Analysis Report on the Strong Limit-Up of Heshun Electric (300141)

The core catalyst for Heshun Electric’s strong performance today comes from the

. On January 7, the National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) issued the Guiding Opinions on Promoting High-Quality Development of Power Grids, which aims to address the system stability challenges brought by high-proportion access of new energy and optimize resource allocation efficiency [1][2]. This policy provides clear guidelines for areas such as total power grid investment, coordination of main, distribution and micro grids, and application of new technologies, directly benefiting the power grid equipment sector.

On the same day, a limit-up wave swept through power grid equipment stocks. In addition to Heshun Electric, Sanbian Technology, XD Electric, Eaglerise, etc., also hit limit-up simultaneously [1][2], forming an obvious sector linkage effect. The SW Power Grid Equipment Index closed up 1.88%, hitting a new high in over a month [3].

From the perspective of technical indicators, Heshun Electric’s performance today shows typical characteristics of short-term capital game [4][5][6]:

Indicator	Data	Market Interpretation
Closing Price	RMB 17.50	Hit the limit-up price
Price Change	+20.03%	Limit-up
Turnover Rate	24.44%	Extremely high turnover (ChiNext average: 5.34%)
Trading Volume	RMB 954 million	Significant volume expansion
Amplitude	26.68%	Intraday volatility

: The 24.44% turnover rate far exceeds the ChiNext average, indicating rapid chip turnover. Combined with the 26.68% intraday amplitude, it shows fierce game between bulls and bears. Notably, the stock was listed on the Dragon and Tiger List [6] due to a cumulative deviation of 30% in price increases over three consecutive trading days, triggering abnormal volatility monitoring by the exchange.

According to capital flow data on January 7 [4]:

• Main Capital Net Inflow: RMB 123 million
  (accounting for 13.32% of total trading volume)
• Hot Money Net Outflow: RMB 56.49 million
• Retail Capital Net Outflow: RMB 66.14 million

However, data from the Dragon and Tiger List shows that institutional seats were in a net selling state overall, with a cumulative net outflow of nearly RMB 10 million in three days. Among them, Institutional Special Seat 1 had a net sale of RMB 1.2365 million, Institutional Special Seat 2 had a net sale of RMB 8.0841 million, and Institutional Special Seat 3 had a net sale of RMB 10.9315 million [6]. This divergence between “main capital inflow and institutional outflow” warrants vigilance.

The company’s fundamental situation is in sharp contrast to its strong stock price performance [6][7][8]:

Indicator	Value (Jan-Sep 2025)	YoY Change
Operating Revenue	RMB 286 million	+0.44%
Net Profit Attributable to Parent Shareholders	-RMB 18.9982 million	-3399.84%

The company’s main businesses include complete power equipment (64.29%), anti-electricity theft energy metering devices (11.45%), photovoltaic power generation (8.54%), etc. [6]. Operating revenue growth is almost stagnant, while net profit has suffered a huge loss, indicating that the company’s profitability is under pressure. This divergence between “performance loss and stock price limit-up” is the biggest risk point at present.

The strong performance of the power grid equipment sector has certain fundamental support. In 2025, the bidding volume and price of transmission and transformation equipment by State Grid both increased, with the total bidding amount for main grid transmission and transformation equipment reaching RMB 91.9 billion, a year-on-year increase of 26% [3]. As the first year of the “15th Five-Year Plan”, power grid investment is expected to increase by 15% year-on-year in 2026, and 4 DC lines including Badain Jilin-Sichuan and Southern Xinjiang-Sichuan-Chongqing are expected to be approved [3].

In addition, domestic transformer exports reached US$ 5.5 billion in January-November 2025, a year-on-year increase of 49% [3], and strong overseas demand provides additional growth momentum for the industry. The global solid-state transformer market is expected to grow at a high CAGR of 25%-35% in the next 5-10 years [1][2]. The power supply efficiency of solid-state transformers can be increased to over 90%, and 2026 is expected to be a key year for the verification and introduction of this technology.

