Limit-Up Analysis of Xindongli Tech (600841): Driven by Institutional Capital Inflow and Expectations for Heavy-Duty Truck Industry Recovery

Item	Data
Stock Name	Xindongli Tech
Stock Ticker	600841.SS
Full Company Name	Shanghai New Power Automotive Technology Co., Ltd.
Industry	Automobiles - Auto Parts - Chassis and Engine Systems
Current Price	RMB 6.80
Price Change	+10.03% (Limit-Up)
Turnover	RMB 89.864 million
Turnover Rate	1.27%
Total Market Capitalization	RMB 9.437 billion
52-Week Range	RMB 4.22 - 8.17

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According to Dragon and Tiger List data, Xindongli Tech was included in the public trading information list due to a

[1]. Obvious signs of institutional capital inflow were observed on the day:

• Total Purchases
  : RMB 41.193 million
• Total Sales
  : RMB 19.21 million
• Net Purchases
  : RMB 21.983 million

[1]:

Brokerage Branch	Purchase Amount (RMB million)
SDIC Securities Shenzhen Hongli West Road	9.0685
Huaxin Securities Chengdu Jiaozi Avenue	8.8781
Guosen Securities Xiamen Hubin North Road	8.4878
Guorong Securities Qingdao Branch	7.9662
CICC Wealth Management Shanghai Huangpu District Zhongshan East 2nd Road	6.7925

The concentrated purchasing behavior of these well-known brokerage branches indicates

, which is the direct driver of the limit-up [0].

Xindongli Tech’s main businesses are

, with its main business revenue structure as follows [1]:

• Engine sales revenue: 85.20%
• Parts revenue: 7.58%
• Complete vehicle sales revenue: 6.29%

The heavy-duty truck industry has shown a recovery trend since the fourth quarter of 2025, with the “Golden September and Silver October” sales peak effect continuing to the end of the year. The accelerated progress of pure electric heavy-duty truck projects, coupled with the recovery of logistics demand, has driven the growth in demand for diesel engines and complete heavy-duty trucks [0].

The company is backed by

, and its affiliated concept sectors include [1]: Generator Concept, Agricultural Machinery, Shanghai State-Owned Assets, Battery Swap Concept, Machinery, etc. Expectations for Shanghai SOE reform and asset integration provide certain thematic support for the stock price.

Although the company remained in a loss-making state in the first three quarters of 2025 (net profit attributable to parent: -RMB 350 million), the loss narrowed by

year-on-year, indicating that operating conditions are improving [1]. Operating revenue reached RMB 4.171 billion, although it decreased by 20.34% year-on-year, the month-on-month improvement trend is obvious.

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Date	Closing Price	Price Change	Trading Volume (10,000 shares)
2026-01-16	6.80	+10.03%	13.22M
2026-01-15	6.18	-0.80%	8.22M
2026-01-14	6.27	-1.42%	15.87M
2026-01-13	6.34	-1.40%	12.42M
2026-01-12	6.43	+0.78%	11.68M
2026-01-08	6.33	+2.76%	14.83M
2026-01-06	6.27	+3.47%	16.90M

1. Limit-Up with Increased Volume Today
   : The trading volume reached 13.22 million shares, a
   40% increase
   compared to the average daily volume of 9.42 million shares, indicating active capital inflow [0].

2. Rebound with Increased Volume for Consecutive Days
   : Trading volume has continued to increase this week, with obvious volume surges on January 6, 8, and 16, indicating sustained capital attention.

3. Key Price Range
   :
   • Support Level
     : RMB 6.33 (recent low)
   • Resistance Level
     : RMB 6.80 (today’s limit-up price)
   • Next Target Level
     : RMB 6.99 [0]

Indicator	Value	Signal Interpretation
MACD	No Death Cross	Bullish Bias
KDJ	K:73.7, D:69.2, J:82.8	Bullish
RSI(14)	Overbought Zone	Risk Warning
Beta	0.28	Low Volatility

: Technical analysis shows that the stock price is in an , with a trend score of 4.5 out of 5 [0]. However, the RSI indicator has entered the overbought zone, so short-term pullback risks need to be wary of.

