Keqiang Co., Ltd. (920665) Strong Performance and Sustainability Analysis

Keqiang Co., Ltd. (920665) entered the strong stock pool on December 15, 2025, with a daily gain of 29.97% and a cumulative gain of 48.66% in the past 3 trading days [2][3]. Its strong performance is mainly driven by multiple factors:

1. Active Institutional Capital Intervention
   : Dragon and Tiger List data shows that Guojin Securities Shenzhen Branch bought 17.581 million yuan, and institutional seats bought a total of 11.6867 million yuan, indicating institutional investors’ recognition of the stock [1].
2. Industry Track and Niche Position
   : As a leading enterprise in the niche industry of high-performance rubber products such as train windshield tarpaulins, the company’s products are applied in high-end equipment manufacturing fields supported by the state, such as rail transit, photovoltaics, and petrochemicals, with broad market prospects [4].
3. Concept Catalyst
   : Recently added the “Cross-Strait” concept, its export products are sold to regions such as Taiwan, China, benefiting from cross-strait economic and trade exchanges [5].

Technically, the stock has performed strongly in the short term:

• Price: The closing price on December 15 was 19.95 yuan (current high), with a cumulative deviation of 45.63% in the past 3 trading days, triggering an abnormal trading fluctuation announcement [2][3].
• Trading Volume and Turnover Rate: The daily turnover was 419 million yuan, trading volume was 22.3701 million shares, and turnover rate was 34.91%. Both trading volume and turnover rate increased significantly, indicating high market participation [1][3].

The company’s fundamentals have certain support:

• Business and Revenue: Focuses on the R&D, production, and sales of high-performance rubber products. The revenue in the third quarter of 2025 was 2.35 million yuan [2][3], and customers cover stable growth industries such as rail transit and photovoltaics.
• Valuation: According to WIND data, the dynamic P/E ratios for 2024-2026 are 26.69, 29.53, and 37.42 respectively. Attention should be paid to whether the valuation matches the performance growth [6].

1. Obvious Capital-Driven Characteristics
   : Although the company has industry advantages, it has not released major announcements or changes in operating data recently. The short-term rise is more driven by market capital behavior [4].
2. Impact of Beijing Stock Exchange Characteristics
   : As a Beijing Stock Exchange stock, liquidity is relatively weaker than the main board, and price fluctuations may be more sharp [3].
3. Short-Term Catalytic Effect of Concepts
   : The addition of the “Cross-Strait” concept provides an additional catalyst for the short-term market, but attention should be paid to the long-term influence of this concept [5].

• Short-Term Volatility Risk
  : The stock price has risen too much in the short term, and there is pressure for profit-taking [1][4].
• Valuation Risk
  : Need to pay attention to whether the valuation level matches the company’s fundamentals and performance growth potential [6].
• Liquidity Risk
  : Beijing Stock Exchange stocks have relatively weak liquidity, which may affect subsequent transactions [3].
• Insufficient Fundamental Support
  : The short-term rise lacks direct support from major fundamental changes [4].

• Long-Term Industry Space
  : The continuous development of downstream industries such as rail transit and photovoltaics provides long-term space for the growth of the company’s product demand [3][4].
• Institutional Capital Attention
  : The intervention of institutional seats indicates that professional investors have certain recognition of the company’s long-term value [1].

The recent strong performance of Keqiang Co., Ltd. (920665) is mainly driven by institutional capital intervention, industry track advantages, and concept catalysis. The technical side shows significant short-term gains and increased trading volume; the fundamentals have a leading position in the niche industry, but the short-term rise is more driven by capital behavior. Investors need to pay attention to short-term volatility risks, valuation rationality, and the liquidity characteristics of the Beijing Stock Exchange, while long-term attention can be paid to the development trend of the industry in which the company is located.