Market Overview - As of July 13, 2025, there are 268 companies listed on the Beijing Stock Exchange (BSE), with a total share capital of 37.877 billion shares and a circulating share capital of 24.416 billion shares [2] - For the week of July 7-13, the trading volume on the BSE was 5.095 billion shares, a decrease of 16.56% compared to the previous week [3] - The total trading amount for the same week was 107.844 billion yuan, down 22.94% from the previous week [3] - The average trading price during this period was 21.17 yuan, reflecting a decline of 7.64% [3] - The BSE 50 Index fell by 0.41% to 1420.81 points, with 36 stocks rising, 0 remaining flat, and 14 declining [3] New Stock Issuance - During the week of July 7-13, one company received approval for IPO registration, two companies submitted registration, and one company passed the listing committee meeting [5][6] - No companies had their listing applications accepted, nor were there any new listings or subscriptions during this period [5] - As of July 13, 2024, there are 160 companies awaiting review, including 85 that have been accepted and 62 that have been inquired [5] Company Specifics - Zhigao Machinery Co., Ltd. received IPO registration approval on July 5, 2025, and plans to issue up to 21.4815 million shares, raising approximately 395 million yuan for projects including a production line for intelligent drilling rigs [7][8] - Zhigao Machinery reported revenues of 795 million yuan, 840 million yuan, and 888 million yuan for 2022, 2023, and 2024 respectively, with net profits of 88.9874 million yuan, 104 million yuan, and 105 million yuan [8] - Aomisen Smart Equipment Co., Ltd. and Sanxie Electric Co., Ltd. both submitted registration on July 11, 2025, aiming to raise 165 million yuan and 159 million yuan respectively for their projects [10][11] - Aomisen's revenues were 279 million yuan, 325 million yuan, and 358 million yuan from 2022 to 2024, while Sanxie's revenues were 287 million yuan, 362 million yuan, and 420 million yuan for the same period [11] IPO Progress - Beikang Detection Technology Co., Ltd. passed the listing committee meeting on July 11, 2025, and plans to raise 175 million yuan for advanced detection instrument development and capacity building [13] - Beikang's revenues were 91.7409 million yuan, 110 million yuan, and 148 million yuan from 2022 to 2024, with net profits of 31.9632 million yuan, 45.5812 million yuan, and 55.1325 million yuan [13]

北交所研究团队 诸海滨（分析师） 北交所策略专题报告 2025 年 07 月 13 日 掘金北交所半年报：聚焦预约时点靠前的企业业绩高增与股价弹性 ——北交所策略专题报告 zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：北证公司 2025 年半年报披露预约完成，披露时间靠前业绩增速优秀 截至 2025 年 7 月 11 日，北交所公司已预约 2025 年半年报披露时间。其中，海 能技术发布 2025 年上半年业绩预告，预计 2025 年上半年实现营业收入约 1.36 亿元，同比增长约 35%；预计实现归母净利润扭亏为盈，归母净利润达 500-600 万元，同比增长 135.67%-142.80%，公司四大系列产品收入均实现增长。从过去 营收增长角度来看，2021-2024 披露半年报时间前 30 企业的营收总体增速均值 分别为+39.96%、+8.25%、+10.17%、+12.09%，高于北交所整体增速+7.69pcts、 +1.41pcts 、+1.55pcts、+8.46pcts；增速中值高于北交所整体+1.25pcts、+2.53pcts、 +1.55pcts、+8 ...

Group 1 - In the first half of 2025, the Beijing Stock Exchange (BSE) accepted 115 companies for IPOs, accounting for 65% of the total 177 companies accepted across three major exchanges [5][8][11] - The month of June 2025 saw a significant surge in IPO applications, with 150 companies accepted, representing 85% of the half-year total, and setting a record of 41 companies accepted in a single day [5][8][11] - The median net profit of companies accepted by the BSE reached 0.81 billion yuan, which is higher than the median of 0.73 billion yuan for companies on the Sci-Tech Innovation Board [15][19][21] Group 2 - The industry structure of companies accepted by the BSE is diverse, with a focus on high-end manufacturing, new materials, and new consumption, while the mechanical equipment sector remains the largest [21][25] - The BSE's acceptance of companies with net profits starting from 40 million yuan indicates a continuous increase in the quality and profitability of the companies listed [15][19] - The report suggests a positive outlook for the BSE, emphasizing the importance of companies with stable long-term performance and those in high-tech and consumer sectors [25][27] Group 3 - The overall price-to-earnings (PE) ratio for BSE stocks has risen to 51X, reflecting a recovery in market valuations [27][30] - The average daily trading volume for BSE stocks has decreased to 216 billion yuan, indicating a need for continued monitoring of market liquidity [22][30] - The report highlights the importance of regulatory updates in maintaining market order and promoting healthy development within the BSE [25][27]

