Group 1 - The overall performance of the chemical new materials industry in the Beijing Stock Exchange is improving, with many companies reducing losses or turning profitable in the first three quarters of 2025. However, some companies are still affected by industry downturns, leading to a year-on-year decline in performance for Q1-Q3 2025 [2][10][18] - The average Return on Equity (ROE) for the chemical new materials industry in Q1-Q3 2025 is 4%, an increase of 1 percentage point compared to the same period in 2024. The overall gross profit margin is 17.7%, and the net profit margin is 5.2%, both showing improvement year-on-year [17][18] - The battery materials sector has shown remarkable performance, achieving a net profit attributable to shareholders of 525 million yuan, a year-on-year increase of 244%. The chemical products sector follows with a net profit of 716 million yuan, up 66% year-on-year [18][19] Group 2 - The chemical new materials industry on the Beijing Stock Exchange experienced a slight decline of 0.23% this week, while the battery materials sector performed well with a weekly increase of 11.45% [3][25][26] - Notable individual stock performances this week include: Andar Technology (+20.38%), Jinhua New Materials (+13.28%), and Deer Chemical (+11.13%) [30][32] - The price trends of various chemical products show fluctuations, with Brent crude oil priced at $66.43 per barrel, and MDI at 19,150 yuan per ton, reflecting a weekly increase of 2.41% [35][36]

Market Overview - The rubber sector increased by 1.05% on November 6, with Zhen'an Technology leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - Zhen'an Technology (300767) closed at 21.39, with a rise of 2.84% and a trading volume of 104,400 shares, amounting to a transaction value of 220 million yuan [1] - Other notable performers include: - Sanwei Co. (603033) at 11.44, up 1.96% [1] - Quecheng Co. (605183) at 19.41, up 1.94% [1] - Litong Technology (920225) at 39.18, up 1.90% [1] - Tiantie Technology (300587) at 7.41, up 1.65% [1] Capital Flow - The rubber sector experienced a net outflow of 68.88 million yuan from institutional investors, while retail investors saw a net inflow of 51.99 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Zhen'an Technology had a net inflow of 24.94 million yuan from institutional investors, but a net outflow of 18.53 million yuan from retail investors [3] - Tongcheng New Materials (603650) saw a net inflow of 17.44 million yuan from institutional investors and a net outflow of 45.17 million yuan from retail investors [3] - Sanwei Co. (603033) had a net inflow of 6.71 million yuan from institutional investors, while retail investors withdrew 5.34 million yuan [3]

Investment Rating - The report maintains an "Outperform" rating for the North Exchange market [5] Core Views - The North Exchange is experiencing a rebound in the North 50 index, with a total of 280 listed companies and a total market capitalization of 920.978 billion yuan, reflecting a month-on-month increase of 6.0% [13][18] - The North 50 index's price-to-earnings ratio (PE-TTM) is 49.53 times, placing it at the 95.25 percentile level over the past two years, while the price-to-book ratio (PB-MRQ) is 10.27 times, at the 97.52 percentile level [24][27] - The North Exchange's trading activity has decreased, with a monthly trading volume of 15.458 billion shares and a trading amount of 365.334 billion yuan, representing a month-on-month decline of 40.6% and 40.7% respectively [18][19] Market Overview - In October 2025, the North Exchange saw a decrease in trading activity, with the average daily trading amount dropping by 23.2% [19] - The North 50 index and the North Specialized New Index rose by 3.54% and 2.28% respectively, while the Shanghai and Shenzhen 300 index remained unchanged [32][36] Industry Performance - The report indicates that all industries on the North Exchange experienced gains, except for the non-ferrous metals sector, with significant increases in transportation, construction materials, home appliances, pharmaceutical biology, and machinery equipment [36] - The communication sector has the highest median PE ratio at 123 times, followed by light industry manufacturing at 94 times and non-ferrous metals at 88 times [24][27] New Listings and Market Dynamics - Three new companies were listed this month: Aomeisen, Changjiang Energy Technology, and Taikai Ying, bringing the total number of listed companies to 280 [13][36] - The report highlights the ongoing efforts to enhance market functionality and vitality, including the introduction of new financial products and the promotion of mergers and acquisitions [4][32]

