（记者 曾健辉） 每经讯，2026年2月2日，北交所上市公司美德乐（920119，收盘价：110.36元）登上龙虎榜，交易方式是连续竞价，披露原因是 当日换手率达到30.42%，成交数量438.05万股，成交金额4.96亿元。买一席位为国信证券股份有限公司上海北京东路证券营业 部，买入1466.87万元；卖一席位为华泰证券股份有限公司深圳益田路荣超商务中心证券营业部，卖出1560.14万元。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 每日经济新闻 ...

Index Adjustment - The North Exchange 50 Index will undergo its first adjustment of 2026 on March 16, with three companies expected to be added: Tiangong Co., Ltd., Guangxin Technology, and Jikang Technology[2][14] - The adjustment will remove companies that rank low based on average daily market capitalization, with no substantial impact on the operations of the companies being removed[2][18] Index Fund Growth - The scale of North Exchange 50 index funds has seen significant growth from 2.94 billion CNY in 2022 to 14.165 billion CNY by January 31, 2026[2][18] - The number of products tracking the North Exchange 50 index increased from 16 in 2022 to 79 by the end of January 2026[2][18] Market Performance - The North Exchange 50 Index closed at 1,531.55 points, down 3.59% from the previous week, with a price-to-earnings ratio (PETTM) of 64.12X[2][32] - The overall PE ratio for North Exchange A-shares decreased to 47.58X, while the ChiNext and STAR Market also saw declines in their PE ratios[2][23][32] Liquidity and Trading Activity - The average daily trading volume for North Exchange A-shares was 29.948 billion CNY, reflecting an increase of 11.62% week-over-week[2][26] - The average turnover rate for North Exchange A-shares was 5.88%, up by 0.44 percentage points[2][26] Valuation Trends - As of January 31, 2026, 44.86% of North Exchange companies had a PETTM exceeding 45X, indicating a high valuation environment[2][37] - The valuation gap between North Exchange and other markets is widening, suggesting a relative valuation advantage for North Exchange stocks[2][47]

Trading Activity - The average daily trading amount on the North Exchange increased by 8.83% to 28.738 billion yuan[7] - The weekly turnover rate for the North Exchange was 27.94%[7] - The North Exchange's trading amount accounted for 0.94% of the total market, remaining stable compared to the previous week[11] Index Performance - The North 50 Index declined by 3.59% during the week[16] - Other major indices also experienced declines, with the ChiNext Index down by 0.91% and the Shanghai Composite Index up by 0.10%[16] Sector Analysis - Most sectors on the North Exchange had negative median returns, with the petroleum and petrochemical sector leading with a median increase of 33.99%[21] - The power equipment sector had the largest median decline at -8.07%[21] - The computer industry had the highest median P/E ratio at 139.33 times, indicating high valuation compared to other sectors[21] New Listings - One new stock was offered and two new stocks were listed on the North Exchange during the week[44] - The first-day average price increase for the newly listed stocks was 105.63% for Agricultural University Technology and 186.93% for Meidel[44] New Third Board Trading - The trading scale of the New Third Board decreased, with the innovative tier's trading amount down by 12.08% to 0.965 billion yuan, while the basic tier increased by 22.05% to 0.372 billion yuan[36]

Group 1 - The report highlights the impact of the "Walsh trade" on market risk appetite, indicating a potential shift in global asset allocation and market style due to the nomination of Kevin Walsh as the next Federal Reserve Chair, which has already affected market risk preferences [9][11]. - The North Exchange 50 Index experienced a decline of 3.59% this week, with notable sector rotations observed, where previously high-performing sectors like military and power equipment corrected, while previously lagging sectors such as oil and gas, real estate, food and beverage, and communications rebounded [5][8]. - Key performing sectors this week included space photovoltaic (Liancheng Numerical Control +21.73%), seed industry (Qiule Seed +22.55%, Kangnong Seed +13.5%), and optical communication (Hengdong Light +14.83%, Gebijia +19.72%) [5][8]. Group 2 - The report notes an acceleration in new stock issuances, with five new stocks launched in January 2026, and a total of 123 companies having released performance forecasts by January 30, 2026, indicating a need for expansion in the North Exchange due to its limited number of companies and small market capitalization [10][24]. - The median net profit forecast for companies in the North Exchange is over 80 million yuan, with several companies, including Fujida and Jilin Carbon Valley, expected to see over 30% year-on-year growth in Q4 2025 [10][11]. - Investment recommendations suggest focusing on sectors with clear industry trends and catalysts, such as AI, commercial aerospace, and optical communication, while monitoring the effects of the "Walsh trade" on interest rates and small-cap stocks [11][24]. Group 3 - The North Exchange's trading volume reached 5.961 billion shares this week, reflecting a 9.27% increase, while the trading value was 143.655 billion yuan, up 8.82% from the previous week [14][23]. - The report indicates that 43 stocks rose while 249 fell, resulting in a rise-to-fall ratio of 0.17, with notable gainers including Keli Co. and Qiule Seed [33][34]. - The report also details the performance of newly listed stocks, with Nongda Technology and Meidele experiencing significant first-day gains of 111.56% and 161.46%, respectively [24][27]. Group 4 - The report outlines the new three-board situation, with 14 new companies listed and 6 delisted, alongside a planned financing of 150 million yuan, which was completed at 161 million yuan [46][47]. - The report emphasizes the need for ongoing monitoring of the North Exchange's stock performance and the implications of new listings on market dynamics [10][24].

