Guofeng New Materials (000859) Three Consecutive Limit-Up Drivers and Market Outlook Analysis

Guofeng New Materials (000859) mainly engages in five industries including polymer functional film materials and optoelectronic new materials[1]. On November 21, 2025, the company’s stock price closed at 8.68 yuan per share, up 10.01%, achieving three consecutive limit-ups, with a total market capitalization of 7.777 billion yuan[3]. Its upward drivers mainly include:

1. Photoresist Concept Surge
   : The company has R&D layout in the photosensitive polyimide (PSPI) photoresist field; although it is in the laboratory stage, it has triggered expectations of technological breakthroughs[3]; coupled with domestic substitution demand as Japanese manufacturers account for about 90% of the global market share[3].
2. Restructuring Expectations
   : Plans to issue shares to acquire 58.33% equity of Jinzhang Technology, integrating new display material assets[3]; market rumors suggest that Hefei SASAC plans to inject Changxin Xinqiao Storage Technology[3].
3. Policy Support
   : The third phase of the National Integrated Circuit Industry Investment Fund was established, and the semiconductor and photoresist sectors received strong policy support[5].
4. Funding Aspect
   : On November 21, the net inflow of main funds was 102 million yuan, and the participation of large funds increased[3].

• Resonance Between Industrial Policy and Company Actions
  : The policy dividends of the third phase of the National Integrated Circuit Industry Investment Fund, together with the company’s restructuring and photoresist R&D, form a synergistic effect, strengthening the market’s confidence in domestic substitution[3,5].
• Obvious Concept-Driven Characteristics
  : The stock price rise relies more on photoresist concepts and restructuring expectations rather than already implemented performance or technological breakthroughs[1,3].

: Under the trend of domestic substitution, the market space for photoresist and new display materials is broad; if the restructuring is successful, it will enhance the company’s competitiveness[2,3].
: PSPI photoresist is still in the laboratory stage, with uncertain R&D progress; restructuring requires regulatory approval, with the risk of failure; concept-driven rises are prone to subsequent fluctuations[3,4].

Guofeng New Materials’ recent three consecutive limit-ups are the result of the combined effect of policy, concept, and capital. Investors need to distinguish between concept expectations and actual progress of fundamentals, and pay attention to key nodes such as restructuring approval and R&D breakthroughs[1,3].