Group 1 - The inauguration of Qifu Technology's Changjiang production base in Jingdezhen marks a significant milestone in the smart green lighting industry, attended by over 200 industry elites [1] - The Changjiang base signifies a new phase in technology research and industrial layout, establishing a benchmark for green intelligent manufacturing with full-spectrum eye-protecting lighting and AI ultra-energy-saving technologies [1][2] - Qifu Technology has accelerated the construction of a new energy-saving industry ecosystem, promoting the intelligent and low-carbon transformation of traditional lighting, with core products covering over 10 provinces and installing more than 300,000 energy-saving lamps, achieving an energy-saving rate exceeding 80% [1] Group 2 - The Changjiang base is expected to produce 6 million ultra-energy-saving lamps annually, with a production capacity of 800 million yuan, serving as a manufacturing service center for Central and North China [2] - The project integrates Shanghai's IoT technology with Jingdezhen's cultural heritage, creating a new model of "technology + culture + ecology" to support the development of a low-carbon cultural tourism demonstration area [2] - Future plans include deepening the "specialized, refined, distinctive, and innovative" construction, integrating energy-saving technology with energy management, and attracting high-end talent to build a regional energy-saving technology industry cluster [2]

Core Viewpoint - The report highlights the continuous growth in product sales and steady improvement in operational performance for Huangma Technology, leading to a "buy" rating from analysts [1][2]. Financial Performance - In 2024, Huangma Technology achieved operating revenue of 2.333 billion yuan, a year-on-year increase of 23.17% - The net profit attributable to shareholders reached 398 million yuan, up 22.50% year-on-year - The net profit excluding non-recurring gains and losses was 377 million yuan, reflecting a 27.81% increase year-on-year - For Q4 2024, the company reported operating revenue of 611 million yuan, a 25.09% year-on-year growth, and a net profit of 112 million yuan, up 24.61% year-on-year [2]. Production and Sales Growth - In 2024, the production and sales volume of specialty surfactants were 183,100 tons and 179,300 tons, respectively, representing year-on-year growth of 30.66% and 26.85% - In Q1 2025, production and sales volume were 45,500 tons and 47,300 tons, showing year-on-year increases of 11.08% and 16.99% respectively [2][3]. Capacity Utilization and Project Progress - The capacity utilization rate for Huangma Shangyi factory in 2024 was 82.36%, an increase of 17.08 percentage points year-on-year - The net profit for this factory was 264 million yuan, up 22.65% year-on-year - The Green Science and Technology factory had a capacity utilization rate of 79.58%, with a net profit of 144 million yuan, reflecting a 35.76% year-on-year increase - The new production project for polyether amine is set to commence in Q3 2024, and the construction of the third factory is progressing smoothly [3]. Research and Development - In 2024, the company invested 88.4 million yuan in R&D, a 16.02% increase year-on-year - The company obtained 18 new national invention patents and 3 international invention patents, along with 9 new utility model patents - The total number of national key new products reached 10, with 15 new provincial product trial plans added [3]. Valuation and Earnings Forecast - Based on Q1 2025 sales growth and projections for 2026, the earnings per share (EPS) are estimated to be 0.84 yuan, 0.98 yuan, and 1.14 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 15.0, 12.9, and 11.1 [3].

