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]

近日，北交所官网披露了鑫森炭业招股说明书，公司上市申报材料被正式受理。其主营业务为各类 高性能多孔炭材料产品的研发、生产和销售。 而硬炭作为钠离子电池核心关键材料，其性能与钠离子电池的能量密度、循环寿命、成本等密切相 关。 目前硬碳为钠电主流负极技术路线，占总产量的97.5% ，而鑫森炭业同样布局其中。 3月27日，广西百色中森碳投30GWh钠电材料产业园一期开工，一期投资10 亿元建设5万吨负极 材料产能。几天后，四川遂宁天钠科技签约计划建设年产13万吨钠电负极材料基地。在随后的8 月，天钠科技完成A轮融资。 钠电负极材料产业化加速，与目前热度较高的无负极技术路线是否冲突？ 据悉，鑫森硬炭产品性能全面对标日本进口产品。该公司硬炭的原材料主要包括棕榈壳、毛竹、椰 壳、果壳，其中包括福建、江西多个基地。订单方面，鑫森炭业此前与众钠能源签订了《钠电负极 材料量产协同战略协议》。 从钠电各关键材料产业化进展来看，负极材料仍需攻克诸多工程化难题，同样也是目前钠电池最重 要的技术瓶颈。 现阶段，其原材料主要集中在椰壳，受海外进口影响。而目前，国内钠电负极材料正向竹碳、煤 基，甚至是无负极技术等方向寻求突破。 值得一提的 ...