1. Report Industry Investment Rating - The report maintains an overall optimistic view of the North Exchange market for the whole year, believing that the positioning and development direction of the "specialized, refined, characteristic, and innovative" North Exchange market are highly consistent with the national policy orientation of the "self - controllable" and innovation - driven development strategy [24]. 2. Core Viewpoints of the Report - In July 2025, the North - 50 Index and the North Specialized, Refined, Characteristic, and Innovative Index underperformed major indices such as the ChiNext and STAR Market. However, in the first seven months of 2025, the North - 50 Index rose 37%, outperforming other major indices. The market was weak in July, but some sub - sectors like building decoration and pharmaceutical biology performed well. The market has been in a range - bound consolidation for over two months, and with continuous progress in "high - quality" expansion, code switching of existing stocks, and the issuance of specialized, refined, characteristic, and innovative index funds, the market should gradually turn optimistic. The market may return to the performance - driven mainline, and attention should be paid to high - quality companies with continuous high - growth performance [3][6][24]. 3. Summary by Relevant Catalogs 3.1 Week - view - In July 2025, the North - 50 Index fell 1.68%, and the North Specialized, Refined, Characteristic, and Innovative Index fell 2.70%, underperforming major indices. In the first seven months of 2025, the North - 50 Index rose 37%, far outperforming other major indices, and indices such as the STAR - 200 and CSI 2000 also rose over 20%. In July, sectors such as building decoration and pharmaceutical biology in the North Exchange market had relatively high increases. Only 16 companies had a monthly increase of over 20%, and 6 companies including Hengli Drilling Tools had an increase of over 50%. Compared with June 2025, trading volume, turnover, and turnover rate in July all declined. As of July 31, 2025, the overall price - to - earnings ratio (TTM, excluding negatives) of the North Exchange A - share index reached 51 times, 134% of the ChiNext index and 84% of the STAR Market index [3][6][12]. 3.2 Market Performance - This week, the overall price - to - earnings ratios of the ChiNext, STAR Market, and North Exchange A - shares declined. The North Exchange A - shares' overall PE dropped from 52.17X to 50.92X. In terms of liquidity, the daily average trading volume of North Exchange A - shares this week was 257 billion yuan, a 17% decrease from last week. The daily average turnover rate of North Exchange A - shares dropped to 5.94%, a decrease of 1.1 percentage points from last week. The North - 50 Index fell 2.70% this week, and major indices such as the CSI 300, STAR - 50, and ChiNext also declined [26][27]. 3.3 New Stock Listings - From January 1, 2024, to August 1, 2025, 30 new companies were listed on the North Exchange. From July 28 to August 1, 2025, 1 new company, Dingjia Precision, was listed. From January 1, 2023, to August 1, 2025, the average issue price - to - earnings ratio of 107 listed companies was 16.20X, and the median was 15.86X. The average first - day increase was 111%, and the median was 51% [32][35]. 3.4 New Stock IPOs - From July 28 to August 1, 2025, 2 companies, Aomisen and Sanxie Electric, updated their review status to registration; 1 company, Yangtze River Energy Technology, updated its status to passing the listing committee meeting; 22 companies updated their status to being under inquiry. Next week, the North Exchange will review the IPO applications of 2 companies, Zhongcheng Consulting and Nante Technology [41].

Market Performance - The Shanghai Composite Index increased by 3.74% this month, with 220 stocks reaching historical highs [1] - Among the tradable A-shares this month, 3,640 stocks rose, accounting for 67.20%, while 1,744 stocks fell, making up 32.19% [2] Historical Highs - A total of 220 stocks reached historical highs this month, with 102 from the main board, 56 from the ChiNext, 34 from the Sci-Tech Innovation Board, and 28 from the Beijing Stock Exchange [2] - The average increase for stocks that reached historical highs was 30.30%, with the largest increase being 1,083.42% for Shangwei New Materials [2] Sector Analysis - The industries with the most stocks reaching historical highs include pharmaceuticals and biology (32 stocks), electronics (31 stocks), and machinery equipment (30 stocks) [2] - The average closing price for stocks that reached historical highs was 46.81 yuan, with 15 stocks priced over 100 yuan and 59 stocks priced between 50 and 100 yuan [2] Market Capitalization - The average total market capitalization for stocks that reached historical highs was 646.70 billion yuan, with an average circulating market capitalization of 601.57 billion yuan [3] - Major companies with high total market capitalization include Industrial and Commercial Bank of China (20,382.68 billion yuan), Agricultural Bank of China (20,112.39 billion yuan), and Bank of China (13,241.75 billion yuan) [3] Institutional Activity - In the list of stocks reaching historical highs, 72 stocks saw institutional activity, with 37 experiencing net purchases [3] - New Yisheng received the highest net purchase from institutions at 2.749 billion yuan, followed by Industrial Fulian and Zhongji Xuchuang [3]

