◎记者 孔令仪 唐燕飞 9月24日，工业工程企业山东宝盖新材料科技股份有限公司向港交所GEM(创业板)递交招股书，这是今 年第11家向港交所GEM递表的企业。 "今年港股GEM上市申请企业较往年同期更多，主要是因为港股市场流动性改善和估值修复。对于一些 有迫切融资需求的中小企业来说，GEM不失为一种上市路径选择。"毕马威华南区资本市场发展主管合 伙人姜健成在接受上海证券报记者采访时表示，"GEM上市审核时间长短，主要与上市公司的自身质 地、申请资料完备程度、申请公司对于监管机构提问回复的速度及质量相关。" 数据显示，2024年共有3家公司向港交所GEM递交招股书，目前均已完成上市；2023年有5家公司向港 交所GEM递交招股书，其中1家公司撤回申请，另外4家公司招股书自动失效。今年以来，尚未有企业 实现在GEM上市，但有一家GEM企业成功转板至港交所主板上市。 中小企业冲刺GEM上市意愿增强 港交所官网显示，截至9月26日，今年11家公司正在冲刺GEM上市，这些公司主要分布在基础化工、教 育、纺织服饰、家居建材、软件与IT服务等领域。 从业绩表现来看，上述11家公司的年收入多数在1亿元（人民币，下同）左右，年 ...

Core Insights - The Shanghai Composite Index rose by 0.21% this week, with 40 stocks experiencing a turnover rate exceeding 100% [1] - The electronics sector had the highest number of stocks with turnover rates above 100%, totaling 7 stocks, followed by the computer and machinery equipment sectors, each with 6 stocks [1] High Turnover Stocks - The stock with the highest turnover rate this week was Boliang Optoelectronics, with a turnover rate of 230.74% and a price increase of 6.93%. Institutional investors net sold 189 million yuan, while the stock saw a net outflow of 387 million yuan in main funds [1] - Chuling Information had a turnover rate of 209.40% and a price increase of 20.48%. Institutional investors net bought 6.61 million yuan, with a net outflow of 2.8 million yuan in main funds [1] - Xidian Co. ranked third with a turnover rate of 197.31% and a price increase of 23.07%. Institutional investors net sold 514.15 million yuan, with a net outflow of 4.8 million yuan in main funds [2] Market Performance - Stocks with a turnover rate above 100% averaged a price increase of 5.12% this week, with 23 stocks rising and 17 stocks falling. The top gainers included Xiangrikui, Weiteou, and Jinhua New Materials, with increases of 57.86%, 35.67%, and 29.98% respectively [2] - Among the high turnover stocks, 4 companies released third-quarter earnings forecasts, with C United Dynamics expected to have a net profit of 825 million yuan, representing a year-on-year increase of 44.16% [2]

Core Insights - A total of 805 stocks reported their latest shareholder numbers as of September 20, with 433 stocks showing a decline compared to the previous period [1][3] - The stocks with the largest decrease in shareholder numbers include KaiChuang Electric, XiZhuang Co., and DianLian Technology, with declines of 27.34%, 24.94%, and 23.68% respectively [3][4] - The average decline in shareholder numbers for the concentrated stocks monitored from September 1 to September 10 was 2.70%, with 29% of these stocks outperforming the Shanghai Composite Index [2][3] Shareholder Number Changes - 40 stocks experienced a decline of over 10% in shareholder numbers, with KaiChuang Electric leading at 6101 shareholders, down 27.34% [3][4] - XiZhuang Co. had 8398 shareholders, down 24.94%, while DianLian Technology reported 22629 shareholders, down 23.68% [3][4] - The overall trend indicates a significant outflow of funds from these stocks, with KaiChuang Electric seeing a net outflow of 146 million yuan [3] Market Performance - The concentrated stocks monitored from September 11 showed an average decline of 1.88%, with notable gainers including DeMingLi, XiZhuang Co., and HongSheng Co., which increased by 81.52%, 39.31%, and 31.85% respectively [2][3] - The industries with the highest concentration of stocks include basic chemicals, machinery equipment, and pharmaceutical biology, with 53, 51, and 43 stocks respectively [3][4]

