Core Viewpoint - Zhejiang Kema Material Co., Ltd. has officially listed on the Beijing Stock Exchange, leveraging its leading T2 core technology and strong performance in the automotive parts sector, positioning itself as a high-quality investment target in the capital market [1] Financial Performance - The company has demonstrated robust revenue and profit growth, with revenues recorded at 202 million, 199 million, 249 million, and 139 million for the years 2022 to 2025 and the first half of 2025, respectively, showing a strong year-on-year growth of 11.37% in the first half of 2025 [2] - The non-net profit has also seen significant growth, reaching 37 million, 44 million, 69 million, and 43 million during the same periods, indicating improved business revenue capacity and profit quality [2] - The gross margin has increased to 50.19% in the first half of 2025, driven by the transition to the T2 process, with the T2 dry friction plate achieving a gross margin of 51.36% [2] Technological Advantage - The T2 dry extrusion process is globally leading, providing a strong competitive edge for the company. This process significantly enhances environmental performance, production efficiency, and product quality compared to the traditional T1 wet process [3] - Kema Material is the first domestic company to achieve large-scale industrial application of the T2 process, establishing a solid industry barrier through its technological scarcity [3] Revenue Structure - The T2 dry friction plate has become the company's main revenue driver, with revenues of 86 million, 152 million, 235 million, and 130 million from 2022 to the first half of 2025, increasing its revenue share from 43.04% to 97.00% in the first half of 2025 [4] Market Demand - The market demand for dry friction plates is expanding, particularly in the commercial vehicle sector, where manual transmission models dominate due to their cost-effectiveness and efficiency. The AMT automatic transmission is also gaining traction in the European and American markets [6] - In the passenger vehicle sector, the rise of hybrid electric vehicles is driving demand, with the proportion of vehicles requiring dry friction plates reaching 27.94% in 2024 [6][7] - The export market for "motor vehicle clutches and their parts" has shown steady growth, increasing from 7.569 billion to 9.176 billion from 2022 to 2024, indicating strong demand in emerging markets [7] Strategic Initiatives - Kema Material is strategically expanding into the wet paper-based friction plate market, aiming to capitalize on domestic replacement opportunities, with a focus on increasing the domestic production rate [8] - The company plans to use 73.32% of the 206 million raised from its IPO for upgrading the T2 dry extrusion process, which will add an annual production capacity of 10 million plates [8] - Kema Material holds 80 authorized patents and has participated in drafting 13 national and industry standards, establishing a closed-loop innovation mechanism to support its domestic replacement strategy [8]

| 7 | 冠亚投资控股有限 | 否 | 否 | C | 230,000 | 0.2749% | 0 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 公司 | | | | | | | | 8 | 周建法 | 否 | 否 | C | 212,500 | 0.2539% | 0 | | 9 | 赵阳 | 否 | 否 | C | 160,000 | 0.1912% | 0 | | 10 | 廖翔宇 | 否 | 否 | C | 150,000 | 0.1793% | 0 | | 11 | 上海证券有限责任 | 否 | 否 | C | 122,000 | 0.1458% | 0 | | | 公司 | | | | | | | | 12 | 张英鹏 | 否 | 否 | C | 111,683 | 0.1335% | 0 | | 13 | 吴俊 | 否 | 否 | C | 110,000 | 0.1315% | 0 | | 14 | 熊健 | 否 | 否 | C | 102,754 | 0.1228% | 0 | | 15 | 何学东 | 否 | 否 | C | ...

Core Viewpoint - The article discusses the recent surge in IPO activities on the Beijing Stock Exchange (北交所), highlighting the rapid pace of new stock listings and the strong market performance of newly listed companies, indicating a positive trend for investors and the market overall [3][4][6]. Group 1: IPO Activities - Three listing committee meetings and two new stock listings occurred within a week, with Aisheren (爱舍伦) debuting on January 21, 2026, and experiencing a significant first-day increase of 175.59%, closing at 44.04 yuan per share [3][4]. - Aisheren's IPO details include an issuance price of 15.98 yuan per share, a price-to-earnings ratio of 14.99, and total funds raised amounting to 270 million yuan [4]. - The upcoming listing of Guoliang New Materials (国亮新材) is set for January 22, 2026, contributing to a total of three new stocks listed in January [5]. Group 2: Market Performance - In 2025, the Beijing Stock Exchange had 26 new stocks listed, averaging about two per month, with some months seeing up to five listings [6]. - The average first-day increase for new stocks in 2025 was approximately 368%, with notable performers like Dapeng Industrial (大鹏工业) achieving a 1211.11% increase [6][8]. - The strong performance of new stocks has led to a significant market expectation for continued high returns, with no stocks experiencing a first-day drop in 2025 [6][8]. Group 3: Listing Review Acceleration - The listing review process on the Beijing Stock Exchange has accelerated, with six committee meetings held in January 2026 alone, indicating a trend of increased efficiency in the IPO process [7][8]. - Analysts note that the review process for specialized and innovative companies has become notably quicker, with some companies moving from application to approval in just a few months [8]. - The focus of the listing reviews appears to be on high-tech and advanced manufacturing sectors, reflecting a strategic support for these industries [8]. Group 4: Subscription and Frozen Capital - The subscription for new stocks has seen a significant increase, with frozen capital exceeding 800 billion yuan for several recent IPOs, indicating strong investor interest [9][12]. - Aisheren attracted 695,800 participants in its subscription, with a total frozen capital of 8789.21 million yuan [14]. - The upcoming IPOs of Nongda Technology (农大科技) and Meidel (美德乐) are expected to further increase the frozen capital, reflecting ongoing investor enthusiasm for new listings [16].

