Group 1 - The Beijing Stock Exchange (BSE) has 282 listed companies, with nearly 80% being small and medium-sized enterprises (SMEs), and over half classified as national-level specialized and innovative "little giant" enterprises [3][4] - Since its inception, the BSE has raised over 60 billion yuan, averaging 2 billion yuan per company, and the total market capitalization of listed companies has exceeded 900 billion yuan [3][4] - The BSE has distributed dividends totaling 19.86 billion yuan, with 16 companies having distributed more than their total IPO fundraising amount [3][7] Group 2 - The BSE 50 Index has increased by over 50% this year, reflecting strong market confidence in the growth potential of China's SMEs [4][7] - The BSE has implemented continuous institutional innovations, including flexible listing standards and diverse financing mechanisms, to support the growth of innovative enterprises [4][5] - The introduction of targeted convertible bonds has provided SMEs with precise financing options, enhancing their growth potential [5][7] Group 3 - The BSE has formed five major industrial clusters, supporting technological innovation across various sectors, including new energy materials and biomedicine [6] - The market supply continues to expand, with the median profit of companies queued for listing in 2024 exceeding 8 million yuan, indicating growing recognition of the BSE platform [7][8] - A comprehensive regulatory system has been established to protect investors and ensure the sound operation of listed companies [7][8] Group 4 - Collaborative efforts among intermediary institutions, long-term funds, and government departments are creating a supportive ecosystem for innovative SMEs [8] - Over 60 securities firms are actively involved in BSE listing sponsorship, transitioning from traditional models to comprehensive financial support [8] - The BSE is advancing reforms to enhance market functions, institutional foundations, service systems, and open ecosystems, including the expedited launch of the BSE 50 ETF [9]

Core Insights - Artificial intelligence is viewed as a new application on supercomputers rather than a new technology, with the company positioning itself as a leading computing power service provider in the AI sector [1] - The company has experienced significant revenue growth, achieving 735 million yuan in revenue for the first three quarters of the year, a 69.25% increase year-on-year, driven primarily by its AI computing services [1][2] - The emergence of models like DeepSeek has shifted the industry's focus from training to inference, resulting in a 300-fold increase in token usage across the market compared to last year [1][2] Company Strategy and Performance - The company has optimized its service costs significantly, reducing online token costs from 130 yuan to below 4 yuan, and offline costs to under 1 yuan, enhancing market demand [2] - Customer loyalty is strong, with a repurchase rate exceeding 80% and consistent repurchase amounts maintained since 2018, indicating a deep understanding of customer needs [2] - The company successfully transitioned to the Beijing Stock Exchange, enhancing its brand recognition and attracting talent, which has translated into business growth [3] Competitive Advantage - The company has established a unique competitive advantage through its deep understanding of user needs and a service system that fosters customer loyalty [3] - The company holds over 20% market share in the supercomputing sector and aims to become a leading provider of tokens in the AI computing era [6] - The company has simplified the complexity of matching computing resources, improving resource utilization and lowering user barriers [5] Future Outlook - The company is optimistic about future growth, having achieved a revenue leap from 10 million yuan to 700 million yuan in just two five-year periods, driven by the explosive demand for computing services in various industries [6]

Core Insights - The Beijing Stock Exchange (BSE) has significantly grown over four years, with a total of 282 listed companies and a market capitalization of approximately 900.835 billion yuan, approaching the one trillion yuan mark [1] - Over 80% of the listed companies are in strategic emerging industries and advanced manufacturing, with 53% being national-level specialized and innovative "little giant" enterprises, indicating a strong concentration of innovative entities [1][2] - The market has seen a remarkable performance, with 275 stocks currently trading above their issue prices, and 228 of those have doubled in value, showcasing strong investment returns [1] Market Performance - In 2023, 20 new stocks were listed on the BSE, with an average first-day increase of 3.25 times, reflecting a robust market sentiment [2] - The recent IPO of Nant Technology attracted 637,000 investors, with frozen funds reaching 867.582 billion yuan and a subscription multiple of 2993.66 times, marking a historical high for the BSE [2] Expert Opinions - Experts believe that the BSE serves as a unique platform for specialized and innovative small and medium-sized enterprises (SMEs), facilitating their access to capital markets [2][3] - There is a strong expectation for the introduction of the North Certificate 50 ETF, which is seen as a crucial step in enhancing the BSE's market structure and attracting more investment [3][4] - The BSE is encouraged to focus on the quality of companies rather than quantity, emphasizing the need for a robust review mechanism that assesses innovation, stability, and growth potential of IPO candidates [4] Future Outlook - Experts anticipate that the total market capitalization of the BSE will exceed one trillion yuan, and the emergence of companies with a market value of one billion yuan is expected [4] - There is a call for the BSE to attract long-term capital from social security, insurance, and brokerage firms, establishing a matching assessment mechanism with the growth cycles of innovative enterprises [4]

