Group 1 - The North Exchange 50 Index and the Specialized and Innovative Index will undergo adjustments on December 15, 2025, with the North Exchange 50 Index experiencing its fourth adjustment and the Specialized and Innovative Index its first adjustment [10][12][15] - The North Exchange 50 Index closed at 1,522.73 points, reflecting a weekly decline of 3.79%, while the Specialized and Innovative Index closed at 2,532.06 points, down 5.43% [31][32] - The report emphasizes the importance of focusing on high-quality stocks and technology growth within the North Exchange 50 components, particularly those that have undergone significant price adjustments [3][42] Group 2 - The report identifies potential new additions to the North Exchange 50 Index, including companies such as Kaifa Technology, Gobika, and Wantong Hydraulic, with a focus on their average market capitalization and trading volume [12][13] - The North Exchange Specialized and Innovative Index is expected to include companies like Star Map Measurement and Senxuan Pharmaceutical, highlighting their market performance and growth potential [15][16] - The report suggests that the North Exchange's valuation structure shows a significant number of companies with high P/E ratios, indicating a potential investment opportunity in undervalued stocks [21][36][41] Group 3 - The report indicates that the average P/E ratio for key sectors such as high-end equipment, information technology, and chemical new materials are 42.83X, 91.31X, and 48.18X respectively, suggesting varying levels of valuation across industries [36][41] - The North Exchange's market performance shows a decline in trading volume, with an average daily turnover of 230.88 billion yuan, down 20.36% from the previous week [26][30] - The report highlights the importance of monitoring companies with strong quarterly performance and reasonable valuations as the North Exchange approaches its index adjustments [42][43]

Suspension and Resumption of Trading - Great Wall Technology has terminated the planning of a change in control and resumed trading of its stock [1] - Yintan Zhikong plans to acquire 100% equity of Guanglong Integrated and 80% equity of Ao Jian Microelectronics, leading to the resumption of its stock [1] - Visionox's Hefei Jianshu will subscribe to 419 million shares in the company's current issuance, resulting in stock resumption [1] Mergers and Acquisitions - Suzhou Planning intends to issue shares and pay cash to acquire 100% of Dongjin Hangke for a transaction price of 250 million yuan, focusing on air traffic management products [2] - Guocheng Mining plans to pay 3.168 billion yuan to acquire 60% equity of Guocheng Industrial, which specializes in non-ferrous metal mining [2] - New筑股份 plans to sell assets for 1.392 billion yuan and purchase 60% equity of Shudao Clean Energy for 5.814 billion yuan, marking a strategic exit from certain businesses [2] Share Buybacks - Jiangsu Cable's controlling shareholder plans to increase its stake in the company by 100 million to 150 million yuan [3] Investment Cooperation and Operational Status - Jiayou International has signed a long-term cooperation agreement with Mongolian Mining Corporation to sell a total of 2.5 million tons of coking coal products from January 1, 2026, to December 31, 2030 [4] - Baicheng Pharmaceutical has received clinical trial approval for its innovative drug BIOS-0625, which has not been launched domestically or internationally [5] - Huadian Energy plans to invest 12.043 billion yuan in a wind power project [6] - Huadian Technology, as the lead of a consortium, signed a contract worth approximately 3.415 billion yuan for a major offshore wind power project [6] - Founder Technology's subsidiary is investing 1.364 billion yuan to expand its AI production base in Chongqing [6] - Daon shares have achieved a technological breakthrough in robot simulation skin elastomer materials [6] - Xinpeng shares signed a memorandum of cooperation with Grundfos to promote innovation in data center liquid cooling technology [6] - Nutaige plans to establish a wholly-owned subsidiary with an investment of 100 million yuan for the industrialization of robots and related components [7] - Aerospace Huanyu has received a bid notification for a project worth 246 million yuan related to aircraft manufacturing [7] - Pinggao Electric and its subsidiaries have collectively won a state grid project worth approximately 858 million yuan [7] - Aidi Pharmaceutical has successfully enrolled the first subject in the Phase III clinical trial of its new drug ACC017 for HIV [7] - Zhaoxin shares signed a strategic cooperation agreement with Yiyang Energy to invest in a joint venture for comprehensive utilization of low-concentration gas in coal mines [8]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The market will remain volatile under the backdrop of declining liquidity. The three - dimensional timing framework continues to predict a volatile decline. The Shanghai - Shenzhen 300 index is in a slow - rising trend and oscillating within a channel, with strong upper resistance and lower support [1][7]. - The power grid equipment theme index has seen significant inflows. In the past week, there were large inflows into the power grid equipment theme, communication equipment theme, etc., while the innovation energy, state - owned enterprise digital economy, etc. had the most outflows [1][25]. - Industries recommended based on capital resonance are agriculture, forestry, animal husbandry and fishery, construction, electric power and public utilities, and petroleum and petrochemicals [2][31]. - The high - volatility and high - liquidity style is dominant this week, with the liquidity factor achieving positive returns. Among Alpha factors, reversal and cash - flow factors perform well. In large - cap stocks, factors such as profit growth and analyst expectations are dominant, while in small - cap stocks, R & D intensity and growth factors perform better [2][39]. 3. Summary According to the Directory 3.1 Quantitative Views 3.1.1 Timing Viewpoint Liquidity is on a downward trend, divergence is on an upward trend, and the prosperity has rebounded again (financial sector up, industrial sector down). The three - dimensional timing framework maintains a judgment of volatile decline. The Shanghai - Shenzhen 300 index is in a slow - rising trend and oscillating within a channel, with no sign of breaking through the range [1][7]. 3.1.2 Index Monitoring By calculating the overall subscription/redemption shares of ETF products for each index, it was found that the power grid equipment theme had the largest inflow ratio in the past week, month, and three - month periods. The innovation energy, state - owned enterprise digital economy, etc. had the most outflows in the past week. The hot - trend strategy for ETFs includes industries such as photovoltaic semiconductors, environmental protection and new energy, energy and chemicals, and power grid equipment [25]. 3.1.3 Capital Flow Resonance The margin trading funds had the largest net inflow of 6249 million yuan in the power equipment and new energy sector last week, and the large - order funds had the largest net inflow of 1323 million yuan in the banking sector. This week, the recommended industries are agriculture, forestry, animal husbandry and fishery, construction, electric power and public utilities, and petroleum and petrochemicals [2][31]. 3.2 Factor Tracking 3.2.1 Style Factors The market this week shows the characteristics of "momentum continuation, high volatility, and high liquidity". The volatility factor and the liquidity factor both achieved positive returns, and the momentum factor also had a positive return [39]. 3.2.2 Alpha Factors - **By Time**: Recently, the reversal and cash - flow factors have performed well. The short - term reversal factor had the best performance in the past month, with a long - position excess return of 1.16% [43]. - **By Index**: In large - cap indexes such as the Shanghai - Shenzhen 300, profit - growth and analyst - expectation factors are dominant. In small - cap indexes such as the CSI 1000, R & D intensity and growth factors perform better. As the market capitalization moves from the CSI 800 to the CSI 1000, the excess returns of most factors show an upward trend [45].

