Group 1 - The core viewpoint of the news is that Northern Longchang has experienced significant stock price fluctuations, with a year-to-date increase of 242.12% but a recent decline of 23.37% over the past five trading days [1] - As of September 10, Northern Longchang's stock price was 113.72 CNY per share, with a market capitalization of 10.826 billion CNY and a trading volume of 4.61 billion CNY [1] - The company has been active in the stock market, appearing on the "Dragon and Tiger List" 44 times this year, with the latest appearance on September 4, where it recorded a net purchase of 26.9094 million CNY [1] Group 2 - Northern Longchang New Materials Technology Co., Ltd. was established on March 16, 2010, and went public on April 18, 2023, focusing on the research, design, production, and sales of non-metal composite materials for military vehicles [2] - The company's main business revenue composition includes 70.00% from military vehicle interior systems, 25.81% from military supporting equipment, 4.03% from drones, and 0.16% from other sources [2] - As of August 20, the number of shareholders in Northern Longchang was 34,300, a decrease of 0.28% from the previous period, with an average of 693 circulating shares per person, an increase of 0.28% [2] Group 3 - Since its A-share listing, Northern Longchang has distributed a total of 43.384 million CNY in dividends [3] - As of June 30, 2025, notable changes in institutional holdings include the exit of several funds from the top ten circulating shareholders [3]

Company Overview - Shenzhen Demingli Technology Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on November 20, 2008. It was listed on July 1, 2022. The company's main business involves the design and development of flash memory controller chips, application solutions for storage module products, and sales of storage module products [2]. - The revenue composition of Demingli includes embedded storage products (41.37%), solid-state drives (37.34%), mobile storage products (13.06%), memory bars (8.22%), and others (0.01%) [2]. Financial Performance - For the period from January to June 2025, Demingli achieved operating revenue of 4.109 billion yuan, representing a year-on-year growth of 88.83%. However, the net profit attributable to the parent company was -118 million yuan, a decrease of 130.43% year-on-year [2]. - Since its A-share listing, Demingli has distributed a total of 78.2496 million yuan in dividends [3]. Stock Market Activity - On September 8, Demingli's stock price fell by 2.05%, trading at 93.61 yuan per share, with a total market capitalization of 21.239 billion yuan [1]. - Year-to-date, Demingli's stock price has increased by 50.81%, but it has seen a decline of 8.20% over the last five trading days and a slight decrease of 0.34% over the last 20 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on March 3, where it recorded a net buy of -26.3579 million yuan [1]. Shareholder Information - As of June 30, 2025, Demingli had 32,000 shareholders, an increase of 3.46% from the previous period. The average circulating shares per person decreased by 3.35% to 5,000 shares [2]. - Among the top ten circulating shareholders, E Fund Supply-side Reform Mixed Fund (002910) is the fifth largest, holding 1.6599 million shares, an increase of 275,100 shares from the previous period [3].

Company Overview - Matsui New Materials Group Co., Ltd. is located in Ningxiang Economic and Technological Development Zone, Hunan, established on March 20, 2009, and listed on June 9, 2020 [1] - The company focuses on high-end consumer electronics and passenger vehicles, providing systematic solutions including coatings and specialty inks through interactive R&D and customized flexible manufacturing [1] - The main business revenue composition includes coatings (90.98%), inks (4.97%), and adhesives and others (4.05%) [1] Financial Performance - As of June 30, the number of shareholders increased by 5.03% to 3,175, while the average circulating shares per person decreased by 4.79% to 35,192 shares [2] - For the first half of 2025, the company achieved operating revenue of 348 million yuan, a year-on-year increase of 7.48%, while the net profit attributable to shareholders decreased by 69.84% to 12.28 million yuan [2] Stock Performance - On September 8, Matsui's stock price increased by 2.20% to 43.15 yuan per share, with a total market value of 6.75 billion yuan [1] - Year-to-date, the stock price has risen by 54.59%, with a 2.96% increase over the last five trading days, 4.89% over the last 20 days, and 53.06% over the last 60 days [1] - The net outflow of main funds was 1.07 million yuan, with large orders buying 6.71 million yuan (19.37%) and selling 9.49 million yuan (27.40%) [1] Dividend Information - Since its A-share listing, Matsui has distributed a total of 131 million yuan in dividends, with 75.17 million yuan distributed over the past three years [3]

Core Viewpoint - Tianyi Medical's stock price has shown a significant increase of 25.00% year-to-date, indicating strong market performance despite a recent decline over the past 20 days [1] Company Overview - Tianyi Medical, established on March 12, 1998, is located in Ningbo, Zhejiang Province, and was listed on April 7, 2022 [1] - The company specializes in the research, production, and sales of medical devices, particularly in blood purification and ward care [1] - Revenue composition: Blood purification accounts for 59.05%, ward care for 34.08%, and other products for 6.87% [1] Financial Performance - For the first half of 2025, Tianyi Medical reported revenue of 227 million yuan, a year-on-year increase of 11.50%, while net profit attributable to shareholders was 9.48 million yuan, a decrease of 35.23% [1] - Cumulative cash distribution since the A-share listing amounts to 102 million yuan, with 87.5 million yuan distributed over the past three years [2] Shareholder Information - As of June 30, 2025, the number of shareholders is 4,196, a slight decrease of 0.31% from the previous period [1] - The average number of circulating shares per shareholder is 4,372, which has increased by 0.31% [1] - Major shareholders include Penghua Hongjia Mixed A and Yuanxin Yongfeng Ju You A, with some changes in holdings noted [2]

