Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The North Exchange's stock market activity has significantly increased, with new stock market funds exceeding 1 trillion [1] - The North Exchange added 5 new listed companies this month, bringing the total to 292, with a total market value of 936.30 billion and a circulating market value of 580.36 billion, reflecting increases of 7.7% and 10.3% respectively [1][13] - The North Exchange's trading volume and amount for the month were 24.52 billion shares and 607.72 billion, with a month-on-month increase of 26.8% in volume and 38.6% in amount [1][16] - The North Exchange 50 Index had a price-to-earnings ratio (PE-TTM) of 45.96, ranking in the 60.46th percentile over the past two years, and a price-to-book ratio (PB-MRQ) of 9.50, ranking in the 91.10th percentile [2][25] - The North Exchange's various sectors, except for the automotive sector, experienced a general increase in returns this month, with significant gains in media, non-ferrous metals, telecommunications, public utilities, and agriculture [32][37] Summary by Sections Market Overview - The North Exchange's trading activity has shown a notable increase, with a monthly trading volume of 24.52 billion shares and a trading amount of 607.72 billion, marking a month-on-month increase of 26.8% and 38.6% respectively [1][16] - The North Exchange's total market value reached 936.30 billion, with a circulating market value of 580.36 billion, reflecting increases of 7.7% and 10.3% respectively [1][13] Valuation - As of January 30, the North Exchange 50 Index's PE-TTM was 45.96, and its PB-MRQ was 9.50, indicating high valuation levels compared to historical data [2][25] - The dividend yield was recorded at 0.72, placing it in the 18.09th percentile over the past two years [2][25] Industry Performance - The North Exchange 50 Index experienced a monthly increase of 6.33%, while the specialized index rose by 6.06% [32] - Most sectors saw positive returns, with notable increases in media, non-ferrous metals, telecommunications, public utilities, and agriculture [37] - The top-performing stocks this month included Kema Materials, Medela, Aishalon, and Guoliang New Materials [42]

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The Beijing Stock Exchange (BSE) has seen a significant increase in trading activity, with a notable rise in both transaction volume and value [1][20] - The total number of listed companies on the BSE reached 292, with a total market capitalization of 936.30 billion and a circulating market value of 58.04 billion, reflecting increases of 7.7% and 10.3% respectively [1][13] - The BSE's new stock market has attracted over 1 trillion in frozen funds, indicating strong market interest [3] Market Overview - In January 2026, the BSE's trading volume was 24.52 billion shares, with a transaction value of 607.72 billion, marking a month-on-month increase of 26.8% in volume and 38.6% in value [1][16] - The average daily margin financing balance increased to 8.83 billion, up 14.1% from the previous month [23] Valuation Metrics - As of January 30, the PE ratio of the BSE 50 Index was 45.96, placing it at the 60.46th percentile over the past two years, while the PB ratio was 9.50, at the 91.10th percentile [25][26] - The dividend yield stood at 0.72, at the 18.09th percentile over the same period [25] Industry Performance - The BSE 50 Index experienced a monthly increase of 6.33%, while the specialized index rose by 6.06% [32] - Most sectors, except for the automotive industry, saw positive returns, with significant gains in media, non-ferrous metals, telecommunications, public utilities, and agriculture [37][42] New Listings - Five new companies were listed on the BSE this month, including Meidele (920119.BJ), Nongda Technology (920159.BJ), Guoliang New Materials (920076.BJ), Aishalen (920050.BJ), and Kema Materials (920086.BJ) [1][3][13] Policy and Events - The BSE is characterized by a dual approach of "strict regulation" and "promoting activity," as evidenced by the recent delisting of ST Guandao and the strong market appeal indicated by the frozen funds exceeding 1 trillion [3]

