Investment Rating - The report maintains an "Accumulate" rating for the industry, indicating a positive outlook for the next 6 to 12 months [1]. Core Insights - The overall market of the North Exchange shows an upward trend, with the North 50 Index increasing by 5.62% during the period from June 3 to June 20, 2025, closing at 1347.46 points [4][10]. - The average market capitalization of the 267 listed companies on the North Exchange is 2.934 billion [4][10]. - The top five performing sectors in the A-share market during this period were telecommunications, banking, non-ferrous metals, electronics, and non-bank financials, with respective increases of 6.33%, 2.64%, 2.39%, 2.30%, and 1.07% [4][18]. Summary by Sections North Exchange Market Overview - As of June 22, 2025, the North Exchange comprises 267 constituent stocks, with an average market capitalization of 2.934 billion [4][10]. - The North 50 Index experienced a growth of 5.62% during the specified period, outperforming the Shanghai Composite Index, which rose by 0.14%, and the ChiNext Index, which fell by 0.36% [4][10]. Sector Performance - The telecommunications sector led the A-share market with a growth of 6.33%, followed by banking at 2.64%, non-ferrous metals at 2.39%, electronics at 2.30%, and non-bank financials at 1.07% [4][18]. Individual Stock Performance - Out of the 267 stocks listed on the North Exchange, 77 stocks increased in value, while 189 stocks decreased, resulting in an increase ratio of 29% [4][20]. Key News - On June 16, 2025, the North 50 Index underwent a constituent stock update, enhancing its coverage of innovative enterprises aligned with the "specialized, refined, and new" characteristics of the index [4][25]. Investment Strategy - The report suggests focusing on sectors expected to perform well in 2025, including data centers, robotics, semiconductors, consumer goods, and military information technology [4][26][29].

● 本报记者 王婧涵 "无论是通信卫星、导航卫星还是遥感卫星，商业航天各项应用都逐步深入到大众的日常需求之中。大 量需求涌现让企业有动力自己发卫星，这促进了商业航天的发展，也意味着行业模式将出现很大改 变。"星图测控董事长胡煜日前在接受中证报记者专访时表示。 经过几年培育，当前我国商业航天已进入快速发展期，面向大众的应用场景不断打开，政策、技术和市 场的协同推动下，作为国家级专精特新"小巨人"企业的星图测控在航天测控管理、航天数字仿真等业务 领域都实现了快速发展。 应用场景向C端延伸 "从2015年中国商业航天元年起，商业航天的发展越来越快。特别是'十四五'以来，从卫星制造、火箭 制造到航天测运控系统、地面配套等各类软硬件，国内从事商业航天的企业越来越多，"胡煜向记者表 示，"这将进一步促进卫星在特种领域及面向大众的C端应用的发展。" 在商业航天领域，卫星主要分为通信卫星、导航卫星和遥感卫星三类，分别代表了商业航天三种主要的 应用场景。近期，我国发射的算力卫星则开启了"太空计算"的新篇章。 "由于卫星的制造成本较高，过去的航天发射往往针对特定需求，面向政府或相关B端用户，进行如自 然资源普查、气象监控等任务。 ...

证券代码：920116 证券简称：星图测控 公告编号：2025-045 一、 投资者关系活动类别 √特定对象调研 二、 投资者关系活动情况 活动时间：2025 年 6 月 11 日至 2025 年 6 月 13 日 中科星图测控技术股份有限公司 投资者关系活动记录表 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。 活动地点：公司会议室 参会单位及人员：泰康基金、天弘基金、长盛基金、华夏基金、晨耀基金、 国泰海通、国金证券、东北证券、中信证券、新华资产、禾永投资、汉石基金、 景曦私募、西部证券、华安证券、东方基金 上市公司接待人员：董事、副总经理、财务总监、董事会秘书张子航 三、 投资者关系活动主要内容 问题 1：请简要介绍一下公司未来发展战略？ □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 公司高度重视对投资者的回报，2025 年为公司上市首年，公司已于 3 月 24 日召开股东会审议通过 2024 年度权益分派方案，并于 4 月完成权益分派， 即向全体股东每 1 ...

Core Viewpoint - The recent performance of new stocks on the Beijing Stock Exchange (BSE) has been impressive, with significant first-day gains, leading to questions about the sustainability and attractiveness of participating in new stock offerings [1][2]. Group 1: New Stock Performance - The first-day performance of newly listed stocks on the BSE has shown substantial gains, with average increases around 310%, and some stocks experiencing maximum gains close to 400% [1][2]. - The valuation trend indicates that most companies are trading at a price-to-earnings (PE) ratio of 35-45 times, which is considered a fair pricing mechanism for new stocks on the BSE [1][2]. - The performance of new stocks is influenced by their initial pricing and total market capitalization, with lower-priced and smaller-cap stocks generally achieving higher first-day gains [1][2]. Group 2: Subscription Data and Trends - The subscription data reveals that larger fundraising companies tend to attract more subscription funds, but the difference in subscription amounts is not as significant as the variance in fundraising scales among different companies [3][4]. - The average subscription rate for larger companies is higher, while smaller companies tend to have lower subscription rates but potentially higher single-stock returns [4][5]. Group 3: Investment Returns - The calculated returns from participating in new stock offerings show that the highest returns are associated with larger companies, while smaller companies yield lower returns [5][6]. - The average return from new stock subscriptions this year is significantly lower than last year's, indicating a trend of decreasing profitability in new stock investments [5][6]. - If the BSE continues to list over 30 new stocks annually, even with lower individual stock returns, it could still outperform traditional cash management strategies like money market funds [6].