Core Viewpoint - The report from China International Capital Corporation (CICC) indicates that while the micro-cap style has shown strong performance, its advantages may weaken over time, although there are still structural opportunities available [1] Policy Support - The China Securities Regulatory Commission (CSRC) released guidelines on May 16 to optimize the regulation of mergers and acquisitions, which encourages the integration of small and micro enterprises, providing additional funding sources and reducing liquidity pressure for micro-cap stocks [2] - The impact of the new restructuring guidelines on micro-cap stocks is expected to be marginally weaker compared to previous policies, but it still offers long-term support to the market [2] Market Environment - The current financial market in China is characterized by a relatively loose liquidity environment, supported by synchronized expansion in social financing and M2 growth, along with comprehensive reserve requirement ratio cuts by the central bank [2] - This loose liquidity environment provides systematic support for the performance of high-elasticity styles, including micro-cap stocks [2] Predictive Indicators - The report indicates that the current low concentration of institutional holdings and the lower popularity of large-cap styles are favorable for micro-cap styles [2] - The decreasing PB ratio of large-cap to small-cap stocks since the second half of 2024 suggests a gradual shift of funds towards small-cap styles, enhancing the funding support and popularity for micro-cap styles [2] Funding Types - As of May 27, 2025, among the 400 stocks in the Wind Micro-Cap Index, 72 stocks have a financing participation ratio of 3% or more, and 19 stocks have a financing participation ratio of 5% or more, indicating a high level of participation from high-risk preference funds [3] - Institutional investors have shown increased interest in micro-cap stocks, although they remain cautious in their investment strategies due to risk considerations [3] Calendar Effect - Historical data shows a higher probability of price increases for micro-cap stocks in May, with specific months exhibiting distinct calendar effects [3] - The performance of micro-cap stocks is significantly influenced by the timing of earnings announcements due to their smaller size and initial growth stage [3] Crowding Risk - Currently, the micro-cap style has not triggered any crowding signals, indicating a lower risk of short-term pullbacks due to excessive crowding [3]

力争到2027年，成都新增专精特新"小巨人"350家，新增省级专精特新中小企业1000家以上，新增创新 型中小企业2000家。 路演初创企业在蓉寻找合作机会 5月29日，工信部中小企业发展促进中心联合中科院、上交所、成都市经信局等举办"创新驱动播种未 来"创新成果播种行动暨科产金一体化专项路演活动（成都站）。活动现场，成都市经信局市新经济委 党组书记，局长、主任赵春淦发布《成都市专精特新企业培育三年行动计划》，提出了上述目标。 在已拥有2个万亿级产业和5个国家先进制造业集群的基础上，成都正进一步加码中小企业，意在培养更 多"生力军"。 培育力争创新型中小企业达8000家 安逸休闲的成都，实则拥有深厚的产业基础。目前，成都已形成电子信息、装备制造2个万亿级产业， 以及高端软件等10个千亿级产业，获批成渝地区生物医药、成德绵自凉航空航天等5个国家级先进制造 业集群。 城市经济发展不仅需要大型企业和大规模产业集群，极具创新力的中小企业同样重要。 截至目前，成都全市已累计培育"小巨人"企业354家，排名全国城市第7、副省级城市第4；省级专精特 新企业3100余户，占全省60%以上；企业梯次培育体系基本形成。 为促进专 ...

Group 1 - The North Exchange 50 Index has shown strong performance this year, significantly outperforming major indices such as the Shanghai Composite Index and Shenzhen Component Index, with a rise of 36.43% as of May 29 [2] - Several North Exchange-themed funds have implemented purchase limits to protect the interests of fund shareholders, with specific limits set by various fund companies [1][2] - The best-performing public fund this year is the CITIC Construction North Exchange Selected Two-Year Open Mixed A, which has seen a net value increase of 66.9% [2] Group 2 - Analysts note that the North Exchange market is relatively small, which makes it easier for stock prices to rise when new funds flow in, creating a favorable environment for profit generation [3] - The North Exchange has become a gathering place for specialized and innovative enterprises, with 154 such companies, accounting for 58.11% of the total, surpassing the level of the ChiNext board [3] - The investment structure of the North Exchange has been optimized with the entry of mainstream institutional investors, which is expected to enhance the investment appeal of the North Exchange [3]

