IPO Pipeline Overview - As of October 12, there are 277 companies in the IPO pipeline, with 20 on the Shanghai Main Board, 38 on the Sci-Tech Innovation Board, 22 on the Shenzhen Main Board, 28 on the Growth Enterprise Market, and 169 on the Beijing Stock Exchange [2][3]. New Listings - During the period from October 9 to October 12, Aomisen Intelligent Equipment Co., Ltd. was listed on the Beijing Stock Exchange with the stock code 920080. The company specializes in intelligent manufacturing equipment and reported a closing price of 37.11 yuan per share, reflecting a 349.82% increase and a trading volume of 668 million yuan with a turnover rate of 79.79% on the first day of trading [4][5]. New Counseling Registrations - Four new companies have registered for counseling during the period: - Zhejiang Pengfulong Technology Co., Ltd., focusing on high-performance polymers and their derivatives - Shanxi Tengmao Technology Co., Ltd., specializing in catalytic cracking catalysts and molecular sieves - Hangzhou Zhongxin Wafer Semiconductor Co., Ltd., engaged in semiconductor silicon wafer production - Frank Technology (Shenzhen) Co., Ltd., involved in metal processing fluids and lubricants [6][7][13]. CSRC Registration Approvals - Three companies received registration approvals from the CSRC between October 9 and October 12: - Suzhou Xinguangyi Electronics Co., Ltd., known for high-performance specialty functional materials - Shanghai Yufan Environmental Technology Co., Ltd., focusing on drainage network system diagnostics and maintenance - Zhuhai Nante Metal Technology Co., Ltd., specializing in precision mechanical components [9][10][11]. No Termination of IPOs - There were no companies that terminated or withdrew their IPO applications during the specified period [12][14].

Core Insights - The company Aomeisen (920080) experienced a significant increase of 349.82% on its first trading day, with a turnover rate of 79.79% and a transaction volume of 668 million yuan [2] - The stock's first-day margin trading saw a buy amount of 5.0079 million yuan, accounting for 0.75% of the total trading volume, with a latest margin balance of 4.5682 million yuan, representing 0.54% of the circulating market value [2] Company Overview - Aomeisen is a specialized manufacturer of intelligent equipment, focusing on the research, design, production, and sales of intelligent production devices and production lines [2] - The company's products are widely applicable in various sectors, including electrical appliances, environmental protection, wind power, lithium battery new energy, and other industries, serving as key equipment for achieving automation, intelligence, and efficiency in production [2]

瑞财经 李兰10月13日，据上交所、深交所、北交所，本周3家企业上会，5只新股将进行申购。 上周新股首日涨3.5倍，本周5股申购 回顾上周（10月6日-10月12日），A股迎来了1只"新成员"。在首日表现中，北交所新股奥美森截至收盘大涨349.82%。 本周3家上会，尚未盈利企业昂瑞威冲刺科创板 据悉，本周（10月13日-17日）共3家企业上会，其中包括优迅股份、昂瑞威（科创板）；天溯计量（创业板）。 | 序号 | 企业名称 | 版块 | 上会日期 | | --- | --- | --- | --- | | 1 | 深圳天溯计量检测股份有限公司 | 深交所创业板 | 2025-10-16 | | 2 | 厦门优迅芯片股份有限公司 | 上交所科创板 | 2025-10-15 | | 3 | 北京昂瑞微电子技术股份有限公司 | 上交所科创板 | 2025-10-15 | 其中，昂瑞威成立于2012年，是一家专注于射频前端芯片、射频SoC芯片的集成电路设计企业。上交所官网显示，昂瑞微的IPO申请于今年3月28日获受理。 值得注意的是，其是今年科创板首家获得受理的未盈利申报企业。 2022—2024年，昂瑞微的营收分 ...

Core Points - As of October 10, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) is 7.473 billion yuan, a decrease of 40.23 million yuan from the previous trading day [1] - The stocks with the highest margin financing balances include Shuguang Shuchuang, Better Ray, and Jinbo Biological, with balances of 373 million yuan, 341 million yuan, and 339 million yuan respectively [1] - On October 10, 108 stocks on the BSE received net margin purchases, with 25 stocks having net purchases exceeding 1 million yuan, led by Lingge Technology with a net purchase of 23.06 million yuan [1][2] Industry Summary - The industries with the most stocks receiving net margin purchases over 1 million yuan are machinery equipment, power equipment, and computers, with 6, 5, and 3 stocks respectively [2] - The average increase for stocks with net margin purchases over 1 million yuan on October 10 was 14.44%, with notable increases from Aomeisen (349.82%), Tonghui Electronics (13.61%), and Qifeng Precision (3.18%) [2] - The average turnover rate for stocks with net margin purchases over 1 million yuan was 4.11%, with Aomeisen, Changfu Co., and Lingge Technology having turnover rates of 79.79%, 33.55%, and 22.82% respectively [2] Company Performance - Lingge Technology had a margin balance of 68.48 million yuan, with an increase of 23.06 million yuan, representing 2.57% of its market value [3] - Shuguang Shuchuang experienced a decrease of 5.03% in stock price, with a margin balance of 372.99 million yuan and an increase of 10.67 million yuan [3] - Aomeisen saw a significant increase of 349.82% in stock price, with a margin balance of 4.57 million yuan, marking a substantial increase [3][4]

