本周策略观点： 本周市场行情： 北交所新股： 2025 年 06 月 29 日 北证并购增资渐活跃，二级轮动格 局未变 ——北交所策略周报（20250623-20250629） 新三板动态： ⚫ 本周新挂牌 6 家，摘牌 6 家，周新增计划融资 0.49 亿元，完成融资 1.01 亿元。 风险提示： ⚫ 个股业绩季度波动过大风险，宏观经济波动的风险。 专 题 研 究 相关研究 - 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 研究支持 郑菁华 A0230525060001 zhengjh@swsresearch.com 汪秉涵 A0230123090006 wangbh@swsresearch.com 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 汪秉涵 (8621)23297818× wangbh@swsresearch.com f 新 三 板 研 究 证 券 研 究 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提 ...

北交所新股发行市场在2025年上半年表现火爆，虽然仅有6只新股成功上市，但赚钱效应十分明显。这6只新股上市首日涨幅均超过150%，引发市场高度关 注和投资者热烈追捧。其中最为引人注目的是6月26日登陆北交所的广信科技，该股上市首日走势极为强劲，收盘大涨500%，成为今年新股中"首秀"表现最 为惊艳的股票。次日该股继续上涨近17.78%，其出色表现得益于低市盈率发行、业绩增长预期强劲以及军工概念的加持。 3月12日上市的星图测控同样表现出色，目前股价较发行价已上涨13.47倍，市值达到111.89亿元。该公司专业从事航天测控管理、航天数字仿真业务，属于 国家级专精特新"小巨人"企业。公司业务起源于航天特种领域，凭借核心技术团队在特种领域多年积累的技术优势，现已全面拓展至特种领域、民用航天和 商业航天领域。公司依托完全自主化的核心技术，成功研发出洞察者系列产品。北交所IPO审核节奏明显加快，6月以来共受理65家企业的IPO申请，仅6月 27日一天就受理11家，其中包括赛英电子、科蓝环保、百英生物、钜芯科技等多家科技企业。 来源：金融界 北交所个股表现令人瞩目，涨幅惊人的"黑马"股票不断涌现。数据统计显示，共有26 ...

6月27日，北交所个股合计成交量14.38亿股，成交额347.58亿元，成交额相对上一交易日减少55.41亿 元，个股来看，收盘上涨的共152只。 | 835305 | *ST云创 | 11.47 | -8.68 | 13.39 | 12785.46 | | --- | --- | --- | --- | --- | --- | | 873167 | 新赣江 | 26.60 | 4.11 | 11.47 | 12737.89 | | 870204 | 沪江材料 | 23.03 | -3.15 | 10.69 | 12386.56 | | 872895 | 花溪科技 | 35.04 | -3.97 | 12.06 | 12333.36 | | 830964 | 润农节水 | 8.77 | 1.62 | 10.42 | 12314.22 | | 832978 | 开特股份 | 25.47 | 0.39 | 4.50 | 11818.78 | | 832491 | 奥迪威 | 29.55 | 0.34 | 3.40 | 11646.40 | | 832735 | 德源药业 | 36.10 | 0.84 | 3.09 ...

Group 1 - Guangxin Technology (920037) experienced a significant increase of 17.78% in its stock price, with a trading volume turnover rate of 47.42% and a total transaction amount of 931 million yuan, showing a price fluctuation of 18.70% [2] - The stock was listed on the North Exchange due to its high turnover rate, with a total net selling amount of 36.39 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction amount of 189 million yuan, with a buying amount of 76.18 million yuan and a selling amount of 113 million yuan, resulting in a net selling of 36.39 million yuan [2] Group 2 - The largest buying brokerage was Wanhua Securities Co., Ltd. Taizhou Branch, with a buying amount of 13.75 million yuan, while the largest selling brokerage was Caixin Securities Co., Ltd. Shaoyang Chengbei Road Securities Brokerage, with a selling amount of 48.66 million yuan [2] - Detailed trading information shows that the top five buying brokerages had significant buying amounts, while the top five selling brokerages had substantial selling amounts, indicating active trading behavior [2]