Group 1 - The overall new stock sector continues to exhibit a fluctuating and differentiated trend, with local activity seeking relative value and new external driving forces [1][12] - The average increase of new stocks listed since 2024 is approximately -0.6%, with about 37.6% of new stocks achieving positive returns [1][6] - The current new stock sector is in a relatively chaotic tug-of-war phase between bulls and bears, with pricing and sentiment indicators showing signs of convergence but not yet reaching a stage low [1][12] Group 2 - Short-term expectations lean towards a structurally fluctuating market for new stocks, with differentiation remaining a key feature [2][12] - Specific sectors to focus on include new energy, new consumption, and non-ferrous chemicals, while also tracking long-term capital focus areas such as robotics, AI, and innovative pharmaceuticals [2][12] - The average issuance price-earnings ratio for new stocks in November is 50.6X, indicating a significant increase compared to previous months [30][31] Group 3 - Last week, there were 4 new stocks available for online subscription, with an average issuance price-earnings ratio of 33.3X and a subscription success rate of 0.0207% [4][21] - The average first-day increase for newly listed stocks was approximately 212%, with significant variations among individual stocks [4][23] - The average increase for newly listed stocks in the secondary market after the first day was about -19.8%, indicating potential pressure on stock prices [4][24] Group 4 - The stocks with the highest increases last week included Xidian New Energy (26.48%) and Weigao Blood Purification (17.74%), while the largest declines were seen in Heyuan Biology (-23.14%) and Daming Electronics (-20.93%) [26][27] - The upcoming new stocks include 4 that have completed subscription and are awaiting listing, with 1 stock set to undergo inquiry and 2 stocks opening for subscription [30][31]

