Group 1 - The A-share market experienced a decline in the afternoon, with a noticeable pullback in the artificial intelligence sector and a rapid increase in trading volume [1] - The AI ETF (515070) saw a drop of over 1% during the session, with trading volume exceeding 70 million [1] - Citic Securities predicts that 2025 may become a pivotal year for AI application implementation, with AIAgent application scenarios expected to see rapid growth [1] Group 2 - Management software is identified as one of the best scenarios for AIAgent implementation, with traditional industry leaders having significant advantages due to long-term industry accumulation [1] - New catalysts are anticipated from short-term product value logic validation and industrial technology transformation, with AI application revenue expected to reflect in company performance starting from Q4 [1] - The AI ETF (515070) tracks the CS Artificial Intelligence Theme Index (930713), selecting component stocks that provide technology, basic resources, and application end stocks within the AI industry chain [1] Group 3 - The top ten weighted stocks in the AI ETF include leading domestic technology companies such as Cambricon, Hikvision, Zhongji Xuchuang, and others [1]

Summary of Key Points Core Viewpoint - The Beijing Stock Exchange (BSE) has seen significant trading activity and new listings, indicating a growing market with increased investor interest and participation. Trading Activity - As of May 18, 2025, there are 266 companies listed on the BSE with a total share capital of 36.498 billion shares and a circulating share capital of 23.096 billion shares [2] - For the week of May 12 to May 18, the trading volume reached 8.072 billion shares, a week-on-week increase of 42.28%, while the trading amount was 173.488 billion yuan, up 39.35% from the previous week [3] - The average trading price during this period was 21.49 yuan, reflecting a decrease of 2.06% [3] - The BSE 50 Index rose by 3.13% to 1422.43 points, with 25 stocks increasing, none remaining flat, and 25 declining [3] New Listings - One company successfully listed on the BSE during the week, bringing the total to 266 [6] - Tian Gong Co., Ltd. (stock code: 920068) was the latest addition, listed on May 13, 2025, and is the first company to split from a Hong Kong stock to list on the BSE [7] - On its first trading day, Tian Gong's stock peaked with a 498.98% increase, closing at 20.17 yuan, a rise of 411.93% with a trading volume of 1.076 billion yuan [7] - As of May 19, 2025, Tian Gong's stock price reached 22.99 yuan, with a total market capitalization of 14.9 billion yuan, reflecting a 4.45% increase from its listing day [7] Upcoming Listings and Applications - As of May 18, 2024, there are 62 companies awaiting approval for listing on the BSE, including 5 under review, 48 in inquiry, and 8 submitted for registration [5] - One company, Youli Intelligent Equipment Co., Ltd. (stock code: 874325), passed the listing committee meeting during this period [12] - Youli Intelligent plans to raise 358 million yuan for the construction of a production base for photovoltaic support components and other projects [13] Financial Performance of Listed Companies - Tian Gong's revenue for 2022 to 2024 was 383 million yuan, 1.035 billion yuan, and 801 million yuan, with net profits of 70.31 million yuan, 175 million yuan, and 174 million yuan respectively [9] - For the first quarter of 2025, Tian Gong expects to achieve revenue of 192 million yuan [10] - Youli Intelligent's revenue for the same period was 433 million yuan, 658 million yuan, and 729 million yuan, with net profits of 42.19 million yuan, 78.17 million yuan, and 90.05 million yuan [14] Other Companies in the Pipeline - Several companies, including Yuelong Technology, Kelairedi, and Kanghua Co., have passed the counseling acceptance process, indicating their readiness for potential listing [20][21][24] - These companies are involved in various sectors, including medical devices, chemical pharmaceuticals, and tourism services, showcasing the diversity of industries represented on the BSE [24][26][27]

Core Viewpoint - The North Exchange 50 Index has shown strong performance this year, increasing over 35%, significantly outperforming other indices [1][2] Group 1: Index Adjustment - The North Exchange 50 Index will undergo its second adjustment of the year on June 13, with several stocks expected to be added, including Lierda and Wanda Bearings, which may attract passive fund allocations [1] - The adjustment rules for the North Exchange 50 Index are based on a combination of sample stability and dynamic tracking, with quarterly adjustments occurring on the next trading day after the second Friday of March, June, September, and December [1] - The top five companies likely to be included in the index based on average daily market capitalization and trading volume are Lierda, Wanda Bearings, Thunder Technology, Tonghui Electronics, and Yinuowei, with backup candidates including Weida Optoelectronics and Lian Di Information [1][2] Group 2: Market Performance Drivers - The strong performance of the North Exchange market this year is driven by three main factors: the positive effects of previous reform policies, increased investor participation, and a low initial valuation leading to a revaluation [2] - The companies being removed from the North Exchange 50 Index include Guangsha Environmental Energy, Kangle Health, Tianfang Biao, Tongxiang Technology, and Kaide Quartz, with the bottom five companies based on average daily market capitalization being Gobijia, Xingchen Technology, Kaide Quartz, Tianfang Biao, and Tongxiang Technology [1][2]

