Geer Software (603232) Limit-Up Analysis: Market Performance Amid Policy and AI Concept Resonance

Geer Software (603232) recorded a 9.99% limit-up on November 18, 2025, with a cumulative increase of 21% over three consecutive trading days and a turnover of 1.903 billion yuan [6]. Founded in 1998, the company focuses on PKI information security products, with its revenue composed mainly of PKI security application products (42.98%), general security products (33.02%), and PKI infrastructure products (23.94%) [5].

1. Policy Driver
   : The implementation of the Cryptography Law and the Digital China construction strategy have driven industry demand [8], and the company serves 32 national ministries and more than 100 state-owned enterprises and central enterprises [0].
2. AI Concept Resonance
   : The AI application sector has exploded across the board, and the cybersecurity sector is favored by the market [3][7].
3. Technical Strength
   : It holds 44 invention patents, participates in the formulation of more than 20 national standards, and has won the second prize of the National Science and Technology Progress Award twice [5].

• Capital Attention
  : Dragon and Tiger List data shows institutional capital inflows, with positive market sentiment [6].
• Concept and Fundamental Differentiation
  : The net profit attributable to shareholders in the first three quarters of 2025 was a loss of 65.41 million yuan, but policy and concept themes have masked short-term profit pressure [1].
• Long-Term Potential
  : The layout of post-quantum cryptography technology aligns with future security needs; although its current proportion is low, long-term growth is expected [0].

• Risks
  : Short-term profit losses, stock price volatility caused by concept speculation, and limited contribution from post-quantum business [0].
• Opportunities
  : Implementation of the Digital China plan, growth in AI security demand, and increased prosperity of the cryptography industry [8][3].

Geer Software’s limit-up is the result of resonance between policy, industry, and concept. The company’s technical advantages and customer resources provide support for long-term development, but investors need to balance expectations of short-term concept speculation and long-term fundamental improvement.