【北交所打新】广信科技：把握电力投资行业高景气度，绝缘材料企业实现业绩爆发 关注北研君小号，打新攻略不错过~ 6月的第一只新股申购——广信科技——它来了！攻略已出，速看↓ ...

5月初，我们曾对这位"牛散"的选股逻辑和操作风格做过研究复盘，一个多月过去了，这些股票表现如 何？ 请各位读者前往北研君小号查看，同时点点关注~ "香水大王"近期战绩如何？二季度跟踪复盘 ...

Core Viewpoint - The North Securities 50 Index will undergo its second adjustment of the year on June 16, which is expected to create arbitrage opportunities due to passive rebalancing of index funds [1] Group 1 - The adjustment of the North Securities 50 Index is anticipated to influence stock movements and create potential investment opportunities [1]

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Core Viewpoint - The recent listing of Jiao Da Tie Fa (920027.BJ) on the Beijing Stock Exchange saw a peak increase of nearly 300%, which is considered a healthy growth rate in the current market context. The price-to-earnings (PE) ratio of over 40 times is deemed reasonable compared to peers in the Shanghai and Shenzhen markets, suggesting that a significant drop in the coming days is unlikely [1]. Group 1: New Stock Subscription Performance - The online subscription for Jiao Da Tie Fa reached a frozen capital of 516.8 billion yuan, second only to Kai Fa Technology's 561.2 billion yuan, with an oversubscription rate of 3,234 times, just behind Hong Hai Technology's 3,407 times. This indicates a historical high in subscription enthusiasm, especially given that Jiao Da Tie Fa's fundraising scale is significantly smaller than that of Kai Fa Technology [1][2]. - The "hot" subscription trend has been increasing since the "924" period, with Jiao Da Tie Fa's performance marking a peak in this trend [1]. Group 2: Market Impact of New Stock Subscriptions - Since the beginning of 2024, the Bei Zheng 50 Index has shown a tendency to decline on new stock subscription days, with 18 out of 27 subscription days resulting in an average drop of 0.71%. This suggests that the enthusiasm for new stock subscriptions is impacting the secondary market negatively [4][6]. - The trend of new stock subscriptions affecting the secondary market was first noted with Ke Li Co., where out of 13 subscription days, there were 6 increases and 7 decreases in stock prices [4]. Group 3: Comparative Index Performance - On subscription days, the Bei Zheng 50 Index has underperformed compared to small-cap growth and the CSI 2000 indices, with 63% and 70% of the days showing weaker performance, respectively. This trend is particularly pronounced since the listing of Ke Li Co. [6][7]. - The performance of the Bei Zheng 50 Index on T-1 days (the day before subscription) is stronger than on subscription days, indicating that investors may be reallocating funds to participate in new stock subscriptions rather than selling off existing holdings [8]. Group 4: Future Outlook on New Stock Subscriptions - The absolute returns from participating in new stock subscriptions on the Beijing Stock Exchange are projected to decline, with estimated annualized returns of 3-6% for dedicated subscription funds. This suggests that while it remains a safe investment option, the attractiveness may diminish over time [10].

6月6日，继北证50指数，北交所官方发布北证专精特新指数。对此，北研君认为主要把握三个重点 （1）了解新指数的编制情况；（2）专精特新指数最新成分股和北证50指数有哪些异同；（3）复盘北 证50指数，新指数的出现会对市场造成哪些影响，对交易有什么实质性指导意义。三点中尤其是第三 点，最为重要，下面北研君为大家逐一解答： 1、北证专精特新指数的编制情况？ 对比北证50指数和北证专精特新指数，大部分内容是相同的，主要区别体现在（1）选样方面北证专精 特新指数选样条件为样本空间内的证券按照过去六个月的日均成交金额由高到低排名， 剔除排名后30% 的证券 ，北证50则是剔除排名后20%的证券；（2）选样方面专精特新指数新增限制条件为 必须在专精 特新"小巨人"企业中进行筛选 ，即选取其中专精特新"小巨人"作为待选样本，这条规则使的一些非专精 特新企业无法纳入该指数，北证50指数则无此约束，目前北交所已上市的266家公司中国家级专精特 新"小巨人"为141家，如果算上省级的专精特新数量为192家，占比达72.18%。（3）样本股调整方面北 证专精特新指数为 每半年调整一次，每次调整数量一般不超过20% ，而北证50指数 ...