每经讯，2025年7月31日，北交所上市公司恒立钻具（836942，收盘价：57.9元）登上龙虎榜，交易方式是连续竞价，披露原因 是当日换手率达到33.07%，成交数量1354.86万股，成交金额8.11亿元。买一席位为东方财富证券股份有限公司拉萨团结路第二 证券营业部，买入1340.84万元；卖一席位为东方财富证券股份有限公司拉萨团结路第二证券营业部，卖出1508.75万元。 | | 2025-07-31恒立钻具 (836942) 龙虎榜 | | | | --- | --- | --- | --- | | 序号 | 交易营业部名称 | 买入金额(元) | 卖出金额(元) | | ਜੇਵ ਹ | 东方财富证券股份有限公司拉萨团结路第二证券营业部 | 13408423.19 | 15087470.41 | | 买2 | 东方财富证券股份有限公司山南香曲东路证券营业部 | 10290370.83 | 4915326.84 | | 买3 | 广发证券股份有限公司珠海山场路营业部 | 10196280.3 | 103624 | | द्र 4 | 机构专用 | 8970305.87 | 9337630.13 | | ...

Core Viewpoint - Hengli Drill Tools experienced a significant decline of 11.39% on July 31, with a trading volume turnover rate of 20%, indicating active trading and selling by major investors [1]. Group 1: Trading Activity - The top five buying institutions collectively purchased 66.06 million yuan, while the top five selling institutions sold 62.14 million yuan, resulting in a net inflow of 3.92 million yuan [1]. - The largest buying institution was Dongfang Caifu Securities, Lhasa Tuanjie Road No. 2 Securities Office, which bought 13.41 million yuan [1]. - The largest selling institution was also Dongfang Caifu Securities, Lhasa Tuanjie Road No. 2 Securities Office, which sold 15.09 million yuan, resulting in a net outflow of 1.68 million yuan [2]. Group 2: Detailed Trading Figures - The second largest buying institution was Dongfang Caifu Securities, Shannan Xiangqu East Road Securities Office, with purchases of 10.29 million yuan and sales of 4.92 million yuan, leading to a net inflow of 5.38 million yuan [2]. - The third largest buying institution was GF Securities, Zhuhai Shanchang Road Securities Office, which bought 10.20 million yuan and sold only 0.10 million yuan, resulting in a net inflow of 10.09 million yuan [2]. - Other notable selling institutions included Dongfang Caifu Securities, Lhasa Tuanjie Road No. 1 Securities Office, and Lhasa Donghuan Road No. 2 Securities Office, with net outflows of 3.02 million yuan and 4.19 million yuan respectively [2].

Group 1 - The core point of the article highlights the performance of A-share stocks in July, with significant gains observed in specific companies [1] - The top performer, Aowei New Materials, achieved a cumulative increase of 1083.42% in July, ranking first among A-share stocks [1] - Guangsheng Tang ranked second with a cumulative increase of 218.94% during the same period [1]

Market Overview - The engineering machinery sector experienced a decline of 1.75% on July 31, with Hengli Drilling leading the drop [1] - The Shanghai Composite Index closed at 3573.21, down 1.18%, while the Shenzhen Component Index closed at 11009.77, down 1.73% [1] Top Performers - Tianyuan Intelligent (603273) saw a significant increase of 10.02%, closing at 21.09 with a trading volume of 218,000 shares and a turnover of 455 million yuan [1] - Southern Road Machinery (603280) also rose by 10.01%, closing at 54.86 with a trading volume of 82,400 shares [1] - Changling Hydraulic (605389) increased by 9.99%, closing at 48.99 with a trading volume of 45,400 shares [1] Underperformers - Hengli Drilling (836942) experienced the largest decline, down 11.39% to 57.90 with a trading volume of 135,500 shares and a turnover of 811 million yuan [2] - Tuoshan Heavy Industry (001226) fell by 9.97%, closing at 40.00 with a trading volume of 109,400 shares [2] - Wuxin Suizhuang (835174) decreased by 7.19%, closing at 64.67 with a trading volume of 87,500 shares [2] Capital Flow - The engineering machinery sector saw a net outflow of 566 million yuan from institutional investors and 196 million yuan from speculative funds, while retail investors contributed a net inflow of 762 million yuan [2][3] - Notable capital flows include Huadong Heavy Machine (002685) with a net inflow of 17.7 million yuan from institutional investors, while Tianyuan Intelligent (603273) had a net outflow of 143 million yuan from institutional investors [3]