Core Insights - The Beijing Stock Exchange (BSE) has experienced a strong start in 2026, with a rapid pace of IPO approvals and listings, marking a significant expansion in high-quality companies [1] - As of January 30, 2026, the BSE has listed five new companies, bringing the total number of listed companies to 292, with a total market capitalization nearing 1 trillion yuan [1] Company Performance - **Kema Materials**: Listed on January 16, 2026, with a strong debut, seeing its stock price rise by 371.27% to close at 54.95 yuan per share, after peaking at a 585% increase [2] - **Aishalon**: Focused on medical health products, Aishalon's stock rose by 175.59% on its first day of trading, closing at 44.04 yuan per share [4] - **Guoliang New Materials**: Listed on January 22, 2026, with a stock price increase of 160.78%, closing at 28.06 yuan per share [6] - **Nongda Technology**: Officially listed on January 28, 2026, with a closing price of 52.89 yuan per share, reflecting a 111.56% increase from its opening price [7] - **Meidele**: Listed on January 30, 2026, with a significant opening price of 135 yuan per share, marking a 222.35% increase at the start of trading [7] Market Activity - The enthusiasm for new stock offerings has surged, with the total frozen funds for the five new IPOs exceeding 8 billion yuan each, and Meidele alone reaching approximately 1.06 trillion yuan, a record high for the BSE [9] - The average amount of funds frozen for new stock subscriptions has risen to 910 billion yuan, indicating strong investor interest [9] Roadshow Focus - All five newly listed companies conducted their online roadshows through a platform called "Panorama," emphasizing the importance of effective communication with investors [10]

IPO Review and Registration Progress - Six companies were reviewed for IPO last week, with five passing and one, Xinxing Technology, having its review postponed. The other companies that passed include Gaote Electronics, Lianxun Instruments, Tianhai Electronics, Ruier Jinda, and Zhongke Instruments [1][2] - Xinxing Technology, which specializes in computer embroidery machines, reported a revenue of 1.044 billion yuan for the first three quarters of 2025, a year-on-year increase of 44.48%, and a net profit of 150 million yuan, up 105.18% year-on-year. The company aims to raise approximately 449 million yuan through its IPO [1][2] - Gaote Electronics is set to be the first IPO on the Shenzhen Stock Exchange in 2026, focusing on automotive components. The review committee raised concerns about the company's declining gross margin and prolonged accounts receivable collection period [2][3] - Lianxun Instruments, the first company to pass on the Sci-Tech Innovation Board in 2026, specializes in electronic measurement instruments and semiconductor testing equipment. The review committee inquired about industry cycles and technology iterations [2][3] - Tianhai Electronics plans to list on the Shenzhen main board and aims to raise 2.46 billion yuan, the largest among last week's reviewed companies. The review committee focused on the sustainability of operating performance [3] - Ruier Jinda and Zhongke Instruments are also seeking to list on the Beijing Stock Exchange, with the committee questioning the authenticity of their performance and revenue recognition [3] Upcoming IPOs and Fundraising - This week, six companies are preparing for IPO, with Huikang Technology aiming to raise 1.797 billion yuan, the highest among them. Other companies include Aiteke and Liqi Intelligent, with planned fundraising of 1.5 billion yuan and 1 billion yuan, respectively [4][5] - Huikang Technology, which specializes in refrigeration equipment, reported steady revenue growth from 1.93 billion yuan in 2022 to 3.204 billion yuan in 2024, with net profit increasing from 197 million yuan to 451 million yuan [5][6] - Aiteke focuses on automotive electronic solutions and has a high customer concentration risk, particularly with Chery Automobile, which accounted for over 50% of its revenue in recent years [6] New Stock Listings and Subscription Dynamics - Two new stocks were listed last week, with Kema Materials seeing a significant increase of 371% on its first day. This week, one new stock, Aisheren, is set to be listed with an issue price of 15.98 yuan per share [8][9] - Aisheren, focused on medical health, expects to achieve revenue between 889 million yuan and 939 million yuan in 2025, representing a year-on-year growth of approximately 28.65% to 35.89% [8] - Three new stocks are scheduled for subscription this week, including Nongda Technology, which has an issue price of 25 yuan per share and anticipates revenue of 2.2 billion to 2.4 billion yuan in 2025 [10][11]

