Far East Smart Energy (600869) Limit-Up Analysis: Concept-Driven Rally Amid Risk Warnings

(full name: Far East Smart Energy Co., Ltd., stock code: 600869) hit another limit-up on January 12, 2026, and was included in the day’s list of limit-up stocks. The stock has experienced extreme volatility recently: it recorded three consecutive limit-ups from January 6 to 8, with a cumulative increase of 29.93%; on January 9, it opened at the limit-up price before plummeting, closing at RMB 10.56 with a 3.30% drop. On that day, it traded 3.66 million lots with a turnover of RMB 4.03 billion, hitting a record high volume; it sealed the limit-up again on January 12 [0][1][2].

The company’s main business covers three sectors: intelligent cable networks, intelligent batteries, and smart airports, with its core strategic positioning as “ALL IN AI — Electric Power + Computing Power + AI”.

Controllable nuclear fusion concept stocks rallied with volatility on January 7, and Far East Smart Energy was sought after by capital as one of the limit-up stocks in the sector. According to the International Energy Agency (IEA), the global nuclear fusion market is expected to reach nearly RMB 3.5 trillion by 2030. The company’s subsidiary, Anhui Cable, has obtained dual licenses for the design and manufacture of civilian nuclear safety equipment. It has jointly developed special cables for nuclear fusion with the Institute of Plasma Physics, Chinese Academy of Sciences, which are adapted to the ultra-low temperature of -269℃ and 2 million Gray irradiation requirements of the BEST device. It also participates in the construction of nuclear power projects such as Tianwan and Fuqing as a Class 4A supplier of China National Nuclear Corporation [3].

The company has deep ties with China’s aerospace industry. It has provided core cables for “Shenzhou-11” and “Tiangong-2”, and won the “Contribution Award for the Construction of Hainan Wenchang Space Launch Site” from the Jiuquan Satellite Launch Center. In December 2025, it supported the launch of low-orbit satellites with the Long March 12 carrier rocket [4][5].

In the first three quarters of 2025, the company achieved operating revenue of RMB 20.209 billion, a year-on-year increase of 10.19%; its net profit was RMB 168 million, a substantial year-on-year increase of 268.86%. In December 2025, its subsidiaries won/signed contracts totaling RMB 3.069 billion with a single contract value of over RMB 10 million, including RMB 706 million from national and local power grid projects and RMB 2.363 billion from strategic customer projects [6].

According to market information, NVIDIA announced at the 2026 CES on January 10 that its next-generation Rubin chip will adopt 100% liquid cooling technology. As a liquid cooling plate supplier, the company may benefit from the growing demand for data center heat dissipation [4].

There is clear divergence in the market towards this stock. Bulls believe that: the controllable nuclear fusion sector has risen by 8.31% cumulatively in four days, and Far East Smart Energy has recorded a cumulative increase of over 20%. Coupled with multiple appearances on the Dragon and Tiger List, sufficient orders, and clear policy support for national strategic tracks, capital attention remains high [7]. However, bearish risks are also significant: after the limit-up breakdown on January 9, investors who chased the rally suffered a single-day loss of about 12%, and the turnover rate reached as high as 15%, hitting a record high, indicating extremely fierce capital game.

: The company has issued an abnormal fluctuation announcement, clearly warning of a trailing P/E ratio of -431.44x and a P/B ratio of 5.17x, which deviate significantly from the industry average (24.38x/3.26x). It should be noted that the company reported a full-year loss of RMB 318 million in 2024, and its net profit declined continuously from 2022 to 2024 (RMB 552 million → RMB 320 million → -RMB 318 million). There is a significant bubble risk in the current valuation [8].

: The company has clearly stated that “there have been no major changes in fundamentals, and investors are reminded to pay attention to secondary market trading risks”, indicating that market sentiment may be overheated [8]. In addition, the company’s total external guarantees amount to approximately RMB 10.807 billion, accounting for 252.75% of its net assets, so guarantee risks deserve attention [0].

: The limit-up breakdown incident on January 9 shows that the stock has extreme intraday volatility, and the risk of chasing highs is extremely high.

Key Price Level	Position/Value
Current Limit-Up Price	Approximately RMB 11.5 (January 12)
Key Resistance Level	RMB 12.01 (January 9 intraday high)
Short-Term Support	RMB 10.56 (January 9 closing price)
Mid-Term Support	RMB 9.93, RMB 9.03 (previous limit-up prices)

: Given the limit-up on January 12, concept enthusiasm remains, but high vigilance is required: if it continues to hit limit-up without high volume, the strength may persist; if another limit-up breakdown occurs, investors need to guard against the formation of a short-term top.

: Focus on the resistance level of RMB 12.01 and the sustainability of trading volume, and wait for the company’s 2025 annual report (expected to be released in April) to verify the substantial improvement in fundamentals.

This round of limit-up for Far East Smart Energy is mainly driven by the controllable nuclear fusion and commercial aerospace concepts, coupled with the positive news of the RMB 3 billion order and the theme speculation of NVIDIA’s liquid cooling technology. The company’s performance in the first three quarters has indeed improved, but its full-year loss in 2024, severe valuation deviation from industry fundamentals, and the company’s active warning of trading risks indicate that this is a typical event-driven rally. For existing holders, it is recommended to set a stop-loss level between RMB 10.5 and RMB 10.8; for non-holders, it is recommended to wait and see or participate with a small position, and chasing highs is not advisable.