Financing & Review - In January 2026, the Beijing Stock Exchange (BSE) issued 5 new stocks, raising a total of 1.779 billion yuan[5] - The average review cycle for companies was 251 days, with 10 companies passing the review, a decrease of 3 from the previous month[5] - As of January 2026, there are 24 companies that have passed the review but have not yet registered, aiming to raise 8.127 billion yuan[5] Subscription & Issuance - The median first-day price increase for the 5 new stocks listed in January was +186.93%, with individual increases of +367.92%, +204.40%, +186.93%, +178.00%, and +105.63%[3] - The cumulative subscription yield for new stocks in January 2026 was +0.42%, while the cumulative yield for 2025 was +3.31%[3] - The average maximum subscription amount for new stocks in January was 16.01 million yuan, with a median freezing fund range of 828.08 billion to 1,058.86 billion yuan[5] Market Trends & Predictions - The BSE is entering a phase of accelerated expansion, with a neutral expectation of 40 new stock issuances in 2026, potentially raising a total of 11.625 billion yuan[5] - The expected first-day price increase for directly priced new stocks is projected at 300%, with various scenarios considered[5] - The anticipated online subscription yield for maximum subscriptions is estimated at 366,100 yuan, with varying yields based on different investment amounts[5] Investment Analysis - Investors are encouraged to actively monitor new stock subscription opportunities on the BSE, as the increase in issuance volume is expected to offset concerns about reduced first-day premiums[5] - The report highlights the potential for significant returns from inquiry-based issuances, particularly for high-profile companies currently under review[5] - Risks include slower-than-expected issuance rates and potential changes in the BSE's new stock issuance system[5]

Summary of Key Points Core Viewpoint - In January 2026, a total of 9 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 9.053 billion yuan [1]. Group 1: Listing Overview - The new listings included 3 companies on the main boards of Shanghai and Shenzhen, 1 on the Sci-Tech Innovation Board, and 5 on the Beijing Stock Exchange [1]. - The listed companies are distributed across 8 provinces and municipalities, with Zhejiang having 2 companies, and Liaoning, Guangdong, Shandong, Hebei, Jiangsu, Chongqing, and Shaanxi each having 1 company [1]. Group 2: Fundraising by Company - The top five companies by fundraising amount are: - Zhenstone Co., Ltd. (振石股份) raised 2.919 billion yuan, located in Zhejiang [1]. - Hengyun Chang (恒运昌) raised 1.561 billion yuan, located in Guangdong [2]. - Shaanxi Tourism (陕西旅游) raised 1.555 billion yuan, located in Shaanxi [7]. - Zhixin Co., Ltd. (至信股份) raised 1.240 billion yuan, located in Chongqing [6]. - Meidel (美德乐) raised 670 million yuan, located in Liaoning [2]. Group 3: Detailed Company Listings - Detailed listings include: - Zhenstone Co., Ltd. (振石股份) on the main board, raised 2.919 billion yuan on January 29, 2026 [8]. - Hengyun Chang (恒运昌) on the Sci-Tech Innovation Board, raised 1.561 billion yuan on January 28, 2026 [8]. - Meidel (美德乐) on the Beijing Stock Exchange, raised 670 million yuan on January 30, 2026 [8]. - Nongda Technology (农大科技) on the Beijing Stock Exchange, raised 400 million yuan on January 28, 2026 [3]. - Guoliang New Materials (国亮新材) on the Beijing Stock Exchange, raised 194 million yuan on January 22, 2026 [4]. - Aisheren (爱舍伦) on the Beijing Stock Exchange, raised 270 million yuan on January 21, 2026 [5]. - Kema Materials (科马材料) on the Beijing Stock Exchange, raised 243.93 million yuan on January 16, 2026 [8]. - Zhixin Co., Ltd. (至信股份) on the main board, raised 1.240 billion yuan on January 15, 2026 [6]. - Shaanxi Tourism (陕西旅游) on the main board, raised 1.555 billion yuan on January 6, 2026 [7].

证券代码：920050 证券简称：爱舍伦 公告编号：2026-011 江苏爱舍伦医疗科技集团股份有限公司 关于签署募集资金三方监管协议的公告 二、募集资金监管协议的签署情况 为规范公司募集资金管理，保护投资者权益，根据《北京证券交易所股票上市 规则》和《北京证券交易所上市公司持续监管指引第9号——募集资金管理》等相关 法律、法规和规范性文件的规定，公司（甲方）开设募集资金专项账户存放本次向 不特定合格投资者公开发行股票的募集资金，并已分别与存放募集资金的商业银行 （乙方）和东吴证券股份有限公司（丙方）签订《募集资金专户三方监管协议》（ 以下简称"三方监管协议 "）。 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法 律责任。 一、募集资金基本情况 江苏爱舍伦医疗科技集团股份有限公司（以下简称"公司 "）向不特定合格投 资者公开发行股票并在北京证券交易所上市申请于2025年10月24日经北京证券交易 所上市委员会审核同意，并于2025年12月10日获得中国证券监督管理委员会（以下 简称" 中国证监会 "）出具的《关于 ...

