Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The North Exchange 50 index experienced a significant decline of 12.32% in November 2025, with the index closing at 1,387.70 points [31] - The total number of listed companies on the North Exchange reached 285, with a total market capitalization of 827.155 billion and a circulating market value of 507.712 billion, reflecting a decrease of 10.2% and 11.2% respectively [11][18] - The report highlights that all sectors within the North Exchange experienced declines, with the most significant drops in household appliances, transportation, communication, automotive, and non-ferrous metals [35] Market Overview - The trading volume for November was 16.987 billion shares, with a total transaction value of 376.778 billion, marking a month-on-month increase of 9.9% in volume and 3.1% in value [18][21] - The average daily margin balance for the North Exchange in November was 7.789 billion, showing a month-on-month increase of 2.35% [22] Valuation Metrics - As of November 28, the North Exchange 50 index had a price-to-earnings ratio (PE-TTM) of 43.07, placing it at the 67.98th percentile over the past two years, while the price-to-book ratio (PB-MRQ) was 8.89, at the 75.21st percentile [24][27] - The dividend yield was reported at 0.78, corresponding to the 26.56th percentile over the same period [24] Industry Performance - The report indicates that the North Exchange's specialized and innovative index fell by 13.44% in November, with other major indices also experiencing declines, including the Sci-Tech 50 down 6.24% and the ChiNext index down 4.23% [31] - The report notes that the North Exchange's new listings included five companies: Danna Biological, Zhongcheng Consulting, Beikang Testing, Dapeng Industrial, and Nante Technology [11][3] Policy and Events - In November 2025, the Beijing Stock Exchange introduced a series of policies aimed at enhancing market vitality and solidifying institutional foundations, achieving progress in information disclosure, institutional behavior, new stock performance, and ongoing supervision [4]

天眼查App显示，近日，东莞市德鑫升精密机械有限公司成立，注册资本1万人民币，经营范围为一般 项目：模具制造；电子专用材料制造；模具销售；机械设备研发；塑料制品制造；塑料制品销售；五金 产品零售；五金产品批发；五金产品研发；五金产品制造；合成材料销售；橡胶制品制造；橡胶制品销 售；金属链条及其他金属制品制造；金属链条及其他金属制品销售；金属工具制造；金属工具销售；金 属制品销售；金属制品研发；电子专用材料研发；金属制日用品制造；电子专用材料销售；电子元器件 制造；电子元器件批发；电力电子元器件制造；电子元器件零售；配电开关控制设备销售；电器辅件销 售；电池销售；货物进出口；互联网销售（除销售需要许可的商品）。（除依法须经批准的项目外，凭 营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，胜帆阳精密机械（上海）有限公司成立，法定代表人为仇双卫，注册资本10万 人民币，经营范围为一般项目：机械零件、零部件加工；机械设备销售；模具制造；模具销售；机械零 件、零部件销售；金属制品销售；金属材料销售；橡胶制品销售；电线、电缆经营；五金产品批发；五 金产品零售；塑料制品销售；电子产品销售；普通机械设备安装服务；技术服务、技术开发、技术咨 询、技术交流、技术转让、技术推广；液气密元件及系统制造；液压动力机械及元件制造；密封件制 造；专业设计服务。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，深圳逸动精密机械有限公司成立，法定代表人为冯磊，注册资本100万人民 币，经营范围为一般经营项目是：货物进出口；技术进出口；技术服务、技术开发、技术咨询、技术交 流、技术转让、技术推广；国内贸易代理；轴承、齿轮和传动部件制造；轴承、齿轮和传动部件销售； 金属链条及其他金属制品销售；金属结构销售；五金产品批发；有色金属合金销售；智能机器人的研 发；智能基础制造装备销售；汽车零配件批发；电力电子元器件销售；电线、电缆经营；发电机及发电 机组销售；日用化学产品销售；卫生用品和一次性使用医疗用品销售；紧固件销售；机械设备销售；矿 山机械销售；家用电器零配件销售；液压动力机械及元件销售；机床功能部件及附件销售；建筑材料销 售；农业机械销售；润滑油销售；电动自行车销售；电子产品销售；化工产品销售（不含许可类化工产 品）；基础化学原料制造（不含危险化学品等许可类化学品的制造）；针纺织品及原料销售。（除依法 须经批准的项目外，凭营业执照依法自主开展经营活动），许可经营项目是：无。 ...

