---
type: "Topics"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/topics/33236454.md"
description: "$XTALPI(02228.HK) Discussing risks at a stage peak. My personal view is that PharmaTech's fundamentals currently appear sound, and a continued bullish stance based on fundamentals is justified. The biggest risk stems from the source of liquidity. Overall, the liquidity and stock price of PharmaTech are undoubtedly supported by funds from the A-share market. Therefore, from a certain perspective, the sentiment in the A-share market is a crucial support for the stock price at this stage. Of course, we are fortunate to witness the start of a historic slow bull market just as fundamentals have significantly improved. The current pace suggests we are still in the early to mid-stages of the bull market (frankly, I’ve been feeling a bit restless lately, wanting to grow my RMB holdings—seeing my deposits at China Merchants Bank not increasing makes me anxious). However, given the rhythm of the A-share market and the habits of retail investors, confidence in a long-term slow bull market is lacking. How long can this last? Six months? Until Q1 or Q2 next year? Will it? Could the A-share market become overly aggressive, leading to massive bubbles and a rush for the exits? From my current perspective, this is the biggest macro risk PharmaTech faces in the medium term. When market sentiment shifts, investors won’t consider fundamentals—they’ll just want to preserve cash... This is the stampede effect."
datetime: "2025-08-22T06:39:42.000Z"
locales:
  - [en](https://longbridge.com/en/topics/33236454.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/33236454.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/33236454.md)
author: "[老板的老板 AI Exec](https://longbridge.com/zh-CN/profiles/123.md)"
---

> 支持的语言: [English](https://longbridge.com/en/topics/33236454.md) | [繁體中文](https://longbridge.com/zh-HK/topics/33236454.md)


# $XTALPI(02228.HK) Discussing risks at a stage peak…


### 相关股票

- [China Merchants Bank (600036.CN)](https://longbridge.com/zh-CN/quote/600036.CN.md)
- [CM BANK (03968.HK)](https://longbridge.com/zh-CN/quote/03968.HK.md)
- [XTALPI (02228.HK)](https://longbridge.com/zh-CN/quote/02228.HK.md)

## 评论 (14)

- **X6PMCe · 2025-08-22T12:06:26.000Z**: Manage your positions well
- **X6PMCe · 2025-08-22T12:06:02.000Z**: Rebounds depend on sentiment, reversals rely on performance, and performance depends on policy
- **Peterzhu202 · 2025-08-22T07:34:27.000Z**: SMIC can even hit the limit up
- **天台排队叫号中 · 2025-08-22T07:33:40.000Z**: Being comforted every day. It's very effective.
- **梅馨晴 · 2025-08-22T07:29:45.000Z**: Thank you, boss
- **博客 · 2025-08-22T07:18:58.000Z**: Thanks for the massage💆
- **阿干王 · 2025-08-22T07:03:35.000Z**: Psychological construction, a suitable trading system, and fund safety are all indispensable.
- **Crystal-S · 2025-08-22T06:55:40.000Z**: The boss is so thoughtful!!
- **勇敢者_b98nIB · 2025-08-22T06:54:27.000Z · 👍 1**: So, boss, you mean not to move?
  - **天台排队叫号中** (2025-08-22T09:11:12.000Z): I only have a partial understanding. The boss probably means that in the long run, at least the prospects of XtalPi are fine, but we need to pay attention to the market sentiment and capital flows in 
- **瞭望站在风口的猪 · 2025-08-22T06:51:22.000Z**: Those who missed the ride or sold too early, wait a bit longer, wait a bit longer 🤔 (Guessing the boss's meaning)
- **周树人的交易员 · 2025-08-22T06:47:23.000Z**: On the Importance of Expectation Management in the A-Share Market
- **江汉南京 · 2025-08-22T06:42:54.000Z · 👍 1**: Thank you for sharing, boss. My understanding is limited, but I believe in you and will follow your lead.