SDIC Zhonglu (600962) Limit-Up Analysis on December 24, 2025

SDIC Zhonglu (600962) hit the limit-up (10% increase) on December 24, 2025. The core driving factor is the direct benefit of RMB depreciation to its export business: the company’s overseas revenue accounts for 83.23% [2], and RMB depreciation will increase the RMB conversion value of foreign currency income, significantly strengthening profit growth expectations. In addition, as a central state-owned enterprise controlled by the State-owned Assets Supervision and Administration Commission of the State Council [2], combined with its outstanding performance from January to September 2025 (revenue +25.79% YoY, net profit attributable to parent company +3178.21% YoY) [2], it provides solid fundamental support for the stock price.

In terms of price and trading volume, it closed at 23.43 yuan on the day, a recent high, with a turnover of 143 million yuan and a turnover rate of 2.33%, significantly higher than the recent average level [2]. In terms of main capital, there was a net inflow of 34.3724 million yuan in the past 3 days, with main positions increased for 2 consecutive days [2]. In terms of market sentiment, a total of 75 companies in A-shares hit the limit-up on the day [3], and the RMB depreciation beneficiary concept sector where SDIC Zhonglu is located performed actively, with significant sector linkage effects [1][3].

1. Precise Benefit from RMB Depreciation
   : An 83% overseas revenue share makes the company a typical beneficiary in the RMB depreciation cycle, with higher performance elasticity to exchange rate fluctuations than the industry average [2].
2. Bonus from SOE Attribute
   : The central state-owned enterprise background enhances investors’ confidence in the company’s stability in the current market environment, becoming an important factor attracting capital inflow [2].
3. Volatility Characteristics of Small-Cap Stocks
   : The company’s market value is only 6.144 billion yuan [2], belonging to the small-cap stock category. The stock price is easily affected by short-term capital inflows and outflows, and the volatility may be higher than that of large-cap stocks.

• Risk Points
  : The current stock price is close to the short-term technical resistance level of 23.96 yuan [2]. If it fails to break through, a correction may occur; the trend of the RMB exchange rate is uncertain, and if appreciation occurs, it will weaken profit growth expectations; the liquidity of small-cap stocks is relatively limited, and large transactions may exacerbate stock price volatility [2].
• Opportunity Points
  : If the RMB continues to depreciate, the logic of the company’s performance growth will be further strengthened; the continuation of sector momentum is expected to drive the stock price to break through the resistance level; the average transaction cost of chips is 21.30 yuan [2], providing strong support for the stock price.

This limit-up is the result of resonance between fundamentals (performance growth, export share) and external factors (RMB depreciation), plus the promotion of SOE background and sector linkage. Future trends need to focus on: the breakthrough of the short-term resistance level of 23.96 yuan, the subsequent trend of the RMB exchange rate, and the continuous inflow of main capital. Investors should combine their own risk preferences and pay attention to the consistency between technical indicators and fundamental changes.