Core Viewpoint - Zhangjiagang Runhekun Precision Machinery Co., Ltd. has been established with a registered capital of 50,000 RMB, indicating a new player in the precision machinery sector [1] Company Summary - The legal representative of the company is Zhang Xiurui, suggesting a local leadership presence [1] - The company’s business scope includes a wide range of activities such as manufacturing and sales of mechanical parts, general components, bearings, gears, and transmission components [1] - Additional activities include the sale and manufacturing of high-speed precision heavy-load bearings and gear transmission devices, as well as various metal products and tools [1] - The company is also involved in import and export activities, domestic trade agency, and mechanical equipment sales and installation services [1] Industry Summary - The establishment of this company reflects ongoing developments in the precision machinery industry, particularly in the manufacturing and sales of mechanical components [1] - The diverse range of services and products offered by the company indicates a comprehensive approach to meet various market demands within the machinery sector [1]

天眼查App显示，近日，潍坊瑞尚源精密机械有限公司成立，法定代表人为王华，注册资本300万人民 币，经营范围为一般项目：模具制造；模具销售；机械零件、零部件加工；机械零件、零部件销售；通 用设备制造（不含特种设备制造）；专用设备制造（不含许可类专业设备制造）；机械设备销售；五金 产品制造；五金产品批发；五金产品零售；塑料制品制造；塑料制品销售；金属工具制造；金属工具销 售；货物进出口；技术进出口；互联网销售（除销售需要许可的商品）；信息咨询服务（不含许可类信 息咨询服务）。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Insights - Nanjing Juxin Precision Machinery Manufacturing Co., Ltd. has been established with a registered capital of 2.5 million RMB [1] - The legal representative of the company is Wang Xuehong [1] Business Scope - The company is engaged in the manufacturing of electronic components and electromechanical equipment [1] - It also specializes in mold manufacturing, automotive parts and accessories manufacturing, and mechanical parts processing [1] - Additional activities include automotive parts research and development, hardware product manufacturing, and new material technology research and development [1] - The company is involved in the sales of metal products and general parts manufacturing, as well as the manufacturing of mechanical and electrical equipment [1]

Core Viewpoint - Suzhou Beishang Precision Machinery Co., Ltd. has been established with a registered capital of 10 million RMB, indicating a new player in the precision machinery sector [1] Company Summary - The legal representative of the company is Zhang Deming [1] - The registered capital of the company is 10 million RMB [1] - The company’s business scope includes various activities such as mechanical parts processing, technical services, and the sale of intelligent robots [1] Industry Summary - The company is involved in the manufacturing and sales of a wide range of products including automotive parts, bearings, gears, and transmission components [1] - The company also engages in research and development activities related to intelligent machinery and equipment [1] - The establishment of this company reflects ongoing developments in the precision machinery and robotics industry in China [1]

Company Overview - Xiamen Langyu Precision Machinery Co., Ltd. has recently been established with a registered capital of 200,000 RMB [1] - The legal representative of the company is Li Lang [1] Business Scope - The company is engaged in the manufacturing of metal forming machine tools and specialized equipment (excluding licensed professional equipment) [1] - It also manufactures metal processing machinery, metal tools, and general equipment (excluding special equipment) [1] - Additional activities include the manufacturing and sales of metal daily necessities, metal materials, and metal products [1] - The company is involved in gear and gearbox manufacturing, mechanical and electrical equipment manufacturing, mold manufacturing, and sales [1] - It provides research and development services for machinery and hardware products, along with wholesale and retail of hardware products [1]

Core Insights - Nanchang Hanli Precision Machinery Co., Ltd. has been established with a registered capital of 2 million RMB [1] - The company is engaged in a variety of manufacturing and sales activities, including mold manufacturing, metal structure manufacturing, and security equipment manufacturing [1] Company Overview - The legal representative of the company is Deng Kangkang [1] - The registered capital is 2 million RMB, indicating a modest initial investment [1] Business Scope - The company’s business activities include general projects such as mold manufacturing and sales, metal structure manufacturing and sales, and hardware product development and manufacturing [1] - Additional activities include plastic product manufacturing and sales, surface treatment processes, and the manufacturing of intelligent instruments and industrial control systems [1] - The company also offers technical services, development, consulting, and technology transfer, which suggests a focus on innovation and technical expertise [1]