Core Viewpoint - Guangxin Technology (920037) experienced a 2.34% increase in stock price with a trading volume of 439 million yuan and a turnover rate of 21.12% on the day of reporting [2] Trading Activity - The stock was listed on the Longhu list due to its turnover rate reaching 21.12%, with institutional net purchases amounting to 7.42 million yuan [2] - The top five trading departments accounted for a total transaction volume of 125 million yuan, with a net purchase of 1.1752 million yuan [2] - Specific trading details show that one institutional seat was involved, with a net purchase of 7.42 million yuan after buying 10.27 million yuan and selling 2.84 million yuan [2] Historical Performance - Over the past six months, Guangxin Technology has appeared on the Longhu list seven times, with an average price drop of 1.32% the day after being listed and an average decline of 0.61% over the following five days [2]

公告编号：2025-072 证券代码：920037 证券简称：广信科技 主办券商：东兴证券 湖南广信科技股份有限公司 关于签署募集资金三方监管协议的公告 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、募集资金情况概述 湖南广信科技股份有限公司（以下简称"公司"）向不特定合格投资者公开发 行股票并在北京证券交易所上市申请已于 2025 年 4 月 23 日经北京证券交易所上 市委员会审核同意，并于 2025 年 5 月 20 日获得中国证券监督管理委员会（以下 简称"中国证监会"）出具的《关于同意湖南广信科技股份有限公司向不特定合格 投资者公开发行股票注册的批复》（证监许可〔2025〕1078 号）。 公司本次向不特定合格投资者发行股票 2,000.00 万股（超额配售选择权行使 前），每股发行价格为人民币 10 元，募集资金总额为人民币 200,000,000.00 元（超 额配售选择权行使前），扣除不含税的发行费用人民币 28,939,622.65 元（超额配 售选择权行使前），募集资金净额为人 ...

Summary of Key Points Market Overview - On July 7, the total trading volume of stocks on the Beijing Stock Exchange reached 864 million shares, with a total transaction value of 18.57 billion yuan, a decrease of 7.596 billion yuan compared to the previous trading day [1] - Among the tradable stocks, 105 stocks closed higher, accounting for 39.47% of the total, with notable gainers including Fangda New Materials, Caneng Power, and Pano Technology, which rose by 9.92%, 8.70%, and 7.80% respectively [1][2] - Conversely, 158 stocks closed lower, with the largest declines seen in Knight Dairy, Baijia Technology, and Qifeng Precision, which fell by 12.73%, 6.19%, and 5.59% respectively [1][2] Trading Activity - A total of 52 stocks had transaction values exceeding 10 million yuan, with the highest transaction values recorded for Guangxin Technology, Tonghui Information, and Caneng Power, at 506 million yuan, 476 million yuan, and 387 million yuan respectively [1] - In terms of trading activity, 26 stocks had a turnover rate exceeding 10%, with 7 stocks exceeding 20%. Additionally, 43 stocks had turnover rates between 5% and 10%, while 180 stocks had turnover rates between 1% and 5% [1] Notable Stocks - The stocks with the highest turnover rates included Caneng Power at 33.99%, Zhongke Meiling at 33.72%, and Tonghui Information at 31.46% [1] - The closing prices and performance of selected stocks are as follows: - Guangxin Technology: 75.97 yuan, up 2.11%, turnover rate 22.24%, transaction value 505.65 million yuan - Tonghui Information: 11.25 yuan, up 2.74%, turnover rate 31.46%, transaction value 475.69 million yuan - Caneng Power: 24.86 yuan, up 8.70%, turnover rate 33.99%, transaction value 386.55 million yuan [1][2]