Core Insights - Koma Materials (920086) experienced a significant increase of 371.27% on its first trading day, with a turnover rate of 96.14% and a transaction volume of 988 million yuan [2] - The stock's first-day margin trading saw a buy amount of 8.05 million yuan, accounting for 0.82% of the total trading volume, with a latest margin balance of 7.49 million yuan, representing 0.72% of the circulating market value [2] Company Overview - Koma Materials specializes in the research, production, and sales of dry friction plates and wet paper-based friction plates, and is committed to the development and application of new friction materials [2]

Core Viewpoint - Zhejiang Kema Friction Material Co., Ltd. has successfully gone public on the Beijing Stock Exchange, marking it as the second listed company in Songyang after Yunzhongma [1] Group 1: Company Overview - Kema Materials specializes in dry clutch friction plates and wet paper-based friction plates, positioning itself as a key player in the comprehensive transportation industry chain in Songyang [7] - The company has been recognized as a provincial "invisible champion" and a national "specialized and innovative" small giant enterprise, reflecting its strong market position and growth potential [7] Group 2: IPO Details - The IPO raised funds primarily for the technological transformation project of environmentally friendly clutch friction materials and the upgrade of the R&D center [7] - On the first day of trading, Kema Materials closed at 54.95 yuan per share, achieving a remarkable increase of 371.27% [7] Group 3: Leadership Statements - The Vice Mayor emphasized the government's commitment to empowering the real economy through financial means and highlighted the importance of nurturing companies for capital market engagement [5] - The Chairman of Kema Materials expressed that the IPO represents not only a significant capital leap but also a new starting point for the company, aiming for sustained value growth through innovation and management [7] - The County Secretary congratulated Kema Materials and encouraged more local enterprises to follow its example in engaging with the capital market [7]

Core Viewpoint - The A-share market experienced a narrow fluctuation with the electronic sector leading the gains, while *ST Chengchang exhibited a "ground-to-ceiling" trading pattern, indicating significant volatility and investor interest [2][10][11]. A-share Market Overview - On January 16, the A-share market showed slight declines in major indices, with the Shanghai Composite Index down 0.22%, the Shenzhen Component Index down 0.10%, and the ChiNext Index down 0.01% [4]. - The electronic sector was the standout performer, with a gain of over 2%, driven by multiple chip stocks [4]. - Notable stocks included Tianyue Advanced, which hit a 20% limit up, and several others like Pairui Co., Kexiang Co., and others that saw increases exceeding 10% [4][5]. Notable Stocks - *ST Chengchang opened at a limit down but quickly rebounded to a limit up, closing at 128.98 CNY per share, marking its 11th limit up in 12 trading days [11][12]. - The stock's trading volume reached 61,800 hands, with a total market capitalization of 26.585 billion CNY [12]. - The stock's rolling P/E ratio was reported at 278.93, significantly higher than the industry average of 54.31, indicating potential overvaluation [13]. Hong Kong Market Overview - The Hong Kong market saw the Hang Seng Index open higher but later narrowed its gains, with notable movements in stocks like Delin Holdings, which surged over 26% at one point [14][15]. - Delin Holdings announced conditional approval from the regulatory authority to provide virtual asset consulting services, which is expected to enhance its service offerings in the virtual asset sector [16].

Core Viewpoint - Koma Materials (920086) has been listed on the Beijing Stock Exchange, focusing on the research, production, and sales of dry friction plates and wet paper-based friction plates, as well as the development of new friction materials [1][2]. Company Structure - Koma Industrial holds 41,339,000 shares, accounting for 65.87% of the total share capital. Wang Zonghe and Liao Aixia own 84.62% and 15.38% of Koma Industrial, respectively, and are a married couple. Koyuan Industrial holds 3,000,000 shares (4.78%), while Xieli Investment holds 4,250,000 shares (6.77%). Wang Zonghe, Liao Aixia, and Xu Changcheng each hold 21.02%, 71.95%, and 7.02% of Xieli Investment, respectively. Xu Changcheng is the son-in-law of Wang Zonghe and Liao Aixia. Wang Tingting, their daughter, holds 225,000 shares (3.59%) [2][3]. Control and Governance - The actual controllers of the company are Wang Zonghe, Liao Aixia, Xu Changcheng, and Wang Tingting, who have signed a "Joint Action Agreement" to ensure consensus on major business decisions. In case of disagreement, the majority opinion of the actual controllers will prevail, and if consensus cannot be reached, the current chairman will have the final say. Wang Zonghe will be elected as chairman if there is no agreement during the election [3]. Fundraising and Projects - Koma Materials raised a total of 243,927,200.00 yuan, with a net amount of 206,168,000.00 yuan. The funds will be used for the technological transformation project of environmentally friendly clutch friction materials and the upgrade of the research and development center [4].

