Group 1 - The core point of the article is that Liujin Technology, listed on the Beijing Stock Exchange, experienced significant trading activity on February 2, 2026, with a turnover rate of 30.68% and a transaction volume of 71.43 million shares, amounting to 983 million yuan [1] - The buying activity was led by an institutional investor, which purchased shares worth 19.78 million yuan, while the selling was primarily conducted by Guoxin Securities, which sold shares worth 22.12 million yuan [1] - The trading method used was continuous bidding, indicating a high level of market interest and volatility for the stock on that day [1]

Group 1 - The report highlights the recent issuance of a notification by the National Development and Reform Commission and the National Energy Administration to improve the capacity pricing mechanism for power generation, which aims to adapt to the needs of the new power system and market structure [6][9]. - As of the end of 2025, China's cumulative installed capacity of new energy storage is expected to reach 213.3 GW, representing a year-on-year growth of 54%. The market share of lithium-ion batteries in new energy storage is projected to increase significantly from 8.2% at the end of the 13th Five-Year Plan to 65.8% by the end of the 14th Five-Year Plan [12][19]. - The report identifies 13 core companies in the energy storage industry chain listed on the Beijing Stock Exchange, including Changhong Energy, Haixi Communication, and others, which are involved in various aspects of energy storage technology and products [28][29]. Group 2 - The median price-to-earnings (P/E) ratio for the new energy industry on the Beijing Stock Exchange has decreased from 37.1X to 35.9X, with the median market capitalization dropping from 27.2 billion to 24.2 billion [31][32]. - The report notes that the median P/E ratio for electronic equipment companies on the Beijing Stock Exchange has declined from 65.8X to 61.1X, indicating a shift in market valuation trends [31][32]. - The report indicates that the median P/E ratio for mechanical equipment companies has decreased from 44.6X to 42.3X, reflecting changes in investor sentiment and market conditions [31][32].

Core Viewpoint - On January 30, 2026, Liujin Technology (920021) was featured on the trading leaderboard of the Beijing Stock Exchange due to a turnover rate of 32.28%, with a trading volume of 75.16 million shares and a transaction value of 972 million yuan [1]. Group 1: Trading Activity - The trading method for Liujin Technology was continuous bidding, with a turnover rate reaching 32.28% [1]. - The total transaction volume was 75.16 million shares, amounting to 972 million yuan [1]. - The top buying seat was from Guosen Securities Co., Ltd., Shenzhen Internet Branch, purchasing 22.48 million yuan worth of shares [2]. Group 2: Buying and Selling Details - The top selling seat was an institutional account, selling shares worth 21.19 million yuan [2]. - Other notable buying activities included Dongwu Securities and Dongfang Caifu Securities, with purchases of approximately 18.52 million yuan and 15.21 million yuan, respectively [2]. - The selling activities also involved multiple securities firms, with significant sales from Guosen Securities and Dongfang Caifu Securities [2].

Core Insights - The report indicates that since the fourth quarter, the funding structure of the Beijing Stock Exchange (BSE) has shown a "dual expansion" characteristic, with both the number and attention towards index funds steadily increasing, forming a preliminary bottom position for index products. Concurrently, some active funds are beginning to identify individual stocks with growth potential and undervaluation advantages, transitioning from a concentrated to a structured optimization approach, maintaining overall market stability [7][16] - From the market ecology perspective, the concentration of index constituent stocks has increased, and the valuation anchoring effect is gradually becoming evident. Some newly listed stocks with solid fundamentals and low coverage have become focal points for new incremental funds. As the allocation logic evolves towards the medium to long term, the market style is gradually shifting to a "selected + low turnover" characteristic. Overall, the current valuation of the BSE market offers relative cost-effectiveness, with a resonance structure among index funds, active funds, and new stock supply, which is expected to provide medium-term support for the market [7][16] Market Review and Valuation - As of January 29, 2026, the BSE 50 Index rose by 6.64% in January, with a maximum increase of 3.96% during the period. Among BSE stocks, 222 stocks increased, 69 stocks decreased, and none remained flat [8][17] - The average PE (TTM) of the BSE 50 Index as of January 29, 2026, is 64.50 times, with a median of 64.74 times. In comparison, the average PE (TTM) of the ChiNext Index is 43.24 times, and the Sci-Tech Innovation Board is 175.49 times [22] New Stock Dynamics - In January, four new stocks were listed on the BSE, bringing the total number of listed companies to 291 as of January 29, 2026. From January 1 to January 30, 2026, five companies were subscribed and five were listed [32] Key Company Announcements - The report includes various company announcements, highlighting significant contracts and operational updates from companies such as Copper Crown Mining, Taihu Yuanda, and Dana Biotechnology, which indicate ongoing business activities and strategic developments [40]

AI 驱动权威信源回流，渠道资源壁垒深厚 ——流金科技点评报告 电视广播Ⅱ 执业证书编号：S0740525020002 Email：xianglan@zts.com.cn | 基本状况 | | --- | | 总股本(百万股) | 309.00 | | --- | --- | | 流通股本(百万股) | 232.84 | | 市价(元) | 10.85 | | 市值(百万元) | 3,352.65 | | 流通市值(百万元) | 2,526.34 | 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 公司点评报告 1、《核心业务承压，技术转型蓄力 未来增长》2025-06-24 2、《电视频道覆盖龙头服务商，微 2025-03-19 流金科技（920021.BJ） 证券研究报告/公司点评报告 2026 年 01 月 29 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | | 2023A | 20 ...

