A-share CPO stocks spike then retreat; Lianxun Instruments falls over 10%

The reversal matters less for the size of the moves than for how broad they were: a single heavyweight pulling back is routine, but declines of this scale across names spanning optics, communications and instrumentation suggest the whole co-packaged optics theme is being repriced together rather than on company-specific news. That clustering implies positioning and sentiment, not fundamentals, drove the session. The open question is whether the pullback stays contained to the concept basket or spills into the wider optical-module complex, and whether the next sessions bring stabilization or a deeper unwind.