Analysis of Strong Performance of S&P Testing (301228): Driving Factors, Supports and Risks

S&P Testing (301228) has performed strongly recently, with its stock price rising 11.73% on November 24 to close at 44.47 yuan, hitting a 60-day high [3]. Its strong performance is driven by multiple factors:

1. Main Capital Promotion
   : The net main buying amount on November 21 reached 35.5297 million yuan, accounting for 6.3% of the day’s turnover [1], indicating increased institutional capital attention.
2. Sector Linkage Effect
   : The social services sector performed strongly overall [2][4]; as a characteristic environmental testing enterprise in the sector, the stock benefited from the sector’s sentiment drive.
3. Policy and Industry Background
   : The environmental testing industry is benefited from stricter national policies [0]; the demand for soil, water quality and other testing is rigidly growing, and the company’s professional advantages align with the trend.
4. Technical Breakthrough
   : The stock price broke through the 60-day moving average [3], entered the strong stock pool [0], attracting technical investors to participate.
   Note: The company’s 2025 third quarterly report revenue decreased by 17.87% year-on-year [0], and there is a short-term divergence between performance and valuation.

• Policy-Market Resonance
  : The intensification of environmental protection policies and sector capital inflow form a positive cycle, promoting stock price growth.
• Capital-Technology Linkage
  : Main inflow and 60-day high breakthrough form resonance, amplifying short-term gains.
• Segmentation Field Advantage
  : The company’s professional capabilities in soil and dioxin testing [0] enable it to have differentiated competitiveness in policy dividends.

1. Performance Pressure
   : Third quarterly report revenue decreased by 17.87% year-on-year [0]; if it does not improve subsequently, it may restrict the sustained rise of the stock price.
2. Short-term Volatility
   : Significant short-term gains (11.73%) [3], there is a risk of profit-taking correction.
3. Industry Competition
   : Competition in the third-party testing industry intensifies, and it is more difficult to maintain technical advantages.

1. Policy Dividends
   : Environmental testing demand continues to grow, and the company is expected to benefit from market expansion [0].
2. Sector Continuity
   : The social services sector has been strong recently [2][4]; if the market continues, it may attract more capital attention.
3. Technical Trend
   : Standing firm above the 60-day moving average [3] may open up further upward space.

The strong performance of S&P Testing (301228) is the result of the combined effect of capital, sector, policy and technical aspects. The short-term gains are significant, but attention should be paid to performance improvement and industry competition situation. Investors should comprehensively evaluate based on risk preference (this analysis does not constitute investment advice).