Group 1 - The new stock and newly listed sector continues to exhibit a speculative trend, with localized highlights becoming more pronounced. The current adjustment cycle has lasted nearly four months, and the negative impact from the failure to reach a bottom in early December is expected to have been digested over the past few weeks. A turning point for this adjustment cycle may be approaching [1][2][13] - The average increase in the new stock sector since the beginning of 2024 is approximately 1.2%, with about 60.1% of stocks achieving positive returns, indicating a recovery from the previous week’s average decline of -2.0% [1][13][28] - External catalysts are increasing, including the central bank's encouragement to raise long-term capital investment in A-shares, which may boost overall market risk appetite. Additionally, the Shanghai Stock Exchange's new listing standards for commercial aerospace companies may enhance trading enthusiasm in current popular themes [2][13] Group 2 - The focus remains on technology sectors, particularly in areas such as AI computing power, robotics, and commercial aerospace, which have significant long-term growth potential. Continuous attention and active search for emerging hotspots within these sectors are recommended [3][13] - For sectors that are currently popular, it is advised to manage the rhythm of adjustments and consider rotational investments, including innovative pharmaceuticals, new energy, new consumption, and non-ferrous chemicals [3][13] Group 3 - Upcoming new stocks include Qiangyi Co., Yufan Technology, Shuangxin Environmental Protection, and Hengdong Light [4][33] - Last week, three new stocks were available for online subscription, with an average issuance price-earnings ratio of 18.7X and an average subscription success rate of 0.0210% [5][21] - The average first-day increase for newly listed stocks last week was approximately 265%, indicating sustained high trading enthusiasm, although this was a slight decrease from the previous week’s average of 343% [5][25][26]

Group 1 - The market sentiment is positive, with the North Exchange 50 index rising by 1.19% and the trading volume decreasing by 11.69% compared to the previous week [2][12][16] - Key market themes include commercial aerospace, Hainan "closure" theme, liquid cooling, lithium battery material price increases, and rising copper prices, indicating active thematic investments in future industries such as quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication [12][13][14] - The report maintains a positive outlook on the North Exchange thematic market during the spring rally, emphasizing the importance of timing in thematic investments and highlighting specific stocks to watch, including Fujida, Xingtou Measurement and Control, and others in emerging technology sectors [13][14] Group 2 - The North Exchange saw one new stock listed this week, Jiangtian Technology, which had a significant first-day increase of 180.58% [26][7] - The report notes that the quality of new stocks on the North Exchange is expected to continue improving, with attention on the upcoming listing of Hengtong Light [14][26] - The new three-board market saw 10 new listings and 42 delistings this week, with a total of 5,956 companies currently listed [47][49]

Group 1 - Jiangtian Technology, listed on the Beijing Stock Exchange, reached a turnover rate of 58.10% on December 26, 2025, with a trading volume of 6.9099 million shares and a transaction value of 357 million yuan [1] - The top buyer was Dongfang Caifu Securities Co., Ltd., purchasing shares worth 5.5303 million yuan, while the top seller was CITIC Jianchao Securities Co., Ltd., selling shares worth 6.7451 million yuan [1]

Core Viewpoint - Jiangtian Technology (920121) experienced a significant decline of 12.64% in its stock price, with a trading volume turnover rate of 58.10% and a total transaction value of 357 million yuan on the day of reporting [2] Trading Activity Summary - The stock was listed on the North Exchange due to its high turnover rate of 58.10%, with a total net selling amount of 13.21 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction value of 59.21 million yuan, with a buying amount of 23.00 million yuan and a selling amount of 36.21 million yuan, resulting in a net selling of 13.21 million yuan [2] - The largest buying brokerage was Dongfang Caifu Securities Co., Ltd. from the Xiangqu East Road branch, with a buying amount of 5.53 million yuan, while the largest selling brokerage was CITIC Securities Co., Ltd. from the Wuhan Zhongbei Road branch, with a selling amount of 6.75 million yuan [2]

Group 1 - Jiangtian Technology (920121) experienced a first-day increase of 180.58%, with a turnover rate of 93.85% and a transaction volume of 734 million yuan [1] - The stock's first-day margin trading saw a buy amount of 7.70 million yuan, accounting for 1.05% of the total trading volume, with a latest margin balance of 6.89 million yuan, representing 0.97% of the circulating market value [1] - The company specializes in the research, production, and sales of label printing products, providing integrated solutions for customers including material selection, color and ink scheme customization, process design, and stable production supply [1] Group 2 - The first-day performance of Jiangtian Technology is notable compared to other recent IPOs, with significant increases in stock prices and varying margin trading activities [2]

Group 1 - The core event is the successful listing of Jiangtian Technology on the Beijing Stock Exchange, with a first-day increase of 180.58% to 59.51 yuan and a total trading volume of 734 million yuan [1] - Jiangtian Technology issued 13.2136 million shares at an issuance price of 21.21 yuan, raising a total of 280 million yuan for the construction of a comprehensive R&D and manufacturing base [2] - The company specializes in the R&D, production, and sales of label printing products, providing integrated solutions for various consumer sectors including beverages, daily chemicals, and food [2] Group 2 - The Beijing Stock Exchange now has a total of 287 listed companies following Jiangtian Technology's IPO [2] - Longyuan Co., a high-tech enterprise focused on aluminum alloy precision die-casting, successfully passed the listing review, emphasizing its strategic focus on the automotive and new energy vehicle sectors [4] - Other companies, including Ying's Holdings and Puan Medical, are also in the process of listing, with Puan Medical aiming to raise 395 million yuan for medical device manufacturing and R&D projects [5]