Investment Rating - The report indicates a positive outlook for the industry, suggesting a potential upward trend despite recent technical corrections in the market [3][4]. Core Insights - The market experienced a technical correction on October 30, 2025, with the North Exchange A-share trading volume reaching 42.9 billion yuan, an increase of 8 billion yuan from the previous trading day. The North Exchange 50 Index closed at 1553.32, down 1.30%, with a PE_TTM of 74.99 times [1][7]. - The report highlights that 65 out of 280 companies listed on the North Exchange saw their stock prices rise, while 212 experienced declines. The top five gainers included Fujida (19.8%), Jiahe Technology (13.1%), and Jiuling Technology (9.9%), while the top five losers included Luqiao Information (-16.4%) and Litong Technology (-13.1%) [1][16]. - The core driving force behind the current market trend is the positive signals released by regulators during the Financial Street Forum on October 29, 2025. The chairman of the North Exchange announced plans to accelerate the launch of the North Exchange 50 ETF and explore fixed-price trading after hours, which is expected to lower investment thresholds and attract passive capital [3][4]. Summary by Sections Market Review - On October 30, 2025, the North Exchange A-share trading volume was 42.9 billion yuan, up 8 billion yuan from the previous day. The North Exchange 50 Index closed at 1553.32, down 1.30%, while the specialized and innovative index closed at 2660.10, down 1.05% [1][7]. Important News - The Ministry of Finance and other departments announced an upgrade to the duty-free shop policy effective November 1, 2025, aimed at boosting consumption by optimizing tax policies and expanding product categories [19]. - A new policy financial tool worth 500 billion yuan has been fully deployed, expected to drive total project investments exceeding 7 trillion yuan, focusing on technology innovation and consumption expansion [20]. Key Company Announcements - Huifeng Diamond reported a third-quarter revenue of 117 million yuan, a year-on-year decrease of 27.62%, with a net profit of 12 million yuan, down 278.48% [21]. - Kaite Co. announced a third-quarter revenue of 796 million yuan, an increase of 43.84%, with a net profit of 130 million yuan, up 37.24% [28].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company achieved revenue of 346 million yuan in the first three quarters of 2025, representing a year-on-year increase of 4.64%, while the net profit attributable to the parent company was 66.13 million yuan, down 3.92% year-on-year [5] - The company is expected to benefit from the expansion of ultra-high pressure equipment, data center liquid cooling hoses, and nuclear power hoses, which are anticipated to drive performance growth [5] - The API 17K marine oil pipe production line is expected to be operational in Q4 2025, with nuclear power and liquid cooling hoses likely to open up new growth opportunities [5][6] Financial Summary - For 2025, the company forecasts net profits attributable to the parent company of 113 million yuan, 138 million yuan, and 164 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.89 yuan, 1.09 yuan, and 1.29 yuan per share [5][8] - The company's total revenue is projected to reach 504 million yuan in 2025, with a year-on-year growth of 4.1% [8] - The gross profit margin is expected to be 41.6% in 2025, with a net profit margin of 22.3% [11] Business Development - In Q3 2025, the company received new orders for 600L ultra-high pressure sterilization equipment, primarily from the juice and beverage industry [6] - The company is advancing the construction of the marine oil hose production line, with equipment for the API 17K marine oil pipe already being installed [5][6] - The company has completed trial production of various nuclear power hoses, with performance tests meeting relevant requirements [5][6]

Core Viewpoint - The Beijing Stock Exchange (BSE) is focusing on optimizing its product system and enhancing market liquidity through the introduction of the North Exchange 50 ETF, which is expected to lower investment barriers and attract more capital into the market [2][6]. Group 1: Market Developments - The North Exchange 50 Index surged by 8.41% on October 29, closing at 1573.71 points, marking a significant increase in market activity with 19 stocks rising over 10% [2][5]. - The trading volume reached 34.9 billion yuan, the highest since September 9, indicating a strong recovery in market sentiment [5]. Group 2: Policy and Structural Changes - The BSE aims to enhance its index system and expedite the launch of the North Exchange 50 ETF, which is seen as a crucial step in improving the exchange's institutional framework [2][4]. - The China Securities Regulatory Commission (CSRC) is promoting high-quality development of the BSE, focusing on supporting innovative small and medium-sized enterprises [3][4]. Group 3: Investor Engagement and Market Liquidity - The introduction of the North Exchange 50 ETF is anticipated to attract passive investment funds, thereby increasing market liquidity and trading volume [2][6]. - The BSE plans to improve its service mechanisms and enhance communication and training to better support market participants [5]. Group 4: New Third Board Reforms - The New Third Board is undergoing reforms to address challenges such as declining financing amounts and reduced trading activity, with a focus on enhancing market structure and transparency [8]. - The BSE is working to strengthen its connection with the New Third Board, promoting a seamless capital market service for innovative SMEs [8].