| | 血净 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 301595 | 太力 科技 | 2025.05.19 | 218.48 | 4586.76 | 3.66 | 0.00 | | 688755 | 汉邦 | 2025.05.16 | 102.46 | 4176.33 | 5.48 | 0.00 | | | 科技 | | | | | | | 301636 | 泽润 | 2025.05.16 | 99.52 | 2306.48 | 2.31 | 0.00 | | | 新能 | | | | | | | 920068 | 天工 | 2025.05.13 | 411.93 | 681.83 | 0.54 | 0.00 | | | 股份 | | | | | | | 301560 | 众捷 | 2025.04.25 | 179.39 | 3208.37 | 3.01 | 0.00 | | | 汽车 | | | | | | | 001400 | 江顺 | 2025.04.24 | 78.53 | 1922.83 | 1.92 | 0.00 | | ...

市场表现方面，6月26日获融资净买入超500万元个股平均上涨31.99%，涨幅居前的有广信科技、克莱 特、国航远洋，分别上涨500.00%、6.49%、3.82%， 下跌的有9只，跌幅居前的有联迪信息、艾融软 件、星辰科技。 活跃度来看，获融资净买入超500万元个股6月26日加权平均换手率为16.24%，换手率居前的有广信科 技、星辰科技、晟楠科技等，日换手率分别为75.11%、38.07%、33.17%，当日北交所股票日均换手率 为7.03%。（数据宝） 6月26日融资余额增加居前的北交所股票 | 代码 | 简称 | 6月26日涨跌幅 | 最新融资余额 | 较上一日增加 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | （万元） | （万元） | （%） | 业 | | 839790 | 联迪信 息 | -12.01 | 5090.89 | 1418.43 | 1.64 | 计算机 | | 430139 | 华岭股 份 | -2.56 | 7838.00 | 1100.04 | 1.14 | 电子 | | 83 ...

Summary of Key Points Core Viewpoint - The trading volume and turnover of stocks on the Beijing Stock Exchange (BSE) showed significant activity, with a total trading volume of 1.714 billion shares and a turnover of 40.299 billion yuan, marking an increase of 1.975 billion yuan compared to the previous trading day. A total of 101 stocks closed higher, indicating a positive market sentiment [1]. Trading Activity - On June 26, the BSE saw a total trading volume of 1.714 billion shares and a turnover of 40.299 billion yuan, which is an increase of 1.975 billion yuan from the previous day [1]. - Among the traded stocks, 101 stocks closed higher, accounting for 37.69% of the total tradable stocks. Notable gainers included GuoXin Technology, which surged by 500.00%, and YouJi Co., which rose by 28.96% [1][2]. - Conversely, 163 stocks closed lower, with the largest declines seen in LianDi Information (-12.01%) and ZhiSheng Information (-8.74%) [1]. Stock Performance - GuoXin Technology (920037) experienced a remarkable increase of 500.00%, with a closing price of 60.00 yuan and a turnover of approximately 1.273 billion yuan [2]. - The stock with the highest turnover was GuoXin Technology, followed by TongHui Information and LianDi Information, with turnovers of 1.274 billion yuan, 1.096 billion yuan, and 1.006 billion yuan, respectively [2]. - The trading activity was characterized by high turnover rates, with 75 stocks having a turnover rate exceeding 10%, and 30 stocks exceeding 20% [2]. Market Sentiment - The overall market sentiment on the BSE was positive, as indicated by the number of stocks that closed higher compared to those that closed lower. The significant rise in trading volume and turnover reflects increased investor interest and activity in the market [1][2].

