Investment Rating - The report indicates a positive outlook for the Beijing Stock Exchange (北交所) market, with a focus on long-term stable growth companies and sectors that are scarce in the market [2][13]. Core Insights - The report highlights the successful completion of a convertible bond issuance by Wantong Hydraulic, raising 150 million yuan, marking a significant case in the context of the registration system reform at the Beijing Stock Exchange [2][5]. - The Social Security Fund has increased its investments in the Beijing Stock Exchange, with 73% of the 22 companies reporting positive revenue growth in the first three quarters of 2025 [2][9]. - The report suggests that the current market conditions may present investment opportunities, particularly in sectors with stable long-term performance and those that promote domestic consumption [2][13]. Summary by Sections Convertible Bond Issuance - Wantong Hydraulic successfully completed a convertible bond issuance of 150 million yuan, which is significant as it is the first case of predetermined issuance targets under the new registration system [2][5]. - The bond has a tiered interest rate structure, starting at 0.20% in the first year and increasing by 0.20% each subsequent year [6][7]. Market Performance - As of October 24, 2025, 73% of the companies listed on the Beijing Stock Exchange reported revenue growth, with five companies achieving over 20% growth in both revenue and net profit [9][10]. - The overall price-to-earnings (PE) ratio for the North Exchange A-shares has risen to 49.6X, indicating a recovery in valuations [14][15]. Investment Opportunities - The report identifies several key investment themes: companies with stable long-term growth, those with significant adjustments in stock prices, and sectors focused on self-sufficiency and domestic consumption [13][14]. - The report emphasizes the importance of monitoring the overall market sentiment and trading volume on the Beijing Stock Exchange for future investment decisions [13][20]. New Listings and IPOs - No new companies were listed in the week of October 20-24, 2025, but the report notes that 40 companies have been listed since January 1, 2024, with an average issuance PE of 13.98X [21][25]. - The report also mentions ongoing IPO applications and approvals, indicating a normalization of new stock issuances on the exchange [29].