北交所公开信息显示，当日该股因日换手率达53.44%上榜，机构专用席位净卖出331.19万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.87亿元，其中，买入成交额为7654.65 万元，卖出成交额为1.11亿元，合计净卖出3431.91万元。 具体来看，今日上榜的营业部中，共有2家机构专用席位现身，即买三、卖三，合计买入金额1620.24万 元，卖出金额1951.43万元，合计净卖出331.19万元。（数据宝） 锦华新材9月29日交易公开信息 | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 国信证券股份有限公司广州东风中路证券营业部 | 1368.69 | 58.77 | | 买二 | 广发证券股份有限公司深圳东滨路营业部 | 1270.79 | 1729.61 | | 买三 | 机构专用 | 1208.75 | 160.72 | | 买四 | 中信建投证券股份有限公司厦门杏东路证券营业部 | 1055.71 | 511.06 | | 买五 | 国信证券股份有限公司深圳红岭中路证券营业部 | ...

Core Insights - The total trading volume on the Beijing Stock Exchange reached 702 million shares with a trading value of 16.936 billion yuan, a decrease of 2.521 billion yuan compared to the previous trading day [1] - Among the traded stocks, 166 stocks closed higher, accounting for 60.14% of the total, with notable gainers including Guoyuan Technology, Lingge Technology, and Liwang Co., which rose by 14.41%, 14.39%, and 9.23% respectively [1] - Conversely, 106 stocks closed lower, with *ST Yunchuang, Henghe Co., and Jiahua Technology experiencing declines of 5.65%, 5.61%, and 5.12% respectively [1] Trading Activity - A total of 38 stocks had a trading value exceeding 100 million yuan, with the highest trading values recorded for Jinhua New Materials, Better Ray, and Tianhong Lithium Battery at 900 million yuan, 534 million yuan, and 470 million yuan respectively [1] - The trading activity showed that 9 stocks had a turnover rate exceeding 10%, with 2 stocks exceeding 20%. Additionally, 34 stocks had a turnover rate between 5% and 10%, while 217 stocks had a turnover rate between 1% and 5% [1] Stock Performance - The top-performing stocks in terms of closing price and percentage increase included: - Jinhua New Materials: Closing price of 53.00 yuan, down 3.58%, turnover rate of 53.44%, trading value of 899.84 million yuan [1] - Better Ray: Closing price of 32.69 yuan, up 3.29%, turnover rate of 1.47%, trading value of 533.94 million yuan [1] - Tianhong Lithium Battery: Closing price of 35.00 yuan, up 4.14%, turnover rate of 19.38%, trading value of 469.62 million yuan [1] - Notable declines were observed in stocks such as *ST Yunchuang, which closed at 10.53 yuan, down 5.65%, with a trading value of 41.96 million yuan [4]