Core Viewpoint - Hunan Guangxin Technology Co., Ltd. (stock code: 920037.BJ) was listed on the Beijing Stock Exchange, with a significant opening price of 50.00 CNY and a closing price of 60.00 CNY, resulting in a 500% increase and a total market capitalization of 5.308 billion CNY [1] Company Overview - Guangxin Technology specializes in the supply of insulating fiber materials and their molded products, primarily used in power transmission and transformation systems, electrified railways, new energy industries, and military equipment [1] - Before the issuance, Wei Dongyun held 45.65% of the company's shares, and Wei Yaqin held 15.15%, together controlling 60.80% of the company [1] Financial Performance - The company reported revenues of 304.29 million CNY in 2022, 420.07 million CNY in 2023, and 577.54 million CNY in 2024, with net profits of 14.72 million CNY, 49.40 million CNY, and 116.17 million CNY respectively [6][7] - The revenue growth rates were 38.05% in 2022 and 37.49% in 2023, while net profit growth rates were significantly higher at 235.55% and 135.14% [6] - For Q1 2025, the company achieved a revenue of 17.51 million CNY, a 54.48% increase year-on-year, with net profit reaching 4.37 million CNY, up 128.53% from the previous year [8] Fundraising and Investment Plans - Guangxin Technology raised a total of 200 million CNY, with a net amount of 171.06 million CNY after deducting issuance costs, which were 28.94 million CNY [4] - The funds will be allocated to the expansion of electrical insulation new materials, the construction of a research and development center, and to supplement working capital [5] Future Projections - The company expects revenues for the first half of 2025 to be between 360 million CNY and 390 million CNY, representing a year-on-year growth of approximately 38.63% to 50.19% [9][10] - Projected net profits for the same period are estimated to be between 90 million CNY and 100 million CNY, indicating a growth of 78.65% to 98.50% [9][10]

Group 1 - The A-share market experienced a narrow fluctuation on June 26, 2025, with the defense and military industry sectors leading the gains, showing an increase of over 2% [4] - A new stock, Guangxin Technology, was listed on the A-share market, with its price surging over 500% during the trading session [5][6] - The Hong Kong stock market showed a lackluster performance, with the Hang Seng Index mostly declining, while several brokerage stocks exhibited significant volatility [10][12] Group 2 - Guotai Junan International's stock saw an astonishing rise of nearly 90% before unexpectedly dropping, with a trading range exceeding 100% [12] - On June 24, 2025, Guotai Junan International announced that its wholly-owned subsidiary, Guotai Junan Securities (Hong Kong) Limited, received approval from the Hong Kong Securities and Futures Commission to upgrade its license for providing virtual asset trading services [14] - Victory Securities in the Hong Kong market also experienced a sudden surge, with its price increasing by over 160% during the session [14] Group 3 - Guangxin Technology specializes in insulation fiber materials and their molded products, primarily used in power transmission systems, electrified railways, and military equipment [7][8] - The company has established long-term partnerships with leading transformer manufacturers, becoming a core supplier of insulation fiber materials and molded products [8]

Company Overview - N Guangxin (920037) was listed on the Beijing Stock Exchange today, opening at 50.00 yuan, representing a 400.00% increase from the issue price [2] - The company focuses on the research, production, and sales of high-performance insulating fiber materials and their molded products, primarily used in power transmission and transformation systems, electrified railways, new energy industries, and military equipment [2] IPO Details - The company issued 20 million shares at an issue price of 10.00 yuan, with an earnings per share (EPS) ratio of 7.61 times [2] - The online issuance was 16 million shares, which was increased to 19 million shares due to an oversubscription mechanism, with 3 million shares allocated to online investors, accounting for 15.00% of the initial issuance [2] - The total effective subscription for the online issuance was approximately 55,254,937.78 million shares, resulting in a subscription multiple of 2908.15 times and an allocation ratio of 0.03% [2] Financial Performance - The company's projected net profits for 2022, 2023, and 2024 are 14.72 million yuan, 49.44 million yuan, and 116 million yuan, respectively [3]