Analysis of the Impact of Nearly 70% Specialized, Sophisticated, Unique, and New 'Little Giant' Enterprises on the Investment Value of the Beijing Stock Exchange

Nearly 70% of enterprises listed on the Beijing Stock Exchange are specialized, sophisticated, unique, and new ‘Little Giant’ enterprises (18 out of 26 newly listed enterprises in 2024 were ‘Little Giants’), which has a

on the investment value of the Beijing Stock Exchange. This structure makes the BSE one of the most growth-oriented and innovative sectors in the A-share market, as evidenced by: the BSE 50 Index rose by in 2025, outperforming the STAR 50 (35.92%) and CSI 300 (17.66%); the BSE Specialized, Sophisticated, Unique, and New Index rose by in the same year, forming a ‘dual-index’ resonance with the BSE50 [1]. Meanwhile, the total market capitalization of the BSE reached in 2025, an increase of over from the beginning of the year, and the average daily turnover exceeded , doubling compared to 2024 [1, 2].

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“Little Giant” enterprises generally maintain high R&D intensity. Data shows that over the past four years, their average R&D expenditure as a proportion of operating revenue has exceeded

, which is higher than the average level of CSI 300 Index components and the R&D intensity of the ChiNext Index [3]. The average R&D intensity of “Little Giants” in some leading regions (such as Shenzhen) reaches , with an average annual R&D expenditure of about [4]. This high R&D investment is reflected in higher gross profit margins, technical barriers, and long-term competitiveness.

“Little Giant” enterprises are the top among national-level specialized, sophisticated, unique, and new enterprises, enjoying policy support such as fiscal and tax incentives and financing convenience [3]. They have established structural advantages in key links of the industrial chain, and their profitability and risk resistance are often better than ordinary small and medium-cap stocks [3].

“Little Giant” enterprises are highly concentrated in national strategic support areas:

• High-end equipment manufacturing
• New generation information technology
• New materials
• New energy
• Biomedicine
  [3]

The newly listed enterprises on the BSE in 2024 cover key areas such as high-end manufacturing, new materials, TMT, biomedicine, and rail transit, which are highly aligned with the direction of national industrial upgrading.

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• Outstanding Index Performance
  : In 2025, the BSE50 Index rose by
  38.80%
  for the year, and the BSE Specialized, Sophisticated, Unique, and New Index rose by
  44.01%
  , forming a “dual-index” resonance, reflecting the market’s high recognition of the high-growth attributes of “specialized, sophisticated, unique, and new” enterprises [1, 2].
• Structural Opportunities Highlighted
  : In 2025, a total of 33 stocks on the BSE doubled their prices [1], and the stock prices of some high-quality enterprises with industry scarcity and technical barriers exceeded their initial listing highs.

In 2025, the number of newly listed enterprises on the BSE reached

, with an average first-day increase of , achieving “no break below the offering price”. Among them:

• Hengdongguang (920045)
  : The highest first-day increase reached
  1211.11%
  , which is a national-level specialized, sophisticated, unique, and new “Little Giant” enterprise. From 2022 to 2024, its compound growth rates of operating revenue and net profit attributable to parent companies were
  49.07%
  and
  128.50%
  respectively [5].
• Dapeng Industry
  : The closing increase on the first day was still more than
  10 times
  .
• Sanxie Electric, etc.
  : The first-day increase was over
  500%
  [1].

In terms of frozen funds for new stocks, Nante Technology, Jinhua New Materials, and Hengdongguang all had frozen funds exceeding

[1], indicating market enthusiasm.

• Total Market Capitalization Growth
  : As of December 31, 2025, the total market capitalization of the BSE reached
  869.4 billion yuan
  , an increase of over
  61%
  from the beginning of the year [2].
• Liquidity Improvement
  : In 2025, the average daily turnover exceeded
  32.9 billion yuan
  , doubling compared to 2024, and market activity increased significantly [2].
• Emergence of Large-Cap Enterprises
  : The market capitalization of Beitrui and Jinbo Bio reached
  36.481 billion yuan
  and
  26.891 billion yuan
  respectively [1].

