Xiagong Co., Ltd. (600815) Trading Limit Driver and Market Expectation Analysis

This analysis is based on Tushare’s trading limit pool data [0] and external reports [1][4][6], focusing on the trading limit event of Xiagong Co., Ltd. (600815) on November 28, 2025. On that day, the stock closed at 3.85 yuan, with an increase of 4.96% and a closing order fund of 113 million yuan [0].

Xiagong Co., Ltd.'s trading limit this time is the result of a combination of multiple factors:

1. Industry Cycle Recovery
   : The construction machinery industry showed the characteristics of “leading enterprises taking the lead + overseas breakthroughs” in 2025 [6], and the overall recovery sentiment of the sector drove the performance of individual stocks [0].
2. Company Transformation Progress
   : Completed the inspection of the 5G remote-controlled loader project [0], and expectations of technological breakthroughs attracted capital.
3. Active Market Trading
   : It appeared on the Dragon and Tiger List twice within a week [4], and the second largest shareholder completed the reduction of holdings, optimizing the shareholding structure [0].
4. Market Sentiment Catalysis
   : There were many stocks hitting the trading limit that day [1][3], and risk appetite increased.

The trading limit reflects the market’s confidence in the transformation of traditional manufacturing (intelligence + overseas expansion) [0][6], while exposing the deviation between short-term capital speculation and fundamentals (the company is still in loss [0]).

• Risks
  : The actual controller was once sentenced [5]; fundamental losses continue [0]; stock price volatility is high [4].
• Opportunities
  : Sustained industry recovery [6] may bring valuation repair opportunities.

Investors should pay attention to the sustainability of industry recovery [6], the effectiveness of the company’s transformation [0], and the risk of stock price volatility [4].