Inspur Software (600756) Consecutive Limit-Up Analysis: AI Concept-Driven vs. Financial Fundamentals Divergence

Inspur Software (600756) achieved consecutive limit-ups on November 17-18, 2025, with a closing price of 21.66 yuan on November 18 [4]. It issued an abnormal stock trading fluctuation announcement on November 19 [7], prompting risks of stock price volatility.

1. AI Concept Driver
   : The company added the “Artificial Intelligence” concept [1], launched a related product matrix, and benefited from the rapid development trend of the AI agent industry [8].
2. Impact of Restructuring Rumors
   : Market rumors of internal restructuring expectations within the group have attracted investors’ attention [2].

Despite the stock price rise, the company’s financial data for the first three quarters of 2025 showed weak performance:

• Revenue decreased by 29.61% year-on-year to 727 million yuan [6][9]
• Net profit loss of 211 million yuan [6][9]
• Net assets per share decreased by 5.29% year-on-year [6]

• Dragon and Tiger List Data
  : Northbound funds net sold 10.3102 million yuan [5], with obvious signs of hot money speculation [3]
• Trading Indicators
  : Turnover rate of 2.59% and transaction volume of 182 million yuan on November 18 [3]

• Fundamentals Divergence
  : Significant divergence between stock price rise and financial loss, high short-term speculation risk [2][7]
• Pullback Risk
  : May face pullback pressure after abnormal fluctuations [7]
• Information Uncertainty
  : Restructuring rumors have not been confirmed; need to be alert to the risk of disappointment [2]