Group 1 - The core viewpoint of the report indicates that the IPO market on the Beijing Stock Exchange (BSE) is experiencing a significant surge, with subscription funds exceeding 500 billion and the number of subscription accounts reaching a historical high of 517,000 [1][4][6] - The report highlights that on June 20, 2025, Guangxin Technology completed its issuance, with 82,500 accounts participating in the online subscription, resulting in a total frozen capital of over 55 billion yuan [1][4][5] - The average frozen capital for online offerings in May 2025 was close to 500 billion yuan, with an average subscription account number exceeding 460,000 and an average winning rate of 0.06% [1][4][6] Group 2 - The BSE 50 index has been in a correction phase for one month, with a weekly decline of 2.55%, and the average daily trading volume has decreased to 28.8 billion yuan [1][6][10] - The report suggests that institutional investors in the BSE market should adopt a cautious approach and look for entry points during deeper corrections, while also focusing on companies expected to exceed Q2 performance expectations [1][6][10] - The report maintains an optimistic outlook for the overall market throughout the year, emphasizing the alignment of the BSE's focus on specialized and innovative companies with national policies promoting self-sufficiency and innovation-driven development [1][6][10] Group 3 - The overall price-to-earnings (PE) ratio for BSE A-shares has decreased to 48X, with the average daily trading volume for the week at 28.8 billion yuan [1][9][12] - The report notes that the PE ratios for the Sci-Tech Innovation Board and the Growth Enterprise Market have also declined, indicating a broader market trend [1][9][12] - The BSE 50 index reported a value of 1,347.46 points, reflecting a weekly decline of 2.55%, while other major indices such as the CSI 300 and the ChiNext also experienced declines [1][10][12] Group 4 - In the week of June 16 to June 20, 2025, three companies passed the review process, and ten companies are currently under review for IPO applications [1][24][25] - The report indicates that the BSE's IPO issuance is in a normalized process, with a focus on maintaining a steady flow of new listings [1][24][25] - The report provides a detailed update on the status of various companies in the IPO pipeline, including those that have passed the review and those that are under inquiry [1][24][25]

Market Overview - As of June 15, 2025, there are 267 companies listed on the Beijing Stock Exchange (BSE), with a total share capital of 37.331 billion shares and a circulating share capital of 23.848 billion shares [2] - For the week of June 9 to June 15, the BSE recorded a trading volume of 7.448 billion shares, a week-on-week increase of 63.81%, and a trading value of 1630.50 billion yuan, up 64.09% from the previous week [3] Index Performance - The BSE 50 Index fell by 3.11% to 1382.74 points during the same week, with 10 stocks rising, none remaining flat, and 35 stocks declining [3] - The top performer was Air China Ocean (833171), which increased by 24.44%, while the largest decline was seen in Binhang Technology (839493), which dropped by 12.60% [3] New Listings and Applications - One company successfully listed on the BSE during the week, bringing the total to 267 [6] - There are currently 83 companies awaiting approval, with 15 under review, 57 in inquiry, and 10 submitted for registration [5] Company Highlights - **Jiaoda Iron Development Co., Ltd. (920027)**: Listed on May 13, 2025, with a first-day trading surge of 295.91%, closing at 31.90 yuan, a 262.09% increase. The company focuses on intelligent products and equipment for rail transit [8][9] - **Sanxie Electric Co., Ltd. (873669)**: Passed the listing committee meeting on June 9, 2025, aiming to raise 1.59 billion yuan for expansion and R&D projects [12][13] - **New Hengtai New Materials Co., Ltd. (874327)**: Received listing application acceptance on June 10, 2025, with plans to raise 3.80 billion yuan for new material projects [15][16] - **Koleidi Medical Equipment Co., Ltd. (873414)**: Listed application accepted on June 12, 2025, seeking to raise 2.99 billion yuan for product development and production [17][18] - **Ying's Holdings Group Co., Ltd. (874431)**: Received listing application acceptance on June 13, 2025, with plans to raise 3.34 billion yuan for various projects [19][20] Financial Performance - **Jiaoda Iron Development**: Reported revenues of 2.35 billion yuan, 2.73 billion yuan, and 3.35 billion yuan from 2022 to 2024, with net profits of 337.99 million yuan, 476.56 million yuan, and 533.92 million yuan respectively [9] - **Sanxie Electric**: Expected to achieve revenue of 2.35 billion to 2.48 billion yuan in the first half of 2025, with a net profit forecast of 28.80 million to 30.50 million yuan [13] - **New Hengtai**: Achieved revenues of 5.30 billion yuan, 6.79 billion yuan, and 7.74 billion yuan from 2022 to 2024, with net profits of 450.00 million yuan, 1.01 billion yuan, and 917.64 million yuan respectively [16] - **Koleidi Medical**: Reported revenues of 2.33 billion yuan, 2.38 billion yuan, and 2.85 billion yuan from 2022 to 2024, with net profits of 693.67 million yuan, 599.18 million yuan, and 672.15 million yuan respectively [18] - **Ying's Holdings**: Reported revenues of 12.96 billion yuan, 17.58 billion yuan, and 19.74 billion yuan from 2022 to 2024, with net profits of 1.17 billion yuan, 2.20 billion yuan, and 2.11 billion yuan respectively [20][21]