Core Viewpoint - On January 21, 2026, Kema Materials (920086) was featured on the stock exchange's "Dragon and Tiger List" due to a significant trading activity, with a turnover rate of 32.96% and a transaction volume of 6.2056 million shares, amounting to 247 million yuan [1]. Trading Activity Summary - The trading method was continuous bidding, with a notable turnover rate of 32.96% [1]. - The total transaction volume reached 6.2056 million shares, with a total transaction value of 247 million yuan [1]. - The top buying seat was from Guosen Securities Co., Ltd., Shenzhen Hongling Middle Road Securities Business Department, purchasing 6.1123 million yuan [2]. - The top selling seat was from Eastmoney Securities Co., Ltd., Lhasa East Ring Road Second Securities Business Department, selling 5.1323 million yuan [2].

Core Viewpoint - Koma Materials (920086) experienced a decline of 2.46% today, with a turnover rate of 32.96% and a transaction volume of 247 million yuan, indicating significant trading activity [2] Trading Activity - The stock was listed on the North Exchange due to its turnover rate reaching 32.96%, with institutional net purchases amounting to 614,500 yuan [2] - According to statistics from Securities Times Data Treasure, the top five trading departments accounted for a total transaction volume of 53.94 million yuan, with a buying volume of 30.50 million yuan and a selling volume of 23.44 million yuan, resulting in a net purchase of 7.07 million yuan [2] - Among the trading departments, one institutional specialized seat was present, with a buying amount of 4.72 million yuan and a selling amount of 4.10 million yuan, leading to a net purchase of 614,500 yuan [2] Detailed Trading Data - The top five buying and selling departments included: - Buy One: Guosen Securities, Shenzhen Hongling Middle Road, buying 6.11 million yuan, selling 936,900 yuan - Buy Two: Dongfang Caifu Securities, Lhasa Tuanjie Road, buying 5.65 million yuan, selling 3.98 million yuan - Buy Three: CITIC Securities, Beijing Dongcheng Branch, buying 5.01 million yuan, selling 441,400 yuan - Buy Four: Institutional Specialized, buying 4.72 million yuan, selling 4.10 million yuan - Buy Five: Guojin Securities, Shenzhen Branch, buying 4.66 million yuan, selling 1.84 million yuan [2]

Group 1 - The core point of the news is the issuance of new stocks in the market, with a total of 8 companies raising a cumulative amount of 7.498 billion yuan so far this year, averaging 937 million yuan per company [1][2] - The newly issued stocks include 2 from the Shanghai main board, 1 from the Sci-Tech Innovation Board, and 5 from the Beijing Stock Exchange, with total fundraising amounts of 4.158 billion yuan, 1.561 billion yuan, and 1.779 billion yuan respectively [1] - The company with the highest fundraising amount is Zhenstone Co., Ltd., raising 2.919 billion yuan primarily for the construction of fiberglass product production bases and composite material production bases [1] Group 2 - The average initial issuance price of new stocks this year is 28.82 yuan, with the highest price being 92.18 yuan for Hengyun Chang, followed by Meidele and Nongda Technology at 41.88 yuan and 25.00 yuan respectively [2] - The geographical distribution of newly issued stocks shows a concentration in Zhejiang, Liaoning, and Jiangsu, with the highest fundraising amounts from Zhejiang, Guangdong, and Chongqing at 3.163 billion yuan, 1.561 billion yuan, and 1.240 billion yuan respectively [2] - The detailed list of newly issued stocks includes Zhenstone Co., Ltd. with 26,105.50 million shares at 11.18 yuan raising 2.919 billion yuan, and Hengyun Chang with 1,693.06 million shares at 92.18 yuan raising 1.561 billion yuan [2]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on sectors with high growth potential and policy support, indicating a positive outlook for certain segments [3]. Core Insights - The market is driven by dual factors of policy direction and earnings certainty, particularly in sectors like ultra-high voltage and power grid equipment, which are benefiting from a significant investment plan by the State Grid [3]. - The commercial aerospace sector is showing signs of stability due to technological breakthroughs, which are attracting investment into specialized companies [3]. - Short-term focus should be on the implementation pace of State Grid investments and the progress of commercial aerospace technology, as these will directly impact the valuation elasticity of high-end manufacturing sectors [3]. - Long-term potential exists for the North Exchange as a platform for specialized and innovative enterprises, with a focus on balancing growth and valuation [3]. Summary by Sections Market Review - On January 19, the North Exchange A-share trading volume reached 240.3 billion yuan, a decrease of 64.0 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1548.63, up 0.02% [8][13]. - Among 288 companies listed, 118 saw an increase in stock price, while 163 experienced a decline [15]. Key News - The National Bureau of Statistics reported a GDP growth of 5% for 2025, with the total GDP reaching 1,401,879 billion yuan [2]. - Concerns are rising over potential supply shortages of high-speed SSD controller chips due to increased demand driven by AI applications [18]. Company Announcements - Tai Kai Ying announced the lifting of restrictions on 15,275,901 shares, representing 6.91% of its total share capital, effective January 22, 2026 [19]. - Hua Wei Design also announced the lifting of restrictions on 287,850 shares, representing 0.2792% of its total share capital, effective January 22, 2026 [23].