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• Net Inflow of Main Capital
  : The Dragon and Tiger List shows a net purchase of RMB 21.98 million, with capital in a net inflow state [1].
• Buy-Sell Game
  : The net purchase amount of the top 5 buyers is much larger than the net sales amount of the top 5 sellers, with bullish forces dominating.
• Brokerage Branch Characteristics
  : The buyers are mainly well-known brokerage branches in Shenzhen, Chengdu, Shanghai and other regions, indicating
  obvious signs of hot money speculation
  [1].

According to industry performance data [0], the Industrials sector rose by

today, showing relatively stable performance, providing certain sector support for Xindongli Tech.

• The number of shareholders of the company is 61,400, an increase of 3.29% compared to the previous period [1].
• Hong Kong Securities Clearing Company Limited (the 9th largest tradable shareholder) holds 5.6059 million shares, an increase of
  776,500 shares
  compared to the previous period [1], indicating increased willingness of foreign capital to hold shares.
• It has been listed on the Dragon and Tiger List
  once in 2026
  , with increased market attention [1].

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Risk Type	Details
Fundamental Risk	The company remains in a loss-making state (PE ratio of -8.69), with a net profit of -RMB 350 million in the first three quarters of 2025 [0]
Valuation Risk	Price-to-book ratio is 2.98 times, which is relatively high in the industry
Overbought Risk	The RSI indicator has entered the overbought zone, and there may be short-term pullback pressure [0]
Performance Volatility	Operating revenue decreased by 20.34% year-on-year, significantly affected by industry cycles
Thematic Speculation	Obvious signs of hot money speculation, with limited fundamental support

1. Sustained Losses
   : TTM net profit is negative, ROE is -32.89% [0]
2. Decline in Main Business Revenue
   : Engine revenue accounts for 85.20%, but overall revenue has decreased significantly year-on-year [1]
3. Weak Dividend Capacity
   : Cumulative cash dividends of RMB 0 in the past three years [1]
4. Relatively High Turnover Rate
   : Daily turnover rate is 1.27%, with frequent entry and exit of short-term capital

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Scenario	Probability	Trigger Condition	Trend Forecast
Scenario 1: Continue to Rise	40%	Sustained increase in trading volume + sector coordination	Challenge the integer level of RMB 7, target price range of RMB 6.99-7.20
Scenario 2: Consolidation with Fluctuations	45%	Trading volume returns to normal	Consolidate in the range of RMB 6.50-6.80
Scenario 3: Rise and Pull Back	15%	Short-term capital takes profits	Pull back to RMB 6.30-6.50 after hitting the limit-up price and opening the board

Price Type	Price	Explanation
First Resistance Level	RMB 6.80	Today’s limit-up price (already broken through)
Second Resistance Level	RMB 6.99	Technical analysis target level [0]
Third Resistance Level	RMB 7.17	50-day moving average pressure
First Support Level	RMB 6.50	5-day moving average position
Second Support Level	RMB 6.33	Recent low support [0]

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The limit-up of Xindongli Tech today is mainly driven by the following factors:

1. Significant net purchase by institutional funds on the Dragon and Tiger List
   (RMB 21.98 million), with concentrated purchases by well-known hot money brokerage branches, indicating active entry of short-term capital [1]
2. Expectations for heavy-duty truck industry recovery
   bring prospects of fundamental improvement, and the recovery of logistics demand drives the growth in demand for diesel engines [0]
3. Shanghai state-owned asset reform theme
   attracts short-term capital attention, and expectations for SOE asset integration provide thematic support [1]
4. Technical breakthrough
   drives follow-up capital to enter, with no death cross on MACD and bullish KDJ indicator [0]

:

• The company remains in a loss-making state, with ROE of -32.89%, and fundamentals have not yet improved fundamentally [0]
• The RSI indicator has entered the overbought zone, with short-term pullback pressure [0]
• Obvious characteristics of hot money speculation, with limited fundamental support [1]
• Operating revenue decreased by 20.34% year-on-year, significantly affected by industry cycles [1]

This stock is of a

nature, and subsequent trends need to focus on changes in trading volume and sector coordination. Investors should , and should not blindly chase highs to participate.