Core Viewpoint - The company, Sichuan Portong Medical Equipment Group Co., Ltd., specializes in medical gas equipment and cleanroom systems, with a focus on the development, design, manufacturing, integration, and operation services of these systems [3]. Business Overview - The main business of the company includes medical gas equipment and systems (55.69% of revenue), cleanroom equipment and systems (37.30%), sales of medical devices and other products (4.06%), operation services (2.81%), and other supplementary services (0.14%) [8]. - The company has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title in China for small and medium-sized enterprises that excel in niche markets and possess strong innovation capabilities [3]. Recent Developments - The company has developed the Portong Cloud Monitoring Platform, which utilizes advanced IoT technology to provide real-time monitoring solutions for medical equipment in hospitals [2]. - As of January 30, the number of shareholders in Portong Medical was 9,164, a decrease of 4.48% from the previous period, while the average number of circulating shares per person increased by 4.69% [8]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 344 million yuan, a year-on-year decrease of 30.06%, and a net profit attributable to the parent company of -10.21 million yuan, a year-on-year decrease of 150.92% [8]. - The company has distributed a total of 48.9973 million yuan in dividends since its A-share listing [9]. Market Activity - On February 3, the stock price of Portong Medical increased by 4.00%, with a trading volume of 73.4646 million yuan and a turnover rate of 4.51%, bringing the total market capitalization to 2.521 billion yuan [1]. - The stock has experienced a net outflow of 1.1368 million yuan from major investors, indicating a reduction in holdings over the past three days [4][5].

证券研究报告 | 2026年02月03日 金融工程专题研究 科技与小盘的共振——大成中证 360 互联网+大数据 100 基金 投资价值分析 捕捉小盘科技行情的机会 科技力量的崛起推动资本市场由传统行业向科技集中。美股前十大巨头中科 技板块个股占比显著提升；纳斯达克科技指数成分股市值占比由 1990 年的 1.51%提升至 2025 年的 52.20%，生成式 AI 周期下，英伟达市值一度升至 约 4.5 万亿美元，科技资产已成为全球资本市场核心配置方向之一。 小盘交投活跃，牛市行情的领头羊。市场主线扩散过程中，小盘股往往成为 牛市行情的领头羊。在 A 股历轮牛市中，中证 1000、中证 2000 等小盘指 数涨幅显著领先宽基指数；本轮 2024 年"9·24"行情启动以来，中证 2000 指 数涨幅已超 100%，小盘风格阶段性占优。 宽松流动性为小微盘行情提供支撑。宏观层面，2025 年 12 月 M2 同比增速 升至 8.5%，一年期同业拆借利率由 2024 年末的 2.50%降至 1.96%。利率 中枢下移与风险偏好回升共同改善小盘资产的交易环境。 科技邂逅小盘：中证 360 互联网+大数据 100（ ...

作者 |第一财经 周楠 超四成公司交出"成绩单"，北交所2025年的业绩全貌正逐渐清晰。 2026.02.03 本文字数：2359，阅读时长大约4分钟 Wind统计显示，截至1月底，3家北交所公司发布2025年业绩快报，另有123家披露了当期业绩预告，合 计占到北交所公司总数的四成以上。上述公司里，去年实现盈利的有77家，盈利面超过六成。 有6家北交所公司预计2025年净利润过亿元。其中，去年年底上市的蘅东光（920045.BJ）业绩领先，去 年预计实现净利润2.7亿元至3.1亿元，增幅在八成以上。广信科技（920037.BJ）、吉林碳谷 （920077.BJ）等去年也增收增利，净利润超亿元。 北证50成份股继续发挥业绩"压舱石"作用，去年净利润排在前列的公司中，多家为该指数成份股，涉及 林泰新材（920106.BJ）、富士达（920640.BJ）等。值得一提的是，逾10家北交所公司有望在去年扭亏 为盈。 13家公司去年扭亏 截至1月底，3家已披露业绩快报的北交所公司是基康技术（920879.BJ）、联迪信息（920790.BJ）和华 信永道（920592.BJ）。其中，基康技术去年增收增利，当期营收4.08 ...

