In-depth Analysis of the Strong Performance of Anji Technology (688019)

January 7, 2026 | 2026-01-07 20:46:47 (UTC+8)

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Anji Technology (688019) performed strongly on January 7, 2026, with its share price closing up 18.86% at RMB 278.39, approaching the daily limit, and trading volume surging to RMB 2.316 billion [0]. This rally was mainly driven by the resonance effect of the global semiconductor equipment/materials sector; the sharp surge in U.S. memory chip stocks lifted related A-share concepts, while the company’s expected doubling of related-party transactions in 2026 has clarified expectations of fundamental improvement [1][2][3]. As the domestic leader in CMP polishing slurries, the company forms a duopoly with Yike Technology, benefiting from the domestic substitution trend and the IPO expectation of Changxin Memory Technologies. Technically, it shows a breakout pattern with heavy volume, with a volume ratio of 3.10, indicating active capital inflows [0]. Based on comprehensive assessment, there is short-term technical correction pressure, but the medium-to-long-term growth logic is clear, and it is recommended to pay attention to allocation opportunities after a pullback.

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The strong performance of Anji Technology today is the result of resonance of multiple factors, with external market sentiment and the company’s internal fundamental improvement forming a synergy.

is the main catalyst for this rally. Last night, the U.S. memory chip sector rose sharply; in the two trading days since the start of the year, leading global semiconductor equipment/materials manufacturers such as ASML, Lam Research, Applied Materials, and KLA have all risen by more than 10% [3][4]. JPMorgan pointed out that AI data center capital expenditure increased by approximately 65% year-on-year in 2025, and is expected to grow by at least 50% in 2026, driving sustained strong demand for advanced logic chips, memory chips (HBM), and advanced packaging technologies [3][4]. This global industry boom has spread to the A-share market; the CSI STAR Market Semiconductor Materials & Equipment Index rose strongly by 6.28% today, with component stocks such as Nanda Optoelectronics and Xinyuan Micro hitting the 20% daily limit, and Anji Technology rising by over 15% [1][2].

are also critical. According to the company’s announcement, the expected daily related-party transaction amount for 2026 will double, verifying that cerium oxide and silica sol have entered the large-scale volume expansion period after verification [5]. The company is a core supplier of CMP polishing slurries, with a supply amount to Changxin Memory Technologies exceeding RMB 800 million in 2025, accounting for about 30% of Changxin Memory Technologies’ CMP polishing slurry procurement [6]. The IPO expectation of Changxin Memory Technologies directly benefits Anji Technology as its core supplier, and the duopoly pattern formed with Yike Technology is stable [6]. In addition, the company’s electroplating solution business has achieved core technological breakthroughs and customer recognition since its R&D was launched years ago, covering a variety of electroplating solution and additive categories, and is currently in the stage of continuous volume expansion [7].

From the perspective of trading data, Anji Technology showed a typical breakout pattern with heavy volume today. The closing price of RMB 278.39 was a low opening and high move compared to the opening price of RMB 241.33, reaching a high of RMB 281.01 (the daily limit price) before pulling back, with an amplitude of 16.94%, indicating fierce long-short game [0]. The trading volume of 86,700 lots was significantly higher than the 5-day average, with a volume ratio of 3.10, indicating active inflow of off-market capital to absorb shares [0]. The turnover of RMB 2.316 billion is a relatively high level among STAR Market stocks, reflecting high attention from main capital to this stock.

As a STAR Market stock with a share price exceeding RMB 200, Anji Technology ranks 9th among high-priced STAR Market stocks, showing high attention from market capital [8]. The company is held by multiple STAR Market ETFs, including the E Fund CSI STAR Market 100 ETF (588210) with a holding market value of RMB 10.7673 million, and is also one of the top ten weight stocks in the CSI STAR Market Semiconductor Materials & Equipment Index [9][10]. This continuous allocation by institutional capital provides relatively stable support for the share price.

The fundamental support logic of Anji Technology is clear and sustainable. The company’s main business is the R&D and industrialization of key semiconductor materials, mainly including three segments: the CMP polishing slurry business is leading domestically, forming a duopoly with Yike Technology; functional wet electronic chemicals cover products such as post-etching cleaning solutions, photoresist stripping solutions, and post-polishing cleaning solutions, some of which have entered the stage of large-scale growth; the electroplating solution and additive business has achieved core technological breakthroughs and customer recognition, and is in the stage of continuous volume expansion [0].