Investment Rating - The report maintains an "Accumulate" rating for the industry, indicating a positive outlook for the next 6 to 12 months [1]. Core Insights - The North Exchange has shown a strong performance with the North 50 Index increasing by 6.84% to close at 1439.63 points as of June 28, 2025, outperforming other major indices such as the Shanghai Composite and ChiNext [4][12]. - The total market capitalization of the industry reached 846.65 billion yuan, with an average market value of 3.14 billion yuan per listed company [4][12]. - A significant 94% of the 268 listed companies on the North Exchange experienced price increases during the week, with 252 stocks rising and only 16 declining [20]. Summary by Sections North Exchange Market Overview - As of June 28, 2025, the North Exchange comprises 268 constituent stocks, with an average market capitalization of 3.14 billion yuan. The North 50 Index has risen by 6.84%, while the Shanghai Composite, ChiNext, and Sci-Tech 50 indices have seen increases of 1.95%, 5.69%, and 3.17%, respectively [4][12]. - The top five performing sectors in the A-share market this week were Computer, Defense Industry, Non-Bank Financials, Communication, and Electronic Equipment/Nonferrous Metals, with gains of 7.70%, 6.90%, 6.66%, 5.53%, and 5.11%, respectively [18]. New Listings on the North Exchange - Guangxin Technology officially listed on the North Exchange on June 26, 2025, becoming the 268th listed company, and saw a remarkable first-day increase of 500% [6][26]. Key News from the North Exchange - The North 50 Index has accumulated a 38.72% increase year-to-date, leading all major A-share indices, surpassing the Hang Seng Index's 21.06% increase [33]. - A total of 26 stocks have doubled in value this year, primarily driven by technology innovation companies [33]. Investment Strategy for the North Exchange - The report suggests focusing on high-quality development in the North Exchange for 2025, with specific attention to sectors such as Data Centers, Robotics, Semiconductors, Consumer Goods, and Military Information Technology [31].

Investment Rating - The report maintains an "Increase" rating for the industry, indicating an expected increase of over 10% relative to the benchmark index in the next 6-12 months [3][48]. Core Insights - The North Exchange 50 Index has shown a significant increase of 6.84% this week, closing at 1439.63 points, outperforming major indices such as the Shanghai Composite and the ChiNext [3][14]. - The North Exchange has a total of 268 constituent stocks with an average market capitalization of 3.139 billion [3][14]. - The North Exchange has led the A-share market with a cumulative increase of 38.72% year-to-date, surpassing the Hang Seng Index's increase of 21.06% [43]. Summary by Sections 1. North Exchange Market Overview - The North Exchange 50 Index's performance this week was strong, with a closing increase of 6.84% [3][14]. - The top five performing sectors in the A-share market this week were Computer, Defense Industry, Non-bank Financials, Communication, and Electrical Equipment, with increases of 7.70%, 6.90%, 6.66%, 5.53%, and 5.11% respectively [28][31]. 2. New Stocks on the North Exchange - Guangxin Technology (920037) officially listed on the North Exchange on June 26, becoming the 268th listed company, and saw a remarkable first-day increase of 500% [3][36]. 3. Key News from the North Exchange - The North Exchange has recorded a total of 26 stocks that have doubled in value this year, primarily driven by technology innovation companies [43]. 4. Investment Strategy for the North Exchange - The report suggests focusing on several sectors for the second half of 2025, including: 1. Data Centers: Shuguang Jiaochuang (leading in liquid cooling technology) 2. Robotics: Suzhou Axis (leading in needle roller bearings), Audiwei (ultrasonic sensor "little giant"), JunChuang Technology (benefiting from lightweight trends), and Fuheng New Materials (PEEK materials) 3. Semiconductors: Hualing Co. (leading third-party testing in semiconductors) and Kaide Quartz (domestic leader in 12-inch semiconductor quartz devices) 4. Consumer Goods: Taihu Snow (first silk stock of new national goods), Boshenglong (first creative packaging stock), Lusi Co. (first pet food stock on the North Exchange), Kangbiter (first sports nutrition stock on the North Exchange), and Thunder God Technology (leading in AI + glasses applications) 5. Military Information Technology: Chengdian Guangxin (driven by military aircraft upgrades) and Xingtum Control (rare aerospace measurement and control target benefiting from satellite internet construction) [44].

