Core Insights - The document provides data on technology-oriented listed companies from 1993 to 2025, covering over 24,000 samples and more than 8,000 enterprises, including those from mainland China, Hong Kong, and the New Third Board [1][3] - The scope of technology-oriented enterprises includes 12 categories, such as innovative small and medium-sized enterprises, high-tech enterprises, and national-level technology innovation demonstration enterprises [4][5] - The data is sourced from the Ministry of Science and Technology of China and various provincial and municipal science and technology departments, aimed at measuring the innovation and entrepreneurship levels of listed companies or regions [5][6] Data Overview - The dataset includes specific indicators such as stock code, company name, listing type, technology enterprise type, announcement date, announcement year, recognition year, announcement unit, information description, industry, province, city, and district [2] - Examples of companies listed include: - Shenzhou High-speed Railway Technology Co., Ltd. recognized as a technology enterprise in 2019 [2] - China Southern Glass Holding Co., Ltd. recognized as a national-level manufacturing single champion demonstration enterprise in 2024 [2] - ZTE Corporation recognized as a national enterprise technology center and high-tech enterprise in 2023 and 2024 [2]

Group 1 - The new urbanization sector opened high on October 22, indicating positive market sentiment [1] - Wuhan Holdings achieved a consecutive two-day increase, reflecting strong investor interest [1] - Beixin Road and Bridge, and Northern International reached their daily limit up, showcasing significant gains in the sector [1] Group 2 - Other companies such as Sujiao Science and Technology, Zhonggong International, Xinjiang Communications Construction, and Hefei Urban Construction also experienced upward movement, indicating a broader trend in the new urbanization sector [1]

Market Overview - The professional engineering sector increased by 0.36% on the previous trading day, with *ST Tianlong leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - *ST Tianlong (300029) closed at 6.15, with a rise of 6.40% and a trading volume of 49,300 shares, amounting to approximately 30.01 million yuan [1] - Zhonghua Rock and Soil (002542) saw a closing price of 3.68, up 4.84%, with a trading volume of 387,100 shares, totaling around 138 million yuan [1] - Northern International (000065) closed at 11.21, increasing by 3.03%, with a trading volume of 223,500 shares, equating to about 250 million yuan [1] - Other notable stocks include Tongguan Mining Construction (920019) at 21.20 (+2.56%), and China Steel International (000928) at 6.48 (+2.21%) [1] Capital Flow - The professional engineering sector experienced a net inflow of 20.83 million yuan from institutional investors, while retail investors contributed a net inflow of 14.99 million yuan [2] - However, speculative funds saw a net outflow of 35.82 million yuan [2] Individual Stock Capital Flow - China Zhongzhi (601618) had a net inflow of 57.07 million yuan from institutional investors, representing 8.96% of its total capital [3] - Northern International (000065) experienced a net inflow of 36.31 million yuan from institutional investors, accounting for 14.52% [3] - Zhonggang International (000928) saw a net inflow of 24.36 million yuan from institutional investors, which is 17.19% of its total capital [3] - Other stocks like Zhonghua Rock and Soil (002542) and Hangxiao Steel Structure (600477) also showed varying degrees of net inflow and outflow from different investor categories [3]

