Desheng Technology (002908) Limit-Up Analysis on December 31, 2025

Desheng Technology (002908.SZ) is an enterprise mainly engaged in social security card production and sales, all-in-one card and AIoT applications, and human resources and social security big data services [4]. On December 31, 2025, the company’s stock price rose 9.80% to 10.53 yuan (close to the 10% limit-up restriction for A-shares), with a trading volume of 40.96M on the day, which was 8.2 times the average trading volume of the previous 7 days (about 4.5M) [0].

The limit-up was driven by the surge in the Zhipu AI concept sector: On December 30, 2025, Zhipu AI updated its Hong Kong IPO offering materials, with a final pricing of HK$116.20 per share, triggering market enthusiasm for the Zhipu AI concept [1][2][3]. As a member of this sector, Desheng Technology benefited from the sector’s linkage effect and rose straight to the limit-up after opening [1][2][3]. During the same period, multiple stocks in the sector such as BlueCursor and Hand Information rose synchronously, becoming market focuses [1][2][3].

1. Short-term Concept Speculation Characteristics
   : The limit-up lacks fundamental performance support and is completely driven by external events (Zhipu AI IPO), belonging to a typical concept sector rotation market [1][2][3].
2. Capital Inflow Intensity
   : The significant increase in trading volume reflects market capital’s enthusiasm for the AI concept, but it also shows a high degree of participation by short-term speculative funds [0].
3. Impact of Market Closure Time Window
   : A-shares will be closed from January 1 to January 4, 2026, and changes in market sentiment and news during the closure period will have a key impact on the trend after resumption [5][6][7][8][9].

• Concept Ebb Risk
  : If the popularity of the Zhipu AI IPO event declines or the market focus shifts, the stock may correct [1][2][3].
• Profit-Taking Risk
  : High trading volume means a large number of profit-taking positions, which may lead to concentrated selling after resumption [0].
• Market Closure Uncertainty
  : Changes in external news during the closure period may break the current trend [5][6][7][8][9].

• Sustained Sector Popularity
  : If news related to Zhipu AI IPO continues to ferment or the AI concept sector strengthens overall, the stock may continue to benefit [1][2][3].

• Reasons for Limit-Up
  : The update of Zhipu AI IPO materials triggered the surge of the concept sector, and Desheng Technology benefited as a member of the sector [1][2][3].
• Market Sentiment
  : The sentiment of the Zhipu AI concept sector is high, and the overall market sentiment of A-shares is positive [1][2][3].
• Subsequent Focus Points
  : In the short term, pay attention to the profit-taking pressure after resumption; in the medium term, pay attention to the sustainability of the sector’s popularity and changes in performance fundamentals [0][1][2][3].
• Key Price Levels
  : Resistance level: 10.53 yuan (closing price on December 31, 2025); short-term support level: 9.59 yuan (closing price on December 30, 2025); medium-term support level: 9.41 yuan (closing price on December 26, 2025) [0].