Market Overview - The specialized equipment sector declined by 0.43% on October 13, with Aomeisen leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Top Gainers in Specialized Equipment Sector - Lihexing (301013) saw a significant increase of 20.01%, closing at 37.90 with a trading volume of 848,000 shares and a transaction value of 3.061 billion [1] - Lingge Technology (920284) rose by 16.90%, closing at 46.01 with a trading volume of 130,000 shares and a transaction value of 561 million [1] - ST Xinyuan (300472) increased by 11.96%, closing at 6.46 with a trading volume of 376,200 shares and a transaction value of 234 million [1] Top Losers in Specialized Equipment Sector - Yunmeima (920080) experienced a decline of 8.11%, closing at 34.10 with a trading volume of 95,200 shares and a transaction value of 323 million [2] - Haoyang Co. (300833) fell by 7.94%, closing at 39.64 with a trading volume of 33,000 shares and a transaction value of 132 million [2] - Rutong Co. (603036) decreased by 6.78%, closing at 22.15 with a trading volume of 191,700 shares and a transaction value of 423 million [2] Capital Flow Analysis - The specialized equipment sector saw a net outflow of 1.135 billion from institutional investors and 170 million from retail investors, while retail investors had a net inflow of 1.305 billion [2] - Notable capital inflows included Beikang Technology (600980) with a net inflow of 99.84 million from institutional investors [3] - Zhengfan Technology (688596) had a net inflow of 64.25 million from institutional investors, while experiencing a net outflow of 113 million from retail investors [3]

Investment Rating - The report does not explicitly state an investment rating for the industry [34] Core Insights - The average daily trading volume of all A-shares on the Beijing Stock Exchange reached 19.0 billion yuan, a decrease of 10.9% week-on-week [8][17] - The North Certificate 50 index fell by 1.42% during the week, with an average turnover rate of 2.3% [8][17] - The top five gainers for the week included Aomisen (349.8%), Changfu Co. (29.9%), Lingge Technology (29.8%), Jiuling Technology (15.1%), and Tonghui Electronics (12.1%) [17][18] - The top five losers were Luqiao Information (-12.6%), Tianhong Lithium Battery (-11.8%), Tonghui Information (-10.6%), Digital Human (-8.6%), and Yuanhang Precision (-8.5%) [17][19] Market Overview - The market experienced a significant decline in trading volume, with only two trading days during the week, leading to a synchronized pullback in major indices [3][27] - New stock listings performed well, indicating a structural divergence in market performance [3][27] - Over 40% of the 278 stocks in the market saw an increase, reflecting a pattern of "few active, many stable" [3][27] Key News and Policies - The Shanghai biopharmaceutical industry is expected to exceed 1 trillion yuan this year, with state-owned funds accelerating their layout across the entire chain ecosystem [21] - The Ministry of Industry and Information Technology and other departments adjusted the technical requirements for tax exemptions on new energy vehicles, raising the range threshold for plug-in hybrids and extended-range electric vehicles to 100 km [20][21] Core Driving Factors Analysis - Macro liquidity remains ample, with the central bank conducting a 110 billion yuan reverse repurchase operation, providing a stable liquidity environment for the capital market [23] - The release of long-term benefits from industrial policies, particularly in the biomedical field, is expected to accelerate industry standardization and promote specialized enterprises with core technologies [24][26] Investment Recommendations and Strategies - Short-term impacts from international trade tensions may enhance risk aversion, putting pressure on risk assets [30] - The expectation of supply chain restructuring is rising, with companies possessing supply chain autonomy likely to attract funding [30] - Traditional safe-haven assets such as U.S. Treasuries and gold may see increased demand in the short term [30] - Focus on companies with high R&D investment, leading market share in niche sectors, and capabilities for import substitution [32]

Core Insights - On October 13, 2025, Aomisen (920080) was featured on the stock exchange's "Dragon and Tiger List" due to a significant trading activity, with a turnover rate of 42.02% and a trading volume of 9.52 million shares, amounting to a transaction value of 323 million yuan [1][2]. Trading Activity Summary - The top buying brokerage was Founder Securities Co., Ltd., Beijing Tonglin Road Securities Business Department, with a purchase amount of approximately 7.73 million yuan [1][2]. - The top selling brokerage was GF Securities Co., Ltd., Shenzhen Dongbin Road Business Department, with a selling amount of approximately 5.60 million yuan [1][2]. - Other notable buying brokerages included Huafu Securities and Guojin Securities, with buying amounts of approximately 6.30 million yuan and 5.58 million yuan, respectively [2].

