Macro and Strategy - The macroeconomic review indicates that Shenzhen's GDP is expected to grow by 5.5% in 2025, achieving the anticipated growth target, with foreign trade increasing by 1.4% despite a decline in exports due to a high base in 2024 [7] - The strategy report highlights that A-share earnings are stabilizing, driven by cost reductions and the new economy outpacing the old economy, with a projected 10% growth in A-share earnings for 2026 under neutral assumptions [8][10] Industry and Company - The North Exchange's January 2026 report shows a significant increase in market activity, with a total of 292 listed companies and a total market value of 936.3 billion yuan, reflecting a 7.7% increase in total market value [11] - In the electric power equipment sector, domestic demand is expected to remain strong, with a focus on high-voltage direct current (HVDC) and smart meters, as the State Grid's fixed asset investment is projected to reach 4 trillion yuan, a 40% increase from the previous five-year plan [14][15][17] - Yum China reported a 22% year-on-year increase in net profit for Q4 2025, with total revenue reaching $2.823 billion, driven by a 34% increase in delivery sales [18][19][21]

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The North Exchange's stock market activity has significantly increased, with new stock market funds exceeding 1 trillion [1] - The North Exchange added 5 new listed companies this month, bringing the total to 292, with a total market value of 936.30 billion and a circulating market value of 580.36 billion, reflecting increases of 7.7% and 10.3% respectively [1][13] - The North Exchange's trading volume and amount for the month were 24.52 billion shares and 607.72 billion, with a month-on-month increase of 26.8% in volume and 38.6% in amount [1][16] - The North Exchange 50 Index had a price-to-earnings ratio (PE-TTM) of 45.96, ranking in the 60.46th percentile over the past two years, and a price-to-book ratio (PB-MRQ) of 9.50, ranking in the 91.10th percentile [2][25] - The North Exchange's various sectors, except for the automotive sector, experienced a general increase in returns this month, with significant gains in media, non-ferrous metals, telecommunications, public utilities, and agriculture [32][37] Summary by Sections Market Overview - The North Exchange's trading activity has shown a notable increase, with a monthly trading volume of 24.52 billion shares and a trading amount of 607.72 billion, marking a month-on-month increase of 26.8% and 38.6% respectively [1][16] - The North Exchange's total market value reached 936.30 billion, with a circulating market value of 580.36 billion, reflecting increases of 7.7% and 10.3% respectively [1][13] Valuation - As of January 30, the North Exchange 50 Index's PE-TTM was 45.96, and its PB-MRQ was 9.50, indicating high valuation levels compared to historical data [2][25] - The dividend yield was recorded at 0.72, placing it in the 18.09th percentile over the past two years [2][25] Industry Performance - The North Exchange 50 Index experienced a monthly increase of 6.33%, while the specialized index rose by 6.06% [32] - Most sectors saw positive returns, with notable increases in media, non-ferrous metals, telecommunications, public utilities, and agriculture [37] - The top-performing stocks this month included Kema Materials, Medela, Aishalon, and Guoliang New Materials [42]

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The Beijing Stock Exchange (BSE) has seen a significant increase in trading activity, with a notable rise in both transaction volume and value [1][20] - The total number of listed companies on the BSE reached 292, with a total market capitalization of 936.30 billion and a circulating market value of 58.04 billion, reflecting increases of 7.7% and 10.3% respectively [1][13] - The BSE's new stock market has attracted over 1 trillion in frozen funds, indicating strong market interest [3] Market Overview - In January 2026, the BSE's trading volume was 24.52 billion shares, with a transaction value of 607.72 billion, marking a month-on-month increase of 26.8% in volume and 38.6% in value [1][16] - The average daily margin financing balance increased to 8.83 billion, up 14.1% from the previous month [23] Valuation Metrics - As of January 30, the PE ratio of the BSE 50 Index was 45.96, placing it at the 60.46th percentile over the past two years, while the PB ratio was 9.50, at the 91.10th percentile [25][26] - The dividend yield stood at 0.72, at the 18.09th percentile over the same period [25] Industry Performance - The BSE 50 Index experienced a monthly increase of 6.33%, while the specialized index rose by 6.06% [32] - Most sectors, except for the automotive industry, saw positive returns, with significant gains in media, non-ferrous metals, telecommunications, public utilities, and agriculture [37][42] New Listings - Five new companies were listed on the BSE this month, including Meidele (920119.BJ), Nongda Technology (920159.BJ), Guoliang New Materials (920076.BJ), Aishalen (920050.BJ), and Kema Materials (920086.BJ) [1][3][13] Policy and Events - The BSE is characterized by a dual approach of "strict regulation" and "promoting activity," as evidenced by the recent delisting of ST Guandao and the strong market appeal indicated by the frozen funds exceeding 1 trillion [3]