所属行业来看，股东户数连降股中，机械设备、基础化工、计算机等行业最为集中，分别有20只、15 只、14只个股上榜。板块分布上，股东户数连降股中，主板有65只，创业板有60只。 从机构动向看，股东户数连降股中，近一个月获机构调研的有18只，机构调研次数较为频繁的有东港股 份、东方钽业、广电运通等，其间分别获机构调研5次、4次、3次；机构调研家数看，机构较为扎堆的 是东方钽业、神州泰岳、宇信科技，分别有97家、87家、80家机构参与调研。（数据宝） 股东户数连续下降股排行榜 股东户数连续下降个股中，连降时间较长的有ST华闻、国投丰乐等，其中，ST华闻最新股东户数为 62362户，已连续减少13期，累计降幅为15.38%，国投丰乐股东户数连降10期，最新户数为66536户， 累计降幅15.73%，股东户数连降期数较多的还有远达环保、哈焊华通、万安科技等。从最新一期的股 东户数下降幅度看，降幅较大的有鸿铭股份、力聚热能、*ST清研等，最新股东户数分别下降13.30%、 11.36%、11.03%。 市场表现方面，股东户数连降股中，筹码集中以来股价上涨的有25只，下跌的有100只，累计涨幅较高 的有*ST清研、力聚热能 ...

Group 1 - On September 25, a total of 28 companies were investigated by institutions, with 20 of them being surveyed by funds, indicating a strong interest in these companies [1] - Among the companies surveyed, Blue Science High-tech (601798) attracted the most attention, with 10 funds participating in the investigation, while Changhua Chemical (301518) and Huaxia Eye Hospital (301267) each had 6 funds involved [1] - The surveyed companies are distributed across various sectors, with the machinery and equipment sector having the highest representation, featuring 5 companies, followed by non-ferrous metals and pharmaceutical biology, each with 3 companies [1] Group 2 - In terms of market performance, 6 out of the surveyed stocks increased in value over the past 5 days, with the highest gains seen in Boyuan Co., Ltd. (301617) at 6.81%, followed by Shunluo Electronics (002138) at 6.77% and Pulaide (301353) at 5.20% [2] - Conversely, 14 stocks experienced declines, with the largest drop recorded by Innovation Medical (002173) at 10.39%, followed by Yinstar (301622) at 5.23% and Helen Zhe (300201) at 4.65% [2] - The total market capitalization of the surveyed companies includes 13 companies with a market value of less than 10 billion yuan, such as Pulaide (301353), Ouma Software (301185), and Lianjian Technology (301115) [1]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Chinese chemical industry** and its transition from a "cash-consuming beast" to a "cash-generating tree" due to reduced capital expansion and strong operating cash flow [1][13]. Core Insights and Arguments - **Capital Expansion Trends**: The capital expenditure in the basic chemical industry is decreasing, with the proportion of construction projects to fixed assets declining. This trend is expected to continue, leading to positive free cash flow over the next five years [1][4][5]. - **Cash Flow and Dividends**: The petrochemical sector has turned positive in operating cash flow, with a potential dividend yield exceeding 10% by 2027 for some companies if 70% of cash flow is allocated to dividends [1][9]. - **Cost Advantages**: Chinese chemical companies benefit from lower energy and labor costs compared to European counterparts, which face high production costs and low capacity utilization [1][10]. - **Impact of Anti-Overexpansion Policies**: The anti-overexpansion policies are expected to limit capital expansion but will enhance free cash flow and dividend-paying capacity, improving the investment value of leading companies [1][13][14]. Important but Overlooked Content - **Sector-Specific Insights**: - The chromium salt industry is expected to see strong demand growth due to increased orders from gas turbines and military applications, while supply is constrained by environmental regulations [2][42]. - The coal chemical sector is experiencing a recovery in profitability due to rising global energy prices and improved demand, despite being at historical low price levels [15][18]. - The refrigerant market is projected to grow due to rising demand and supply constraints, particularly for R32 and automotive refrigerants [44]. - **Future Trends**: The report anticipates a significant upward trend for leading companies in the chemical sector, driven by improved profitability and valuation as the industry undergoes capacity clearing [14][41]. Conclusion - The Chinese chemical industry is poised for a recovery phase, with strong cash flow generation and potential for high dividend yields, particularly for leading firms. The anti-overexpansion policies, while restrictive, may ultimately enhance the industry's long-term health and investment attractiveness [1][13][14].

