Market Overview - On July 18, the North Exchange A-shares trading volume reached 22.46 billion yuan, an increase of 1.31 billion yuan from the previous trading day[3] - The North Exchange 50 Index closed at 1418.6, down 0.7%, with a PE TTM of 67.25 times[3] - The North Exchange Specialized and New Index closed at 2428.8, down 0.4%[3] Stock Performance - Among 268 companies on the North Exchange, 74 rose, 7 remained flat, and 187 fell[3] - The top five gainers were: Jiahe Technology (30.0%), Wanyuantong (11.0%), Kaida Catalysis (10.7%), Benlang New Materials (9.1%), and Haidaer (6.8%)[3] - The top five losers were: Guoyi Tender (-6.4%), Chunguang Pharmaceutical (-4.8%), Tonghui Information (-4.3%), Huaxi Technology (-4.2%), and Guoyuan Technology (-3.9%)[3] Investment Insights - The overall trading activity on the North Exchange improved, indicating better capital participation, but market differentiation is significant[6] - Key themes include the Ministry of Industry and Information Technology's upcoming plans for ten key industries, which may boost the materials and basic chemical sectors[6] - Short-term market fluctuations are expected, but policy benefits and deepening reforms at the North Exchange may enhance long-term confidence[6]

Market Overview - On July 17, the trading volume of North Exchange A-shares reached 21.16 billion yuan, an increase of 1.28 billion yuan from the previous trading day[3] - The North Exchange 50 Index closed at 1428.1, up 0.9%, with a PE TTM of 67.79 times[3] - The North Exchange Specialized and New Index closed at 2438.2, up 0.8%[3] Stock Performance - Among 268 companies on the North Exchange, 140 rose, 11 remained flat, and 117 fell[3] - The top five gainers were: Huiwei Intelligent (14.8%), Hongyu Packaging (11.8%), Jiahe Technology (10.8%), Guangxin Technology (9.8%), and Wuxin Tunnel Equipment (8.7%)[3] - The top five losers were: Guangzi International (-7.3%), Yunchuang Data (-6.3%), Benlang New Materials (-4.8%), Fangsheng Co. (-3.5%), and Taipeng Intelligent (-3.3%)[3] Key News - National electricity load reached a historical high of 1.506 billion kilowatts, an increase of 0.055 billion kilowatts from last year[5] - The adjustment of consumption tax policy for ultra-luxury cars now applies to vehicles priced at 900,000 yuan or above (excluding VAT)[5] Investment Recommendations - Focus on sectors like AI computing, innovative pharmaceuticals, humanoid robots, and power grid construction as key market drivers[6] - The report suggests paying attention to specialized and new companies with strong performance certainty, especially in new productivity areas[6]

ERN DU HISTHER 行业日报 | 北交所 缩量震荡,关注电力负荷创新高、城市更新、人形机器人等证券院报告 025年07月17日 北交所市场点评 -- 20250716 · 核心结论 行情回顾:1)指数层面:7月16北证A股成交金额达 198.8亿元,较上一 交易日下降 33.2 亿元,北证 50 指数收盘价为 1415.9,上涨 0.3%,PE TTM 为 67.20 倍。北证专精特新指数收盘价为 2419.4,上涨 0.4%;2)个股层 面:当日北交所268家公司中121家上涨,9家平盘,138家下跌。其中涨 幅前五的个股分别为:广道数字(29.9%)、云创数据(20.1%)、基康仪 器(13.7%)、春光药装(10.1%)、田野股份(7.0%);跌幅前五的个股 分别为:国义招标(-10.1%)、天润科技(-6.0%)、科润智控(-5.0%)、 中纺标(-4.9%)、则成电子(-4.6%)。 行业日报 | 北交所 内容目录 分析师 曹森元 S0800524100001 19821289688 caosenvuan@research.xbmail.com.cn 相关研究 北交所:结构性分化加剧,城市 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [53]. Core Insights - The market is experiencing structural differentiation, with active themes in urban renewal and AI hardware. The North Exchange A-share trading volume reached 23.2 billion yuan on July 15, 2025, an increase of 740 million yuan from the previous trading day, while the North Exchange 50 Index closed at 1412.1, down 1.2% [4][14]. - The report highlights significant stock movements, with 60 out of 268 companies on the North Exchange rising, 3 remaining flat, and 205 declining. Notable gainers included Guangdao Digital (29.9%) and Yun Chuang Data (13.7%), while major losers included Xinghao Pharmaceutical (-9.3%) and Silane Technology (-6.2%) [25][29]. - The report emphasizes the importance of urban renewal as a key theme, driven by the central government's focus on high-quality urban development. Companies like Guoyi Tendering and Guangrong International have shown significant price increases in this context [6][30]. Summary by Sections Market Review - On July 15, 2025, the North Exchange A-share trading volume was 23.2 billion yuan, with the North Exchange 50 Index down 1.2% and a PE TTM of 67.04 times. The specialized index closed at 2408.8, down 0.9% [4][14]. - The report notes that the market is seeing a shift towards policy and event-driven themes, with structural opportunities becoming clearer in urban renewal and AI industry chains [7]. Important News - Geely Automobile and Zeekr signed a merger agreement, with Geely acquiring all remaining shares of Zeekr. Shareholders can choose cash or Geely shares as compensation [30]. - The successful launch of the Tianzhou-9 cargo spacecraft has increased interest in aerospace-related companies [31]. Key Company Announcements - Zitan Palace announced a cash dividend of 2 yuan per 10 shares based on its total share capital of 145,463,880 shares [35]. - Shibi Bai disclosed a reduction in shareholding by a major shareholder, decreasing from 8.7324% to 6.7376% [36].

