Summary of Key Points Core Viewpoint The Beijing Stock Exchange (BSE) has seen a decrease in trading volume and value over the past week, with a total of 287 listed companies as of December 21, 2025. The market is also witnessing new listings and applications for IPOs, indicating ongoing activity despite the recent declines in trading metrics. Trading Metrics - As of December 21, 2025, the BSE has 287 listed companies with a total share capital of 39.676 billion shares and a circulating share capital of 25.312 billion shares [2] - For the week of December 22-27, 2025, the trading volume was 4.634 billion shares, a decrease of 6.63% week-over-week [3] - The trading value for the same week was 99.934 billion yuan, down 11.68% from the previous week [3] - The average trading price was 21.57 yuan, reflecting a decrease of 5.41% [3] - The BSE 50 Index fell by 1.19% to 1463.04 points, with 28 stocks rising and 22 falling [3] New Listings and IPO Applications - During the week of December 22-27, 2025, one company was listed, and one company opened for subscription [6][12] - A total of 9 companies had their IPO applications accepted, while 4 companies passed the review process [6][38] - As of December 27, 2025, there are 160 companies awaiting review, with 13 accepted, 121 under inquiry, and 14 submitted for registration [6] Recent IPOs - Jiangtian Technology (江天科技) was listed on December 25, 2025, becoming the 287th company on the BSE, with a first-day closing price of 47.85 yuan, up 180.58% from its issue price [8][9] - The company aims to raise 531 million yuan for the construction of a comprehensive R&D and manufacturing base [9] - For the first three quarters of 2025, Jiangtian Technology reported a revenue of 468 million yuan, a year-on-year increase of 10.85%, and a net profit of 89.11 million yuan, up 11.45% [11] Upcoming IPOs - Hengtong Optoelectronics (蘅东光) opened for subscription on December 23, 2025, with a target of raising 323.8 million yuan [13] - The company reported a revenue of 1.315 billion yuan for 2024, a significant increase of 91.38% year-on-year, and a net profit of 224 million yuan, up 123.75% [16] - Other companies, including Miro Technology (觅容科技) and Meiya Technology (美亚科技), have submitted registration applications, aiming to raise 314 million yuan and 200 million yuan, respectively [19][22] Companies Passing Review - Four companies passed the listing committee review during the week, including Ying's Holdings (英氏控股) and Longyuan Co., Ltd. (隆源股份) [24][26] - Ying's Holdings reported revenues of 1.974 billion yuan for 2024, with a net profit of 210 million yuan [25] - Longyuan Co., Ltd. aims to raise 560 million yuan for projects related to new energy systems [28] Companies Completing Counseling - A total of 28 companies completed their counseling work during the week [68] - These companies are preparing for their IPOs, indicating a robust pipeline for future listings on the BSE [68]

Group 1 - The market sentiment is positive, with the North Exchange 50 Index rising by 1.19% and a total of 76 stocks increasing in value, while 209 stocks declined, resulting in a rise-fall ratio of 0.36 [2][8][30] - Key market themes include commercial aerospace, Hainan's "closure" theme, liquid cooling, rising lithium battery material prices, and record copper prices, indicating active thematic investments in future industries such as quantum technology, biomanufacturing, hydrogen energy, and nuclear fusion [8][9][12] - The report emphasizes the importance of timing in thematic investments, particularly in the context of the upcoming "14th Five-Year Plan" and suggests focusing on North Exchange stocks related to future industries [9][10] Group 2 - The North Exchange's new stock quality is expected to improve, with attention on changes in new stock allocation policies for 2026 and upcoming listings, including Wei Dongguang [10][21][27] - This week, one new stock, Jiangtian Technology, was listed with a first-day increase of 180.58%, bringing the total number of listed companies on the North Exchange to 287 [21][27] - The report highlights the potential for significant returns from low-valuation stocks such as Tongli Co., KAIT Co., and others, as new funds are expected to return in early 2026 [10][12][40]

Group 1 - Jiangtian Technology (920121) experienced a first-day increase of 180.58%, with a turnover rate of 93.85% and a transaction volume of 734 million yuan [1] - The stock's first-day margin trading saw a buy amount of 7.70 million yuan, accounting for 1.05% of the total trading volume, with a latest margin balance of 6.89 million yuan, representing 0.97% of the circulating market value [1] - The company specializes in the research, production, and sales of label printing products, providing integrated solutions for customers including material selection, color and ink scheme customization, process design, and stable production supply [1] Group 2 - The first-day performance of Jiangtian Technology is notable compared to other recent IPOs, with significant increases in stock prices and varying margin trading activities [2]

北交所新股N江天（920121）今日上市，开盘上涨187.60%，截至收盘涨幅回落至180.58%，全天成交量 1116.14万股，成交额7.34亿元，换手率93.85%。 | 代码 | 简称 | 发行价（元） | 上市日期 | 首日收盘价（元） | 首日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 920121 | N江天 | 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 | | 920003 | 中诚咨询 | 14.27 | 2025.11.07 | 38.54 | 170.08 | | 9 ...

