核心结论 行情回顾：1）指数层面：11 月 18 日北证 A 股成交金额达 201.0 亿元，较 上一交易日增加 4.2 亿元，北证 50 指数收盘价为 1481.82，下跌 2.92%， PE_TTM 为 72.30 倍。北证专精特新指数收盘价为 2458.17，下跌 2.50%。 2）个股层面：当日北交所 283 家公司中 31 家上涨，4 家平盘，248 家下跌。 其中涨幅前五的个股分别为：北矿检测（295.5%）、美登科技（22.8%）、 芭薇股份（8.0%）、大地电气（6.4%）、立方控股（5.9%）；跌幅前五的 个股分别为：灵鸽科技（-9.8%）、路桥信息（-9.5%）、锦华新材（-9.0%）、 天宏锂电（-8.8%）、安达科技（-7.9%）。 证券研究报告 2025 年 11 月 19 日 北交所市场点评——20251118 行业日报 | 北交所 新闻汇总：1）Arm 与英伟达联手推进 NVLink，剑指 AI 芯片互联行业标准： Arm 与英伟达深化合作，将通过英伟达的 NVLink Fusion 架构推广其计算平 台 Neoverse。2）华为 Mate80 系列发布在即，新款麒麟芯片或将亮 ...

证券代码：920015 证券简称：锦华新材 公告编号：2025-142 浙江锦华新材料股份有限公司 开立募集资金现金管理专用结算账户并使用部分暂时闲置募集资金 进行现金管理的进展公告 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、 授权现金管理情况 （一） 审议情况 浙江锦华新材料股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日 召开第六届董事会第十三次会议、第六届董事会审计委员会第十一次会议审议通 过《关于使用部分闲置募集资金进行现金管理的议案》，并将该议案提交至股东 会审议。2025 年 11 月 13 日，公司召开 2025 年第四次临时股东会同意公司拟使 用额度不超过人民币 5.3 亿元（包含本数）的暂时闲置募集资金（含超募资金） 进行现金管理，用于购买安全性高、流动性好、风险低的保本型的理财产品（包 括但不限于结构性存款、定期存款、大额存单等），使用期限自公司股东会审议 通过《关于使用部分闲置募集资金进行现金管理的议案》之日起不超过 12 个月， 在上述额度及期限内， ...

上海市锦天城律师事务所 关于浙江锦华新材料股份有限公司 2025 年第四次临时股东会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于浙江锦华新材料股份有限公司 2025 年第四次临时股东会的 法律意见书 致：浙江锦华新材料股份有限公司 一、本次股东会的召集人资格及召集、召开程序 本次股东会由公司董事会根据 2025 年 10 月 28 日召开的第六届董事会第十 三次会议决议召集。公司已于 2025 年 10 月 28 日在北京证券交易所网站 （https://www.bse.cn/）刊登了《浙江锦华新材料股份有限公司关于召开 2025 年 第四次临时股东会通知公告（提供网络投票）》（公告编号：2025-136），并决 定于 2025 年 11 月 13 日 13 点 00 分在浙江省衢州市高新技术园区中俄科技合作 园 A-25-5 号公司会议室召开 2025 年第四次临时股东会，本次股东会采取现场投 票与网络投票相结合的方 ...

证券代码：920015 证券简称：锦华新材 公告编号：2025-140 浙江锦华新材料股份有限公司 2025 年第四次临时股东会决议公告 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、会议召开和出席情况 5.会议主持人：雷俊 6.召开情况合法合规的说明： 本次股东会的召集、召开符合《中华人民共和国公司法》等有关法律、行政 法规及《浙江锦华新材料股份有限公司章程》的规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 16 人，持有表决权的股份总数 96,377,761 股，占公司有表决权股份总数的 71.0925%。 （一）会议召开情况 1.会议召开时间：2025 年 11 月 13 日 2.会议召开地点：公司会议室 3.会议召开方式：现场投票和网络投票相结合方式 4.会议召集人：董事会 其中通过网络投票参与本次股东会的股东共 13 人，持有表决权的股份总数 1,874,115 股，占公司有表决权股份总数的 1.3824%。 （三）公司董事、高级管理人员出席或列席股东会情况 1. 公司在任 ...