古麒绒材，2001年成立，主营业务为高规格羽绒产品的研发、生产和销售，主要产品为鹅绒和鸭绒，产 品主要应用于服装、寝具等羽绒制品领域。根据招股书披露，公司上市融资的主要目的，募集资金将主 要投向"年产2800吨功能性羽绒绿色制造项目（一期）"、"技术与研发中心升级项目"、"补充流动资 金"项目。 作为安徽芜湖南陵县的一家企业，古麒绒材今日正式上市，据芜湖发布数据显示，将成为芜湖2025年首 家A股上市公司，也是芜湖第30家上市公司（包含境外上市）。 四度冲击IPO，安徽古麒绒材终于成功上市！ 图 片来源：安徽日报 5月29日，安徽古麒绒材股份有限公司（以下简称"古麒绒材"）正式登陆深交所，发行价格12.08元/股， 开盘涨幅156.62%。 作为2019年就被工信部认定为第一批国家专精特新"小巨人"企业，古麒绒材早在2022年7月就向证监会 提交了IPO申请，其上市之路一直备受关注。 安徽上市公司+1 芜湖2025年首家企业上市 上市首日，古麒绒材9点半开盘涨幅156.62%。9:56，古麒绒材涨幅升至222.85%，触发临时停牌。截至 下午13:30，古麒绒材涨幅降至179.39%。 古麒绒材以羽绒起家，产 ...

【主办单位】 上海市中小企业发展服务中心 在经济市场瞬息万变，全球物联高速发展，前沿技术快速迭代的当下，企业参访游学成为一种高效的学习和改进战略管理实践方式。 本系列企业参访活动旨在通过组织专精特新企业的高管走进本市标杆明星企业参访游学+交流座谈的形式，帮助上海专精特新企业管理者边走边悟，体悟 优秀的企业文化、经营战略、管理理念和实践，借鉴标杆明星企业在战略、管理、组织、产品、生产、市场、服务等方面的先进经验，创新导向思想变 革，发现自身提升空间，从而有效提高企业的市场竞争力。 同时推进专精特新企业与标杆明星企业之间、专精特新企业之间实现资源互通和合作共赢。进一步探索搭建上海市中小企业发展服务中心为专精特新企业 提供重点服务工作的有效场景，调研了解和沟通协调助力专精特新企业解决实际问题。 【承办单位】 邻企家-润识教育 标杆企业参访研学 | 第六站：上海造币厂 本次活动将组织本市专精特新、专精特新"小巨人"企业赴上海造币厂参观学习交流。 【联合主办】 宁波银行上海分行、上海股权托管交易中心 上海立信会计金融学院国际财经学院 【协办单位】 中国民营科技实业家协会专精特新专业委员会 接力连筹、新沪商联合会 上海造 ...

Core Insights - The summit focused on high-quality development in the paint industry, emphasizing the importance of specialized products and services to enhance core competitiveness [1][2] - Cultural strength is highlighted as a crucial factor for companies to navigate economic cycles, with Nippon Paint's long-term commitment to the Chinese market exemplifying this principle [1][2][3] Industry Trends - The current economic environment is characterized by excess capacity in the mid-to-lower reaches of the industry, leading to increased competition and lower industry concentration [2] - New productive forces, such as high-value-added service industries and strategic emerging industries, are reshaping the industry landscape and providing new growth opportunities [2] Company Strategy - Nippon Paint has developed a unique cultural system called "War and Praise," which focuses on strategic concentration and value recognition to enhance team cohesion [2] - The company has implemented a dual-driven model of "Innovation + Service," which includes upgrading brand, manufacturing, and channels to provide comprehensive solutions [2] - Nippon Paint aims to build a robust ecological platform that encompasses the entire supply chain, emphasizing collaboration with industry partners for mutual success [3] Recognition and Achievements - During the summit, Nippon Paint received multiple awards, including recognition for its outstanding brands across various categories such as interior, engineering, industrial, water-based, artistic, and waterproof paints [3]

