Group 1 - The top 17 stocks with the largest declines in the A-share market in the first half of 2025 are all ST (Special Treatment) or stocks in the delisting arrangement period [1] - Stocks in the delisting arrangement period, such as Renle Tui, Renzhi Tui, and others, have seen declines exceeding 90% [1] - More than ten companies have completed delisting, including *ST Meixun, *ST Boxin, and others [1] Group 2 - Among non-ST or delisting arrangement stocks, Meizhi Gao on the Beijing Stock Exchange has the highest decline at 47.53%, followed by Xinya Cable at 42.37% [1] - Several newly listed stocks, including Yutian Guanjia, Saifen Technology, and others, are also experiencing significant declines [1]

编 者 按 参与战略配售持股期限是多久？ 为深入贯彻落实党的二十大、二十届三中全会精神和中央金融工作会议部署，不断践 行金融工作政治性、人民性，切实提升社会公众金融素养及风险防范能力， 北交所 推 出《北交所知识1点通》栏目，通过一问一答的形式，从投资者适当性管理、新股发 行、交易规则等多个方面向投资者介绍参与北交所市场需掌握的知识和信息，帮助投 资者更好地了解北交所市场，快来一起来看看吧！ 哪些投资者可以参与北交所的股票发行战略配售？ 参与北交所股票公开发行战略配售的投资者，应当具备 良好的市场声誉和影响力，具有较强资金实力，认可发 行人长期投资价值，并按照最终确定的发行价格认购其 承诺认购的发行人股票。此外，经发行人董事会审议通 过，发行人高管人员与核心员工可以通过专项资产管理 计划、员工持股计划等参与战略配售；做市商可以使用 做市专用证券账户参与战略配售。 战略投资者配售的比例是如何确定的？ 参与北交所股票公开发行的战略投资者不得超过10名。 公开发行股票数量在5000万股以上的，战略投资者获 得配售的股票总量原则不得超过本次公开发行股票数量 的30%，超过的应当在发行方案中充分说明理由。公开 发行股票 ...

本周（6月30日—7月4日），A股市场仅有1只新股申购，为创业板的同宇新材（301630）。 招股书显示，公司主营业务系电子树脂的研发、生产和销售，主要应用于覆铜板生产。公司产品主要包 括MDI改性环氧树脂、DOPO改性环氧树脂、高溴环氧树脂、BPA型酚醛环氧树脂、含磷酚醛树脂固化 剂等系列。 公司本次发行募集资金将投资于年产20万吨电子树脂项目（一期）和补充流动资金。 值得一提的是，近期上市的新股持续表现强势。上周登陆北交所的广信科技首日收盘上涨500%报60元/ 股，盘中最高至63.97元/股暴涨近540%。 该股将于本周二申购，公司单一账户申购上限为10000股，顶格申购需持深市市值10万元。值得注意的 是，该股发行价为84元/股，为今年以来A股市场发行价第三高的新股。 电子树脂作为制作覆铜板的三大原材料之一（树脂、增强材料和铜箔），对覆铜板性能存在至关重要的 影响，覆铜板是加工印制电路板（PCB）的基础材料，印制电路板是电子元器件的支撑体也是电气链接 的载体。电子树脂、覆铜板和印制电路板，已然成为现代电子产品中不可或缺的重要组成部件，最终被 广泛应用于智能家电、工业控制、计算机、消费电子、汽车电子、通 ...

本周（6月30日—7月4日），A股市场仅有1只新股申购，为创业板的同宇新材（301630）。 该股将于本周二申购，公司单一账户申购上限为10000股，顶格申购需持深市市值10万元。值得注意的是，该 股发行价为84元/股，为今年以来A股市场发行价第三高的新股。 电子树脂作为制作覆铜板的三大原材料之一（树脂、增强材料和铜箔），对覆铜板性能存在至关重要的影响， 覆铜板是加工印制电路板（PCB）的基础材料，印制电路板是电子元器件的支撑体也是电气链接的载体。电子 树脂、覆铜板和印制电路板，已然成为现代电子产品中不可或缺的重要组成部件，最终被广泛应用于智能家 电、工业控制、计算机、消费电子、汽车电子、通讯等各个行业。目前，先进制造国家皆将电子信息行业列入 战略性重点发展行业，电子树脂作为重要基础材料之一，其开发及应用技术对产业发展起着关键性作用。 公司是中高端覆铜板行业电子树脂供应商，在内资企业中具有领先优势。公司主要客户包括建滔集团、生益科 技、南亚新材、华正新材、超声电子、金宝电子等覆铜板知名企业，通过服务覆铜板行业客户，公司产品最终 主要应用于计算机、消费电子、汽车电子、通讯等领域。 2022年度—2024年度，公 ...

