Core Viewpoint - The launch of the North Exchange's "dual index" era, including the North Specialized and New Index, aims to provide more funding opportunities for innovative small and medium-sized enterprises (SMEs) and inject new vitality into the North Exchange [1][3]. Group 1: Market Performance - The North Specialized and New Index was officially released on June 30, marking the beginning of the "dual index" era for the North Exchange [1]. - As of July 6, the North 50 Index has increased by 38.96% year-to-date, while the North Specialized and New Index has risen by 43.79% since its base date of June 28, 2024, set at 1000 points [1]. Group 2: Company Characteristics - Among the 268 companies listed on the North Exchange, 81% are SMEs, highlighting their innovative attributes [1]. - More than half of these companies are classified as national-level "little giant" enterprises, with an average R&D intensity of 5.04% in 2024 [1]. Group 3: Future Development Strategies - High-quality expansion is essential for the North Exchange's reforms, focusing on promoting new productive forces and optimizing the evaluation system for innovative SMEs [2]. - The North Exchange should set phased goals, such as achieving a 10% listing rate for "little giant" enterprises within five years, to attract more quality SMEs [2]. - Enhancing the coordination between the North Exchange, New Third Board, and regional equity markets is crucial for supporting the sustainable development of listed companies [2]. - Encouraging institutional investors to actively participate in the North Exchange market is necessary to balance investment and financing, promoting a healthy cycle between technology, industry, and finance [2].

Core Insights - The Beijing Stock Exchange (BSE) has seen a significant increase in IPO applications, with 10 new companies accepted since May, totaling 19 for 2025, indicating a rise in market activity and quality of projects [1][2][6] Group 1: IPO Applications and Companies - The newly accepted companies for IPO include Senhe High-Tech, Daya Co., Haisheng Medical, Yongli Precision, Medel, Yuelong Technology, and Haode CNC [1][2] - Senhe High-Tech specializes in the research, production, and sales of environmentally friendly precious metal mining agents, with projected revenues increasing from 302 million yuan in 2022 to 623 million yuan in 2024 [2] - Daya Co. focuses on metal surface treatment and ship casting, with revenues expected to rise from 1.008 billion yuan in 2022 to 1.199 billion yuan in 2024 [2] - Haisheng Medical is a leading provider of anesthesia and monitoring medical devices, with revenues projected to be around 268 million yuan in 2022 and slightly decreasing to 304 million yuan in 2024 [3] - Yongli Precision specializes in precision steel pipes for automotive applications, with revenues expected to grow from 416 million yuan in 2022 to 568 million yuan in 2024 [3] - Medel is involved in smart manufacturing equipment, with revenues projected to be around 1.031 billion yuan in 2022 and increasing to 1.138 billion yuan in 2024 [3] - Yuelong Technology focuses on flexible pipeline solutions, with revenues expected to rise from 189 million yuan in 2022 to 262 million yuan in 2024 [4] - Haode CNC provides specialized equipment for panel furniture, with revenues projected to be around 337 million yuan in 2022 and slightly decreasing to 458 million yuan in 2024 [4] Group 2: Specialized "Little Giant" Enterprises - Zhigao Machinery and Shichang Co. are recognized as specialized "little giant" enterprises, successfully passing the IPO review [5][6] - Zhigao Machinery, focusing on rock drilling equipment, expects revenues to grow from 795 million yuan in 2022 to 888 million yuan in 2024, with an IPO fundraising target of 395 million yuan [5] - Shichang Co. specializes in automotive fuel systems, with projected revenues increasing from 282 million yuan in 2022 to 515 million yuan in 2024, aiming to raise 171 million yuan through its IPO [6] Group 3: Market Activity and Future Outlook - The BSE has experienced heightened market activity, with a notable increase in the quality of IPO projects and growing market recognition and participation [1][6] - The subscription for new shares remains robust, exemplified by the recent IPO of Jiaoda Tefa, which saw an oversubscription rate of 3234.41 times [6] - The future outlook suggests that high-quality expansion and a diversified product system will further enhance market liquidity [1][6]

Core Points - The recognition and review work for "specialized, refined, distinctive, and innovative" small giant enterprises in China for 2025 has officially started [1] - All provincial specialized and innovative small and medium-sized enterprises can apply for the seventh batch of small giant enterprises [1] - Enterprises recognized in the fourth batch of 2022 and those that passed the first batch review can also apply for re-evaluation [1] - Applicants must meet the standards outlined in the "Interim Measures for the Management of Quality Small and Medium-sized Enterprises" and have an annual revenue of no less than 50 million yuan [1]