Core Viewpoint - Multiple North Exchange 50 index funds have recently announced the suspension of large subscriptions to control capital inflow and maintain market stability, reflecting the growing interest in core assets of the North Exchange [1][2][3] Group 1: Fund Actions - ICBC Credit Suisse Fund announced the suspension of large subscriptions for its North Exchange 50 index fund, limiting daily purchases to 50,000 yuan, with a fund size of 517 million yuan and a year-to-date return of 31.3% as of May 27 [1] - Dongfang Caijing North Exchange 50 index fund also suspended large subscriptions, with a limit of 200,000 yuan, having a fund size of 782 million yuan and a year-to-date return of 31.84% [1] - Other funds, such as the China Europe North Exchange 50 index fund, have also implemented subscription limits, with a year-to-date return of 29.96% and a fund size of 750 million yuan [1] Group 2: Market Performance - The North Exchange 50 index has shown a strong upward trend since 2025, with a year-to-date increase of 34.67% as of May 28, outperforming the entire market [2] - In May, the North Exchange 50 index continued to rise, with an overall increase of 3.54% [2] - The North Exchange focuses on supporting "specialized, refined, distinctive, and innovative" enterprises, which, despite being smaller in scale, have high technological barriers and significant growth potential [2][3] Group 3: Investment Value - The North Exchange's liquidity and attention have significantly increased due to policy support and ongoing registration system reforms, providing a direct financing platform for early-stage high-growth companies [3] - The "specialized, refined, distinctive, and innovative" stocks in the North Exchange are expected to benefit from policy support, industry demand, and technological breakthroughs, offering high long-term investment value [3] - The North Exchange 50 index is becoming a focal point for capital inflow, with trading activity in its constituent stocks increasing [3]

Core Insights - The A-share market experienced slight adjustments with the Shanghai Composite Index closing down 0.02% at 3,339.93 points, while the Shenzhen Component and ChiNext Index fell by 0.26% and 0.31% respectively. The total trading volume in the A-share market reached 1.03 trillion RMB, with over 3,400 stocks declining [2][7] - In the industry sector, textiles and apparel, as well as the environmental protection industry, led the gains, while basic chemicals and agriculture, forestry, animal husbandry, and fishery sectors saw declines. Concept sectors such as medical waste treatment and combustible ice performed well, whereas epoxy propane and genetically modified concepts faced significant losses [2][7] - The Hong Kong market also saw declines, with the Hang Seng Index down 0.53% and the Hang Seng Tech Index down 0.15%. Internationally, all three major U.S. indices closed lower, with the Dow Jones down 0.58%, S&P 500 down 0.56%, and Nasdaq down 0.51% [2][7] Important News - A seminar on the semiconductor industry was held in Beijing, attended by representatives from over 40 semiconductor companies from China and Europe. The meeting focused on enhancing economic and trade cooperation in the semiconductor sector, emphasizing the importance of mutual advantages and compliance with laws to maintain global semiconductor supply chain security [3][8] Market Analysis - As of May 26, the Shanghai Composite Index rose by 2.07% compared to the end of April, indicating a mixed performance among major A-share indices. The liquidity in the A-share market remained stable, with a slight decrease in the number of newly established equity funds and minor reductions in shareholdings by major stakeholders. However, trading volume rebounded, and the scale of locked-up shares released decreased [9] - Investor confidence has improved, with significant inflows into popular sectors such as automotive and biopharmaceuticals, driven by easing U.S.-China tariff policies and supportive financial measures. The market's overall trading activity has seen fluctuations, but sectors like specialized and innovative driving concepts continue to attract attention [9][10] Industry Outlook and Recommendations - The easing of U.S.-China trade tensions has positively impacted market sentiment, with both countries' major indices showing signs of stabilization. The domestic economy has shown resilience, with April data indicating stable growth amid macroeconomic policy support. The focus on expanding domestic demand is expected to enhance consumer spending and drive growth in the consumer sector [10][12] - The China Securities Regulatory Commission (CSRC) is set to introduce a series of financial policies aimed at stabilizing the market and enhancing liquidity. These measures include reforms in the STAR Market and ChiNext, aimed at improving institutional inclusivity and adaptability. The report suggests focusing on sectors that will benefit from domestic consumption growth and technological advancements [12]