Group 1: Defense Spending and Market Context - China's defense spending for 2025 is projected to be 1,784.7 billion yuan, reflecting a year-on-year increase of 7.2%[2] - The defense budget has shown a consistent single-digit growth for ten consecutive years from 2016 to 2025[13] - The recent military conflict between India and Pakistan has heightened the focus on defense construction and military-related industries[2] Group 2: Aircraft Industry Insights - The C919 aircraft has over 1,400 orders, with an estimated order value exceeding 1 trillion yuan, scheduled for delivery between 2024 and 2031[42] - The value distribution in aircraft manufacturing shows that the airframe accounts for approximately 30%-35%, engines for 20%-25%, and onboard equipment for 25%-30%[29] - Global passenger turnover is expected to grow at an annual rate of 3.75%, with the global fleet projected to reach 48,931 aircraft by 2043, doubling from 24,077 in 2023[45] Group 3: Market Performance and Valuation - The median price-to-earnings (P/E) ratio for the new energy sector has increased by 7.72% to 37.6X[54] - The median P/E ratio for the electronic equipment sector rose from 55.1X to 56.0X, with the total market value increasing from 131.42 billion yuan to 139.8 billion yuan[57] - The median P/E ratio for the machinery sector increased from 55.8X to 58.7X, with total market value rising from 95.8 billion yuan to 102.28 billion yuan[63] Group 4: Notable Companies and Stock Performance - Among the top performers, Qifeng Precision saw a stock increase of 79.25%, followed by Huiwei Intelligent at 41.00% and Laisai Laser at 26.30%[49] - A total of 133 out of 146 companies in the North Exchange technology growth sector experienced stock price increases, with a median increase of 5.69%[49]

北交所策略专题报告 2025 年 05 月 12 日 新一轮北证50成分6月将迎来调整，北证A股整体PE48.96X 北交所研究团队 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：新一轮北证 50 成分预计 6 月将迎来调整，利尔达等 5 家公司或调入 2025 年 6 月第二个周五的下一个交易日（即 6 月 13 日），北证 50 指数样本股将 进行 2025 年第二次调整。我们在剔除上市时长和日均成交额不达标的公司后， 2025 年 1 月 1 日-2025 年 5 月 9 日，按照日均总市值从高往低排序，得出排名前 50 中有 11 家为非北证 50 公司。由于每次调整不超过 10%，按照区间成交额和 市值计算符合指数样本调整规则标准的前 5 家公司或为利尔达、万达轴承、雷 神科技、同惠电子、一诺威，其后备选的 5 家公司为纬达光电、联迪信息、惠丰 钻石、万通液压、佳先股份。而现有北证 50 样本按照日均总市值标准，需剔除 排名靠后的 5 家公司，2025 年 1 月 1 日-2025 年 5 月 9 日，区间日均总市值最低 ...

本周策略观点： 2025 年 05 月 11 日 《公募基金高质量发展行动方案》 发布，关注北证低配权重股 ——北交所策略周报（20250505-20250511） 本周市场行情： ⚫ 市场：本周北证 50 指数上涨 3.62%。北交所个股中 246 只股票上涨，七丰精工、慧为 智能涨幅居前。19 只股票下跌，0 只股票持平，涨跌比为 12.95。估值：北交所 PE（TTM） 均值 90.06 倍，中值 50.35 倍；创业板 PE（TTM）均值 74.95 倍，中值 34.56 倍；科创 板 PE（TTM）均值 77.05 倍，中值 31.83 倍。交易：本周北交所成交量为 56.73 亿股， 环比增加 83.63%；成交额为 1244.77 亿元，环比增加 93.28%。本周北交所融资融券余 额为 52.29 亿元，较上周增加 0.23 亿元。 北交所新股： 新三板动态： ⚫ 本周新挂牌 9 家，摘牌 9 家，周新增计划融资 0.75 亿元，完成融资 0.50 亿元。 风险提示： ⚫ 个股业绩季度波动过大风险，宏观经济下行的风险。 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 证 ...

