Policy Insights - The Beijing Stock Exchange (BSE) will implement a new code system starting October 9, 2025, enhancing its market recognition and independent status as China's third-largest stock exchange[3] - Since its inception, the BSE has raised a total of 1.47 billion CNY through refinancing, with an average of 24.5 million CNY per project[4] - The BSE has introduced a "small, fast, flexible, and diverse" review mechanism for mergers and acquisitions, with the first major asset restructuring case processed in May 2025[4] Supply Side - As of September 22, 2025, the BSE has 276 listed companies, with 70% classified as specialized, refined, and innovative enterprises[4] - The average net profit of new three-board listed companies increased from 44.61 million CNY in January 2024 to 69.27 million CNY in August 2025, indicating a solid pipeline for quality listings[4] Investment Trends - The average market capitalization of BSE's constituent stocks is approximately 3.3 billion CNY, significantly lower than other A-share segments, leading to a higher turnover rate of 8.05% as of September 22, 2025[5] - Public funds' holdings in the BSE reached 22.4 billion CNY by Q2 2025, a 76% increase from the end of 2024, with active funds growing by 118%[5] Valuation and Recommendations - As of September 23, 2025, the price-to-earnings (PE) ratios for BSE, ChiNext, Sci-Tech Innovation Board, and Main Board are 52, 45, 77, and 14 respectively, indicating room for valuation growth[5] - Investment focus is recommended on high-quality companies across various sectors, including advanced manufacturing and new energy[5] Risk Considerations - Key risks include policy changes, liquidity issues, and potential underperformance in corporate earnings[5]

证券代码：920106 证券简称：林泰新材 公告编号：2025-112 江苏林泰新材科技股份有限公司 关于使用闲置自有资金购买理财产品赎回的公告 二、使用自有闲置资金委托理财赎回情况 截至 2025 年 9 月 24 日，公司使用闲置自有资金购买的银行理财产品已全部 赎回，具体情况如下： | 受托 方名 | 产品类 | 产品名称 | 产品金额 | 年化收 | 产品期 | 收益类 | 实际收益额 | | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | 型 | | （万元） | 益率（%） | 限 | 型 | （元） | | 兴业 | | 兴银稳添 | | | | | | | 银行 | 银行理 | 利双月盈 | | | 无固定 | 固定收 | | | 股份 | 财产品 | （园区金 | 2,000,00 | 1.37% | 期限 | 益类 | 77,570.57 | | 有限 | | | | | | | | | 公司 | | 融） | | | | | | | 招商 | | 信银安盈 | | | | | | | 银行 | 银行理 | 象固收稳 | | | ...

证券代码：920106 证券简称：林泰新材 公告编号：2025-111 江苏林泰新材科技股份有限公司 薪酬与考核委员会关于 2025 年股权激励计划激励对象名单 的审查意见及公示情况说明的公告 （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； 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，不存在虚假记 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。 江苏林泰新材科技股份有限公司（以下简称"公司"）于 2025 年 9 月 8 日召 开第二届董事会第十四次会议，审议通过了《关于公司<2025 年股权激励计划授 予的激励对象名单>的议案》，并于 2025 年 9 月 8 日在北京证券交易所官网 （http://www.bse.cn）上披露了《2025 年股权激励计划授予的激励对象名单》 （公告编号：2025-107）。公司薪酬与考核委员会结合公示情况对激励对象进行 了审查，相关公示情况及审查情况如下： 一、公示情况 根据《北京证券交易所上市规则》（以下简称"《上市规则》"）、《北京证券交 易 ...

证券代码：920106 证券简称：林泰新材 公告编号：2025-110 江苏林泰新材科技股份有限公司 薪酬与考核委员会关于拟认定核心员工的核查意见公告 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，不存在虚假记 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。 2025 年 9 月 8 日，江苏林泰新材科技股份有限公司（以下简称"公司"）召 开董事会薪酬与考核委员会 2025 年第二次会议和第二届董事会第十四次会议审 议通过了《关于拟认定公司核心员工的议案》，公司董事会拟提名袁辉、赵艳秋 等 25 名员工为公司核心员工，具体内容详见公司于 2025 年 9 月 8 日在北京证券 交易所官方信息披露平台（www.bse.cn）上披露的公司《关于对拟认定核心员工 进行公示并征求意见的公告》（公告编号：2025-105）。 一、公示情况 根据《北京证券交易所上市规则》（以下简称"《上市规则》"）、《北京证券交 易所上市公司持续监管指引第 3 号——股权激励和员工持股计划》（以下简称"《3 号指引》"）等相关规定，公司于 2025 年 9 月 9 日至 2025 年 9 ...