01 主题： 软镜行业深度报告 时间： 11月10日（周一）15:00 主讲： 谭紫媚 医药首席分析师 参会密码：731517 02 主 题： 九方智投近期数据情况总结与Q4展望 时间： 11月13日（周四）14 : 00 主讲： 夏芈卬 金融首席分析师 参会密码：045637 03 主 题： 天康生物报告解读 时间： 11月13日（周四）20 : 00 主讲： 程晓东 农业首席分析师 参会密码：048230 04 主题：从三季报看化工行业的投资机会 时间： 11月14日（周五）10 : 30 主讲： 王亮 院长助理&化工首席分析师 王海涛 化工分析师 参会密码：148990 05 主题： 达瑞电子深度报告 时间： 11月14日（周五）15 : 00 主讲： 张世杰 电子首席分析师 罗平 电子分析师 参会密码： 941344 业首席分析 识别二维码立即参会 会议号码: +86-4001888938 (中国) +86-01053827720 (全球) +886-277083288 (中国台湾) +852-51089680 (中国香港) 参会密码: 731517 儿童文 近期数据情况总结与Q4展望 11.13 圆 ...

今年以来，截至11月7日数据，累计共有92只新股登陆A股市场，数量已达去年新股规模（100只）的92%。若以近20年（2005年至2024 年）数据统计，A股年均上市新股214.6只，是目前年内上市新股数量的2.3倍。 注：近20年新股上市情况（截至11月7日数据） 从证券板块来看，年内上市的92只新股中，创业板股数量最多，其占比近31.5%，沪市主板、北交所、科创板、深市主板股分别占比近 23.9%、21.7%、12.0%、10.9%。 若以行业板块统计，电力设备、电子、汽车、机械设备、基础化工股数量较多，其五者合计占比近7 成，同时还涵盖医药生物、轻工制造、有色金属、建筑装饰、社会服务板块。 注：年内上市新股行业板块统计（截至11月7日数据） 从首日表现上看，累计共有81股年内首日涨幅翻倍，占整个市场近88%，高于去年比例（71%）。其中，来自北交所的三协电机录得 785.62%的涨幅，位居年内首日涨幅榜首，江南新材、广信科技、丹娜生物、鼎佳精密、建发致新等股首日也涨幅明显。 不过，也有部分 新股首日表现一般，其中，中策橡胶首日涨幅唯一不足10%。 注：首日涨幅居前且年内上市新股（截至11月7日数据） 若 ...

Group 1 - The State Council issued an implementation opinion focusing on the large-scale application of new scenarios, highlighting five key areas including new fields, industry transformation, and social governance [2] - The National Bureau of Statistics reported that the Consumer Price Index (CPI) rose by 0.2% year-on-year and month-on-month in October, while the core CPI increased by 1.2%, marking the sixth consecutive month of growth [3] - The Producer Price Index (PPI) decreased by 2.1% year-on-year in October, but the decline narrowed by 0.2 percentage points from the previous month, with a month-on-month increase of 0.1% [3] Group 2 - As of the end of October, China's foreign exchange reserves reached $3.343 trillion, an increase of $4.7 billion from September, marking the highest level since December 2015 [4] - The People's Bank of China has increased its gold reserves for 12 consecutive months, with the official gold reserves reaching 74.09 million ounces, up by 30,000 ounces from the previous month [4] Group 3 - The China Securities Regulatory Commission and the Ministry of Finance jointly released a revised management method for the securities settlement risk fund, effective from December 8, 2025, with differentiated adjustments to the contribution ratio [5] - The Ministry of Finance reported that since 2025, fiscal policy has become more proactive, focusing on stabilizing employment, enterprises, and market expectations [6] Group 4 - The Ministry of Commerce announced the suspension of certain export controls on dual-use items to the United States, effective immediately until November 27, 2026 [7] - Upcoming macroeconomic data for October, including industrial added value and fixed asset investment, is set to be released on November 14 [8] Group 5 - U.S. stock markets ended mixed, with the Nasdaq down 0.21% and the S&P 500 up 0.13%, marking the end of a three-week rally [9] - The China Securities Regulatory Commission approved IPO registrations for two companies, with new stock issuances scheduled for the week of November 10-14 [10] Group 6 - A total of 33 companies will have their restricted shares released this week, amounting to 1.407 billion shares with a total market value of approximately 24.715 billion yuan [12] - The companies with the highest market value of released shares include Youyan Silicon (9.991 billion yuan) and Xinnoway (4.948 billion yuan) [12]

