Core Viewpoint - The recent surge in the North Exchange 50 Index, reaching a closing price of 1456.19 points, marks a new high since March 18, 2023, but the overall market sentiment remains cautious due to low trading volumes and a lack of broad-based recovery among stocks [1][3]. Trading Volume and Market Dynamics - The trading volume on the day of the index's rise was only 326 billion, which is 73% of the 448 billion seen on March 18, indicating insufficient support for a sustainable breakout to new highs [1]. - The divergence between the North Exchange 50 Index and the overall North Exchange A Index suggests a preference for large-cap stocks, with only 23% of stocks in the North Exchange showing gains exceeding the index's rise [4][5]. Historical Comparisons - Historical data shows that previous successful breakouts of the North Exchange 50 Index were accompanied by stronger performances from the North Exchange A Index, indicating a more unified market movement [5]. - The current market is characterized by increasing divergence, with the North Exchange 50 Index outperforming the North Exchange A Index significantly during recent attempts to reach new highs [3][5]. Concentration of Trading Activity - There is a noticeable trend of trading activity concentrating on non-North Exchange 50 component stocks, suggesting a lower psychological threshold for the overall market compared to the North Exchange 50 Index [7]. - The market's current state, with significant individual stock divergence and a lack of broad profitability, indicates that investors should be cautious and wait for more favorable entry points rather than chasing high prices [7].

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Core Viewpoint - The North Exchange's recent performance indicates a potential breakthrough above the 1500-point mark, driven by significant trading volumes during key index movements [1][9][14] Trading Volume Analysis - Historical peaks of the North Exchange 50 Index were accompanied by high trading volumes, with notable instances including a record of 303 billion on November 27, 2023, and 332 billion on October 8, 2024 [1][3] - The index approached new highs with trading volumes of 334 billion on October 18 and 454 billion on October 21, indicating strong market interest [4] - The highest closing price of 1408.9 on November 7, 2024, was supported by a trading volume of 585 billion, while the following day saw a volume of 512 billion [6] Patterns in Trading Volume - Two key patterns were identified: 1. Breaking historical highs requires a corresponding increase in trading volume, although it does not need to exceed previous records [9] 2. Near historical highs, achieving 70-80% of the volume from the last peak is often sufficient for further upward movement [9][12] Recent Trading Dynamics - Recent trading volumes during upward movements have shown a consistent pattern of being 70-80% of previous peak volumes, suggesting potential challenges in breaking new highs [12][14] - The North Exchange 50 Index has experienced consecutive trading volumes that are significantly lower than required for a sustained breakout, indicating a possible decline in momentum [14] Market Sentiment and Future Outlook - The analysis suggests that without substantial new positive catalysts, the North Exchange may struggle to maintain upward momentum and break new highs, as current trading volumes reflect a cautious market sentiment [14]

如此优异的表现有些超出北研君的预期，现在复盘来看， 一是北交所对低价新股的热捧，二是公司赶上 了贸易争端缓和的黄金时点 。两日过后，公司总市值已来到132亿， 高居北交所第TOP5 ，更值得注意 的是公司由港股天工国际（00826.HK）分拆上市，现在的市值已经大幅超过了自己的母公司。 当前已上市的266家北交所公司中，有18家是其它上市公司的子公司， 其中 天工股份是首家"H+北" 。 本周二，北交所新股天工股份上市，首日上涨411.93%，超过星图测控（+407.23%）、宏海科技 （+246.14%）、开发科技（+150.36%）， 成为今年以来首日涨幅最大的新股 。到次日， 公司股价继 续上涨 、全天换手率53%，反映出在首日4倍涨幅的基础上，依然有资金看好、有更高预期。 如果放眼整个北交所历史， 天工这个涨幅可以排在第5 ，前4名分别是阿为特（+1008.33%）、铜冠矿 建（+731.41%）、方正阀门（+518.23%）和同心传动（+493.67%）。然而这4只票次日开始都出现了 大跌，反映出其首日的涨幅是有"泡沫"的， 从"站得住"首日涨幅的新股来看，天工股份排名第一 ，表 现目前仅次于星图测 ...

