Group 1 - The North Exchange 50 Index reached a historical high of 1479.81 points, with an intraday peak of 1500 points, marking a 0.39% increase for the day [2] - All 36 North Exchange funds reported positive returns this year, with 29 funds achieving returns over 30%, representing more than 80% of the total [2] - The top-performing fund, 华夏北交所创新中小企业精选两年定开, achieved a return of 80.79% year-to-date, ranking first among similar products [4] Group 2 - The fund has a strong historical performance, with an annualized return of 28.94% since its inception in November 2021, and returns of -33.30%, 58.55%, and 28.16% for the years 2022, 2023, and 2024 respectively [4] - The fund's top ten holdings include companies like 锦波生物, which has seen a stock price increase of 179% this year [4] - The North Exchange's revenue for Q1 was 403.58 billion, a year-on-year increase of 5.83%, with 63% of companies reporting revenue growth [7] Group 3 - Due to high trading activity, several fund companies have implemented purchase limits on North Exchange-related products [5][6] - Recent policy changes, including the introduction of a "small-scale rapid" review mechanism for mergers and acquisitions, are expected to enhance market activity [7] - Analysts suggest that the North Exchange's consumer sector may see marginal improvements in demand due to policies aimed at expanding domestic demand and promoting consumption [8]

Group 1: Fund News - Several North Exchange funds have announced purchase limits, with the E Fund North Certificate 50 Index limiting purchases to 3,000 yuan starting May 19, and the Pengyang North Certificate 50 Index reducing the limit to 50,000 yuan from May 13 [1] - A total of 19 Hong Kong-themed funds have been reported since May, covering various sectors such as innovative drugs, cloud computing, consumption, and automobiles [1] - Public funds have invested nearly 10 billion yuan in private placements this year, with 21 public institutions participating in 31 A-share companies' private placements, totaling 9.785 billion yuan [1] Group 2: ETF Market Review - The market experienced a rise and then a pullback, with the Shanghai Composite Index increasing by 0.21%, the Shenzhen Component Index by 0.44%, and the ChiNext Index by 0.83%. The total trading volume reached 1.17 trillion yuan, an increase of 37.8 billion yuan from the previous trading day [2] - Gold-related stocks performed strongly, with gold stock ETFs rising by as much as 4.85% [2] Group 3: ETF Performance - The top-performing gold stock ETFs include: - Code 159562: Gold Stock ETF, up 4.85% to 1.557 - Code 517520: Gold Stock ETF, up 4.63% to 1.423 - Code 159322: Gold Stock ETF, up 4.51% to 1.158 [3] - The S&P Consumer ETF led the decline, down 2.29% [4] Group 4: Industry Trends - The rising gold prices are driving new growth trends in the industry, with the investment value of gold products becoming more prominent. This is expected to boost sales of investment-grade gold bars and brands with high cost-performance ratios [5] - The improvement in consumer spending, advancements in gold craftsmanship, and the rise of domestic brands are expected to provide strong growth momentum for the gold and jewelry industry [5]

截至5月20日，北交所融资融券余额合计55.31亿元，较前一交易日增加1.01亿元，其中，融资余额55.30 亿元，较前一交易日增加1.01亿元，为连续2个交易日增加；融券余额为81.16万元，较前一交易日增加 12.42万元。 | | 份 | | | | | 备 | | --- | --- | --- | --- | --- | --- | --- | | 831396 | 许昌智 | 12.68 | 2157.88 | 489.55 | 1.10 | 电力设 | | | 能 | | | | | 备 | | 873169 | 七丰精 | -15.25 | 1972.39 | 479.75 | 1.22 | 机械设 | | | 工 | | | | | 备 | | 871694 | 中裕科 | 7.56 | 1503.88 | 459.85 | 1.18 | 基础化 | | | 技 | | | | | 工 | | 920029 | 开发科 | 0.52 | 5104.77 | 459.40 | 1.49 | 电力设 | | | 技 | | | | | 备 | | 871553 | 凯腾精 | 3.57 | 10 ...

Group 1 - The Beizheng 50 Index reached a historical high since November 8, 2024, driven by active performance of listed companies in the Beizheng market [1][3] - Jinbo Biological (832982.BJ) became the top company by market capitalization on the Beizheng exchange, with its stock price peaking at 544.78 yuan, approaching the 550 yuan mark [1][2] - As of May 20, 2023, Jinbo Biological's closing price was 529 yuan per share, ranking third in the entire A-share market, only behind Kweichow Moutai (600519.SH) and Cambricon Technologies (688256.SH) [1][2] Group 2 - Jinbo Biological, established in 2008, is a leading company in recombinant human collagen and has developed a full industry chain from core raw materials to end products like medical devices and functional skincare [2][3] - The company entered the supply chain of major brands like L'Oréal in 2023, indicating its growing recognition in the market [3] - Experts believe that the strong performance of the Beizheng market, particularly companies like Jinbo Biological, reflects a growing recognition of the investment value of listed companies in this new market [3]