Investment Rating - The report assigns an "Accumulate" rating for the company [1]. Core Viewpoints - The company is a leading supplier of insulation fiber materials, specializing in products for ultra-high voltage applications, and is well-positioned to benefit from domestic substitution and high growth in the new energy sector [3][4]. - The insulation materials market in China has shown consistent growth, increasing from CNY 654.90 billion in 2018 to CNY 733.6 billion in 2022, representing a growth rate of 12.02% [4][19]. - The company has demonstrated steady revenue and profit growth, with projected revenues of CNY 578 million in 2024 and net profits of CNY 116 million, reflecting a year-on-year growth of 135.1% [3][5]. Summary by Relevant Sections Company Overview - The company specializes in insulation fiber materials and products used in power transmission systems, electrified railways, and military equipment, and is one of the few in China capable of producing insulation materials for 750kV and above [3][14]. - The company has established itself as a leader in the insulation fiber materials sector, with a comprehensive product range covering all voltage levels [3][13]. Industry Context - The insulation materials industry is classified as a strategic emerging industry in China, with significant government support and policy backing, particularly in the context of the country's energy transition and infrastructure investment [4][59]. - The demand for insulation materials is closely linked to the growth of the power sector, with substantial investments in power generation and transmission expected to drive market growth [24][26]. Financial Performance - The company's revenue is projected to grow from CNY 420 million in 2023 to CNY 578 million in 2024, with a compound annual growth rate (CAGR) of 38% [5][3]. - The gross margin is expected to improve from 26.1% in 2023 to 33.5% in 2024, indicating enhanced profitability [5][3]. Market Opportunities - The company is positioned to capitalize on the increasing domestic demand for insulation materials, particularly in the context of the national strategy for high-voltage power grid construction and renewable energy development [26][48]. - The growth of the transformer and motor sectors, driven by energy efficiency upgrades and new energy applications, presents additional opportunities for the company [51][35].

Group 1 - Guangxin Technology (920037) experienced a significant increase of 13.12% in stock price, with a trading volume turnover rate of 30.09% and a total transaction amount of 657 million yuan, indicating high market activity [2] - The stock was listed on the North Exchange's watchlist due to its turnover rate reaching 30.09%, with a net selling amount of 25.95 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction amount of 131 million yuan, with a buying amount of 52.68 million yuan and a selling amount of 78.63 million yuan, resulting in a net selling of 25.95 million yuan [2] Group 2 - The largest buying brokerage was Dongfang Caifu Securities, which purchased 9.12 million yuan, while the largest selling brokerage was Wanhua Securities, which sold 17.30 million yuan [2] - Detailed trading data shows the top five buying and selling brokerages, with significant amounts traded by various firms, indicating active participation in the stock [2] - The trading activity on July 3 reflects a mixed sentiment among investors, with notable buying and selling pressures observed [2]

Core Insights - The IPO market in the first half of 2025 continued the strong momentum from the previous year, with 80% of new stocks yielding over 10,000 yuan in profit per share, and the highest profit exceeding 60,000 yuan [2][3] Group 1: IPO Market Performance - A total of 51 new companies were listed in the A-share market in the first half of 2025, a 15.91% increase from 44 in the same period of 2024 [3] - The average first-day increase for new stocks reached 229.09%, significantly higher than the 136.05% from the previous year [3] - The highest first-day gain was recorded by Jiangnan New Materials, which saw a closing price increase of 606.83% [3] Group 2: New Stock Characteristics - The trend of "low initial price-earnings ratio, low initial price, and low fundraising scale" is continuing in the new stock market [6][10] - The average initial price-earnings ratio for the 51 new companies was 18.84 times, lower than the 22.9 times from the previous year [9] - The average initial price of new stocks was 22.27 yuan per share, down from 25.44 yuan in the same period last year [9] Group 3: Fundraising and Market Dynamics - The total fundraising amount for the 51 new companies was 37.355 billion yuan, an increase from 32.493 billion yuan in the previous year [7] - The average fundraising amount per new company was 9.83 million yuan for the main board, 5.92 million yuan for the growth enterprise market, and 3.69 million yuan for the Beijing Stock Exchange [7][8] - The average online winning rate for new stocks was only 0.0289%, significantly lower than the 0.6690% in 2022 [5]

