Analysis of Driving Factors for Snowman Group (002639.SZ) Limit-Up and Market Attention

Snowman Group (002639.SZ) hit the limit-up on November 17, 2025, with a closing price of 15.70 yuan, and market attention rose significantly [0]. The core driving factors for it to become a hot stock include dual benefits: first, policy support for the ice and snow industry [1]; second, the company’s 2025 performance forecast shows that net profit increased by 60.23%-121.23% year-on-year [0][2]. Market transaction data shows that the net buying amount on the Dragon and Tiger List on that day reached 248 million yuan, Shenzhen-Hong Kong Stock Connect had a net buying of 21.5149 million yuan, and the turnover rate was as high as 35.54%, reflecting the active participation of hot money and foreign capital [0].
From the sector perspective, the General Equipment sector to which Snowman Group belongs performed actively in 2025, benefiting from the rapid development and policy support of downstream industries such as cold chain logistics and hydrogen energy [0]. The market size of the cold chain logistics industry is expected to grow from 459 billion yuan in 2021 to 653.7 billion yuan in 2025, bringing development opportunities for related equipment enterprises; in the hydrogen energy field, green hydrogen projects accelerated construction in the second half of 2025, driving an explosion in demand for hydrogen production equipment [0]. In addition, the sector rotation trend is obvious, with funds spreading from high-position technology sectors to low-position General Equipment sectors with potential for performance improvement [0].

1. Policy and Performance Resonance
   : Favorable policies for the ice and snow industry and better-than-expected performance forecasts form a dual catalyst, significantly boosting market sentiment [1][2].
2. Positive Signals from Capital Side
   : Large net buying on the Dragon and Tiger List and increased holdings by Shenzhen-Hong Kong Stock Connect indicate short-term capital confidence in the company’s prospects [0].
3. Sector Linkage Effect
   : The overall activity of the General Equipment sector provides a good market environment for Snowman Group, and the industry prosperity transmission effect is obvious [0].

• Opportunities
  : The continuous growth of the cold chain logistics and hydrogen energy industries, as well as the continuity of policy support, are expected to bring long-term development space for the company [0]; the better-than-expected performance growth verifies the effectiveness of the company’s business expansion [2].
• Risks
  : A high turnover rate (35.54%) implies high short-term stock price volatility risk [0]; policy changes or intensified industry competition may affect the company’s future performance; reliance on downstream industry demand, if the growth rate of the cold chain or hydrogen energy market is lower than expected, it will have a negative impact on the company’s business.

Snowman Group became a hot stock this time due to the combined effect of policy benefits, performance growth, and market capital. The company’s layout in the cold chain equipment and hydrogen energy fields aligns with the current industry development trends. Investors should pay attention to subsequent performance fulfillment, policy implementation effects, and sector rotation rhythm to comprehensively evaluate the company’s long-term investment value.