Group 1 - The report identifies a total of 31 new stocks successfully listed on the Beijing Stock Exchange (BSE) from 2024 to August 8, 2025, highlighting an overall improvement in quality across various financial metrics [3][11][17] - Key financial thresholds for high-potential new stocks on the BSE include: net asset scale of approximately 600 million yuan, expected market value of 2.5-3 billion yuan, net profit of 60 million yuan, weighted ROE of 15%, revenue compound growth rate of 10-15%, and R&D investment around 28 million yuan or over 4.5% of revenue [3][11][17] Group 2 - The report outlines a five-dimensional quantitative model for selecting high-potential new stocks, focusing on industry attractiveness, company competitiveness, financial health, market scarcity, and risk management [4][10][20] - The industry dimension assesses whether the sector aligns with the BSE's focus on innovative SMEs and its growth potential [4][10] - The company dimension evaluates the long-term sustainable growth capabilities and uniqueness of the firm within its niche [4][10] Group 3 - In the second half of 2025, the report suggests focusing on 10 companies that have been under review for nearly a year, including Jie Li Technology, Ai Ke Wei, and Ya Tu Gao Xin [5][14] - Among the newly accepted 115 companies, the average net profit for 2024 is projected to reach 81.13 million yuan, with several companies ranking in the top 25% across key financial dimensions [5][14] Group 4 - The average time from application acceptance to listing for new stocks is approximately 360 days, with the fastest being 140 days and the slowest 624 days [20][22] - The report indicates that 2024 saw a higher number of new listings in the second half compared to the first half, suggesting a growing trend in market activity [24][25]

Core Viewpoint - DBS has raised the target price for SMIC to HKD 57, benefiting from the recovery in end-market demand and the acceleration of chip localization trends [1] Company Summary - SMIC is the only foundry in China capable of 7nm process technology, positioning it well to capitalize on the recovering demand in the terminal market and the trend towards domestic chip production [1] - The electric vehicle market is thriving, and the increasing application of automotive chips is becoming a new growth engine for SMIC [1] - The company is expected to see a 71% increase in earnings for the fiscal year 2025, reaching USD 945 million, driven by improved capacity utilization and gross margin [1] Industry Summary - The report maintains a "Buy" rating for SMIC, with the target price increased from HKD 53.2 to HKD 57, reflecting a projected price-to-book ratio of 2.7 times for this year [1] - Improved demand for consumer electronics and smartphones, along with the launch of new products such as AI, system-on-chip (SoC), and automotive chips, is expected to offset the negative impacts from declining average wafer prices and rising depreciation costs [1] - The valuation of SMIC is anticipated to be supported during the industry's upward cycle [1]

Company Overview - Ambiq Micro, based in Austin, Texas, is a low-power chip design company planning to go public on the New York Stock Exchange under the ticker "AMBQ" [1] - The company aims to issue 3.4 million shares at a price range of $22 to $25 per share, with a fully diluted market capitalization of approximately $435 million at the midpoint price of $23.5 [1][2] Technology and Products - Ambiq Micro specializes in ultra-low power semiconductor solutions, particularly for AI computing and other applications [1] - The company's core technology is the SPOT platform (Sub-threshold Power Optimized Technology), which allows traditional transistors to operate in ultra-low power states [1] - Ambiq's products include various system-on-chip (SoC) solutions that support AI computation, general computing, sensing, storage, security, wireless connectivity, and graphics processing [1] Market Position and Demand - Ambiq's products power over 270 million devices, with 42 million chips shipped in 2024, over 40% of which support AI algorithms [2] - The company reported revenue of $77 million for the 12 months ending March 31, 2025 [2] - The demand for low-power, high-efficiency chips is surging in the context of rapid AI industry growth, making Ambiq's technology particularly relevant for edge computing applications [2] IPO Details - The IPO is managed by Bank of America Securities, UBS Investment Bank, Needham & Co., and Stifel [2] - The pricing and trading of the shares are expected to occur in the week of July 28, 2025 [2]

Investment Rating - The report does not explicitly state an investment rating for the industry or companies involved [1]. Core Insights - The Beijing Stock Exchange (BSE) has optimized its new stock issuance process, reducing the overall time by approximately 20% [3][8]. - The average first-day price fluctuation for companies listed on the BSE in 2024 reached 218% [17][32]. - Among the companies accepted by the BSE, 59% are classified as national-level specialized and innovative "little giants" [35][37]. Summary by Sections 1. Clarified Rules - The BSE has implemented new rules that allow investors to participate in new stock subscriptions without needing to prepare a holding market value, thus lowering the entry barrier [3][13]. - The funds for new stock subscriptions are frozen for 2 trading days, and if not allocated, they are released on T+2 [16] [20]. 2. Data Insights - The number of companies listed on the BSE reached 265 by the end of 2024, with only 23 new listings that year [17][18]. - The average issuance price-to-earnings ratio for companies listed on the BSE decreased from 22.33 times in 2022 to 15.45 times in 2024 [18][19]. - The average amount of frozen funds for online issuance increased significantly from 369.43 billion in 2023 to 2128.97 billion in 2024, marking a growth rate of 476.3% [20][21]. - The average effective subscription multiple for companies listed on the BSE rose from 218.27 times in 2022 to 1478.95 times in 2024 [22][29]. - The average winning rate for subscriptions decreased from 3.28% in 2022 to 0.1% in 2024 [25][26]. 3. Forward-Looking Insights - Among the 98 companies accepted by the BSE, 31 hold a high industry position, with 5 recognized as national-level manufacturing champions [35][37]. - The report identifies 8 high-quality companies based on scale, growth, profitability, and research and development capabilities [35][37].