Core Insights - The report indicates that since the fourth quarter, the funding structure of the Beijing Stock Exchange (BSE) has shown a "dual expansion" characteristic, with both the number and attention towards index funds steadily increasing, forming a preliminary bottom position for index products. Concurrently, some active funds are beginning to identify individual stocks with growth potential and undervaluation advantages, transitioning from a concentrated to a structured optimization approach, maintaining overall market stability [7][16] - From the market ecology perspective, the concentration of index constituent stocks has increased, and the valuation anchoring effect is gradually becoming evident. Some newly listed stocks with solid fundamentals and low coverage have become focal points for new incremental funds. As the allocation logic evolves towards the medium to long term, the market style is gradually shifting to a "selected + low turnover" characteristic. Overall, the current valuation of the BSE market offers relative cost-effectiveness, with a resonance structure among index funds, active funds, and new stock supply, which is expected to provide medium-term support for the market [7][16] Market Review and Valuation - As of January 29, 2026, the BSE 50 Index rose by 6.64% in January, with a maximum increase of 3.96% during the period. Among BSE stocks, 222 stocks increased, 69 stocks decreased, and none remained flat [8][17] - The average PE (TTM) of the BSE 50 Index as of January 29, 2026, is 64.50 times, with a median of 64.74 times. In comparison, the average PE (TTM) of the ChiNext Index is 43.24 times, and the Sci-Tech Innovation Board is 175.49 times [22] New Stock Dynamics - In January, four new stocks were listed on the BSE, bringing the total number of listed companies to 291 as of January 29, 2026. From January 1 to January 30, 2026, five companies were subscribed and five were listed [32] Key Company Announcements - The report includes various company announcements, highlighting significant contracts and operational updates from companies such as Copper Crown Mining, Taihu Yuanda, and Dana Biotechnology, which indicate ongoing business activities and strategic developments [40]

Group 1: A-share New IPOs - Two new stocks available for subscription next week: Aishalon and Hengyunchang, with subscription dates on January 12 and January 16 respectively [1] - Aishalon, a leading company in the medical dressing sector, has an issue price of 15.98 yuan per share and an issuance PE ratio of 14.99, compared to the industry average of 29.79 [1] - Aishalon plans to issue a total of 16.92 million shares, with 15.23 million shares available for online subscription, and a maximum subscription limit of 761,300 shares per investor [1] Group 2: Aishalon Financial Performance - Aishalon's projected revenues for 2022 to 2025 are 574 million yuan, 575 million yuan, 692 million yuan, and 438 million yuan respectively, with net profits of 62.8 million yuan, 66.96 million yuan, 80.71 million yuan, and 49.68 million yuan [2] - For 2025, Aishalon expects revenues between 890 million yuan and 940 million yuan, representing a year-on-year growth of 28.65% to 35.89%, and net profits between 89.29 million yuan and 98.48 million yuan, with a growth of 10.63% to 22.01% [4][5] Group 3: Hengyunchang Overview - Hengyunchang is a core component supplier for semiconductor equipment, focusing on the research, production, and sales of plasma RF power systems and related components [6] - The company has been recognized as a national-level "specialized and innovative" small giant, filling a gap in domestic plasma RF power systems for high-end semiconductor applications [7] - Hengyunchang has achieved significant market share, ranking first among domestic plasma RF power system manufacturers in China [7] Group 4: Hengyunchang Financial Performance - Hengyunchang's revenues for 2022 to 2025 are projected at 158 million yuan, 325 million yuan, 541 million yuan, and 304 million yuan respectively, with net profits of 26.19 million yuan, 79.83 million yuan, 142 million yuan, and 69.35 million yuan [7] - For 2025, Hengyunchang anticipates revenues between 489 million yuan and 515 million yuan, reflecting a decline of 9.58% to 4.69% year-on-year, and net profits between 102 million yuan and 114 million yuan, with a decrease of 28.21% to 19.54% [10][12]

Core Viewpoint - Aishalon announced an investment of up to €20 million to enhance its overseas market strategy, specifically in Morocco, to accelerate the construction of an innovative medical production base [1] Group 1: Investment Details - The company plans to use its own and self-raised funds for the investment through its Hong Kong subsidiary, EXCELLENT MEDICAL TECHNOLOGY CO., LIMITED [1] - The investment will primarily be allocated to sign a construction contract with local companies CRBC TANGER LIMITED and Lecons Group SARL for the first phase of the factory construction in Tangier Technology City [1] - The total contract amount for the construction project is 151.75 million Moroccan Dirhams, approximately €14.1 million [1] Group 2: Management Authorization - The company's board has authorized the management to handle specific matters related to this external investment, including negotiations, signing legal documents, and obtaining necessary approvals [1]