Group 1: REITs Market Overview - The REITs index continues to rise, with property types showing strength this week, indicating a recovery in market activity [2][3] - As of June 13, 2025, the total market value of REITs reached 204.08 billion yuan, an increase of 2.01 billion yuan from the previous week [3][4] - The average weekly increase for property-type REITs was 0.95%, outperforming other categories [4] Group 2: H Acid Market Dynamics - The average market price of H acid as of June 13, 2025, was 41,750 yuan per ton, up 5,750 yuan per ton since early January 2025 [6][7] - Supply-demand tightness is expected to push H acid prices higher, with effective domestic production capacity currently below 60,000 tons, leading to a supply gap of over 10% [8][9] - Companies with integrated production capacity for H acid and reactive dyes, such as Zhejiang Longsheng and Jinchicken Co., are expected to benefit from rising prices [9][10] Group 3: North Exchange Market Insights - As of June 13, 2025, the North Exchange A-share component stocks totaled 267, with an average market capitalization of 3.046 billion yuan [11] - The North Exchange 50 index experienced a decline of 3.11%, while the average daily trading volume increased by 31.28% compared to the previous week [11][12] - The newly listed company, Jiao Da Tie Fa, focuses on intelligent products and services for rail transit, with projected revenue of 335 million yuan for 2024 [12] Group 4: AI Chip Design System Launch - The world's first AI-based chip design system, "Enlightenment," was launched, achieving full automation in chip design processes [14][16] - The system can design a 32-bit RISC-V CPU in just five hours, matching the performance of Intel 486, and has completed its first silicon [16] - This innovation is expected to significantly enhance the efficiency of chip design and development in the semiconductor industry [16] Group 5: New Materials Industry Outlook - The new materials sector is anticipated to enter a growth phase driven by increasing downstream demand and supportive policies [14][25] - Key areas of focus include semiconductor materials, renewable energy technologies, and biodegradable plastics, which are expected to see significant investment and development [19][23] - The industry maintains a "recommended" rating due to its potential for growth and innovation [25]

Group 1 - The report indicates that the North Exchange has accelerated its IPO approvals, with a total of 9 companies approved from January to June 2025, suggesting an increase in listing pace as companies finalize their 2024 annual reports [3][11]. - The average number of effective online subscription accounts reached 460,100, with an average of 475.2 billion yuan in frozen funds during the same period, reflecting heightened market activity [3][12]. - The average fundraising amount per company in the North Exchange for the first half of 2025 was 396 million yuan, representing a 94.55% increase compared to 2024, indicating a trend towards larger fundraising efforts [3][20]. Group 2 - The North Exchange's overall PE ratio decreased to 50.12X, with the North 50 Index closing at 1,382.74 points, down 0.71% for the week, highlighting a volatile market environment [4][30][32]. - The report notes that 143 companies in the North Exchange have a PE ratio exceeding 45X, with 71 companies exceeding 105X, indicating a significant portion of the market is highly valued [4][35]. - The average maximum online subscription limit was 9.81 million yuan, with a notable increase to 16.13 million yuan in the first half of 2025, suggesting improved investor capacity for participation [3][24]. Group 3 - The report highlights that from January 1, 2024, to June 13, 2025, the average subscription rate for companies raising over 200 million yuan was 0.14%, compared to 0.06% for those raising less, indicating a correlation between fundraising size and subscription success [3][17]. - The average subscription threshold for 100 shares was 1.5827 million yuan, which increased to 1.8591 million yuan in the first half of 2025, reflecting rising entry costs for investors [3][27]. - The report emphasizes the importance of focusing on companies with reasonable valuations and strong performance potential, particularly those that align with new industrial and technological trends [4][44].