Group 1 - The report emphasizes the importance of focusing on technology and anti-involution themes, with a specific attention on China's anti-dumping investigation into American analog chips [2][14] - The report anticipates a significant inflow of funds into index funds and thematic public offerings in Q4, driven by the sustained performance of certain sectors and the recovery of institutional strength [2][14] - The North Exchange 50 Index officially takes effect on September 15, 2025, with stocks like Ge Bi Jia being removed, which may lead to a rebound after the selling pressure from index funds subsides [2][14] Group 2 - The North Exchange 50 Index fell by 1.07% this week, with trading volume decreasing by 11.21% [6][12] - The report notes that 47 stocks rose while 228 stocks fell, resulting in a decline in the strong stock ratio to 62.5% [6][36] - The average PE ratio for the North Exchange is 88.40 times, with a median of 51.37 times, indicating a decrease in valuation [7][24] Group 3 - The North Exchange will switch to a new 920 code starting October 9, 2025, which is expected to enhance the identification and trading of stocks on the exchange [12][47] - The report reiterates the view of a structural market in Q4, with alternating focus on technology and anti-involution themes, suggesting investors should capture core assets related to the North Exchange [13][14] Group 4 - This week, one new stock, Sanxie Electric, was listed, with a first-day increase of 785.62% and a turnover rate of 95.95% [28][36] - The report indicates that the new three-board market saw six new listings and three delistings, with a total planned financing of 161 million yuan and completed financing of 160 million yuan [4][48]

Core Insights - The report highlights that the Beijing Stock Exchange (BSE) will fully enter the "920 era" on October 9, 2025, marking a significant milestone in its development as China's third-largest stock exchange [2][7][8] - The transition to the new 920 code for existing stocks aims to enhance stock identification and streamline trading processes, thereby solidifying BSE's independent status [5][7] - The report expresses optimism about the market's upward trend, driven by ongoing high-quality expansion, stock code transitions, and the issuance of specialized index funds and ETFs [2][10][11] Market Performance - The average daily trading volume for BSE stocks has decreased to 321 billion yuan, with the BSE 50 index experiencing a weekly decline of 1.07% [10][13] - The overall price-to-earnings (PE) ratio for BSE stocks has fallen to 54.76X, while the PE ratios for the ChiNext and STAR Market have increased [13][14] - The BSE 50 index reported a value of 1,600.88 points, reflecting a downward trend compared to previous weeks [14] New Listings and Adjustments - The report notes that 36 companies have been newly listed on the BSE from January 1, 2024, to September 12, 2025, with one new company, Sanxie Electric, listed in the latest week [19][20] - The BSE 50 index will undergo its third adjustment of the year on September 15, 2025, with four companies being added and four removed from the index [10][12] Investment Recommendations - The report suggests focusing on high-quality stocks with reasonable valuations that have not yet reached new highs, as well as stocks with strong industry themes [10][11] - Specific sectors to watch include stable growth companies, high-end manufacturing, overseas-related stocks, and consumer-related stocks [11][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has launched a restricted stock incentive plan to effectively consolidate core management members and R&D backbone, enhancing its long-term development potential [7] - The company is the only domestic producer of wet-type paper-based friction plates for passenger vehicles, with growth driven by the release of new energy hybrid vehicle systems and capacity expansion [7] - The incentive plan aims to attract and retain talent, with performance targets set for revenue and net profit growth, indicating a positive outlook for future performance [7] Financial Forecasts - Total revenue is projected to grow from 206.56 million yuan in 2023 to 915.45 million yuan in 2027, with a compound annual growth rate (CAGR) of 50.52% [1] - Net profit attributable to the parent company is expected to increase from 49.18 million yuan in 2023 to 323.16 million yuan in 2027, reflecting a CAGR of 50.63% [1] - The latest diluted EPS is forecasted to rise from 0.88 yuan in 2023 to 5.79 yuan in 2027, indicating strong earnings growth [1] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 113.51 in 2023 to 17.28 in 2027, suggesting improving valuation as earnings grow [1] - The company’s market capitalization is approximately 5,582.85 million yuan, with a circulating A-share market value of 2,927.51 million yuan [5] Incentive Plan Details - The stock incentive plan involves granting 765,000 restricted shares, accounting for 1.37% of the total share capital, to 37 key personnel [7] - The grant price is set at 51 yuan per share, based on the average trading price over the preceding 20, 60, and 120 trading days [7] - The plan aims to align the interests of management with the company's long-term goals, enhancing operational efficiency and strategic development [7]

