每经讯，2025年10月13日，北交所上市公司锦华新材（920015，收盘价：53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1026.32万股，成交金额5.08亿元。买一席位为国信证券股份有限公司深圳红岭中路证券营 业部，买入1255.58万元；卖一席位为广发证券股份有限公司深圳东滨路营业部，卖出1802.85万元。 每日经济新闻 （记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 ...

Group 1 - The report emphasizes the normalization of the Beijing Stock Exchange (BSE) issuance, focusing on seven key indicators and a five-dimensional quantitative model to identify high-quality stocks for investment opportunities [3][11][19] - The seven indicators include net assets, market capitalization, net profit attributable to the parent company, return on equity (ROE), revenue growth rate, R&D investment, and revenue proportion, which cover aspects of scale, profitability, growth, and innovation [3][12][20] - The five-dimensional model assesses industry prosperity, company competitiveness, financial health, market scarcity, and risk controllability to filter for "high growth, high barrier, and high scarcity" companies on the BSE [19][20] Group 2 - As of October 10, 2025, a total of 39 new stocks have been successfully listed on the BSE since 2024, with an average net asset of 619 million yuan and an average first-day market capitalization of 3.573 billion yuan [11][12] - The average revenue for these companies in 2024 was 743 million yuan, with an average net profit of 92 million yuan and an average ROE of 17.89% [12][13] - The report identifies seven high-quality companies currently in the second round of inquiries and not yet approved for listing, including JieLi Technology, JinTai Co., MiRui Technology, DingLi Technology, YuanLi Digital, ShangHang Technology, and HaiFeiMan [3][21][24] Group 3 - The BSE 50 Index closed at 1,506.91 points with a TTM PE of 70.79X, while the specialized and innovative index reported 2,596.13 points with a TTM PE of 80.25X [4][31][36] - The average daily trading volume for BSE A-shares reached 19.338 billion yuan, reflecting a 16.39% increase from the previous week, with a daily turnover rate of 4.21% [4][28][30] - The report highlights the performance of various sectors, indicating that high-end equipment, information technology, new chemical materials, consumer services, and pharmaceutical biology sectors have varying TTM PEs, suggesting a focus on technology growth and undervalued stocks [4][26][31]

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The North Exchange's stock trading activity remains active, with a total of 277 listed companies and a total market capitalization of 868.79 billion yuan as of September 30, 2025 [11][10] - The North Exchange 50 index has a PE-TTM of 50.90 times, ranking in the 88.25th percentile over the past two years, while the PB-MRQ is 13.18 times, in the 95.46th percentile [24][25] - The report highlights a mixed performance across industries, with the only rising sector being construction materials, while defense, agriculture, social services, food and beverage, and telecommunications sectors saw declines [32][29] Summary by Sections Market Overview - The North Exchange's trading volume for September was 26.028 billion shares, with a transaction value of 615.638 billion yuan, showing a 0.2% increase in volume but a 4.1% decrease in value compared to the previous month [10][15] - The average daily margin balance reached 7.673 billion yuan, an increase of 11.28% month-on-month, with peak margin balances nearing 8 billion yuan [21][21] Valuation - As of September 30, 2025, the North Exchange 50 index's PE-TTM is 50.90 times, and the PB-MRQ is 13.18 times, indicating high valuation levels compared to historical data [24][25] - The highest median PE among industries is in light manufacturing at 104 times, followed by computer and construction materials at 98 and 88 times respectively [25][28] Industry Performance - The North Exchange's dual indices showed a downward trend in September, with the specialized index down 4.44% and the North Exchange 50 down 2.90% [29][30] - The only sector that saw an increase was construction materials, while significant declines were noted in defense, agriculture, social services, food and beverage, and telecommunications [32][29] New Listings - Three new companies were listed this month: Sanxie Electric (920100.BJ), Jinhua New Materials (920015.BJ), and Shichang Co., Ltd. (920022.BJ) [11][3] - The total number of listed companies on the North Exchange is now 277, with a total market capitalization of 868.79 billion yuan [11][10]