◎记者 朱妍 近期，多只绩优北交所主题基金打出"限购牌"，以维护策略有效性及投资者利益。此外，多家基金公司 重塑旗下北交所主题基金的业绩比较基准，同时加码调研，在高波动的"北证赛道"上加速突围。 北交所"牛基"集中限购 Choice数据显示，截至5月19日，北交所主题基金的业绩随着行情水涨船高，近八成产品年内净值涨幅 超过30%，多只产品的同类业绩排名靠前。然而，净值的快速上涨暗含短期波动风险，为防止资金的盲 目涌入，多只北交所主题基金近日打起"限购牌"。 然而，近期表现出彩的北交所"牛基"，却具有着高波动的产品特征。数据显示，自成立以来，主动和被 动北交所主题基金的平均年化波动率分别达到29%、36%。 基金公司角逐"北证赛道" 数据显示，今年以来，宝盈、前海开源、永赢、华泰柏瑞等基金公司旗下的北证50指数基金陆续成立， 更多产品正在上报。参与者增多，意味着竞争的加剧。当下，北交所主题基金不仅要比拼策略有效性与 投资者体验，产品透明度、投研实力也是博弈的重点。 基准重构正在进行。中国证监会5月印发《推动公募基金高质量发展行动方案》，提及要强化业绩比较 基准的约束作用。行业生态发生改变，业绩比较基准的约束作用 ...

导读：2024年12月2日，在新三板挂牌的瑞尔竞达公告称收到了北交所出具的上市审核的决定，正式确 认上市失败，并宣布其股票在新三板复牌交易。也就在同一天，瑞尔竞达也悄悄向其董事发出来书面通 知，告知董事会在四日后便将审议重启北交所上市的议案。主动撤回上市材料的同时又立即重启申报， 瑞尔竞达前次北交所上市主动撤回申请表面上看似乎的确是撤回了一个"寂寞"。 作者：赵 擎@北京 编辑：翟 睿@北京 A股上市申报的步履仍待回暖。 2025年5月以来，截至目前，沪深两市及北交所一共仅迎来了三家拟上市企业的申请受理，其中两家为 申报北交所上市。 成立于2004年底的瑞尔竞达，为一家专业为高炉炼铁系统提供长寿技术方案及关键耐火材料的高新技术 企业，主要从事炼铁高炉高效、长寿、节能、绿色、环保等技术与所需耐火材料 的研发、生产和销 售。 按照瑞尔竞达日前向北交所递交的相关申报材料显示，其此次上市欲通过发行不超过4435万股新股以募 集3.35亿资金投向"冶金过程碳捕集新工艺与节能长寿新材料智能化装备基 地暨研发中心建设"和"复合 金属相炮泥生产线技改扩建"等几大项目。 对于冲刺北交所上市，瑞尔竞达也并非新面孔了。 2023年 ...

Summary of Key Points Core Viewpoint - The Beijing Stock Exchange (BSE) has seen significant trading activity and new listings, indicating a growing market with increased investor interest and participation. Trading Activity - As of May 18, 2025, there are 266 companies listed on the BSE with a total share capital of 36.498 billion shares and a circulating share capital of 23.096 billion shares [2] - For the week of May 12 to May 18, the trading volume reached 8.072 billion shares, a week-on-week increase of 42.28%, while the trading amount was 173.488 billion yuan, up 39.35% from the previous week [3] - The average trading price during this period was 21.49 yuan, reflecting a decrease of 2.06% [3] - The BSE 50 Index rose by 3.13% to 1422.43 points, with 25 stocks increasing, none remaining flat, and 25 declining [3] New Listings - One company successfully listed on the BSE during the week, bringing the total to 266 [6] - Tian Gong Co., Ltd. (stock code: 920068) was the latest addition, listed on May 13, 2025, and is the first company to split from a Hong Kong stock to list on the BSE [7] - On its first trading day, Tian Gong's stock peaked with a 498.98% increase, closing at 20.17 yuan, a rise of 411.93% with a trading volume of 1.076 billion yuan [7] - As of May 19, 2025, Tian Gong's stock price reached 22.99 yuan, with a total market capitalization of 14.9 billion yuan, reflecting a 4.45% increase from its listing day [7] Upcoming Listings and Applications - As of May 18, 2024, there are 62 companies awaiting approval for listing on the BSE, including 5 under review, 48 in inquiry, and 8 submitted for registration [5] - One company, Youli Intelligent Equipment Co., Ltd. (stock code: 874325), passed the listing committee meeting during this period [12] - Youli Intelligent plans to raise 358 million yuan for the construction of a production base for photovoltaic support components and other projects [13] Financial Performance of Listed Companies - Tian Gong's revenue for 2022 to 2024 was 383 million yuan, 1.035 billion yuan, and 801 million yuan, with net profits of 70.31 million yuan, 175 million yuan, and 174 million yuan respectively [9] - For the first quarter of 2025, Tian Gong expects to achieve revenue of 192 million yuan [10] - Youli Intelligent's revenue for the same period was 433 million yuan, 658 million yuan, and 729 million yuan, with net profits of 42.19 million yuan, 78.17 million yuan, and 90.05 million yuan [14] Other Companies in the Pipeline - Several companies, including Yuelong Technology, Kelairedi, and Kanghua Co., have passed the counseling acceptance process, indicating their readiness for potential listing [20][21][24] - These companies are involved in various sectors, including medical devices, chemical pharmaceuticals, and tourism services, showcasing the diversity of industries represented on the BSE [24][26][27]

