Summary of Key Points Core Viewpoint - This week, one new stock will be available for subscription, while four companies are undergoing IPO reviews, indicating ongoing activity in the capital markets [2][3]. Group 1: New Stock Subscription - One new stock, Aomeisen, will be available for subscription on Monday, September 25 [2]. - Last week, Shichang Co. debuted on the North Exchange, experiencing a significant first-day increase of 271.56% [2]. Group 2: Company Performance and Financials - Shichang Co. specializes in the research, production, and sales of automotive fuel systems, primarily selling to major vehicle manufacturers like Geely and FAW [2]. - Baiaosaitu, known as the "first stock in gene editing," plans to raise approximately 11.85 billion yuan for early drug development services and other projects [3][5]. - Baiaosaitu's projected revenues for 2022, 2023, and 2024 are 534 million yuan, 717 million yuan, and 980 million yuan, respectively, with net profits expected to improve from a loss of 602 million yuan in 2022 to a profit of 33.54 million yuan in 2024 [3][4]. Group 3: Fundraising and Investment Plans - The fundraising plan for Baiaosaitu includes allocations of 45.36 million yuan for early drug development services, 31.65 million yuan for antibody drug research, and 16.5 million yuan for preclinical research [6]. - The total investment amount for these projects is 118.5 million yuan, with the majority directed towards early drug development services [6].

Macro Information and Commentary - Fixed asset investment in August showed a cumulative year-on-year growth rate decline to 0.50%, with infrastructure investment at 5.42%, manufacturing investment at 5.10%, and real estate development investment at -12.90% [2][3] - Retail sales of consumer goods in August had a month-on-month year-on-year growth rate of 3.40%, dragging the cumulative growth rate down to 4.60%, the lowest level since 2025 [3] - The A-share market experienced fluctuations from September 15 to September 19, with the Shanghai Composite Index down 1.30% and the ChiNext Index up 2.34% [4] Investment Recommendations - The A-share market is expected to operate in a "slow bull" trend under the guidance of policies aimed at stabilizing the stock market, with a likelihood of gradual upward movement in September [4] - Focus areas for investment include anti-involution sectors, technology-related artificial intelligence sectors, and large environmental protection sectors [5] North Exchange Overview - As of September 19, 2025, the North Exchange had 276 listed stocks, with a total market value of approximately 921.74 billion yuan, a decrease of 1.40% from the previous week [6][7] - The newly listed company N Shichang saw a significant increase of 271.56% in its stock price during its first week of trading [6] North Exchange Liquidity - The average trading volume on the North Exchange decreased by 13.21% to 1.147 billion shares, and the average trading amount fell by 14.73% to 27.234 billion yuan [7] - The average turnover rate also declined, indicating reduced liquidity in the market [7] Industry Performance on North Exchange - Among the 24 primary industries represented on the North Exchange, the environmental and transportation sectors showed the highest growth rates of 6.08% and 3.60%, respectively, while the construction materials and decoration sectors experienced declines of -6.65% and -5.04% [8]

IPO Review and Registration Progress - Three IPO applications were accepted last week, including Senhe High-Tech aiming for the Beijing Stock Exchange to raise 490 million yuan, Yisiwei targeting the Sci-Tech Innovation Board with a planned raise of 1.214 billion yuan, and Zhixin Co. applying for an IPO on the Shanghai Main Board with a target of 1.329 billion yuan [2][3] - Senhe High-Tech specializes in the R&D, production, and sales of environmentally friendly precious metal mining agents, with sales revenue from these agents accounting for over 95% of its main business income during the reporting period [2] - Yisiwei focuses on automotive manufacturing machine vision equipment, holding the largest market shares in China’s automotive manufacturing and complete vehicle manufacturing machine vision markets at 13.7% and 22.5% respectively [3] - Zhixin Co. develops and produces automotive welding parts and related molds, with over 70% of its revenue coming from its top five customers [3] Recent IPO Approvals and Upcoming Listings - Huaxin Precision passed its IPO review on June 6, focusing on precision stamping products, with a projected revenue of 1.421 billion yuan in 2024, a 19.49% increase year-on-year [4] - Three companies are set to undergo IPO reviews this week, including Sanxie Electric, which reported steady revenue growth from 287 million yuan in 2022 to 420 million yuan in 2024 [4][5] - United Power, a subsidiary of Huichuan Technology, achieved a revenue of 16.178 billion yuan in 2024, a 72.74% increase, with over 85% of its revenue derived from electric drive systems [5] - Daoshengtianhe, a wind power industry chain company, reported a revenue of 3.238 billion yuan in 2024, a slight increase of 1.13% [6] New Stock Listings and Subscription Dynamics - Two new stocks were listed last week, Zhongce Rubber and Youyou Green Energy, with the latter seeing a significant first-day increase of 68.64% [9][10] - This week, Jiao Da Tie Fa is scheduled to be listed on June 10, with a projected revenue of 335 million yuan in 2024 [10] - Two new stocks are set for subscription this week, including Huazhi Jie and New Henghui, with planned fundraising of approximately 486 million yuan and 519 million yuan respectively [11] Policy and Regulatory Developments - The China Securities Regulatory Commission (CSRC) announced plans to support high-quality unprofitable technology companies in going public, emphasizing the importance of information disclosure and market intermediary verification [12] - The China Listed Companies Association released guidelines for audit committees to enhance compliance and governance among listed companies [13]