Investment Rating - The report indicates a cautious outlook on the industry, suggesting a focus on structural opportunities despite recent adjustments in the new energy sector [4]. Core Insights - The market is experiencing a significant structural divergence, with new stocks and specialized sectors showing resilience, while traditional sectors like new energy are under pressure [4]. - The North Exchange is positioned as a key platform for innovative small and medium enterprises, benefiting from ongoing policy support and regional industrial advantages [4]. - Short-term index adjustments are primarily driven by heavyweight sectors, but long-term prospects remain positive for niche leaders with technological barriers [4]. Summary by Sections Market Review - On November 18, the North Exchange A-share trading volume reached 201.0 billion, an increase of 4.2 billion from the previous trading day, with the North 50 Index closing at 1481.82, down 2.92% [2][9]. - Among 283 companies listed, 31 saw gains, 4 remained flat, and 248 experienced declines, with the top gainers being Beikang Detection (295.5%), Meideng Technology (22.8%), and others [2][18]. - The top decliners included Lingge Technology (-9.8%), Luqiao Information (-9.5%), and others [2][19]. Important News - Arm and NVIDIA are collaborating to promote NVLink, aiming to establish industry standards for AI chip interconnectivity [3][20]. - Huawei is set to unveil the Mate 80 series and the new Kirin 9030 chip on November 25 [3][21]. Key Company Announcements - Hanxin Technology received a patent for a digital twin-based optimization method [3][22]. - Ruihua Technology also announced a patent for a dehydration reaction method in BDO refining [3][24].

证券代码：920160 证券简称：北矿检测 公告编号：2025-132 北矿检测技术股份有限公司 关于签署募集资金三方监管协议的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 公司本次向不特定合格投资者发行股票为 2,832.00 万股，每股面值为人民币 1.00 元，每股发行价格为人民币 6.70 元，募集资金总额为人民币 189,744,000.00 元，扣除发行费用人民币 17,269,046.49 元（不含税），募集资金净额为人民币 172,474,953.51 元。 募集资金已于 2025 年 11 月 5 日划至公司指定账户，上述募集资金到位情况 已经天健会计师事务所（特殊普通合伙）验资，并出具《验资报告》（天健验〔2025〕 1-7 号）。 二、募集资金监管协议的签署情况 为规范公司募集资金管理，保护投资者权益，根据《北京证券交易所股票上 市规则》和《北京证券交易所上市公司持续监管指引第 9 号——募集资金管理》 以及公司《募集资金管理制度》相关要求，公司开设募集资金专项账户存放本次 ...

Core Viewpoint - Beikong Testing (920160) experienced a 3.47% increase in stock price with a turnover rate of 54.51% and a trading volume of 386 million yuan, indicating significant trading activity on that day [2] Trading Activity Summary - The stock was listed on the trading board due to its turnover rate reaching 54.51%, with a net selling amount of 15.70 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction volume of 98.96 million yuan, with a buying amount of 41.63 million yuan and a selling amount of 57.33 million yuan, resulting in a net selling of 15.70 million yuan [2] - The largest buying brokerage was Guojin Securities Co., Ltd. Shenzhen Branch, with a buying amount of 16.57 million yuan, while the largest selling brokerage was Guotai Junan Securities Co., Ltd. Chongqing Guanyinqiao Pedestrian Street Branch, with a selling amount of 16.56 million yuan [2] Detailed Brokerage Activity - The top five buying brokerages and their respective buying amounts (in ten thousand yuan) are: - Guojin Securities Shenzhen Branch: 1656.91 - Zheshang Securities Wenzhou Branch: 719.00 - Dongfang Caifu Securities Lhasa Branch: 715.66 - Guoxin Securities Shenzhen Branch: 528.67 - Huatai Securities Shenzhen Branch: 505.99 [2] - The top five selling brokerages and their respective selling amounts (in ten thousand yuan) are: - Guotai Junan Securities Chongqing Branch: 1656.32 - CITIC Securities Chengdu Branch: 1331.15 - Huafu Securities Shijiazhuang Branch: 677.89 - Dongfang Caifu Securities Lhasa Branch: 597.99 - Dongfang Securities Fushun Branch: 560.00 [2]