Core Points - Aomisen (920080) experienced a decline of 8.11% today, with a turnover rate of 42.02% and a trading volume of 323 million yuan, showing a fluctuation of 10.25% [2] - The stock was listed on the North Exchange due to its high turnover rate, with a net buying amount of 7.3715 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction amount of 60.7692 million yuan, with a buying amount of 34.0704 million yuan and a selling amount of 26.6989 million yuan, resulting in a net buying of 7.3715 million yuan [2] Brokerage Activity - The largest buying brokerage was Founder Securities Co., Ltd. Beijing Tonglin Road Securities Office, with a buying amount of 7.7258 million yuan [2] - The largest selling brokerage was GF Securities Co., Ltd. Shenzhen Dongbin Road Securities Office, with a selling amount of 5.6050 million yuan [2] - Detailed trading data shows various other brokerages involved in both buying and selling activities, with significant amounts from Huafu Securities and Dongbei Securities [2]

证券研究报告 2025 年 10 月 13 日 星期一 【新股发行跟踪（20251013）】 一、上周新股表现情况 上周（10 月 6 日-10 月 10 日）共有 1 只新股上市，上市首日涨跌幅为 349.82%。 表 1：上周新股表现 新股发行跟踪 图 2：周度新股上市首日涨跌幅均值及破发率 | 股票代码 | 股票简称 | 上市日期 | 上市 | 发行价 | 发行市 | 证监会行业 | 首日收盘 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 板块 | 格（元） | 盈率 | | 涨跌幅(%) | | 920080.BJ | 奥美森 | 2025-10-10 | 北证 | 8.25 | 12.52 | 专用设备制造业 | 349.82 | 资料来源：东莞证券研究所，iFinD 二、周度新股上市情况走势 从周度新股上市规模来看，上周（10 月 6 日-10 月 10 日，下同）较上 上周（9 月 29 日-10 月 3 日，下同）相比，上市新股数量少 1 只，首发募 资金额少 21.79 亿元。 从周度上市新股表现来看，上周与上上周均无 ...

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]

Summary of Key Points Core Viewpoint - This week, five new stocks will be available for subscription, following a significant performance of a new stock last week that surged 3.5 times on its debut [2][5]. Group 1: New Stock Subscriptions - A total of five new stocks will be available for subscription from October 13 to October 17, including one from the Shanghai main board (Chao Ying Electronics), one from the Shenzhen main board (Marco Polo), and three from the Sci-Tech Innovation Board (He Yuan Biological, Xi'an Yicai, and Bi Bei Te) [2][3]. - The subscription schedule is as follows: Marco Polo on Monday, He Yuan Biological on Tuesday, Chao Ying Electronics on Wednesday, Xi'an Yicai on Thursday, and Bi Bei Te on Friday [3]. Group 2: Upcoming IPOs - Three companies will be reviewed for IPO this week: Youxun Co., Angruiwei (Sci-Tech Innovation Board), and Tian Su Measurement (ChiNext) [6][7]. - Angruiwei, established in 2012, focuses on RF front-end chips and RF SoC chip design. It is notable for being the first unprofitable company to apply for an IPO on the Sci-Tech Innovation Board this year [6][7]. - The projected revenues for Angruiwei from 2022 to 2024 are 0.923 billion, 1.695 billion, and 2.101 billion yuan, respectively, with net losses of -0.290 billion, -0.450 billion, and -0.065 billion yuan, leading to a cumulative unrecouped loss of 1.239 billion yuan by the end of 2024 [6][7].

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].