Market Overview - On November 24, the total trading volume of individual stocks on the Beijing Stock Exchange reached 603 million shares, with a total transaction value of 12.81 billion yuan, a decrease of 5.44 billion yuan compared to the previous trading day [1] - Among the tradable stocks, 220 stocks closed higher, accounting for 77.74% of the total, with notable gainers including Tietuo Machinery, Guoyi Bidding, and Meideng Technology, which rose by 18.20%, 8.61%, and 8.21% respectively [1][2] - Conversely, 56 stocks closed lower, with Dapeng Industrial hitting the daily limit down, and the largest declines seen in Beikang Testing, Hanwei Technology, and Litong Technology, which fell by 6.74%, 5.72%, and 5.71% respectively [1] Trading Activity - A total of 32 stocks had transaction values exceeding 10 million yuan, with Meideng Technology, Tietuo Machinery, and Haixi Communications leading at 329 million yuan, 326 million yuan, and 275 million yuan respectively [1] - In terms of trading activity, 8 stocks had a turnover rate exceeding 10%, with 3 stocks exceeding 20%. Additionally, 33 stocks had turnover rates between 5% and 10%, while 210 stocks had turnover rates between 1% and 5% [1] Notable Stocks - The top three stocks by turnover rate were Tietuo Machinery at 28.89%, Beikang Testing at 28.87%, and Meideng Technology at 26.85% [1] - The closing prices and performance of selected stocks included: - Meideng Technology: Closing price 70.55 yuan, up 8.21%, turnover rate 26.85%, transaction value 328.66 million yuan [1] - Tietuo Machinery: Closing price 27.47 yuan, up 18.20%, turnover rate 28.89%, transaction value 326.09 million yuan [1] - Haixi Communications: Closing price 27.98 yuan, up 1.27%, turnover rate 8.84%, transaction value 274.51 million yuan [1]

Core Viewpoint - Meidun Technology (stock code: 920227) experienced significant trading activity on November 24, 2025, with a turnover rate of 26.85% and a trading volume of 4.7236 million shares, amounting to a transaction value of 329 million yuan [1][2]. Trading Activity Summary - The top buying seat was from Guosen Securities Co., Ltd., Shenzhen Hongling Middle Road Securities Business Department, with a purchase amount of approximately 5.24 million yuan [1][2]. - The top selling seat was also from Guosen Securities Co., Ltd., Shenzhen Hongling Middle Road Securities Business Department, with a selling amount of approximately 5.27 million yuan [1][2]. - Other notable buying and selling activities included institutional investors and various securities companies, indicating a diverse trading interest in Meidun Technology [2].

Core Viewpoint - The A-share market shows mixed performance with the Shanghai Composite Index at 3842.22 points, slightly below the five-day moving average, indicating a modest increase of 0.19% [1] Group 1: Market Overview - The total trading volume of A-shares reached 13759.48 billion yuan [1] - A total of 725 A-shares have surpassed the five-day moving average today [1] Group 2: Stocks with Significant Deviation - The stocks with the largest deviation from the five-day moving average include: - Jin Cheng Zi (金橙子) with a deviation rate of 13.07%, closing at 34.84 yuan after a 20.01% increase [1] - Zhao Biao Gu Fen (招标股份) with a deviation rate of 12.88%, closing at 16.32 yuan after a 20.00% increase [1] - Hang Tian Huan Yu (航天环宇) with a deviation rate of 11.54%, closing at 29.77 yuan after a 19.99% increase [1] Group 3: Other Notable Stocks - Other notable stocks with significant performance include: - Tie Tuo Ji Xie (铁拓机械) with a 13.21% increase and a deviation rate of 10.44% [1] - Zhuo Yi Xin Xi (卓易信息) with a 14.59% increase and a deviation rate of 10.37% [1] - He Xing Bao Zhang (合兴包装) with a 9.93% increase and a deviation rate of 8.00% [1]

自有资金委托理财进展公告 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、 授权委托理财情况 （一）审议情况 公司于 2025 年 4 月 17 日召开第三届董事会第十六次会议、 2025 年 5 月 22 日召开 2024 年年度股东会，审议通过了《关于自有 资金购买理财产品的议案》，同意公司使用不超过人民币 1.2 亿元 的自有闲置资金进行委托理财，在上述额度范围内资金可以循环滚 动使用。具体内容详见公司在北京证券交易所信息披露平台 （www.bse.cn）披露的《杭州美登科技股份有限公司关于使用自有 资金购买理财产品的公告》（公告编号：2025-042）。 （二）披露标准 证券代码：920227 证券简称：美登科技 公告编号：2025-144 杭州美登科技股份有限公司 根据《北京证券交易所股票上市规则》中相关规定，交易的成 交金额占上市公司最近一期经审计净资产的 10%以上且超过 1,000 万元的应当及时披露。 公司本次使用闲置自有资金购买理财产品的金额为 3,000 万 元。截止目前，公司 ...

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].

Core Points - Meidun Technology (920227) experienced significant trading activity on November 19, 2025, with a turnover rate of 24.87% and a trading volume of 4.3751 million shares, amounting to a total transaction value of 299 million yuan [1][2]. Trading Activity Summary - The top buying seat was from Guosen Securities Co., Ltd. Shenzhen Hongling Middle Road Securities Business Department, with a purchase amount of approximately 7.72 million yuan [2]. - The top selling seat was from Guosheng Securities Co., Ltd. Hangzhou Construction Third Road Business Department, with a selling amount of approximately 13.79 million yuan [1][2]. - Other notable buying and selling activities included multiple departments from Guosen Securities and Dongfang Caifu Securities, indicating a diverse trading interest in Meidun Technology [2].

