Brothers, the launch of Yushu Technology has truly ignited the emotions of the robot race. The issue price was only 150.80 yuan, and at one point it was heading towards 1100 yuan at the opening. Calculated at 1100 yuan, the principal of the winning investor has increased by about 7.3 times, and the net income has exceeded 629%, which is about 6.3 times the net profit. Even if not sold at the highest point, based on the current price around 900 yuan after the decline, the principal is still close to 6 times and the net return is about 497%. So strictly speaking, selling for 900 yuan is considered 'close to 6 times the principal', and only around 1100 yuan is considered 'net profit exceeding 6 times'. But when it comes to the secondary market, the logic is completely different. Based on the previous issuance valuation of approximately 61 billion yuan, the overall valuation corresponding to 900 yuan has reached approximately 364 billion yuan, and around 1100 yuan, it has exceeded 440 billion yuan. The person who wins the lottery earns a huge difference between the issue price and the market price, while those who buy now are paying in advance for Yushu's growth expectations for the next few years. The market is no longer just buying robot sales, but also embodied intelligence, commercialization of humanoid robots, supply chain discourse power, and whether Yushu can truly grow into a global robot platform company. What's even more interesting is that the relevant contracts on Hype are currently quoted at around $129. Roughly calculated at a rate of 7.1 yuan to 1 US dollar, it corresponds to approximately 916 yuan, which is quite close to the current price around 900 yuan. This indicates that the on chain market and traditional market are synchronously pricing around Yushu. A-shares are responsible for daytime trading, while Hype is responsible for out of hours expectations. The market's judgments on positive news, orders, and emotions can continue to reflect in a nearly 24-hour environment. However, it should be reminded that contracts on Hype do not equate to holding Yushu stocks, nor can they be simply understood as risk-free arbitrage. It also involves exchange rates, funding rates, liquidity, price deviations, and leverage liquidation risks. Especially during high volatility periods, looking in the right direction does not necessarily mean that the position can withstand it. Yushu has fallen from 1100 yuan to 900 yuan, and has already adjusted by about 18%. For those who win the lottery, it may just be a loss of profits, but for those who chase after high positions, the feeling is completely different. I prefer to see this market trend as a nationwide pricing experiment on the robotics track: those who hit can patiently observe and cash in, and those who miss should not use others' issuance costs as their own safety pad. The company may be excellent, but the price always determines what risks you take on.