Core Insights - Zhengzhou Zhizhen Parallel Computing Technology Co., Ltd. has been established with a registered capital of 10 million yuan [1] - The company's business scope includes data processing and storage support services, computer system services, IoT technology services, and communication equipment manufacturing [1] - The company is jointly held by Parallel Technology and Zhizhen Technology (stock code: 003007) [1]

Real Estate - The real estate sector has seen a decline of 0.2% this week, with new home transactions in 42 key cities totaling 1.54 million square meters, a month-on-month decrease of 38.7% [2] - The government has launched a plan to develop smart cities, aiming to establish over 50 fully digital transformation cities by the end of 2027 [2][10] - Various local policies are being implemented, such as Shenzhen's support for converting idle non-residential properties into affordable rental housing [2][10] Transportation - The express delivery sector is experiencing strong demand, with the National Postal Bureau emphasizing the need to combat "involution" competition [14][25] - Shentong has completed the acquisition of Danbird Logistics, which is expected to enhance its market share and service capabilities [15][25] - The shipping industry is benefiting from improved Sino-US trade relations, with expectations of increased demand for Panamax bulk carriers [16] Pharmaceuticals - Haitai New Light reported a significant revenue increase of 40.47% year-on-year for the first three quarters of 2025, driven by strong demand for medical endoscopes and optical products [29][30] - The company has a backlog of orders worth approximately 300 million yuan from US clients, indicating robust market demand [30] - The gross profit margin has steadily improved, reaching 66.55%, supported by the transition of production capacity to Thailand to mitigate tariff risks [31] Technology - Audiwei has achieved a revenue growth of 12% year-on-year for the first three quarters of 2025, with plans for H-share financing to enhance overseas expansion [33][34] - The company is benefiting from the upgrade of intelligent driving systems, which is increasing demand for its ultrasonic sensors [34][35] - Parallel Technology has reported a 69% year-on-year revenue increase, driven by its collaboration with Alibaba Cloud to promote domestic computing power and AI technology [37][38]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a year-on-year turnaround in performance for Q3 2025, collaborating with Alibaba Cloud to promote domestic computing power and AI technology across multiple scenarios [5] - The company is expected to provide flexible and customized cloud computing services to emerging technology enterprises and traditional industries, benefiting from national development priorities [6] - The company is positioned to expand its market share amid the domestic computing power replacement trend, leveraging its resource integration capabilities and technological advantages [8] Financial Performance Summary - For Q1-Q3 2025, the company reported revenue of 734 million yuan (up 69% year-on-year) and a net profit attributable to shareholders of 8.41 million yuan (up 179% year-on-year) [8] - The company’s revenue for Q3 2025 was 276 million yuan (up 69% year-on-year and up 7% quarter-on-quarter), with a net profit of 3.33 million yuan (up 124% quarter-on-quarter) [8] - The company’s fixed assets increased by 32% year-on-year to 1.11 billion yuan, indicating a rapid growth in computing power resources to meet market demand [8] Earnings Forecast and Valuation - The forecasted net profits for the company from 2025 to 2027 are 24 million yuan, 36 million yuan, and 48 million yuan, respectively, corresponding to price-to-sales ratios of 10, 8, and 6 times [6] - The projected revenue growth rates for 2025 to 2027 are 31.86%, 29.27%, and 22.28%, respectively [9] - The company is expected to achieve a return on equity (ROE) of 10.48% by 2027, with a gradual improvement in profitability metrics [9]

