The market sentiment has sharply turned sour over the past three trading days. The two once-mainstream sectors, commercial aerospace and artificial intelligence applications, suddenly experienced collective bloodshed, with popular stocks hitting the limit down, over a hundred stocks falling more than 10%, and the scale of limit-down orders for core holdings becoming somewhat suffocating.

Just looking at a few data points can reveal the ferocity of the market—Higer Communication with 5.6 billion in limit-down orders, Goldwind Technology with 3.9 billion, FiberHome Technologies with 3.1 billion, Yanshan Technology with 4.6 billion. Shenjian Co., Ltd. with 1.8 billion, Aerospace Electronics with 1.6 billion, Tongyu Communications with 1.3 billion, China Satellite with 1.2 billion. Further down, there are Juli Sling with 900 million, Oriental Communication with 800 million, Leike Defense and Luxin Venture Capital each with 700 million, Galaxy Electronics with 600 million, Guosheng Technology with 400 million.

Where is the most dangerous point in this sudden headshot at high levels? Once the logic is disproved, buy orders quickly dry up, and continuous limit-downs become inevitable. Investors using leverage face the greatest pressure—three or five limit-downs in a row, margin calls become urgent, and the risk of liquidation sharply increases. This is where the market’s ruthlessness lies; the speed of hot spot switching often exceeds expectations.

This round of adjustment serves as a reminder: the fragility of high-level consensus is greater than imagined. Once liquidity dries up, the ferocity of the market can suffocate any high-leverage position.