Core Viewpoint - The stock of Beifang International (000065) has shown a decline in both price and trading volume, with significant net outflows from retail investors, indicating potential concerns about the company's performance and market sentiment [1][2]. Financial Performance - As of the latest report, Beifang International's total market capitalization is 11.721 billion yuan, with a net asset value of 10.858 billion yuan and a net profit of 309 million yuan, reflecting a decline of 42.71% year-on-year [3]. - The company's main revenue for the first half of 2025 was 6.735 billion yuan, down 35.34% year-on-year, with a gross profit margin of 13.09% [3]. - The second quarter of 2025 saw a single-quarter revenue of 3.085 billion yuan, a decrease of 42.88% year-on-year, and a net profit of 132 million yuan, down 52.05% year-on-year [3]. Market Activity - On October 16, 2025, Beifang International's stock closed at 10.94 yuan, down 1.44%, with a trading volume of 130,900 hands and a total transaction amount of 143 million yuan [1]. - The net inflow of main funds was 4.4007 million yuan, accounting for 3.07% of the total transaction amount, while retail investors experienced a net outflow of 9.9999 million yuan, representing 6.98% of the total [1][2]. Industry Comparison - Beifang International's price-to-earnings ratio (P/E) stands at 18.97, compared to the industry average of 14.66, indicating a higher valuation relative to peers [3]. - The company's return on equity (ROE) is 3.14%, which is significantly higher than the industry average of 0.57%, suggesting better efficiency in generating profits from equity [3]. Analyst Ratings - Over the past 90 days, six institutions have provided ratings for Beifang International, with five recommending a buy and one suggesting an increase in holdings, while the average target price set by analysts is 14.44 yuan [4].

Core Viewpoint - Northern Trust has successfully implemented the "Revitalization. Tianchen No. 1" real estate service trust, addressing the challenges of integrating scattered real estate resources held by state-owned enterprises, thereby enhancing the overall operational efficiency of state assets [1][2]. Group 1: Project Overview - The project is commissioned by Tianjin Chenkai New Energy Property Management Co., Ltd., a wholly-owned subsidiary of the North Bin Development Zone Management Committee, which holds multiple commercial real estate properties across different administrative districts in Tianjin [1]. - The trust structure allows for the phased delivery of trust assets, focusing on the dual advantages of the trust system, including risk isolation and professional management [2]. Group 2: Benefits and Innovations - The trust structure creates a robust risk firewall by legally isolating the trust assets from the client's other assets, mitigating potential asset risks due to operational or external changes [2]. - Northern Trust has established a unified asset management platform, enhancing the overall revenue capability of the asset portfolio through professional management and lifecycle management [2]. Group 3: Future Implications - The successful implementation of this model serves as a replicable and scalable framework for managing similar scattered assets, enhancing the company's capabilities in asset service trusts [3]. - This model exemplifies the practical path for trust services to contribute to the "Three Quantities" work, transforming static, scattered assets into efficient, liquid development increments, thus injecting new financial vitality into the construction of a modern socialist metropolis in Tianjin [3].

Core Viewpoint - The article discusses the expansion of real estate trust property registration trials in Tianjin, following similar initiatives in Beijing, Shanghai, Guangzhou, and Xiamen, with North International Trust Co., Ltd. facilitating the first real estate trust business in Tianjin [1] Group 1: Industry Developments - Tianjin has joined the pilot program for real estate trust property registration, enhancing the application of relevant policies [1] - North International Trust has successfully implemented the "Revitalization. Tianjin Chen 1" real estate service trust, addressing the integration challenges of scattered state-owned real estate assets [1] Group 2: Company Initiatives - North International Trust designed a tailored trust structure for Tianjin Chen Kai New Energy Property Management Co., Ltd., utilizing multiple commercial properties across different administrative regions as trust assets [2] - The trust structure aims to isolate the trust assets from the client's other assets, mitigating risks associated with operational changes and enhancing the overall operational efficiency of state-owned assets [2] - North International Trust acts as the trustee, establishing a unified asset management platform to improve the overall yield of the asset portfolio through professional management and lifecycle management [2]

Group 1 - The core point of the article is that Northern International Cooperation Co., Ltd. plans to issue A-shares to specific investors to raise a total of up to 960 million yuan, with a significant portion allocated for a photovoltaic project in Bosnia and Herzegovina [1] - The company intends to use 724.36 million yuan for the 125MWp photovoltaic project and 235.64 million yuan for working capital [1] - The stock issuance will not change the company's control and has received approval from state-owned asset regulatory authorities, pending further review by the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission [1] Group 2 - As of October 13, 2025, the stock price of Northern International is 11.05 yuan, down 1.86% from the previous trading day, with a total market capitalization of 11.839 billion yuan [1] - The stock opened at 10.88 yuan, reached a high of 11.07 yuan, and a low of 10.85 yuan, with a trading volume of 163 million yuan and a turnover rate of 1.52% [1] - The issuance will involve no more than 105,032,822 shares and will target no more than 35 investors, with the issuance price set at no less than 80% of the average trading price over the previous 20 trading days [1]

