Core Viewpoint - The People's Bank of China (PBOC) Shaanxi Branch has implemented a comprehensive financial support plan to enhance credit allocation to key industrial chains in Shaanxi province, aiming for a total scale of no less than 30 billion yuan in special re-loan and re-discount quotas for agriculture and small enterprises from 2025 to 2027 [1][2][3] Group 1: Financial Support Measures - The PBOC Shaanxi Branch has issued a work plan that includes the establishment of the "Shanlianrong" special re-loan and re-discount quotas to support financial institutions in lending to key industrial chains in Shaanxi [3][4] - In 2024, the PBOC has issued over 100 billion yuan in re-loans and re-discount funds, marking an 11.53% year-on-year increase, benefiting over 180,000 small and micro enterprises [2][4] - The work plan aims to create a financial service system covering key industrial chains at provincial, municipal, and county levels by 2027, significantly improving the quality and efficiency of financial support for these chains [1][3] Group 2: Key Industrial Chains and Areas of Focus - The special quotas will support 34 provincial-level industrial chains, 8 modern agricultural chains, and 8 cultural tourism chains, as well as other key chains identified by local governments [3][4] - The plan encourages financial institutions to innovate inclusive finance, technology finance, and green finance products to enhance support for agricultural, small, and private enterprises [3][4] - The initiative is part of a broader strategy to strengthen the financial backing for key projects and promote high-quality economic development in Shaanxi [1][2]

Group 1 - The core viewpoint of the article is that Baotai Co., Ltd. is advancing its capacity expansion through fundraising and external acquisitions, specifically by acquiring a 51% stake in Shaanxi Wanhao Titanium Technology Co., Ltd. for 287 million yuan [1][2] - The acquisition will allow Baotai to integrate local quality resources and quickly add 25,000 to 28,000 tons of annual smelting capacity, enhancing market competitiveness and laying a solid foundation for rapid development [2] - Baotai's recent financial performance shows a revenue of 6.657 billion yuan in 2024, a decrease of 3.9% year-on-year, while net profit increased by 5.92% to 576 million yuan [3] Group 2 - Baotai's processing capacity for titanium products in 2024 is designed at 27,800 tons per year, with an actual capacity of 38,100 tons, and a production and sales volume of 33,600 tons and 31,300 tons respectively, reflecting a year-on-year growth of 12% and 6.54% [3] - The company has previously raised 2.005 billion yuan through a private placement in February 2021, which was invested in various projects including high-quality titanium ingot production lines [2] - The controlling shareholder, Baotai Group, has initiated a share buyback plan worth between 150 million to 300 million yuan, with the first purchase of 500,000 shares completed in June [3]

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The North Exchange 50 Index reached a historical high, indicating increased institutional interest and market activity [1][3] - The total number of listed companies on the North Exchange is 266, with a total market capitalization of 795.622 billion yuan, reflecting a quarter-on-quarter increase of 7.8% [1][12] - The average daily margin balance for May reached 5.367 billion yuan, remaining at a historically high level [1][24] Market Overview - The trading volume for May was 28.481 billion shares, with a total transaction value of 604.999 billion yuan, showing a quarter-on-quarter decrease of 8.0% and 4.1% respectively [1][18] - The North Exchange 50 Index exhibited significant volatility, with a peak of 1500.31 before a notable decline [3][32] - The only sector to decline this month was the communication sector, while transportation, defense, beauty care, non-ferrous metals, and pharmaceutical industries saw median gains of over 13% [3][38] Valuation Metrics - As of May 31, the North Exchange 50 Index had a price-to-earnings ratio (PE-TTM) of 47.71, placing it in the 98.14th percentile over the past two years [2][28] - The price-to-book ratio (PB-MRQ) was 9.15, in the 95.46th percentile, and the dividend yield was 0.62, in the 0.83rd percentile [2][28] - The highest median PE ratios by industry were in computing (134), telecommunications (111), and building materials (96) [2][28] Industry Performance - The report highlights that the transportation, defense, beauty care, non-ferrous metals, and pharmaceutical sectors performed well, with no sectors experiencing declines when weighted by market capitalization [3][38] - The top ten stocks by gain this month included Tian Gong Co., Luqiao Information, and Qifeng Precision [3][42] New Listings and Market Dynamics - One new company, Tian Gong Co. (920068.BJ), was listed this month, bringing the total to 266 [1][4] - The report notes ongoing policy initiatives aimed at supporting the high-quality development of innovative small and medium-sized enterprises [4][13]

Group 1 - The 9th Silk Road Expo is being meticulously planned by various departments in Shaanxi to ensure high-quality execution, featuring the Silk Road Quality Products Exhibition that will showcase over a thousand unique products and geographical indication products [1] - During the expo, the Weinan city will host 10 significant activities, including thematic promotion events and cooperation discussions related to the China-Europe Railway Express (Xi'an) and China-Central Asia Silk Road e-commerce [1] - The Xi'an Science and Technology Bureau is responsible for organizing the exhibition area for the Xi'an Regional Science and Innovation Center, inviting high-quality exhibitors from technology enterprises and research institutions that have made notable achievements in various fields [1] Group 2 - The Silk Road Quality Products Exhibition will take place at the Xi'an International Convention and Exhibition Center, covering an area of 16,000 square meters, with the Shaanxi Provincial Council for the Promotion of International Trade sending out invitations to various business associations and enterprises [2] - During the exhibition, the Provincial Council will organize multiple supporting activities, including product promotions, international business roadshows, procurement matchmaking, demand releases, cloud exhibitions, cultural performances, and food tastings, providing exhibitors with broader opportunities for brand and product exposure [2]