2025 年 11 月 09 日 北交所研究团队 汽车产业链业绩领跑，北证科技产业三季报凸显结构性机遇 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北证科技三季报盘点：汽车产业链逆势领跑，成科技新产业中唯一亮点 北交所三季报披露收官。科技新产业共计 155 家企业，在 2025Q1-3 共实现营收 631.38 亿元，同比增长 0.73%；总归母净利润 48.60 亿元同比-13.83%。电子产业 企业在 2025Q1-3 共实现营收 170.73 亿元同比增长 9.51%，总归母净利润 160,021.78 万元同比-15.88%。产业内关注如创远信科（+109.05%）、同惠电子 （+59.36%）、雅葆轩（+36.59%）等。汽车产业 2025Q1-3 实现总营收 115.94 亿 元同比增长 17.89%，总归母净利润 13.99 亿元同比增长 19.49%，是科技新产业 中实现营收、净利润均双增长的行业。产业内关注林泰新材（+131.19%）等。 信息技术产业 2025Q1-3 实现营收 55.61 亿元同比-7.94%，总 ...

中国国际金融股份有限公司 关于北京并行科技股份有限公司 所上市公司持续监管办法（试行）》等相关法律法规的要求，符合公司和全体股东的利 益，不存在损害中小股东利益的情形。公司本次提供担保事项的信息披露真实、准确、 完整，不会对公司的财务状况及生产经营带来不利影响，不存在损害公司和全体股东利 益的情况，不存在其他未披露重大风险内容。 综上，保荐机构对并行科技本次向全资子公司提供担保事项无异议。 向全资子公司提供担保事项的核查意见 中国国际金融股份有限公司（以下简称"保荐机构"）作为北京并行科技股份有限 公司（以下简称"并行科技"或"公司"）向不特定合格投资者公开发行股票并在北京 证券交易所上市的保荐机构，对并行科技履行持续督导义务。根据《证券发行上市保荐 业务管理办法》《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 办法（试行）》《北京证券交易所证券发行上市保荐业务管理细则》等相关法律、法规 和规范性文件的规定，对并行科技向全资子公司提供担保的事项进行了认真、审慎核查， 具体情况如下： 一、本次担保的基本情况 为满足公司战略规划和业务发展的资金需要，公司拟对全资子公司青岛并行科技有 限公司向中国银 ...

证券代码：920493 证券简称：并行科技 公告编号：2025-133 公司第四届董事会审计委员会组成人员名单如下： 主任委员（召集人）：李晓静 委员：范小华、吕智 上述董事会审计委员会委员任期三年，自第四届董事会第一次临时会议审 议通过之日起至第四届董事会任期届满之日止。 二、换届对公司的影响 北京并行科技股份有限公司 关于董事会审计委员会换届的公告 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，没有虚假记 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。 一、董事会审计委员会委员换届基本情况 为保证董事会审计委员会的正常运作，北京并行科技股份有限公司（以下 简称"公司"）于 2025 年 11 月 5 日召开了第四届董事会第一次临时会议，审议 通过了《关于选举公司第四届董事会审计委员会委员的议案》。 （一）《北京并行科技股份有限公司第四届董事会第一次会议决议》。 2025 年 11 月 6 日 本次换届为董事会审计委员会任期届满的正常换届，符合《公司法》等法 律法规及《公司章程》的相关规定，符合公司治理要求，不会对公司生产经营 活动产生不利影响。 三、备查文 ...

聘任贺玲女士为公司副总经理，任职期限三年，自 2025 年 11 月 5 日起生效。该人 员持有公司股份 2,399,000 股，占公司股本的 4.0178%，不是失信联合惩戒对象。 证券代码：920493 证券简称：并行科技 公告编号：2025-132 北京并行科技股份有限公司董事长、高级管理人员及证券事务 代表换届公告 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，没有虚假记载、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。 一、董事长、高级管理人员换届的基本情况 根据《公司法》及公司章程的有关规定，公司董事会于 2025 年 11 月 5 日审议并通 过： 选举陈健先生为公司董事长，任职期限三年，自 2025 年 11 月 5 日起生效。该人员 持有公司股份 7,641,500 股，占公司股本的 12.7978%，不是失信联合惩戒对象。 聘任陈健先生为公司总经理，任职期限三年，自 2025 年 11 月 5 日起生效。该人员 持有公司股份 7,641,500 股，占公司股本的 12.7978%，不是失信联合惩戒对象。 聘任乔楠先生为公司副总经理，任职期限三年 ...