Yuexiu Capital (000987) Limit-Up Analysis: Valuation Re-Rating Driven by Capital Operations

Yuexiu Capital simultaneously released two important capital operation announcements on the evening of January 16, which served as the direct catalyst for the limit-up [1][2][4].

: The company plans to use no more than to increase holdings of Beijing Holdings (00392.HK) shares through the Hong Kong Stock Connect, aiming to optimize its asset allocation structure and enhance long-term asset value. Previously, the company has accumulated a 4.14% stake in Beijing Holdings through its holding subsidiary Guangzhou Asset, with a market value of approximately HK$1.7 billion [1]. As a high-quality utility asset, Beijing Holdings currently has attractive valuations, and the company’s increase in holdings at this time demonstrates its confidence in long-term value.

: It also announced plans to sell no more than 1% of CITIC Securities’ total share capital. Based on CITIC Securities’ closing price of ¥28.08 on that day, the corresponding market value is approximately , with an expected investment gain of approximately , representing an investment return rate of as high as [4]. As the second-largest shareholder of CITIC Securities (holding an 8.54% stake), this reduction in holdings is a partial realization of gains. It not only recoups the appreciation gains from high-quality assets but also retains a strategic stake in CITIC Securities, significantly improving capital allocation efficiency.

Venture capital concept stocks have been continuously sought after by market funds recently, with core targets including Luxin Venture Capital, Zhongxin Group, Zhangjiang Hi-Tech, and Yuexiu Capital [3]. As the exit expectations for venture capital projects improve in 2026 — for example, Fortune Capital expects 35 of its projects to complete IPO exits — the overall valuation of the industry is supported. As an important member of the venture capital sector, Yuexiu Capital’s venture capital business layout benefits from the prominent beta attribute of the industry, leading to increased market attention.

According to market capital flow data on January 16 [2]: retail investor funds recorded a net inflow of

(accounting for 13.28%), hot money recorded a net inflow of (accounting for 3.51%), while main force funds recorded a net outflow of (accounting for 16.79%). The limit-up was driven mainly by retail investors and hot money, but there was divergence among main force funds. This structural characteristic indicates short-term volatility risks.

The current stock price of ¥10.34 hit the limit-up, deviating by approximately 17% from the 20-day moving average of ¥8.85, and is in a historical high range (about 12.8% below the 52-week high of ¥11.85). Today’s trading volume was approximately

, significantly higher than the average daily volume of 48.37 million shares, with a volume ratio of about 1.53 and a turnover rate of approximately 6.4%, indicating a significant increase in capital activity [0].

Indicator	Status	Signal Interpretation
MACD	No Death Cross	Medium-term trend is bullish [0]
KDJ	K:48.8, D:59.9, J:26.6	Short-term adjustment pressure exists [0]
RSI	Normal Range	Has not entered the overbought zone [0]

The current price is in a historical high range, and technical analysis judges it to be in a

, with a reference trading range of ¥8.85 to ¥10.64 [0]. Although the stock price has broken through all moving average systems, it is close to the previous dense area of trapped shares, and volume support is required for an effective breakthrough.

: Reducing holdings of CITIC Securities locks in approximately ¥1.9 billion in investment gains, while increasing holdings of undervalued Beijing Holdings; the optimized asset allocation strategy has received positive market interpretation [4]. : Multiple venture capital targets are expected to complete IPOs in 2026, and project exit gains are expected to be continuously released, highlighting the industry’s beta attribute [3]. : Retail investors and hot money have continued to net buy recently, and market attention has increased significantly after the limit-up.

: Main force funds recorded a net outflow of ¥231 million on January 16, with obvious divergence among large-order funds [2]. : The stock price is close to the historical high (¥11.85), increasing short-term profit-taking pressure. : The diversified financial sector performed flat on the day, lacking sector linkage support.

: Currently, the stock is only 12.8% below the 52-week high of ¥11.85, with a large cumulative short-term increase, leading to a high risk of correction. : The day after the limit-up may face significant profit-taking pressure, with expected expanded volatility. : The sustainability of the retail-led rally remains to be seen, and follow-up main force fund participation needs to be monitored.

: Fundamentals provide strong support, the venture capital industry continues to boom, and the company’s capital operation capabilities have been verified. : If the stock price pulls back to the ¥8.85-¥9.00 range (near the 20-day moving average), it will provide a good entry point for medium-term layout.

Price Level Type	Price	Explanation
Strong Resistance	¥11.00	Close to historical high range
Historical High	¥11.85	52-week highest price
Today’s Limit-Up Price	¥10.34	Hit the daily limit-up
Strong Support	¥8.85	Support from 20-day moving average
Key Support	¥8.00	Support from 50-day moving average

— If trading volume continues to expand (maintaining above ¥800 million), it is expected to challenge the ¥11.00-¥11.85 range, which requires overall sector coordination and more positive news catalysts. — After the limit-up, short-term funds take profits, and the stock price consolidates sideways in the ¥9.50-¥10.64 range, waiting for moving averages to catch up before choosing a direction. — If volume shrinks or the broader market corrects, the stock price may pull back to the ¥8.85-¥9.00 support level. As the medium-term uptrend remains unbroken, this can be regarded as a bottom-fishing opportunity.

Yuexiu Capital’s limit-up today was driven mainly by two major capital operations: reducing holdings of CITIC Securities to lock in approximately ¥1.9 billion in investment gains (86% return rate), and increasing holdings of undervalued Beijing Holdings with no more than ¥1 billion [1][2][4]. This “one reduction, one increase” combination reflects the company’s strategic intention to optimize asset allocation, significantly improving capital allocation efficiency. Technically, the stock price broke through all moving averages and hit the limit-up with significant volume expansion, but it is close to the historical high range, so short-term correction risks need to be watched [0]. In the medium term, as a core target in the venture capital concept sector, it benefits from the industry’s upward boom with strong fundamental support.