ff 证券代码：920116 证券简称：星图测控 公告编号：2025-046 中科星图测控技术股份有限公司 （一）会议召开情况 1.会议召开时间：2025 年 7 月 1 日 2.会议召开地点：公司会议室 3.会议召开方式：现场结合通讯方式 4.发出董事会会议通知的时间和方式：2025 年 6 月 26 日以邮件方式发出 5.会议主持人：董事长胡煜 第一届董事会第二十五次会议决议公告 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、会议召开和出席情况 6.会议列席人员：监事及其他高级管理人员 7.召开情况合法、合规、合章程性说明： 二、议案审议情况 （一）审议通过《关于变更公司第一届董事会非独立董事及薪酬与考核委员会委 员的议案》 1.议案内容： 根据《公司法》《北京证券交易所股票上市规则》等有关法律法规及《公司 章程》的规定，公司拟变更第一届董事会非独立董事及薪酬与考核委员会委员王 盛刚先生为姚琳女士。姚琳女士候选人身份已经公司控股股东提名，提名委员会 资格审查并征询本人意见。任职期限自股东会审议 ...

Core Viewpoint - The A-share new stock market experienced a robust performance in the first half of 2025, with all newly listed stocks rising on their debut, and no stocks facing a "break-even" situation on the first day [1][3]. Group 1: Market Performance - A total of 51 new stocks were listed in the first half of 2025, with 44 stocks (over 80%) seeing a first-day closing increase of more than 100% [3]. - Among these, 29 stocks had a first-day closing increase exceeding 200%, accounting for more than half of the new listings [3]. - The highest first-day closing increase was over 600% for one stock [1]. Group 2: Profitability for Investors - The average profit for investors who received new stock allocations was over 27,000 yuan, with some stocks yielding profits exceeding 70,000 yuan [1][7]. - For non-North Exchange new stocks, 44 out of 45 had a single allocation profit exceeding 10,000 yuan, with several stocks exceeding 50,000 yuan [7]. Group 3: Risks of Buying at Peak Prices - Despite the high initial returns, there are significant risks associated with buying new stocks at peak prices, as many stocks tend to decline after initial trading [10]. - Of the 51 new stocks, 34 experienced losses if purchased at the first-day closing price, indicating a two-thirds loss rate [10]. - The average increase from the issue price for new stocks was 363.90%, with 92.16% of stocks seeing a maximum increase of over 100% [7].

Core Viewpoint - The A-share new stock market experienced a robust performance in the first half of 2025, with all newly listed stocks rising on their debut, and the highest stock closing over 600% above its issue price [1][4]. Group 1: Market Performance - In the first half of 2025, a total of 51 new stocks were listed, with 44 of them (over 80%) closing more than 100% higher on their first day [4]. - Among these, 29 stocks had a first-day closing increase exceeding 200%, accounting for more than half of the new listings [4]. - The average increase of newly listed stocks since their issue price reached 363.90%, with 47 stocks (92.16%) having a maximum increase over 100% [8]. Group 2: Profitability for Investors - The average profit for investors holding a single share of the newly listed stocks was approximately 27,000 yuan, with several stocks yielding profits exceeding 50,000 yuan [8]. - Notably, two stocks had a maximum profit of over 70,000 yuan per share on the first day [1]. Group 3: Risks of Buying at Peak Prices - Despite the high initial returns, buying new stocks at peak prices poses significant risks, as many stocks tend to decline after initial trading [10][11]. - Among the 51 new stocks, 34 stocks (approximately two-thirds) showed losses if purchased at the first-day closing price and held until now [11]. - The losses were even greater for those who bought at the highest price on the first day, indicating a substantial risk for investors who chase high returns [11].

Market Overview - As of June 27, 2025, the North Exchange 50 Index increased by 2.20% in June, with a peak increase of 3.60% during the month[15] - Year-to-date, the North Exchange 50 Index has risen by 38.72%, with a maximum increase of 39.05%[15] - A total of 147 stocks rose, while 119 stocks fell, and 2 remained unchanged in June[15] Valuation Metrics - The average PE (TTM) for the North Exchange 50 Index is 70.13 times, with a median of 68.18 times[21] - In comparison, the ChiNext Index has an average PE of 31.30 times, and the Sci-Tech Innovation Board has an average PE of 136.65 times[21] Trading Activity - The total trading volume for the North Exchange in June reached 5,767.61 billion yuan, with a volume of 257.18 billion shares[24] - The average margin financing balance for June was 55.04 billion yuan, reflecting a month-on-month increase of 2.07%[26] Investment Recommendations - Focus on three main investment themes: 1. High-growth new productivity sectors and leading companies with competitive advantages[14] 2. Innovation-driven sectors, particularly in semiconductors, military, AI, and satellite internet[14] 3. Consumer-related companies benefiting from policies aimed at boosting domestic demand[14] New Listings and Market Dynamics - Two new stocks were listed in June, bringing the total number of companies listed on the North Exchange to 268[31] - The North Exchange launched the "Specialized, Refined, and Innovative" Index on June 30, 2025, tracking 50 selected stocks from 154 candidates[14] Risk Factors - Potential risks include slower-than-expected policy implementation and the risk of excessive short-term stock price increases leading to irrational investment behavior[35]

