Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The North Exchange 50 index experienced a significant decline of 12.32% in November 2025, with the index closing at 1,387.70 points [31] - The total number of listed companies on the North Exchange reached 285, with a total market capitalization of 827.155 billion and a circulating market value of 507.712 billion, reflecting a decrease of 10.2% and 11.2% respectively [11][18] - The report highlights that all sectors within the North Exchange experienced declines, with the most significant drops in household appliances, transportation, communication, automotive, and non-ferrous metals [35] Market Overview - The trading volume for November was 16.987 billion shares, with a total transaction value of 376.778 billion, marking a month-on-month increase of 9.9% in volume and 3.1% in value [18][21] - The average daily margin balance for the North Exchange in November was 7.789 billion, showing a month-on-month increase of 2.35% [22] Valuation Metrics - As of November 28, the North Exchange 50 index had a price-to-earnings ratio (PE-TTM) of 43.07, placing it at the 67.98th percentile over the past two years, while the price-to-book ratio (PB-MRQ) was 8.89, at the 75.21st percentile [24][27] - The dividend yield was reported at 0.78, corresponding to the 26.56th percentile over the same period [24] Industry Performance - The report indicates that the North Exchange's specialized and innovative index fell by 13.44% in November, with other major indices also experiencing declines, including the Sci-Tech 50 down 6.24% and the ChiNext index down 4.23% [31] - The report notes that the North Exchange's new listings included five companies: Danna Biological, Zhongcheng Consulting, Beikang Testing, Dapeng Industrial, and Nante Technology [11][3] Policy and Events - In November 2025, the Beijing Stock Exchange introduced a series of policies aimed at enhancing market vitality and solidifying institutional foundations, achieving progress in information disclosure, institutional behavior, new stock performance, and ongoing supervision [4]

Group 1 - The core viewpoint of the news is the remarkable performance of Dapeng Industrial's stock on the Beijing Stock Exchange, with a peak increase of over 1660% and a closing price rise of 1211% to 118 CNY per share, resulting in a market capitalization of 7.253 billion CNY and a turnover rate of 98.28% [1] - Dapeng Industrial, established in 2005, is a leading manufacturer in the field of industrial precision cleaning equipment in China, with a product portfolio that includes industrial intelligent cleaning machines, machine vision detection equipment, and cleaning agents [1] - The company has established long-term strategic partnerships with major automotive groups such as BYD and Changan Automobile, as well as key component leaders like Weichai Power and Dong'an Co., indicating a strong customer base [1] Group 2 - Dapeng Industrial's IPO on the Beijing Stock Exchange involved the issuance of 1.5 million strategic placement shares at a price of 9 CNY per share, with a significant investment from Yingfeng Group, controlled by Midea Group's founder's son, which has seen its investment value increase from 5.23 million CNY to 68.6 million CNY [2] - The company faced challenges in its IPO journey, having previously attempted to list on the ChiNext board in December 2020 but withdrew its application in August 2021 due to failure to meet listing standards [2] - Dapeng Industrial has changed its auditing firm multiple times due to issues with previous auditors, currently working with Zhongxinghua Certified Public Accountants after facing penalties related to audit diligence and involvement in financial fraud cases with other firms [3]

Core Insights - Dapeng Industrial (920091) successfully completed its IPO on the Beijing Stock Exchange, attracting 594,000 investors with a total subscription of 72.218 billion shares, resulting in a subscription multiple of 5349.48 times and a allocation ratio of 0.019% [1] Group 1: IPO Details - The strategic placement phase involved three investors: Dongzheng Futures Dapeng Industrial Strategic Placement Collective Asset Management Plan, Yingfeng Group Co., Ltd., and Shanghai Dongfang Securities Innovation Investment Co., Ltd. [1] - A total of 1.5 million shares were allocated in the strategic placement, accounting for 10% of the total issuance, with an issue price of 9.00 yuan per share, raising a total of 13.5 million yuan [2] Group 2: Company Overview - Dapeng Industrial specializes in the research, design, manufacturing, sales, and technical services of automation equipment, as well as the production and sales of automotive auxiliary machines and cleaning agents [2] - The company is recognized as a high-tech enterprise and has received various accolades, including being a national-level "specialized and innovative" small giant enterprise and a champion enterprise in the manufacturing sector in Heilongjiang Province [2] Group 3: Product and Client Base - The company's product offerings include industrial intelligent cleaning machines, machine vision defect detection equipment, and cleaning agents, catering to the cleanliness and defect detection needs of clients [3] - Dapeng Industrial holds a leading position in the domestic industrial cleaning sector, with a client base that includes major automotive groups such as SAIC Group, GAC Group, and BYD Auto [3] - The company has successfully exported its products to countries including Japan, Thailand, South Korea, Turkey, and Indonesia [3] Group 4: Financial Performance - Projected revenues for Dapeng Industrial are 248 million yuan, 260 million yuan, and 265 million yuan for the years 2022 to 2024, respectively, with net profits of 39.1546 million yuan, 48.6917 million yuan, and 43.4861 million yuan [3]