Group 1 - The core viewpoint of the news highlights the performance and financial metrics of Spring Medical, indicating a significant increase in stock price and positive revenue growth [2][3] - As of September 8, Spring Medical's stock price increased by 88.61% year-to-date, with a recent 4.11% rise over the last five trading days [2] - The company reported a revenue of 488 million yuan for the first half of 2025, representing a year-on-year growth of 28.27%, and a net profit of 114 million yuan, up 44.85% year-on-year [3] Group 2 - Spring Medical specializes in the research, production, and sales of implantable orthopedic medical devices, with its main products including joint prosthetics and spinal implants [2] - The company has a total market capitalization of 9.225 billion yuan and a trading volume of 13.7 million yuan as of the latest report [1] - The company has distributed a total of 359 million yuan in dividends since its A-share listing, with 309 million yuan distributed over the past three years [4]

Core Viewpoint - The Beijing Stock Exchange (BSE) has established itself as a key platform for serving innovative small and medium-sized enterprises (SMEs) over the past four years, demonstrating significant improvements in functionality, market quality, and investor structure [1][2][5]. Functionality Enhancement - The BSE has effectively supported the development of specialized and innovative SMEs, contributing to the innovation of the real economy through successful IPOs and refinancing [2][3]. - The exchange has nurtured high-quality enterprises in sectors such as specialized equipment, high-end manufacturing, and medical services, thereby promoting economic transformation and high-quality development [2][3]. Market Complementarity - The establishment of the BSE has filled gaps between the main board, STAR Market, ChiNext, and the New Third Board, providing multi-tiered financing support for various types of enterprises [3]. - The BSE has optimized the market ecosystem and enhanced market vitality, becoming a core platform for serving innovative SMEs [3][5]. Growth and Expansion - The number of listed companies on the BSE has reached 274, with a total market capitalization exceeding 900 billion, and nearly 80% of these companies are SMEs [3][4]. - The BSE has seen a significant increase in market liquidity, with daily trading volumes rising substantially, attracting leading companies from niche sectors [4][6]. Investor Structure Improvement - The investor base has expanded significantly, with over 9 million qualified investors now participating, including a growing proportion of long-term funds such as social security and insurance funds [7][8]. - The BSE has transitioned from a predominantly retail investor base to a more professional one, with institutional investors playing a leading role [6][7]. Performance of Themed Funds - The average net asset value growth rate of BSE-themed funds has reached nearly 60% this year, with some funds achieving over 123% growth [9][10]. - The strong performance of these funds is attributed to policy support, market confidence recovery, and a focus on high-growth sectors [10][11]. Future Outlook - The BSE is entering a "dual-index" era with the launch of the North Certificate 50 Index and the North Certificate Specialized and Innovative Index, which is expected to enhance market liquidity and provide new investment opportunities [15][16]. - Continuous improvements in market structure and investor education are essential for the BSE to maintain its growth trajectory and attract high-quality enterprises [19].

编者按 四载耕耘，星火成炬。北交所的四年，是中国资本市场深化改革服务实体经济的一次生动实践。 从首批81家企业鸣钟开市，到如今274家上市公司总市值逼近万亿，从初期市场观望到如今两大指数年 内涨幅超50%，北交所用实实在在的数据证明了其作为"服务创新型中小企业主阵地"的战略价值。 在北交所宣布设立四周年之际，长江商报特推出专题策划，旨在通过数据透视、案例剖析与趋势解读， 全方位展现北交所四年来的改革成效与市场蜕变。 ●长江商报记者 徐佳 四年前，北京证券交易所（以下简称"北交所"）正式宣布设立，中国资本市场改革迎来又一里程碑。 四年过去，北交所已逐步成为推动"专精特新"企业成长、助力多层次资本市场建设的重要力量。 截至2025年9月5日收盘，北交所共有274家上市公司，总市值9465.5亿元，单个交易日成交额达到440.69 亿元；北证50、北证专精特新两大指数分别报1618.18点、2774.44点，2025年以来累计分别上涨56%、 64.8%。 四年过去，截至2025年9月5日收盘，北交所共受理了708家企业的首发上市申请，上市公司已扩容至274 家，总市值达到9465.5亿元，流通市值5843.72亿 ...

