Investment Rating - The report indicates a positive investment sentiment towards the North Exchange market, particularly in the new energy sector, suggesting a potential for growth and investment opportunities [4][27]. Core Insights - The North Exchange A-share trading volume reached 23.87 billion yuan on November 13, 2025, an increase of 3.952 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1529.62, up 2.62% [8][4]. - A total of 282 companies were listed on the North Exchange, with 229 stocks rising, 9 remaining flat, and 44 declining. The top five gainers included Tianhong Lithium Battery (30.0%), Meideng Technology (13.6%), and Derui Lithium Battery (12.1%) [18][4]. - The report highlights that the new energy industry chain performed strongly, with significant contributions from lithium battery chemicals and diversified chemical sectors, indicating a robust market interest [4][21]. Summary by Sections Market Review - On November 13, 2025, the North Exchange A-share trading volume was 23.87 billion yuan, marking a 39.52 billion yuan increase from the previous day. The North Exchange 50 Index closed at 1529.62, reflecting a 2.62% increase, with a PE_TTM of 72.59 [8][4]. - The North Exchange specialized index closed at 2531.88, up 1.86% [8]. Stock Performance - Among the 282 companies, 229 saw an increase in stock prices, while 44 experienced declines. The top five gainers were Tianhong Lithium Battery (30.0%), Meideng Technology (13.6%), and Derui Lithium Battery (12.1%) [18][4]. - Conversely, the top five decliners included Ruixing Co. (-4.7%) and Chicheng Co. (-3.5%) [18][4]. Investment Recommendations - The report suggests that the North Exchange market is experiencing heightened activity, driven by increased investor interest in the new energy sector. The report emphasizes the long-term investment value of companies in specialized and innovative sectors [4][27]. - The report notes that the global monetary easing cycle continues, favoring small-cap stocks, which aligns with the characteristics of companies listed on the North Exchange [4].

Core Viewpoint - Tianhong Lithium Battery (920252) experienced a significant decline of 9.23% in its stock price, with a trading volume turnover rate of 26.29% and a total transaction value of 639 million yuan on the day of reporting [2] Trading Activity Summary - The stock was listed on the "Dragon and Tiger List" due to its turnover rate reaching 26.29%, with institutional investors net buying 5.1972 million yuan [2] - The top five trading departments accounted for a total transaction value of 155 million yuan, with a net buying amount of 8.4697 million yuan after a buying transaction of 81.5053 million yuan and selling transaction of 73.0355 million yuan [2] - Among the trading departments, one institutional specialized seat was noted, with a buying amount of 17.0221 million yuan and a selling amount of 11.8249 million yuan, resulting in a net buying of 5.1972 million yuan [2] Historical Performance - Over the past six months, the stock has appeared on the "Dragon and Tiger List" 10 times, with an average price drop of 0.01% the day after being listed and an average decline of 1.73% over the following five days [2]

Core Insights - Tianhong Lithium Battery (920252) experienced significant trading activity on November 14, 2025, with a turnover rate of 26.29% and a trading volume of 17.94 million shares, amounting to a total transaction value of 639 million yuan [1][2]. Trading Activity - The top buying entity was Guosen Securities Co., Ltd. Shenzhen Hongling Middle Road Securities Business Department, purchasing shares worth approximately 19.78 million yuan [1][2]. - The leading selling entity was Guojin Securities Co., Ltd. Shenzhen Branch, selling shares valued at around 18.80 million yuan [1][2]. - Other notable trading activities included institutional investors and various securities firms participating in both buying and selling, indicating a diverse trading environment [2].

Market Overview - The battery sector experienced a decline of 2.11% on the previous trading day, with Tianhong Lithium leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Notable gainers in the battery sector included: - Zhongyi Technology (301150) with a closing price of 52.28, up 19.99% [1] - Baosheng Lithium Battery (688353) at 139.20, up 16.00% [1] - Honggong Technology (301662) at 137.07, up 12.74% [1] - Conversely, significant decliners included: - Tianhong Lithium (920252) at 34.80, down 9.23% [2] - Xiongtao Co. (002733) at 22.71, down 7.04% [2] - Shangtai Technology (001301) at 101.00, down 7.00% [2] Capital Flow - The battery sector saw a net outflow of 4.019 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.968 billion yuan [2] - The top stocks by net inflow from institutional investors included: - Xian Dao Intelligent (300450) with a net inflow of 9.31 million yuan [3] - Zhongyi Technology (301150) with a net inflow of 2.26 million yuan [3] - Fengyuan Co. (002805) with a net inflow of 1.35 million yuan [3]