Financing & Review - In January 2026, the Beijing Stock Exchange (BSE) issued 5 new stocks, raising a total of 1.779 billion yuan[5] - The average review cycle for companies was 251 days, with 10 companies passing the review, a decrease of 3 from the previous month[5] - As of January 2026, there are 24 companies that have passed the review but have not yet registered, aiming to raise 8.127 billion yuan[5] Subscription & Issuance - The median first-day price increase for the 5 new stocks listed in January was +186.93%, with individual increases of +367.92%, +204.40%, +186.93%, +178.00%, and +105.63%[3] - The cumulative subscription yield for new stocks in January 2026 was +0.42%, while the cumulative yield for 2025 was +3.31%[3] - The average maximum subscription amount for new stocks in January was 16.01 million yuan, with a median freezing fund range of 828.08 billion to 1,058.86 billion yuan[5] Market Trends & Predictions - The BSE is entering a phase of accelerated expansion, with a neutral expectation of 40 new stock issuances in 2026, potentially raising a total of 11.625 billion yuan[5] - The expected first-day price increase for directly priced new stocks is projected at 300%, with various scenarios considered[5] - The anticipated online subscription yield for maximum subscriptions is estimated at 366,100 yuan, with varying yields based on different investment amounts[5] Investment Analysis - Investors are encouraged to actively monitor new stock subscription opportunities on the BSE, as the increase in issuance volume is expected to offset concerns about reduced first-day premiums[5] - The report highlights the potential for significant returns from inquiry-based issuances, particularly for high-profile companies currently under review[5] - Risks include slower-than-expected issuance rates and potential changes in the BSE's new stock issuance system[5]

Summary of Key Points Core Viewpoint - In January 2026, a total of 9 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 9.053 billion yuan [1]. Group 1: Listing Overview - The new listings included 3 companies on the main boards of Shanghai and Shenzhen, 1 on the Sci-Tech Innovation Board, and 5 on the Beijing Stock Exchange [1]. - The listed companies are distributed across 8 provinces and municipalities, with Zhejiang having 2 companies, and Liaoning, Guangdong, Shandong, Hebei, Jiangsu, Chongqing, and Shaanxi each having 1 company [1]. Group 2: Fundraising by Company - The top five companies by fundraising amount are: - Zhenstone Co., Ltd. (振石股份) raised 2.919 billion yuan, located in Zhejiang [1]. - Hengyun Chang (恒运昌) raised 1.561 billion yuan, located in Guangdong [2]. - Shaanxi Tourism (陕西旅游) raised 1.555 billion yuan, located in Shaanxi [7]. - Zhixin Co., Ltd. (至信股份) raised 1.240 billion yuan, located in Chongqing [6]. - Meidel (美德乐) raised 670 million yuan, located in Liaoning [2]. Group 3: Detailed Company Listings - Detailed listings include: - Zhenstone Co., Ltd. (振石股份) on the main board, raised 2.919 billion yuan on January 29, 2026 [8]. - Hengyun Chang (恒运昌) on the Sci-Tech Innovation Board, raised 1.561 billion yuan on January 28, 2026 [8]. - Meidel (美德乐) on the Beijing Stock Exchange, raised 670 million yuan on January 30, 2026 [8]. - Nongda Technology (农大科技) on the Beijing Stock Exchange, raised 400 million yuan on January 28, 2026 [3]. - Guoliang New Materials (国亮新材) on the Beijing Stock Exchange, raised 194 million yuan on January 22, 2026 [4]. - Aisheren (爱舍伦) on the Beijing Stock Exchange, raised 270 million yuan on January 21, 2026 [5]. - Kema Materials (科马材料) on the Beijing Stock Exchange, raised 243.93 million yuan on January 16, 2026 [8]. - Zhixin Co., Ltd. (至信股份) on the main board, raised 1.240 billion yuan on January 15, 2026 [6]. - Shaanxi Tourism (陕西旅游) on the main board, raised 1.555 billion yuan on January 6, 2026 [7].