Core Viewpoint - Jin Hua New Materials (920015) experienced a decline of 4.49% today, with a turnover rate of 25.61% and a trading volume of 380 million yuan, indicating significant market activity and selling pressure [2][2][2] Trading Activity - The stock was listed on the龙虎榜 due to its turnover rate reaching 25.61%, with a total net selling amount of 15.39 million yuan from brokerage seats [2][2] - The top five brokerage seats accounted for a total transaction volume of 112 million yuan, with buying transactions amounting to 48.18 million yuan and selling transactions totaling 63.58 million yuan, resulting in a net selling of 15.39 million yuan [2][2] - The largest buying brokerage was Dongfang Caifu Securities, with a purchase amount of 10.98 million yuan, while the largest selling brokerage was Guangfa Securities, with a selling amount of 13.67 million yuan [2][2] Historical Performance - Over the past six months, the stock has appeared on the龙虎榜 five times, with an average price drop of 3.02% the day after being listed and an average decline of 5.72% over the following five days [2][2]

每经讯，2025年10月10日，北交所上市公司锦华新材（920015，收盘价：48.09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25.61%，成交数量794.78万股，成交金额3.8亿元。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1097.87万元；卖一席位为广发证券股份有限公司临沂孝河路营业部，卖出1367.07万元。 | | 2025-10-10锦华新材(920015) 龙虎榜 | | | | --- | --- | --- | --- | | 序号 | 交易营业部名称 | 买入金额(元) | 卖出金额(元) | | | 东方财富证券股份有限公司拉萨团结路第二证券营业部 | 10978678.17 | 6652601.39 | | | 东北证券股份有限公司北京三里河东路证券营业部 | 10728458.36 | 4615107.31 | | | 长城证券股份有限公司佛山南海城南二路证券营业部 | 9627057.89 | 0 | | | 中信建投证券股份有限公司厦门杏东路证券营业部 | 6323034.21 | 1392665.8 | | | 国泰海通证券股份 ...

Issuance and Market Performance - In the first nine months of 2025, a total of 15 companies completed their IPOs, raising 4.9 billion yuan, surpassing the total fundraising of 2024[2] - In September, three companies went public, raising 0.92 billion yuan, maintaining an accelerated IPO pace[2] - The average first-day increase for newly listed companies in September was 397%, with the average for Q3 2025 at 339%[2][24] Subscription Trends - The average subscription amount for September reached a record high of 724.8 billion yuan, with the average for Q3 at 130.7 million yuan, significantly higher than the previous quarter's 91.8 million yuan[2][27] - The average subscription amount for the first nine months of 2025 was 607.9 billion yuan, a substantial increase from 36.9 billion yuan in 2023 and 212.9 billion yuan in 2024[27] - The average expected return for top-tier subscriptions in September was 46,000 yuan, with an overall expected return of 340,000 yuan for the first nine months[31] Company Quality and Financial Metrics - The average revenue for newly listed companies in 2024 was 0.89 billion yuan, with an average net profit of 0.13 billion yuan, indicating a significant improvement in financial metrics compared to previous years[35] - The average gross margin for newly listed companies in 2024 was 28%, reflecting an upward trend in company quality[35] Market Dynamics and Risks - The online subscription success rate has decreased to an average of 0.044% in the first nine months of 2025, indicating increasing competition for new shares[27] - Risks include potential changes in IPO review policies and market enthusiasm for new listings[2]

Summary of Key Points Core Viewpoint - On October 9, the Beijing Stock Exchange (BSE) saw a total trading volume of 817 million shares and a trading value of 19.133 billion yuan, marking an increase of 2.99 billion yuan compared to the previous trading day. A total of 125 stocks closed higher, while 150 stocks closed lower [1]. Trading Performance - The trading volume for the day was 817 million shares, with a total trading value of 19.133 billion yuan, which is an increase of 2.99 billion yuan from the previous day [1]. - Among the stocks traded, 125 stocks (45.29%) closed higher, with notable gainers including: - Lingge Technology: +29.98% - Changfu Co.: +29.99% - Jiuling Technology: +18.97% - Tianli Composite: +18.39% - Ruiqi Intelligent Manufacturing: +10.90% [1][2]. - Conversely, 150 stocks closed lower, with significant declines in: - Luqiao Information: -17.24% - Tonghui Information: -10.91% - Digital Human: -8.73% [1]. Stock Activity - A total of 56 stocks had a trading value exceeding 10 million yuan, with the highest trading values recorded for: - Lingge Technology: 663.25 million yuan - Jinhua New Materials: 630.65 million yuan - Beiterui: 544.87 million yuan [1][2]. - In terms of trading activity, 16 stocks had a turnover rate exceeding 10%, with three stocks exceeding 20%: - Jinhua New Materials: 41.84% - Changfu Co.: 29.25% - Lingge Technology: 26.01% [1].

