行业周报 | 北交所 IPO 扩容提速，关注稀缺、景气、低估三条主线 北交所市场周报——250630-250704 核心结论 北交所市场复盘：当周北交所全部 A 股日均成交额达 279.8 亿元，环比下跌 17.8%。当周北证 50 收跌 1.7%，当周日均换手率达 3.1%。当周涨幅前五 大个股分别为：云创数据（42.4%）、广道数字（29.9%）、灿能电力（13.2%）、 百甲科技（12.5%）、远航精密（12.2%）；跌幅前五大个股分别为：国源科 技（11.7%）、雅葆轩（-10.5%）、长虹能源（-10.5%）、天马新材（-9.4%）、 灵鸽科技（-9.3%）。 重点新闻及政策：1）三部门发布境外投资者以分配利润直接投资税收抵免 政策：财政部等三部门发布公告，2025 至 2028 年境外投资者以中国境内居 民企业分配的利润用于境内符合条件的直接投资，可按投资额的 10%抵免当 年应纳税额。2）证监会：始终把维护市场稳定作为监管工作首要任务，推 动健全常态化稳市机制安排: 中国证监会召开会议，深入学习习近平同志在 福建的金融论述，部署资本市场落实举措，强调维护市场稳定，推动健全常 态化稳市机制，统筹改 ...

Investment Rating - The report suggests a positive outlook for the industry, indicating a potential for growth in the next 6-12 months, with a focus on specific sectors such as high-end equipment, new energy, and information technology [6][7]. Core Insights - The North Exchange A-shares saw a trading volume of 30.73 billion yuan on July 1, with a slight increase in the index by 0.7%. Among 268 companies, 113 rose, 6 remained flat, and 149 fell [3][13]. - The newly launched North Exchange Specialized and Innovative Index has strengthened the positioning of the North Exchange as a primary platform for specialized and innovative companies, attracting new capital [6][7]. - The report emphasizes the importance of monitoring macroeconomic policies and performance indicators, particularly in light of upcoming central government meetings and mandatory mid-year earnings forecasts [6][7]. Market Review - The trading volume for North Exchange A-shares reached 30.73 billion yuan, with a turnover rate of 5.4%, leading among various sectors [13][14]. - The top five gainers included Huawai Design (30.0%), Jinbo Biological (11.0%), and Jinhao Medical (10.6%), while the top five losers were Patel (-9.4%), Tonghui Information (-9.2%), and Guoyuan Technology (-7.5%) [23][26]. Important News - The People's Bank of China and other departments issued guidelines to support consumption and capital markets, aiming to enhance financial services and boost market sentiment [27]. - JinHao Medical announced a cash dividend of 0.3 yuan per 10 shares, while other companies like DR Tianrun Technology reported obtaining three invention patents, highlighting their innovation capabilities [29][32].

Investment Rating - The report indicates a positive investment sentiment towards the industry, highlighting a recent upward trend in the market [7][21]. Core Insights - The North Exchange A-shares saw a trading volume of 34.76 billion yuan on June 27, 2025, with a turnover rate of 6.0%, leading among various sectors [13][14]. - The North Exchange 50 index increased by 1.06% to 1439.63 points, continuing a rebound trend with a cumulative increase of 6.84% for the week, showcasing the advantages of small-cap and Beta style stocks [7][21]. - The market is currently driven by themes such as specialized and innovative small giants, with significant interest in emerging sectors like humanoid robots, AI, low-altitude economy, and solid-state batteries, indicating strong policy support for innovative SMEs [7][21]. Summary by Sections Market Review - On June 27, 2025, among 268 companies listed on the North Exchange, 152 stocks rose, 7 remained flat, and 109 declined. The top five gainers included Guoyuan Technology (16.5%), Tianma New Materials (11.8%), and Lintai New Materials (10.8%) [4][24]. - The top five decliners were Youji Co., Ltd. (-14.8%), Yunchuang Data (-8.7%), and Tonghui Information (-8.3%) [24][27]. Important News - The People's Bank of China emphasized the need for a moderately loose monetary policy to enhance counter-cyclical adjustments, aiming to maintain stable economic growth and reasonable price levels [28]. - Key company announcements included Jin Hao Medical's shareholding changes and Huiwei Intelligent's plans for cash management using idle funds [28][29][32]. Key Company Announcements - Jin Hao Medical reported a change in shareholding structure due to a buyback program, while Huiwei Intelligent and Keli Co., Ltd. announced plans to manage idle funds through low-risk financial products [28][29][32].

