Analysis of Strong Performance of Boying Special Welding (301468)

1. Market and Sector Drivers
   : On the day, the ChiNext Index rose 2.60% [1], driving a general rise in stocks within the sector, providing macro market support for Boying Special Welding (301468); at the same time, the full-day turnover of ChiNext reached 590.132 billion yuan, an increase of 113.178 billion yuan compared to the previous trading day [1], and sufficient market liquidity provided a capital foundation for the stock’s performance.

2. Fundamental Support
   : The company is involved in HRSG (waste heat boiler) supporting equipment for AI data centers. The current capacity gap in this sector reaches 50% and continues to expand [4], and the high industry prosperity provides impetus for the company’s long-term development; in addition, the company’s global layout is advancing steadily, increasing its presence in the waste incineration and oil-gas composite pipe markets [2], and the expectation of business expansion supports market confidence.

3. Institutional and Market Sentiment
   : In November, the machinery and equipment industry received high institutional attention, and Boying Special Welding was a target with a large number of research visits [5]. Intensive institutional research reflects the attractiveness of the industry and the company; the sharp rise of ChiNext on the day drove positive market sentiment, further promoting the stock’s rise.

The closing price of the stock on the day was 48.60 yuan [1], an increase of 12.45 yuan, with a growth rate of 22.60%. The short-term technical resistance level is around 50.00 yuan, and the support level is around 45.00 yuan (the 50% retracement level of the day’s increase). However, it should be noted that despite the sharp rise in stock price, the net inflow of main funds on the day was -1.3098 million yuan [1], indicating that some investors took profits at high levels, and short-term selling pressure emerged.

• Risk Points
  : The huge increase on the day leads to high short-term volatility; the net outflow of main funds reflects profit-taking pressure; the company disclosed a pre-announcement of share reductions by shareholders holding more than 5% in total [3], and there is a risk of shareholder reductions.
• Opportunities
  : The high prosperity in the waste heat boiler sector continues; the company’s business expansion brings growth potential; institutional attention provides confidence support for the market.

The short-term performance of this stock is greatly affected by the ChiNext Index and market sentiment, and the net outflow of main funds and shareholder reductions constitute potential pressure; however, in the medium and long term, the high prosperity of the waste heat boiler industry and the company’s business expansion layout provide support for fundamentals, and the sustainability of its performance needs to be further observed in combination with industry dynamics, company performance, and market capital flows.

The strong performance of Boying Special Welding (301468) is jointly driven by the market environment, industry prosperity, business expansion, and institutional attention. Investors need to pay attention to short-term volatility, profit-taking pressure, and shareholder reduction risks, while tracking industry prosperity and company business progress to evaluate its medium and long-term potential.