Group 1 - The report highlights the issuance of the "Artificial Intelligence + Manufacturing" action plan, which aims for China to achieve a leading position in AI core technologies and industry scale by 2027, with specific tasks outlined for innovation, product breakthroughs, and enterprise cultivation [3][13][14] - The report identifies 40 companies in the AI + industrial information sector, including key players like Hengtong Optic-Electric and Parallel Technology, which are expected to benefit from the action plan [2][3][20] - Hengtong Optic-Electric (920045.BJ) focuses on the R&D and manufacturing of passive optical devices, reporting a revenue increase of 91.38% year-on-year for Q1-Q3 2025 [22][24] Group 2 - The information technology sector experienced an average weekly increase of 7.33%, with notable performance in high-end equipment and chemical new materials sectors [4][36] - The average P/E ratio for the information technology sector rose to 79.7X, with companies like Zhongcheng Technology and Xingtum Measurement Control showing significant stock price increases [4][39] - The report indicates that the total market capitalization of the technology new industry increased from 502.61 billion to 533.32 billion, with a median market cap rise from 2.27 billion to 2.39 billion [5][60] Group 3 - The report notes that 143 out of 159 companies in the technology new industry saw stock price increases, with a median increase of 4.60% [5][54] - Parallel Technology (920493.BJ), a leading provider of supercomputing cloud services, reported a revenue growth of 69.25% year-on-year for Q1-Q3 2025 [23][26] - Xingtum Measurement Control (920116.BJ), a national-level specialized enterprise in aerospace measurement and control, achieved a revenue increase of 15.57% year-on-year for Q1-Q3 2025 [27][32]

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]

Group 1 - This week, two new stocks will be available for subscription: Zhixin Co., Ltd. on the Shanghai Main Board and Kema Materials on the Beijing Stock Exchange [2] - Last week, five new stocks debuted in the A-share market, with a notable performance from Hengdong, which surged by 878.16% on its first day [2] - Hengdong focuses on the research, development, manufacturing, and sales of passive optical devices in the optical communication field, establishing long-term partnerships with major clients like Google, Amazon, and Microsoft [2] Group 2 - Two companies are undergoing IPO review this week: Chenguang Electric on the Beijing Stock Exchange and Banzhe Chuangke [3] - Chenguang Electric specializes in the research, production, and sales of micro-special motors, primarily used in cleaning appliances like vacuum cleaners [3] - The revenue projections for Chenguang Electric are 495 million yuan for 2022, 712 million yuan for 2023, 827 million yuan for 2024, and 437 million yuan for the first half of 2025, with net profits of 58.27 million yuan, 99.33 million yuan, 78.63 million yuan, and 43.24 million yuan respectively [3][4] Group 3 - As of the end of 2025, the total assets of Chenguang Electric are projected to reach approximately 901.79 million yuan, with total equity of about 503.95 million yuan [4] - The company's revenue for 2024 is expected to be around 826.65 million yuan, with a gross profit margin of 19.73% [4] - The weighted average return on equity is projected to be 8.99% for the first half of 2025, down from 31.09% in 2023 [4] Group 4 - There has been a 57.14% increase in IPO counseling filings, with 22 new companies added [4] - The list of companies undergoing IPO counseling includes various firms across different sectors, indicating a growing interest in public offerings [6]

Group 1 - The North Exchange 50 Index decreased by 1.55% this week, with an average daily trading volume of 19.4 billion, reflecting a 2.8% decrease compared to the previous week [6][11][16] - The new stock, Hengdongguang, listed this week, with a first-day increase of 878.16% and a turnover rate of 53.79% [11][30] - The theme investment remains active, particularly in sectors such as humanoid robots, AI, commercial aerospace, and nuclear fusion, with notable performances from Tianming Technology (+65.8%) and Lifan Holdings (+29.9%) [11][12][13] Group 2 - A total of 40 companies were accepted for public offering this week, with several expected to achieve over 200 million yuan in net profit for 2024 [12][13] - The report highlights the potential for high-quality expansion in the North Exchange in 2026, with attention on companies like Jieli Technology and Xianlin Sanwei [12][13] - The report emphasizes the importance of timing in theme investments, particularly in the context of the upcoming "14th Five-Year Plan" and the spring market [13][14] Group 3 - The report indicates a shift in market style from small-cap stocks to growth sectors, with a focus on technology and cyclical industries for the first half of 2026 [13][14] - The North Exchange's PE (TTM) average is 82.98 times, with a median of 39.74 times, indicating a valuation landscape that investors should consider [4][24][26] - The report notes that the financing balance for margin trading on the North Exchange is 7.985 billion yuan, reflecting ongoing investor engagement [6][30] Group 4 - The new third board saw 8 new listings and 3 delistings this week, with a total of 5960 companies listed [47][49] - The report mentions that the new third board completed financing of 769 million yuan this week, indicating active capital movement [47][52] - The report provides insights into the fundraising plans of various companies, highlighting significant amounts raised in the medical and mechanical sectors [52][53]