Core Viewpoint - The article discusses the performance and investment opportunities in the North Exchange, particularly focusing on the North 50 Index and related investment products, highlighting the challenges and potential strategies for investors in the current market environment [1][2][4]. Group 1: North 50 Index Performance - The North 50 Index has shown strong performance, with a recent increase of 5.01% over the last seven trading days after a brief correction [1]. - The North 50 Index is noted as having the best upward elasticity among large-cap indices, making it difficult for individual investors to outperform it [2]. Group 2: Investment Products Analysis - There are currently 27 North 50 index funds available, with older funds (launched before September 24, 2022) showing an average growth rate of 122%, while newer funds have underperformed relative to the index [2][3]. - The maximum drawdown for these funds is generally around 30%, which is slightly better than the North 50's drawdown of 38.63% [3]. Group 3: Active Management Funds - Among actively managed funds, the "Hua Xia North Exchange Innovation Small and Medium Enterprises Selected Two-Year Open Mixed Fund" has shown significant excess returns with a drawdown controlled under 20% [4]. - The "CITIC Construction Investment North Exchange Selected Two-Year Open Mixed A" fund also demonstrated excellent excess returns and drawdown ratios [4]. Group 4: Market Conditions and Recommendations - Current market conditions suggest that both public active products and index products are not ideal for investing in the North Exchange, but index products may serve as a reasonable option if investors have confidence in the index itself [5]. - For investors lacking judgment capabilities regarding the North Exchange, seeking private equity products may offer more flexible terms compared to public offerings [5].

得益于市场流动性的大幅改善，整个北证市场从2024年小几十亿元成交提升至现在大部分时候日成交额 都在200亿元以上， 充沛的成交额意味着市场能够承载更大的资金冲击 。而目前市场上最常见的一种减 持就是战配解禁，传统印象中这些战配机构解禁将会影响二级市场股价表现，那么在流动性已经较为充 裕的情况下， 战配对二级盘面股价是否还存在影响呢？ 这里我们先来看2024年3月-2024年8月期间解禁的33家公司，其中解禁前跌幅最大的是机科股份，解禁 后跌幅最大的是宏裕包材。将这些公司与区间北证50指数涨跌幅对比看，在解禁日前5个交易日跌幅较 指数更大的有21家公司，占比达63.64%，总体平均跌幅较指数多出1%， 足见公司在临近解禁日时二级 股价表现弱于市场表现 。 由此可见，不管是在几十亿市场成交额还是几百亿市场成交额下战配解禁， 其对二级市场的压力主要在 解禁前，解禁后反而没有对二级股价造成较大压力 。 免责声明： 文章中的数据和资料来自于公司财报、券商研报、行业报告、企业官网、公众号、百度百科等公开资料， 本人力求报告文章的内容及观点客观公正，但不保证其准确性、完整性、及时性等。文章中的信息或观点不构成任何 投资建 ...

Core Viewpoint - The article discusses the recent performance of the Beijing Stock Exchange (北交所) and highlights upcoming events that may serve as catalysts for investment opportunities in various sectors, particularly in solid-state batteries, hydrogen energy, and technology. Group 1: Market Performance - In May, the Beijing Stock Exchange experienced a surge followed by a pullback, with the 北证50 index rising over 10% to reach a new high of 1500 points, outperforming the Shanghai and Shenzhen markets [1] - Despite the index reaching new highs, there were signs of market distortion, such as "price increases without volume growth" and increased difficulty in stock profitability, leading to a cautious outlook on the sustainability of the rally [1] - The market showed resilience during the pullback, with the adjustment being less severe than expected, indicating relative strength [1] Group 2: Upcoming Catalysts - The 2025 Solid-State Battery Technology and Application Summit will be held on June 10, focusing on the latest trends in sodium-ion and solid-state battery industries, aiming to advance the industrialization of solid-state batteries [1] - The 2025 International Hydrogen Energy and Fuel Cell Vehicle Conference will take place from June 18-20, featuring exhibitions and discussions on the scaling of hydrogen energy technologies [3] - Tesla's Robotaxi service is set to launch in Austin in June, marking a significant step towards the commercialization of autonomous driving, with plans to expand the fleet in the future [4] - The 2025 Huawei Developer Conference will occur from June 20-22, showcasing advancements in HarmonyOS and AI technologies, which may impact various industries [5] - The 2025 Global High-Speed Copper Cable Innovation and Technology Conference will be held on June 18, focusing on the entire supply chain of high-speed copper cables [6] Group 3: Relevant Companies - Solid-state battery-related companies on the Beijing Stock Exchange include Lingge Technology, Yintu Network, Liwang Co., Nacnor, Wuhan Blue Electric, and Lijia Technology, with Lingge Technology and Nacnor having higher capital recognition [2] - Hydrogen energy-related companies include Tianli Composite, Kaida Catalysis, Silane Technology, Huitong New Materials, Fangsheng Co., and Qilu Huaxin, with Kaida Catalysis and Fangsheng Co. being more recognizable [3] - Tesla-related companies include Suzhou Axis, Jun Chuang Technology, Audiwei, Jiyang Precision, Tianming Technology, Wanyuantong, Jiezong Technology, Dezong Automotive, Jianbang Technology, and Taide Co., with Jun Chuang Technology and Jiezong Technology showing better stock characteristics [4] - Huawei-related companies include a variety of firms, with Airong Software and Lierda being the most relevant to the upcoming conference [5] - High-speed copper cable-related companies include Fujida, Qiuquan Cable, Taihu Yuanda, Chenguang Cable, and Zhixin Electronics, with Fujida and Taihu Yuanda positioned at a higher-end market segment [6]

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