Kaide Quartz (920179) Surges to Limit-Up: Driven by Semiconductor Sector Sentiment, Sound Mid-Term Growth Logic

This analysis is based on reports from multiple sources including Securities Times, NetEase Finance, and Sina Finance [1][2][3], focusing on the strong performance of Kaide Quartz (920179) on the Beijing Stock Exchange (BSE) on January 16, 2026. The stock rose 20.28% on the day, closing at RMB 55.88 to hit a recent high, with a turnover of RMB 562 million and a turnover rate of 17.61%, ranking second on the BSE gainers list. From a capital perspective, the stock traded actively throughout the day with full chip turnover, and the margin trading balance was at a one-year high, indicating a significant increase in market attention [1][5].

is the primary catalyst for today’s limit-up. On January 15, TSMC released strong Q4 earnings that exceeded market expectations, and gave an optimistic 2026 earnings outlook, directly igniting investment enthusiasm across the entire semiconductor industry chain [3]. Boosted by this, the A-share semiconductor sector strengthened across the board, with the memory chip segment leading the market, and capital quickly flocked to tech growth stocks. As a quartz product supplier in the upper reaches of the semiconductor industry chain, Kaide Quartz naturally benefited from the spread of this sector sentiment.

provide solid industry fundamental support for the rally. According to Counterpoint Research data, the current memory market has surpassed the 2018 historical high; memory chip prices soared 40%-50% in Q4 2025, and are expected to rise another 40%-50% in Q1 2026 [3]. The high industry prosperity has been transmitted upward to the demand for upstream quartz products; as a core domestic supplier of quartz products for semiconductors, Kaide Quartz directly benefited from the increased demand for consumables driven by memory chip capacity expansion.

provide medium-to-long-term support for the rally. In H1 2025, the company’s semiconductor business revenue increased by 24.33% year-on-year; its holding subsidiary Kaixin New Materials’ high-end quartz product industrialization project is in the capacity ramp-up phase, achieving operating revenue of RMB 23.264 million, a 203.88% increase year-on-year [4]. Its subsidiary Kaide Xinbei (Shenyang) Quartz Co., Ltd. has been selected into the list of innovative small and medium-sized enterprises in Liaoning Province, and its technological innovation capabilities have received official recognition [4].

From a technical perspective, Kaide Quartz showed a typical pattern of “rising volume and price” today. With a turnover of RMB 562 million, it ranked 7th among BSE listed stocks; the 17.61% turnover rate indicates extremely high market participation, and the chip stability has improved after full turnover [1]. Notably, margin trading data shows that as of January 13, the margin trading balance reached RMB 84.7384 million, accounting for 2.65% of the tradable market value; the margin trading balance exceeded the 90th percentile level of the past year, indicating strong bullish sentiment among leveraged funds [5]. Multiple public funds including E Fund and Fullgoal Fund have entered the top 10 tradable shareholders, and continuous institutional capital focus provides additional liquidity support for the stock price [5].

Kaide Quartz’s business structure is highly specialized and focused: quartz products for semiconductor IC chips account for as high as 95.15% of its business, while those for the photovoltaic solar industry account for only 3.90% [5]. This highly concentrated business structure means that the company’s valuation logic is highly tied to the prosperity of the semiconductor industry. Against the backdrop of semiconductor domestic substitution, the localization process of high-end quartz products is accelerating; as a core supplier to leading domestic semiconductor enterprises (including customers such as NAURA, Tongmei Crystal, Yandong Microelectronics, Jilin Sino-Microelectronics, etc.), Kaide Quartz’s industry chain position is being revalued by the market [4].

The company’s multiple capacity projects are progressing steadily. Kaixin New Materials’ high-end quartz product industrialization project has completed capacity ramp-up, achieving a 203.88% year-on-year revenue growth; the high-quality large-diameter quartz glass tube project for semiconductors, a collaboration between Kaimei Quartz and Tongmei Crystal, is gradually releasing capacity; the construction project of Kaide Xinbei’s R&D and production base for semiconductor precision parts is progressing smoothly, and will bring further capacity expansion after completion [4]. These incremental capacities will gradually be converted into revenue and profit growth in the future, supporting the company’s medium-to-long-term development logic.

As an emerging market segment, the BSE’s liquidity characteristics have complex impacts on Kaide Quartz’s stock performance. On one hand, the improved overall trading activity of the BSE (total turnover of RMB 30.439 billion on January 16, with 120 stocks rising) provides a favorable trading environment for individual stocks [1]; on the other hand, BSE stocks have both liquidity discounts and growth stock premiums, leading to high valuation volatility; investors need to pay attention to potential impacts of liquidity changes on stock prices.

requires focused attention. The stock rose more than 20% in a single day; as a BSE stock, its price limit range is wider than that of the main board, so it faces technical adjustment pressure after excessive short-term gains. In terms of key price levels, it faces resistance from the early high range of RMB 58-60 above; the RMB 48-50 range (5-day/10-day moving average range) is the main support zone, and around RMB 45 is the strong support level (upper edge of the previous consolidation platform).

still needs time to be digested. In the first three quarters of 2025, the company’s net profit attributable to parent shareholders was RMB 22.2409 million, a 24.57% year-on-year decline [5], reflecting that the company’s profitability has not yet kept pace with revenue growth. Against the backdrop of the overall improvement in the semiconductor industry, it is necessary to closely monitor the progress and intensity of the company’s profit recovery.

cannot be ignored. The AI application sector has plummeted for the second consecutive day; Zhite New Materials fell 20% to limit-down, and Liujin Technology and other stocks suffered heavy losses [3], indicating signs of capital rotation in the market. If the overall sentiment of tech growth stocks cools, Kaide Quartz may be affected by the linkage.

is the company’s core growth logic. With the accelerated progress of independent and controllable domestic semiconductor industry chain, the demand for domestic substitution of upstream quartz products is strong. As a leading domestic supplier, Kaide Quartz is expected to continue to benefit from the industry transfer trend.

provides liquidity support. Multiple public funds have entered the top 10 tradable shareholders, and coupled with the high margin trading balance, it indicates that professional investors recognize the company’s medium-to-long-term value. In market fluctuations, the supporting role of institutional capital is particularly important.

are worth paying attention to on dips. If the stock experiences a technical pullback due to excessive short-term gains, it may provide a good entry opportunity if the fundamental logic remains unchanged.

The core driver of Kaide Quartz (920179)‘s strong limit-up today is the overall sentiment surge in the semiconductor sector, catalyzed by both positive TSMC earnings and skyrocketing memory chip prices. As a leader in quartz products for semiconductors (accounting for 95.15% of its business), the company is highly tied to the prosperity of the semiconductor industry; coupled with capacity expansion by its subsidiaries and continuous institutional capital focus, its medium-to-long-term growth logic is relatively clear. However, it faces technical adjustment pressure after excessive short-term gains, and the fundamental pressure from the first three quarters’ performance decline still needs time to be digested; investors need to pay attention to the high volatility risk characteristic of BSE stocks. Based on comprehensive judgment, the stock has weak short-term momentum but sound mid-term logic; it is recommended to pay attention to bargain-hunting opportunities after a pullback, while closely tracking changes in semiconductor industry prosperity and the company’s capacity release progress.