Core Insights - The Beijing Stock Exchange (BSE) has achieved significant high-quality development in 2025, with a total of 26 companies listed, raising a total of 7.619 billion yuan [1] - The newly listed companies exhibit a trend of quality improvement, with a notable concentration of "specialized, refined, distinctive, and innovative" small giant enterprises, accounting for nearly 70% of the new listings [1] - The BSE's secondary market remains active, with the North China 50 Index increasing by 38.8% and the specialized index rising by 44.01% [1] Group 1 - The listing of Hengtongguang marks the 26th company to join the BSE in 2025, focusing on passive optical devices in the optical communication sector [1] - A total of 26 companies raised 7.619 billion yuan, indicating a robust fundraising environment [1] - The new listings include 18 specialized small giant enterprises across key sectors such as high-end manufacturing, new materials, TMT, biomedicine, and rail transportation [1] Group 2 - The average first-day stock price increase for new shares exceeds 300%, with some stocks experiencing intraday gains over 1000% [2] - The total funds for individual new shares approached 1 trillion yuan, reflecting strong investor interest in innovative small and medium-sized enterprises [2] - As of December 31, 2025, the total number of listed companies on the BSE reached 288, with a total market capitalization of 869.4 billion yuan [2]

Investment Rating - The report suggests a structural market outlook for the North Exchange, with a focus on sectors benefiting from policy support and strong growth potential, such as robotics, commercial aerospace, artificial intelligence, and smart driving [3]. Core Insights - The North Exchange A-shares trading volume reached 19.08 billion yuan on December 30, 2025, an increase of 610 million yuan from the previous trading day, with the North Exchange 50 Index closing at 1450.64, down 0.40% [7][3]. - The report highlights the upcoming listing of Hengtong Light, a national-level specialized and innovative company in the optical communication sector, which is expected to attract market attention due to its strong performance and applications in AI data centers [3]. - The report emphasizes the importance of structural opportunities in the market, driven by policy dividends, expectations of new capital inflows, and the supply of quality new stocks [3]. Summary by Sections Market Review - On December 30, 2025, the North Exchange A-shares trading volume was 19.08 billion yuan, with 287 companies listed, of which 106 rose, 6 remained flat, and 175 fell [7][16]. - The top five gainers included Tianming Technology (30.0%), Fengguang Precision (17.6%), and Chunguang Intelligent (11.0%), while the top five losers included *ST Guandao (-29.5%) and Tianli Composite (-11.7%) [16][17]. Important News - The Ministry of Industry and Information Technology and three other departments issued a plan for the digital transformation of the automotive industry, aiming to enhance the maturity level of intelligent manufacturing capabilities by 2027 [18]. - Several eVTOL products are expected to obtain certification in 2026, indicating a burgeoning low-altitude economy market [19]. Key Company Announcements - Ainanju plans to reduce its shareholding by up to 1,471,700 shares, accounting for 1.1309% of the total share capital [22]. - Qilu Huaxin announced the lifting of restrictions on 1,352,000 shares, representing 0.97% of the total share capital, effective January 8, 2026 [20].

北交所新股N蘅东光（920045）今日上市，开盘上涨1007.95%，截至收盘涨幅回落至878.16%，全天成 交量1082.62万股，成交额36.48亿元，换手率53.79%。 | 代码 | 简称 | 发行价（元） | 上市日期 | 首日收盘价（元） | 首日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 920045 | N蘅东光 | 31.59 | 2025.12.31 | 309.00 | 878.16 | | 920121 | 江天科技 | 21.21 | 2025.12.25 | 59.51 | 180.58 | | 920035 | 精创电气 | 12.10 | 2025.12.02 | 52.12 | 330.74 | | 920124 | 南特科技 | 8.66 | 2025.11.27 | 24.51 | 183.03 | | 920091 | 大鹏工业 | 9.00 | 2025.11.21 | 118.00 | 1211.11 | | 920160 | 北矿检测 | 6.70 | 2025.11.18 | 26.50 | 295.52 ...