证券研究报告 北证A股：聚焦"专精特新"主阵地， 政策红利驱动系统性重估，中长期配置价值明确 证券分析师：朱洁羽 执业证书编号：S0600520090004 联系邮箱：zhujieyu@dwzq.com.cn 二零二五年九月二十六日 请务必阅读正文之后的免责声明部分 核心要点 ➢ 一、政策端：服务创新型中小企业主阵地，制度体系持续完善 1）全面920时代来临：2025年10月9日起，北证存量股票将启用920开头新代码，有望提高北证A股辨识度，凸显北交所作为中国第三大证券交易所的独立地位，并为指数编制、行情独立 展示及衍生金融产品创新奠定基础。"深改19 条"后北交所高质量建设稳步推进中，后续公开市场可转债、场内ETF基金、优化发行上市机制等政策有望渐次落地，吸引更多增量资金入场。 2）再融资与并购重组：北交所秉持"小额、快速、灵活、多元"的再融资审核理念，逐步完善融资制度。开市以来，北交所已实施的再融资募集资金总额达14.70亿元，平均为2.45亿元。 并购重组方面，2025年5月16日，北交所修订重大资产重组规则，引入"小额快速"审核机制和重组简易审核程序。2025年5月30日，北交所受理首单重大资产重组— ...

9月25日，A股市场整体走势分化。 截至收盘，上证指数收报3853.3点，下跌0.01%；深证成指收报13445.9点，上涨0.67%；创业板指收报3235.76 点，上涨1.58%。两市合计成交23710.9亿元，较上一交易日增加443.06亿元。 1.两市主力资金净流出236亿元 今日沪深两市主力资金开盘净流出119.01亿元，尾盘净流出39.2亿元，全天净流出236亿元。 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2025-9-25 | -236.00 | -119.01 | -39. 20 | -56. 94 | | 2025-9-24 | -2. 79 | -134. 19 | 56. 63 | 110. 54 | | 2025-9-23 | -761.67 | -205. 97 | 41. 34 | -416. 45 | | 2025-9-22 | -149.51 | -77.29 | 37. 32 | -12. 91 | ...

Market Overview - On September 25, the A-share market showed a mixed performance, with the Shanghai Composite Index closing at 3853.3 points, down 0.01%, while the Shenzhen Component Index rose 0.67% to 13445.9 points, and the ChiNext Index increased by 1.58% to 3235.76 points. The total trading volume for both markets reached 23710.9 billion yuan, an increase of 443.06 billion yuan compared to the previous trading day [1]. Capital Flow - The net outflow of main funds from the Shanghai and Shenzhen markets amounted to 236 billion yuan, with an opening net outflow of 119.01 billion yuan and a closing net outflow of 39.2 billion yuan [2]. - Over the last five trading days, the main funds have consistently shown a net outflow trend, with the highest outflow recorded on September 23 at 761.67 billion yuan [3]. - The ChiNext market experienced a significant net outflow of 89.27 billion yuan, while the CSI 300 index saw a net outflow of 6.27 billion yuan on the same day [4][5]. Sector Performance - The communication sector achieved a net inflow of 72.47 billion yuan, with a slight increase of 0.12%, while the media and computer sectors also saw positive inflows of 45.75 billion yuan and 41.81 billion yuan, respectively [6][7]. - Conversely, the machinery equipment sector faced the largest net outflow of 113.08 billion yuan, followed by the biopharmaceutical sector with an outflow of 62.37 billion yuan [7]. Institutional Activity - Notable institutional buying activity was observed in stocks such as Inspur Information, which saw a net institutional purchase of 130.35 million yuan, and Lixing Co., which had a net purchase of 113.02 million yuan [11]. - The latest institutional focus includes stocks like Aohua Endoscopy, rated as a "Buy" by CITIC Securities, with a target price indicating a potential upside of 16.86% from its latest closing price [12].

证券研究报告|行业动态报告 [Table_Date] 2025 年 09 月 25 日 [Table_Title] 化工 Q3 前瞻：看好顺周期、新材料、新技术方向 [Table_Title2] 基础化工行业 [Table_Summary] 摘要: 化工反弹回升趋势明显，行业基本面风险基本出清，低估值龙头 白马与高成长新兴行业同时迎来布局机会。从化工品价格指数趋 势来看，2021 年下半年开始见顶回落，经过超三年的趋势性下 跌，基本处于历史低位，向下空间有限。2025 年上半年基础化工 行业资本开支为负，在建工程同比下降 15%，供给端压力放缓。 受益于财政货币政策、"两新"政策及"反内卷"政策的稳步推 进，我们认为需求端增幅有望扩大，行业供需格局有望逐步优 化，化工行业盈利空间持续打开。 投资建议： 推荐关注以下方向： 评级及分析师信息 [Table_IndustryRank] 行业评级：推荐 [Table_Pic] 行业走势图 0% 9% 18% 27% 36% 45% 2024/09 2024/12 2025/03 2025/06 2025/09 基础化工 沪深300 1）顺周期、反内卷品种：财政政策及 ...