出于保护中小投资者的需要，北交所建立了投资者适当性管理制度，即具备两年的交易经验并拥有 50万元的资产门槛。尽管参与北交所交易的投资者数量不少，但若要中签100股美德乐新股，一般投资 者往往难以拿出735万元的申购资金，这也意味着美德乐新股发行在客观上更像是"有钱人"的游戏。 事实上，美德乐只是北交所新股发行现状的一个缩影。比如，2025年12月23日发行的衡东光，中一 签需要约917万元；今年1月份发行的科马材料、爱舍伦、国亮新材、农大科技等新股，中一签所需资金 最低约455万元，最高则约646万元。中一签所需资金动辄数百万元，使中小投资者难以分享北交所新股 发行的红利，这显然有失公平。 日前，北交所新股美德乐公布的发行结果引发市场高度关注。该股网上申购有效资金高达10588.6 亿元，这不仅是北交所新股申购资金首次突破万亿元大关，也表明北交所新股申购资金纪录再次被刷 新。尽管如此，其中也隐藏着北交所新股中签门槛不断抬高的问题。笔者认为，这一格局亟待改变。 发行结果显示，美德乐网上有效申购户数为59.25万户，中签户数约6.1万户，网上获配股数为1440 万股，网上获配比例仅为0.057%。按此计算，投资者 ...

Core Insights - The Beijing Stock Exchange (BSE) has experienced a strong start in 2026, with a rapid pace of IPO approvals and listings, marking a significant expansion in high-quality companies [1] - As of January 30, 2026, the BSE has listed five new companies, bringing the total number of listed companies to 292, with a total market capitalization nearing 1 trillion yuan [1] Company Performance - **Kema Materials**: Listed on January 16, 2026, with a strong debut, seeing its stock price rise by 371.27% to close at 54.95 yuan per share, after peaking at a 585% increase [2] - **Aishalon**: Focused on medical health products, Aishalon's stock rose by 175.59% on its first day of trading, closing at 44.04 yuan per share [4] - **Guoliang New Materials**: Listed on January 22, 2026, with a stock price increase of 160.78%, closing at 28.06 yuan per share [6] - **Nongda Technology**: Officially listed on January 28, 2026, with a closing price of 52.89 yuan per share, reflecting a 111.56% increase from its opening price [7] - **Meidele**: Listed on January 30, 2026, with a significant opening price of 135 yuan per share, marking a 222.35% increase at the start of trading [7] Market Activity - The enthusiasm for new stock offerings has surged, with the total frozen funds for the five new IPOs exceeding 8 billion yuan each, and Meidele alone reaching approximately 1.06 trillion yuan, a record high for the BSE [9] - The average amount of funds frozen for new stock subscriptions has risen to 910 billion yuan, indicating strong investor interest [9] Roadshow Focus - All five newly listed companies conducted their online roadshows through a platform called "Panorama," emphasizing the importance of effective communication with investors [10]