Core Viewpoint - The recent surge in new stocks, particularly on the Beijing Stock Exchange, has attracted significant attention and investment interest, indicating a robust market environment for new listings [1][5]. Group 1: New Stock Performance - The new stock N Hengdongguang opened with a rise of over 1000%, reaching a price of 350 yuan, and later surged to over 1100%, with potential profits exceeding 35,000 yuan per hand [1][2]. - Another new stock, N Xinguangyi, saw its price increase by 285% before triggering a trading halt, eventually rising over 330%, with a trading volume surpassing 1.2 billion yuan [1][2]. Group 2: Company Insights - N Hengdongguang specializes in passive optical devices for the optical communication sector, recognized as a "specialized and innovative" small giant enterprise in Guangdong [2]. - The company reported expected revenues of 1.315 billion yuan and a net profit of 148 million yuan for 2024, with projected growth for 2025 indicating revenues between 2.11 billion and 2.2 billion yuan, representing a year-on-year increase of 60.45% to 67.30% [2]. Group 3: Market Trends and Strategies - The macroeconomic environment is showing positive changes, supporting the development of the Beijing Stock Exchange, with new policies aimed at enhancing the market for specialized and innovative enterprises [4]. - Analysts suggest a "steady layout, dual-line advancement" strategy for the upcoming spring market, focusing on high-dividend stocks and technology growth sectors, particularly in AI applications and digital economy [4][5]. - The new stock issuance is expected to increase in 2026, providing more opportunities for investors, with the potential for significant returns as liquidity improves [5].

Group 1 - The article discusses the listing of two new stocks on December 31, with New Guangyi (创业板, 301687) and Guangdong Guangdong (北交所, 920045) being the companies involved [2][3] - New Guangyi's issue price is 21.93 yuan, with a total market value of 2.416 billion yuan and an issuance price-earnings ratio of 28.59 [2] - New Guangyi is a leading domestic manufacturer of flexible circuit boards and special functional films, having successfully broken foreign technology monopolies, with a market share expected to reach 30% by 2024 [2] - The company has over twenty materials entering Apple's supply chain and has achieved partial delivery, with BYD holding a 4.17% stake in the company [2] - New Guangyi ranks first globally in the shipment of photovoltaic adhesive films and backsheets, having completed supplier certification and bulk supply [2] Group 2 - Guangdong Guangdong's issue price is 31.59 yuan, with a total market value of 1.827 billion yuan and an issuance price-earnings ratio of 14.99 [3] - The company focuses on passive optical devices in the optical communication field, with competitive products in high-density and high-speed areas, including AI data centers [3] - Guangdong Guangdong has begun producing ultra-large core fiber pre-terminated wiring assemblies, with significant shipments of 400G and 1.6T products [3] - The company's clients include leading foreign firms such as AFL and Coherent, as well as global leaders like Tencent and NVIDIA, with projected earnings growth from 2021 to 2024 [3]

Summary of Key Points Core Viewpoint - The A-share market will see four new stocks listed during the last three trading days of 2025, with no new stock subscriptions available for investors during this period. The recent trend shows a strong "profit effect" from new stocks, with significant gains reported on their first trading days. Group 1: Upcoming New Stock Listings - Four new stocks will be listed on the A-share market: Yufan Technology (001396), Qiangyi Semiconductor (688809), Shuangxin Environmental Protection (001369), and Hengdong Optical Communication Technology (920045) [1][3] - Yufan Technology will be listed on December 30, 2025, while Hengdong Optical Communication will be listed on December 31, 2025 [3] Group 2: Recent New Stock Performance - Last week, five new stocks were listed, with four of them achieving significant first-day gains. Notably, Nabai Chuan's stock saw a first-day profit of 46,200 yuan per subscription [1][10] - Jiangsu Xihua New Energy Technology's stock had a first-day closing price of 36.81 yuan, up 264.46% from its issue price of 10.1 yuan, resulting in a profit of 13,352 yuan per subscription [11] - Nabai Chuan's stock closed at 115 yuan, a 408.18% increase from its issue price of 22.63 yuan, yielding a profit of 46,200 yuan per subscription [12] Group 3: Company Profiles of New Listings - Yufan Technology focuses on underground pipeline detection and has over 60 relevant qualifications and certifications [4][5] - Qiangyi Semiconductor specializes in semiconductor design and manufacturing, particularly in the development and production of MEMS probe cards, breaking the foreign monopoly in this field [6] - Shuangxin Environmental Protection is engaged in the production and sales of polyvinyl alcohol (PVA) and related chemical materials, with a complete PVA industry chain [7] - Hengdong Optical Communication develops and manufactures passive optical devices, with a focus on AI data center networks and long-term partnerships with major clients [9]