Group 1 - The core point of the article is that Kema Materials (920086) was listed on the Longhu List on January 20, 2026, due to a high turnover rate of 42.48% and significant trading volume of 7.9977 million shares, amounting to a total transaction value of 333 million yuan [1][2][3] Group 2 - The top buying seat was from Dongfang Caifu Securities Co., Ltd., Lhasa East Ring Road Second Securities Business Department, with a purchase amount of approximately 6.51 million yuan [1][2] - The top selling seat was also from Dongfang Caifu Securities Co., Ltd., Lhasa Tuanjie Road Second Securities Business Department, with a selling amount of approximately 7.12 million yuan [1][2] - The trading activity indicates a significant interest in Kema Materials, as evidenced by the high turnover and substantial trading amounts [1][2]

Group 1 - Koma Materials (920086) experienced a price increase of 3.08% with a turnover rate of 42.48% and a trading volume of 333 million yuan, showing a fluctuation of 9.07% [2] - Institutional investors net bought 2.51 million yuan, while brokerage seats collectively net sold 5.15 million yuan on the same day [2] - The stock was listed on the North Exchange due to its turnover rate reaching 42.48%, with institutional specialized seats net buying 2.51 million yuan [2] Group 2 - The top five brokerage seats accounted for a total transaction volume of 58.07 million yuan, with buying transactions amounting to 27.71 million yuan and selling transactions totaling 30.36 million yuan, resulting in a net sell of 2.64 million yuan [2] - Among the brokerage seats, one institutional specialized seat was noted, which had a buying amount of 4.28 million yuan and a selling amount of 1.77 million yuan, leading to a net buy of 2.51 million yuan [2]

IPO Pipeline Overview - As of January 18, there are 328 companies in the IPO pipeline, with 21 on the Shanghai Main Board, 43 on the Sci-Tech Innovation Board, 19 on the Shenzhen Main Board, 41 on the Growth Enterprise Market, and 204 on the Beijing Stock Exchange [1][2]. Newly Listed Companies - Two companies were newly listed between January 12 and January 18: Chongqing Zhixin Industrial Co., Ltd. on the Shanghai Main Board (stock code: 603352) and Zhejiang Kema Friction Material Co., Ltd. on the Beijing Stock Exchange (stock code: 920086) [3][4]. - Chongqing Zhixin closed at 68.58 CNY per share, with a rise of 213.44% and a trading volume of 2.527 billion CNY, achieving a turnover rate of 78.67% [4]. - Zhejiang Kema closed at 54.95 CNY per share, with a rise of 371.27% and a trading volume of 988 million CNY, achieving a turnover rate of 96.14% [5]. New Counseling Records - Eleven companies were newly registered for counseling between January 12 and January 18, including Shandong Tianjiao Biotechnology Co., Ltd. and Shanghai Beibian Technology Co., Ltd. [6][7]. Companies Passing Review - Six companies successfully passed the review process from January 12 to January 18, including Hangzhou Gaote Electronic Equipment Co., Ltd. and Suzhou Lianxun Instrument Co., Ltd. [11][12]. Companies Obtaining Registration Approval - Five companies received registration approval between January 12 and January 18, including Hangzhou Mirui Technology Co., Ltd. and Shenzhen Shangshui Intelligent Co., Ltd. [15][16]. Terminated Review - Jiangsu Yadian Technology Co., Ltd. withdrew its IPO application during the period from January 12 to January 18 [18][19].