IPO Pipeline Overview - As of September 28, there are 279 companies in the IPO pipeline, with 20 on the Shanghai Main Board, 37 on the Sci-Tech Innovation Board, 23 on the Shenzhen Main Board, 28 on the Growth Enterprise Market, and 168 on the Beijing Stock Exchange [2] - The total number of companies in various stages includes 11 accepted, 238 under inquiry, 9 approved, 4 suspended, and 14 submitted for registration [3] Newly Listed Companies - From September 22 to September 28, five companies were newly listed: - Shanghai YouSheng Aluminum Co., Ltd. on September 23, stock code 603418 [4] - Shanghai Jianfa Zhixin Medical Technology Group Co., Ltd. on September 25, stock code 301584 [6] - Suzhou Huichuan United Power System Co., Ltd. on September 25, stock code 301656 [7] - Zhejiang Jinhua New Materials Co., Ltd. on September 25, stock code 920015 [8] - Beijing HaoChuang RuiTong Electric Equipment Co., Ltd. on September 26, stock code 301668 [9] Company Performance on Listing Day - Shanghai YouSheng Aluminum closed at 79.50 CNY per share, with a 71.48% increase and a trading volume of 2.412 billion CNY [5] - Shanghai Jianfa Zhixin closed at 36.56 CNY per share, with a 418.58% increase and a trading volume of 1.477 billion CNY [6] - Suzhou Huichuan United Power closed at 30.90 CNY per share, with a 147.60% increase and a trading volume of 4.118 billion CNY [7] - Zhejiang Jinhua New Materials closed at 42.29 CNY per share, with a 133.00% increase and a trading volume of 1.132 billion CNY [8] - Beijing HaoChuang RuiTong closed at 60.06 CNY per share, with a 190.76% increase and a trading volume of 1.188 billion CNY [9] New Counseling Record Companies - Ten companies were newly recorded for counseling from September 22 to September 28, including: - Chongqing Radio and Television Digital Media Co., Ltd. [10] - Chengxing Aviation Co., Ltd. [11] - Shanghai Qixiang New Materials Technology Co., Ltd. [12] - Anhui Dachang Technology Co., Ltd. [13] - Shandong Ocean Shipping Group Co., Ltd. [14] - Sichuan Daohong New Materials Co., Ltd. [15] - Jiangxi Changxing Aviation Equipment Co., Ltd. [16] - Shanghai Chaoqun Testing Technology Co., Ltd. [17] - Shanghai Wenyin Electric Co., Ltd. [18] - Aike Medical Devices (Beijing) Co., Ltd. [19] Companies Approved for Registration - Four companies received registration approval from September 22 to September 28: - Hai'an Rubber Group Co., Ltd. on September 25 [20] - China Uranium Corporation on September 26 [21] - Jiangsu Jingchuang Electric Co., Ltd. on September 26 [22] - Harbin Itama Dapeng Industrial Co., Ltd. on September 26 [23]

Macro Strategy - The LPR remained unchanged in September, with the 1-year and 5-year rates at 3.00% and 3.50% respectively, reflecting a stable monetary policy in China [3] - A-shares experienced a high-level fluctuation with the Shenzhen Component Index rising by 1.06% and the ChiNext Index increasing by 1.96% during the week of September 22-26, 2025, driven by positive market sentiment and expectations of favorable policies [4] Industry Overview - The semiconductor and wind power equipment sectors showed strong performance with weekly increases of 7.64% and 6.00% respectively, while the tourism and hotel sectors faced declines of -11.65% and -8.38% [6] - The communication equipment and components sectors have seen cumulative gains of 95.45% and 91.96% respectively since the beginning of 2025 [6] North Exchange Market - As of September 26, 2025, the North Exchange had 277 listed stocks, with an average total market value of 883.56 billion, a decrease of 4.14% from the previous week [9] - The liquidity in the North Exchange decreased, with average trading volume dropping by 20.67% to 9.10 billion shares [11] New Materials Industry - The rare earth magnetic materials sector declined by 1.54% this week, underperforming the benchmark [15] - Prices for rare earth minerals continued to adjust, with mixed carbonated rare earth ore prices falling by 2.63% to 3.57% [16] Medical Consumables Industry - Aibo Medical's extended depth of focus intraocular lens received approval, indicating growth potential in the high-end segment of the artificial lens market driven by an aging population [21] - The market for high-value consumables is expected to benefit from recent policy changes and the ongoing demand for diverse medical supplies [24]