Core Viewpoint - On November 11, 2025, Jinhua New Materials (920015) was listed on the Dragon and Tiger List due to a turnover rate of 24.08%, with a trading volume of 7.4728 million shares and a transaction amount of 448 million yuan [1][2]. Trading Activity Summary - The top buying seat was China Galaxy Securities Co., Ltd. Shanghai Changning District Zhenning Road Securities Business Department, with a purchase amount of 7.0171 million yuan [1][2]. - The top selling seat was Guosen Securities Co., Ltd. Shenzhen Hongling Middle Road Securities Business Department, with a selling amount of 15.4547 million yuan [1][2]. - Other notable buying and selling activities included: - CITIC Securities Co., Ltd. Shanghai Yingkou Road Securities Business Department bought 6.7086 million yuan and sold 6.3109 million yuan [2]. - Shenwan Hongyuan Securities Co., Ltd. Guangdong Shenzhen Fuhua First Road Securities Business Department bought 5.7411 million yuan and sold 18,900 yuan [2].

锦华新材（920015）今日下跌8.55%，全天换手率24.08%，成交额4.48亿元，振幅8.56%。龙虎榜数据显 示，营业部席位合计净卖出1630.79万元。 北交所公开信息显示，当日该股因日换手率达24.08%上榜，营业部席位合计净卖出1630.79万元。 具体来看，今日上榜营业部中，第一大买入营业部为中国银河证券股份有限公司上海长宁区镇宁路证券 营业部，买入金额为701.71万元，第一大卖出营业部为国信证券股份有限公司深圳红岭中路证券营业 部，卖出金额为1545.47万元。 近半年该股累计上榜龙虎榜22次，上榜次日股价平均涨0.60%，上榜后5日平均涨2.44%。（数据宝） 锦华新材11月11日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 中国银河证券股份有限公司上海长宁区镇宁路证券营业 部 | 701.71 | 30.11 | | 买二 | 中信建投证券股份有限公司上海营口路证券营业部 | 670.86 | 631.10 | | 买三 | 申万宏源证券有限公司广 ...

Core Viewpoint - Jinhua New Materials (920015.BJ) reported a closing price of 58.40 yuan, with a decline of 8.55% [1] Company Summary - Western Securities analyst Cao Senyuan published a report on November 10, 2023, covering Jinhua New Materials, highlighting its leadership in silane crosslinking agents and the potential growth from breaking the monopoly in electronic-grade hydroxylamine aqueous solution [1] - The report initiated coverage with an "Overweight" rating for Jinhua New Materials [1]

Group 1: Xinhua Insurance (601336.SH) - The core conclusion indicates that Xinhua Insurance's high equity investment ratio is expected to continue contributing to earnings elasticity as the capital market trends upward [6][7] - The liability side is undergoing a transformation towards dividend insurance, with accelerated growth in bancassurance channels and reforms in individual insurance channels, positioning the company for sustained business leadership [6] - The report anticipates significant profit improvement driven by dual efforts on both asset and liability sides, initiating coverage with a "Buy" rating [6] Group 2: Jinhua New Materials (920015.BJ) - Jinhua New Materials is positioned as a leading player in silane crosslinking agents, with stable growth expected in its core business and a second growth curve anticipated from hydroxylamine aqueous solution, which is set to break existing monopolies [9][10] - The company is projected to achieve total revenue of 1.04 billion, 1.31 billion, and 1.66 billion yuan from 2025 to 2027, with corresponding net profits of 200 million, 250 million, and 320 million yuan [9][10] - The current stock price corresponds to a PE ratio of 45.4, 35.8, and 28.0 for the years 2025 to 2027, with an initial coverage rating of "Add" [9][10] Group 3: Zhongke Feimeasure (688361.SH) - Zhongke Feimeasure is recognized as a leading provider of semiconductor quality control equipment, with a revenue of 702 million yuan in the first half of 2025, reflecting a year-on-year growth of approximately 51.39% [12][13] - The company is expected to achieve revenues of 2.061 billion, 3.128 billion, and 4.413 billion yuan from 2025 to 2027, with net profits projected at 184 million, 411 million, and 718 million yuan [12][13] - The current stock price corresponds to a PS ratio of 23.17, 15.27, and 10.82 for the years 2025 to 2027, with an initial coverage rating of "Add" [12][13] Group 4: Changan Automobile (000625.SZ) - Changan Automobile's sales in October 2025 reached 278,000 units, marking an 11% year-on-year increase, with cumulative sales from January to October totaling 2.374 million units, up 10% [15][17] - The company is expected to achieve revenues of 187 billion, 209.6 billion, and 229.7 billion yuan from 2025 to 2027, with year-on-year growth rates of 17.1%, 12.1%, and 9.6% [17] - The current stock price corresponds to an EPS of 0.64, 0.85, and 1.06 yuan for the years 2025 to 2027, maintaining a "Buy" rating [17] Group 5: Xingye Co., Ltd. (601799.SH) - Xingye Co., Ltd. reported a revenue of 10.71 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 16.09%, with a net profit of 1.141 billion yuan, also up 16.76% [30][31] - The company is expected to achieve net profits of 1.719 billion, 2.115 billion, and 2.682 billion yuan from 2025 to 2027, maintaining a "Buy" rating [31][32] - The company is expanding into the robotics sector, indicating a strategic move towards new growth areas [31]

