星标 ★ IPO日报 精彩文章第一时间推送 日前，杭州云动智能汽车技术股份有限公司(下称"云动智能")向港交所递交招股书，拟在主板上市，中金公司为其独家保荐人。 IPO日报注意到，云动智能九成营收来自第一大客户奇瑞汽车，但并未股权"绑定"奇瑞汽车。 张力制图 营收增长 招股书显示，云动智能成立于2016年，作为中国车载智能网联解决方案行业的国产供货商，为整车厂提供车载通信与智能网联整体解决方案，主要产品包 括车载联网控制单元（T-Box）、紧急呼叫终端（e Call）、中央网关以及部分传感与域控相关产品，并辅以定制化设计与技术服务。 根据咨询机构弗若斯特沙利文报告，云动智能是中国第三大国产车载通信解决方案供货商，市场份额7%，于2024年按4G车载联网控制单元出货量计，云 动智能的4G车载通信解决方案在所有国产供货商中位居市场首位，市场份额7.8%。紧急呼叫终端方面来看，按照2024年的紧急呼叫终端出货量计，云动 智能是第三大国产供货商，市场份额1%；按照2025年前九个月按紧急呼叫出货量计，云动智能在所有国产供货商中排名第二，前进一名，市场份额 1.4%。 2025年前九个月，云动智能5G车载通信解决方案出 ...

星标 ★ IPO日报 精彩文章第一时间推送 1月28日，北交所上市委计划召开审议会议，对浙江恒道科技股份有限公司（下称"恒道科技"）的IPO申请进行审核。 大约两年前，公司曾剑指创业板。然而，经历市场环境更迭和战略调整，恒道科技选择转战北交所。本次IPO，公司计划募集资金4.03亿元。 张力制图 比亚迪供应商 近年来，公司先后被浙江省经济和信息化厅评为"浙江省拟重点支持的'专精特新'中小企业"和"浙江省'隐形冠军'企业"，公司研发中心被认定为"浙江省省级企业研究开发中心"。截至招股说明书签署日，公司已经形成了12项发明专利、 24项实用新型专利、8项软件著作权，持续积极参与行业内的标准起草和修订工作，先后参与制定1项国家标准、3项团体标准。 经过多年市场耕耘与考验，恒道科技积累了丰厚的客户资源，先后成为国内外知名的汽车主机厂、汽车零部件厂和注塑模具厂的配套供应商。公司与比亚迪(002594.SZ)、安瑞光电(三安光电(600703.SH)之全资子公司)、嘉利股份 (874616.NQ)、星宇股份(601799.SH)、海泰科(301022.SZ)、格力电器(000651.SZ)等知名企业建立了长期稳定的合作关 ...

张力制图 这是网络流传陈小群种种传言之后，陈小群首次出场操作。从效果来看，市场在第一天还是认可他的市场地位，其席位溢价依然在。不过，1月 27日通宇通讯的股价走势来看，陈小群席位溢价的效果在打折。不知道是否巧合，与此同时，"陈XQ被抓了！"的传闻突然在投资圈悄然传开。 陈小群，这个名字在A股市场颇具传奇色彩。作为"90后"新生代游资代表，他曾在多只热门股票上创造过令人咋舌的收益记录，其操作手法被不 少散户奉为圭臬，各种社交媒体上充斥着对其"操盘技巧"的分析与追捧。 星标 ★ IPO日报 精彩文章第一时间推送 1月27日，通宇通讯的股价以52.7元收盘，下跌4.62%。 这是一只典型的"陈小群概念股"：1月23日，通宇通讯（002792）的龙虎榜显示，中国银河证券股份有限公司大连黄河路证券营业部（陈小群常 用席位）买入金额2.11亿元，占当日总成交额比例达6.47%，通宇通讯股价也强势涨停。 1月26日，通宇通讯以54.86元开盘，然后迅速上冲拉板，最高价57.35元，收盘价55.25元，上涨5.9%。 1月27日，通宇通讯开盘50.50元，盘中一度翻红至55.54元，最后以52.7元的价格收盘。 此前不久，证 ...

