Hangxiao Steel Structure (600477) Limit-Up Analysis: Capital Bullishness Driven by Commencement of Commercial Aerospace Project

Hangxiao Steel Structure (600477)'s limit-up today is mainly driven by the substantive positive news of its successful entry into the high-boom commercial aerospace track. In December 2025, Hangxiao Steel Structure formed a consortium with Hunan Construction Engineering Group and won the bid for Hangzhou Jianyuan Aerospace Technology Co., Ltd.'s “Jianyuan Medium and Large Liquid Launch Vehicle Assembly, Integration, Testing and Recoverable Reusable Base (Phase I)” project [1]. On January 7, 2026, the official groundbreaking ceremony for the project was held in Qiantang District, Hangzhou. As the country’s first maritime recoverable and reusable rocket base, this marks Hangxiao Steel Structure’s official entry into the commercial aerospace infrastructure construction sector from the traditional steel structure engineering field [1]. The company’s traditional main business is steel structure engineering; in 2025, it actively expanded into the commercial aerospace infrastructure track, opening up a new growth curve for the company and providing strong theme concept support.

From the transaction data, Hangxiao Steel Structure showed a typical “one-word” limit-up trend, with buy orders at the No.1 buy position reaching 1.333 million lots, indicating strong board-sealing strength [1]. The full-day turnover rate was 3.14%, with a turnover of RMB 244 million, and the daily price deviation reached 10.17%. In terms of capital flow, the main capital recorded a net inflow of RMB 113 million, including a net inflow of RMB 139 million from extra-large orders, while large orders saw a net outflow of RMB 25.7097 million, presenting a main capital-dominated net inflow pattern [2]. The top five buy transactions of brokerage seats reached RMB 96.1441 million, with sell transactions at RMB 51.3040 million, resulting in a total net buy of RMB 44.8401 million [2]. Over the past 5 days, the main capital has continued to see a net inflow of RMB 187 million, showing relatively firm bullish willingness from capital.

As of January 7, the company’s margin trading and short selling balance was RMB 245 million, including a margin balance of RMB 244 million and a short selling balance of RMB 1.3306 million [2]. Over the past 5 days, the margin balance has increased by a total of RMB 25.1818 million, representing a growth rate of 11.50%. Meanwhile, the short selling balance decreased by RMB 0.2042 million, a decline of 13.31% [2]. The continuous growth of the margin balance and the decrease in short selling indicate strong bullish willingness from leveraged capital, with short-sellers retreating, providing leveraged capital support for the stock price rise.

From a fundamental perspective, the company achieved operating revenue of RMB 5.769 billion in the first three quarters of 2025, a year-on-year decrease of 3.51%; net profit was RMB 149 million, a year-on-year decrease of 27.51% [2]. The growth of its traditional main business has slowed down, and performance pressure is obvious. However, entering the commercial aerospace track provides the company with great imagination space. The current rally is a typical theme-driven market, with a certain divergence between fundamentals and technicals. Investors need to pay attention to when the commercial aerospace project can truly contribute to performance growth.

Assessing market sentiment from multiple dimensions, the overall pattern is bullish-leaning. The limit-up board has a large number of sealing orders (1.333 million lots) with strong sealing strength; main capital continues to see net inflows, with bullish forces dominating the market; leveraged capital sentiment is heating up, with increased margin buying and short covering; the commercial aerospace sector performed actively on the day, forming a sector linkage effect [1]. It is worth noting that against the backdrop of weakening major A-share indexes (the Shanghai Composite Index fell 0.21%, and the ChiNext Index fell more than 1%), the company’s stock price hit a limit-up against the trend, showing a relatively independent trend, reflecting capital’s pursuit of theme hotspots.

Investors need to pay attention to the following risk factors: First, in terms of fundamental risks, the performance of traditional businesses is declining, the project’s contribution has not yet been reflected in performance, and there is a divergence between valuation and fundamentals; second, in terms of valuation risks, theme speculation may overdraw future expectations, and the stock price has seen a large short-term increase; third, in terms of project risks, commercial aerospace projects have long cycles, and actual returns are uncertain; fourth, in terms of follow-up capital risks, after the “one-word” limit-up, there may be pressure from profit-taking. If there is a lack of follow-up capital, the board may break or a pullback may occur.

：The probability of continuing the strong trend is high. The large number of sealing orders, obvious net inflow of main capital, and high popularity of the commercial aerospace sector form support. Attention should be paid to the pre-market call auction situation, sector linkage effect, and changes in market sentiment.

：The trend depends on the progress of the commercial aerospace project and capital sustainability. If there are subsequent orders or project progress announcements, sustained theme speculation may form; if there is a lack of catalysts, the risk of a pullback needs to be guarded against.

：The short-term resistance level is the limit-up price, and the support level can be referred to around the 5-day moving average.

Hangxiao Steel Structure’s limit-up is mainly driven by the substantive positive news of the official commencement of the commercial aerospace project, belonging to the type of limit-up driven by both theme and capital. On the capital front, performance is positive: main capital has obvious net buying, and leveraged capital’s bullish sentiment is heating up. However, investors need to note that the fundamentals of the current traditional main business are under pressure, the sustainability of theme speculation remains to be seen, and short-term profit-taking should be guarded against after the “one-word” limit-up. This target is a typical event-driven investment opportunity, suitable for investors with higher risk appetite, but strict stop-loss and take-profit disciplines must be set to guard against the risk of a pullback in theme speculation.