BOC International pointed out in its recommendation logic for electronic materials that based on the rapid development of the downstream industry, continuous iteration of advanced technologies, and the background of domestic substitution, the electronic materials sector continues to face development opportunities. In terms of a variety of key semiconductor materials, Chinese enterprises are steadily laying out production capacity and technological R&D, and are expected to gradually achieve scale growth and technological iteration in the future, and the localization rate of semiconductor materials is expected to continue to increase [11]. Currently, the overall localization rate of semiconductor materials in China is about 15% (the localization rate of wafer manufacturing materials is <15%, and the localization rate of packaging materials is <30%), leaving huge room for domestic substitution.

According to the prediction of the Semiconductor Equipment and Materials International (SEMI), the global semiconductor manufacturing equipment market size will reach USD 133 billion in 2025, with a year-on-year growth of 13.7%, and will further grow to USD 145 billion in 2026 [3][4]. This industry boom will continue to provide growth momentum for semiconductor material companies such as Anji Technology.

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The strong performance of Anji Technology today reveals the deep linkage mechanism of the semiconductor industry chain. From the perspective of industrial chain transmission path, AI data center capital expenditure growth → increased demand for advanced chips → increased demand for semiconductor equipment/materials → benefits for memory chip and material suppliers; Anji Technology, as a core supplier of CMP polishing slurries, is at a key node in the industrial chain [3][4]. This industrial chain linkage effect makes the global semiconductor sector highly synchronized, with related targets in the U.S. stock market, A-share market, and Hong Kong stock market rising in tandem.

At the same time, the layout in the Taiwan market has become another growth point worthy of attention for the company. The company has established a wholly-owned subsidiary in Taiwan and continues to invest to deepen local layout [7], which marks that the company has begun to actively expand overseas markets and is expected to gain more share in the Taiwan semiconductor industry ecosystem.

From a structural perspective, the strong performance of Anji Technology today reflects the overall rise of the STAR Market semiconductor sector. The share prices of NAURA Technology and GigaDevice have hit all-time highs [1], showing that institutional capital continues to concentrate on high-quality semiconductor targets on the STAR Market. This capital preference reflects the market’s long-term optimism about the main line of semiconductor domestic substitution, as well as the revaluation of enterprises with core technological advantages.

From a systematic perspective, the strong performance of the semiconductor material sector has certain cyclical characteristics. According to industry cycle rules, the semiconductor equipment/materials sector usually leads the chip sales cycle by about 1-2 quarters, and is currently at the starting point of a new cycle. The global semiconductor manufacturing equipment market is expected to grow to USD 145 billion in 2026 [3][4], which will bring continuous order growth to material companies such as Anji Technology.

Currently, Anji Technology has a price-to-earnings ratio (TTM) of 62.62 times, a forward price-to-earnings ratio of 57.86 times, and a price-to-book ratio of 14.12 times [0]. From a valuation perspective, the company’s share price is indeed at a relatively high level, which mainly reflects the market’s expectations for the company’s high future growth. It is worth noting that the company’s STAR Market attribute combined with the semiconductor material domestic substitution theme gives it a certain valuation premium. Investors need to pay attention to whether the company can digest the current valuation through rapid performance growth.

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is the primary concern. The increase of 18.86% today is close to the 20% daily limit of the STAR Market. The short-term rapid rise may cause technical indicators such as RSI to enter the overbought zone, resulting in technical correction pressure [0]. From historical experience, stocks that rise sharply driven by sector sentiment often experience phased adjustments after sentiment cools down.

needs to be taken seriously. The company’s P/E ratio (TTM) of 62.62 times is higher than the average level of the semiconductor material industry, and the share price has partially priced in future performance expectations. If the company’s performance growth rate falls short of market expectations, it may face valuation regression pressure.

is another factor that needs attention. The company announced on October 31, 2025 that it may exercise the redemption right if the conditional redemption clause is triggered after February 1, 2026 [7]. Convertible bond conversion may bring equity dilution effects, which will have a certain impact on the rights and interests of existing shareholders.

cannot be ignored. The semiconductor sector is greatly affected by the overseas market. A considerable part of today’s increase is driven by the sentiment of the global semiconductor sector, and the fundamental improvement is a gradual process rather than an overnight change. If the U.S. semiconductor sector pulls back, related targets in the A-share market may follow suit.

is the core opportunity. Against the background of the localization rate of semiconductor materials moving from 15% to a higher level, Anji Technology, as the domestic leader in CMP polishing slurries, is expected to continue to benefit. AI-driven demand for HBM, advanced packaging, etc. is growing rapidly, and the company’s technological accumulation is entering the harvest period.

