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]

Market Performance - As of January 30, 2026, the North Exchange 50 Index closed at 1531.55 points, down 3.59% from the previous week[15] - The average market capitalization of North Exchange A-shares is 3.207 billion yuan, with a weekly trading volume of 143.655 billion yuan, up 8.82% from the previous week[15] - The average turnover rate for the period was 5.88%, an increase of 0.44% from the previous week[15] New Listings and Investor Activity - Medela (920119.BJ) listed on January 30, 2026, with a subscription amount of 1,058.858 billion yuan, setting a record for the North Exchange[9] - The number of qualified investors in the North Exchange exceeded 10 million, a net increase of nearly 2 million compared to the same period last year[10] - The North Exchange has seen a total of 122 companies disclose performance forecasts, with 39 companies expecting profit increases[26] Investment Recommendations - The PE ratios for North Exchange A-shares, ChiNext, Shanghai Main Board, Shenzhen Main Board, and Sci-Tech Innovation Board are 47.75, 45.82, 12.74, 24.87, and 79.79 respectively[26] - Focus on technology growth sectors with high earnings certainty and consumer sectors with marginal improvements for potential rebounds[26] Risks - Potential policy risks may affect investor enthusiasm and market heat[27] - Liquidity risks exist due to lower trading volumes compared to other boards like ChiNext and Sci-Tech Innovation Board[27] - External market changes could lead to companies' earnings falling short of expectations, negatively impacting stock prices[27]

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]

Market Performance - As of January 23, 2026, the North Exchange A-share index has 290 constituent stocks with an average market capitalization of 3.335 billion yuan[13] - The North Exchange 50 index rose by 2.60% this week, closing at 1588.66 points, while the Shanghai and Shenzhen 300 index fell by 0.62%[13] - The average daily trading volume for North Exchange A-shares reached 26.831 billion yuan, a decrease of 21.36% from the previous week[13] Economic Indicators - China's GDP for 2025 is projected at 140.19 trillion yuan, with a year-on-year growth of 5%[11] - The industrial production growth is primarily driven by high-tech industries, with notable increases in industrial robots (14.7%), new energy vehicles (8.7%), and integrated circuits (12.9%) in 2025[11] Investment Insights - The price-to-earnings (PE) ratios for North Exchange A-shares, ChiNext, Shanghai Main Board, Shenzhen Main Board, and Sci-Tech Innovation Board are 43.45, 43.34, 24.55, 25.51, and 44.65 respectively as of January 23, 2026[24] - The report suggests focusing on stocks with stable growth and valuation potential in the technology sector[24] Risks - Potential policy risks may affect investor sentiment and trading enthusiasm in the North Exchange[25] - Liquidity risks exist due to lower trading volumes compared to other boards, which may negatively impact the market[25] - There is a risk of companies not meeting profit expectations due to external market changes[25]

Summary of Key Points Core Viewpoint - Two new stocks are available for subscription on January 19, namely Zhenstone Co., Ltd. and Nongda Technology, with specific details on their issuance and financial metrics provided [1]. Group 1: Zhenstone Co., Ltd. - Total shares issued amount to 261.05 million, with 54.82 million shares available for online subscription [1]. - The subscription code is 780112, and the issuance price is set at 11.18 yuan, resulting in a price-to-earnings ratio of 32.59 times [1]. - The maximum subscription limit for a single account is 54,500 shares, and the company aims to raise 2.919 billion yuan [1]. Group 2: Nongda Technology - Total shares issued are 16 million, with 14.4 million shares available for online subscription [1]. - The subscription code is 920159, with an issuance price of 25.00 yuan and a price-to-earnings ratio of 13.40 times [1]. - Each subscription unit consists of 100 shares, and the company is expected to raise 400 million yuan [1].

Group 1: New Stock Market Activity - The new stock market has been active since the beginning of 2026, with an average first-day increase of 292.35% for two new stocks this week [1] - Zhishin Co., Ltd. saw a first-day increase of 213.44%, with a single subscription profit exceeding 23,000 yuan [1] - Three new stocks are scheduled for subscription next week, including Zhishin Co., Ltd. and Nongda Technology [1][4] Group 2: Zhishin Co., Ltd. - Zhishin Co., Ltd. is a leading manufacturer of wind turbine blade materials, with a projected global market share of over 35% in wind power fiberglass fabric by 2024 [1][6] - The company has a strong domestic and international client base, including major players like Mingyang Smart Energy and Siemens Gamesa [1] - The company expects a net profit of 730 million to 860 million yuan for 2025, representing a year-on-year growth of 20.53% to 42.00% [6][7] Group 3: Nongda Technology - Nongda Technology is a leader in the new fertilizer industry, with clients including major agricultural input companies and government clients [1][8] - The company anticipates a net profit of 140 million to 160 million yuan for 2025, with a year-on-year change of -3.64% to 10.13% [8][9] Group 4: Shiemeng Co., Ltd. - Shiemeng Co., Ltd. is a leading comprehensive logistics company serving multinational manufacturing enterprises, with major clients in the automotive and packaging sectors [2][10] - The company projects a net profit of 149 million yuan for 2025, reflecting a year-on-year decrease of 12.70% [10]

