New IPOs and Listings - A new IPO for Jingchuang Electric (920035.BJ) is available for subscription on November 18, focusing on smart control systems for cold chain equipment and monitoring instruments for pharmaceuticals and food [1] - Three new stocks are listed: Nanfang Digital (301638.SZ) on the ChiNext board, Hengkun New Materials (688727.SH) on the Sci-Tech Innovation Board, and Beikong Testing (920160.BJ) on the Beijing Stock Exchange [1] Jingchuang Electric - Jingchuang Electric specializes in the R&D, production, and sales of smart control devices for cold chain equipment, and is recognized as a national high-tech enterprise and a "little giant" [1] - The company plans to invest 1.10 billion yuan (62.86%) in core production line upgrades and 0.65 billion yuan (37.14%) in the development of smart instrument R&D centers and cold cloud platforms [3] - As of November 17, the company has participated in the formulation of 38 national and industry standards, establishing a significant position in cold chain control and monitoring technology [3] - Jingchuang Electric holds a market share of 13.13% in China's cold chain temperature and humidity control market and 4.64% globally, ranking first domestically and among the top globally [4] Nanfang Digital - Nanfang Digital provides comprehensive digital construction solutions for the electric power and energy sectors, focusing on the digital transformation of the electric power industry [5] - The company has developed key technologies such as the "Dihong" IoT operating system and the "Fuxi" dedicated control chip for the power industry, contributing to the independence of core chips in energy control [5][6] - In the first half of 2025, Nanfang Digital's revenue from digital grid services was 755.14 million yuan, accounting for 48.64% of total revenue [6] Hengkun New Materials - Hengkun New Materials focuses on the R&D and industrial application of key materials for integrated circuits, being one of the few companies capable of producing 12-inch wafer manufacturing materials [7] - The company's self-produced product sales revenue increased from 123.58 million yuan in 2022 to 344.19 million yuan in 2024, with a rising proportion of total revenue [7][8] - Hengkun New Materials has established a strong presence in the domestic market, with an estimated market share exceeding 10% for its SOC products [8] Beikong Testing - Beikong Testing, established in 2016, is a leading institution in the R&D and service of non-ferrous metal testing technology, with a comprehensive range of services [9] - The company is involved in the formulation of numerous national and international standards in the field of mineral testing [9] - Despite its leading market position, Beikong Testing warns of risks related to market space limitations and potential declines in performance due to fluctuations in the mining industry [10]

Core Points - N Beikang (920160) was listed on the Beijing Stock Exchange today, opening at 30.88 yuan, representing a 360.90% increase from its issue price [2] - The company specializes in inspection and testing services, as well as the research, development, production, sales, and technical services of testing instruments [2] - The company's listing application was accepted on December 30, 2024, and it took a total of 323 days from acceptance to listing [2] - The public offering consisted of 28.32 million shares at an issue price of 6.70 yuan, with an issue price-to-earnings ratio of 14.99 times [2] - The strategic placement of shares totaled 2.83 million shares, accounting for 10% of the initial offering size [2] - The effective subscription amount for the online offering was 11,210,590.25 million shares, with a subscription multiple of 4,398.38 times and 591,500 effective subscription accounts, resulting in an allocation ratio of 0.02% [2] Financial Performance - The company's net profits for the years 2022 to 2024 are projected to be 31.96 million yuan, 45.58 million yuan, and 55.13 million yuan, respectively [3]

Group 1: New Stock Subscription and Listings - A new stock subscription for Jingchuang Electric (920035.BJ) is available, while three new stocks are listed: Nanfang Digital (301638.SZ), Hengkong New Materials (688727.SH), and Beikang Testing (920160.BJ) [1] Group 2: Jingchuang Electric Overview - Jingchuang Electric specializes in the R&D, production, and sales of cold chain equipment smart controllers, monitoring recorders, and environmental detection instruments, and is recognized as a national high-tech enterprise [2] - The company has established subsidiaries in the USA, UK, and Brazil, and has entered the supply chains of major refrigeration equipment manufacturers like Panasonic and Haier [2] - As of November 17, Jingchuang Electric holds a market share of 13.13% in China's cold chain temperature and humidity control market, ranking first domestically, and 4.64% globally [3] Group 3: Nanfang Digital Overview - Nanfang Digital provides comprehensive digital construction solutions for the power energy sector, focusing on digital transformation and maintaining grid safety [4] - The company has developed key technologies, including the "Dihong" IoT operating system and the "Fuxi" power-specific main control chip, contributing to the domestic energy control field [4] Group 4: Hengkong New Materials Overview - Hengkong New Materials focuses on the R&D and industrial application of key materials for integrated circuits, particularly in photolithography materials [6] - The company's self-produced product sales revenue has increased from 12,357.89 million in 2022 to 34,418.93 million in 2024, with a rising proportion of total revenue [6][7] Group 5: Beikang Testing Overview - Beikang Testing, established in 2016, is a leading institution in the R&D and service of non-ferrous metal inspection and testing technology [9] - The company is involved in the formulation of numerous national and international standards in the field of mineral and metal testing [9][10]

