Group 1: REITs Market Overview - The REITs index continues to rise, with property types showing strength this week, indicating a recovery in market activity [2][3] - As of June 13, 2025, the total market value of REITs reached 204.08 billion yuan, an increase of 2.01 billion yuan from the previous week [3][4] - The average weekly increase for property-type REITs was 0.95%, outperforming other categories [4] Group 2: H Acid Market Dynamics - The average market price of H acid as of June 13, 2025, was 41,750 yuan per ton, up 5,750 yuan per ton since early January 2025 [6][7] - Supply-demand tightness is expected to push H acid prices higher, with effective domestic production capacity currently below 60,000 tons, leading to a supply gap of over 10% [8][9] - Companies with integrated production capacity for H acid and reactive dyes, such as Zhejiang Longsheng and Jinchicken Co., are expected to benefit from rising prices [9][10] Group 3: North Exchange Market Insights - As of June 13, 2025, the North Exchange A-share component stocks totaled 267, with an average market capitalization of 3.046 billion yuan [11] - The North Exchange 50 index experienced a decline of 3.11%, while the average daily trading volume increased by 31.28% compared to the previous week [11][12] - The newly listed company, Jiao Da Tie Fa, focuses on intelligent products and services for rail transit, with projected revenue of 335 million yuan for 2024 [12] Group 4: AI Chip Design System Launch - The world's first AI-based chip design system, "Enlightenment," was launched, achieving full automation in chip design processes [14][16] - The system can design a 32-bit RISC-V CPU in just five hours, matching the performance of Intel 486, and has completed its first silicon [16] - This innovation is expected to significantly enhance the efficiency of chip design and development in the semiconductor industry [16] Group 5: New Materials Industry Outlook - The new materials sector is anticipated to enter a growth phase driven by increasing downstream demand and supportive policies [14][25] - Key areas of focus include semiconductor materials, renewable energy technologies, and biodegradable plastics, which are expected to see significant investment and development [19][23] - The industry maintains a "recommended" rating due to its potential for growth and innovation [25]

Investment Rating - The report maintains a positive outlook on the industry, suggesting a focus on high-quality stocks with stable growth and reasonable valuations in the medium to long term [3][4]. Core Insights - The North Exchange (北交所) has shown a mixed performance, with the North Exchange 50 Index declining by 3.11% in the week ending June 13, 2025, while the average market capitalization of its constituent stocks is 3.046 billion [10][21]. - The report highlights the recent listing of Jiao Da Tie Fa (交大铁发), which specializes in rail transit intelligent products and services, with a projected revenue of 335 million and a net profit of 53 million for 2024 [27][29]. - The report emphasizes the importance of focusing on undervalued stocks and thematic investments, particularly in sectors benefiting from infrastructure development and technological advancements [3][4]. Summary by Sections North Exchange Market Overview - As of June 13, 2025, the North Exchange consists of 267 A-share stocks with an average market capitalization of 3.046 billion. The North Exchange 50 Index has experienced a decline of 3.11% during the week [10][15]. - The trading volume has increased, with an average daily turnover of 32.603 billion, up 31.28% from the previous week, indicating heightened market activity despite the index's decline [24][25]. Stock and Industry Performance - In the week from June 9 to June 13, 2025, 106 stocks rose, while 160 fell, resulting in a 39.70% increase ratio, which is a decrease of 28.34 percentage points from the previous week [15][21]. - The top-performing industries included petroleum and petrochemicals, transportation, textiles, light manufacturing, and national defense, with respective gains of 37.78%, 20.66%, 12.90%, 6.51%, and 5.97% [21][22]. New Stock Updates - Jiao Da Tie Fa was listed on June 10, 2025, focusing on rail transit intelligent products and services, with a significant portion of its revenue coming from safety monitoring products [27][29]. - The report notes the approval of Sanxie Electric (三协电机) for listing and the registration submission of Zhigao Machinery (志高机械) [35][36]. Investment Strategy - The report suggests a focus on stocks with stable earnings growth and reasonable valuations, recommending specific companies such as Tongli Co. (同力股份) and Wuxin Tunnel Equipment (五新隧装) for their low valuations and potential benefits from infrastructure projects [3][4][5].