证券代码：920106 证券简称：林泰新材 公告编号：2025-107 江苏林泰新材科技股份有限公司 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，不存在虚假 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。 | 姓名 | 职务 | 获授的限制性股 票数量（万股） | 占授予限制性股票 总量的比例（%） | 占激励计划草案公 告日股本总额的比 | | --- | --- | --- | --- | --- | | | | | | 例（%） | | 宋苹苹 | 董事 | 9.00 | 11.7647% | 0.1612% | | 骆从明 | 副总经理 | 23.00 | 30.0654% | 0.4120% | | 范今华 | 董事 | 3.00 | 3.9216% | 0.0537% | | 沈建波 | 副总经理、董事会 秘书、财务负责人 | 3.00 | 3.9216% | 0.0537% | | | 核心员工（33 人） | 38.50 | 50.3267% | 0.6897% | | | 合计 | 76.50 | 100.00% | 1.3703% | ...

证券代码：920106 证券简称：林泰新材 公告编号：2025-106 江苏林泰新材科技股份有限公司 特别提示 一、《江苏林泰新材科技股份有限公司 2025 年股权激励计划（草案）》（以 下简称"本激励计划"）系依据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司股权激励管理办法》《北京证券交易所上市公司持续监管办法 （试行）》《北京证券交易所股票上市规则》《北京证券交易所上市公司持续监 管指引第 3 号——股权激励和员工持股计划》等有关法律法规、规范性文件以及 《江苏林泰新材科技股份有限公司章程》制订。 江苏林泰新材科技股份有限公司 2025 年 9 月 声 明 本公司及全体董事、监事、高级管理人员保证本激励计划相关信息披露文件 不存在虚假记载、误导性陈述或者重大遗漏，并对其内容的真实、准确和完整承 担个别及连带责任。 2025 年股权激励计划 所有激励对象承诺：公司因信息披露文件中有虚假记载、误导性陈述或者重 大遗漏，导致不符合授予权益或行使权益安排的，激励对象应当自相关信息披露 文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由股权激励计划所获 得的全部利益返还公司。 （草案） 2 二、 ...

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，不存在虚假 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。 江苏林泰新材科技股份有限公司 证券代码：920106 证券简称：林泰新材 公告编号：2025-109 薪酬与考核委员会关于 2025 年股权激励计划（草案）的核查意见 江苏林泰新材科技股份有限公司（以下简称"公司"）于 2025 年 9 月 8 日 召开第二届董事会薪酬与考核委员会 2025 年第二次会议，根据《公司章程》《董 事会薪酬与考核委员会工作细则》《中华人民共和国公司法》（以下简称"《公 司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）等有关规定， 董事会薪酬与考核委员会对《江苏林泰新材科技股份有限公司 2025 年股权激励 计划（草案）》（以下简称"《激励计划》"）进行了认真核查，发表如下核查 意见： （三）上市后最近 36 个月内出现过未按法律法规、《公司章程》、公开承 诺进行利润分配的情形； （四）法律法规规定不得实行股权激励的； （五）中国证监会认定的其他情形。 一、公司不存在《上市公司股权激励管理办法》规定的不得实行股权激 ...