HeYuan Gas (002971) Limit-Up Analysis: Driven by Sector Momentum and Semiconductor Recovery Expectations

On January 8, 2026, HeYuan Gas (002971.SZ) surged by the daily limit-up, closing at RMB 33.63 with a gain of 10.01%, and entered the day’s limit-up pool [1][2]. On the day, 182,700 lots were traded, with a turnover of RMB 612 million and a turnover rate of 11.35%. Trading volume surged to 3.46 times the daily average, indicating extremely high market capital participation. In terms of capital flow, main funds recorded a net inflow of RMB 51.07 million, accounting for 8.35%, while hot money saw a net outflow of RMB 49.97 million and retail investors had a net outflow of RMB 1.1 million. This indicates that main funds led this limit-up, but hot money chose to take profits [1].

. On January 8, the industrial gas concept sector opened with a gap-up. Sanfu Co., Ltd. and HeYuan Gas hit the daily limit-up simultaneously, while related stocks such as Jinhong Gas, HuaTe Gas, Silane Technology, and Yike Technology led the gains. Over 100 stocks hit the daily limit-up across the market that day, and the overall market sentiment was bullish [1][2].

further strengthens the upward logic. Zhangyuan Tungsten raised its prices at the start of 2026: black tungsten was priced at RMB 143,000/ton, white tungsten at RMB 141,500/ton, and APT (Ammonium Paratungstate) rose to RMB 213,000/ton, showing a significant increase from the end of last year [3]. The tungsten hexafluoride (WF₆) product from HeYuan Gas’s Qianjiang Specialty Gas Park has entered the supply chain of major semiconductor manufacturers. As a core material for metal tungsten deposition processes in chip manufacturing, the price of tungsten hexafluoride has received strong support, directly benefiting industrial chain enterprises [3].

provide fundamental support. Since December 2025, the semiconductor industry has continued to recover, with AI servers and new energy vehicles maintaining high growth. Demand is expected to continue recovering in January 2026. Amid overseas technological pressure, the localization process of semiconductor materials has accelerated, and HeYuan Gas’s electronic specialty gas business has a prominent domestic substitution concept [4].

In addition, the Spring Festival peak season is approaching, and domestic demand for food-grade carbon dioxide will hit a peak. The cyclical nature of industrial gases and the growth nature of electronic specialty gases resonate [5].

From the moving average system perspective, the current stock price is above all medium- and long-term moving averages: the 20-day moving average is RMB 30.78 (stock price premium of 9.25%), the 50-day moving average is RMB 33.09 (stock price premium of 1.63%), and the 200-day moving average is RMB 27.04 (stock price premium of 24.4%) [0]. The stock price has just broken through the resistance of the 50-day moving average, and the 20-day moving average shows an upward trend, indicating strong short-term momentum. From a long-term trend perspective, the stock’s 52-week range is RMB 15.81-RMB 41.60, with a one-year gain of 88.61% and a six-year gain of nearly 50%, showing a positive long-term trend [0].

: Sector momentum (intensity ★★★★★) is the most prominent, as the overall strength of the industrial gas concept provides strong support; main funds continued to have a net inflow of over RMB 50 million (intensity ★★★★☆); the industry prosperity brought by semiconductor recovery and domestic substitution provides support for mid-term logic (intensity ★★★★☆); the technical pattern shows a volume-driven break through moving average resistance (intensity ★★★★☆).

: Hot money chose to take profits during the limit-up process, with a net outflow of nearly RMB 50 million (intensity ★★★☆☆), showing a cautious attitude towards short-term trends; the 11.35% turnover rate indicates intense chip swapping and average stability (intensity ★★★☆☆); the previous gains were significant, with a nearly 50% gain in 6 months creating profit-taking pressure (intensity ★★★☆☆); the current P/E ratio is 98.91x, significantly higher than the average valuation level of the chemical industry [0].

This limit-up reflects the investment logic of

. As a typical cyclical industry, industrial gases benefit from economic recovery and the recovery of downstream manufacturing; while the electronic specialty gas business has growth attributes with broad room for domestic substitution. The entry of tungsten hexafluoride products into the supply chain of major semiconductor manufacturers marks a substantive breakthrough in the company’s strategic transformation from traditional industrial gases to high-end electronic specialty gases.

The structural divergence in capital flow deserves attention: main funds and hot money operated in opposite directions, with main funds seeing net inflows and hot money seeing net outflows. Such divergence often indicates that short-term stock prices may face a volatile washing process, and investors need to be wary of profit-taking pressure.

include: First, valuation risk is prominent, with the current P/E ratio close to 100x, which is in a historical high range. If performance falls short of expectations, the stock price may face significant pullback pressure; Second, chip stability is insufficient, as the 11.35% turnover rate indicates intense chip swapping during the limit-up; Third, linkage risk is high. As a concept stock, its stock price is highly correlated with the trends of the industrial gas sector and the semiconductor industry, and it will be affected if the sector pulls back as a whole.

: The accelerated process of semiconductor domestic substitution provides long-term growth momentum for the company’s electronic specialty gas business; the peak demand for food-grade carbon dioxide brought by the Spring Festival peak season will contribute seasonal increments; the continuous net inflow of main funds indicates that institutions are optimistic about the stock in the mid-term.

: In the short term, attention should be paid to the opening call auction situation tomorrow. If the opening gap-up is too large, it may trigger profit-taking; in the mid-term, track the order implementation of the electronic specialty gas business and the 2025 annual report performance.

HeYuan Gas’s limit-up today is mainly driven by the dual factors of the overall rise of the industrial gas sector and expectations of semiconductor industry recovery, with sector linkage and fundamental support. As a new entrant in the electronic specialty gas field, the company’s tungsten hexafluoride products have entered the supply chain of major semiconductor manufacturers, with the concept of domestic substitution. However, factors such as the current high valuation, high turnover rate during the limit-up, and hot money taking profits deserve investors’ attention. It is recommended that investors maintain a rational analytical attitude and prioritize bargain-hunting opportunities after a pullback rather than blindly chasing highs.