Group 1 - The core viewpoint of the news is that the company N Jiangtian (920121) has successfully listed on the Beijing Stock Exchange, experiencing significant stock price increases on its debut [1][2] - The stock opened with a rise of 187.60% and further increased to 230.08% by midday, with a trading volume of 8.9832 million shares and a transaction value of 594 million yuan, resulting in a turnover rate of 75.54% [1] - The company specializes in the research, production, and sales of label printing products, providing integrated solutions for customers, including material selection, color and ink scheme customization, process design, and stable production supply [1] Group 2 - The company's net profits for 2022, 2023, and 2024 are projected to be 74.454 million yuan, 96.461 million yuan, and 102 million yuan respectively [2] - The public offering consisted of 13.2136 million shares at an issuance price of 21.21 yuan, with a price-to-earnings ratio of 14.50 times [2] - The online offering received a total effective subscription of 3,663.1093 million shares, resulting in a subscription multiple of 3080.24 times and an allocation ratio of 0.03% for online participants [2]

据了解，江天科技主要从事标签印刷产品的研发、生产与销售，致力于为客户提供承印材料选取、色彩 和油墨方案定制、工艺方案设计和优化，以及高效稳定生产供应的标签一体化综合解决方案。公司股票 首发价格为21.21元/股。 北京商报讯（记者 马换换 王蔓蕾）12月25日，江天科技（920121）登陆北交所上市，上市首日公司股 价高开187.6%，开于61元/股，总市值40.3亿元。 ...

（文章来源：每日经济新闻） 每经AI快讯，12月25日，今日无新股申购，1只新股上市，为北交所的江天科技。江天科技专注于标签 印刷产品的研发、生产与销售。 ...

Core Insights - The report highlights a price increase announced by a leading carbon fiber company, indicating a potential recovery in the industry's bottom line and overall market conditions [4][5] - The report emphasizes the growth potential in the label printing sector, particularly for Jiangtian Technology, which specializes in high-quality label printing services [6][7] Industry Summary Chemical Raw Materials - The new materials sector experienced a slight decline, with the new materials index down by 0.23%, although it outperformed the ChiNext index by 2.03% [4] - Key price movements in the amino acids and biodegradable materials were noted, with valine increasing by 4.98% to 13,700 CNY/ton, while other prices remained stable [4] Carbon Fiber Industry - The carbon fiber market is showing signs of recovery, with a significant increase in demand expected, particularly in wind power and aerospace applications. The actual consumption of carbon fiber in China is projected to reach 96,446 tons in 2025, a year-on-year increase of 71.89% [5] - Major companies like Toray and Jilin Chemical Fiber have announced price hikes for their carbon fiber products, indicating a strengthening market position for high-performance carbon fiber suppliers [5] Label Printing Sector - Jiangtian Technology is positioned as a leading service provider in the label printing industry, with a focus on non-dry adhesive labels used in various consumer sectors. The company has established stable partnerships with major brands like Unilever and Procter & Gamble [6] - The label printing market in China is expected to grow significantly, with a projected compound annual growth rate of 10.44% from 2023 to 2031, driven by rising disposable incomes and consumption upgrades [6][7] Solar Industry - The report notes stable pricing for polysilicon and an increase in silicon wafer prices, with the average price for 130um N-type silicon wafers rising by 5.9% to 1.25 CNY/piece [8] - Battery cell prices have also increased, with N-type battery cells seeing a 13.3% rise to 0.34 CNY/W, reflecting a tightening supply and increased production costs [9]

海牛投研12月22日，江天科技（920121）将于12月25日在北交所上市，同日从新三板摘牌。 资料显示，江天科技发行价格为21.21元/股，发行股份数量1321.36万股，募集资金总额为2.80亿元。 招股书显示，江天科技主营业务为标签印刷产品的研发、生产与销售,致力于为客户提供承印材料选取、色彩和油墨方案定制、工艺方案设计 和优化,以及高效稳定生产供应的标签一体化综合解决方案。 江天现服务联合利华、宝洁、亿滋食品、壳牌、道达尔、花王、高露洁、上海家化、百雀羚、农夫山泉、元气森林、海天、统一食品等各行业 领导企业。 业绩方面，2022年-2024年，公司营业收入分别为3.84亿元、5.08亿元、5.38亿元，归母净利润分别为7445.40万元、9646.11万元、1.02亿元。 江天具有先进的生产工艺和精专的标签研发能力,拥有多项专利。公司被评江苏省高新技术企业,公司的技术中心被省政府认定为省级企业技术 中心,同时被评国家新闻出版署评定为智能示范车间,荣获苏州质量奖等。公司通过ISO9001、ISO14001、ISO45001、FSC认证。 ...

海牛投研12月18日消息，江天科技（920121）北交所IPO发行结果出炉，52.96万户投资者打新，有效申购数量366.31亿股，冻结资金约 7769.44亿元，申购倍数3080.24倍，获配比例为0.032%。 资料显示，江天科技主营业务为标签印刷产品的研发、生产与销售,致力于为客户提供承印材料选取、色彩和油墨方案定制、工艺方案设 计和优化,以及高效稳定生产供应的标签一体化综合解决方案。 业绩方面，2022年-2024年，公司营业收入分别为3.84亿元、5.08亿元、5.38亿元，归母净利润分别为7445.40万元、9646.11万元、1.02亿 元。 在已完成缴款的战略配售环节，江天科技引入中信建投基金-共赢61号员工参与战略配售集合资产管理计划、国投证券投资有限公司 、 江苏省大运河文化旅游投资管理有限公司3家战投。 本次发行战略配售股份合计132.14万股，占本次发行规模的10.00%（不含超额配售部分股票数量），发行价格为21.21元/股，战略配售募 集资金金额合计2802.61万元。 江天现服务联合利华、宝洁、亿滋食品、壳牌、道达尔、花王、高露洁、上海家化、百雀羚、农夫山泉、元气森林、海天、统一 ...