Core Viewpoint - Aomisen has successfully listed on the Beijing Stock Exchange, with its stock price rising by 349.82% on the first day of trading, indicating strong market interest and confidence in the company's growth potential [1][2]. Fundraising and Financials - The company raised 165 million yuan through the issuance of 20 million shares at an initial price of 8.25 yuan per share, with plans to use the funds for expanding production capacity and building a research and development center [2][4]. - Aomisen's revenue for 2022, 2023, and 2024 is projected to be 279 million yuan, 325 million yuan, and 358 million yuan, respectively, with net profits of 19.39 million yuan, 49.81 million yuan, and 55.82 million yuan [4][5]. - For the first half of this year, the company reported a revenue of 191 million yuan and a net profit of 32.64 million yuan [5]. Business Structure and Product Advantages - The company's core products include intelligent equipment for heat exchangers, which accounted for 68.92% of revenue in 2024, and pipeline processing equipment, which made up 15.33% [6]. - Aomisen holds 467 valid patents and has invested 9.37%, 8.43%, and 8.02% of its revenue in R&D for the years 2022, 2023, and 2024, respectively [6]. - The company aims to leverage national policies on equipment upgrades and recycling to enhance its R&D efforts and expand its product offerings in emerging sectors such as environmental protection, lithium batteries, and wind power [6].

Core Insights - Aomisen debuted on the Beijing Stock Exchange on October 10, with its stock price closing at 37.11 yuan, a 349.82% increase from the issue price of 8.25 yuan [1] - The company raised 165 million yuan through the issuance of 20 million shares, which will be used to expand production capacity for smart equipment and build a research and development center [1][2] - Aomisen specializes in smart production equipment, with applications in electrical, environmental, wind power, and lithium battery sectors, and has shown steady growth in performance in recent years [1][3] Fund Utilization - The raised funds will be allocated to the construction of a production base for digital forming equipment for metal pipes and other customized smart devices, with planned investments of 89.61 million yuan and 75.45 million yuan respectively [2] - The company aims to enhance its production capacity for automated heat exchangers and pipe end processing equipment, solidifying its leading position in the industry and increasing market share [2] Financial Performance - Aomisen's revenue for 2022, 2023, and 2024 is projected to be 279 million yuan, 325 million yuan, and 358 million yuan respectively, with net profits of 19.39 million yuan, 49.81 million yuan, and 55.82 million yuan [2][3] - For the first half of this year, the company reported revenue of 191 million yuan and a net profit of 32.64 million yuan [2] Future Projections - The company anticipates revenue, net profit, and net profit excluding non-recurring items for 2025 to be between 370 million to 420 million yuan, 60 million to 70 million yuan, and 57 million to 67 million yuan respectively, indicating year-on-year growth [3] - In 2024, the revenue composition will see smart equipment for heat exchanger production accounting for 68.92% and pipe processing equipment for 15.33% of total revenue [3] Technological and Market Position - Aomisen holds 467 valid authorized patents and has developed core technologies in forming processes and workpiece transfer [3] - The company plans to increase R&D investment, focusing on high-efficiency energy-saving, digital control, and green manufacturing, while expanding its product system in emerging fields such as environmental protection and lithium batteries [3]