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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 投资建议，投资人须对任何自主决定的投资行为负责，本人不对因使用本文内容所引发的直接或间接损失负任何责 任。 另外特别说明，我们尊重知识产权，如认为内容侵犯您的权益，请及时在后台联系我们（可私信"侵权沟通"获得我们 的联系方式），我们将第一时间核查处理。 公司上市首日最大的炒作亮点在于超低的单价和较小的流通市值，15倍发行估值相较于沪深同行宝钛股 份(26倍)和西部超导(38倍)也存在比较明显的估值差，不考虑短期基本面情况，以30-40倍PE作为二级市 场对该行业的定价， 股价在8-12元左右 。从打新的角度来看，原则上应当在 首日冲高落袋 ，具体价位 更多是看盘间情绪炒作到何种程度。 从二级市场炒作来看，由于公司的钛材主要还是应用在3C电子产品上，股票相关题材包括消费电子、苹 果概念、3D打印等，以及终端苹果产品带来的出海相关概念。按照过往规律， 5月/9月是3C电子厂商比 较集中的春季/秋季新品发布会 ...

根据北证50指数调整规则，6月第二个周五的下一个交易日（即6月16日），北证50指数样本股将进行今 年第二次调整。关于指数调整规则详见： 究竟多少总市值才能保住北证50指数样本股地位？ 按照样本股调整规则，在剔除上市时长和日均成交额不达标的公司后，按照日均总市值从高往低排序， 得出排名前50中有10家为新进公司。由于每次调整不超过10%，按照我们一贯的算法，10家公司按从前 往后的顺序排列如下， 其中前五只是利尔达、万源通、铜冠矿建、万达轴承和ST云创 ，6-10名为一诺 威、林泰新材、同惠电子、纬达光电和雷神科技。 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 投资建议，投资人须对任何自主决定的投资行为负责，本人不对因使用本文内容所引发的直接或间接损失负任何责 任。 另外特别说明，我们尊重知识产权，如认为内容侵犯您的权益，请及时在后台联系我们（可私信"侵权沟通"获得我们 的联系方式），我们将第一时间核查处理。 标、同享科技和凯德石英 。被调出北证 ...

Core Viewpoint - The overall valuation level of the Beijing Stock Exchange is considered high, with a median P/E ratio of 50.34 and an average of 68.9, but some companies still show investment value based on their performance and valuation [1] Group 1: Continuous High-Performance Stocks - This group consists of companies that have maintained positive growth in non-recurring net profit for three consecutive years, with Q1 growth not based on a low base from the previous year [2] - Among these, Tongli Co. has the lowest valuation at 11.2 times, with a Q1 non-recurring net profit growth rate of 60.66%, driven by increased sales of high-value products in the new energy and unmanned sectors, as well as overseas market expansion [2] - Other companies in this group, such as Kaifa Technology and Deyuan Pharmaceutical, also show double-digit growth in revenue and net profit, with Kaifa's growth primarily due to increased overseas demand [2][3] Group 2: Companies with High Exposure to the U.S. Market - This group includes companies with a high proportion of sales to the U.S., facing uncertainty in Q2 performance due to tariff impacts, with Q1 growth possibly influenced by preemptive stocking by U.S. clients [4] - Litong Technology has the lowest valuation in this group at 18.98 times, benefiting from recovery in downstream demand in the traditional engineering machinery sector [5] - Other companies like Jianbang Technology and Bond Co. also have significant sales exposure to the U.S. automotive parts market, with varying degrees of performance influenced by last year's low base [4][5] Group 3: Companies with Low Last Year’s Performance Base & Others - This group features companies with low performance bases from the previous year, leading to impressive Q1 growth, as well as those with relatively low valuations but promising full-year outlooks [6] - Qingju Technology, with the lowest valuation, is focused on debt restructuring but has shown a decline in Q1 performance, despite having a substantial order backlog [6][7] - Kangnong Seed Industry, despite a decline in Q1 revenue and net profit, remains a strong contender in the seed industry with expectations for future growth [7]

