters of 2025 saw revenue of 727 million yuan, a year-on-year decrease of 29.61%, and a net loss of 211 million yuan[0], showing a sharp contrast between fundamentals and stock price performance.
The Internet Services sector it belongs to has performed actively driven by the AI application boom and policies. The ‘15th Five-Year Plan’ emphasizes new infrastructure construction and the application of new scenarios in smart commerce[3], providing long-term support for the industry. AI applications and digital economy have become core hotspots in the sector, with many tech companies seizing opportunities in the AI track[4].

1. Concept-driven
   : The stock price rise mainly relies on AI concepts and M&A expectations rather than fundamental improvement, showing obvious short-term speculation characteristics.
2. Policy and Market Resonance
   : Favorable policies for the AI track (such as the ‘15th Five-Year Plan’) resonate with market capital speculation, driving the rise of the sector and individual stocks.
3. Dragon and Tiger List Volatility
   : The company entered the Dragon and Tiger List due to a 7% deviation from the increase and a cumulative 20% increase over three consecutive days[2]. Short-term capital inflows and outflows may intensify stock price volatility.

• Risks
  :

1. Fundamental Risk
   : The first three quarters showed losses and revenue decline. If concept speculation fades, the stock price may face correction pressure.
2. Short-term Volatility Risk
   : The Dragon and Tiger List shows short-term capital games, so the stock price is easily affected by sentiment.
3. M&A Uncertainty
   : The restructuring expectation has not been realized yet, so there is a risk of disappointment.

• Opportunities
  :

1. Long-term Potential of AI Track
   : With policy support, the AI application field has long-term development space.
2. Sector Rotation Opportunity
   : If the AI sector remains active, the company may benefit from sector dividends.

Inspur Software’s recent stock price rise is mainly driven by AI concepts and M&A expectations, with strong short-term performance but weak fundamentals. Investors should pay attention to policy trends in the AI track and the improvement of the company’s fundamentals, while being aware of volatility risks brought by short-term concept speculation.