Pinggao Electric (600312) Limit-Up Analysis: Policy-Driven Fundamental Market

Pinggao Electric surged to a limit-up on January 19, 2026, closing at RMB 22.76 with a gain of 7.87%, recording a turnover of RMB 1.4 billion and a turnover rate of 8.27%[0]. The core driver of this limit-up comes from State Grid’s fixed asset investment plan for the 15th Five-Year Plan period announced on January 15, with an estimated total amount of 4 trillion yuan, representing a 40% increase from the 14th Five-Year Plan period[1][2]. This major policy positive directly boosted the entire power grid equipment sector, and Pinggao Electric, as one of China’s three major R&D and manufacturing bases for high-voltage switchgear, became a direct beneficiary.

From a fundamental perspective, the company has recently won a series of large orders, including an ultra-high voltage equipment procurement project worth approximately RMB 773 million and a State Grid bidding procurement project worth approximately RMB 876 million[3][4], demonstrating strong market competitiveness and sufficient project reserves. Its performance in the first three quarters of 2024 was outstanding, with operating revenue of RMB 8.436 billion, up 6.98% year-on-year, net profit attributable to parent company of RMB 982 million, up 14.62% year-on-year, and gross profit margin rising to 25.09%[5]. The excellent performance growth provides solid fundamental support for the stock price.

From the perspective of market sentiment, the power grid equipment sector performed strongly today, with Senyuan Electric, Hanlan Cable hitting two consecutive limit-ups, and several related stocks including China XD Electric, Baobian Electric hitting limit-ups[1]. The industrial sector rose 0.42% overall, performing the best among all major sectors[7]. In terms of capital flow, the main capital had a net outflow of RMB 42.44 million on January 16 and a net outflow of RMB 6.12 million on January 15, indicating signs of profit-taking by short-term funds[5][6]. However, the margin trading and short selling balance remains high at approximately RMB 1-1.1 billion, indicating active participation by leveraged funds.

In terms of institutional ratings, a total of 15 institutions have provided ratings, of which 13 gave a “Buy” rating and 2 gave an “Accumulate” rating[5]. Institutions including Guosen Securities and Huaan Securities have recently maintained “Outperform” or “Buy” ratings, and the target average price of RMB 21.72 has been broken[3]. Overall, institutions are optimistic about the company’s medium- to long-term development prospects.

From a technical perspective, the stock price is in a breakout phase of an upward trend. Today’s trading volume reached 1.12 million lots, a significant increase from the previous day’s 869,000 lots, with a volume ratio of 1.89, indicating active capital inflow[0]. However, technical indicators show short-term overbought risks: the KDJ indicator has a K value of 85.3, D value of 80.6, and J value of 94.8, and the RSI (14) is in the overbought zone[0]. The MACD indicator is in a bullish zone, and the medium-term trend remains upward. The beta coefficient is 0.67, indicating lower volatility relative to the broader market.

In terms of key price levels, the support level is at RMB 19.65, the current resistance level of RMB 22.76 has been broken, and the next target level is RMB 23.59[0]. Looking at the trend over the past 10 trading days, there was a 5.35% pullback on January 16, and after sufficient consolidation, the stock hit a limit-up with increased volume today, forming a clear breakout pattern.

: State Grid’s 4 trillion yuan investment plan not only benefits Pinggao Electric but will also continue to support the medium- to long-term development of the entire power grid equipment sector. This policy positive is sustainable and certain, and investors should pay attention to rotation opportunities within the sector.

: The company has sufficient orders and strong certainty in performance growth, with institutions unanimously optimistic forming a joint force. The current P/E ratio is 26.89x and P/B ratio is 2.71x, which is in the upper-middle range compared to the industry average, but the valuation still has support considering the performance growth rate and market sentiment[0].

: The recent net outflow of main capital contrasts with the high margin balance, reflecting that the market has two different operating strategies for this stock: short-term speculation and medium- to long-term investment. Investors need to pay attention to consistent changes in capital behavior in the future market.

: The KDJ indicator’s J value is 94.8 and RSI is in the overbought zone, so the stock may face technical pullback pressure in the short term[0]. Investors should be cautious about chasing gains, and it is recommended to wait for a pullback confirmation before entering.

: The main capital has had consecutive net outflows recently, and there is a possibility of profit-taking by short-term funds[5][6]. If the limit-up order quality is poor today, a breakout may trigger short-term selling pressure.

: The current valuation level is in the upper-middle range, and whether the performance growth rate can support further stock price increases needs continuous verification.

: State Grid’s 4 trillion yuan investment plan brings long-term growth momentum to the power grid equipment industry, and Pinggao Electric, as a sector leader, will directly benefit.

: The company has continuously won large projects, ensuring future performance growth and providing solid fundamental support.

: The limit-up with increased volume breaks through the previous resistance level, and the medium-term upward trend is clear.

Pinggao Electric’s limit-up today is a

, with core support coming from the major policy positive of State Grid’s 4 trillion yuan investment plan for the 15th Five-Year Plan period. As a leader in ultra-high voltage equipment, the company will directly benefit from the acceleration of power grid investment. Technically, it shows a breakout pattern with increased volume, but attention should be paid to short-term overbought risks. Considering the sustainable policy positives, sufficient orders, and strong certainty in performance growth, the medium-term trend is still promising. Investors should pay attention to the subsequent volume coordination and sector rotation rhythm, control positions rationally, and avoid blindly chasing high prices.

Core Indicators	Data
Closing Price	RMB 22.76
Price Change	+7.87%
Turnover	RMB 1.4 billion
Turnover Rate	8.27%
Volume Ratio	1.89
Support Level	RMB 19.65
Short-Term Target	RMB 23.59
Institutional Ratings	13 “Buy” / 2 “Accumulate”