New Stock Subscription - A new stock subscription is available for Jingchuang Electric, a national-level "little giant" in cold chain intelligent controllers, focusing on intelligent control and monitoring products for HVAC/R, pharmaceuticals, food, and environmental testing [1] - The expected revenue for Jingchuang Electric from 2022 to 2024 is projected to be CNY 396.3 million, CNY 434.5 million, and CNY 498.8 million, with net profits of CNY 48.74 million, CNY 55.36 million, and CNY 58.91 million respectively [1] New Stock Listings - Three new stocks are listed today: - Nanfang Digital, which provides digital construction solutions primarily for the power energy sector and is controlled by the State-owned Assets Supervision and Administration Commission [1] - Hengkang New Materials, engaged in the R&D, production, and sales of photolithography materials and precursors, with revenues projected to be CNY 321.8 million, CNY 367.7 million, and CNY 547.9 million from 2022 to 2024 [2] - Beikang Testing, a leading domestic service provider in non-ferrous metal inspection and testing technology, with revenues expected to reach CNY 91.74 million, CNY 110.5 million, and CNY 148 million from 2022 to 2024 [3] Financial Performance - Hengkang New Materials anticipates a revenue increase of 5.10% to 10.02% in 2025, with net profit growth of 0.30% to 5.21% [2] - Beikang Testing's net profits are projected to be CNY 31.96 million, CNY 45.58 million, and CNY 55.13 million from 2022 to 2024 [3] Stock Characteristics - Jingchuang Electric's stock is priced at CNY 12.10 with a P/E ratio of 13.47 [4] - Nanfang Digital's stock is priced at CNY 5.69 with a P/E ratio of 32.22 [5] - Hengkang New Materials' stock is priced at CNY 14.99 with a P/E ratio of 71.42 [7] - Beikang Testing's stock is priced at CNY 6.70 with a P/E ratio of 14.99 [8]

Group 1 - The report highlights that the Beijing Stock Exchange (BSE) has evolved from a "testing ground" to a main battleground for specialized and innovative enterprises, with 282 listed companies and a total market capitalization of 900.835 billion yuan as of November 14, 2025 [2][12][14] - Among the listed companies, 254 are classified as specialized and innovative "little giants," accounting for 90.07% of the total, with 152 being national-level little giants [2][33] - The report identifies key industry chains within the BSE, including smart connected new energy vehicles, hydrogen energy, new materials, innovative pharmaceuticals, and artificial intelligence [2][38] Group 2 - The BSE's market performance shows a decline in the North BSE 50 index, which reported 1,514.20 points, with a TTM PE ratio of 71.80X, while the specialized and innovative index reported 2,500.55 points with a TTM PE of 80.59X [3][62][66] - The average market capitalization of BSE companies is lower than that of the ChiNext and STAR Market, with the average market cap at 31.94 million yuan compared to 126.11 million yuan and 175.43 million yuan respectively [22][23] - The report notes that the liquidity of the BSE has improved, with the turnover rate now higher than that of the STAR Market and slightly above the ChiNext [41][42][47] Group 3 - The report indicates that the IPO review process is active, with two companies approved and three pending approval, reflecting a steady increase in the number of companies entering the market [3][28] - The report emphasizes the growing interest from public funds in the BSE, with 39 public institutions investing in BSE stocks by mid-2025, marking a significant increase in both the number of institutions and the amount invested [45][46] - The BSE is expected to enhance its index system and introduce the North BSE 50 ETF, which could further improve liquidity and attract more institutional investors [50][51]