Core Viewpoint - The recent trend of new stocks in the A-share market shows significant initial price surges, but many investors face losses shortly after due to high opening prices and subsequent declines [1][2][4]. Group 1: New Stock Performance - As of June 12, 2023, all 48 new stocks listed this year experienced price increases on their first day, with none facing a decline [2]. - Over 85% of new stocks doubled in price on their debut, with some surging over 600% [2]. - More than 70% of new stocks reached their peak price on the first day, indicating a pattern of high opening followed by declines [2][3]. Group 2: Investor Behavior - The number of investors participating in online subscriptions for new stocks has significantly increased, with 36 new stocks attracting over 10 million accounts [2]. - Many fund managers express confusion over the sources of capital driving these initial surges, suggesting a lack of understanding of market dynamics [3]. - A substantial portion of investors who bought stocks on the first day experienced losses, with over 70% of them facing declines if they held onto their shares until June 12 [3][4]. Group 3: Market Dynamics - The phenomenon of high opening prices followed by declines is attributed to speculative trading, which distorts the stock's reasonable valuation [4]. - Fund managers typically adopt a strategy of selling new stocks on the first day, reflecting a cautious approach to initial public offerings [4][5]. - The turnover rate for new stocks on their first day exceeds 60%, with nearly half surpassing 80%, indicating high trading activity [4]. Group 4: Institutional Participation - Public fund managers show a low level of participation in new stocks during their initial phase, often waiting for a period before conducting research [5]. - Less than 30% of the top ten shareholders in new stocks listed in the first quarter of 2023 were public institutions, highlighting a trend of individual investors dominating early investments [5].

【深圳商报讯】（记者詹钰叶）北证专精特新指数拟于6月30日上线，这意味着北交所即将开启"双指 数"时代。北交所最新总市值已超过8000亿元，其中专精特新"小巨人"企业总市值过半。 北交所与中证指数有限公司日前联合发布北证专精特新指数编制方案与样本股名单，拟于6月30日正式 发布实时行情，以反映北交所专精特新企业整体表现，为市场提供多维度投资标的和业绩基准。 根据指数编制方案，此次北证专精特新指数在北交所专精特新"小巨人"企业中选取了50只市值规模和流 动性排名靠前的证券作为指数样本。北交所称，北证专精特新以客观反映北交所专精特新企业运行状况 为目标，同时结合北交所市场现状及专精特新企业特点，对流动性门槛、定期调整等编制要素进行特色 化设置。 同花顺数据显示，截至6月12日，北交所共有267家上市公司，最新总市值为8322.19亿元。其中，专精 特新"小巨人"企业有139家，主要涉及生物医药、高端装备制造、新材料、新一代信息技术等重点领 域，最新总市值为4348.58亿元，占北交所总市值的52.25%；锦波生物、天工股份、曙光数创与星图测 控这4家公司的市值超过100亿元。 西部证券分析师曹森元表示，入选北证专 ...

Core Viewpoint - The launch of the Beijing Stock Exchange (BSE) Specialized and Innovative Index on June 30 marks the beginning of a "dual index" era for the BSE, enhancing its market influence and providing new investment opportunities for investors [1][2]. Group 1: Index Launch and Market Impact - The BSE's total market capitalization has exceeded 800 billion yuan, with specialized and innovative "little giant" enterprises accounting for over half of this value [1][2]. - The new index will include 50 securities selected based on market capitalization and liquidity from the "little giant" enterprises, aiming to objectively reflect their operational status [1][2]. - The introduction of the index is expected to facilitate the development of index ETFs and other investment products, allowing investors to participate more actively in the BSE market [1][2][3]. Group 2: Company Representation and Investment Opportunities - The inclusion of companies in the new index signifies their high market capitalization and representativeness among specialized and innovative enterprises, enhancing their market visibility and brand image [2][3]. - The index is anticipated to guide social resources towards key sectors and strategic emerging industries, promoting innovation and development within these fields [2][3]. - Investors are encouraged to diversify their portfolios based on their risk preferences and investment goals, with the potential for public funds to be developed based on the new index [2][3]. Group 3: Future Outlook and Sector Focus - The BSE's Specialized and Innovative Index reflects its commitment to serving innovative small and medium-sized enterprises, with plans for more industry-specific indices in the future [3]. - Analysts suggest focusing on sectors such as robotics, semiconductor testing, and consumer goods, highlighting specific companies like Suzhou Axle, Audiwei, and Hualing [4].