Summary of Key Points Core Viewpoint - On November 10, the total trading volume of individual stocks on the Beijing Stock Exchange reached 952 million shares, with a total transaction value of 20.186 billion yuan, reflecting a decrease of 1.317 billion yuan compared to the previous trading day. A total of 127 stocks closed higher, while 145 stocks closed lower [1]. Trading Performance - The number of stocks with a closing price increase was 127, accounting for 45.20% of the tradable stocks. The top gainers included Taipeng Intelligent, Anda Technology, and Gaisi Food, with increases of 13.62%, 13.02%, and 8.78% respectively [1]. - Conversely, 145 stocks experienced a decline, with Zhongcheng Consulting, Fangsheng Co., and Haidar showing the largest drops of 7.63%, 5.35%, and 4.57% respectively [1]. Transaction Details - A total of 51 stocks had transaction values exceeding 100 million yuan, with the highest transaction values recorded for Anda Technology (1.068 billion yuan), Better Ray (727 million yuan), and Jinhua New Materials (522 million yuan) [1]. - The trading activity indicated that 22 stocks had a turnover rate exceeding 10%, with 6 stocks exceeding 20%. The stocks with the highest turnover rates were Zhongcheng Consulting (44.96%), Gaisi Food (40.63%), and Can Energy (37.44%) [1]. Stock Performance Table - A detailed table of stock performance was provided, highlighting closing prices, percentage changes, turnover rates, and transaction values for various stocks, including Anda Technology, Better Ray, and Gaisi Food [1][2][3][4][5][6][7][8][9].

Market Overview - As of November 10, the Shanghai Composite Index closed at 4018.60 points, up 21.04 points, with a gain of 0.53% [1] - The Shenzhen Component Index closed at 13427.61 points, up 23.56 points, with a gain of 0.18% [1] - The ChiNext Index closed at 3178.83 points, down 29.38 points, with a loss of 0.92% [1] Stock Performance - A total of 81 A-shares had a turnover rate exceeding 20% on this day, indicating significant trading activity [1] - Notable stocks with high turnover rates included: - Haili Heavy Industry (002255) with a turnover rate of 54.19% and a closing price of 14.86 CNY, up 3.34% [1] - Zhongneng Electric (300062) with a turnover rate of 52.40% and a closing price of 11.12 CNY, down 2.28% [1] - Xue Ren Group (002639) with a turnover rate of 50.85% and a closing price of 15.00 CNY, up 7.45% [1] Notable Stocks with High Turnover Rates - The following stocks also exhibited significant turnover rates: - C Daming (603376) at 49.12% turnover, closing at 46.12 CNY, down 9.50% [1] - Qing Shui Yuan (300437) at 46.35% turnover, closing at 17.59 CNY, up 19.99% [1] - Zhongzhi Technology (301361) at 46.11% turnover, closing at 40.68 CNY, up 4.33% [1] Additional High Turnover Stocks - Other stocks with notable turnover rates included: - C Delijia (603092) at 44.10% turnover, closing at 72.82 CNY, up 3.26% [1] - Haike New Source (301292) at 43.80% turnover, closing at 48.50 CNY, up 14.33% [1] - Bluefeng Biochemical (002513) at 42.39% turnover, closing at 8.86 CNY, up 0.34% [1]