Analysis of the Strong Performance of Yineng Power (920046): Theme-driven Rally vs. Fundamental Divergence

Yineng Power performed prominently on the Beijing Stock Exchange on January 19, 2026, closing up 29.96% and entering the strong stock pool [0]. The strong performance of this stock is not an isolated incident, but the result of a combination of multiple factors.

. Since January 13, 2026, the power grid equipment and transformer sectors have continued to strengthen, with many concept stocks seeing sharp gains [1]. The catalytic factors mainly include three aspects: First, skyrocketing AI data center demand. The ultra-large-scale data center being built by xAI (owned by Elon Musk) in Tennessee requires a large number of transformers, but due to insufficient U.S. power infrastructure, global demand for transformers is robust [1]; Second, a transformer explosion occurred in Cleveland, Ohio, U.S. on January 12 local time, exacerbating market concerns about power equipment supply [1]; Third, according to UBS analysis, the delivery cycle for domestic transformers reaches 1.5-2 years, and the delivery cycle for overseas production capacity is even longer. The tightest global supply situation may take 2-3 years to ease, resulting in a significant supply gap [1].

. In the first 10 months of 2025, the year-on-year growth rate of China’s transformer export value reached approximately 40%, and overseas transformer prices are about 4 times that of the domestic market, offering substantial profit margins [1]. This data indicates the industry is in a high boom cycle, providing a performance expectation basis for market speculation.

. According to Eastmoney data, on January 19, institutional capital recorded a net purchase of RMB 72.5199 million, accounting for 14.6% of total turnover, with large-order purchases dominating market trends [2]. Retail capital recorded a net purchase of RMB 15.1144 million during the same period, accounting for 3.04%, indicating high market participation enthusiasm.

Trading data for the day shows typical extreme volatility characteristics. The closing price of RMB 24.51 hit a recent high, with a price change of 29.96% and a deviation value of 41.31%, significantly outperforming the market. The 36.06% turnover rate indicates almost all intraday chips were turned over, and turnover of RMB 497 million was a significant increase compared to usual, with amplitude also reaching 36.06% [0][2].

From a technical perspective, this stock has entered the dragon and tiger list of “the top 5 stocks with a closing price increase of 20% on the day”, belonging to an extreme volatility market [2]. A 36% turnover rate means extremely high market attention, with rapid chip turnover, accumulating a large number of profit-taking and unlocked chips for subsequent trends.

Based on 2025 financial data, the company’s fundamental performance is relatively mediocre [2]:

• Operating revenue: RMB 145 million, with year-on-year growth of 7.72%
• Net profit attributable to parent company: RMB 12.144 million, with year-on-year growth of only 1.07%
• Gross profit margin: 26.09%, at a medium level in the manufacturing industry
• Asset-liability ratio: 44.08%, within a reasonable range
• Investment cash flow: -RMB 681 million, indicating the company is in an expansion phase

is the core feature of this rally. As a Beijing Stock Exchange-listed company, Yineng Power has a relatively limited revenue scale and average profitability. Its current performance (annual net profit of only RMB 12.14 million) cannot support the RMB 24.5 stock price, leading to obvious overvaluation risks. The company belongs to a power grid equipment sub-sector, with a relatively small scale in the sector and weak risk resistance capabilities.

This rally reveals

. AI data center construction not only drives demand for hardware such as GPUs and servers, but also generates huge demand for power systems, especially supporting facilities like transformers. This demand is sustainable and rigid, and may support the long-term boom of the power grid equipment sector [1].

is another phenomenon worthy of attention. In the Beijing Stock Exchange gain list this week (January 12-16), Yineng Power, along with Kema Materials, Liujin Technology and 6 other stocks, saw increases of over 20% [3], indicating rising market attention to the Beijing Stock Exchange. However, due to the relatively weaker overall liquidity of the Beijing Stock Exchange compared to the main board, investors need to pay attention to liquidity risks.

According to discussions on platforms like Snowball, investors have expectations for the “certainty” of the power grid equipment sector, with some investors believing that “the market capitalization is small, making it easy to push up prices” [3]. However, there are also obvious divergences, with some investors warning of risks, stating that “turnover is still insufficient, making it impossible to push up further” [3].

From the capital structure perspective, net institutional capital purchases account for 14.6%, with high participation, but the extremely high 36% turnover rate also means a large number of chips have been transferred to retail investors, and subsequent buying power may be insufficient. Favorable news circulating online, including Sanbian Technology winning the U.S. xAI data center project and TBEA’s cooperation with Tesla, has not been officially confirmed and should be treated with caution [1].

Risk Type	Specific Description	Risk Level
Extreme Volatility Risk	A single-day increase of 30% and 36% turnover rate are extreme volatility, and sharp corrections may occur in the future	High
Valuation Bubble Risk	Severe mismatch between fundamentals and rally, leading to potential overvaluation	High
Unverified News Risk	Favorable news circulating in the market has not been officially confirmed	Medium
Sector Linkage Risk	This is theme-driven speculation; if sector enthusiasm fades, the stock price may fall rapidly	Medium
Liquidity Risk	Overall liquidity of the Beijing Stock Exchange is relatively weaker than the main board	Medium
Chasing High Risk	Buying after a sharp surge may result in being “trapped”	High

depend on several key factors: The power grid equipment industry is indeed in a high boom period and is expected to remain so in 2026; AI data center construction is a long-term trend, providing sustained demand-side support; if the sector continues to strengthen, there may be opportunities for a second rally. Attention should be paid to whether there are substantive orders or performance verification as a basis for intervention.

In the short term (1-3 days), risks are high, and sustainability is doubtful. A single-day increase of 29.96% is an extreme rally, and there is a high probability of facing correction pressure in the future. A 36% turnover rate indicates chips have been fully turned over, and subsequent buying power may be insufficient. There are abundant profit-taking chips, with a possibility of concentrated profit realization. Without new favorable stimuli, the rally may fade rapidly.

Yineng Power’s strong performance today is

, rather than fundamental drivers [0][1][2].

: The power grid equipment/transformer sector is catalyzed by multiple factors including AI data center demand, global supply shortages, and the U.S. accident. The industry’s 40% export growth, coupled with large-scale net institutional capital purchases of RMB 72.52 million, directly drove the stock price surge.

: The company has a small scale and mediocre performance (annual net profit of only RMB 12.14 million), making it impossible to support the nearly 30% single-day increase, resulting in a severe divergence between fundamentals and stock price.

: Whether the turnover rate remains high, whether trading volume continues to expand, whether the overall sector trend is sustained, and whether institutional capital continues to record net purchases.

: Immediate resistance level: RMB 26-28 (may face profit-taking pressure after the sharp surge), initial support level: RMB 20-21, key support level: RMB 17-18. The common retracement range for sharply rising stocks is 30-35%.

: This report is based on public information analysis and does not constitute investment advice. The risk of chasing high after a sharp surge is extremely high. Investors should strictly control risk exposure and make prudent decisions.