证券代码：920050 证券简称：爱舍伦 公告编号：2026-011 江苏爱舍伦医疗科技集团股份有限公司 关于签署募集资金三方监管协议的公告 二、募集资金监管协议的签署情况 为规范公司募集资金管理，保护投资者权益，根据《北京证券交易所股票上市 规则》和《北京证券交易所上市公司持续监管指引第9号——募集资金管理》等相关 法律、法规和规范性文件的规定，公司（甲方）开设募集资金专项账户存放本次向 不特定合格投资者公开发行股票的募集资金，并已分别与存放募集资金的商业银行 （乙方）和东吴证券股份有限公司（丙方）签订《募集资金专户三方监管协议》（ 以下简称"三方监管协议 "）。 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、募集资金基本情况 江苏爱舍伦医疗科技集团股份有限公司（以下简称"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申请于2025年10月24日经北京证券交易 所上市委员会审核同意，并于2025年12月10日获得中国证券监督管理委员会（以下 简称" 中国证监会 "）出具的《关于 ...

Core Insights - The report indicates that since the fourth quarter, the funding structure of the Beijing Stock Exchange (BSE) has shown a "dual expansion" characteristic, with both the number and attention towards index funds steadily increasing, forming a preliminary bottom position for index products. Concurrently, some active funds are beginning to identify individual stocks with growth potential and undervaluation advantages, transitioning from a concentrated to a structured optimization approach, maintaining overall market stability [7][16] - From the market ecology perspective, the concentration of index constituent stocks has increased, and the valuation anchoring effect is gradually becoming evident. Some newly listed stocks with solid fundamentals and low coverage have become focal points for new incremental funds. As the allocation logic evolves towards the medium to long term, the market style is gradually shifting to a "selected + low turnover" characteristic. Overall, the current valuation of the BSE market offers relative cost-effectiveness, with a resonance structure among index funds, active funds, and new stock supply, which is expected to provide medium-term support for the market [7][16] Market Review and Valuation - As of January 29, 2026, the BSE 50 Index rose by 6.64% in January, with a maximum increase of 3.96% during the period. Among BSE stocks, 222 stocks increased, 69 stocks decreased, and none remained flat [8][17] - The average PE (TTM) of the BSE 50 Index as of January 29, 2026, is 64.50 times, with a median of 64.74 times. In comparison, the average PE (TTM) of the ChiNext Index is 43.24 times, and the Sci-Tech Innovation Board is 175.49 times [22] New Stock Dynamics - In January, four new stocks were listed on the BSE, bringing the total number of listed companies to 291 as of January 29, 2026. From January 1 to January 30, 2026, five companies were subscribed and five were listed [32] Key Company Announcements - The report includes various company announcements, highlighting significant contracts and operational updates from companies such as Copper Crown Mining, Taihu Yuanda, and Dana Biotechnology, which indicate ongoing business activities and strategic developments [40]

【导读】下周2只新股可申购，恒运昌是半导体设备核心零部件供应商 中国基金报记者 闻言 A股打新投资者注意啦！ 根据目前发行安排，下周有2只新股可申购，分别是北交所新股爱舍伦、上交所科创板新股恒运昌，具 体申购时间分别是1月12日、1月16日。 爱舍伦是医用敷料领域头部企业 爱舍伦的申购代码是920050，发行价为15.98元/股，发行市盈率为14.99倍，参考行业市盈率为29.79 倍。 爱舍伦此次总发行数量为1692万股，网上发行数量为1523万股。投资者参与网上申购爱舍伦，申购数量 上限为76.13万股。 爱舍伦作为一家医用敷料生产商，主要从事应用在专业康复护理与医疗防护领域的一次性医用耗材研 发、生产和销售，通过ODM（原始设计制造商）/OEM（原始设备制造商）等方式为国际知名医疗器械 品牌厂商提供相关产品。 近年来，爱舍伦的重要客户包含Medline集团、Zarys International Group、Sejong Healthcare Co., Ltd.、苏 州鼎康进出口有限公司、San Pablo Commercial Corp.等。 2022年至2024年及2025年上半年，爱舍伦的营业收入 ...