Group 1 - The report indicates that the North Exchange has accelerated its IPO approvals, with a total of 9 companies approved from January to June 2025, suggesting an increase in listing pace as companies finalize their 2024 annual reports [3][11]. - The average number of effective online subscription accounts reached 460,100, with an average of 475.2 billion yuan in frozen funds during the same period, reflecting heightened market activity [3][12]. - The average fundraising amount per company in the North Exchange for the first half of 2025 was 396 million yuan, representing a 94.55% increase compared to 2024, indicating a trend towards larger fundraising efforts [3][20]. Group 2 - The North Exchange's overall PE ratio decreased to 50.12X, with the North 50 Index closing at 1,382.74 points, down 0.71% for the week, highlighting a volatile market environment [4][30][32]. - The report notes that 143 companies in the North Exchange have a PE ratio exceeding 45X, with 71 companies exceeding 105X, indicating a significant portion of the market is highly valued [4][35]. - The average maximum online subscription limit was 9.81 million yuan, with a notable increase to 16.13 million yuan in the first half of 2025, suggesting improved investor capacity for participation [3][24]. Group 3 - The report highlights that from January 1, 2024, to June 13, 2025, the average subscription rate for companies raising over 200 million yuan was 0.14%, compared to 0.06% for those raising less, indicating a correlation between fundraising size and subscription success [3][17]. - The average subscription threshold for 100 shares was 1.5827 million yuan, which increased to 1.8591 million yuan in the first half of 2025, reflecting rising entry costs for investors [3][27]. - The report emphasizes the importance of focusing on companies with reasonable valuations and strong performance potential, particularly those that align with new industrial and technological trends [4][44].

Core Viewpoint - The recent listing of Jiao Da Tie Fa (920027.BJ) on the Beijing Stock Exchange saw a peak increase of nearly 300%, which is considered a healthy growth rate in the current market context. The price-to-earnings (PE) ratio of over 40 times is deemed reasonable compared to peers in the Shanghai and Shenzhen markets, suggesting that a significant drop in the coming days is unlikely [1]. Group 1: New Stock Subscription Performance - The online subscription for Jiao Da Tie Fa reached a frozen capital of 516.8 billion yuan, second only to Kai Fa Technology's 561.2 billion yuan, with an oversubscription rate of 3,234 times, just behind Hong Hai Technology's 3,407 times. This indicates a historical high in subscription enthusiasm, especially given that Jiao Da Tie Fa's fundraising scale is significantly smaller than that of Kai Fa Technology [1][2]. - The "hot" subscription trend has been increasing since the "924" period, with Jiao Da Tie Fa's performance marking a peak in this trend [1]. Group 2: Market Impact of New Stock Subscriptions - Since the beginning of 2024, the Bei Zheng 50 Index has shown a tendency to decline on new stock subscription days, with 18 out of 27 subscription days resulting in an average drop of 0.71%. This suggests that the enthusiasm for new stock subscriptions is impacting the secondary market negatively [4][6]. - The trend of new stock subscriptions affecting the secondary market was first noted with Ke Li Co., where out of 13 subscription days, there were 6 increases and 7 decreases in stock prices [4]. Group 3: Comparative Index Performance - On subscription days, the Bei Zheng 50 Index has underperformed compared to small-cap growth and the CSI 2000 indices, with 63% and 70% of the days showing weaker performance, respectively. This trend is particularly pronounced since the listing of Ke Li Co. [6][7]. - The performance of the Bei Zheng 50 Index on T-1 days (the day before subscription) is stronger than on subscription days, indicating that investors may be reallocating funds to participate in new stock subscriptions rather than selling off existing holdings [8]. Group 4: Future Outlook on New Stock Subscriptions - The absolute returns from participating in new stock subscriptions on the Beijing Stock Exchange are projected to decline, with estimated annualized returns of 3-6% for dedicated subscription funds. This suggests that while it remains a safe investment option, the attractiveness may diminish over time [10].

Group 1 - The core viewpoint of the articles highlights the increasing participation of New Third Board companies, specifically Zhejiang Huajian Intelligent Equipment Co., Ltd., in the Beijing Stock Exchange (BSE) new share subscription market, indicating a growing trend in investment activities [1][2] - Zhejiang Huajian plans to use up to 100 million RMB of its idle funds for BSE new share subscriptions, emphasizing the company's strategy to enhance investment channels and improve capital returns while ensuring operational liquidity [1][2] - The subscription rates for new shares in the BSE have been notably low, with recent figures showing a subscription rate of only 0.03% for the company Jiao Da Tie Fa, reflecting a highly competitive market environment [3][4] Group 2 - The investment activity by Zhejiang Huajian is seen as a response to the rising enthusiasm among investors for participating in the BSE, with significant amounts of frozen capital reported in recent new share offerings [3][5] - The total frozen capital for the recent Jiao Da Tie Fa offering reached approximately 516.77 billion RMB, indicating a robust interest in new listings on the BSE [5] - Industry experts suggest that for institutional investors, the returns from strategic investments in the BSE could be higher, positioning the participation of New Third Board companies as a favorable asset appreciation strategy [6]