Summary of Key Points Core Viewpoint - Three new stocks will be available for subscription next week, including Zhenstone Co., which has a total issuance of 261 million shares, marking it as the first A-share stock to exceed 200 million shares since 2026, potentially increasing the probability of winning for investors [1][3]. Group 1: Zhenstone Co. - Zhenstone Co. is a leading manufacturer of materials for wind turbine blades and is recognized as a national high-tech enterprise [12]. - The subscription code for Zhenstone Co. is 780112, with an issuance price of 11.18 yuan per share and a price-to-earnings ratio of 32.59 times, compared to the industry average of 33.72 times [13]. - The total number of shares issued by Zhenstone Co. is 261 million, with 54.82 million shares available for online subscription, and the maximum subscription limit is 54,500 shares [13]. - Zhenstone Co. has a global market share of over 35% in wind power glass fiber fabric as of 2024, with major clients including Vestas and Siemens Gamesa [13]. - The projected revenue for Zhenstone Co. in 2025 is between 7 billion to 7.5 billion yuan, with a year-on-year growth rate of 57.70% to 68.69% [15]. Group 2: Agricultural University Technology - Agricultural University Technology is recognized as the "first stock of new fertilizers" and focuses on the research, production, and sales of new fertilizers and their intermediates [4]. - The subscription code for Agricultural University Technology is 920159, with an issuance price of 25.00 yuan per share and a price-to-earnings ratio of 13.40 times, compared to the industry average of 30.39 times [5]. - The total number of shares issued is 16 million, with 14.4 million shares available for online subscription, and the maximum subscription limit is 720,000 shares [6]. - The company has been recognized for its leading production and sales of coated urea and humic acid compound fertilizers in the industry [6]. - The projected revenue for Agricultural University Technology in 2025 is between 2.2 billion to 2.4 billion yuan, with a year-on-year change of -6.91% to 1.56% [10]. Group 3: Shimon Logistics - Shimon Logistics is a comprehensive logistics enterprise that provides customized supply chain logistics solutions for multinational manufacturing companies [17]. - The subscription code for Shimon Logistics is 001220, with the issuance price and earnings ratio yet to be disclosed, but the industry average is 14.62 times [17]. - The total number of shares issued is 23.07 million, with 9.23 million shares available for online subscription, and the maximum subscription limit is 9,000 shares [17]. - The projected revenue for Shimon Logistics in 2025 is expected to be 925 million yuan, reflecting a year-on-year decline of 10.08% [20].

Summary of Key Points Core Viewpoint - Three new stocks will be available for subscription next week, with one each from the Beijing Stock Exchange, Shanghai Main Board, and Shenzhen Main Board [1][10]. Group 1: Stock Subscription Details - On Monday, January 19, the new stocks available for subscription are Zhenstone Co., Ltd. (code: 780112) at an issue price of 11.18 CNY per share and a P/E ratio of 32.59, and Nongda Technology (code: 920159) at an issue price of 25.00 CNY per share and a P/E ratio of 13.40. On Friday, January 23, Shimon Co., Ltd. (code: 001220) will be available for subscription with the issue price yet to be determined [2][11][12]. Group 2: Zhenstone Co., Ltd. - Zhenstone Co., Ltd. is a leading global manufacturer of wind turbine blade materials, with an issue price of 11.18 CNY per share and a P/E ratio of 32.59, compared to the industry average of 33.72 [3][12]. - The company plans to issue 26,105.5 million shares, with a maximum subscription limit of 54,500 shares, requiring a market value of 545,000 CNY in the Shanghai market for top-tier subscriptions [3][4]. - Zhenstone has a significant market share in the wind power fiberglass fabric sector, projected to exceed 35% globally in 2024, and has reported revenues of 5.267 billion CNY, 5.124 billion CNY, and 4.439 billion CNY from 2022 to 2024, with net profits of 774 million CNY, 790 million CNY, and 606 million CNY respectively [4][13]. Group 3: Nongda Technology - Nongda Technology is a leading domestic producer of new fertilizers, with an issue price of 25.00 CNY per share and a P/E ratio of 13.4 [5][6]. - The company specializes in the research, production, and sales of new fertilizers and their intermediates, utilizing proprietary technologies such as humic acid activation and controlled-release technology [6][15]. - From 2022 to 2024, Nongda Technology achieved revenues of 2.676 billion CNY, 2.637 billion CNY, and 2.363 billion CNY, with net profits of 101 million CNY, 101 million CNY, and 145 million CNY respectively [7][16]. Group 4: Shimon Co., Ltd. - Shimon Co., Ltd. is a leading comprehensive logistics enterprise in China, with a planned issuance of 23.0725 million shares and a maximum subscription limit of 9,000 shares, requiring a market value of 90,000 CNY in the Shenzhen market for top-tier subscriptions [8][9]. - The company focuses on providing customized, integrated supply chain logistics solutions for multinational manufacturing enterprises and has established a strong reputation in the market [9][18]. - Shimon reported revenues of 808 million CNY, 835 million CNY, and 1.028 billion CNY from 2022 to 2024, with net profits of 112 million CNY, 133 million CNY, and 170 million CNY respectively, and forecasts a decline in revenues and profits for 2025 [9][18].

