SF Cement (000672) Reasons for Limit-Up and Trend Analysis

SF Cement (000672)'s limit-up on January 4, 2026, was primarily catalyzed by the news of Changxin Technology’s STAR Market IPO acceptance [1][3][4]: On December 30, 2025, Changxin Technology (parent company of Changxin Storage) submitted its STAR Market IPO application, which was accepted by the Shanghai Stock Exchange, with plans to raise 29.5 billion yuan for memory technology upgrades and capacity expansion. SF Cement indirectly invested in this project through an industrial fund, hence it was driven to limit-up by this positive news in the semiconductor industry. Additionally, the company’s long-term high dividend feature enhances its market appeal: the 2024 dividend yield was 7.54% (ranked first in the industry and top ten in A-shares), and it committed to annual cash dividends of no less than 35% of net profit or 400 million yuan for 2025-2026 [6][7]. Technically, it closed at the limit-up price of $12.99 (a 52-week high), rising 9.99% from the previous trading day’s $11.81; the trading volume was 25.92M, higher than the 20-day average of 22.37M, indicating active capital inflow [0].

1. Cross-industry positive transmission: The IPO news of Changxin Technology in the semiconductor industry affected SF Cement in the cement industry through equity investment relationships, reflecting the linkage effect between different industries in the capital market [1][3][4].
2. Dual-drive value highlighted: The company’s core cement business has industry-leading profitability, and at the same time, it hedges cyclical risks through investments in new economic fields (semiconductors, new energy, etc.), enhancing long-term investment value and receiving institutional buy/increase holdings ratings [6].
3. Short-term gains and risks coexist: The stock price has risen 73.20% in one year, and short-term valuation has increased rapidly, so attention should be paid to profit-taking pressure [0].

• Risks
  : The cement industry is affected by real estate and infrastructure demand, with cyclical fluctuation risks [7]; Changxin Technology’s IPO is still under review, and the result is uncertain; if it falls short of expectations, it may lead to a stock price correction [3][4]; short-term valuation pressure is relatively large, and profit-taking risks are worth paying attention to [0].
• Opportunities
  : The successful IPO of Changxin Technology may bring sustained positive effects; the company’s high dividend policy is stable, attracting long-term investors; the dual-drive strategy helps smooth cyclical fluctuations [6][7].

SF Cement’s limit-up was mainly driven by Changxin Technology’s IPO acceptance and high dividend characteristics, with strong technical performance and positive market sentiment. However, attention should be paid to industry cycle risks, IPO uncertainty, and short-term profit-taking pressure. Resistance levels are the current 52-week high of $12.99 and the subsequent psychological resistance at $15.00; support levels are around the previous closing price of $11.81 and the 20-day moving average of $11.00 [0].