今年2月，优机股份（833943.BJ）公告《发行定向可转债的募集说明书》， 开创了北交所定向可转债的 先河 。4月1日，北交所从合法规范经营、持续经营能力、投资者保护措施、预沟通机制等八个维度明 确了北交所上市公司再融资监管导向，表示"支持上市公司通过定向发行可转债融资"，随即万通液压 （830839.BJ）、威博液压（871245.BJ）两家公司在月内启动了发行定向可转债的工作， 似乎在为北交 债券要素方面，3只北交所可转债的初始转股价格更高，为20个交易日均价的120%（沪深一般就是均价 或者向下打折），更高的转股价格意味着持有者的转股门槛更高，转股套利越难， 可转债的"债性"更强 。由于北交所公司股本规模相对较小，通过设置较高的转股价格，可以 延缓转股进程，避免短期内大量 转股导致的股权稀释 （以及转股套利者打压股价），维持现有股东的控制权。 此外，优机股份和威博液压的回售门槛与沪深相同（初始转股价的70%），赎回门槛（140%）则高于沪 深（130%）；而万通液压的赎回门槛低于沪深、回售门槛还远低于沪深（认购方盘古智能的让利，也 更能说明其对公司前景的看好）。赎回旨在股价过高时维护公司利益，回售则是 ...

Market Overview - On May 20, the total trading volume of stocks on the Beijing Stock Exchange reached 1.975 billion shares, with a total transaction value of 41.723 billion yuan, an increase of 9.135 billion yuan compared to the previous trading day [1] - Among the tradable stocks, 237 stocks closed higher, accounting for 89.10% of the total, while 29 stocks closed lower [1] Stock Performance - The stocks with the highest closing price increases included Xujie Technology, Lusi Co., and Donghe New Materials, which rose by 19.66%, 18.10%, and 14.48% respectively [1] - Conversely, the stocks with the largest declines were Guohang Ocean, Qifeng Precision, and Changfu Co., which fell by 17.92%, 15.25%, and 8.89% respectively [1] Trading Activity - A total of 145 stocks had transaction values exceeding 10 million yuan, with Guohang Ocean, Wuxin Tunnel Equipment, and Lusi Co. leading at 1.138 billion yuan, 985.37 million yuan, and 770.12 million yuan respectively [1] - The trading activity was notably high, with 101 stocks having a turnover rate exceeding 10%, and 30 stocks exceeding 20% [1] Notable Stocks - Guohang Ocean closed at 11.04 yuan with a decline of 17.92% and a turnover rate of 34.58% [1] - Wuxin Tunnel Equipment closed at 55.69 yuan with a significant increase of 30.00% and a turnover rate of 22.17% [1] - Lusi Co. closed at 31.78 yuan, up by 18.10% with a turnover rate of 26.01% [1]

Core Insights - The competition among actively managed equity funds is intense as the half-year performance deadline approaches, with significant fluctuations in rankings among fund managers [1][2]. Fund Performance Summary - As of May 19, the top three actively managed equity funds by year-to-date returns are: - 华夏北交所精选两年定开混合发起式 with a return of 73.01% [2][4] - 中信建投北交所精选两年定开混合A with a return of 69.43% [2][4] - 鹏华碳中和主题混合A with a return of 63.09% [2][4] Market Trends - The top-performing funds include two focused on the North Exchange theme and one heavily invested in the robotics sector, indicating a strong market interest in these areas [3][5]. - The year-to-date performance rankings show that four of the top ten funds are North Exchange theme funds, highlighting their popularity [4]. Sector Focus - Several top-performing funds are heavily invested in the robotics sector, with notable holdings in companies like 中大力德 [5]. - Additionally, two funds with significant investments in consumer stocks have also made it to the top ten, showcasing a diverse investment strategy among successful funds [5][7].