Group 1 - The core point of the news is that JinHua New Materials (920015) experienced a significant increase of 8.23% in its stock price, with a high turnover rate of 41.84% and a total trading volume of 631 million yuan [1][2] - Institutional investors showed strong interest, with a net purchase of 5.34 million yuan, while the total net buying from the top five trading departments amounted to 16.05 million yuan [1][2] - The trading data indicates that two institutional special seats were involved, with a combined buying amount of 24.13 million yuan and selling amount of 18.79 million yuan, resulting in a net purchase of 5.34 million yuan [2] Group 2 - The top trading departments included an institutional special seat with a buying amount of 23.99 million yuan and no selling, indicating strong institutional support [2] - Other notable buying departments included AiJian Securities and GuoXin Securities, contributing to the overall positive trading sentiment [2] - The selling side was led by an institutional special seat that sold 18.79 million yuan, but the overall net buying remained positive, reflecting a bullish outlook on the stock [2]

Market Overview - On September 30, the total trading volume of individual stocks on the Beijing Stock Exchange reached 679 million shares, with a total transaction value of 16.142 billion yuan, a decrease of 0.793 billion yuan compared to the previous trading day [1] - Among the tradable stocks, 108 stocks closed higher, accounting for 39.13% of the total, with notable gainers including *ST Yun Chuang, Tongli Co., and Qifeng Precision, which rose by 13.11%, 5.79%, and 4.85% respectively [1] - Conversely, 162 stocks closed lower, with significant declines seen in Jinhua New Materials, Luqiao Information, and Wuxin Tunnel Equipment, which fell by 12.23%, 6.55%, and 5.91% respectively [1] Trading Activity - A total of 40 stocks had transaction values exceeding 100 million yuan, with Jinhua New Materials, Better Ray, and Wuxin Tunnel Equipment leading at 765.38 million yuan, 469.12 million yuan, and 405.34 million yuan respectively [1] - In terms of trading activity, 10 stocks had a turnover rate exceeding 10%, with one stock exceeding 20%. Additionally, 28 stocks had turnover rates between 5% and 10%, while 220 stocks had turnover rates between 1% and 5% [1] - The stocks with the highest turnover rates included Jinhua New Materials at 49.77%, Lingge Technology at 17.52%, and Tianhong Lithium at 16.39% [1] Notable Stocks - Jinhua New Materials closed at 46.52 yuan with a decline of 12.23% and a turnover rate of 49.77%, leading in transaction value at 765.38 million yuan [1] - Better Ray closed at 33.00 yuan, up by 0.95%, with a turnover rate of 1.28% and a transaction value of 469.12 million yuan [1] - Wuxin Tunnel Equipment closed at 62.05 yuan, down by 5.91%, with a turnover rate of 7.26% and a transaction value of 405.34 million yuan [1]

锦华新材（920015）今日下跌12.23%，全天换手率49.77%，成交额7.65亿元，振幅19.24%。龙虎榜数据 显示，营业部席位合计净卖出1292.13万元。 锦华新材9月30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 | 东海证券股份有限公司厦门嘉禾路证券营业部 | 1856.36 | 652.41 | | 买二 | 东方财富证券股份有限公司拉萨团结路第二证券营业部 | 1524.32 | 1041.30 | | 买三 | 广发证券股份有限公司深圳东滨路营业部 | 1431.21 | 309.76 | | 买四 | 国信证券股份有限公司深圳红岭中路证券营业部 | 1162.74 | 948.28 | | 买五 | 开源证券股份有限公司上海自由贸易试验区分公司 | 935.35 | 0.00 | | 卖一 | 国泰海通证券股份有限公司上海江苏路营业部 | 65.09 | 2669.41 | | 卖二 | 国金证券股份有限公司深圳分公司 | 212.99 | 203 ...