Core Viewpoint - Beikong Testing successfully listed on the Beijing Stock Exchange, marking a significant milestone for the company as a leading domestic provider of non-ferrous metal inspection and testing technology [1][6] Company Overview - Beikong Testing issued a total of 28.32 million new shares at a price of 6.7 yuan per share, opening at 30.88 yuan and reaching a high of 31.80 yuan on the first trading day, ultimately closing at 26.50 yuan, reflecting a 295.52% increase [3] - The company has a market capitalization of 3 billion yuan and a trading volume of 225,500 hands, with a turnover rate of 88.46% [3] Industry Position - Beikong Testing operates in various sectors including ore and mineral products, smelting products, environmental samples, recycled resources, advanced materials, and testing of beneficiation reagents, holding national qualifications and certifications [4] - The company has participated in significant national projects and has developed advanced analytical instruments, establishing a leading position in the inspection and testing technology field [4] Market Outlook - The global inspection and testing industry has maintained a growth rate of over 10%, with the market size increasing from 107.7 billion euros in 2012 to 278.5 billion euros in 2023, reflecting a compound annual growth rate (CAGR) of 9.02% [5] - In China, the inspection and testing market is projected to grow from 206.5 billion yuan in 2016 to 487.6 billion yuan by 2024, with an average CAGR of approximately 11.34% [5] - The mining and metallurgy inspection and testing market is expected to reach 5.615 billion yuan in 2024, with a projected size of 6.311 billion yuan in 2025 based on a CAGR of 12.39% [5] Future Commitment - Beikong Testing aims to adhere to regulatory requirements and maintain a strong governance structure, focusing on sustainable and high-quality development to enhance profitability and competitiveness [9] - The company is committed to creating value for customers, providing development opportunities for employees, and delivering returns to investors [9]

Core Viewpoint - North Mining Testing Technology Co., Ltd. is set to publicly issue 28,320,000 shares at a price of 6.70 yuan per share, with a listing date on November 18, 2025, on the Beijing Stock Exchange, indicating strong market interest and potential for growth in the testing and inspection sector [1]. Company Overview - North Mining Testing originated from the Beijing General Research Institute of Mining and Metallurgy established in 1956 and became an independent legal entity in 2016, completing its shareholding reform in 2022 [2]. - The company is recognized as a national high-tech enterprise and holds ISO/IEC 17025 certification, along with being a designated testing institution by the London Metal Exchange (LME) [2]. - As a national-level specialized and innovative "little giant" enterprise, the company focuses on the research and production of various analytical instruments, including ICP spectrometers and atomic absorption spectrometers [2]. Recent Developments - On November 7, the company obtained a utility model patent for a "high-throughput liquid sampling system," which enhances the automation and efficiency of high-throughput testing for analytical instruments like ICP-MS [2]. - The new system is designed to improve laboratory work efficiency by allowing unattended operation, increasing sample processing capacity, and enhancing daily work precision [2].

Summary of New Stock Offerings Core Viewpoint This week, three new stocks are available for subscription in the A-share market, including Beikong Detection, Hengkong New Materials, and Nanguang Digital, each with distinct industry focuses and growth potential. Group 1: Beikong Detection - Beikong Detection is a leading domestic service provider in non-ferrous metal inspection and testing, with an issuance price of 6.7 yuan per share and a single account subscription limit of 1.2744 million shares [2][3]. - The company has achieved revenues of 0.92 billion yuan, 1.1 billion yuan, and 1.48 billion yuan for the years 2022 to 2024, with net profits of 0.32 billion yuan, 0.46 billion yuan, and 0.55 billion yuan respectively [3]. - The funds raised will be invested in advanced testing instrument R&D and capacity building projects, as well as to supplement working capital [4]. Group 2: Hengkong New Materials - Hengkong New Materials focuses on the R&D and industrial application of key materials for integrated circuits, with a single account subscription limit of 10,500 shares and a required market value of 105,000 yuan [5]. - The company projects revenues of 3.22 billion yuan, 3.68 billion yuan, and 5.48 billion yuan from 2022 to 2024, with net profits of 1.01 billion yuan, 0.9 billion yuan, and 0.97 billion yuan respectively [7]. - The raised funds will be allocated to the second phase of the precursor project and advanced materials for integrated circuits [8]. Group 3: Nanguang Digital - Nanguang Digital provides comprehensive digital construction solutions for the power energy sector, with a single account subscription limit of 47,500 shares and a required market value of 475,000 yuan [9]. - The company has reported revenues of 56.86 billion yuan, 42.34 billion yuan, and 60.9 billion yuan for 2022 to 2024, with net profits of 6.53 billion yuan, 3.77 billion yuan, and 5.7 billion yuan respectively [10]. - The funds raised will be used for various projects, including the construction of a digital twin platform and an advanced AI platform for the energy sector [10].

Summary of Key Points Core Viewpoint - This week, three new stocks are available for subscription in the A-share market, including Beikang Testing, Hengkang New Materials, and Nanguang Digital, each representing different sectors of the economy [1]. Group 1: Beikang Testing - Beikang Testing's issue price is 6.7 yuan per share, with a single account subscription limit of 1.2744 million shares [2]. - The company is a leading domestic service provider in the field of non-ferrous metal inspection and testing, involved in various areas such as mineral resource testing, technical services, and high-end analytical instrument development [2]. - Projected revenues for Beikang Testing from 2022 to 2024 are 92 million yuan, 110 million yuan, and 148 million yuan, with net profits of 32 million yuan, 46 million yuan, and 55 million yuan respectively [3]. Group 2: Hengkang New Materials - Hengkang New Materials has a single account subscription limit of 10,500 shares, requiring a minimum market value of 105,000 yuan in the Shanghai market for maximum subscription [5]. - The company focuses on the research and industrial application of key materials for integrated circuits, being one of the few domestic firms capable of developing and mass-producing critical materials for 12-inch integrated circuit wafers [5]. - Revenue projections for Hengkang New Materials from 2022 to 2024 are 322 million yuan, 368 million yuan, and 548 million yuan, with net profits of 101 million yuan, 90 million yuan, and 97 million yuan respectively [7]. Group 3: Nanguang Digital - Nanguang Digital has a single account subscription limit of 47,500 shares, with a top subscription requiring a market value of 475,000 yuan in the Shenzhen market [9]. - The company provides comprehensive digital construction solutions for the power energy sector, aiming to build a world-class digital and intelligent innovation platform for power grids [9]. - Revenue forecasts for Nanguang Digital from 2022 to 2024 are 5.686 billion yuan, 4.234 billion yuan, and 6.09 billion yuan, with net profits of 653 million yuan, 377 million yuan, and 570 million yuan respectively [10].