Core Viewpoint - Sichuan Southwest Jiaotong University Railway Development Co., Ltd. (referred to as "Jiaoda Tifa") has initiated its subscription for listing on the Beijing Stock Exchange, changing its stock code from 874047 to 920027 [1][3]. Company Overview - Jiaoda Tifa was established in November 2005 and is located in Chengdu, Sichuan Province. The company has a registered capital of 57.25 million yuan and is primarily engaged in the research, production, and sales of intelligent products and equipment for rail transit [3][4]. - Major shareholders include Chengdu Southwest Jiaotong University Science and Technology Development Group Co., Ltd. and Wang Pengxiang, who is also the legal representative [3][4]. Financial Information - The offering price for the shares is set at 8.81 yuan per share, with a total issuance of 19.09 million shares, raising approximately 168 million yuan [3]. - The funds raised will be allocated to projects such as the construction of a new production facility for intelligent rail transit products and a research and development center [3]. - In 2022, 2023, and 2024, Jiaoda Tifa's revenue was approximately 235 million yuan, 273 million yuan, and 335 million yuan, respectively, with net profits of about 33.79 million yuan, 48.96 million yuan, and 56.10 million yuan [5]. - The company expects its revenue for the first half of 2025 to be between 110 million yuan and 130 million yuan, representing a year-on-year growth of 2.83% to 21.53% [6]. Shareholder Information - Four major shareholders have voluntarily agreed to a lock-up period, totaling approximately 12.11 million shares, which accounts for 21.15% of the company's total share capital, with a lock-up period of three months from the date of public offering [3][4].

Core Viewpoint - The company Jiao Da Tie Fa (920027.BJ) is set to be listed on the Beijing Stock Exchange, focusing on the research, production, and sales of intelligent products and equipment for rail transit, along with providing specialized technical services [1][4]. Group 1: Company Overview - Jiao Da Tie Fa specializes in rail transit intelligent products and equipment, including safety monitoring products, railway information systems, new materials, intelligent equipment, surveying services, and operation and maintenance services [1]. - The company has participated in the development of the "High-speed Railway Earthquake Early Warning System" in collaboration with the China Earthquake Administration and is one of the three certified suppliers for this product [4]. - Jiao Da Tie Fa's products are widely used in various rail systems, including high-speed railways and urban transit systems, with major clients being state-owned enterprises related to railways [4]. Group 2: Financial Information - The initial offering price for Jiao Da Tie Fa is set at 8.81 yuan per share, with an issuance price-to-earnings (P/E) ratio of 12.94, significantly lower than the industry average P/E ratio of 34.96 [2]. - The company plans to allocate raised funds for several projects, including 0.60 billion yuan (35.39%) for a new production project, 0.51 billion yuan (30.21%) for a research center, 0.25 billion yuan (14.79%) for marketing and after-sales service network construction, and 0.33 billion yuan (19.60%) for working capital [2]. Group 3: Management and Control - The actual controller of Jiao Da Tie Fa is Wang Pengxiang, who holds 13.99% of the shares directly and controls a total of 41.05% of the voting rights through various agreements [5]. - Wang Pengxiang has extensive experience within the Southwest Jiaotong University system and has transitioned to full-time work at the company after obtaining leave for entrepreneurship [5]. Group 4: Market Position and Strategy - The company aims to enhance its operational strength and pursue a national development strategy as a key future goal [6]. - The median TTM P/E ratio of comparable companies is noted to be 37.7X, indicating a potential investment interest in Jiao Da Tie Fa [6].