Market Overview - The professional services sector experienced a decline of 1.09% on the previous trading day, with Guoyi Tender leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - Notable gainers in the professional services sector included: - Xince Standard (300938) with a closing price of 33.10, up 3.60% on a trading volume of 166,000 shares and a turnover of 54.5 million yuan [1] - Beikang Testing (920160) closed at 27.42, up 3.47% with a trading volume of 138,900 shares and a turnover of 386 million yuan [1] - Major decliners included: - Guoyi Tender (920039) which closed at 12.56, down 4.56% with a trading volume of 26,200 shares and a turnover of 33.38 million yuan [2] - Lingdian Youshu (301169) closed at 42.50, down 4.39% with a trading volume of 17,000 shares and a turnover of 73.66 million yuan [2] Capital Flow - The professional services sector saw a net outflow of 251 million yuan from institutional investors, while retail investors experienced a net inflow of 131 million yuan [2] - The capital flow for specific stocks showed: - Xince Standard (300938) had a net outflow of 24.63 million yuan from institutional investors [3] - Puni Testing (300887) recorded a net inflow of 17.98 million yuan from retail investors [3]

Core Viewpoint - The stock of Beikang Testing (920160) surged by 295.52% on its first trading day, with a turnover rate of 88.46% and a transaction volume of 660 million yuan [2] Group 1: Stock Performance - On its debut, Beikang Testing's stock price increased by 295.52% [2] - The stock achieved a turnover rate of 88.46% on the first day of trading [2] - The total transaction amount for the stock on its first day was 660 million yuan [2] Group 2: Financing and Margin Trading - The financing buy-in amount for Beikang Testing on its first trading day was 4.6712 million yuan, accounting for 0.71% of the total trading volume [2] - The latest financing balance for the stock is 4.2835 million yuan, representing 0.63% of its circulating market value [2]

Core Insights - Beikang Testing officially listed on the Beijing Stock Exchange on November 18, with a remarkable increase of 295.52% on its debut [2] - The company issued 28.32 million shares at a price of 6.70 yuan per share, raising a total of 189 million yuan, which will be used for the development of advanced testing instruments and to supplement working capital [2] - Beikang Testing is recognized as one of the most comprehensive and powerful testing and research service institutions in the field of non-ferrous metal inspection and testing [2] Industry Context - The President of the China Nonferrous Metals Industry Association highlighted that China is the largest producer, consumer, and trader of non-ferrous metals globally, emphasizing the industry's critical role in supporting high-tech development and national strategic security [2] - Testing and inspection are crucial for quality control and standard formulation, directly impacting product safety, environmental protection, and enhancing international influence [2] Company Strategy - The Chairman of Minmetals Technology Group, Han Long, stated that Beikang Testing has gained customer trust and market recognition through its commitment to professionalism and service quality, evolving into a listed company and a national-level "specialized and innovative" enterprise [3] - Beikang Testing's Chairman, Li Huachang, expressed the company's commitment to maintaining a sound governance structure and achieving sustainable high-quality development, aiming to enhance profitability and competitiveness while giving back to investors and society [3]

Core Insights - Beikang Testing Technology Co., Ltd. has successfully listed on the Beijing Stock Exchange, marking it as the 24th company from the "Beijing Team" to go public [1][2] - The company originated from a small laboratory established in 1956 and has evolved into a national-level specialized "little giant" in the capital market [1] - Beikang Testing specializes in the research and technical services of non-ferrous metal mineral resource inspection and testing, making it one of the most comprehensive and powerful institutions in this field [1] Company Overview - Beikang Testing is headquartered in Daxing District, Beijing, and was transformed into a joint-stock company in October 2016 [1] - The company has maintained a high level of R&D investment, with R&D expenses accounting for 5.57%, 7.44%, and 9.32% of operating income over the past three years [1] Shareholding Structure - As of the listing, the controlling shareholder, Mining and Metallurgy Group, directly holds 86.11% of Beikang Testing's shares, with an additional 1.53% held indirectly through the Beijing General Research Institute of Mining and Metallurgy, totaling 87.64% [1] - The State-owned Assets Supervision and Administration Commission holds 100% of Mining and Metallurgy Group, making it the actual controller of Beikang Testing [1] Listing Details - The company was listed on the Beijing Stock Exchange after its application was approved by the listing committee and registered by the China Securities Regulatory Commission [2] - Beikang Testing publicly issued 28.32 million shares at a price of 6.70 yuan per share, raising a total of 189 million yuan [2] - The funds raised will be used for the development of advanced testing instrument research bases, enhancement of testing capabilities, and to supplement working capital [2] Market Performance - On its first day of trading, Beikang Testing's stock price surged by 295.52% compared to the issue price [2] - The chairman of Beikang Testing expressed commitment to maintaining a sound governance structure and focusing on sustainable, high-quality development to enhance profitability and competitiveness [2]