Market Performance - On June 24, the North Exchange A-shares trading volume reached 33.79 billion yuan, an increase of 9.32 billion yuan from the previous trading day, with the index rising by 3.6%[3] - Among 267 companies listed, 241 saw their stock prices increase, while 26 experienced declines, indicating a strong upward trend in the market[3] Top Gainers and Losers - The top five gainers included: - Sanyou Technology (30.0%) - Yish Precision (18.2%) - Lingge Technology (14.5%) - Jun Chuang Technology (13.8%) - Liandi Information (12.8%) - The top five losers were: - Keli Co., Ltd. (-19.8%) - Air China Ocean (-13.9%) - Huaxi Technology (-13.5%) - Kaitian Gas (-11.4%) - Qifeng Precision (-10.7%) [3][22] Market Sentiment and Strategy - Market sentiment has improved due to the overall recovery of A-shares and positive policy expectations, leading to a shift in capital preference towards high-elasticity small-cap stocks[6] - Investment strategy suggests selecting fundamentally strong and specialized companies for low-cost entry while avoiding high-risk chasing and closely monitoring volume changes and market sentiment shifts[6] Risk Factors - Potential risks include policy regulatory risks, unexpected changes in North Exchange policies, intensified industry competition, and macroeconomic uncertainties[31][32]

Market Overview - On June 18, the trading volume of North Exchange A-shares reached 30.84 billion yuan, an increase of 2.57% compared to the previous trading day[6] - The North Exchange 50 index closed down 0.6% at 1393.44 points, failing to recover the critical 1400-point level[6] Stock Performance - Among 267 companies listed, 84 stocks rose, 0 remained flat, and 183 declined[6] - The top five gainers were: Zhecheng Electronics (19.1%), Qifeng Precision (17.3%), Ruixing Co. (17.2%), Tonghui Information (15.4%), and Yuanhang Precision (10.3%)[6] - The top five losers were: Guangdao Digital (-17.2%), Luqiao Information (-15.7%), Benlang New Materials (-14.1%), Meideng Technology (-10.4%), and Jiuling Technology (-8.7%)[6] Investment Strategy - The overall market sentiment is cautious, with a significant divergence in stock performance, indicating a "more down than up" trend[6] - Focus on undervalued, high-elasticity stocks for potential reverse layout opportunities, especially in sectors with core technology barriers and high growth potential[6] Risk Factors - Key risks include policy regulatory risks, potential underperformance of North Exchange policies, and intensified industry competition[35]

Market Overview - On June 16, the North Exchange A-shares trading volume reached 28.73 billion yuan, a decrease of 8.2 billion yuan from the previous trading day, with the index rising by 1.8%[3] - Among 267 companies listed on the North Exchange, 182 stocks rose, 7 remained flat, and 78 declined, indicating a 70% increase in stock prices[6] Stock Performance - The top five gainers were: Meideng Technology (21.9%), Huaxin Yongdao (19.7%), Keli Co., Ltd. (19.3%), Yishi Precision (15.1%), and Benlang New Materials (11.4%) [3] - The top five decliners were: Yeguangming (-8.8%), Yunchuang Data (-6.4%), Wanda Bearings (-3.9%), Tongguan Mining Construction (-3.7%), and Jiuling Technology (-3.6%) [3] Index Performance - The North Exchange 50 index opened lower but closed higher at 1,408.15 points, up 1.84%, significantly outperforming the Shanghai and Shenzhen main board indices on the same day[6] - The North Exchange 50 PE TTM is at 72.17 times, indicating a relatively high valuation level historically[19] Market Trends - The market showed structural rotation, with technology and energy sectors leading, particularly oil and gas stocks benefiting from favorable policies regarding stablecoin demand in Hong Kong[6] - Short-term market sentiment remains cautious, with a focus on potential opportunities in oversold mid-line targets amid low trading volumes[6] IPO Activity - Eleven new IPO applications were accepted last week, including six from the North Exchange, indicating ongoing market activity despite external uncertainties[25]

