In-Depth Analysis of the Strong Performance of Shanghai Xinyang (300236): Resonance of Industry Boom and Domestic Substitution

Shanghai Xinyang (300236) performed strongly on January 15, 2026, with an increase of 16.60%, a turnover rate of 13.96%, a net inflow of main capital of RMB 173,982,200, and a net inflow ratio of 5.42% [0][4]. The core driving factors for the stock to enter the strong stock pool stem from the superposition of multiple positive factors in the semiconductor industry: TSMC announced that its 2026 capital expenditure plan will reach up to US$56 billion, a substantial increase of 37% compared to the actual expenditure of US$40.9 billion in 2025, hitting a record high [1]; meanwhile, TrendForce predicts that in the first quarter of 2026, DRAM contract prices will rise by 50-55% and NAND Flash contract prices will rise by 33-38%, indicating that the high boom in the semiconductor industry will continue [2].

More catalytically, on January 7, 2026, the Ministry of Commerce of the People’s Republic of China issued an announcement deciding to initiate an anti-dumping investigation into imported dichlorosilane originating from Japan [3]. Japan is the absolute leader in global semiconductor photoresists, with three companies, Tokyo Ohka Kogyo (TOK), JSR, and Shin-Etsu Chemical, monopolizing more than 90% of the global high-end KrF and ArF photoresist market. This trade regulatory measure directly catalyzes the full acceleration of the domestic substitution process for semiconductor materials, transforming domestic substitution from “proactive layout” to “rigid demand”, and Shanghai Xinyang, as a leading domestic photoresist enterprise, has become a core beneficiary.

From the perspective of sector performance, the SMIC Concept Sector, to which Shanghai Xinyang belongs, rose by 2.59% on the same day, ranking second among all concept sectors [4]. The semiconductor materials sector performed strongly overall; within the same sector, Nanda Optoelectronics (300346) rose by 10.15%, Xinyuan Micro (688037) rose by 10.63%, and Tonking New Materials (603650) rose by 10.00%. Main capital continued to pour into the semiconductor track; the entire semiconductor sector recorded a net inflow of main capital of RMB 4.116 billion on the same day [4], and ETF products such as Hua Xia Semiconductor Equipment ETF and STAR Market Semiconductor ETF continued to receive capital inflows, indicating that institutional investors are optimistic about the semiconductor sector in the long term [5].

The fundamental performance of Shanghai Xinyang effectively echoes its stock price rise. In the first three quarters of 2025, the company achieved a year-on-year revenue growth of 30.62% and a substantial year-on-year growth of 62.70% in net profit attributable to parent company shareholders [3]. The core driving force behind the high performance growth comes from the simultaneous volume expansion of multiple product categories: the company’s KrF photoresists have achieved mass sales, ArF immersion photoresists have received orders, and the sales scale of photoresists continues to increase [2]; meanwhile, the selectivity of the company’s high-selectivity silicon nitride etching solution reaches 2000:1, with technical indicators leading the industry, and the sales of etching solutions continue to grow [2].

In terms of capacity layout, the company has invested RMB 1.85 billion in a project to produce 50,000 tons of key integrated circuit process materials per year, which is expected to be put into production in 2027 [2]. This capacity expansion project will provide strong support for the company’s future performance growth. Against the backdrop of domestic substitution of semiconductor materials, the company is expected to fully benefit from the continuous increase in market share.

The anti-dumping investigation initiated by the Ministry of Commerce into Japanese imported dichlorosilane marks the elevation of semiconductor material localization from spontaneous corporate behavior to promotion at the national strategic level [3]. This change has far-reaching industrial significance: the proportion of domestic photoresist procurement is expected to rise from the current single-digit level to 40% in the first quarter of 2026. As a domestic enterprise that has taken the lead in breaking through KrF/ArF photoresist technology, Shanghai Xinyang will become a core beneficiary of this substitution dividend. The company, together with Tonking New Materials and Nanda Optoelectronics, ranks among the three leading domestic photoresist enterprises, and has a significant first-mover advantage in the high-end semiconductor materials field.

The data of a net inflow of main capital of RMB 174 million and a net inflow ratio of 5.42% indicates that large funds are actively buying [4]. From the perspective of institutional holdings, multiple products under Dacheng Fund hold heavy positions in Shanghai Xinyang: Dacheng Consumer Theme Hybrid Fund holds 6.87%, Dacheng Emerging Vitality Hybrid Fund holds 6.74%, and Dacheng Enjoy Life Hybrid Fund holds 6.45% [6]. Heavy holdings by multiple institutions reflect professional investors’ recognition of the company’s medium- to long-term development prospects. Meanwhile, the number of followers of Shanghai Xinyang on the Xueqiu platform is nearly 100,000, with high discussion heat on social media, and investors maintain high attention to the company’s “domestic substitution” logic and performance growth [6].

