Analysis of the Strong Performance of Pinggao Co., Ltd. (688227): Driving Factors, Support, and Sustainability

Pinggao Co., Ltd. (688227) hit the 20% daily limit on November 21, 2025, with a closing price of 49.02 yuan, a trading volume of 2.779 million shares, and a turnover of 136 million yuan [2][6]. This performance is mainly driven by the concepts of AI all-in-one machines, cloud computing, and military industry [0]. The company focuses on cloud computing products and services, enabling digital transformation for government and enterprises, and holds 75 invention patents and 459 software copyrights [4]. In 2025, the company launched an AI all-in-one machine equipped with Jiangyuan Technology’s D20 chip and signed a computing power service agreement with Xiong’an Cloud Network, actively laying out the AI computing power field [0].

At the industry level, the software development industry accounted for 9.29% of the weight in the AI industry chain in 2025, and the artificial intelligence-related index increased by 72.04% this year [0]. National policies strongly support the development of AI+, and the State Council issued relevant action opinions to promote the intelligent economy [5]. Software development enterprises on the Sci-Tech Innovation Board show strong potential driven by technological breakthroughs and demand due to their high-growth characteristics [0].

In addition, the company has recently been involved in two major events: a 12% reduction in shareholdings by shareholders [1], and a planned investment of 400 million yuan to lay out new businesses [1].

1. Cross-domain Collaboration
   : The superimposed effect of AI all-in-one machines, cloud computing, and military industry concepts has formed strong market appeal [0].
2. Policy Alignment
   : The company’s layout is highly aligned with the national AI development strategy, benefiting from AI+ policy dividends [5].
3. Sci-Tech Innovation Board Attribute
   : As an enterprise on the Sci-Tech Innovation Board, its high growth potential resonates with the market’s preference for technology stocks [0].

• Risk Points
  :
  a. Shareholder reduction may bring short-term stock price pressure [1];
  b. The company is currently in a loss state, and its profitability needs to be improved [3];
• Opportunity Window
  :
  a. With AI policy support, the industry has broad growth space [5];
  b. The 400 million yuan investment in new businesses is expected to open up the future growth curve [1];
  c. The layout in the computing power service field may benefit from the explosion of AI computing power demand [0].

The strong performance of Pinggao Co., Ltd. is the result of multiple factors: AI technology layout, policy dividends, industry trends, and Sci-Tech Innovation Board attributes. However, shareholder reductions and profitability status pose potential risks. Investors need to comprehensively consider the company’s long-term strategy and short-term market fluctuations to make rational judgments [0].