Group 1: North Exchange Market Trends - The North Exchange is showing signs of accelerated listing reviews, with expectations of increased issuance rates in the coming months [1] - It is estimated that if 3-4 companies are issued monthly for the remainder of the year, a total of 30 new stocks could be issued, raising approximately 7.5 billion yuan [1] - The recent approval of Sanxie Electric for fundraising of 159 million yuan for expansion and R&D projects indicates a positive trend in the market [1] Group 2: Company Profiles - Sanxie Electric specializes in the research, manufacturing, and sales of control motors, with products widely used in various industries such as security, textiles, and automotive [1] - New Hengtai, a national-level specialized "little giant" enterprise, focuses on functional polymer foaming materials and plans to raise about 380 million yuan for new production projects [2] - Senhe High-Tech, a company dedicated to environmentally friendly precious metal mining agents, aims to raise 490 million yuan for an annual production project and expects significant revenue growth in 2024 [3]

IPO Review and Registration Progress - Three IPO applications were accepted last week, including Senhe High-Tech aiming for the Beijing Stock Exchange to raise 490 million yuan, Yisiwei targeting the Sci-Tech Innovation Board with a planned raise of 1.214 billion yuan, and Zhixin Co. applying for an IPO on the Shanghai Main Board with a target of 1.329 billion yuan [2][3] - Senhe High-Tech specializes in the R&D, production, and sales of environmentally friendly precious metal mining agents, with sales revenue from these agents accounting for over 95% of its main business income during the reporting period [2] - Yisiwei focuses on automotive manufacturing machine vision equipment, holding the largest market shares in China’s automotive manufacturing and complete vehicle manufacturing machine vision markets at 13.7% and 22.5% respectively [3] - Zhixin Co. develops and produces automotive welding parts and related molds, with over 70% of its revenue coming from its top five customers [3] Recent IPO Approvals and Upcoming Listings - Huaxin Precision passed its IPO review on June 6, focusing on precision stamping products, with a projected revenue of 1.421 billion yuan in 2024, a 19.49% increase year-on-year [4] - Three companies are set to undergo IPO reviews this week, including Sanxie Electric, which reported steady revenue growth from 287 million yuan in 2022 to 420 million yuan in 2024 [4][5] - United Power, a subsidiary of Huichuan Technology, achieved a revenue of 16.178 billion yuan in 2024, a 72.74% increase, with over 85% of its revenue derived from electric drive systems [5] - Daoshengtianhe, a wind power industry chain company, reported a revenue of 3.238 billion yuan in 2024, a slight increase of 1.13% [6] New Stock Listings and Subscription Dynamics - Two new stocks were listed last week, Zhongce Rubber and Youyou Green Energy, with the latter seeing a significant first-day increase of 68.64% [9][10] - This week, Jiao Da Tie Fa is scheduled to be listed on June 10, with a projected revenue of 335 million yuan in 2024 [10] - Two new stocks are set for subscription this week, including Huazhi Jie and New Henghui, with planned fundraising of approximately 486 million yuan and 519 million yuan respectively [11] Policy and Regulatory Developments - The China Securities Regulatory Commission (CSRC) announced plans to support high-quality unprofitable technology companies in going public, emphasizing the importance of information disclosure and market intermediary verification [12] - The China Listed Companies Association released guidelines for audit committees to enhance compliance and governance among listed companies [13]

2025 年 06 月 08 日 小微盘交易拥挤讨论度上升，北证 专精特新指数发布 ——北交所策略周报（20250603-20250608） 本周策略观点： 本周市场行情： ⚫ 市场：本周北证 50 指数上涨 1.30%。北交所个股中 186 只股票上涨，并行科技、星图 测控涨幅居前。76 只股票下跌，4 只股票持平，涨跌比为 2.45。估值：北交所 PE（TTM） 均值 92.26 倍，中值 51.96 倍；创业板 PE（TTM）均值 77.27 倍，中值 35.16 倍；科创 板 PE（TTM）均值 76.90 倍，中值 33.00 倍。交易：本周北交所成交量为 45.46 亿股； 成交额为 993.36 亿元。本周北交所融资融券余额为 54.48 亿元。要闻：关于发布北证专 精特新指数公告。 北交所新股： 新三板动态： ⚫ 本周新挂牌 5 家，摘牌 19 家，周新增计划融资 0.07 亿元，完成融资 0.00 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。 专 题 研 究 证 券 研 究 报 wangyq@swsresearch.com 研究支持 郑菁华 A02301230600 ...