Core Viewpoint - The trading volume and turnover of stocks on the Beijing Stock Exchange (BSE) showed a decrease, with a total trading volume of 893 million shares and a turnover of 20.11 billion yuan, down by 245 million yuan from the previous trading day. Despite this, 32 stocks closed higher, indicating some positive movement in the market [1]. Trading Performance - On November 18, the BSE saw a total trading volume of 893 million shares and a turnover of 20.11 billion yuan, which is a decrease of 245 million yuan compared to the previous trading day [1]. - Among the stocks traded, 32 stocks closed higher, accounting for 11.35% of the total tradable stocks. The top gainers included Beikang Detection, Meideng Technology, and Bawei Co., with increases of 295.52%, 22.82%, and 7.98% respectively [1][2]. - Conversely, 248 stocks closed lower, with the largest declines seen in Lingge Technology, Luqiao Information, and Jinhua New Materials, which fell by 9.79%, 9.51%, and 9.04% respectively [1]. Stock Activity - Beikang Detection, which was newly listed, experienced a significant increase of 295.52% with a turnover rate of 88.46%, and a total transaction amount of 660.38 million yuan [2]. - A total of 51 stocks had a turnover exceeding 100 million yuan, with the highest turnover stocks being Better Energy, Beikang Detection, and Andako Technology, with respective turnovers of 776 million yuan, 660 million yuan, and 594 million yuan [2]. - The trading activity was characterized by 23 stocks having a turnover rate exceeding 10%, with 4 stocks exceeding 20%. The stocks with the highest turnover rates included Beikang Detection, Meideng Technology, and Danna Biology, with rates of 88.46%, 35.98%, and 26.88% respectively [2].

Core Viewpoint - Beikong Testing Technology Co., Ltd. (Beikong Testing) was listed on the Beijing Stock Exchange, closing at 26.50 yuan with a significant increase of 295.52% on the first day of trading, indicating strong market interest and investor confidence in the company’s growth potential [1]. Company Overview - Beikong Testing specializes in inspection and testing services for non-ferrous metal resources, including research and development of testing technology, technical services, and instrument development [1]. - The company’s business scope includes testing of ores, smelting products, environmental samples, recycled resources, advanced materials, and testing agents [1]. Shareholding Structure - Prior to the IPO, Mining Technology Group Co., Ltd. (Mining Group) held 86.11% of Beikong Testing, with an additional 1.53% held indirectly through Beijing Mining Research Institute, totaling 87.64% [1]. - After the IPO, Mining Group remains the controlling shareholder with a reduced stake of 65.73% [1]. Financial Performance - Beikong Testing reported revenues of 91.74 million yuan in 2022, 110.47 million yuan in 2023, and projected revenues of approximately 148.02 million yuan for 2024 [4][6]. - The net profit attributable to the parent company was 31.96 million yuan in 2022, increasing to 45.58 million yuan in 2023, with projections for 2024 indicating further growth [5][6]. Fundraising and Investment Plans - The IPO raised a total of 189.74 million yuan, with a net amount of 172.48 million yuan after expenses [3]. - The funds will be allocated primarily to the development of advanced testing instruments and to supplement working capital, with 79.74% of the funds directed towards the R&D base [4]. Future Projections - For the first nine months of 2025, Beikong Testing anticipates revenues between 134 million yuan and 139 million yuan, representing a year-on-year growth of approximately 26.87% to 31.61% [7][8]. - The projected net profit for the same period is expected to be between 58 million yuan and 64 million yuan, indicating a growth rate of 25.08% to 38.02% [8].

Investment Rating - The report does not provide a specific investment rating for the industry or companies mentioned [1]. Core Insights - The report highlights several new stock listings and trading activities scheduled for November 18, 2025, including companies such as Jingchuang Electric (12.10), Beikang Testing (6.70), and Nanguang Digital (5.69) [1]. - It also mentions various corporate actions such as tender offers, cash options, and acquisition requests, indicating active market movements [1]. Summary by Relevant Sections - **New Stock Listings**: Companies like Jingchuang Electric, Beikang Testing, and Nanguang Digital are set to debut on the market with respective prices of 12.10, 6.70, and 5.69 [1]. - **Corporate Actions**: The report details several corporate actions including a tender offer for Tianpu Co. (605255) from November 20 to December 19, 2025, and cash options for Hangqi Wheel B (200771) from November 19 to November 25, 2025 [1]. - **Market Alerts**: It lists companies experiencing significant fluctuations, such as Moen Electric (002451) and Huasheng Lithium Battery (688353), indicating potential investment risks and opportunities [1].