Group 1: Economic Rebalancing - The current state of China's economy is characterized by a need for internal and external rebalancing, with a focus on addressing supply-demand imbalances to alleviate downward price pressures and achieve re-inflation[15] - The trade surplus as a percentage of GDP is projected to be 5.2% in 2024, indicating a persistent external imbalance[19] - The consumer spending rate in China has increased from 34% in 2010 to 39% in 2023, but still lags behind developed economies, necessitating further reforms to boost consumption[15] Group 2: Policy and Market Outlook - The macroeconomic forecast for 2025 predicts a GDP growth rate of 5.1%, consistent with the 2024 growth rate, with nominal GDP expected to grow by 4.2%[3] - A potential interest rate cut is anticipated in the second half of the year, with the possibility of the RMB appreciating to around 7.02 CNY/USD by year-end[4] - The "反内卷" (anti-involution) policy is expected to drive supply-side reforms, aiming to reduce excess capacity and improve market efficiency[2] Group 3: Inflation and Price Trends - CPI is expected to decline by 0.1% in 2025, while PPI is projected to decrease by 2.6%, indicating ongoing deflationary pressures[3] - The GDP deflator is forecasted to drop by 0.8%, reflecting a continued trend of negative growth in nominal terms[3] - The PPI has been in a deflationary state for 32 months, which has negatively impacted corporate profits, with industrial profits down over 1% in the first five months of the year[27]

Investment Rating - The report suggests a focus on sectors with strong technical barriers and dynamic price-to-earnings ratios below 50 times, indicating a positive investment outlook for these areas [7][21][43]. Core Insights - The North Exchange market experienced a decrease in trading volume, with the North Exchange A-share trading amount reaching 18.57 billion yuan, down by 7.58 billion yuan from the previous trading day, and the index fell by 0.9% [4][7]. - The report highlights that the power industry chain and rare earth permanent magnet sectors are currently the market hotspots, while the pharmaceutical sector has generally retreated [7]. - The report emphasizes the importance of three core variables for future market performance: the relative valuation of the North Exchange 50 index compared to other indices, the acceleration of IPO reviews and policies supporting mergers and acquisitions, and the need to monitor changes in trading volume as a key indicator [7]. Market Review - On July 7, among the 268 companies listed on the North Exchange, 105 saw their stock prices rise, 5 remained flat, and 158 experienced declines. The top five gainers were Fangda New Materials (9.9%), Caneng Electric (8.7%), Painuo Technology (7.8%), Zhongke Meiling (6.6%), and Honghai Technology (5.8%). Conversely, the top five decliners were Knight Dairy (-12.7%), Baijia Technology (-6.2%), Qifeng Precision (-5.6%), Dongfang Carbon (-4.6%), and Sanyuan Gene (-4.5%) [4][24][28]. - The North Exchange 50 index closed at 1401.92 points, reflecting a 0.9% drop, with a trading volume of 18.57 billion yuan, indicating a nearly 30% decrease in trading volume [7][14]. Important News - A new mandatory national standard for passenger car brake systems has been released, which includes ten revisions and emphasizes the requirement for regenerative braking technology [29]. - A new round of investment in charging stations is anticipated, with a goal of establishing over 100,000 high-power charging facilities nationwide by the end of 2027, which is expected to enhance the value and profit margins of the charging station industry [30]. Key Company Announcements - Zecheng Electronics announced the expiration of the lock-up period for its first employee stock ownership plan on July 6, 2025 [32]. - Chunguang Intelligent received a patent for a rapid disinfection device for food packaging materials, with a total of 74 patents authorized to date [32].

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]