Group 1 - The report indicates that the proportion of strong stocks on the Beijing Stock Exchange (北交所) has dropped to a low level, specifically to 20.9%, reflecting a continuous decline in market enthusiasm since the reversal of micro盘 factors in the first half of the year [8][11][14] - The North Exchange 50 index fell by 3.11% this week, underperforming compared to other indices such as the Shanghai Composite Index and the ChiNext Index, with a trading atmosphere declining ahead of the holiday [8][17][18] - The report highlights that sectors such as semiconductors, precious metals, and consumer electronics are performing well, while the consumer and service industries are weaker [8][17] Group 2 - This week, one new stock, JinHua New Materials, was listed on the North Exchange, with a first-day increase of 133% and a turnover rate of 91.23% [30][31] - The report notes that the trading volume on the North Exchange was 4.549 billion shares, a decrease of 20.67% week-on-week, and the trading amount was 106.686 billion yuan, down 21.65% [25][27] - The report mentions that 20 stocks rose while 256 stocks fell, resulting in a rise-fall ratio of 0.08, with notable gainers including Chuangyuan Xinke and Guangxin Technology [37][40]

Group 1 - The report indicates that the North Exchange 50 index decreased by 3.11%, with trading volume dropping by 21.65% compared to the previous week, reflecting a market trend favoring large-cap growth stocks [10][20][28] - The strong stock proportion in the North Exchange fell to 20.9%, nearing the low point observed in April, indicating a decline in market enthusiasm following the reversal of micro盘 factors [10][17][20] - The report highlights that the semiconductor, precious metals, and consumer electronics sectors showed strength, while the consumer and service industries remained weak [10][20] Group 2 - The report notes that 11 new companies were listed and 11 were delisted in the New Third Board, with planned financing of 615 million yuan and completed financing of 49 million yuan [3][58][59] - The newly listed company, Jinhua New Materials, saw a first-day increase of 133% with a trading volume of 1.132 billion yuan [34][35] - The report mentions that the North Exchange's average PE (TTM) is 81.83 times, with a median of 47.08 times, indicating a valuation comparison with other indices [24][32] Group 3 - The report emphasizes the need to monitor the recent breaking phenomenon of micro盘 stocks in the North Exchange, suggesting a potential correction in market style [10][13][15] - It suggests continued attention to the upcoming Q4 index fund issuance and the inflow of funds following the opening of public offerings, as well as the recovery of institutional strength [15][20] - The report identifies specific companies to watch, including Gebijia, Wantong Hydraulic, Kaitai Co., Kangnong Agriculture, Lintai New Materials, Minshida, Tongli Co., and Suzhou Axle [15]

Group 1 - The report highlights the significant performance of the North Exchange (北交所) following the "9.24" policy, with the North Specialized and New Index and North 50 Index increasing by 210.02% and 163.26% respectively from September 23, 2024, to September 24, 2025 [2][12][14] - The report identifies four distinct market phases since the implementation of the "9.24" policy, with the first phase showing the highest growth in the North Specialized and New Index and North 50 Index, at 143.23% and 134.9% respectively [14][18] - The report notes that small-cap companies (market cap below 2 billion) and the information technology sector experienced the largest average gains during the first market phase, with increases of 158.91% and 256.70% respectively [20][21] Group 2 - The second and third market phases (January 13, 2025 - March 18, 2025 and April 7, 2025 - May 21, 2025) also saw significant growth in the North Specialized and New Index, with increases of 53.59% and 45.72% respectively, driven by advancements in AI and technology sectors [22][29] - The report indicates that the fourth market phase (August 1, 2025 - September 24, 2025) was characterized by a rebound in the Sci-Tech Innovation Board and Growth Enterprise Market, with the North Specialized and New Index increasing by 13.88% [39][42] - The report emphasizes that the chemical new materials sector and companies with market caps over 10 billion showed the highest average gains during the fourth phase, with increases of 19.40% and 10.60% respectively [42][44] Group 3 - The report provides insights into the current valuation landscape, noting that the average TTM PE ratios for the North Exchange, Sci-Tech Innovation Board, and Growth Enterprise Market are 17.62X, 32.93X, and 25.33X respectively, indicating that the North Exchange remains undervalued [18][23] - The report highlights that the North Exchange's liquidity has decreased, with an average daily trading volume of 22.162 billion yuan, down 20.71% from the previous week [48][50] - The report categorizes the five major sectors within the North Exchange, with TTM PE ratios for high-end equipment, information technology, chemical new materials, consumer services, and biomedicine being 42.53X, 102.55X, 47.51X, 54.90X, and 44.06X respectively [62][64]