Verifies Business Expansion. The expected doubling of the company’s daily related-party transaction amount in 2026 directly reflects strong demand from downstream customers [5]. This order growth has high certainty and provides a guarantee for the company’s performance.

. After achieving core technological breakthroughs, the electroplating solution business continues to expand in volume, and cerium oxide and silica sol have entered the large-scale volume expansion period after verification [5][7]. The gradual contribution of new businesses will become a new growth engine for the company.

. Multiple STAR Market ETFs include Anji Technology in their top ten heavyweight stocks [9][10]. The continuous allocation by institutional capital provides relatively stable market support for the share price.

Dimension	Assessment
Short-term Risk Level	Medium to high (excessive increase, technical correction pressure)
Medium-term Risk Level	Medium (valuation digestion, equity dilution from conversion)
Short-term Opportunity	High sector sentiment, high capital attention
Medium-term Opportunity	Domestic substitution, order growth, new business volume expansion
Time Sensitivity	Short-term (1-3 days) faces adjustment pressure; medium-term (1-3 months) needs to observe performance realization

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Anji Technology (688019)'s strong performance today stems from the dual drivers of global semiconductor industry chain resonance and the company’s fundamental improvement. The closing price was RMB 278.39 with an increase of 18.86%, and the turnover of RMB 2.316 billion showed significant volume expansion [0], presenting a technical pattern of breakout with heavy volume. As the domestic leader in CMP polishing slurries, the company forms a duopoly with Yike Technology, benefiting from its status as a core supplier to Changxin Memory Technologies and the domestic substitution trend [6]. The expected doubling of related-party transactions in 2026, and the entry of cerium oxide, silica sol, and electroplating solution into the volume expansion period have clarified expectations of fundamental improvement [5][7].

From the market environment perspective, the global semiconductor equipment industry remains highly prosperous, with the market size expected to grow to USD 145 billion in 2026 [3][4], providing a favorable industry environment for semiconductor material companies. Institutional capital continues to allocate to this stock through STAR Market ETFs, resulting in high market attention [9][10].

In terms of risks, short-term technical correction pressure brought by excessive increase, overvaluation that requires performance digestion, equity dilution from convertible bond conversion, and sensitivity to sector linkage volatility are all factors that need attention. It is recommended that investors formulate corresponding strategies based on their risk tolerance, balancing short-term risks and medium-to-long-term growth opportunities.

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[0] Ginlix InfoFlow Analysis Database | internal | Market Data and Technical Indicators

[1] Jiemian News | https://www.jiemian.com/article/20260107/ | Semiconductor Sector Rally Continues, Memory Chip Concept Becomes Core Market Theme

[2] Eastmoney | http://www.aastocks.com/sc/stocks/analysis/china-hot-topic-content.aspx | Semiconductor Materials & Equipment Index Rises Over 6%

[3] Sina Finance | https://finance.sina.com.cn/jjxw/2026-01-07/doc-inhfmycx7691929.shtml | U.S. Memory Chip Stocks Surge, STAR Market Semiconductor ETF Leads the Rally

[4] Sohu | https://www.sohu.com/a/973411971_121157270 | U.S. Memory Chip Stocks Surge, STAR Market Semiconductor ETF Leads the Rally

[5] Xueqiu | https://xueqiu.com/S/SH688019 | Anji Technology (SH688019) Discussion and Announcement Interpretation

[6] Caifuhao | https://caifuhao.eastmoney.com/news/20260101201517210936170 | Complete Review of Beneficiary Concept Stocks Related to Changxin Memory Technologies IPO

[7] Eastmoney | http://quote.eastmoney.com/kcb/688019.html | Anji Technology Investor Relations Activity Record

[8] Eastmoney | https://emcreative.eastmoney.com/app_fortune/article/index.html | STAR Market High-Priced Stock Ranking

[9] NetEase News | https://m.163.com/news/article/KIJDRCQU05568W0A.html | E Fund CSI STAR Market 100 ETF Holding Analysis

[10] AAStocks | http://www.aastocks.com/sc/stocks/analysis/china-hot-topic-content.aspx?id=YLC6099031N | Top Ten Weight Stocks of Penghua STAR Market Semiconductor ETF

[11] Investing.com | https://cn.investing.com/news/stock-market-news/article-3151465 | BOC International: Bullish on Investment Opportunities in Electronic Materials Sector