Core Viewpoint - Guangxin Technology officially listed on the Beijing Stock Exchange, marking a significant milestone in its development journey since its establishment in 2004 [1][6] Company Overview - Guangxin Technology has become a professional supplier in the field of insulating fiber materials and their molded products, with applications in key areas such as power transmission and transformation systems, electrified railways, new energy industries, and military equipment [3] - The company aims to be an industry leader and has established a strong research and development team to drive innovation [3][4] Technological Innovation - The company adheres to an innovation-driven development strategy, investing substantial resources annually in technology innovation and product upgrades [3] - As of December 31, 2024, Guangxin Technology holds 67 valid patents, including 13 invention patents, which enhance product performance and quality [3][4] - The company has developed unique manufacturing technologies, such as ultra/high voltage insulating fiber board manufacturing technology, which fills domestic technical gaps and breaks foreign monopolies [4] Market Development - Guangxin Technology has established strong partnerships with well-known domestic transformer and motor manufacturers, enhancing its market presence and brand influence [5] - The company has cultivated a network of capable distributors, expanding its product sales to various domestic and international markets [5] Capital Empowerment - The successful listing on the Beijing Stock Exchange provides Guangxin Technology with ample funding to expand production capacity, enhance market competitiveness, and support research and development [6] - The funds raised will be primarily invested in electrical insulation new materials expansion projects, R&D center construction, and working capital supplementation [6] Future Outlook - The demand for insulating materials is expected to grow with the recovery of the global economy and the rapid development of new energy and ultra-high voltage industries [7] - The company plans to continue increasing R&D investment, improving product quality, and exploring new business areas to achieve diversified development [7] - Guangxin Technology aims to strengthen collaborations with universities and research institutions to capture industry technological advancements [7]

Core Viewpoint - Guangxin Technology successfully listed on the Beijing Stock Exchange, showcasing its strong focus on high-performance insulation fiber materials and its commitment to technological innovation and research and development [1][2] Group 1: Technological Advancements - The company has broken the foreign monopoly in the ultra-high voltage insulation fiber materials sector, achieving a transition from "import substitution" to "innovation leadership" [2] - Guangxin Technology has developed several core technologies, including "glueless ultra-thick insulation fiber board forming technology" and "glueless insulation paper screw technology," which have been recognized as internationally leading [1][2] - The company has invested in R&D with expenditures of 12.06 million, 15.18 million, and 15.48 million yuan from 2022 to 2024, reflecting a compound annual growth rate of 13.26% [2] Group 2: Market Position and Recognition - Guangxin Technology is one of the few manufacturers in the industry that covers all voltage levels of insulation fiber materials and solutions, earning recognition as a national-level specialized "little giant" enterprise [3] - The company has established long-term partnerships with leading transformer companies such as Tebian Electric, Shandong Electric, and Chint Electric, becoming a core supplier of insulation fiber materials [3][4] Group 3: Financial Performance - From 2022 to 2024, the company's revenue grew from 304 million to 578 million yuan, with a compound annual growth rate of 38%, while net profit surged from 14.72 million to 116 million yuan, an increase of 688% [3][4] - In Q1 2025, the company reported revenue of 175 million yuan, a year-on-year increase of 54.48%, and a profit of 43.72 million yuan, up 128.53% year-on-year, demonstrating strong growth resilience [3] Group 4: Future Outlook - The insulation fiber materials market is expected to grow significantly due to national policy support, with increasing demand in the transformer and electric motor sectors, as well as a steady rise in the domestic localization rate of ultra/high voltage insulation fiber materials [4]