星标 ★ IPO日报 精彩文章第一时间推送 日前，南华生物医药股份有限公司（000504.SZ，*ST生物）发布公告，正式终止筹划近半年的重大资产重组事项。 公司原计划收购湖南慧泽生物医药科技有限公司（简称"慧泽生物医药"）51%的股权，以期拓展生物医药板块，但最终因交易各方未能就交易方案达成一 致而宣告终止。 2025年上半年，公司营收仍同比下滑8.40%，在此背景下，收购金弘新材成为其打破僵局、寻求生路的重要战略落子。 2025年8月12日，*ST生物披露了《关于筹划重大资产重组暨签署股权收购意向协议的提示性公告》，宣布拟收购程泽能、易木林、长沙君合致远企业管 理咨询合伙企业（有限合伙）、长沙市履方医药信息咨询合伙企业（有限合伙）合计持有的慧泽生物医药51%股权。 张力制图 业绩困境 *ST生物的前身是1992年上市的港澳实业，经历多次易主与更名，于2015年定名"南华生物"进军生物医疗领域。 公司长期主营"生物医药"（干细胞、免疫细胞储存）和"节能环保"双主业。但其业绩始终起伏不定，核心的干细胞治疗研究产业化缓慢，收入仍依赖细胞 储存业务。 回溯过去，公司已多次在"ST"和"摘帽"间徘徊：因2014年至 ...

星标 ★ IPO日报 精彩文章第一时间推送 沉寂了数日，新生代顶级游资陈小群"出山"了，再次现身龙虎榜。 不过，陈小群也因此陷入市场舆论的旋涡。事件起因是这样： 2026年1月16日，商业航天板块个股集体大跌，陈小群的常用交易席位"中国银河 证券大连黄河路营业部"当日卖出华胜天成5.13亿元、鲁信创投2.1亿元等系列股票，加起来卖出金额超过15亿元。由于大量跟风买入的散户被套 牢，陈小群被指责为"砸盘元凶"，并引发了对其涉嫌操纵市场的质疑。 一时间，陈小群陷入了种种网络纠葛之中，而"受伤"的陈小群也说要休息了。目前来看，陈小群此前的交易并没有被证明为有违法违规之举，其 买卖股票的行动没有影响股票交易正常秩序。 笔者以为，陈小群"出山"是好事，也是不错的现象，毕竟A股需要各种各样的投资者，需要大家一起努力，才能更好更健康发展。 A股是星辰大海，它能包容小散户、大游资、小游资、私募、中外机构投资者等各色资本，而这些资本也是中国资本市场健康发展的参与者，贡 献者。当然，他们的参与必须合法合规，必须遵守中国市场的游戏规则，也只有在这个提前条件下，A股市场才能持续不断稳健发展。 对于影响市场健康发展的违法违规行为，监管 ...

星标 ★ IPO日报 精彩文章第一时间推送 1月20日，北京德风新征程科技股份有限公司（下称"德风新征程"）向港交所提交招股书，计划在港股主板IPO，独家保荐机构为日进资本。 值得一提的是，德风新征程在2025年11月14日向港交所递交的上市申请书曾于2025年11月24日被发回，而上一次有IPO公司被发回申请书还是在2023年， 也就是两年半前。根据政策，被港交所发回的IPO申请，公司需等待至少8周才能再次申请，以此警示市场提升上市标准。随后，德风新征程在等满8周后 再次于今年1月20日递表港交所。 IPO日报注意到，德风新征程营收增长明显，仍处于亏损状态，经营活动现金流为负，但后两者有所收窄。 张力制图 主要服务国企 德风新征程的历史可追溯至2015年3月，彼时由王清杰及另外两名股东共同创立，总部位于北京，是一家专注于AI赋能工业物联网（AIoT）的技术企业， 致力于通过创新技术推动中国能源、制造及混合行业的能效提升、卓越运营、安全生产与可持续发展。 目前公司创始人王清杰持股27.7%，动成长持股11.1%，金龙杰持股5.6%，后两者是王清杰控制的激励平台，控股股东合计控制德风新征程44.4%股权。 德风 ...