2025 年 11 月 09 日 北交所研究团队 汽车产业链业绩领跑，北证科技产业三季报凸显结构性机遇 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北证科技三季报盘点：汽车产业链逆势领跑，成科技新产业中唯一亮点 北交所三季报披露收官。科技新产业共计 155 家企业，在 2025Q1-3 共实现营收 631.38 亿元，同比增长 0.73%；总归母净利润 48.60 亿元同比-13.83%。电子产业 企业在 2025Q1-3 共实现营收 170.73 亿元同比增长 9.51%，总归母净利润 160,021.78 万元同比-15.88%。产业内关注如创远信科（+109.05%）、同惠电子 （+59.36%）、雅葆轩（+36.59%）等。汽车产业 2025Q1-3 实现总营收 115.94 亿 元同比增长 17.89%，总归母净利润 13.99 亿元同比增长 19.49%，是科技新产业 中实现营收、净利润均双增长的行业。产业内关注林泰新材（+131.19%）等。 信息技术产业 2025Q1-3 实现营收 55.61 亿元同比-7.94%，总 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The electronic industry is experiencing a downturn due to liquidity concerns in the US, with domestic technology stocks also facing pressure. The electronic industry index fell by 0.22%, with consumer electronics down 2.05% and semiconductors down 0.11% [3][4] - Despite the overall market weakness, there are emerging opportunities in the AI and semiconductor sectors, particularly with upcoming product launches expected at CES in January [7] Summary by Sections Market Review - Domestic technology stocks have declined, influenced by new public fund benchmark regulations. The Nasdaq dropped by 3.04%, while major companies like Nvidia and AMD saw significant declines of 7.08% and 8.82%, respectively [3] - Storage companies performed well, with SanDisk increasing by 20.14% and Micron by 6.32% [3] Industry Updates - The storage sector is experiencing price increases due to shortages, with HBM4 prices exceeding HBM3E by over 50%. Samsung has delayed DDR5 contract pricing until mid-November, with spot prices tripling [6] - AI-related products are gaining traction, with Lenovo's AI glasses and Xiaopeng's humanoid robot generating significant interest [4][5] Investment Recommendations - The report suggests focusing on key beneficiaries such as Luxshare Precision, Zhuhai CosMX, Cambricon, Industrial Fulian, Huahong Semiconductor, and Tongfu Microelectronics as potential investment opportunities [7]

Core Viewpoint - The report from Industrial Securities highlights significant volatility in global risk assets due to concerns over tightening overseas liquidity and discussions surrounding an "AI bubble" [1] Group 1: Market Conditions - Global risk assets have experienced substantial fluctuations this week, influenced by a lack of economic data, frequent hawkish statements from the Federal Reserve, and rising liquidity pressures in the money market due to government shutdown and fiscal constraints [1] - The strong dollar has suppressed global stock markets and commodity prices, with technology-heavy indices like Nikkei 225, Korean stock index, and Nasdaq leading the decline [1] Group 2: Future Outlook - The probability of overseas liquidity tightening evolving into systemic risk is low, as solutions from the Federal Reserve and bipartisan negotiations to reopen the government are progressing, which may gradually alleviate external disturbances on risk appetite [2] - If the U.S. government shutdown ends as expected in mid-November and more economic data is released, market expectations for Federal Reserve rate cuts will be recalibrated, potentially creating a window for global recovery [3] Group 3: AI Industry Analysis - The current discussions around the "AI bubble" have caused some disturbances in the domestic AI industry chain, but Industrial Securities believes that AI's empowerment of traditional industries is still in its early stages, making it incomparable to the internet bubble of 1999-2000 [4] - The development logic of the AI industry is clear, with major global tech companies continuously defining their AI strategies, and the fundamentals of leading companies in the U.S. stock market remain strong due to ongoing R&D investments and capital expenditures [4] Group 4: Investment Strategies - The "14th Five-Year Plan" emphasizes AI as a key driver for national competition and technological innovation, indicating that the AI industry chain will be a focus area with favorable prospects next year [5] - The year-end market is seen as an important window for positioning in sectors expected to perform well in the coming year, with a focus on cyclical sectors such as steel, chemicals, construction materials, and new consumption [6][7] - High-growth sectors expected to see net profit growth of over 30% next year include AI hardware, new energy, and military industries, while sectors with expected growth of 10%-30% include pharmaceuticals and AI downstream applications [7][8]