Core Viewpoint - Jiaotong Tiefa (920027.BJ) has initiated its subscription with an issue price of 8.81 CNY per share and a maximum subscription limit of 906,700 shares, reflecting a price-to-earnings ratio of 12.94 times, and is listed on the Beijing Stock Exchange with Guotou Securities as its sponsor [1] Group 1: Company Overview - Jiaotong Tiefa is a high-tech enterprise specializing in the research, development, production, and sales of intelligent products and equipment for rail transit, as well as providing professional technical services [1] - The company focuses on the safety of rail transit infrastructure and has developed strong technical research, production capabilities, and service strength over the years [1] - Main products and services include intelligent products and equipment for rail transit, safety monitoring and detection products, railway information systems, new materials, intelligent equipment, surveying services, and operation and maintenance services [1] Group 2: Technology and Solutions - The company utilizes core technologies such as interference signal recognition, seismic phase recognition, earthquake three-element estimation, nonlinear ultrasound and acoustic emission monitoring, 3D laser radar and video monitoring, railway construction and operation information technology, and passive rapid rail grinding vehicles to address industry pain points [1] Group 3: Market Applications - Products and services are widely applied in high-speed railways, conventional railways (including heavy-haul railways), and urban rail transit, with notable projects including Beijing-Zhangjiakou High-speed Railway, Beijing-Shanghai High-speed Railway, and Guangzhou Metro [2] - Major clients include large state-owned groups related to railways, such as China National Railway Group, China Railway Construction Corporation, and China Railway Group [2] Group 4: Financial Performance - For the fiscal years 2022, 2023, and 2024, Jiaotong Tiefa achieved revenues of approximately 235 million CNY, 273 million CNY, and 335 million CNY respectively, with net profits of approximately 33.78 million CNY, 48.96 million CNY, and 56.10 million CNY respectively [2] - Total assets as of December 31 for 2022, 2023, and 2024 were approximately 395.64 million CNY, 445.75 million CNY, and 635.95 million CNY respectively, with total equity of approximately 160.39 million CNY, 216.37 million CNY, and 266.70 million CNY respectively [3] - The company's asset-liability ratio for the parent company was 57.09%, 51.57%, and 58.42% for the years 2022, 2023, and 2024 respectively, with gross profit margins of 45.76%, 46.57%, and 44.50% [3]

Group 1 - The company Sichuan Southwest Jiaotong University Railway Development Co., Ltd. (referred to as "Jiaoda Tifa") is set to launch a new stock subscription on May 27, with an issue price of 8.81 yuan per share and a price-to-earnings ratio of 12.6 times [1] - The total number of shares to be issued is 19.09 million, with a potential increase to 21.95 million if the overallotment option is fully exercised [1] - Strategic investors include major entities such as Guotou Securities and Shanghai Electric Power Equity Investment Fund Management Co., Ltd. [1] Group 2 - Jiaoda Tifa is recognized as a national "little giant" in the field of rail transit infrastructure safety intelligent products and equipment, with a strong market share in its core products [2] - The company’s projected revenues for 2022 to 2024 are 235 million yuan, 273 million yuan, and 335 million yuan, respectively, with net profits of 34 million yuan, 48 million yuan, and 53 million yuan [2] - The company has a high customer concentration, with major clients including China National Railway Group and China Railway Construction Corporation, accounting for over 87% of revenue from the top five clients [2] Group 3 - The funds raised from the public offering will be allocated to new projects for rail transit intelligent products and equipment production, a research and development center, and marketing and after-sales service network construction [3] - The new production project is expected to generate an additional annual revenue of 247 million yuan and a net profit of approximately 30 million yuan once operational [3] - Analysts highlight Jiaoda Tifa's strong R&D capabilities and its consistent revenue growth, suggesting a positive outlook for the company in the rail transit equipment sector [3] Group 4 - The IPO review process at the Beijing Stock Exchange has accelerated, with an increase in the quality of companies in the pipeline [4] - As of May 23, 2024, the average net profit of 94 companies in the queue is 89.67 million yuan, significantly higher than the average of 42.11 million yuan for 266 companies already listed [5] - The number of companies with net profits exceeding 50 million yuan has reached 80, representing 85.11% of the total [5]