Core Viewpoint - Northern International (000065) is raising up to 960 million yuan for a photovoltaic project in Bosnia and Herzegovina and to supplement working capital, with a focus on sustainable energy development [3][6]. Group 1: Stock Performance - As of October 10, 2025, Northern International's stock closed at 11.26 yuan, up 3.49% from the previous week's 10.88 yuan [1]. - The stock reached a peak of 11.38 yuan and a low of 10.85 yuan during the week [1]. - The company's current market capitalization is 12.064 billion yuan, ranking 7th in the professional engineering sector and 1596th among all A-shares [1]. Group 2: Fundraising and Project Details - The company plans to issue up to 105,032,822 shares to no more than 35 specific investors, with the issue price set at no less than 80% of the average trading price over the previous 20 trading days [3][6]. - The funds raised will allocate approximately 724.36 million yuan for the photovoltaic project and 235.64 million yuan for working capital [3][6]. - The project will be implemented under a Build-Own-Operate (BOO) model, with a construction period of 1 year and an operational period of 25 years, and an expected average electricity price of 72 euros/MWh [3][6]. Group 3: Regulatory Approvals - The company has obtained necessary approvals from the National Development and Reform Commission and the Ministry of Commerce for overseas investment, and construction permits for the substation have been approved [3][5]. - The issuance will not change the company's control and has received approval from state-owned asset regulatory authorities, pending review by the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission [5].

Core Viewpoint - The company has received an inquiry letter from the Shenzhen Stock Exchange regarding its application for a specific stock issuance and has updated its application documents accordingly [1][2]. Group 1 - The company confirmed the authenticity, accuracy, and completeness of the announcement, ensuring there are no false records or misleading statements [1]. - The company received the inquiry letter on July 21, 2025, and has conducted thorough research and responses to the questions raised in the letter [1]. - The company updated its application documents, including the prospectus, based on the inquiries and the financial data from its 2025 semi-annual report [2]. Group 2 - The stock issuance is subject to approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission, with uncertainties regarding the approval timeline [2]. - The company will fulfill its information disclosure obligations based on the progress of this matter, urging investors to be aware of investment risks [2].

证券代码：000065 证券简称：北方国际 关于北方国际合作股份有限公司 申请向特定对象发行股票的审核问询函 之回复报告 保荐人（主承销商） （广东省深圳市福田区中心三路8号卓越时代广场（二期）北座） 深圳证券交易所： 贵所于 2025 年 7 月 21 日出具的《关于北方国际合作股份有限公司申请向 特定对象发行股票的审核问询函》（审核函〔2025〕120026 号）（以下简称"问 询函"）已收悉，北方国际合作股份有限公司（以下简称"发行人""北方国际" 或"公司"）会同中信证券股份有限公司（以下简称"保荐人""主承销商"或 "中信证券"）、北京市嘉源律师事务所（以下简称"发行人律师"或"嘉源律 师"）、立信会计师事务所（特殊普通合伙）（以下简称"申报会计师"或"立 信"）等相关方对问询函所列问题进行了逐项核查，现回复如下，请予审核。 关于回复内容释义、格式及补充更新披露等事项的说明如下： 1、如无特别说明，本回复使用的简称与《北方国际合作股份有限公司 2024 年度向特定对象发行 A 股股票募集说明书（申报稿）》中的释义相同； 2、本回复中若出现总计数尾数与所列数值总和尾数不符的情况，均为四舍 五入所致； ...