Heyuan Gas (002971) Limit-Up Analysis: Policy Benefits Combined with Capacity Release

Heyuan Gas (Stock Code: 002971) hit the limit-up on January 8, 2026, with the limit-up price at RMB 32.95 and a daily increase of 10.01%[1][2][3]. As of January 12, 2026, the company’s stock closed at RMB 32.01, pulling back slightly from the limit-up price. The current market capitalization is RMB 6.78 billion, falling into the category of small and mid-cap chemical stocks.

This limit-up is not an isolated incident, but the result of multiple positive factors combined. In terms of timing, on January 7, 2026, the Ministry of Commerce issued an announcement launching an anti-dumping investigation into imports of dichlorosilane originating from Japan[1][2][3]. This major policy-level positive directly ignited bullish sentiment in electronic gas concept stocks. It is worth noting that Heyuan Gas pulled back 0.68% on January 12[0], indicating that short-term market sentiment has been partially digested.

：The Ministry of Commerce’s anti-dumping investigation into Japanese dichlorosilane is the most direct trigger for this limit-up. Dichlorosilane is a key electronic specialty gas material in semiconductor manufacturing, and Japan has long been the major supplier of this product. The anti-dumping investigation may lead to higher import costs, thereby creating favorable conditions for domestic substitution[1][2][3][4][5]. As an important domestic producer of electronic specialty gases, Heyuan Gas is regarded by the market as a direct beneficiary of this policy.

：The company’s Qianjiang Electronic Specialty Gas Industrial Park has been fully commissioned and started contributing actual performance; meanwhile, the Yichang Industrial Park is undergoing trial production in batches, with capacity in a continuous expansion phase[4]. The electronic specialty gas business is a high-growth track that the company focuses on. Benefiting from the general trend of semiconductor localization, capacity release will bring significant performance growth to the company.

：The company recently signed a 768 million yuan 10-year gas supply contract with Dingyi New Materials[4]. This long-term large contract not only locks in a stable future revenue source but also fully reflects the customer’s recognition and trust in the company’s supply capacity.

：Multiple proposals of the company were approved with over 99% of the votes at the general meeting of shareholders, showing strong shareholder support for the management; meanwhile, the first phase of 111 million yuan raised by the industrial investment fund has been fully paid in, providing sufficient financial support for project advancement[4].

This limit-up shows obvious sector linkage characteristics. After the Ministry of Commerce issued the anti-dumping investigation announcement, electronic gas concept stocks opened higher collectively. Sanfu Co., Ltd. (603938) and Heyuan Gas hit the limit-up together[1][2][5], while related concept stocks such as Silane Technology (688220) and Jinhong Gas (300336) also led the gains. This collective sector-wide rally indicates that the market has formed a relatively consistent recognition of the logic of domestic substitution of electronic gases.

From the perspective of trading volume data, on the limit-up day of January 8, Heyuan Gas traded 128,700 shares, which was 2.25 times the average daily trading volume of 57,300 shares[0][3], with a turnover of RMB 50.336 million, indicating active inflow of incremental capital. The capital for the limit-up order was approximately RMB 55.4 million[3], showing strong market buying interest and ample short-term bullish momentum.

From the perspective of the overall market environment, 92 individual stocks hit the limit-up on January 8[2], with the overall market sentiment being bullish, providing a favorable external environment for Heyuan Gas’s limit-up.

The signals from the governance level are positive: multiple proposals at the shareholders’ meeting received over 99% approval votes, reflecting a harmonious relationship between the management and shareholders, and wide recognition of the strategic direction; the full payment of the industrial investment fund indicates that external capital holds a positive attitude towards the company’s development prospects, with sufficient financial support for project advancement. These factors together constitute implicit positives supporting the stock price.

According to internal analysis data[0], the company’s current price-to-earnings ratio is approximately 94 times, which is at a historical high. This means the market has high expectations for the company’s future growth. If the performance growth rate falls short of expectations, it may face pressure from valuation pullback.

The positive news of the Ministry of Commerce’s anti-dumping investigation into Japanese dichlorosilane has been relatively fully reflected in the limit-up on January 8. Considering that the stock price pulled back 0.68% on January 12[0], there may be pressure from profit-taking after the positive news is priced in in the short term.

The capacity of the newly commissioned Qianjiang Electronic Specialty Gas Industrial Park needs to be gradually absorbed by the market. If the prosperity of the downstream semiconductor industry declines or customer expansion falls short of expectations, the utilization rate of the new capacity may be affected.

The downstream of electronic specialty gases is mainly semiconductor manufacturing enterprises. The cyclical fluctuations of the semiconductor industry will directly affect the demand for electronic specialty gases. If the overall prosperity of the semiconductor industry declines, the company’s business growth may be dragged down.

Scenario	Trigger Conditions	Trend Forecast
Optimistic Scenario	Substantial progress in anti-dumping investigation + order implementation	Challenges the previous high range of RMB 35-38
Neutral Scenario	Calm news environment + steady capacity release	Consolidates in the range of RMB 30-33
Pessimistic Scenario	Declining semiconductor industry prosperity + capital profit-taking	Pulls back to the support level of RMB 28-30

Price Type	Price	Explanation
Short-Term Resistance	RMB 33.50	Pressure area near the limit-up price
Short-Term Support	RMB 30.80	20-day moving average position[0]
Strong Support	RMB 28.00	Upper edge of the previous consolidation platform
Mid-Term Resistance	RMB 35.00	Psychological pressure at integer level
Historical High	RMB 41.60	52-week high[0]

：After the limit-up, profit-taking needs to be digested, and RMB 30.80 (20-day moving average) is an important observation point. If it can obtain effective support and stabilize at this position, the short-term adjustment is expected to end; if it breaks below, it may pull back to the support near RMB 28.

：Focus on the progress of capacity release and order execution. The full-capacity operation of the Qianjiang Electronic Specialty Gas Industrial Park and the progress of contract performance with Dingyi New Materials will be key tracking indicators.

：Continue to pay attention to the substantial progress of the Ministry of Commerce’s anti-dumping investigation into Japanese dichlorosilane, announcements of new orders, and the company’s annual report performance.

Heyuan Gas’s this limit-up is the result of resonance between policy benefits, fundamental improvements, and market sentiment. The Ministry of Commerce’s anti-dumping investigation into Japanese dichlorosilane directly stimulated bullish sentiment in electronic gas concept stocks, while the commissioning of the company’s electronic specialty gas industrial park and the signing of major orders provided fundamental support for the stock price. However, the high price-to-earnings ratio of 94 times means that market expectations are high, and investors need to pay attention to the adjustment pressure after the positive news is priced in. In the short term, observe the support strength near RMB 30.80; in the medium term, focus on the performance growth potential brought by capacity release and long-term opportunities brought by the trend of semiconductor localization.

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: This report is for informational purposes only and does not constitute investment advice. Investors should make prudent decisions based on their own risk tolerance.