Core Viewpoint - The article discusses the financial performance of companies listed on the Beijing Stock Exchange (BSE) for the year 2024 and the first quarter of 2025, highlighting a decline in revenue and profit, as well as changes in shareholder structure and institutional investment behavior [1]. Financial Performance Summary - In 2024, out of 265 listed companies on the BSE, 225 were profitable, representing 85%, a decrease of 4 percentage points from 89% in 2023 [1]. - Total revenue for 2024 was 180.845 billion, and net profit was 11.062 billion, reflecting year-on-year declines of 2.34% and 22.18% respectively [1]. - Excluding three companies, total revenue and net profit saw declines of 2.68% and 24.18% respectively [1]. - Among the 265 companies, 170 experienced revenue growth year-on-year, but only 105 saw profit growth, indicating significant pressure on BSE companies [1]. Shareholder Structure and Trends - In the first quarter of 2025, the average number of shareholders per company increased from 6,412 to 7,016, a growth of 15.97%, while the average shareholding per shareholder decreased by approximately 10% [1]. - The proportion of shares held by the top ten shareholders dropped from 26.59% to 23.90%, indicating a trend towards a more dispersed shareholding structure [1]. - The average institutional ownership of circulating shares fluctuated between 17% and 19%, showing a strong correlation with the overall market trend [1]. Notable Investor Activity - The article highlights the activities of a prominent investor, Zhou Xinga, known for his significant involvement in small-cap stocks, with a notable presence in the top ten shareholder lists [3][4]. - Zhou's portfolio in the first quarter of 2025 included 19 stocks, with 12 outperforming the BSE 50 index, achieving a success rate of 63% [4][5]. - His holdings showed an average increase of 42.53% over a quarter, with a success rate of 100% for the stocks held [5][6]. Investment Strategy Insights - Zhou's investment strategy appears to focus on small market capitalization stocks with high volatility and poor performance metrics, suggesting a preference for speculative trading rather than fundamental analysis [7]. - The article suggests that while Zhou's approach may yield short-term gains, it may not be suitable for all investors due to varying risk tolerances and market conditions [5][7].

2.艾融软件： 公司与华为在硬件、数据库、欧拉操作系统、鸿蒙操作系统、鸿蒙生态等领域 开展了全 面合作 ，公司具有华为开发者联盟的生态市场服务商和 HarmonyOS 开发服务商的资质，曾获华 为"2024 年度鸿蒙生态开发服务商卓越奖"。 3.荣亿精密： 公司生产用于3C的金属零部件，终端用于华为产品。 4.豪声电子： 公司生产电声元器件/音响类产品， 华勤技术为公司核心客户之一 ，公司产品终端用于华 为产品。 "红五月"第一天，沪深京三市放量大涨，北证50指数全天收涨3.21%，1373.90点的收盘价创下今年3月 18 日 1441.88 点 （ 历 史 最 高 ） 以 来 的 最 高 值 。 这 日 大 涨 的 "C 位 " 非 华 为 鸿 蒙 莫 属 ， 常 山 北 明 （000158.SZ）等老牌"纯血"鸿蒙概念股再掀涨停潮。 行情主要的催化就是华为官宣要在5月22日的春季发布会上发布系列新产品，其中最受关注的是鸿蒙PC （北研君之前在 《5月北交所有哪些催化事件？》 一文中提到）。当前微软对华为的Windows系统授权 即将到期，华为恰在此时正式推出首款鸿蒙PC，完成了"1+8+N" 全场景生态 ...