Group 1 - The new stock market is experiencing a slight increase in volatility before the holiday, with short-term new stock sectors likely to continue a trend of oscillation and differentiation [1][11] - The average increase of new stocks listed since 2024 is approximately -0.8%, with about 28.5% of new stocks showing positive returns [1][27] - The upcoming National Day holiday is expected to heighten external uncertainty, impacting market sentiment and pricing indicators, which are currently at relatively high historical levels [2][11] Group 2 - Recent new stock issuance has seen an average price-to-earnings ratio of 14.2X, with a low average subscription success rate of 0.0216% [4][21] - The first-day average increase for newly listed stocks was about 207%, indicating stable trading sentiment, while the average increase for the first week was 178.3% [24][25] - The sectors showing the most significant gains include semiconductor equipment and AI application themes, while those with the largest declines are primarily stocks that had previously shown high activity but have recently lost momentum [27][29] Group 3 - Upcoming new stocks include companies like Ruili Kemi and Yunhan Xincheng, with average issuance price-to-earnings ratios for new stocks expected to be around 19.9X [3][31] - The report suggests focusing on sectors with relative value, particularly in new energy, consumption, and non-ferrous metals, as well as long-term themes like robotics and innovative pharmaceuticals [2][11] - The report emphasizes the importance of flexibility in investment strategies due to the anticipated market volatility surrounding the holiday [38]

Group 1 - Zhejiang Jinhua New Materials Co., Ltd. (referred to as "Jinhua New Materials") has successfully listed on the Beijing Stock Exchange, marking the second company cultivated by Hengshen Group to go public this year [2] - Since its establishment in 2007, Jinhua New Materials has focused on the research, production, and sales of ketoxime series fine chemicals, with major products including silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime [4] - The company has established long-term stable partnerships with well-known domestic and international enterprises such as Bayer and Wanhua Chemical, positioning itself as a leading player in the domestic silane crosslinking agent and hydroxylamine salt sectors [4] Group 2 - The successful listing of Jinhua New Materials is seen as a significant event in its development history and a successful practice of Hengshen Group's strategy of precise investment and industrial collaboration [6] - Jinhua New Materials raised a net amount of 549 million yuan from the listing, which will be used for high-end coupling agent projects, pilot projects, and smart factory construction, further enhancing its technological and production capacity advantages [4] - Hengshen Group aims to leverage its capital cooperation and industry chain resource integration capabilities to help Jinhua New Materials fully utilize its technological and management strengths, accelerating the establishment of the world's largest ketoxime industry base [6]

Group 1 - JinHua New Materials (920015) experienced a daily limit increase of 29.98%, with a turnover rate of 74.80% and a trading volume of 1.158 billion yuan [2][2][2] - The stock was listed on the North Exchange's watchlist due to its significant price movement and turnover rate, with a net buying amount of 94.0162 million yuan from brokerage firms [2][2][2] - The top five brokerage firms accounted for a total transaction volume of 244 million yuan, with a net buying amount of 94.0162 million yuan after deducting selling amounts [2][2][2] Group 2 - The largest buying brokerage was GF Securities Co., Ltd. Shenzhen Dongbin Road branch, with a buying amount of 28.5824 million yuan, while the largest selling brokerage was CITIC Securities Co., Ltd. Xiamen Xingdong Road branch, with a selling amount of 17.8650 million yuan [2][2][2] - Detailed trading data shows that the top five buying brokerages had significant buying amounts, with the second largest being Guotai Junan Securities Co., Ltd. Shanghai Jiangsu Road branch at 27.4113 million yuan [2][2][2] - The selling activities were led by CITIC Securities and Guotai Junan Securities, indicating a notable interest from both buyers and sellers in the stock [2][2][2]