-40% -20% 0% 20% 40% 60% 80% 100% 北证50 沪深300 ⚫⚫⚫⚫⚫⚫ 资料来源：iFinD，中国银河证券研究院 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 2 10 图1:北证成交额与换手率情况(截至2025.05.08) ■成交金额（合计/亿元) ●换手率（算数平均/%） 600 16.0 14.0 500 12.0 400 10.0 300 8.0 6.0 200 4.0 100 2.0 0 0.0 03-11 03-14 04-15 02-10 8T 70 ET 70 02-26 03-03 03-06 03-19 03-24 03-27 04-07 04-10 04-18 04-23 04-28 05-06 01-02 01-15 02-05 02-21 04-01 01-23 01- 01 可证券|CGS 中国银河证券|CGS 北交所日报 资料来源：iFinD，中国银河证券研究院 图2：北证与 A 股各行业当日涨跌幅（算数平均/%/ 2025.05.08) ■北交所算数平均涨跌幅 ■Ａ股算数平均涨跌幅 12 10 8 6 4 2 0 -2 -4 北交所日 ...

Market Performance - The average daily change for the North Exchange (北证) and A-shares (A股) shows significant fluctuations, with the North Exchange experiencing a maximum increase of 29.99% for the top-performing stock on May 8, 2025[9] - The trading volume for the North Exchange reached a total of 600 billion CNY, with an average turnover rate of 16% as of May 8, 2025[7] Stock Highlights - The top ten stocks by increase on May 8, 2025, had an average market capitalization of 19.06 billion CNY, with the highest PE ratio recorded at 570.74 for Tongyi Aerospace (通易航天) despite a negative net profit[9] - Conversely, the bottom ten stocks by decrease had an average market capitalization of 32.48 billion CNY, with the largest drop of -7.57% for Qiule Seed Industry (秋乐种业)[10] Valuation Insights - The PE ratio for the North Exchange companies varies significantly across industries, indicating diverse valuation levels, with some sectors like electronics showing extremely high PE ratios, such as 2,690.19 for Huiwei Intelligent (慧为智能)[11] - The valuation trends for the North Exchange compared to the Sci-Tech Board and Growth Enterprise Market indicate a competitive landscape, with the North Exchange showing a steady increase in valuation metrics[12] Risks and Considerations - Potential risks include lower-than-expected policy support, insufficient technological innovation, intensified market competition, and overall market volatility[14]

证券代码：832885 证券简称：星辰科技 公告编号：2025-046 桂林星辰科技股份有限公司 章程 二○二五年五月 1 | | | | | | 第一章 总 则 第一条 为维护桂林星辰科技股份有限公司（以下简称"公司"）、公司股东 和债权人的合法权益，规范公司的组织和行为，根据《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》"）、 《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（试行）》（以下简称"《上市规则（试行）》"）及其他相关法律、法规和规 范性文件的规定、制订本章程。 第二条 公司系依照《公司法》和其他有关法律、行政法规设立的股份有限公 司。公司原为有限责任公司，经原有限公司全体股东(吕虹、丘斌、马锋、吕爱 群、吴勇强、包江华、周江、吕泽宁、彭尔康、刘群和桂林星辰电力电子有限公司) 一致同意整体变更为股份有限公司，各股东作为股份有限公司的发起人，以发 起设立的方式设立股份有限公司，并在桂林市企业登记机关办理注册登记， 取得股份有限公司营业执照。 公司于【2021】年【6】月【4】日经中国证券监督管理委员会（以下简称 ...

证券代码：832885 证券简称：星辰科技 公告编号：2025-048 桂林星辰科技股份有限公司 关于减少注册资本通知债权人的公告 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、通知债权人的原因 桂林星辰科技股份有限公司（以下简称"公司"）于 2025 年 5 月 7 召开 2024 年年度股东会，审议通过《关于 2021 年股权激励计划第三个解除限售期解除限 售条件未成就暨回购注销限制性股票的议案》。 效性，相关债务（义务）将由公司根据原债权文件的约定继续履行。 债权申报所需材料包括：公司债权人可持证明债权债务关系存在的合同、协 议及其他凭证的原件及复印件到公司申报债权。债权人为法人的，需同时携带法 人营业执照副本原件及复印件、法定代表人身份证明文件；委托他人申报的，除 上述文件外，还需携带法定代表人授权委托书和代理人有效身份证件的原件及复 印件。债权人为自然人的，需同时携带有效身份证件的原件及复印件；委托他人 申报的，除上述文件外，还需携带授权委托书和代理人有效身份证件的原件及复 印件。 债权 ...