北交所策略专题报告 北 交 所 研 究 北 交 所 策 略 专 题 报 相关研究报告 《阅兵官宣展示新域新质战力，关注 北交所国防力量—北交所策略专题报 告》-2025.6.29 《持续中标国家电网项目、1 项国标获 准发布，2024 电力电缆营收+22%—北 交所信息更新》-2025.6.28 《新能源与无人驾驶技术赋能高毛利 新品，矿卡龙头打开增长空间—北交 所公司深度报告》-2025.6.27 优质资产价值发现 2025 上半年北交所出圈，北证专精特新指数将于 6 月 30 日发布 ——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：2025 上半年北交所出圈，优质资产价值发现与成为投资新大陆 北交所和中证指数有限公司将于 2025 年 6 月 30 日正式发布北证专精特新指数 （899601），为市场提供多维度投资标的和业绩基准。从北交所 2025 上半年行情 来看，2025 年 1 月以来北证 50 指数开始快速增长，至 3 月 18 日到达 1411.88 点， 虽然在 4 月短期受市场影响出现快速下滑后，随后北证 50 逐 ...

Group 1 - The North Exchange (北交所) has shown remarkable performance in the first half of 2025, with the North Exchange 50 Index rising by 38.72%, outperforming major indices including the Hang Seng Index, which increased by 21.06% during the same period [1][3] - Technology innovation companies have been the main driving force behind this surge, demonstrating strong development momentum [1][3] Group 2 - A notable number of stocks on the North Exchange have experienced significant gains, with 26 stocks doubling in value, including Jiuling Technology, Luqiao Information, and Huaguang Source Sea, each with over 200% increase [3] - Among the doubling stocks, 14 are recognized as national-level specialized and innovative "little giant" enterprises, highlighting their technological advantages and market competitiveness in niche sectors [3] Group 3 - The new stock issuance market on the North Exchange has been vibrant in the first half of 2025, with 6 new stocks listed, all showing a first-day increase of over 150% [4] - Guangxin Technology, which debuted on June 26, saw a remarkable first-day increase of 500%, attributed to low price-to-earnings ratio, strong growth expectations, and military industry concepts [4] - The IPO review process has accelerated, with 65 companies' applications received in June alone, including several technology firms [4]

Group 1 - The report highlights the significance of the upcoming military parade on September 3, 2025, showcasing China's domestic military capabilities and innovations in weaponry [1][11][12] - There are currently 17 military-related companies listed on the Beijing Stock Exchange, with a total market capitalization of 73.434 billion yuan as of June 27, 2025 [1][12][13] - Key companies include Star Map Control (920116.BJ), which specializes in aerospace measurement and control management, and Minshida (833394.BJ), known for its aramid paper products used in various critical industries [1][19][20] Group 2 - The five major industries on the Beijing Stock Exchange saw average weekly gains, with high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology showing increases of +6.80%, +12.82%, +5.33%, +4.65%, and +5.18% respectively [2][24] - The average price-to-earnings (P/E) ratios for these industries have also risen, with high-end equipment reaching 47.2X and information technology at 93.0X [2][26] Group 3 - In the technology sector, 145 out of 150 companies experienced stock price increases, with an average gain of +7.42% during the week [3][37] - The overall market capitalization for these companies rose from 443.941 billion yuan to 478.908 billion yuan, with the median market capitalization increasing from 22.40 million yuan to 23.57 million yuan [3][40] Group 4 - Star Map Control reported a revenue increase of 25.90% year-on-year for 2024, with a net profit growth of 35.68% [16][18] - Minshida achieved a revenue of 408 million yuan in 2024, reflecting a growth of 19.82%, and a net profit of 101 million yuan, up by 23.14% [20][22]