证券代码：920116 证券简称：星图测控 公告编号：2025-044 中科星图测控技术股份有限公司 关于设立募集资金专项账户并签署三方监管协议的公告 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、募集资金基本情况 2025-001）。 二、本次增加部分募投项目实施主体及实施地点的情况及原因 为合理优化公司资源配置，提高募集资金使用效率，拟新增全资子公司中科 星图测控技术（喀什）有限公司、合肥中科星图洞察科技有限公司等作为募投项 目的实施主体并新增实施地点，以承接实施该募投项目的部分工作。2025 年 4 月 29 日，公司召开第一届董事会第二十四次会议和第一届监事会第十四次会议， 审议通过了《关于部分募投项目新增实施主体和实施地点的议案》，同意增加中 科星图测控技术（喀什）有限公司、合肥中科星图洞察科技有限公司等作为募投 项目实施主体，新增实施地点，并开设募集资金专户、签署募集资金监管协议及 办理其他相关事项。公司第一届董事会独立董事专门会议第二次会议和公司第一 届董事会审计委员会第七次会议分别 ...

Core Viewpoint - The recent performance of global technology stocks, particularly Nvidia, indicates a potential rebound in the tech sector, with Nvidia's stock price rising significantly and its market capitalization nearing $3.5 trillion, reclaiming its position as the world's most valuable company [1][3]. Group 1: Nvidia's Performance - Nvidia's stock price has increased over 24% in May and nearly 6% since June, approaching its historical high [1]. - As of the latest data, Nvidia's market capitalization is approximately $3.49 trillion [2]. Group 2: AI Development Initiatives - Nvidia's CEO announced plans to establish AI technology centers in seven European countries and build over 20 large AI factories in Europe, aiming to enhance AI computing power tenfold by 2026 [3]. - The announcement has led to a surge in related sectors in the A-share market, with significant gains in quantum technology, CPO, and AI glasses concepts [3]. Group 3: Market Sentiment and Recovery - Analysts from Xinyi Securities suggest capitalizing on the recovery window for the tech sector in June, noting that growth stocks are showing signs of upward movement from their lows [4]. - The positive sentiment is supported by favorable non-farm employment data, which alleviated concerns about a slowing U.S. economy [4]. Group 4: Stock Performance and Growth Potential - Several tech stocks have shown remarkable rebounds, with some, like Shenghong Technology, seeing their stock prices increase by nearly 155% this year [5]. - A list of high-growth tech stocks with strong earnings potential has been compiled, focusing on those with a return on equity (ROE) exceeding 10% for three consecutive years and a projected net profit growth rate above 20% [9][11]. Group 5: Notable Stock Movements - New Yi Sheng's stock price surged from below 50 to above 100 in just two months, while Shi Jia Photon rose from below 13 to a peak of over 36 [6]. - Stocks like Huihan Technology and Huqin Technology have seen significant price corrections, with declines exceeding 30% from their yearly highs [10].

Investment Rating - The industry investment rating is "Increase Holding" [19] Core Insights - The North Exchange will officially launch the North Certificate Specialized, Refined, Unique, and New Index on June 30, 2025, providing multi-dimensional investment targets and performance benchmarks [3][13] - The index will consist of the 50 largest market capitalization stocks from the North Exchange's specialized, refined, unique, and new "small giant" companies, reflecting the overall performance of these listed companies [5][13] - The index will be based on a reference date of June 28, 2024, with a base point of 1000 [3][13] Summary by Sections North Certificate Specialized, Refined, Unique, and New Index - The index is designed to select well-performing companies with no legal violations and stable financial reports, ranked by average daily trading volume over the past six months [5][14] - The index will undergo semi-annual reviews to adjust its sample based on stability and dynamic tracking principles, with a maximum adjustment ratio of 20% [5][14] Investment Strategy for North Exchange - The report anticipates significant achievements in the high-quality development of the North Exchange in 2025, recommending attention to specific sectors: 1. Data Centers: Companies like Krait and Shuguang Data Creation are highlighted for their advantages in nuclear power and liquid cooling technology [15] 2. Robotics: Companies such as Suzhou Axis and Audiwei are noted for their leadership in needle bearings and ultrasonic sensors [15] 3. Semiconductors: Hualing Co. and Kaide Quartz are recognized as leaders in semiconductor testing and quartz devices [15] 4. Consumer Goods: Companies like Taihu Snow and Baixinglong are mentioned for their innovative products in silk and packaging [15] 5. Military Information Technology: Chengdian Optoelectronics and Xingtian Measurement Control are identified as key players benefiting from military upgrades and satellite internet construction [15]