星标 ★ IPO日报 精彩文章第一时间推送 近日，创业板上市公司奕帆传动（301023.SZ）发布公告称，拟以支付现金方式购买北京和利时电机技术有限公司（下称"北京和利时"）87.07%的股 权，本次交易预计构成重大资产重组。 消息发布次日（1月21日），公司股价一字涨停，报收55.92元/股，涨幅20%；1月22日，公司股价继续上涨，报收59.20元/股，涨幅5.87%。 有业内人士指出，本次收购完成后，奕帆传动将从单一的电机及传动部件供应商，向提供"电机+驱动+控制+系统集成"的综合解决方案服务商转型，实现 产业链延伸与竞争力提升。 张力制图 强强联手 根据公告，本次交易为纯现金收购，不涉及发行股份。交易完成后，北京和利时将成为奕帆传动的控股子公司，并纳入上市公司合并财务报表范围。 奕帆传动在公告中表示，此举旨在提升公司综合实力，对未来业务发展、经营业绩及整体资产质量和核心竞争力将产生积极影响。 据悉，奕帆传动成立于1993年，于2021年在深交所创业板上市。公司主营业务为减速电机、驱动控制及传动系统的研发、生产和销售，产品应用于新能 源、工业自动化、智能家居等领域。 上市以来，公司营收规模在2亿元上下波 ...

Core Viewpoint - Estun Automation Co., Ltd. (referred to as "Estun") has submitted a second listing application to the Hong Kong Stock Exchange after a previous application lapsed in June 2025, aiming to leverage its position as a leading domestic industrial robot manufacturer in China [1][3]. Company Overview - Estun is a leading player in the Chinese industrial robot market, providing solutions to various manufacturing sectors including automotive, engineering machinery, and lithium battery industries. The company has maintained the highest shipment volume among domestic brands for several consecutive years [5]. - As of January 21, the total market capitalization of Estun was approximately 21.9 billion yuan [3]. Market Position - Estun achieved a historic milestone in the first half of 2025, surpassing foreign brands in domestic industrial robot shipments and ranking first in revenue among domestic companies. In 2024, Estun ranked sixth globally and in China by revenue, with market shares of 1.7% and 2%, respectively [5]. - The global industrial robot solutions market is projected to grow from $14.7 billion in 2020 to $25.4 billion in 2024, with a compound annual growth rate (CAGR) of 14.6%. The Chinese market is expected to grow from $6.9 billion to $12.7 billion during the same period, with a CAGR of 16.5% [10]. Financial Performance - Estun's revenue showed fluctuations during the reporting period from 2022 to 2025, with figures of 3.881 billion yuan, 4.652 billion yuan, 4.009 billion yuan, and 3.804 billion yuan, respectively. The net profit figures were 184 million yuan, 134 million yuan, -818 million yuan, and 30 million yuan, indicating a loss in 2024 [10][12]. - The company's gross margin has been declining, recorded at 32.9%, 31.3%, 28.3%, and 28.2% over the same period [13]. Product and Brand Portfolio - Estun has developed 95 types of industrial robots with payload capacities ranging from 3 kg to 1200 kg, including SCARA robots, collaborative robots, and specialized robots for various applications [11]. - The company owns multiple brands, including Estun, Cloos, Trio, and M.A.i, enhancing its capabilities in high-end motion control and intelligent manufacturing systems [6][7]. IPO Fund Utilization - The funds raised from the IPO are intended for expanding global production capacity, seeking strategic alliances, investing in R&D for next-generation industrial robot technologies, enhancing global service capabilities, repaying existing loans, and general corporate purposes [8].