The extremely high turnover rate of 24.44% indicates low chip concentration at present, with obvious short-term game characteristics. Combined with the data of net selling by institutions on the Dragon and Tiger List and net outflow of retail capital, it can be judged that

[4][6].

The average number of tradable shares per capita is 14,380 shares, a decrease of 1.63% from the previous period, and the number of shareholders is 17,700, an increase of 2.39% from the previous period [7], showing a trend of chip dispersion, which may increase the unpredictability of stock price volatility.

Heshun Electric involves multiple popular concepts such as satellite internet, smart grid, and energy storage [4], and the popularity of these concepts provides additional thematic support for the stock price. However, concept speculation is often time-sensitive, and once market sentiment changes, related stocks may face the risk of rapid pullback.

: The company recorded a net loss of nearly RMB 19 million in the first three quarters of 2025, with almost stagnant revenue growth. The current fundamental situation is difficult to support the 20% limit-up valuation. This purely capital-driven rally lacks a solid foundation, and once capital sentiment changes, the stock price may experience a rapid pullback.

: Data from the Dragon and Tiger List shows that institutional seats were in a net selling state overall, with a cumulative net outflow of nearly RMB 10 million in three days [6]. Some institutions chose to take profits, indicating that professional investors are cautious about the company’s short-term trend.

: The 24.44% turnover rate indicates rapid chip turnover, which may be due to speculative hype. This high turnover state is often unsustainable, and once the turnover rate drops sharply, the stock price may lose support.

: As of now, the company has not released any major positive announcements. Today’s limit-up is mainly driven by sector sentiment and policy expectations, lacking support from substantial positive news at the company level.

: The Guiding Opinions on Promoting High-Quality Development of Power Grids provides medium- and long-term policy support for the power grid equipment sector [1][2]. As the policy details are gradually implemented, power grid investment is expected to accelerate, and the company, as a power distribution equipment supplier, is expected to benefit.

: Power grid investment is expected to increase by 15% year-on-year in 2026, with ultra-high voltage projects being approved at an accelerated pace and strong overseas demand [3]. The overall upward prosperity of the industry provides a favorable external environment for the company.

: If the company makes substantial progress in the field of solid-state transformers, it may become a new growth driver. The rapid growth of the global solid-state transformer market provides development space for the company [1][2].

The current strong performance of the stock price is mainly driven by short-term sentiment and policy expectations, and its sustainability is highly dependent on market capital flow and changes in sector sentiment. If the turnover rate cannot maintain a high level at tomorrow’s opening, the stock price may face greater pullback pressure. It is recommended that investors pay close attention to capital movements and trading volume changes in tomorrow’s morning session.

Heshun Electric (300141)'s strong limit-up today is mainly driven by

. The Guiding Opinions on Promoting High-Quality Development of Power Grids issued by the NDRC and NEA triggered a limit-up wave in the sector [1][2]. The company closed at RMB 17.50, with an increase of 20.03%, a turnover rate of 24.44%, a trading volume of RMB 954 million, and a main capital net inflow of RMB 123 million [4].

However,

: The company recorded a net loss attributable to parent shareholders of RMB 18.9982 million in the first three quarters of 2025, with only 0.44% revenue growth [6][8]. Technically, the extremely high turnover rate and net selling by institutions on the Dragon and Tiger List both show obvious characteristics of short-term capital game [6]. Institutions on the Dragon and Tiger List had a net outflow of nearly RMB 10 million in three days, and some institutions chose to take profits.

From an industry perspective, the power grid equipment sector has medium- and long-term prosperity support. Power grid investment is expected to increase by 15% year-on-year in 2026, and overseas transformer exports increased by 49% [3]. However, it will take time for the company’s fundamentals to improve, and the current stock price reflects more sector sentiment than the company’s value.

: The strong performance of this stock today is mainly driven by policies and sector sentiment, with insufficient fundamental support. Investors should be wary of the risk of chasing highs. Without follow-up of substantial positive news, the stock price may experience a rapid pullback. It is recommended to pay attention to the turnover situation and capital flow changes at tomorrow’s opening.