Group 1: Company Offerings - Zhixin Co., Ltd. is offering shares today with a subscription code of 732352, at a price of 21.88 yuan per share, requiring a minimum market value of 180,000 yuan for maximum subscription [1][2] - The company has a total of 56.67 million shares available for public offering, with a single account subscription limit of 18,000 shares [2] - Zhixin Co., Ltd. specializes in the development, processing, production, and sales of automotive stamping parts and related molds [2] Group 2: Company Offerings - Kema Materials is also offering shares today with a subscription code of 920086, at a price of 11.66 yuan per share, requiring a minimum market value of 10.9767 million yuan for maximum subscription [1][3] - The company has a total of 20.92 million shares available for public offering, with a single account subscription limit of 941,400 shares [3] - Kema Materials focuses on the research, production, and sales of dry friction plates and wet paper-based friction plates, as well as the development of new friction materials [4] Group 3: Company Listing - Shaanxi Tourism is listed today on the Shanghai Stock Exchange with a stock code of 603402, at an issue price of 80.44 yuan per share and a price-to-earnings ratio of 12.37 [1][5] - The company has undergone several name changes since its establishment in 1988, with its current name reflecting its focus on tourism-related services [5] - Shaanxi Tourism integrates tourism performances, cable cars, and dining services, leveraging high-quality tourism resources to provide premium experiences for visitors [5]

IPO Review and Registration Progress - Three companies were reviewed for IPO last week, with two successfully passing the review, while one, Guangtai Vacuum, had its application postponed [3][4] - Peicheng Technology, focused on lithium battery new energy, reported revenue of 886 million yuan and net profit of 129 million yuan for the first three quarters of 2025, marking year-on-year growth of 76.49% and 114.83% respectively [3][4] - Weitongli, specializing in electrical connection products, achieved revenue of 2.212 billion yuan and net profit of 216 million yuan in the same period [4] Upcoming IPOs - Two companies, Chenguang Electric and Banzhe Chuangke, are set to undergo IPO reviews this week, with Chenguang Electric aiming to raise 399 million yuan [5][6] - Chenguang Electric projects a revenue of 918 million to 928 million yuan for 2025, reflecting a year-on-year growth of 11.05% to 12.26% [5] - Banzhe Chuangke anticipates a revenue of 1.76 billion to 1.82 billion yuan for 2025, with a growth rate of 16.57% to 20.55% [6] Recent IPO Activity - A surge in IPO applications was noted at the end of 2025, with 58 applications accepted, including 40 from the Beijing Stock Exchange [7][9] - Companies like Dachang Technology and Yan'an Pharmaceutical are attempting to reapply for IPOs after previous rejections [7][8] - Dongguan Bank and Nanhai Rural Commercial Bank have resumed their IPO processes after their statuses changed from "suspended" to "accepted" [9] New Stock Listings and Performance - Shaanxi Tourism is set to list on the Shanghai Main Board, with an expected revenue of 951 million to 1.117 billion yuan for 2025, indicating a decline of 24.69% to 11.54% [10] - The stock of Hengdongguang surged by 878.16% on its first trading day, closing at 309 yuan per share [10][11] - Strongyi Co., which focuses on semiconductor testing hardware, saw its stock rise by 165.61% on its debut, closing at 226.01 yuan per share [11] Upcoming New Stock Subscriptions - Two new stocks, Kema Materials and Zhixin Co., are scheduled for subscription, with respective issue prices of 11.66 yuan and 21.88 yuan [12] - Kema Materials expects a revenue of 250 million to 280 million yuan for 2025, while Zhixin Co. anticipates 3.9 billion to 4.05 billion yuan, reflecting growth rates of 0.39% to 12.44% and 26.30% to 31.16% respectively [12]