Core Viewpoint - The article highlights the significant growth and competitive positioning of Junlebao Dairy Group in the Chinese dairy market, particularly in the high-end fresh milk segment, as it prepares for its IPO on the Hong Kong Stock Exchange [1][4]. Financial Performance - Junlebao's total revenue is projected to grow from 17.5 billion yuan in 2023 to 19.8 billion yuan in 2024, with 15.1 billion yuan achieved in the first nine months of 2025, indicating a steady growth trend [4]. - The adjusted net profit is expected to rise from 600 million yuan in 2023 to 1.16 billion yuan in 2024, reaching 940 million yuan in the first nine months of 2025, with the adjusted net profit margin increasing from 3.4% in 2023 to 5.9% in 2024 and further to 6.2% in 2025 [4]. Market Potential - The Chinese dairy market is projected to reach a scale of 653.5 billion yuan in 2024, with per capita dairy consumption at 40.5 kg, less than one-third of the global average, indicating significant long-term growth potential [4]. - The penetration rate of low-temperature liquid milk is expected to increase from 25.3% in 2024 to 31.8% by 2029, representing a key growth avenue [4]. Competitive Positioning - Junlebao has established a leading position in the high-end fresh milk market, achieving a market share of 24% in 2024, surpassing competitors like Mengniu and Yili [5]. - The brand "Jianchun" in the low-temperature yogurt segment has successfully created a niche with its "zero sugar" positioning, becoming the leading brand in this category [5]. Operational Strategy - Junlebao's competitive advantage stems from its integrated operations across the dairy supply chain, including modernized farms and production facilities, with a self-sufficiency rate of 66% for milk sources, the highest among major dairy companies in China [7]. - The company has invested heavily in R&D, establishing a leading research platform that collaborates with top research institutions, enhancing its product innovation capabilities [7][8]. Market Expansion - Junlebao has achieved a nationwide sales network covering 31 provincial-level administrative regions and approximately 2,200 districts and counties, representing about 77% of the total county-level administrative areas in China [8]. - The company is also expanding internationally, with products entering markets in Hong Kong and Macau, and plans to leverage these regions as a springboard for further expansion into Southeast Asia [9]. Future Plans - The funds raised from the IPO will be primarily allocated for factory construction, capacity expansion, brand marketing, and enhancing R&D and digitalization efforts, supporting Junlebao's national expansion and international strategy [9].

Core Viewpoint - The article discusses the recent turmoil in the A-share market, particularly focusing on the impact of the trading activities of a prominent investor, Chen Xiaoqun, and the resulting loss of confidence among retail investors [5][6][7]. Group 1: Market Reactions - On January 16, stocks associated with Chen Xiaoqun experienced significant declines, with Huasheng Tiancai nearly hitting the daily limit down, and other stocks like Jinfeng Technology and Sanwei Communication also facing steep losses [5]. - Chen Xiaoqun sold over 15 billion yuan worth of stocks on January 16, including 8.17 billion yuan of Jinfeng Technology and 5.13 billion yuan of Huasheng Tiancai, indicating a major exit from his positions [5][6]. Group 2: Regulatory Environment - The backdrop of Chen Xiaoqun's sell-off includes a meeting held by the China Securities Regulatory Commission (CSRC) on January 15, which emphasized the need to maintain market stability and crack down on excessive speculation and market manipulation [5][6]. - The Shenzhen Stock Exchange announced measures to address abnormal trading behaviors, indicating a tightening regulatory environment aimed at preventing market volatility [5][6]. Group 3: Investor Sentiment - Retail investors, exemplified by the character "Old Tiger," expressed frustration and a loss of faith in speculative trading strategies, particularly those reliant on the influence of prominent investors like Chen Xiaoqun [2][3]. - The phenomenon of "seat premium" associated with Chen Xiaoqun's trading activities is highlighted as being fragile, dependent on consistent success, stable market conditions, and collective investor confidence [6][7]. Group 4: Broader Implications - The article suggests that the recent events may lead to a reevaluation of trust in celebrity investors and the sustainability of their influence in the market, potentially marking a turning point in the perception of such trading strategies [6][7]. - It emphasizes the need for investors to develop their own investment strategies and enhance their financial literacy to navigate the complexities of the market effectively [7].