Analysis of the Limit-Up Event and Trend Forecast for Changbao Co., Ltd. (002478)

1. Reasons for Limit-Up
   : According to collected information, Changbao Co., Ltd. (002478) hit the limit-up mainly driven by three factors:
   • Technological breakthrough: The company’s CBS3 oil pipe was successfully applied in China’s first 10,000-meter-level scientific exploration well (released on November 10, 2025 [0]), demonstrating its technical strength in the manufacturing of high-end special-purpose pipes.
   • Sector linkage: The steel sector oscillated upward. Earlier on October 27, Changbao Co., Ltd. and Xinxing Ductile Iron Pipes hit the limit-up simultaneously, reflecting the overall upward trend of the sector [0].
   • Financial improvement: Q3 2025 net profit increased by 61.15% year-on-year. Although the first three quarters’ net profit decreased by 4.6% year-on-year, the significant improvement in single-quarter performance boosted investor confidence [0].

2. Market Performance Data
   : As of December 12, 2025, 10:22:25, Changbao Co., Ltd. reported 8.33 yuan, with an increase of 10.04% (limit-up), turnover rate of 15.03%, trading volume of 108.6 million shares, and trading value of 885 million yuan [0].

• Industry policy impact: Driven by the “Steel Industry Stable Growth Work Plan (2025—2026)”, the sector showed a bottoming-out and recovery trend. As a high-end pipe manufacturer, Changbao Co., Ltd. benefits from the industry’s structural upgrading [0].
• Technological innovation-driven: The application of high-end products in national-level major projects enhances the company’s brand influence and market competitiveness, possibly laying a foundation for future market expansion.

• Opportunities
  : The steel industry’s stable growth policy continues to advance, and demand for high-end special pipes may increase; the company’s technical strength has been verified, and it is expected to obtain more high-end orders [0].
• Risks
  : The steel industry as a whole is volatile, and changes in raw material prices may affect the company’s profitability; cooling market sentiment or sector corrections may lead to stock price fluctuations [0].

Changbao Co., Ltd. (002478) hitting the limit-up is the result of the combined effects of technological breakthroughs, sector linkage, and financial improvement. Current market sentiment is positive, with trading volume and turnover rate significantly increased. Investors need to pay attention to the direction of steel industry policies, the company’s subsequent order status, and market fluctuations, and make decisions based on their own risk preferences and investment strategies.