Core Viewpoint - Lito Technology (920225) experienced a trading halt today, with a daily price increase of 30.00% and a trading volume of 5.36 billion yuan, indicating significant market interest and volatility [1] Trading Activity Summary - The stock had a turnover rate of 16.90% and a price fluctuation of 34.48% throughout the day [1] - Institutional investors net bought 12.42 million yuan, while brokerage seats collectively net sold 61.19 million yuan [1] - The top five trading departments accounted for a total transaction volume of 147 million yuan, with a buying amount of 49.24 million yuan and a selling amount of 98.02 million yuan, resulting in a net sell of 48.78 million yuan [1] Institutional Participation - Among the trading departments, two institutional specialized seats were involved, with a combined buying amount of 20.19 million yuan and a selling amount of 7.77 million yuan, leading to a net buy of 12.42 million yuan [1] - Over the past six months, the stock has appeared on the trading leaderboard five times, with an average price increase of 1.32% the day after being listed and an average increase of 2.23% over the following five days [1]

证券代码：920225 证券简称：利通科技 公告编号：2025-095 漯河利通液压科技股份有限公司 投资者关系活动记录表 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。 一、 投资者关系活动类别 √特定对象调研 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 10 月 28 日 活动地点：公司现场、线上交流 参会单位及人员： □业绩说明会 □媒体采访 √现场参观 □新闻发布会 √分析师会议 分析师会议为开源证券组织的电话会议，参会单位有：中信建投基金管理有 限公司、中邮基金管理有限公司、万家基金管理有限公司、圆信永丰基金管理有 限公司、泰康资产管理（香港）有限公司、汇添富基金管理有限公司、创金合信 基金管理有限公司、博时基金管理有限公司、摩根基金管理（中国）有限公司、 华西基金管理有限责任公司、光大保德信管理有限公司、阳光资产管理股份有限 公司、中天汇富基金管理有限公司、朱雀基金管理有限公司、开源证券股份有限 公司、民生证券股份有限公司、联储证券股份有限公司、长江证券股份有限公司 ...

Investment Rating - The report maintains a rating of "Add" for the company [1] Core Views - The company's performance is under pressure due to a decline in overseas orders influenced by US-China trade tensions, with a 16% year-on-year drop in non-recurring profit for the first three quarters of 2025 [2] - The company reported a revenue of 346 million yuan for the first three quarters of 2025, a year-on-year increase of 4.64%, while the net profit attributable to the parent company was 66 million yuan, a decrease of 3.92% year-on-year [2] - The gross profit margin for the first three quarters of 2025 was 41.04%, down 0.58 percentage points year-on-year, and the net profit margin was 19.03%, down 1.73 percentage points year-on-year [2] Financial Performance Summary - For 2025, the company expects total revenue to reach 580.67 million yuan, with a year-on-year growth of 20.01%, and a net profit attributable to the parent company of 137.77 million yuan, reflecting a year-on-year increase of 28.50% [1][10] - The company’s earnings per share (EPS) for 2025 is projected to be 1.09 yuan, with a price-to-earnings (P/E) ratio of 30.40 based on the latest diluted EPS [1][10] - The company’s contract liabilities increased by 31% compared to the beginning of the year, driven by customer prepayments for high-pressure sterilization equipment [3] Business Development and Market Position - The company has significant advantages in the rubber hose industry and is expanding horizontally into liquid cooling, nuclear power, and marine hoses, while vertically integrating high-pressure equipment to enter the food processing sector [4] - The company has completed sample trials for various nuclear power hoses and is in the process of supplying samples for liquid cooling hoses to potential customers [4] - The company is focusing on the high-pressure industry chain and steadily advancing its business layout in high polymer materials and high-pressure equipment [4]

漯河利通液压科技股份有限公司 第四届董事会第二十次会议决议公告 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。 一、会议召开和出席情况 （一）会议召开情况 证券代码：920225 证券简称：利通科技 公告编号：2025-093 5.会议主持人：董事长赵洪亮先生 6.会议列席人员：高级管理人员 7.召开情况合法合规的说明： 会议的召开符合《公司法》等法律法规和《公司章程》《董事会议事规则》 中关于董事会召开的有关规定。 （二）会议出席情况 会议应出席董事 7 人，出席和授权出席董事 7 人。 董事张勇、董治国、赵永德因在外地以通讯方式参与表决。 二、议案审议情况 1.会议召开时间：2025 年 10 月 24 日 2.会议召开地点：公司会议室 3.会议召开方式：现场与通讯相结合 4.发出董事会会议通知的时间和方式：2025 年 10 月 20 日以书面、通讯方式 发出 本议案无需提交股东会审议。 公司 2025 年三季度报告的编制和审议程序符合法律、法规、《公司章程》和 公司内部管理制度的各项规定，报告的 ...