Luping Zinc & Electricity (002114) Limit-Up Analysis: Driven by Rising Zinc Prices and New Energy Demand

As an enterprise in the non-ferrous metal zinc industry, Luping Zinc & Electricity (002114) mainly engages in zinc ore mining, beneficiation, smelting, and deep processing [0]. Its limit-up on November 25, 2025 was mainly driven by three factors:

1. Rising Zinc Prices and Tight Supply-Demand
   : Supply disruptions and inventory declines in the global zinc market have led to continuous increases in zinc prices, and the company directly benefits from higher product pricing [0];
2. New Energy Demand Pull
   : As a raw material for galvanized steel, zinc is widely used in automobiles, photovoltaics, and other fields. The development of the new energy industry drives long-term demand [0];
3. Policy and Market Sentiment
   : Policy support for China’s new energy industry and the overall activity of the sector have pushed the stock price upward [0].

Cross-domain correlations show that zinc price trends are highly related to the prosperity of the new energy industry chain. The company’s integrated industrial chain (mining - beneficiation - smelting - deep processing) enhances the efficiency of converting zinc price fluctuations into profitability [0].

: Short-term fluctuations in zinc prices may affect stock price performance; intensified industry competition may squeeze profit margins [0].
: Sustained growth in new energy demand provides support for long-term development; industry integration under policy benefits may bring opportunities [0].

Luping Zinc & Electricity’s limit-up reflects the market’s optimistic expectations for rising zinc prices and the new energy industry chain. The company’s performance improvement (12-month revenue growth of 59.4% YoY [0]) and valuation repair (PB ratio increased from 1.38 to 3.08 [0]) further strengthened the stock price performance. It is necessary to pay attention to the continuous trend of zinc prices and changes in industry policies.