Investment Rating - The report maintains a "No Rating" status due to the inability to obtain necessary information or the presence of significant uncertainties [5]. Core Insights - The number of IPO applications accepted by the Beijing Stock Exchange (BSE) significantly increased in the first half of 2025, with BSE accounting for 65% of the total 177 IPO applications across A-share exchanges, totaling 115 companies [3]. - On June 30, 2025, BSE set a historical record by accepting 32 IPO applications in a single day, indicating a robust market activity [3]. - The median profit of companies accepted for IPOs on BSE is generally above 80 million yuan, reflecting a systematic improvement in the quality of supply [3]. - The current IPO acceleration is characterized by a diverse mix of sectors, including manufacturing, technology, and new consumption, moving away from a focus on traditional manufacturing [3]. - The influx of quality enterprises is expected to enhance market coverage and attract external capital participation [3][4]. Summary by Sections Event Analysis - The BSE has become the most active market for IPO applications, showcasing a trend of increasing quantity and quality in supply [3]. Market Behavior - The surge in IPO applications serves as a market sentiment indicator, shifting the focus from existing stocks to new pricing benchmarks and peer comparisons [4]. - The quality of new IPOs is positively correlated with market sentiment, creating a virtuous cycle of supply and liquidity [4]. Investment Strategy - The report suggests tracking changes in the structure and rhythm of IPO applications, focusing on three types of targets: leading companies in niche sectors, existing companies with comparable valuations to new IPOs, and high market cap, high liquidity "core-like assets" [4].