A-share storage stocks surge to limit up, ChiNext hits a new high, but that's a separate matter from whether you should chase the rally today.

On June 25th, A-share memory stocks surged with many hitting the daily limit-up, and the ChiNext Index reached a new all-time high (+2.84%). It looked like money was everywhere; but on the same day, nearly 80 small and micro-cap stocks hit the daily limit-down, with over 4,200 stocks declining — this wasn't a broad-based rally, but a severe polarization where money only crowded into a few main memory-related themes. Today, you'll likely feel pressured by the "if you don't get on board now, it'll be too late" sentiment to rush in. This article helps you think it through before you act.
What Happened
Micron's earnings report (the US memory chip giant) was stellar, proving that AI storage demand is real, and the shortage of HBM (High Bandwidth Memory, a key component for AI computing power) will persist until 2028. A-share memory stocks followed suit with a strong rally, and Demingli hit the limit-up. The direction is correct.
Why You Can't Blindly Chase
What made it into Micron's report are a gross margin of 84.9% and long-term contracts locked in until 2028 — that's real performance. But many of the stocks hitting the limit-up have businesses unrelated to memory; they're purely driven by hype, rising on sentiment, not fundamentals.
What You Should Do
1. If you can't answer "why is this stock rising?", don't chase it at the limit-up price;
2. If you're already holding core memory stocks, set a stop-loss level for yourself. If the price falls below today's starting price, cut your position by half;
3. Don't go all-in betting on the weekend. Reduce your exposure to a level where you can still sleep even if the market gaps down on Monday.
Ultimately, you need to distinguish one thing first: are you chasing the real business of memory, or just a shell labeled "memory concept"? If you can't tell, the best move is to do nothing for now and wait for tonight's data.

$TWSC(001309.SZ) $Biwin Storage(688525.SH) $Micron Tech(MU.US)