Analysis of the Strong Performance of Fasten (000890) and Judgment on Its Sustainability

Fasten (000890)’s recent strong performance is mainly driven by short-term speculative funds [2][3][4]: as of December 16, 2025, the stock has risen for 4 consecutive trading days, with limit-up on December 15 and 16 [1][4]. The company issued two abnormal stock price fluctuation announcements, clearly denying involvement in market-rumored businesses such as “controllable nuclear fusion”, “superconductivity”, and “commercial aerospace” [2][3], indicating that the rise lacks fundamental catalysts. Dragon and Tiger List data shows obvious signs of hot money speculation; hot money such as Xiangcai Securities Shaoxing Pingjiang Road made net purchases during the limit-up period [3].

Technical analysis shows that the stock has risen 45.10% in the past 5 trading days [0], with significantly increased trading volume (average daily volume increased from 14.5M in early December to about 27.5M) [0]. The KDJ indicator shows overbought conditions (K:91.5, D:78.0, J:118.5), with a risk of correction [0]. The support level is 5.19 yuan, and the current resistance level is 7.11 yuan (limit-up price) [0].

In terms of fundamentals, the company’s revenue has declined for three consecutive years; in the first three quarters of 2025, it had a net loss of 22.7654 million yuan, with an asset-liability ratio as high as 95.07% and ROE of -1151.61% [1]. Valuation indicators (P/S 12.09x, P/B -538.09x) are far from the industry average [0], with no fundamental support.

1. Obvious speculative-driven characteristics
   : The stock price continued to rise after the company denied market rumors, showing prominent capital game characteristics [2][4].
2. Technical overbought and fundamental divergence
   : Short-term speculative rises led to overbought technical indicators, which significantly diverged from weak fundamentals [0][1].
3. Hot money dominates short-term fluctuations
   : Dragon and Tiger List data shows that hot money is the main driving force, with no signs of long-term layout by institutional funds [3][0].

• Weak fundamentals: Persistent losses, high debt, low ROE and other issues limit long-term value [1][0].
• Technical correction: Overbought indicators show high short-term correction risk [0].
• Regulatory risk: Short-term speculative hype may face exchange supervision [1][2].

• Short-term trading opportunities: If the limit-up order remains stable, there may be short-term fluctuation opportunities, but cautious operation is needed.

Fasten (000890)’s strong performance is mainly driven by short-term speculative funds, with no clear fundamental support. Overbought technical indicators, weak fundamentals, and the company’s denial of market rumors indicate that the upward trend is unsustainable. Investors need to pay attention to correction risks and regulatory risks, and make cautious decisions based on their own risk tolerance.