Group 1 - The "Walsh trade" is impacting risk preferences, with a notable focus on the potential reversal of the "weak dollar" trade, which could significantly affect global asset allocation and market styles [11][12] - The North Exchange 50 index experienced a decline of 3.59%, while daily trading volume saw a slight increase [11][17] - Key sectors that performed well this week include space photovoltaic, seed industry, non-ferrous metals, and optical communication, with notable stock performances from companies like Liancheng CNC and Gongbika [11][12] Group 2 - New stock issuances have accelerated, with five new stocks launched in January 2026, and over 120 companies releasing performance forecasts [13][27] - As of January 30, 2026, 123 companies on the North Exchange have issued performance forecasts, with a median net profit forecast exceeding 80 million yuan [13] - The report suggests that the North Exchange needs to expand its number of companies and improve the quality of new stock issuances in 2026 [13] Group 3 - The North Exchange's PE (TTM) average is 83.89 times, with a median of 41.26 times, indicating a decline in valuation metrics [23][24] - The trading volume for the North Exchange reached 5.961 billion shares, with a trading value of 143.655 billion yuan, reflecting an increase of 9.27% and 8.82% respectively [26][29] - The report highlights the performance of individual stocks, with 43 stocks rising and 249 falling, resulting in a rise-to-fall ratio of 0.17 [36]

Capital Market News - In 2025, China's non-financial direct investment abroad reached $145.66 billion, a growth of 1.3% compared to the previous year[6] - The total revenue from foreign contracted projects was $178.82 billion, increasing by 7.7%, with new contracts signed amounting to $289.22 billion, up by 8.2%[6] - Labor exports increased by 4.6%, with 428,000 workers sent abroad, contributing to a total of 603,000 workers overseas by the end of 2025[6] Industry News - The National Energy Administration reported that hydrogen energy has become a key focus for the 14th Five-Year Plan, with renewable hydrogen production capacity exceeding 250,000 tons/year by the end of 2025, doubling from the previous year[10] - The government aims to enhance the pricing mechanism for power generation capacity, including coal, gas, and new energy storage systems, to adapt to the new power system[8][9] Market Performance - On January 30, 2026, the North Exchange 50 index fell by 0.29%, while the ChiNext index rose by 1.27%[11] - The average market capitalization of the 292 constituent stocks in the North Exchange was $3.193 billion, with a trading volume of $27.211 billion, down by $2.492 billion from the previous trading day[11] New Stocks - Medela (920119.BJ) issued 16 million shares at an IPO price of ¥41.88, raising ¥670 million, with a closing price of ¥109.50 on the first day, reflecting a 161.46% increase[25][26] Risk Warning - Potential risks include individual stock earnings falling short of expectations, intensified industry competition, increased trade frictions, and unfavorable policy changes[27]

Market Performance - As of January 30, 2026, the North Exchange 50 Index closed at 1531.55 points, down 3.59% from the previous week[15] - The average market capitalization of North Exchange A-shares is 3.207 billion yuan, with a weekly trading volume of 143.655 billion yuan, up 8.82% from the previous week[15] - The average turnover rate for the period was 5.88%, an increase of 0.44% from the previous week[15] New Listings and Investor Activity - Medela (920119.BJ) listed on January 30, 2026, with a subscription amount of 1,058.858 billion yuan, setting a record for the North Exchange[9] - The number of qualified investors in the North Exchange exceeded 10 million, a net increase of nearly 2 million compared to the same period last year[10] - The North Exchange has seen a total of 122 companies disclose performance forecasts, with 39 companies expecting profit increases[26] Investment Recommendations - The PE ratios for North Exchange A-shares, ChiNext, Shanghai Main Board, Shenzhen Main Board, and Sci-Tech Innovation Board are 47.75, 45.82, 12.74, 24.87, and 79.79 respectively[26] - Focus on technology growth sectors with high earnings certainty and consumer sectors with marginal improvements for potential rebounds[26] Risks - Potential policy risks may affect investor enthusiasm and market heat[27] - Liquidity risks exist due to lower trading volumes compared to other boards like ChiNext and Sci-Tech Innovation Board[27] - External market changes could lead to companies' earnings falling short of expectations, negatively impacting stock prices[27]