Group 1 - Beijing Stock Exchange's listing committee approved Aomeisen Intelligent Equipment Co., Ltd. for IPO, confirming it meets issuance, listing, and information disclosure requirements [1] - The listing committee raised concerns regarding the authenticity and sustainability of Aomeisen's performance, as well as the prudence of using raised funds to supplement working capital [2][3] - Aomeisen plans to raise 195 million yuan, with allocations for a production base for digital forming equipment (89.61 million yuan), a research center (75.45 million yuan), and working capital (30 million yuan) [3] Group 2 - Aomeisen's revenue from 2021 to 2024 is reported as 308 million yuan, 279 million yuan, 325 million yuan, and 358 million yuan respectively, with net profit attributable to shareholders of 40.98 million yuan, 12.09 million yuan, 42.08 million yuan, and 52.72 million yuan during the same period [3] - The number of companies applying for IPOs on the Beijing Stock Exchange has significantly increased, with 86 companies accepted in June alone, marking a 47% increase compared to the total of 77 companies in 2024 [4] - The market has seen a strong performance from newly listed companies, with Guangxin Technology's stock rising 500% on its debut and subsequent increases, indicating a vibrant new stock market environment [4][5]

Group 1 - The core point of the news is the issuance of new stocks in the market, with a total of 48 companies having raised a cumulative amount of 37.947 billion yuan this year, averaging 791 million yuan per company [1][2] - Yitang Co., Ltd. issued 296 million shares at a price of 8.45 yuan, raising 2.497 billion yuan [1] - The distribution of new stock issuances shows that the Shanghai main board had 11 new stocks issued, raising 13.761 billion yuan, while the Shenzhen main board had 7 new stocks raising 3.761 billion yuan [1] Group 2 - Zhongce Rubber is the company that raised the most funds this year, with a total of 4.066 billion yuan, primarily for working capital and projects related to high-performance tires [2] - Tianyouwei follows with 3.740 billion yuan raised, mainly for cash management and construction of automotive electronic smart factories [2] - The average initial issuance price of new stocks this year is 22.90 yuan, with three companies having an issuance price above 50 yuan, the highest being Tianyouwei at 93.50 yuan [2] Group 3 - The geographical distribution of new stock issuances indicates that most are concentrated in Jiangsu, Zhejiang, and Guangdong, with Zhejiang leading in total fundraising at 9.693 billion yuan [2] - The data shows a detailed list of companies that have issued new stocks, including their codes, issuance dates, total shares, issuance prices, and the amount of funds raised [3]

我们必须看到，A股的赌民正在慢慢的专业化，或者被动的被消灭，或者主动的求提升，市场 的有效性正在提高，就像一个人，读书读到了四年级，就再也不会倒回到一年级的水平。同 时，国家队已经大量买入各种宽基指数，而A股的衍生品数量，也在逐步的增多中。 追求利润的经济体，利润可能会变成无源之水，而追求规模的经济体，未来也可能会通过规 模来调节利润。时代的齿轮正在转动，涓涓细流汇向大海。在未来，我们会迎来更专业，更 理性的投资者，会迎来更有效的市场，那么，那时候的A股生态又会变成什么样子呢？那时候 的土地，又会开出来什么样的花朵呢？我们有什么办法提前拿到未来的入场券么？ 最后用一首杜荀鹤的《小松》结束此文 自小刺头深草里， 而今渐觉出蓬蒿。 时人不识凌云木， 直待凌云始道高。 关注集思录微信 我以为，中国资本市场真正的特点有三个： 1.拥有全球最大规模的"赌民" 2.中国上市公司整体盈利能力偏低 3.中国缺少做空工具 一、中国拥有全球最大规模的"赌民"。这样的人群，广泛分布在我们的周围，我的亲戚 A,B,C，我的同学D,E，我的朋友F,G，都是这样的人。这样的人作为一个群体，拿着自己起早 贪黑的钱，就敢赌妖股，听消息，押重 ...