Investment Rating - The report gives a "Buy" rating for Gree Electric Appliances (000651.SZ) [2][4][17] Core Views - Gree Electric Appliances is positioned in a high-quality air conditioning segment, with a solid competitive advantage in the high-end price range, and is expected to benefit from industry growth and product structure upgrades, leading to stable performance growth [1][2][17] - The company is projected to achieve revenue growth rates of +8% in 2025, +5% in 2026, and +6% in 2027, with net profit growth rates of +10.1%, +7.7%, and +7.8% respectively [2][17] Summary by Sections 1. Air Conditioning: Excellent Business Model - Air conditioning is a premium sub-sector in home appliances, characterized by dual barriers in consumption and manufacturing, with significant growth potential in both domestic and international markets [1][4] - The industry enjoys long-term growth, with substantial room for penetration and a high proportion of high-end products due to historical luxury positioning [1][4] - The competitive landscape shows a clear tiering, with a stable duopoly in the high-end price segment, maintaining good profit margins [1][4] 2. Gree: Deeply Rooted in the Air Conditioning Sector - Gree's air conditioning business is a major revenue contributor, accounting for approximately 78% of total revenue, with other segments supporting the core business [53] - The company has a strong competitive edge across multiple aspects of product, research and development, and manufacturing, particularly in the high-end price range [61][62] - Gree's valuation is currently low compared to domestic and international peers, indicating potential for upward adjustment [57][58] 3. Long-term Performance Outlook - Gree is expected to maintain stable growth, with a focus on capital expenditure aimed at enhancing automation and business synergy rather than expansion [82] - The company has a high cash position and dividend payout ratio, with a projected dividend yield of 7% in 2025 [82][85] - The report anticipates that Gree will benefit from short-term catalysts such as government subsidies and improved operational momentum [17][82]

Investment Rating - The report gives a "Buy" rating for the company [3][20]. Core Views - The company is expected to achieve revenues of 1.893 billion, 2.823 billion, and 3.959 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of +45.0%, +49.2%, and +40.2%. The net profit attributable to the parent company is projected to be -959 million, -655 million, and -210 million yuan for the same years, with year-on-year growth rates of +12.6%, +31.7%, and +68.0% [3][20]. Summary by Sections 1. Leading Company in Humanoid Robotics with Broad Application Scenarios - The company is a pioneer in humanoid robotics and occupies a leading market position, focusing on the design, production, commercialization, sales, and marketing of intelligent service robots and solutions [24]. - The company has established partnerships with several well-known enterprises, enhancing its brand influence and providing stable orders and revenue [25]. - The management team is experienced, with a stable structure and rich industry experience [29]. 2. Steady Revenue Growth with Continuous Product Structure Adjustment - The company has shown steady revenue growth, with a CAGR of 15.24% from 2020 to 2024, achieving a revenue of 1.305 billion yuan in 2024, a year-on-year increase of 23.65% [35]. - The revenue structure is shifting, with the share of logistics robots increasing from 2% to 37% from 2020 to 2023, while the share of educational robots has decreased from 83% to 33% [37]. 3. Strong National Policy Support and Broad Market Space for Humanoid Robots - The government has introduced policies to support the development of the humanoid robotics industry, aiming to establish an innovation system by 2025 and a reliable supply chain by 2027 [44][48]. - The humanoid robotics industry is entering a rapid development phase, with many domestic and international manufacturers launching new products [45]. 4. Continuous High-Intensity R&D Investment and Leading Product Technology - The company has maintained high R&D investment, with an average R&D expenditure of 469 million yuan from 2020 to 2024, holding the largest number of effective humanoid robot patents globally [50]. - The company offers a diverse range of products targeting various application scenarios, including industrial, educational, logistics, and consumer markets [56]. 5. Profit Forecast and Valuation - The report anticipates significant revenue growth for the company, with expected revenues of 1.893 billion, 2.823 billion, and 3.959 billion yuan for 2025, 2026, and 2027, respectively, alongside improving net profit figures [20].