Group 1 - The report highlights the escalation of Sino-US tensions, leading to a decline in global stock indices and a drop of 1.42% in the North Exchange 50 index. The market sentiment has turned cautious due to the announcement of additional tariffs by US President Trump, effective from November 1, 2025, which will impose a 100% tariff on all goods imported from China and export controls on key software [9][10][11]. - The report notes that the North Exchange has shown limited adjustment compared to previous market downturns, indicating that the market's price-performance ratio has reached a favorable level for potential investment opportunities post-adjustment. The strong stock ratio has decreased to 19.8%, which is historically low, and the relative excess return of the CSI 2000 compared to the CSI 1000 has also adjusted to a historical low [9][10][11]. Group 2 - The North Exchange 50 index experienced a decline of 1.42%, with a median PE ratio of 47.40 times. The total trading volume for the week was 16.14 billion shares, with a trading value of 38.008 billion yuan. The margin balance stood at 7.507 billion yuan [22][27][28]. - The report mentions that one new stock, Aomeisen, was listed this week, with a first-day increase of 349.82% and a turnover rate of 79.79%. As of October 10, 2025, there are 278 companies listed on the North Exchange [31][32]. Group 3 - The report indicates that among the stocks listed on the North Exchange, 143 stocks rose while 128 fell, resulting in a rise-fall ratio of 1.12. The top gainers included Changfu Co. and Lingge Technology, both in the machinery sector [38][40]. - The report also highlights the high turnover rates of certain stocks, with Jin Hua New Materials leading at 67.45%, followed by Changfu Co. and Lingge Technology [44]. Group 4 - The report discusses the recent regulatory updates regarding the issuance of convertible bonds and margin trading, aimed at optimizing these processes and enhancing investor protection [49]. - The new third board saw no new listings or delistings this week, with no new financing planned or completed, maintaining a total of 6022 companies listed [50][51].

专 题 研 究 相关研究 证 券 研 究 报 告 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 汪秉涵 A0230525090003 wangbh@swsresearch.com 郑菁华 A0230525060001 zhengjh@swsresearch.com 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 汪秉涵 (8621)23297818× wangbh@swsresearch.com 2025 年 10 月 12 日 中美摩擦升温，短期性价比逐步显 现 ——北交所策略周报（20251009-20251012） 本周策略观点： 本周市场行情： 北交所新股： 研究支持 新三板动态： ⚫ 本周新挂牌 0 家，摘牌 0 家，周新增计划融资 0 亿元，完成融资 0 亿元。 风险提示： ⚫ 个股业绩季度波动过大风险，宏观经济下行的风险。 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供给 中庚基金 使用。1 新 三 板 ...

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]

Core Insights - The IPO market is experiencing significant activity, particularly in the Hong Kong stock market, with a notable number of companies filing for listings, including many dual-listed A+H companies [2][17] - New listings have shown remarkable performance, with companies like Aomisen and Jinye International Group achieving substantial first-day gains and record oversubscription rates [6][8][9][10] Recent Approvals - Guanghetong has received approval for its listing on the Hong Kong Stock Exchange, with projected revenues increasing from 5.203 billion yuan in 2022 to 6.971 billion yuan in 2024 [3] - Tongrentang Medical has also passed its hearing, reporting revenues of 910 million yuan in 2022, with a projected increase to 1.175 billion yuan in 2024 [4] - Haixi New Drug has been approved for listing, with revenues expected to grow from 212.5 million yuan in 2022 to 466.7 million yuan in 2024 [5] New Listings - Aomisen debuted on the Beijing Stock Exchange with a first-day surge of 349.8%, achieving a market capitalization of 2.97 billion yuan [6] - Jinye International Group listed on the Hong Kong Stock Exchange with a staggering oversubscription rate of 11,464.7 times, closing up 330% on its first day [8] - Zhida Technology's IPO was marked by a 192.14% increase on its first trading day, establishing it as a leader in the home electric vehicle charging solutions market [9] - Changfeng Pharmaceutical's shares opened at 48 HKD, a 225.42% increase, with a revenue CAGR of 31.9% projected from 2022 to 2024 [10] Recent Filings - Lantu Motors has filed for a listing on the Hong Kong Stock Exchange, showing significant revenue growth from 6.052 billion yuan in 2022 to 19.361 billion yuan in 2024 [11] - Chengyi Biotechnology has initiated its IPO process, focusing on developing new oral small molecule drugs for cardiovascular and inflammatory diseases [12] - Senyi Medical has filed for an IPO, recognized as a leading AI medical solution provider in China [13] - Annuo Youda has submitted its prospectus for an IPO, specializing in molecular diagnostics and IVD medical devices [14] - WeDoctor is making another attempt to list on the Hong Kong Stock Exchange after previous unsuccessful attempts [15] Market Trends - In the first three quarters of 2025, Chinese companies have shown increased IPO activity, with 161 listings, a 25.8% year-on-year increase, and a total fundraising amount of approximately 193.73 billion yuan [17] - The Hong Kong market saw 60 Chinese companies listed in the first three quarters, reflecting a 53.8% increase compared to the previous year [18]