Shanghai Xinyang’s product matrix covers multiple categories such as electroplating solutions and additives, cleaning solutions, photoresists, chemical mechanical polishing slurries, and etching solutions [0]. This platform-based layout enables it to provide integrated material solutions for wafer fabs. The advantages of this business model are: first, deep participation in customers’ production line process optimization, forming close industrial ecosystem binding; second, high customer switching costs and strong order stability; third, multi-category collaboration can effectively mitigate the cyclical fluctuations of a single product.

: The 16.60% increase on January 15, 2026 is an excessive short-term gain, and caution is needed regarding the pressure of profit-taking [0]. The turnover rate of 13.96% indicates frequent chip turnover; if the turnover rate exceeds 20% in the future, consideration should be given to reducing positions to lock in profits. Meanwhile, high-priced stocks in the market have shown a clear pullback on the day, with some previously strong stocks hitting the daily limit down, which may affect short-term market sentiment [1].

: The RMB 1.85 billion investment project is scheduled to be put into production in 2027, and there is uncertainty about the progress of capacity release; the rapid iteration of semiconductor technology requires the company to continuously maintain technological leadership; accelerated domestic substitution may attract more competitors, and the industry competition pattern may change. If the stock effectively breaks below the 10-day moving average, a stop-loss level should be set to control short-term volatility risks.

: TSMC’s record capital expenditure and the sharp rise in memory chip prices jointly point to a high boom in the semiconductor industry, which is beneficial to the demand for upstream materials in the industrial chain [1][2]. The increase in capital expenditure in the semiconductor industry will directly drive the demand for key process materials such as photoresists, electroplating solutions, and etching solutions.

: The Ministry of Commerce’s trade investigation against Japan has created historic development opportunities for domestic semiconductor material enterprises [3]. Driven by the demand for supply chain security, domestic wafer fabs’ willingness to purchase domestic materials has increased significantly, and Shanghai Xinyang is expected to accelerate its entry into the supply chain systems of more customers.

: The performance of 30.62% revenue growth and 62.70% net profit growth in the first three quarters of 2025 verifies the validity of the company’s growth logic [3]. If this growth trend can be sustained, it will provide solid performance support for the stock price.

The 16.60% strong performance of Shanghai Xinyang on January 15, 2026 is the result of the combined effect of three factors: improved industry boom, accelerated domestic substitution, and improved company fundamentals. As a leading domestic photoresist enterprise, the company has achieved technological breakthroughs and mass supply in the KrF/ArF photoresist field, with obvious first-mover advantages [2][3]. The high performance growth in the first three quarters of 2025 verifies the certainty of the company’s growth, and heavy holdings by multiple institutions also reflect professional investors’ recognition of the company’s medium- to long-term development prospects.

From the perspective of capital flows, the continuous net inflow of main capital and the subscription of capital into semiconductor ETFs indicate that institutional funds are actively allocating to the semiconductor track [4][5]. However, the excessive short-term increase coupled with signs of pullback in high-priced stocks in the market mean that investors need to pay attention to the risk of short-term volatile adjustments. It is recommended to closely monitor changes in trading volume and moving average support, and seek layout opportunities during pullbacks.

: The stock price performance data [0] in this report comes from the Jinling Analysis Database, industry catalyst information [1][2][3] is quoted from public market reports, sector capital flow data [4] comes from NetEase Finance, ETF capital flow data [5] comes from Sohu Finance, and institutional holding information [6] comes from the Xueqiu platform.

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[0] Jinling Analysis Database - Market Data and Capital Flow Analysis of Shanghai Xinyang

[1] Investing.com - “ChiNext Index Opens Low and Rises 0.56%, Turnover of the Two Exchanges Breaks Below RMB 3 Trillion”

[2] Stock Review Network - “Shanghai Xinyang Benefits from Semiconductor Boom and Material Breakthroughs”

[3] Dongfang Fortune Wealth Account - “Three Logics Define the Growth of Leading Domestic Photoresist Enterprises”

[4] NetEase - “Main Capital Net Inflow of RMB 4.116 Billion, SMIC Concept Rises 2.59%”

[5] Sohu - “Hua Xia Semiconductor Equipment ETF Continues to Receive Capital Inflows”

[6] Xueqiu - “Shanghai Xinyang (SZ300236) Stock Price”