Market Performance - On January 29, 2026, the North Exchange 50 index decreased by 1.69%, closing at 1,536.00 points[1] - The overall trading volume on the North Exchange was 29.703 billion CNY, with a turnover rate of 4.79%[1] - The total market capitalization of the North Exchange was 937.031 billion CNY, with a circulating market value of 583.083 billion CNY[1] Sector Performance - The top-performing sectors included Oil & Petrochemicals (+30.0%), Media (+19.8%), and Food & Beverage (+5.1%) on the same day[1] - The sectors with the largest declines were Non-ferrous Metals (-3.3%), Electric Power Equipment (-2.5%), and Social Services (-1.9%)[1] Stock Performance - Among the 291 listed companies, 85 saw an increase, 3 remained flat, and 203 experienced a decline[1] - The leading gainers included Keli Co. (+29.99%), Liujin Technology (+19.82%), and Meibang Technology (+12.70%) while the largest decliners were Nongda Technology (-12.93%), Guangxin Technology (-9.91%), and Aweite (-7.91%)[1] Valuation Metrics - The overall valuation of the North Exchange was approximately 48.50 times earnings, which is higher than the ChiNext's 45.59 times but lower than the Sci-Tech Innovation Board's 79.67 times[1] - The highest average P/E ratio by sector was in Non-ferrous Metals at 140.1 times, followed by Oil & Petrochemicals at 106.2 times and Food & Beverage at 90.1 times[1] Risks - Potential risks include lower-than-expected policy support, insufficient technological innovation, intensified market competition, and market volatility[1][16]

AI 驱动权威信源回流，渠道资源壁垒深厚 ——流金科技点评报告 电视广播Ⅱ 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 执业证书编号：S0740525020002 Email：xianglan@zts.com.cn | 基本状况 | | --- | | 总股本(百万股) | 309.00 | | --- | --- | | 流通股本(百万股) | 232.84 | | 市价(元) | 10.85 | | 市值(百万元) | 3,352.65 | | 流通市值(百万元) | 2,526.34 | 1、《核心业务承压，技术转型蓄力 未来增长》2025-06-24 2、《电视频道覆盖龙头服务商，微 2025-03-19 流金科技（920021.BJ） 证券研究报告/公司点评报告 2026 年 01 月 29 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | | 2023A | 2024A | 2 ...

证券代码：920021 证券简称：流金科技 公告编号：2026-003 北京流金岁月传媒科技股份有限公司 2025 年年度业绩预 告公告 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。 2025 年 1 月 1 日至 2025 年 12 月 31 日。 (二)业绩预告情况 √年度净利润实现扭亏为盈 单位：万元 | 项目 | 本报告期 | 上年同期 | 变动比例% | | --- | --- | --- | --- | | 归属于上市 公司 | 825～1,070 | -2,408.97 | 134.25%～144.42% | | 股东的净利润 | | | | 二、本期业绩重大变化的主要原因 报告期内归属于上市公司股东的净利润同比增长，主要因以下几方面影响： （1）公司加强应收账款管理，本期业务回款良好，本期计提的信用减值损 特别提示：本公告所载 2025 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2025 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一、本期业 ...

Group 1 - The core point of the article is that Liujin Technology (stock code: 920021) experienced significant trading activity on January 29, 2026, with a price fluctuation of 36.28% and a trading volume of 101 million shares, amounting to a total transaction value of 1.279 billion yuan [1][3]. Group 2 - The top buying seat was from Changcheng Securities Co., Ltd. Northwest Branch, which purchased shares worth approximately 38.98 million yuan [2]. - The top selling seat was from Dongguan Securities Co., Ltd. Sichuan Branch, which sold shares worth approximately 19.75 million yuan [2]. - Other notable buying and selling activities included various securities firms, with significant amounts traded by institutions and other branches of Dongfang Caifu Securities [2].

Group 1 - The core point of the article highlights that Liujin Technology, listed on the Beijing Stock Exchange, experienced significant trading activity on January 27, 2026, with a turnover rate of 26.46% and a transaction volume of 61.6024 million shares, amounting to 758 million yuan [1] - The top buying seat was from Dongfang Caifu Securities Co., Ltd., which purchased shares worth 13.5465 million yuan, while the top selling seat was from Guoxin Securities Co., Ltd., which sold shares worth 33.5538 million yuan [1]