Core Viewpoint - The Beijing Stock Exchange (BSE) has become a crucial force in supporting the development of new productivity over its four years of establishment, serving as a primary platform for innovative small and medium-sized enterprises (SMEs) [3][5]. Group 1: Achievements in Supporting Innovative SMEs - The BSE has successfully nurtured high-quality "specialized, refined, unique, and innovative" enterprises across various sectors, significantly contributing to the innovation and development of the real economy [5][6]. - The number of listed companies on the BSE has reached 274, with a total market capitalization exceeding 900 billion, and nearly 80% of these companies are SMEs [6][7]. - The BSE has filled the gaps between other major boards, providing multi-tiered capital market financing support for enterprises at different stages and with varying financing needs [5][6]. Group 2: Market Liquidity and Investor Structure - The average daily trading volume on the BSE has significantly increased, with daily turnover reaching nearly 30 billion in the first eight months of the year, far exceeding the previous year's average of less than 10 billion [10][7]. - The investor base has expanded, with over 9 million qualified investors now participating, including a growing proportion of institutional investors such as social security funds and insurance capital [10][11]. - The BSE has transitioned to a diversified investor group, with institutional investors leading and professional individual investors actively participating [11][10]. Group 3: Performance of Themed Funds - The average net value growth rate of BSE-themed funds has approached 60% this year, with some funds achieving over 123% growth [13][15]. - The strong performance of these funds is attributed to ongoing policy support, market confidence recovery, and a rise in risk appetite [18][19]. - Thematic funds have benefited from the valuation recovery of listed companies and their performance growth, indicating a favorable investment environment [19][18]. Group 4: Future Development and Challenges - The BSE is entering a "dual-index" era with the launch of the North Certificate Specialized and New Index alongside the North Certificate 50 Index, enhancing investment tools and opportunities [25][24]. - Despite significant progress, challenges remain, including the need for improved institutional frameworks, investor education, and the introduction of more high-quality enterprises to sustain growth [29][30]. - The BSE aims to enhance its attractiveness and service capabilities by optimizing listing mechanisms and increasing the participation of long-term funds [30][29].

Group 1 - In the first half of 2025, 635 public funds held a total market value of 22.4 billion yuan in companies listed on the Beijing Stock Exchange, representing a 76% increase compared to the previous period [2][9][11] - The proportion of public fund holdings in the Beijing Stock Exchange reached a historical high of 0.37%, up 0.15 percentage points from the previous period, indicating increasing attention from public funds towards this market [11][12] - The number of public funds holding Beijing Stock Exchange companies has doubled compared to the previous year, with significant contributions from both index funds and non-theme active equity funds [12][9] Group 2 - Active equity funds have shown a significant concentration in leading and scarce sectors, with Jinbo Biological leading with a 31% allocation, reflecting a shift towards mid-cap stocks with growth potential [17][20] - The top 15 companies in active equity fund holdings accounted for 75% of the total allocation, indicating a trend towards focusing on high-quality stocks with reasonable valuations and strong growth prospects [17][20] - The active equity fund allocation in the beauty care sector surged to 31%, overtaking the power equipment sector as the largest allocation, highlighting a structural shift in investment focus [22][20] Group 3 - The Beijing Stock Exchange 50 Index has rebounded with a weekly increase of 2.79%, suggesting a positive outlook for the market [2][20] - The average price-to-earnings (PE) ratio for the Beijing Stock Exchange A-shares rose to 56 times, with daily trading volume recovering to 36 billion yuan [2][36][37] - The number of new companies registered and submitted for IPOs on the Beijing Stock Exchange indicates a normalization of new stock issuance processes [2][4]

Core Viewpoint - The article highlights the evolution and significance of HaiLiYa Group, a century-old enterprise that has transformed from a small workshop producing hair ties to a leading manufacturer of specialized ropes and cables, emphasizing its commitment to safety and innovation in various critical sectors [4][9][12]. Company History and Development - HaiLiYa Group was founded in 1922, initially focusing on producing hair ties, and has undergone several transformations, including becoming a state-owned enterprise in 1956 and later a private company in 2014 [9][16]. - The company has maintained a focus on its core product—ropes and cables—demonstrating strategic determination and craftsmanship over the past century [9][10]. Innovation and Technology - HaiLiYa has developed over 1,000 innovative products and holds numerous accolades, including being among the top 50 patent applicants in China and receiving national awards for technological advancement [12][22]. - The company has achieved four national records in the rope and cable industry, including depth, strength, temperature tolerance, and precision, showcasing its technological prowess [22]. Social Responsibility and National Contribution - HaiLiYa has actively participated in national projects, such as providing specialized cables for the "Jiaolong" manned submersible, which reached a depth of 7,062 meters, replacing imported products [13][15]. - The company has established standards for public safety and emergency management, reflecting its commitment to societal safety and responsibility [13][19]. Corporate Philosophy and Culture - The company embodies a philosophy of "problem-oriented" innovation, focusing on addressing real-world challenges and needs, which has driven its product development and market positioning [20][21]. - HaiLiYa emphasizes a dual approach of "technology as the backbone and humanity as the soul," integrating technological innovation with a strong focus on employee engagement and social responsibility [22][23][27]. Community Engagement and Training - HaiLiYa has initiated various training programs, educating over a million individuals in emergency response and safety, and has established a reward fund for first responders [20][24][26]. - The company actively contributes to disaster relief efforts, providing essential rescue equipment during emergencies, demonstrating its commitment to community welfare [24].