Key Points - The core point of the article is the announcement of the online issuance of shares for Beijing Yitang Semiconductor Technology Co., Ltd., detailing the subscription process, pricing, and eligibility criteria for investors [1][2][33]. Subscription Details - The subscription date for the online issuance is set for June 27, 2025, with specific time slots for investors to express their subscription intentions [1]. - The issuance price is fixed at 8.45 yuan per share, and investors must adhere to this price when subscribing [2]. - The subscription abbreviation is "Yitang Subscription," and the code is "787729" [3]. Eligibility and Participation - Eligible participants include individuals and entities with a valid Shanghai Stock Exchange account and those who have opened a Sci-Tech Innovation Board trading permission [4]. - Investors must hold an average market value of at least 10,000 yuan in non-restricted A-shares or depository receipts over the 20 trading days prior to June 25, 2025, to qualify for subscription [10]. Subscription Process - The initial online issuance quantity is set at 41.378 million shares, and the subscription will be conducted through the Shanghai Stock Exchange trading system [5]. - Investors can only choose either offline or online subscription methods, and any simultaneous participation in both will render the online subscription invalid [6]. - Each subscription unit consists of 500 shares, and the maximum subscription amount cannot exceed 41,000 shares [6]. Payment and Settlement - Investors are not required to pay subscription funds on the subscription day, but must ensure sufficient funds in their accounts by July 1, 2025, based on the lottery results [8][23]. - The settlement and registration of the new shares will be handled by China Securities Depository and Clearing Corporation Limited [26]. Underwriting and Issuance Management - The lead underwriters for this issuance are Guotai Junan Securities Co., Ltd. and China International Capital Corporation [33]. - If the total subscription amount does not meet 70% of the total issuance after deducting strategic placements, the issuance may be suspended [28][30].

Company Overview - Guangxin Technology has focused on the field of insulation fiber materials for over 20 years, successfully breaking the foreign technology monopoly in this area with its development of ultra-high voltage insulation fiber materials in 2009 [2] - The company has established long-term stable partnerships with leading transformer companies such as Tebian Electric Apparatus and Shandong Electric Power Equipment [2] Industry Insights - The insulation materials market in China has shown continuous growth, with the market size increasing from 654.90 billion yuan in 2018 to 733.6 billion yuan in 2022, reflecting a growth rate of 12.02% [3] - Major players in the global insulation materials industry are primarily located in the United States, Switzerland, and Sweden, dominating the international market [3] Financial Performance - Guangxin Technology's revenue for 2022 to 2024 is projected to be 304 million yuan, 420 million yuan, and 578 million yuan, with year-on-year growth rates of 31.76%, 38.05%, and 37.49% respectively [3] - The company's net profit attributable to shareholders is expected to reach 15 million yuan, 49 million yuan, and 116 million yuan for the same period, with impressive growth rates of 89.75%, 235.55%, and 135.14% [3] - In Q1 2025, the company reported a revenue of 175 million yuan, a year-on-year increase of 54.48%, and a net profit of 44 million yuan, up 128.53% from the previous year [3] IPO Details - Guangxin Technology's IPO involves the issuance of 23 million new shares, raising 230 million yuan, with funds allocated to three projects: 130 million yuan for the expansion of electrical insulation new materials, 40 million yuan for R&D center construction, and 30 million yuan for working capital [4] Market Sentiment and Valuation - The recent market sentiment has been positive, with new stocks performing well; for instance, the average first-day increase for new stocks in the past month was 195.5%, with a median increase of 200% [5] - Guangxin Technology's issuance price is set at 10 yuan per share, which is considered low compared to comparable companies with an average dynamic P/E ratio of 43.95, suggesting a significant valuation advantage [6] - If Guangxin Technology achieves the average first-day increase of recent new stocks, the expected range for its first-day increase could be between 195.5% and 322% [6]

郵箱：cs@ctsec.com.hk 电话：(852) 3713 2919 / (86) 400 6396336 地址：香港皇后大道中 181 号新纪元广场 2401-05 室 | 招股时间表 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 财通截止申请时间： | 2025 6 | 年 | 月 | 26 | 日 | 12 | 时 | 结果公布日： | 2025 | 年 | 7 月 | 2 | 日 | | 退款日： | 2025 7 | 年 | 月 | 3 | 日 | | | 上市日： | 2025 | 年 | 7 月 | 3 | 日 | | 认购新股费用： | HKD 100.00 | | | | | | | | | | | | | 本次新股认购不设融资 郵箱：cs@ctsec.com.hk 电话：(852) 3713 2919 / (86) 400 6396336 地址：香港皇后大道中 181 号新纪元广场 2401-05 室 ...