Core Viewpoint - The company, Slin Intelligent Drive, is experiencing growth in its core business areas, particularly in the production of harmonic reducers and components for humanoid robots, benefiting from the depreciation of the RMB and its classification as a "specialized and innovative" small giant enterprise [2][3]. Group 1: Company Performance - As of September 30, 2025, Slin Intelligent Drive reported a revenue of 5.81 billion, representing a year-on-year growth of 4.38%, and a net profit attributable to shareholders of 1.40 billion, with a year-on-year increase of 2.17% [7]. - The company has a market capitalization of 38.045 billion, with a trading volume of 893 million and a turnover rate of 3.85% on February 3 [1]. - The company’s revenue composition includes 80.22% from braking system bearings, 12.78% from transmission system bearings, 5.27% from power system bearings, and 0.94% from non-automotive bearings [7]. Group 2: Market Position and Strategy - The company is in the early stages of mass production for its harmonic reducers, which are essential for industrial and collaborative robots, as well as humanoid robots [2]. - Slin Intelligent Drive has been recognized as a national-level "specialized and innovative" small giant enterprise, which enhances its competitiveness and stability within the supply chain [3]. - The company’s overseas revenue accounts for 68.37%, benefiting from the depreciation of the RMB [3]. Group 3: Shareholder and Investment Insights - As of September 30, 2025, the number of shareholders decreased by 13.12% to 14,700, while the average circulating shares per person increased by 14.92% to 6,615 shares [7]. - The company has distributed a total of 1.31 billion in dividends since its A-share listing [8]. - Major shareholders include Yongying Advanced Manufacturing Mixed Fund, which increased its holdings by 680,000 shares, and Penghua Carbon Neutral Theme Mixed Fund, which reduced its holdings by 105,600 shares [8].

二是把握政策机遇。政府针对当前经济发展中投资增长乏力、循环经济投入较高、居民消费意愿不强等 问题，采取了一系列政策措施，企业要高度关注。 最后，把握企业发展机会，要重视新型工业化发展。制造企业不仅要从当前发展看制造业转型升级，还 要从国家强国建设、民族复兴伟业角度，意识到担当的责任与使命。如推动制造业向高端化、智能化、 绿色化、融合化、集群化发展，应是企业下一步发展中更多关注的地方。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 专题：第五届企业创新发展大会 第五届企业创新发展大会2月1日—3日在广东东莞举办。中国企业联合会党委书记、常务副会长兼秘书 长朱宏任出席并演讲。 朱宏任指出，要看到当前内卷带来的危害。市场需要竞争，但竞争一旦盲目无序，就会侵蚀企业利润， 抑制创新活力，拖累全要素生产力提升，导致市场机制严重扭曲，破坏市场公平。 谈及反内卷突破路径，朱宏任认为，企业要从单纯拼价格转向价值创造，以技术创新构筑不可复制的竞 争护城河。推动广大企业、专精企业、民营企业走专精特新之路，向世界一流迈进，即聚焦技术攻坚， 突破核心 ...

Core Viewpoint - Jianghan New Materials has released 122 million restricted shares for trading, with multiple executives committing to not sell their shares for one year, indicating confidence in the company's future development and aiming to alleviate short-term market pressure from the share unlock [1][4]. Group 1: Share Unlocking Details - The restricted shares, totaling approximately 122 million, represent 32.58% of the company's total share capital and involve nine shareholders [1]. - The shares are originally from the company's initial public offering, with a lock-up period of 36 months starting from January 31, 2023, and the trading date for the unlocked shares is set for February 2, 2026 [4]. Group 2: Management Commitment - Eight directors, senior management, and key personnel have collectively pledged not to transfer or reduce their holdings from February 2, 2026, to February 1, 2027, which is intended to convey management's confidence in the company's future [4]. Group 3: Company Background and Expansion - Jianghan New Materials specializes in the research, production, sales, and import-export trade of functional organosilicon and other silicon-based new materials, recognized as a national champion in manufacturing and a "little giant" enterprise [4]. - The company is accelerating capacity expansion with a new 60,000 tons/year trichlorosilane project planned in its newly established green circular industry park, aiming to increase total trichlorosilane capacity to 120,000 tons/year [4][5]. - The second facility addresses the mismatch between current and future silane production capacity, utilizing HCL, a byproduct of silane production, as a raw material for trichlorosilane, achieving a full cycle of chlorine element utilization [5]. - Jianghan New Materials is deepening its global layout with over ten overseas warehouses in Southeast Asia, Europe, and the United States, and plans to initiate overseas manufacturing to address challenges in local service and expansion [5].