Summary of Key Points Core Viewpoint - The A-share and Hong Kong stock markets have seen a concentration of new listings, with significant first-day gains for newly listed companies, indicating strong investor interest and market resilience. Group 1: IPO Approvals - Three companies have received IPO approvals this week, all from the Beijing Stock Exchange [2] - Zhejiang Hengdao Technology Co., Ltd. specializes in the research, design, production, and sales of hot runner systems for injection molds, with a major focus on automotive and consumer electronics sectors [3] - Hebi Haichang Intelligent Technology Co., Ltd. focuses on high-performance wiring harness equipment, serving industries such as automotive and renewable energy [5] - Kunshan Hongshida Intelligent Technology Co., Ltd. is engaged in the development and production of intelligent automation equipment for various sectors, including consumer electronics and new energy [6] Group 2: Financial Performance - Hengdao Technology's revenue for 2022-2024 is projected to be 143 million, 168 million, and 234 million yuan, with net profits of 39 million, 49 million, and 69 million yuan respectively [4] - Haichang Intelligent's revenue for the same period is expected to be 520 million, 652 million, and 800 million yuan, with net profits of 108 million, 121 million, and 115 million yuan [5] - Hongshida's revenue is projected to be 397 million, 476 million, and 649 million yuan, with net profits of 30 million, 39 million, and 53 million yuan [7] Group 3: New Listings - "Mingming Hen Mang" (01768.HK), the first stock in the snack retail sector, debuted on January 28, with a first-day closing price increase of 77.52% [9] - Agricultural Technology Company (831038.BJ) listed on the Beijing Stock Exchange, with a first-day closing increase of 1.19% [9] - Zhenstone Co., Ltd. (601112.SH), a leader in clean energy materials, saw its stock price surge by 121.65% on its first day of trading [10] - Medical device company Medela (920119.BJ) also experienced a significant first-day increase of 161.46% [10] Group 4: Filing Dynamics - Eleven companies filed for IPOs in the Hong Kong market this week, with a focus on A+H share expansion [11] - Notable filings include Jucheng Co., a leading non-volatile memory chip designer, and Deyang Co., a leader in energy storage [11] - The trend shows a concentration of hard technology companies seeking to leverage their A-share listings for international financing [12] Group 5: Sector Highlights - Hard technology companies are prominent in the recent IPO filings, with firms like Kunlun New Energy Materials and Coolchip Microelectronics focusing on core material development and AI solutions [12] - Consumer and medical sectors are also active, with companies like Tongrentang and Zhuozheng Medical seeking to expand their service capabilities and market presence [13]

Core Viewpoint - Meidel, a leading company in the intelligent manufacturing equipment sector, has successfully listed on the Beijing Stock Exchange, marking a significant milestone as the first listed company in Liaoning Province for the year [1] Company Overview - Meidel, established in 2009 in the Pulandian District of Dalian, has focused on the intelligent manufacturing equipment field and has become a national high-tech enterprise [1] - The company specializes in factory automation intelligent logistics systems, with its core product, the modular conveyor system, widely used in strategic industries such as new energy batteries and automotive parts [1] Market Impact - The successful listing of Meidel is expected to boost the confidence of other potential listing companies in the Pulandian area, enhancing the district's visibility and influence in the capital market [1] - This event showcases the achievements in enterprise cultivation and the favorable business environment in Pulandian, which may attract more quality projects and investment institutions [1]

Core Viewpoint - Meidel successfully listed on the Beijing Stock Exchange, marking a new chapter in the capital market with a record subscription amount of 1,058.86 billion yuan for its new shares, the first time this threshold has been surpassed on the exchange [1] Group 1: Company Overview - Meidel focuses on intelligent production logistics systems for factory automation, with its core product being a modular conveyor system that integrates with smart production equipment, playing a crucial role in the construction of smart factories across various industries such as new energy, automotive parts, electronics, and logistics [3] - The company has been deeply involved in the transformation of China's manufacturing industry for over 20 years, empowering the sector with core technologies that promote upgrades towards intelligence and efficiency [3] Group 2: Technological Innovation - Meidel prioritizes technological innovation as a core development strategy, continuously increasing R&D investment to build a technological moat [4] - The company has developed a comprehensive core technology system covering design, processing, assembly, and delivery of intelligent conveyor systems, including key technologies such as intelligent control, modular assembly, and electromagnetic drive technology [4] - Its automation conveyor system technology for new energy battery production has been recognized as internationally advanced, with the high-speed intelligent control wheel conveyor system filling a gap in both domestic and international markets [4] Group 3: Market Position and Performance - Meidel has established a strong customer base with high market and brand recognition, serving notable clients in various sectors, including leading companies in the new energy battery and automotive parts industries [5] - The company benefits from high demand in downstream industries and the domestic substitution trend, showing robust growth potential [5] - Financial performance indicates strong operational resilience and growth potential, with revenues of 1,031.24 million yuan in 2022, projected to reach 1,137.72 million yuan in 2024, alongside net profits of 223.65 million yuan and 212.55 million yuan for the same periods [6] Group 4: Strategic Goals - Meidel aims to become a world-class supplier of intelligent manufacturing equipment, focusing on providing intelligent manufacturing system solutions to enhance production automation, informationization, and intelligence for manufacturing enterprises [9] - The company is committed to contributing to national strategies for becoming a manufacturing and technological powerhouse [9]