The BSE launched the

and , forming a “dual-index” system, which is conducive to index investment and passive capital inflow [1]. The market expects that the launch of tools such as the BSE50 ETF will further introduce incremental funds.

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“Little Giant” enterprises benefit from the trend of domestic substitution and industrial upgrading, and their order and revenue growth paths are relatively clear. Taking Hengdongguang as an example, its operating revenue increased from

in 2022 to in 2024, and its net profit attributable to parent companies rose from to [5].

“Little Giant” enterprises have established deep technical barriers or market advantages in their respective segmented fields, and their gross profit margins are generally high. Bosera Fund analysis points out that the moat and profitability of these enterprises are better than ordinary small and medium-cap stocks [3].

Huayuan Securities pointed out that BSE enterprises have significant issuance valuation advantages and are in a high-quality expansion period. It is recommended to pay attention to companies with market-wide scarcity, high technical barriers, and fundraising projects that expand the “second growth” curve [1].

• Liquidity Differentiation
  : Some enterprises with shorter listing time have lower average daily turnover, which may pose certain challenges to large capital operations [3].
• High Growth Volatility
  : “Little Giant” enterprises have high growth potential, but their performance volatility is also relatively large, so attention should be paid to financial stability and customer concentration risks.

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Western Securities recommends focusing on high-dividend stocks on the BSE and overlapping stocks of the dual indexes, which may benefit from passive incremental capital inflow [1].

Key directions include [1]:

• Pan-AI Applications
  (semiconductors, robots, AI applications)
• Commercial Aerospace
• Intelligent Manufacturing
  (humanoid robots, industrial automation)
• Digital Economy

The new stock subscription profit effect was obvious in 2025. Against the background of accelerated review, the supply of new stocks is expected to increase in 2026, and the new stock subscription strategy will provide more opportunities [1].

Ordinary investors can smooth costs through fixed investment or batch buying, and adopt the “core-satellite” strategy: focus on core assets, and allocate a small proportion of specialized, sophisticated, unique, and new theme funds to enhance portfolio return elasticity [3].

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• Valuation Risk: Some stocks have risen sharply, so attention should be paid to valuation digestion pressure.
• Liquidity Risk: Stock liquidity differentiation is obvious, so attention should be paid to turnover and turnover rate.
• Policy Risk: Changes in industrial policies and capital market policies may affect sector performance.
• Company Risk: Small and medium-sized enterprises have particularities in scale, customer structure, financing channels, etc.

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The nearly 70% proportion of specialized, sophisticated, unique, and new “Little Giant” enterprises makes the BSE an important platform for serving innovative small and medium-sized enterprises and national strategies. The 2025 data has confirmed the growth momentum contained in its “fertile ground for specialized, sophisticated, unique, and new enterprises”: the BSE50 Index rose by

, the BSE Specialized, Sophisticated, Unique, and New Index rose by , the total market capitalization increased by over from the beginning of the year, and the average daily turnover doubled [1, 2]. Investors can focus on “Little Giant” enterprises with core technical barriers, reasonable valuations, and alignment with national strategic directions, and allocate through “dual-index” tools or theme funds.

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[0] Jinling API Data
[1] Securities Times - “2025年北交所：科技赋能成长，33股涨幅翻倍！” (https://www.stcn.com/article/detail/3566970.html)
[2] The Beijing News - “2025年收官！北证50全年涨幅超38% 日均成交额实现翻番” (https://www.bjnews.com.cn/detail/1767187910129652.html)
[3] Sina Finance - “博时基金刘玉强：'小巨人’乘风起，如何精准布局专精特新？” (https://finance.sina.com.cn/money/fund/jjh/2025-12-29/doc-inhemysn7836545.shtml)
[4] 21st Century Business Herald - “深圳登顶全国’专精特新第一城’” (https://www.21jingji.com/article/20251215/herald/85a15ad404b3e5fb5c0b69f6650d9237.html)
[5] Sina Finance - “年末大红包！A股又现首日10倍新股，中一签浮盈超3万” (https://www.xincai.com/article/nhesahu3821752)