Economic Performance - In 2025, the GDP of Tianjin Economic Development Zone grew by 5.1% year-on-year, accounting for 14% of the total GDP of Tianjin [1] - Fixed asset investment reached 72.53 billion yuan, a year-on-year increase of 39.5%, representing 15% of the city's total [1] - General budget revenue was 16.01 billion yuan, with a year-on-year growth of 5.1%, and tax revenue accounted for 91% [1] - Retail sales of consumer goods increased by 15.1%, while the accommodation and catering industry saw a revenue growth of 14.7% [1] Industrial Development - In 2025, the zone attracted 78.35 billion yuan in domestic investment, making up 22% of Tianjin's total [1] - A total of 321 key projects were launched with a total investment of 111.8 billion yuan [1] - New projects included Shanhe Optoelectronics and SEW Intelligent Manufacturing Phase II, as well as new supply chain projects from companies like FAW Toyota and Yanshan Petrochemical [1] - 25 new advanced intelligent factories were established, with Otis Elevator and Nestlé recognized as national-level excellent intelligent factories [1] Asset Activation - The zone activated 2,670 hectares of land and 624,300 square meters of state-owned enterprise properties, generating 5.379 billion yuan in revenue [2] - The TaiDa MSD activated 194,400 square meters of buildings, achieving over 40% area clearance [2] - Notable companies such as JD Finance and FAW Toyota established headquarters in the zone, with JD MALL's first store in Binhai opening during the National Day holiday, generating over 100 million yuan in quarterly revenue [2] Innovation and R&D - The zone was approved as one of Tianjin's first future industry pilot areas, establishing 201 provincial-level R&D institutions [2] - 46 companies were recognized as national specialized and innovative "little giants," and 28 as single champions, leading the city with respective shares of 16.1% and 11.6% [2] - R&D investment exceeded 10 billion yuan, and technology contract transaction volume surpassed 22.3 billion yuan, both ranking first in the city [2] Foreign Investment and Trade - In 2025, the zone hosted the first investment promotion event for the Shanghai Cooperation Organization, resulting in 18 projects signed [3] - Actual foreign investment reached 986 million USD, a growth of 15.4%, accounting for 24% of the city's total [3] - The zone's import and export volume was 255.53 billion yuan, with a year-on-year growth of 7.3%, and exports increased by 20.7% [3] Reforms and Talent Development - The zone opened a channel for employee transfer to salaried personnel, completing the selection of the first batch of 30 employees [3] - A "培优计划" (Talent Cultivation Plan) was implemented to recruit 20 outstanding young talents [3] - State-owned enterprise market-oriented reforms were deepened, with five major groups achieving revenues of 23.851 billion yuan and profits of 745 million yuan [3] Environmental and Social Development - The "泰达工改" (Taida Industrial Reform) 5.0 showed effectiveness, completing the city's first project with all four certificates issued for immediate construction [4] - The PM2.5 concentration decreased to 35 micrograms per cubic meter, with the number of good air quality days increasing to 280 [4] - The zone established a balanced function layout in the "于响" area, showing initial results in balancing residential and employment needs [4] Party Building and Governance - The zone conducted in-depth education on the spirit of the Central Eight Regulations and cooperated with the municipal inspection to address issues [4] - A comprehensive party organization coverage rate of 81.6% was achieved through the establishment of a new party committee for the green chemical new materials industry [4] - The "渐进式党建" (Gradual Party Building) and "三个一" (Three Ones) work methods were recognized as innovative cases in grassroots party building [4]

