Analysis of the Strong Performance of Baida Group (600865): Reasons, Support, and Sustainability Judgment

1. Reasons for Strong Performance
   :
   • Major Shareholder Terminates Share Reduction Plan Early: Dongzi United Holdings, a shareholder holding more than 5% of the shares, originally planned to reduce no more than 3% of the shares but terminated the plan after actually reducing only 0.37%, eliminating market concerns about continuous share reduction and sending a signal of shareholder confidence [1].
   • Momentum Effect of Consecutive Limit-Ups: As of December 16, 2025, the stock price has achieved 4 consecutive limit-ups with a cumulative increase of 46.4%, and the short-term strong performance has attracted capital attention, forming a momentum trading effect [2].
   • Risk Prompt Clarifies Business Stability: The company issued a risk prompt, clearly stating that its main businesses (commodity retail and leasing) have not undergone major changes and its operating activities are normal, further strengthening market confidence [2].

2. Technical and Fundamental Support
   :
   • Technical Side: 4 consecutive limit-ups form an extremely strong bullish pattern, breaking through all short-term resistance levels, with the short-term support level being the closing price of 13.07 CNY on December 15, 2025 [0].
   • Fundamental Side: The company’s main business is stable with no major changes; although there is no direct driver for significant performance improvement, the clarification of normal operations avoids negative speculation [2].

• The major shareholder terminating the share reduction plan early is the core trigger for this rise, reflecting its recognition of the company’s value and alleviating the market’s share reduction pressure [1].
• The short-term stock price increase (46.4%) far exceeds the magnitude of fundamental changes, mainly driven by market sentiment and momentum effects, with the risk of valuation bubble脱离基本面 [0].
• Although the technical pattern of consecutive limit-ups attracts capital, a sharp correction may be triggered once there is a heavy-volume decline or the closing price falls below the short-term support level (13.07 CNY) [0].

• Risks
  :
  • Overvaluation Risk: The short-term increase is too large, deviating from the lack of significant improvement in fundamentals [0].
  • Momentum Reversal Risk: The momentum effect of consecutive limit-ups is prone to reversal with changes in market sentiment; attention should be paid to signals of heavy-volume decline [0].
  • Information Transparency Risk: Continuous attention should be paid to whether the company has undisclosed major information [2].
• Opportunities
  :
  • Short-term Momentum Continuation: If market sentiment remains optimistic and trading volume stays enlarged, the stock price may continue to be strong [0].

Baida Group (600865) entered the strong stock pool due to the major shareholder terminating the share reduction plan early, the momentum effect of consecutive limit-ups, and the risk prompt on stable business. The technical side shows an extremely strong bullish pattern with a short-term support level of 13.07 CNY; the fundamental side indicates stable business with no major changes. Investors need to pay attention to changes in trading volume, technical support levels, and the company’s subsequent information disclosure, and carefully evaluate the risks of valuation and momentum.