Market Overview - On July 31, the A-share market closed with the Shanghai Composite Index at 3573.21, down 1.18%, and the Shenzhen Component Index at 11009.77, down 1.73% [1] Top Stocks Performance - Among the top 10 stocks by trading volume on the Beijing Stock Exchange, 5 stocks experienced price increases, with an average increase of 102.09%. N Dingjia (920005) led with a trading volume of 1.06 billion yuan and a price increase of 479.12% [1][2] - The other stocks in the top 10 included Hengli Drilling Tools (836942) with a decrease of 11.39%, Wuxin Suizhuang (835174) down 7.19%, and Parallel Technology (839493) up 1.73% [2] Capital Flow Analysis - In terms of capital flow, 5 out of the top 10 stocks showed net inflows of main funds, indicating positive investor sentiment towards these stocks [1]

Group 1 - The core point of the article highlights that Hengli Drilling Tools (stock code: 836942) experienced significant trading activity on July 30, 2025, with a turnover rate of 34.96% and a trading volume of 14.32 million shares, amounting to a transaction value of 983 million yuan [1] - The top buyer was Dongfang Caifu Securities Co., Ltd., Lhasa Donghuan Road Second Securities Business Department, purchasing shares worth 17.54 million yuan [1] - The top seller was Ping An Securities Co., Ltd., Beijing Branch, selling shares worth 29.42 million yuan [1]

投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 √特定对象调研 二、 投资者关系活动情况 活动时间：2025 年 7 月 29 日 活动地点：武汉恒立工程钻具股份有限公司 参会单位及人员：开源证券 上市公司接待人员：总经理徐静松先生、副总经理兼董事会秘书余德锋先生 三、 投资者关系活动主要内容 本次活动的主要问题及公司对问题的回复概要如下： 证券代码：836942 证券简称：恒立钻具 公告编号：2025-057 武汉恒立工程钻具股份有限公司 问题 1：公司的产品采用什么样的定价方式？ 回答：公司一般采取成本加成的定价方式确定销售指导价格，依据各类产品 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 境外销售，一般按合同约定采用 FOB、CIF 等方式，货物控制权转移时点公 司确认收入，具体为报关单上或提单上记载的出口日期。 的客户定制化要求（如是否镶齿、是否单双刃、产品尺寸、刀具搭配等）、材料 选用（如硬质合金使用量、 ...

Group 1: Pricing Strategy - The company generally adopts a cost-plus pricing strategy to determine sales guidance prices, considering factors such as customer customization requirements, material selection, production complexity, customer demand, creditworthiness, and actual payment cycles [4] - Higher customization, complex components, and lower customer demand lead to a higher cost-plus rate and internal guidance price [4] Group 2: Remanufacturing Services - The remanufacturing service involves professional repair of customers' used engineering rock drilling tools, ensuring the remanufactured products meet the same quality and performance as new ones [5] - The process includes inspection, disassembly, cleaning, repair, and replacement of parts to enhance the reuse rate and reduce costs for customers [5] Group 3: Revenue Recognition Standards - For domestic sales, revenue is recognized based on the transfer of control as per the sales contract, categorized into acceptance confirmation and signing confirmation [6] - For international sales, revenue is recognized based on the terms of the contract, typically at the export date recorded on customs or bill of lading [6] Group 4: M&A Plans - The company is attentive to industry consolidation opportunities, focusing on upstream and downstream of the industry chain, with no current M&A transactions disclosed [7][8] - Future M&A plans will be disclosed in accordance with listing rules if they arise [8] Group 5: Subsidiary Applications - Suzhou Aidu's products are primarily used in the development of nickel-based alloys and various wear-resistant and corrosion-resistant materials, applied in twin-screw extruder components [9] - The twin-screw extruder is widely used in industries such as new energy, plastics, food, and chemicals, with promising future development prospects [9]