Group 1 - The article discusses the process of estimating the required funds for subscribing to shares in the Beijing Stock Exchange, using Guangxin Technology as an example [1][2] - The formula for estimating the required funds for 100 shares is provided: **Required Funds (ten thousand) = 100 * Total Subscription Funds (billion) / Online Issuance Quantity (ten thousand shares)** [1] - Guangxin Technology's issuance details include a total issuance quantity of up to 20 million shares, with a potential increase to 23 million shares if the over-allotment option is exercised [1][3] Group 2 - The online issuance quantity is calculated based on the strategic allotment rules, with a maximum of 30% for issuances below 50 million shares, resulting in an online issuance quantity of 17 million shares for Guangxin Technology [1][2] - The article provides various scenarios for estimating the required funds based on different total subscription amounts, showing that the required funds for 100 shares could range from approximately 300,000 to 353,000 yuan depending on the total subscription funds [2][4] - The estimated issue price is calculated to be around 10 yuan per share, based on the total fundraising amount of 20 million yuan [3][4]

Core Insights - The article discusses the investment opportunities and strategies related to the Beijing Stock Exchange (北交所), particularly focusing on the new stock subscription process and its unique rules [1][4][6]. Group 1: Subscription Rules and Market Dynamics - The subscription process at the Beijing Stock Exchange requires investors to freeze the full amount of funds for new stock purchases upfront, differing from the Shanghai and Shenzhen markets where payment is made after winning a subscription [1][4]. - The average winning rate for new stock subscriptions on the Beijing Stock Exchange is 2.3 times higher than that of the Shanghai market and 1.8 times higher than that of the Shenzhen market, indicating a favorable probability for investors [4]. - Funds are frozen for three trading days, which can lead to opportunity costs during volatile market conditions, as investors cannot utilize their capital during this period [4][6]. Group 2: Stock Selection Strategies - Investors are advised to monitor strategic placements by well-known industry capital before subscribing to new stocks, as this can indicate potential success [6]. - Caution is advised against stocks with sudden spikes in price-to-earnings ratios, as these may represent inflated valuations and higher risks [6]. - Monitoring public sentiment and institutional interest can provide valuable insights into stock performance, as evidenced by a semiconductor company that received increased institutional attention [6]. Group 3: Investment Strategies and Mindset - A recommended strategy is to divide investment accounts into three parts to stagger subscription times, which helps maintain liquidity while covering more new stocks [7]. - Investors should maintain a stable mindset and avoid impulsive decisions based on market fluctuations, akin to the patience required in fishing [9]. - The potential for high returns exists, as evidenced by instances of over 30% gains on the day of subscription, but investors should be prepared for volatility and price corrections [9].

Group 1 - The overall quality of companies waiting for listing on the Beijing Stock Exchange (BSE) is high, with an average net profit of 89.67 million yuan for 94 companies, significantly higher than the average of 42.11 million yuan for 266 listed companies [3][15][17] - The average subscription rate for companies that raised over 200 million yuan is 0.14%, compared to 0.06% for those that raised less than 200 million yuan, indicating a correlation between fundraising size and subscription success [14][21] - The expected new stock subscription yield for 2025 is estimated to be between 4.8% and 10.80%, based on various assumptions regarding market conditions and investor participation [20][21] Group 2 - The BSE 50 index experienced a decline of 3.68% this week, closing at 1370.04 points, following a previous high of 1500 points, indicating potential volatility in the market [4][25][29] - The overall price-to-earnings (PE) ratio for BSE A-shares has decreased to 48.45X, with 53.79% of companies having a PE ratio exceeding 45X, suggesting a high valuation environment [22][26][27] - The five major industries on the BSE, including high-end equipment and information technology, have varying PE ratios, with information technology at 92.82X, indicating sector-specific valuation disparities [32][34] Group 3 - The average first-day price increase for newly listed companies from January 1, 2024, to May 23, 2025, is 303.91%, with the highest recorded increase being 731.41% for Tongguan Mining [44] - The IPO review process is active, with two companies awaiting approval and two newly accepted for review, reflecting ongoing market activity [5][42] - The report highlights the importance of focusing on companies with stable performance and reasonable valuations, particularly those classified as "little giants" in their respective sectors [39][41]