On December 8, the capital flows of several popular stocks in the A-share market were quite noteworthy.

Aerospace Machinery & Electric saw a major outflow of over 1.2 billion yuan in main funds. The company actually has a solid background as a listed entity under the Eighth Academy of China Aerospace Science & Technology Corporation, holding core assets in commercial aerospace measurement and control, satellite and rocket manufacturing. There have long been market rumors about asset injections. However, the reality is a bit harsh—the company’s revenue for the first three quarters of 2025 was slashed by 36%, with a loss of 247 million yuan. The stock price had surged previously, which was clearly out of sync with its fundamentals, so this wave of capital outflow was not unexpected.

In the liquor sector, Wuliangye also wasn’t spared, with a net outflow of 750 million yuan. The stock price dropped 1.47% that day, closing at just over 113 yuan. As a leading liquor brand, Wuliangye has a strong reputation and stable performance, but the entire sector has been undergoing a correction recently. The market may feel that there has been too much short-term growth, prompting early investors to cash out.

Qianzhao Optoelectronics’ situation is even more interesting, with over 700 million yuan in capital outflow and the stock price dipping 1.21% to 23.59 yuan. The company is deeply rooted in the LED chip and epitaxial wafer sector, and is also researching new technologies like Mini LED and Micro LED. However, its performance growth doesn’t seem to have met market expectations, and with the overall sentiment in the semiconductor industry turning cautious, it’s natural for funds to exit.

The most paradoxical case is Aerospace Development—nearly 700 million yuan in main funds flowed out, but the stock price surged 6.95% against the trend to close at 22 yuan. As a military electronics company, it is involved in communications countermeasures, electronic adversary simulation, and cybersecurity, with considerable technical know-how. The capital outflow alongside price gains could be due to retail investors stepping in, or perhaps another group of funds quietly building positions—the specific reasons require further observation.