Group 1: Upcoming IPOs - Three new stocks will be available for subscription next week, with one each from the Beijing Stock Exchange, Shanghai Main Board, and Shenzhen Main Board [1] - The schedule includes: - Zhenstone Co., Ltd. on January 19 at a price of 11.18 CNY per share and a P/E ratio of 32.59 on the Shanghai Main Board - Nongda Technology on January 19 at a price of 25.00 CNY per share and a P/E ratio of 13.40 on the Beijing Stock Exchange - Shimon Co., Ltd. on January 23 with an undisclosed price on the Shenzhen Main Board [2] Group 2: Zhenstone Co., Ltd. - Zhenstone Co., Ltd. is a leading manufacturer of wind turbine blade materials, with a public offering of 26,105,500 shares and a maximum subscription limit of 54,500 shares [3][4] - The company has a projected global market share of over 35% in wind power glass fiber fabric for 2024, supported by its partnership with China Jushi, the largest glass fiber supplier [4] - Financial performance shows revenues of 5.267 billion CNY in 2022, 5.124 billion CNY in 2023, and a forecast of 6.439 billion CNY in 2024, with net profits of 774 million CNY, 790 million CNY, and 606 million CNY respectively [4] Group 3: Nongda Technology - Nongda Technology is a leading domestic producer of new fertilizers, with an offering price of 25 CNY per share and a P/E ratio of 13.4 [5][6] - The company specializes in the R&D, production, and sales of new fertilizers and intermediates, with products including humic acid fertilizers and controlled-release fertilizers [6] - Financial results indicate revenues of 2.676 billion CNY in 2022, 2.637 billion CNY in 2023, and 2.363 billion CNY in 2024, with net profits of 101 million CNY for both 2022 and 2023, and 145 million CNY in 2024 [7] Group 4: Shimon Co., Ltd. - Shimon Co., Ltd. is a leading integrated logistics company, with a public offering of 2,307,250 shares and a maximum subscription limit of 9,000 shares [8][9] - The company provides customized, integrated supply chain logistics solutions for multinational manufacturing enterprises, serving clients such as Mercedes-Benz and Maersk [9] - Financial performance shows revenues of 808 million CNY in 2022, 835 million CNY in 2023, and a forecast of 1.028 billion CNY in 2024, with net profits of 112 million CNY, 133 million CNY, and 170 million CNY respectively [9]

Group 1: IPO Approval and Company Overview - Two companies, Shandong Nongda Technology Co., Ltd. and Shenzhen Hengyun Chang Vacuum Technology Co., Ltd., have received IPO approval from the Beijing Stock Exchange and the Shanghai Stock Exchange [1][11] - Shandong Nongda focuses on the research, production, and sales of new fertilizers and has been recognized as a leading player in the industry, with significant market share in coated urea and humic acid compound fertilizers [2][9] - Shenzhen Hengyun Chang specializes in semiconductor equipment core components, particularly plasma RF power systems, and has successfully broken the monopoly of foreign giants in the domestic market [11][18] Group 2: Financial Performance - Shandong Nongda reported a compound annual growth rate (CAGR) of 131.87% in net profit from 2022 to 2024, with a net profit of 125.65 million yuan in the first half of 2025 [2][6] - Shenzhen Hengyun Chang's revenue for the first half of 2025 was 304.06 million yuan, with a net profit of 69.35 million yuan, reflecting a strong growth trajectory [15] Group 3: Use of Proceeds from IPO - Shandong Nongda plans to raise 413 million yuan through its IPO to fund projects including a 300,000-ton intelligent high-tower compound fertilizer project and a 150,000-ton bio-fertilizer production line [8] - Shenzhen Hengyun Chang aims to raise 1.469 billion yuan for projects such as the industrialization of semiconductor RF power systems and the establishment of a research and innovation center [16] Group 4: Market Position and Recognition - Shandong Nongda has been recognized as a national "Manufacturing Single Champion Demonstration Enterprise" and has received multiple awards for its technological advancements and contributions to the fertilizer industry [9][10] - Shenzhen Hengyun Chang is a leading player in the domestic plasma RF power system market, with its products being used by major semiconductor equipment manufacturers and wafer fabs [12][18]