Meiyan Jixiang (600868) Limit-Up Analysis: Attention on Filed Mineral Resource Reserves, Rising Short-Term Pullback Risk

This analysis is based on public reports from Eastmoney.com[1] and Tonghuashun Finance[2]. Meiyan Jixiang (600868) saw limit-up moves in consecutive trading days from January 22 to 23, 2026. The mineral resource reserves verification report of the Songxi Antimony-Silver Mine, owned by Meizhou Meiyan Mining Co., Ltd., a wholly-owned subsidiary of the company, was reviewed and filed with the Ministry of Natural Resources on January 22, 2026, becoming the core catalyst for this round of limit-ups[1][2].

The review and filing approval of the Songxi Antimony-Silver Mine’s mineral resource reserves verification report with the Ministry of Natural Resources is the most direct reason for this round of limit-ups[1][2]. This filing has three important implications: First, the mineral resource reserves of the mining area, especially deep resources, have been officially confirmed, providing a reliable basis for subsequent resource value assessment; Second, the company will apply for mining right modification procedures accordingly, planning to extend the mining depth from the current above -60 meters to -395 meters, which is expected to significantly increase recoverable resources[1]; Third, this progress marks a key step in the company’s strategic transformation from a traditional hydropower enterprise to a dual-main-business model of ‘hydropower + minerals’.

Recently, continuous large-scale net inflow of main capital has provided sufficient financial impetus for the stock’s limit-up[4][5]. From January 20 to 22, the daily net inflow of main capital was RMB 63.46 million, RMB 312 million, and RMB 8.62 million respectively, with cumulative net inflow exceeding RMB 400 million[4]. On January 12, hot money and foreign capital net bought RMB 164 million, showing that all types of capital have formed a joint force to go long on this stock[4]. The high turnover rate (31.14%) and huge trading volume (RMB 2.895 billion on January 22) indicate strong market participation enthusiasm.

According to reports from Sohu Finance[3], the company recently completed the re-election of the board of directors, established special committees, adopted a new performance model in line with the requirements of the new Company Law, deeply linked executive compensation with performance, and strengthened the protection of minority shareholders’ rights and interests. These measures have effectively boosted market confidence in the company’s governance level. Meanwhile, as a clean energy, hydropower benefits from policy support, and the overall industry development momentum is good, providing a favorable external environment for the company’s main business[3].

From a long-term trend perspective, Meiyan Jixiang shows an obvious upward trend[0]: 5-day increase of 24.43%, 1-month increase of 41.55%, 3-month increase of 65.22%, 6-month increase of 73.33%, and the increase from the 52-week low to now reaches 97.60%, nearly doubling. On January 23, the stock hit an intraday high of RMB 5.28, a 52-week high, before pulling back, with an intraday amplitude of 8.66%, indicating intensified long-short game.

Today’s trading volume is 544 million shares, 2.95 times the average daily trading volume (185 million shares), showing abnormally enlarged trading volume[0]. However, it should be noted that today’s trading volume has shrunk compared to yesterday (January 22), and the net inflow of main capital plummeted from RMB 312 million on January 21 to RMB 8.62 million, with the growth rate narrowing significantly[4]. This change suggests that chasing momentum may be weakening.

Short-term moving averages (20-day, 50-day, 200-day) show a bullish arrangement, and the price is above all short-term moving averages[0]. However, considering that the stock closed down 0.60% today after consecutive limit-ups, and indicators such as RSI may have entered the overbought zone, there is a technical need for short-term adjustment.

Market sentiment shows obvious bullish characteristics. Data from the Dragon and Tiger List shows that the company has been on the exchange’s Dragon and Tiger List for two consecutive days (January 21 and 22)[5], attracting wide market attention. Continuous net inflow of main capital, active participation of hot money and foreign capital, high turnover rate and high trading volume all indicate that market participation is at a high level[4][5].

However, there are obvious divergence signals in market sentiment. The utilities sector fell 2.70% overall today[0], showing a clear divergence from Meiyan Jixiang’s limit-up trend, indicating that the stock’s rise is driven more by its own theme rather than sector effects. In addition, retail investors had a net outflow of RMB 55.54 million on January 20 and RMB 9.49 million on January 22[4]. There is obvious chip game between retail investors and institutions, suggesting that some main capital may be taking profits during the limit-up process.

From a fundamental perspective, the company’s current valuation is under pressure[0]: dynamic P/E is -70.57 times, indicating that the company is still in a loss state; P/B is 4.61 times, which is relatively high in the utilities industry; ROE is -6.26%, net profit margin is -40.41%, indicating that the company’s profitability needs to be verified. However, the company’s current ratio of 2.25 shows good short-term solvency, and free cash flow of RMB 65.54 million indicates positive cash flow[0], so financial risks are relatively controllable.

Risk Type	Specific Description
Fundamental Risk	The company is still losing money, profitability needs to be verified, and valuation lacks performance support
Project Risk	Extending mining rights to -395 meters requires approval, which has uncertainty
Short-Term Risk	24% increase in 5 days is too large, with pullback pressure
Capital Risk	Main capital net inflow narrowed significantly (from RMB 312 million to RMB 8.62 million)
Sector Risk	The utilities sector led the decline today, which may drag down the stock
Chip Risk	High turnover rate may mean unstable chips

: RMB 4.50 (integer level, near the 5-day moving average), RMB 4.30 (previous resistance turned support), RMB 4.00 (important psychological level).

: RMB 5.00 (integer level), RMB 5.28 (52-week highest point, with strong resistance).

Scenario	Probability	Trigger Conditions	Expected Performance
Short-Term Pullback	45%	Shrinking trading volume, breaking below the 5-day moving average	Pulling back to the RMB 4.30-4.50 range
Strong Consolidation	40%	Maintaining high trading volume, standing firm above the 5-day moving average	Consolidating in the RMB 4.50-5.28 range
Continued Rise	15%	Continuous expansion of trading volume, breaking through RMB 5.28	Challenging the RMB 5.50-6.00 range

Taking into account today’s shrinking trading volume, weak sector performance, significant narrowing of main capital net inflow, continuous net outflow of retail investors and other signals, the probability of short-term pullback is relatively high[0][4]. It is recommended that investors pay close attention to changes in trading volume and the performance of the 5-day moving average.

: Signals such as pullback after consecutive limit-ups, narrowing main capital net inflow, and continuous net outflow of retail investors may indicate the formation of a short-term top. The risk-return ratio at the current position is not favorable, and investors should remain cautious.

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[0] Jinling Analysis Database (market data, technical indicators, sector performance)
[1] Eastmoney.com - Meiyan Jixiang’s Songxi Antimony-Silver Mine Mineral Resource Reserves Filed
[2] Tonghuashun Finance - Meiyan Jixiang’s Mineral Resource Reserves Review Approved
[3] Sohu Finance - Meiyan Jixiang Limit-Up Analysis on January 21, 2026
[4] Stockstar - Meiyan Jixiang Main Capital Net Purchase and Dragon and Tiger List Data
[5] Stockstar - Meiyan Jixiang Listed on January 22 Exchange Dragon and Tiger List