Shenghui Integration (603163) Limit-Up Reasons and Market Analysis

Shenghui Integration (603163) hit the limit-up on December 23, 2025, entering the limit-up pool [1]. This limit-up is mainly driven by dual factors at the industry and company levels:

• Industry Level
  : The iteration and application of AI large models have driven continuous growth in capital expenditure of the semiconductor industry. As a key infrastructure of semiconductor factories, cleanroom demand has increased simultaneously [2]. SMIC’s production capacity price increase signal further reflects strong semiconductor demand; wafer fab expansion or upgrading will directly increase cleanroom engineering demand [2]. In addition, the concentration of the mid-to-high-end market in cleanroom engineering has increased, and the company, as a leading enterprise in the industry, has benefited significantly [5].
• Company Level
  : The 2025 Q3 report shows that the company’s operating revenue increased by 46.29% year-on-year, and net profit increased by 29.09% year-on-year [1], providing fundamental support with high-growth performance. At the same time, it won bids for projects in Thailand (432 million yuan) and Vietnam (278 million yuan), accelerating overseas business expansion [2]; its core customers include industry leaders such as SMIC and Foxconn [1], and it has the construction capability for the entire IC semiconductor production process.

• Capital and Technical Aspects
  : Since the start around 50 yuan at the end of November, it has hit consecutive limit-ups on December 22-23, closing at 71.01 yuan (a recent new high) [3]. On December 23, 2025, the turnover was 95.3558 million yuan, with a turnover rate of 1.38% [1]; on December 24, the turnover was 290 million yuan, with a turnover rate of 3.73% [1]. The main net inflow in the past 5 days was 43.6922 million yuan, and in the past 20 days was 100 million yuan [1][3].
• Market Sentiment
  : After consecutive limit-ups, technical indicators show overbought conditions [3], but the SMIC concept and cleanroom sector are generally strong, with high short-term sentiment.龙虎榜 data shows that hot money dominates buying, with net buying mainly from brokerage seats [1]; however, the company has issued a risk reminder stating that the stock price deviates from fundamentals [1].

• Risk Points
  : The company’s static P/E ratio, rolling P/E ratio, and P/B ratio are significantly higher than the industry average; the cumulative increase since December has reached 45.62%, with overvaluation risks [1]; after consecutive limit-ups, technical indicators are overbought, with short-term correction needs [3]; there are uncertainties in the execution progress of overseas orders and the rhythm of industry capital expenditure [1]; the company has issued a stock trading risk reminder announcement, with potential large downward risks in the future [1].
• Notes
  : Attention should be paid to the support level range of 60-65 yuan (confirmed by multiple supports recently) [3] and the resistance level around 78.11 yuan [1].

Shenghui Integration’s limit-up is driven by both the prosperity of the semiconductor cleanroom industry and the company’s fundamentals; the stock price has risen significantly recently. However, current valuation is high and technical indicators are overbought, with correction risks. Investors should pay attention to the rhythm of industry capital expenditure, the execution of overseas orders, and changes in the company’s valuation, and make prudent decisions based on their own risk tolerance.