Investment Rating - The report suggests a "neutral" investment rating for the industry, indicating that the expected fluctuation in the next 6-12 months will be within -10% to 10% of the market benchmark index [42]. Core Insights - The report highlights that despite short-term fluctuations, the medium-term outlook remains positive, suggesting that investors should seize opportunities during market adjustments to position themselves for long-term gains [3][6]. - On June 10, 2025, the North Exchange A-shares recorded a trading volume of 36.26 billion yuan, an increase of 9.83 billion yuan from the previous trading day, with the index closing down by 1.0% [3][6]. - The report notes significant individual stock performance, with 87 out of 266 companies rising, while 178 declined. The top gainers included Huaxi Technology (30.0%) and Guohang Ocean (29.9%), while the largest losers included Luqiao Information (-12.9%) and Qifeng Precision (-8.0%) [3][25][27]. Summary by Sections Market Review - The North Exchange A-shares saw a trading volume of 36.26 billion yuan, with a turnover rate of 7.1%, leading among various sectors [13][21]. - The report indicates that the North Exchange 50 index closed at 1,427.93 points, down by 1.0% [6][22]. Important News - The National Development and Reform Commission held a meeting on June 10, 2025, to gather opinions from private technology enterprises regarding the "14th Five-Year Plan," emphasizing the importance of innovation and support for private enterprises [28]. - The Central Committee and the State Council issued opinions to deepen reforms in Shenzhen, promoting innovation and opening up, which is expected to enhance the region's role in the Greater Bay Area [30][32]. Key Company Announcements - Knight Dairy announced the lifting of restrictions on 32,691,485 shares, accounting for 15.64% of its total share capital, effective June 13, 2025 [35]. - Lijia Technology disclosed plans for a major shareholder to reduce holdings by 1,727,856 shares, representing 2% of the total share capital [36].

Investment Rating - The report gives a "Buy" rating for the company, China Coal Energy (601898.SH), with a target price of 14.33 CNY per share based on absolute and relative valuation methods [1][4][18]. Core Views - The report anticipates that the company's net profit attributable to shareholders will be 16.15 billion, 17.97 billion, and 18.57 billion CNY for the years 2025-2027, with corresponding EPS of 1.22, 1.36, and 1.40 CNY, reflecting year-on-year growth rates of -16.41%, 11.26%, and 3.31% [1][17]. - The market perceives an oversupply in the coal industry, leading to potential price declines; however, the report argues that a balanced supply-demand scenario will maintain spot prices between 750-850 CNY/ton [2][13][54]. Summary by Sections Company Overview - China Coal Energy is a leading state-owned enterprise in the coal sector, focusing on integrated operations and clean coal utilization [22]. - The company has substantial coal reserves of 26.52 billion tons and a recoverable reserve of 13.821 billion tons, with a mining life expectancy of nearly 100 years [56]. Financial Data - The company reported a revenue of 189.4 billion CNY in 2024, a slight decrease of 1.9% from the previous year, with a net profit of 19.32 billion CNY, down 1.1% [7][27]. - The average dividend payout ratio since its listing is 30.65%, with a projected payout ratio of 32.87% for 2024 [14][17]. Industry Analysis - The report highlights a stable coal price environment, with expectations for prices to remain between 750-850 CNY/ton due to balanced supply and demand [2][54]. - The coal production capacity is nearing its limits, with expected production stabilizing around 38.5-39 billion tons from 2025 to 2027 [54]. Profit Forecast and Valuation - The projected revenues for 2025-2027 are 182.29 billion, 186.23 billion, and 187.70 billion CNY, with a year-on-year growth of -3.75%, 2.16%, and 0.79% respectively [17]. - The report employs a Dividend Discount Model (DDM) for valuation, suggesting a reasonable stock price of 13.68 CNY based on dividend expectations [18].