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after 16 limit-ups in 17 days, shenzhen huaqiang hit the limit-down on september 9. recently, the hot stocks with big gains, represented by shenzhen huaqiang, have not been suspended for investigation. what is different is that *st furun and other problematic stocks that have soared have been suspended for investigation. the prudent suspension reflects the differentiated supervision ideas of the regulatory authorities, which do not interfere too much with market sentiment, and try to resolve market speculation according to market rules, but still maintain high-pressure supervision on speculation of problematic stocks.

the capital market is complex and ever-changing, and supervision cannot remain static. excessive force will dampen market sentiment, while leaving it alone may lead to rampant violations of laws and regulations. neither extreme is a good way to regulate, and only differentiated supervision can better balance the pros and cons of all parties.

there has been controversy in the market regarding the suspension of trading for investigation of "demon stocks". suspension of trading for investigation after a big rise will dampen the market enthusiasm that has just accumulated. however, if the nonsensical and excessive speculation of some problem stocks is left unchecked, it will not only be detrimental to market stability, but may also cause investors to suffer greater investment losses.

whether it is bos eyewear, lepu medical, shenzhen huaqiang and koson technology, the big bull stocks that have been hyped up in recent hot topics and concepts have all experienced complete market-oriented hype, and the market's hype rhythm has not been disrupted by suspension of trading.

for a period of time, the leading stocks of concept speculation have greatly influenced the market's trading sentiment. the market's money-making effect is the most significant in theme investment. taking shenzhen huaqiang as an example, the continued strength of its stock price has driven the continuous rise of the entire huawei hisilicon concept sector, and the sector's money-making effect is excellent. not only did some investors make money, but it also greatly increased the market's investment confidence.

judging from the recent market performance, the regulatory approach is very clear. for hot concept speculation, key monitoring will be carried out on a regular basis. however, as long as the target companies fulfill their information disclosure obligations in compliance with regulations, provide timely risk warnings, and do not engage in illegal and irregular activities such as stock price manipulation, the visible hand will not actively intervene.

different stocks have different qualities, and the corresponding investment safety margins are also different. different from normal stocks, it is necessary to strictly regulate the excessive speculation of problem stocks. take *st furun as an example. after the stock price rose sharply, it was suspended for verification. although it is also a concept speculation, the investment risk brought by problem stocks will be greater. therefore, the suspension of problem stocks is indispensable. the suspension of verification is conducive to the market sentiment returning to rationality, guiding investors to fully understand the investment risks and speculation risks of problem stocks, thereby curbing the trend of speculation.

differentiated supervision of normal stocks and problem stocks is a regulatory signal released by the market recently. for the concept speculation of normal stocks, we should fully respect the market rules. after all, irrational speculation is only temporary, and rational valuation is the norm for normal stocks. when the speculation sentiment subsides, the valuation of concept stocks will naturally return to rationality.

excessive speculation in problem stocks should be dealt with as soon as possible. in contrast, excessive speculation in problem stocks is more likely to result in illegal and irregular activities such as stock price manipulation and insider trading that seriously damage the interests of investors. the stricter the supervision of problem stocks, the more protected the interests of investors will be.

the market is highly sensitive to suspension inspections, and sees them as an indicator of the regulator's tolerance for speculation. suspension inspections are more cautious, which is both a way for regulators to protect market sentiment and a reflection of differentiated supervision.

of course, differentiated supervision does not mean encouraging speculation, and investors should have a full understanding of this. speculation has two sides, and we should not only see the money-making effect and ignore the mess after the speculation.