Group 1 - The core viewpoint of the article highlights Jiangtian Technology's successful public offering and listing on the Beijing Stock Exchange, supported by comprehensive legal services from Zhonglun Law Firm [2] - Jiangtian Technology, founded in 1992, specializes in providing integrated and high-value label solutions for global consumer brands, evolving labels into comprehensive visual systems that include anti-counterfeiting, traceability, interactivity, and artistic aesthetics [3] - The company is recognized as the first national-level printing demonstration enterprise in China focused on label printing and has won the World Label Award for two consecutive years, showcasing its industry leadership and innovation capabilities [3] Group 2 - Jiangtian Technology has established long-term partnerships with renowned global brands such as Unilever, Procter & Gamble, and Shell, as well as domestic brands like Nongfu Spring and Heytea, indicating its strong market presence [3] - The company aims to continue its commitment to technological upgrades and innovation to enhance brand value in the label printing industry [3]

Core Insights - N Jiangtian (920121) was listed on the Beijing Stock Exchange, experiencing a first-day increase of 180.58% after an opening rise of 187.60, with a total trading volume of 11.16 million shares and a turnover of 734 million yuan, resulting in a turnover rate of 93.85% [2] Company Overview - The company specializes in the research, production, and sales of label printing products, providing integrated solutions for customers, including material selection, color and ink scheme customization, process design, and stable production supply [2] Financial Performance - The company's net profits for 2022, 2023, and 2024 are projected to be 74.45 million yuan, 96.46 million yuan, and 102 million yuan, respectively [3] - The public offering consisted of 13.21 million shares at an issue price of 21.21 yuan, with an earnings per share (EPS) ratio of 14.50 times [3] - The effective subscription amount for the online offering was 3,663.11 million shares, with a subscription multiple of 3080.24 times and 529,600 effective subscription accounts, resulting in an allocation ratio of 0.03% [3] Market Performance - The first-day closing price for N Jiangtian was 59.51 yuan, reflecting a first-day increase of 180.58% from the issue price [4] - A comparison of recent IPOs on the Beijing Stock Exchange shows significant first-day price increases for other companies, with some experiencing increases over 300% [4][5]

Core Viewpoint - Jiangtian Technology Co., Ltd. has successfully listed on the Beijing Stock Exchange, with significant initial trading performance, indicating strong market interest and potential for growth in the label printing industry. Company Overview - Jiangtian Technology specializes in the research, production, and sales of label printing products, offering integrated solutions including material selection, color and ink customization, and process design [1]. - The company's main products include film and paper-based self-adhesive labels, widely used in daily consumer sectors such as beverages, personal care, food, and petrochemical products [1]. Shareholding Structure - The controlling shareholder is Teng Qi, who holds 39,984,321 shares (60.52% ownership), while Huang Yanguo holds 4,667,657 shares (7.06% ownership) [2][3]. - Together, Teng Qi and Huang Yanguo control 70.96% of the voting rights post-issuance, maintaining significant influence over company management [3]. Financial Performance - For the years 2022 to 2024, Jiangtian Technology reported revenues of 384.13 million yuan, 507.71 million yuan, and 538.15 million yuan, respectively, with net profits of 74.45 million yuan, 96.46 million yuan, and 101.81 million yuan [6]. - In the first nine months of 2025, the company achieved a revenue of 467.56 million yuan, a year-on-year increase of 10.85%, and a net profit of 89.11 million yuan, up 11.45% [9]. Future Projections - For the full year of 2025, Jiangtian Technology expects revenues between 604 million yuan and 624 million yuan, representing a growth of 12.24% to 15.95% year-on-year [10]. - The projected net profit for the same period is estimated to be between 106 million yuan and 115 million yuan, indicating a growth of 4.11% to 12.95% [10]. Fundraising and Investment Plans - Jiangtian Technology raised approximately 28.03 million yuan from its IPO, with net proceeds of 24.79 million yuan after expenses, which is lower than the initial plan of 53.07 million yuan [4]. - The funds will be allocated to the construction of a comprehensive research and manufacturing base, including an intelligent production line for packaging printing products and a technology research center [6].

Group 1 - The core viewpoint of the news is that the company N Jiangtian (920121) has successfully listed on the Beijing Stock Exchange, experiencing significant stock price increases on its debut [1][2] - The stock opened with a rise of 187.60% and further increased to 230.08% by midday, with a trading volume of 8.9832 million shares and a transaction value of 594 million yuan, resulting in a turnover rate of 75.54% [1] - The company specializes in the research, production, and sales of label printing products, providing integrated solutions for customers, including material selection, color and ink scheme customization, process design, and stable production supply [1] Group 2 - The company's net profits for 2022, 2023, and 2024 are projected to be 74.454 million yuan, 96.461 million yuan, and 102 million yuan respectively [2] - The public offering consisted of 13.2136 million shares at an issuance price of 21.21 yuan, with a price-to-earnings ratio of 14.50 times [2] - The online offering received a total effective subscription of 3,663.1093 million shares, resulting in a subscription multiple of 3080.24 times and an allocation ratio of 0.03% for online participants [2]