截至发稿，阿尔特市值为53亿元。 每经头条（nbdtoutiao）——展望"十五五"|专访财科院院长杨志勇：遏制地方政府新增隐性债务，债务 信息要透明，尽可能降低利息成本 （记者 王瀚黎） 每经AI快讯，阿尔特（SZ 300825，收盘价：10.55元）11月14日晚间发布公告称，截至本公告日，阿尔 特咨询累计质押股数约为4001万股，占其所持股份比例为73.7%。 2025年1至6月份，阿尔特的营业收入构成为：专业技术服务业占比94.34%，制造业占比5.66%。 ...

每经AI快讯，深圳瑞捷（SZ 300977，收盘价：19.68元）11月13日晚间发布公告称，2025年11月13日， 公司通过股票回购专用证券账户以集中竞价交易方式首次回购公司股份约50万股，占公司总股本的 0.33%，最高成交价为19.92元/股，最低成交价为19.34元/股，成交总金额约为981万元。公司本次回购 事项已实施完毕，回购股数不低于回购方案中的回购股数下限，且未超过回购股数上限；回购金额未超 过回购方案中的回购资金总额上限，本次回购符合公司股份回购方案及相关法律法规的规定。 截至发稿，深圳瑞捷市值为30亿元。 每经头条（nbdtoutiao）——"银行直供房，不计成本卖！"有的半价出售，众多刚需还不知道！银行用 过的房很抢手，有人加价100万元抢拍 （记者 王晓波） 2025年1至6月份，深圳瑞捷的营业收入构成为：专业技术服务业占比99.78%，其他业务占比0.22%。 ...

每经AI快讯，实朴检测（SZ 301228，收盘价：28.23元）11月12日晚间发布公告称，公司第二届第二十 二次董事会会议于2025年11月12日在公司会议室以现场结合通讯的方式召开。会议审议了《关于公司董 事会换届选举非独立董事的议案》等文件。 （记者 王晓波） 截至发稿，实朴检测市值为34亿元。 2025年1至6月份，实朴检测的营业收入构成为：专业技术服务业占比100.0%。 每经头条（nbdtoutiao）——谁在替王家卫写《繁花》？揭秘影视剧本层层转包"枪手链" ...

Group 1 - The company, Xi'an High Voltage Electrical Institute Co., Ltd., announced the change of its auditing firm to Lixin Certified Public Accountants for the fiscal year 2025 after six years of service from Tianzhi International [1] - For the fiscal year 2024, the company's revenue composition is as follows: 96.86% from professional technical services and 3.14% from other businesses [1] - As of the report, the market capitalization of Xi'an High Voltage Electrical Institute is 6.6 billion yuan [1]

Group 1: New Stock Performance - Last week (November 3-7), 5 new stocks were listed with an average first-day price increase of 260.87%[3] - Four stocks had first-day gains exceeding 100%, including Danna Biotech at 497.08%[3] - No new stocks experienced a first-day decline below their issue price[3] Group 2: Weekly New Stock Issuance Trends - The total amount raised from new stock offerings last week was 35.85 billion yuan, a decrease of 55.82 billion yuan compared to the previous week[4] - The number of new stocks listed last week was 5, compared to 4 the week before[5] - The average first-day price increase for new stocks last week was 260.87%, up from 168.79% the previous week[5] Group 3: Monthly New Stock Trends - In the first week of November, 5 new stocks were listed, raising 35.85 billion yuan with 0% first-day decline rate[12] - In October, 9 new stocks raised 128.21 billion yuan, with an average first-day increase of 244.64%[12] - The average first-day price increase for new stocks in September was 258.52%[12] Group 4: Upcoming New Stock Subscriptions - This week, there are 2 new stocks available for online subscription, one from the main board and one from the North Exchange[20] - Hai'an Group is expected to raise 31.07 billion yuan, while Nant Technology is expected to raise 3.22 billion yuan[20] - The subscription dates are November 14 for Hai'an Group and November 11 for Nant Technology[20] Group 5: Risk Considerations - New stock performance is influenced by market sentiment, which can affect issuance outcomes[21] - If post-issuance performance does not meet expectations, it may impact future market performance of new stocks[21] - Newly listed stocks often have lower liquidity, leading to potential price volatility[21]