Group 1 - Meideng Technology (920227) experienced a decline of 9.18% with a turnover rate of 24.87% and a trading volume of 299 million yuan, showing a fluctuation of 7.32% [2][3] - The stock was listed on the trading board due to its turnover rate reaching 24.87%, with a net selling amount of 18.31 million yuan from brokerage seats [3] - The top five brokerage seats accounted for a total transaction amount of 84.45 million yuan, with a buying amount of 33.07 million yuan and a selling amount of 51.38 million yuan, resulting in a net selling of 18.31 million yuan [3] Group 2 - The largest buying brokerage was Guosen Securities Co., Ltd. Shenzhen Hongling Middle Road Securities Business Department, with a buying amount of 7.72 million yuan, while the largest selling brokerage was Guosheng Securities Co., Ltd. Hangzhou Construction Third Road Securities Business Department, with a selling amount of 13.79 million yuan [3] - Detailed trading data shows that the top five buying brokerages had varying amounts, with the second largest being Guosen Securities Co., Ltd. Shenzhen Internet Branch at 7.61 million yuan, and the third being Dongfang Caifu Securities Co., Ltd. Lhasa East Ring Road Second Securities Business Department at 4.75 million yuan [3] - The selling side also had significant amounts, with the second largest seller being Changcheng Securities Co., Ltd. Northwest Branch at 9.18 million yuan, and the third being Guojin Securities Co., Ltd. Shenzhen Branch at 7.70 million yuan [3]

Core Viewpoint - Meideng Technology (920227) experienced a significant increase of 22.82% in its stock price, with a trading volume of 4.63 billion yuan and a volatility of 31.83% on the day of reporting [2] Trading Data Summary - The stock's turnover rate reached 35.98%, leading to its listing on the trading board due to the notable price increase and trading activity [2] - The total net buying from brokerage seats amounted to 24.11 million yuan, with the top five brokerage seats contributing to a total transaction of 84.29 million yuan [2] - The largest buying brokerage was Guosheng Securities, with a purchase amount of 16.07 million yuan, while the largest selling brokerage was Ping An Securities, with a selling amount of 8.56 million yuan [2] Brokerage Activity Breakdown - The top five buying brokerages included: - Guosheng Securities, Hangzhou Construction Third Road: 16.07 million yuan - Great Wall Securities, Northwest Branch: 10.02 million yuan - Guoxin Securities, Shenzhen Internet Branch: 9.47 million yuan (with a selling amount of 0.16 million yuan) - Chuan Cai Securities, Chongqing Jiangbei Mouth: 8.18 million yuan (with a selling amount of 0.07 million yuan) - Guojin Securities, Shenzhen Branch: 7.82 million yuan (with a selling amount of 0.36 million yuan) [2] - The top five selling brokerages included: - Ping An Securities, Shenzhen Shennan East Road: 0.64 million yuan (with a buying amount of 0.00 million yuan) - Ping An Securities, Yinchuan Phoenix North Street: 0.63 million yuan (with a buying amount of 0.06 million yuan) - Huatai Securities, Nanjing Jiangning Tianyuan East Road: 0.48 million yuan (with a buying amount of 0.03 million yuan) - Donghai Securities, Shenzhen Shennan Avenue: 0.44 million yuan (with a buying amount of 0.00 million yuan) - Guoxin Securities, Shenzhen Tai Ran Ninth Road: 0.40 million yuan (with a buying amount of 0.11 million yuan) [2]

Core Points - Meidun Technology (920227) experienced a significant stock price increase of 22.82% on November 18, 2025, closing at 75.9 yuan [1] - The trading volume reached 6.3305 million shares, with a total transaction value of 463 million yuan [1] Trading Details - The top buying seat was from Guosheng Securities, which purchased 16.068 million yuan worth of shares [2] - The top selling seat was from Ping An Securities, which sold shares worth 8.5595 million yuan [2] - Other notable buying and selling activities included: - Changcheng Securities bought approximately 10.02 million yuan [2] - Guoxin Securities bought around 9.47 million yuan and sold about 1.56 million yuan [2] - Chuan Cai Securities bought approximately 8.18 million yuan and sold about 73.99 thousand yuan [2]

Core Insights - The IT services sector experienced a rise of 1.27% on November 18, with N Nanwang leading the gains [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] IT Services Sector Performance - N Nanwang saw a significant increase in its closing price to 18.48, with a remarkable rise of 224.78% and a trading volume of 1.77 million shares, amounting to 3.39 billion yuan [1] - Other notable performers included: - Meideng Technology: closing price 75.90, up 22.82% [1] - Sichuang Medical: closing price 4.50, up 20.00% [1] - Guangyun Technology: closing price 16.45, up 19.99% [1] - Chuling Information: closing price 29.52, up 10.64% [1] Capital Flow Analysis - The IT services sector saw a net inflow of 2.32 billion yuan from institutional investors, while retail investors experienced a net outflow of 2.61 billion yuan [2][3] - The main stocks with significant capital inflows included: - Huasheng Tiancai: net inflow of 6.77 billion yuan [3] - N Nanwang: net inflow of 4.89 billion yuan [3] - Sichuang Medical: net inflow of 2.16 billion yuan [3]