专题：第五届企业创新发展大会 第五届企业创新发展大会2月1日—3日在广东东莞举办。中国企业联合会党委书记、常务副会长兼秘书 长朱宏任出席并演讲。 专题：第五届企业创新发展大会 第五届企业创新发展大会2月1日—3日在广东东莞举办。中国企业联合会党委书记、常务副会长兼秘书 长朱宏任出席并演讲。 朱宏任指出，要看到当前内卷带来的危害。市场需要竞争，但竞争一旦盲目无序，就会侵蚀企业利润， 抑制创新活力，拖累全要素生产力提升，导致市场机制严重扭曲，破坏市场公平。 谈及反内卷突破路径，朱宏任认为，企业要从单纯拼价格转向价值创造，以技术创新构筑不可复制的竞 争护城河。推动广大企业、专精企业、民营企业走专精特新之路，向世界一流迈进，即聚焦技术攻坚， 突破核心瓶颈，增强原始创新，构建技术壁垒，升级竞争模式，打造品牌优势，强化转型驱动，加快创 新引领，用创新破解内卷迷思。 他表示，现在进入"十五五"重要阶段，制造业企业有三个机遇必须把握。 一是抓住发展先进制造业的重要机遇。先进制造业本质是技术先进性、模式创新性和价值高端性的深度 融合。与传统制造业发展模式对比，先进制造业强调发展过程要从规模扩张向质量跃升转变，需构建技 术创新、 ...

第五届企业创新发展大会2月1日—3日在广东东莞举办。中国企业联合会党委书记、常务副会长兼秘书 长朱宏任出席并演讲。 专题：第五届企业创新发展大会 最后，把握企业发展机会，要重视新型工业化发展。制造企业不仅要从当前发展看制造业转型升级，还 要从国家强国建设、民族复兴伟业角度，意识到担当的责任与使命。如推动制造业向高端化、智能化、 绿色化、融合化、集群化发展，应是企业下一步发展中更多关注的地方。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：王翔 专题：第五届企业创新发展大会 朱宏任指出，要看到当前内卷带来的危害。市场需要竞争，但竞争一旦盲目无序，就会侵蚀企业利润， 抑制创新活力，拖累全要素生产力提升，导致市场机制严重扭曲，破坏市场公平。 谈及反内卷突破路径，朱宏任认为，企业要从单纯拼价格转向价值创造，以技术创新构筑不可复制的竞 争护城河。推动广大企业、专精企业、民营企业走专精特新之路，向世界一流迈进，即聚焦技术攻坚， 突破核心瓶颈，增强原始创新，构建技术壁垒，升级竞争模式，打造品牌优势，强化转型驱动，加快创 新引领， ...

Core Viewpoint - Aidi Tech (Qinhuangdao) Co., Ltd. is experiencing growth in its dental medical and medical device sectors, benefiting from the depreciation of the RMB and its status as a "specialized, refined, distinctive, and innovative" enterprise [2][3]. Company Overview - Aidi Tech specializes in the research, production, and sales of dental restoration materials and digital dental equipment, with main products including dental restoration materials, digital dental devices, orthodontic products, and preventive dental products [2][2]. - The company was established on March 15, 2007, and is located in Qinhuangdao, Hebei Province. It went public on June 26, 2024 [8]. - The revenue composition of Aidi Tech includes 73.74% from dental restoration materials, 19.80% from digital dental equipment, and 6.46% from other products and services [8]. Financial Performance - For the period from January to September 2025, Aidi Tech achieved a revenue of 747 million yuan, representing a year-on-year growth of 16.44%, and a net profit attributable to shareholders of 142 million yuan, with a year-on-year increase of 27.40% [8]. - The company has distributed a total of 49.48 million yuan in dividends since its A-share listing [9]. Market Position and Recognition - Aidi Tech has been recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise, which signifies its strong market position, innovation capabilities, and high market share [2]. - The company benefits from a significant overseas revenue share of 61.85%, aided by the depreciation of the RMB [3]. Technical Analysis - The average trading cost of Aidi Tech's shares is 48.94 yuan, with recent trends indicating a rapid outflow of shares. The current stock price is near a support level of 50.80 yuan, which is critical for potential rebounds [7].