Lanyan Holding (000968) Limit-Up Analysis: Short-Term Strong Performance Driven by Skyrocketing Natural Gas Futures

The U.S. natural gas futures price has seen an extreme skyrocketing trend, which constitutes the core driving factor for Lanyan Holding’s limit-up [4][5][6]. On January 21, U.S. natural gas futures rose by over 16% to $4.533 per million British thermal units; on January 22, it skyrocketed 15% intraday, currently trading at $5.607 per million British thermal units, with the surge even reaching 24% during some sessions. This sharp fluctuation in futures prices directly boosted the overall sentiment of the A-share natural gas sector, and Lanyan Holding, as a leading coalbed methane stock, hit the limit-up first [1][2].

The oil and natural gas sector pulled up as a whole at the opening of the session, with Lanyan Holding leading the sector [1][2]. On the same day, Intercontinental Oil & Gas (600759) led the gains within the sector, followed by Xin Natural Gas (603393), Zhongman Petroleum (603619), etc., while the Oil and Natural Gas ETF (159588) rose 2.1%. The sector linkage effect amplified the limit-up effect of individual stocks.

Lanyan Holding’s fundamentals provide solid support for its limit-up [3]. As Shanxi Lanyan Holding Co., Ltd. controlled by the State-owned Assets Supervision and Administration Commission of Shanxi Provincial Government, the company has been selected as a “Double Hundred Enterprise” by the State-owned Assets Supervision and Administration Commission of the State Council for two consecutive years, with the concept of state-owned enterprise reform. The company holds 23 mining rights, with proven reserves reaching 53.191 billion cubic meters, forming a complete industrial chain layout of “exploration-development-sales”. On October 31, 2025, its wholly-owned subsidiary won the coalbed methane exploration right for the Fazhong Block in the Qinshui Basin for ¥201 million, covering an area of 297.9 square kilometers, further expanding its resource reserves. The 2025 semi-annual report shows that coalbed methane sales reached 615 million cubic meters.

The company benefits from multiple policy positives, including the concepts of state-owned enterprise reform, methane emission environmental protection, and Shanxi state-owned enterprise reform. The superimposed effect of these themes has enhanced the market’s recognition of the company’s value [2].

---

Indicator	Data
Today’s Opening Price	¥7.01
Today’s Highest Price	¥8.27
Limit-Up Price	¥8.10
Turnover	¥146 million
Trading Volume	1.84 million lots
Turnover Rate	1.90%
Total Market Capitalization	¥7.84 billion

Indicator	Value	Signal Interpretation
KDJ	K:77.9, D:71.8, J:90.3	Bullish-leaning, but J-value is overbought
RSI(14)	Overbought Zone	Risk Warning
MACD	No Death Cross	Bullish-leaning
Beta Coefficient	0.28	Low correlation with the broader market
20-Day Moving Average	¥7.01	Stock price is far from the moving average

Today’s trading volume is about 18 million lots, which is significantly higher than the average daily trading volume of 14 million lots, showing a typical “price and volume rising together” limit-up pattern [1][2]. On January 21, the net inflow of main capital was ¥12.0047 million, accounting for 5.88% of the turnover, indicating active intervention by main capital [2].

---

Main capital showed a net inflow trend, with a net inflow of about ¥12 million on January 21, indicating institutional capital’s attention and optimism towards the stock.

Hot money had a small outflow of ¥0.5286 million, showing that some short-term capital chose to take profits [2].

The natural gas concept sector rose 1.61%, staying in a high popularity state; the methane emission concept rose 0.94%, and the Shanxi state-owned enterprise reform concept rose 0.37%, all maintaining positive performance [2].

The overall market sentiment is bullish-leaning, but the following balancing factors need attention: the skyrocketing international natural gas prices provide strong catalysis, but its sustainability is questionable; the company’s fundamentals are stable, but technical indicators show overbought; main capital has a net inflow, but the volume of limit-up orders remains to be observed.

---

Risk Type	Specific Description
Futures Fluctuation Risk	The skyrocketing of U.S. natural gas is mainly driven by short-term factors such as extreme weather, and its sustainability is questionable [4][5][6]
Short-Term Overbought Risk	Both KDJ and RSI indicate an overbought zone, with pullback pressure
Sector Linkage Risk	If natural gas futures pull back, the sector may pull back synchronously
Limit-Up Order Quality Risk	The turnover rate is only 1.90%, and the volume of limit-up orders is small, which may face profit-taking pressure on the next trading day

1. Low-Volume Limit-Up Risk
   : The low turnover rate indicates that shareholders are reluctant to sell, but concentrated selling pressure may be faced on the next trading day
2. Futures Uncertainty
   : The skyrocketing is mainly driven by short-term factors, with limited actual fundamental support
3. Performance Fluctuation Risk
   : Q3 EPS is only $0.04, lower than Q1’s $0.19

---

Price Type	Price	Description
Today’s Limit-Up Price	¥8.10	Short-Term Resistance Level
5-Day Moving Average	~¥7.50	Short-Term Support Level
20-Day Moving Average	¥7.01	Medium-Term Support Level
Previous High	¥8.90	Strong Resistance Level
Yearly Moving Average	¥6.96	Strong Support Level

Scenario	Probability	Conditions	Trend Judgment
Scenario 1: Continuous Limit-Up	25%	Natural gas futures continue to skyrocket + volume of limit-up orders increases	Challenges the previous high of ¥8.90
Scenario 2: Consolidation with Fluctuations	50%	Futures stabilize + sector differentiation	Fluctuates within the range of ¥7.50-¥8.10
Scenario 3: Rally Followed by Pullback	25%	Futures pull back + profit-taking	Tests the 5-day moving average

---

Lanyan Holding’s limit-up today is mainly directly catalyzed by the

, coupled with fundamental positives such as and , forming a “theme + performance” dual-driven pattern.

1. The limit-up has dual support from fundamentals and themes, not pure concept speculation. As a leading coalbed methane enterprise controlled by the State-owned Assets Supervision and Administration Commission of Shanxi Provincial Government, the company has abundant resource reserves and a complete industrial chain layout
2. There are overbought signals on the technical side; both KDJ and RSI indicate pullback pressure, coupled with a low turnover rate, there is a need for short-term consolidation
3. The sustainability of the limit-up highly depends on the trend of international natural gas futures. If futures prices pull back, the sector may adjust synchronously
4. It is recommended that investors closely monitor the trend of natural gas futures, as well as the strength of limit-up orders and changes in trading volume tomorrow, and make prudent decisions on entry timing

Lanyan Holding hit the limit-up riding on the skyrocketing of natural gas futures, with fundamental support but needs to be wary of short-term overbought pullbacks; it is recommended to closely monitor futures trends and changes in limit-up order volume.