Core Insights - As of November 13, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 7.894 billion yuan, an increase of 50.0693 million yuan from the previous trading day [1] - The stocks with the highest margin financing balances include Jinbo Biological, Shuguang Digital Creation, and Better Ray, with balances of 418 million yuan, 336 million yuan, and 292 million yuan respectively [1] - A total of 146 stocks received net margin purchases on November 13, with Tianhong Lithium Battery leading at 10.154 million yuan in net purchases [1][2] Margin Financing Overview - The margin financing balance increased by 497.195 million yuan to 7.893 billion yuan, while the securities lending balance rose by 349,800 yuan to 804,400 yuan [1] - The average margin financing balance as a percentage of market capitalization for the stocks with the highest balances is 1.31%, with Audiwei, Haidaer, and Juneng Co. leading at 4.18%, 3.79%, and 3.78% respectively [1][2] Industry Performance - The industries with the most stocks receiving net margin purchases over 1 million yuan include power equipment, basic chemicals, and machinery, with 10, 5, and 4 stocks respectively [2] - On average, stocks with net margin purchases over 1 million yuan rose by 2.99%, with Tianhong Lithium Battery, Taipeng Intelligent, and Rongyi Precision showing the highest increases of 29.97%, 11.80%, and 10.46% respectively [2] Trading Activity - The weighted average turnover rate for stocks with net margin purchases over 1 million yuan was 6.69%, with Tianhong Lithium Battery, Zhu Laoliu, and Taipeng Intelligent having turnover rates of 34.54%, 27.00%, and 24.20% respectively [2] - The average daily turnover rate for stocks on the Beijing Stock Exchange was 4.36% on November 13 [2]

Core Points - Tianhong Lithium Battery (920252) experienced a significant increase of 29.97% in its stock price, with a trading volume turnover rate of 34.54% and a total transaction value of 835 million yuan [2] - The stock was listed on the North Exchange's daily trading information due to its price fluctuation and turnover rate, with a net buying amount of 21.43 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction value of 125 million yuan, with a net buying amount of 21.43 million yuan after analyzing buying and selling activities [2] Trading Data - The largest buying brokerage was Guojin Securities Co., Ltd. Shenzhen Branch, with a buying amount of 18.41 million yuan, while the largest selling brokerage was Guotai Haitong Securities Co., Ltd. Jiangxi Xinyu Labor South Road Branch, with a selling amount of 13.70 million yuan [2] - Over the past six months, the stock has appeared on the trading list nine times, with an average price increase of 1.14% the day after being listed and an average decline of 0.79% in the following five days [2] Detailed Brokerage Activity - The top five buying brokerages and their respective buying amounts (in million yuan) are as follows: - Guojin Securities Shenzhen Branch: 18.41 - Guoxin Securities Shenzhen Internet Branch: 12.89 - Dongfang Caifu Securities Lhasa East Ring Road Second Branch: 11.25 - Dongfang Caifu Securities Lhasa Tuanjie Road Second Branch: 11.13 - Dongwu Securities Suzhou Northwest Street Branch: 10.88 [2] - The top five selling brokerages and their respective selling amounts (in million yuan) are as follows: - Guotai Haitong Securities Jiangxi Xinyu Labor South Road Branch: 13.70 - China Galaxy Securities Weifang North Sea Road Branch: 10.01 - Great Wall Securities Qingdao Taidong First Road Branch: 8.50 - Dongfang Caifu Securities Lhasa East Ring Road Second Branch: 6.88 - Dongfang Caifu Securities Lhasa East Ring Road First Branch: 6.22 [2]

Core Insights - The trading volume on the Beijing Stock Exchange reached 1.091 billion shares with a total transaction value of 23.885 billion yuan, marking an increase of 3.969 billion yuan compared to the previous trading day [1] - A total of 229 stocks closed higher, representing 81.49% of the tradable stocks, with notable gainers including Tianhong Lithium Battery, Meideng Technology, and Derui Lithium Battery, which rose by 29.97%, 13.57%, and 12.12% respectively [1] - Conversely, 44 stocks experienced declines, with the largest drop seen in Ruixing Shares, Chicheng Shares, and Sanyuan Gene, which fell by 4.66%, 3.46%, and 3.38% respectively [1] Trading Activity - 68 stocks had transaction values exceeding 10 million yuan, with the highest being Better Ray, Anda Technology, and Tianhong Lithium Battery, which recorded transaction values of 999.25 million yuan, 978.74 million yuan, and 835.46 million yuan respectively [1] - The trading activity indicated a high turnover rate, with 31 stocks having a turnover rate exceeding 10%, and 9 stocks exceeding 20% [1] - The stocks with the highest turnover rates included Tianhong Lithium Battery, Danna Biology, and Zhu Laoliu, with rates of 34.54%, 27.36%, and 27.00% respectively [1] Stock Performance - The closing prices and percentage changes for notable stocks included: - Better Ray: 37.12 yuan, up 7.44% - Anda Technology: 9.05 yuan, up 10.50% - Tianhong Lithium Battery: 38.34 yuan, up 29.97% - Derui Lithium Battery: 32.74 yuan, up 12.12% - Ruixing Shares: 14.11 yuan, down 4.66% [1][2][3]