Group 1 - The North Exchange 50 Index has shown a remarkable increase of 38.72% year-to-date as of June 27, outperforming major indices including the Hang Seng Index, which rose by 21.06% [1][2] - A total of 26 stocks have doubled in value, with notable performers including Jiuling Technology, Luqiao Information, and Huaguang Yuanhai, which have seen increases exceeding 200% [2][3] - The market has witnessed a surge in historical highs, with 38 stocks reaching new peaks in June alone, indicating strong investor interest and market momentum [2][3] Group 2 - The North Exchange has seen a significant increase in the number of companies with a market capitalization exceeding 10 billion yuan, now totaling seven, with Jinbo Biological leading at 40.135 billion yuan [3] - The secondary market has experienced high liquidity and active trading, contributing to a positive investment environment [3][6] - The new stock issuance market has been robust, with six new stocks launched in the first half of 2025, all achieving first-day gains of over 150%, highlighting strong investor enthusiasm [4][5] Group 3 - The IPO review process has accelerated, with 65 companies' applications received in June alone, indicating a strong pipeline for future listings [5][6] - Analysts expect the North Exchange to maintain an active market in the second half of the year, with potential for further growth following a period of consolidation [6][7] - The North Exchange is positioned as a hub for innovative small and medium-sized enterprises, with a focus on sectors such as artificial intelligence, low-altitude economy, and commercial aerospace [8]

Summary of Key Points Core Viewpoint - The A-share market has shown signs of recovery in IPO activity in the first half of 2025, with an increase in the number of new listings and fundraising amounts compared to the previous year [1][2]. Group 1: A-share Market Performance - As of June 26, 2025, there have been 51 new IPOs in the A-share market, representing a year-on-year increase of approximately 16% from 44 IPOs in the same period last year [2]. - The total fundraising amount for these IPOs reached 37.355 billion yuan, reflecting a year-on-year growth of about 15% [2]. - The average first-day price-to-earnings (P/E) ratio for new listings has decreased to 18.84 times, down 17.73% from 22.90 times in the previous year [2]. Group 2: Secondary Market Performance - There have been no instances of new stocks breaking below their issue price on the first day of trading this year, with an average first-day increase of 229.09%, surpassing last year's average of 136.05% [3]. - Notable first-day performances include Jiangnan New Materials with a 606.83% increase and Guangxin Technology with a 500% increase [3]. Group 3: Hong Kong Market Activity - The Hong Kong market has also experienced a surge in IPO activity, with 40 new listings as of June 26, 2025, a 33% increase from the previous year [4]. - The total fundraising in the Hong Kong market reached 104.7 billion HKD, a significant increase of 575% compared to 13.5 billion HKD last year [4]. - Chinese companies have been actively listing in Hong Kong, with major firms like CATL and Hengrui Medicine leading in fundraising [4]. Group 4: Future Outlook - Deloitte anticipates that the A-share market will maintain its IPO issuance levels in 2025, supported by new policies aimed at enhancing the market for innovative companies [5][6]. - The Hong Kong market is expected to raise more funds than previously forecasted, with an estimated 80 new IPOs generating 200 billion HKD in 2025 [6]. - The ongoing optimization of Hong Kong's listing system is expected to attract more new economy enterprises and enhance its position as a leading global IPO platform [6].

Core Insights - The establishment of policies such as "Zhong Te Gu" and "Merger Six Guidelines" has heightened market attention on the movements of central and local state-owned enterprises (SOEs) in the secondary market [1][10] - As of June 23, 2025, there are 27 central and local SOEs listed on the Beijing Stock Exchange (BSE), accounting for approximately 10.11% of the total 267 listed companies [1][2] - The overall price-to-earnings (PE) ratio of these SOEs varies significantly, with 11 companies exceeding a PE ratio of 110, while 8 companies have a PE ratio below 50 [1][8] Group 1: Company Overview - Among the 27 listed companies, 6 are central SOEs and 21 are local SOEs, with a total market capitalization of approximately 771.54 billion yuan for local SOEs and 476.39 billion yuan for central SOEs [2][6] - Three central SOEs have entered the "100 billion market value club," namely Kai Fa Ke Ji, Shu Guang Shu Chuang, and Xing Tu Ce Kong [4][6] - The average market capitalization of local SOEs is about 36.74 billion yuan, which is approximately 42.66 billion yuan lower than the average market capitalization of central SOEs [6] Group 2: Financial Performance - From 2020 to 2024, the revenue of central and local SOEs listed on the BSE grew from 15.655 billion yuan to 22.195 billion yuan, with a compound annual growth rate (CAGR) of 9.12% [8] - The net profit attributable to shareholders increased from 1.861 billion yuan to 2.219 billion yuan during the same period, with a CAGR of 4.50% [8] - As of the first quarter of 2025, the revenue was approximately 5.048 billion yuan, reflecting a year-on-year growth of 9.43% [8] Group 3: Market Valuation and Recommendations - The market capitalization of the 27 listed SOEs is primarily concentrated in the 2 billion to 4 billion yuan and 4 billion to 6 billion yuan ranges [8] - The overall PE ratio for these companies is 56.20 times, indicating a potential undervaluation, especially for those with lower PE ratios [8][10] - Research institutions suggest that the current low valuation of central and local SOEs warrants attention, as these companies have the backing of substantial resources and capital from their major shareholders [10]