Market Overview - The Shanghai Composite Index closed at 4017.94 points, above the five-day moving average, with an increase of 0.44% [1] - The total trading volume of A-shares reached 12,733.37 million yuan [1] Stocks Performance - A total of 1,085 A-shares have surpassed the five-day moving average, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Tianhong Lithium Battery (17.41%) - Baiwei Storage (11.81%) - Derui Lithium Battery (8.69%) [1] Detailed Stock Data - The following table summarizes the performance of selected stocks that broke the five-day moving average: | Stock Code | Stock Name | Daily Change (%) | Turnover Rate (%) | Five-Day MA (yuan) | Latest Price (yuan) | Deviation Rate (%) | |------------|----------------|------------------|--------------------|---------------------|---------------------|---------------------| | 920252 | Tianhong Lithium| 26.37 | 28.72 | 31.75 | 37.28 | 17.41 | | 688525 | Baiwei Storage | 15.92 | 10.86 | 130.71 | 146.14 | 11.81 | | 920523 | Derui Lithium | 14.66 | 12.36 | 30.80 | 33.48 | 8.69 | | 301162 | Guoneng Rixin | 10.76 | 4.41 | 58.82 | 63.60 | 8.13 | | 300584 | Haichen Pharma | 12.07 | 15.81 | 56.42 | 60.80 | 7.77 | | 300432 | Fulian Precision | 13.30 | 7.30 | 19.13 | 20.61 | 7.73 | | 603966 | Falan Technology | 10.03 | 10.44 | 11.22 | 12.07 | 7.56 | | 002208 | Hefei Urban Construction | 10.01 | 14.27 | 11.98 | 12.86 | 7.33 | | 000633 | Alloy Investment | 10.00 | 3.43 | 6.97 | 7.48 | 7.32 | | 301358 | Hunan Yunan | 11.64 | 5.91 | 82.36 | 88.27 | 7.18 | | 002227 | Aotexun | 9.99 | 6.24 | 13.88 | 14.87 | 7.12 | | 001266 | Hongying Intelligent | 10.01 | 10.99 | 30.78 | 32.97 | 7.12 | | 003022 | Lianhong New Technology | 10.00 | 1.46 | 20.88 | 22.32 | 6.91 | | 301379 | Tianshan Electronics | 9.65 | 11.89 | 28.21 | 30.10 | 6.70 | | 603188 | Yabang Shares | 10.02 | 8.83 | 5.25 | 5.60 | 6.67 | | 600686 | Jinlong Automobile | 9.08 | 6.54 | 15.43 | 16.46 | 6.66 | | 002108 | Cangzhou Ming | 10.04 | 8.50 | 4.93 | 5.26 | 6.61 [1][2]

Investment Rating - The report highlights a focus on the power equipment industry chain in the context of the rapid growth in electricity demand driven by artificial intelligence technology [1]. Core Insights - The global electricity demand for data centers is projected to reach 945 TWh by 2030, with a current consumption of 415 TWh in 2024, representing 1.5% of global electricity consumption, and growing at an annual rate of 12% [3][9]. - The report identifies 16 companies within the North Exchange's power equipment industry chain, including key players such as Kai Fa Technology, Guangxin Technology, and Can Energy [3][45]. - The median price-to-earnings (P/E) ratio for the electronic equipment industry on the North Exchange has increased from 60.1X to 60.5X, indicating a slight upward trend in valuation [51]. Summary by Sections 1. Current AI Technology Development Driving Electricity Demand Surge - AI operations currently face a lack of sufficient electricity, with projections indicating that global data center electricity demand could reach 945 TWh by 2030 [7][18]. - The rapid increase in electricity demand is pushing the global energy system towards a critical turning point [9]. 2. Total: Median Price Change of North Exchange Technology Growth Stocks at -3.57% - As of November 7, 2025, the median price change for technology growth stocks on the North Exchange was -3.57%, with 27 companies experiencing an increase [47][50]. - Notable gainers included Can Energy (+31.13%) and Hongxi Technology (+19.07%) [49]. 3. Industry: Electronic Equipment Industry P/E Ratio Median Increased by 0.70% to 60.5X - The median P/E ratio for the electronic equipment industry rose to 60.5X, with the total market value decreasing from 1509.9 billion to 1461.4 billion [51][52]. - The report notes a decrease in the number of companies in the >100X P/E ratio category, while those in the 30X-50X and 50X-100X categories increased [51][54]. 4. Announcements - Tianhong Lithium Battery is establishing a joint venture to further develop its energy storage independent power station business [4][38]. - Kai Fa Technology plans to invest in new projects with a total investment of 283.7 million yuan [4][38].

Core Viewpoint - Tianhong Lithium Battery announced the establishment of a joint venture to further develop its energy storage independent power station business [1] Group 1: Joint Venture Details - The joint venture, Hebei Tianhong Guoxin Technology Co., Ltd., has a registered capital of RMB 30 million [1] - Zhejiang Chinen New Energy Technology Co., Ltd. contributed RMB 15.3 million, holding a 51% stake [1] - Tianhong Lithium Battery contributed RMB 7.5 million, holding a 25% stake [1] - Beijing Guoxin Leiyin Technology Co., Ltd. contributed RMB 7.2 million, holding a 24% stake [1]