证券代码：920050 证券简称：爱舍伦 公告编号：2026-009 江苏爱舍伦医疗科技集团股份有限公司 关于增加摩洛哥孙公司投资额暨签署重大合同的公告 为强化海外市场战略布局，公司拟使用自有资金和自筹资金由香港子公司 EXCELLENT MEDICAL TECHNOLOGY CO., LIMITED 向摩洛哥孙公司增加 1,500 万欧元投资额（即总投资额不超过 2,000 万欧元），加快摩洛哥孙公司创新 医疗的生产基地建设。本次增资拟主要用于和当地公司 CRBC TANGER LIMITED（中国路桥下属公司，施工总承包人）、Lecons Group SARL（施工方） 签署建筑工程施工合同，由其承建爱舍伦摩洛哥子公司位于丹吉尔科技城工厂厂 房建设的第一期工程项目；合同总金额为 1.5175 亿摩洛哥迪拉姆（约 1410 万欧 元）。公司董事会授权管理层办理与本次对外投资相关的具体事项，包括但不限 于进行相关磋商、签订相关法律文件、向有关机构办理审批备案等手续。 （二）是否构成重大资产重组 本次交易不构成重大资产重组。 依据《上市公司重大资产重组管理办法》的相关规定，公司本次对外投资不 构成重大资产重组。 ...

第二届董事会第十七次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开和出席情况 证券代码：920050 证券简称：爱舍伦 公告编号：2026-010 江苏爱舍伦医疗科技集团股份有限公司 （一）会议召开情况 1.会议召开时间：2026 年 1 月 23 日 2.会议召开地点：苏州市相城区相城大道 1539 号公司会议室 3.会议召开方式：现场会议 4.发出董事会会议通知的时间和方式：2026 年 1 月 16 日以通讯方式发出 5.会议主持人：董事长张勇先生 6.会议列席人员：公司高级管理人员 （一）审议通过《关于增加摩洛哥孙公司投资额暨签署重大合同的议案》 1.议案内容： 为强化海外市场战略布局，公司拟使用自有资金和自筹资金由香港子公司 EXCELLENT MEDICAL TECHNOLOGY CO., LIMITED 向摩洛哥孙公司创新医疗增加 1,500 万欧元投资额（即总投资额不超过 2,000 万欧元），加快摩洛哥孙公司的 生产基地建设。本次增资拟主要用于和当地公司 C ...

爱舍伦公告，公司拟使用自有资金和自筹资金由香港子公司向摩洛哥孙公司创新医疗增加1500万欧元投 资额，即总投资额不超过2000万欧元，加快生产基地建设。本次增资主要用于与当地公司签署建筑工程 施工合同，由其承建爱舍伦摩洛哥子公司位于丹吉尔科技城工厂厂房建设的第一期工程项目，合同总金 额为1.52亿摩洛哥迪拉姆（约1410万欧元）。 ...

IPO Pipeline Overview - As of January 25, there are 323 companies in the IPO pipeline, with 21 on the Shanghai Main Board, 42 on the Sci-Tech Innovation Board, 19 on the Shenzhen Main Board, 39 on the Growth Enterprise Market, and 202 on the Beijing Stock Exchange [1][2]. Newly Listed Companies - Two companies were newly listed between January 19 and January 25: Jiangsu Aisheren Medical Technology Group Co., Ltd. and Hebei Guoliang New Materials Co., Ltd. Both are listed on the Beijing Stock Exchange [3][4]. - Jiangsu Aisheren closed at 44.04 yuan per share, with a rise of 175.59% and a trading volume of 689 million yuan, achieving a turnover rate of 78.23% on its first day [4]. - Hebei Guoliang closed at 28.06 yuan per share, with a rise of 160.78% and a trading volume of 483 million yuan, achieving a turnover rate of 81.73% on its first day [4]. New Counseling Record Companies - A total of 20 companies were newly recorded for counseling between January 19 and January 25, including Guangdong Lanrui Technology Group Co., Ltd. and Huaxin Technology (Beijing) Co., Ltd. [5][6]. Companies Approved for Review - Six companies successfully passed the review process from January 19 to January 25, including Wuxi Lichi Intelligent Equipment Co., Ltd. and Wuhu Aiteke Automotive Electronics Co., Ltd. [12][13]. - Wuxi Lichi specializes in automated material handling systems for various industries, including lithium battery manufacturing and fine chemicals [13]. Companies Approved for Registration - Five companies received registration approval between January 19 and January 25, including Zhejiang Xinhengtai New Materials Co., Ltd. and Shandong Yuelong Rubber and Plastic Technology Co., Ltd. [16][17]. - Zhejiang Xinhengtai focuses on functional polymer foaming materials, while Shandong Yuelong specializes in flexible pipeline products for fluid transportation [17]. Terminated Review Cases - Nanjing Qinheng Microelectronics Co., Ltd. withdrew its IPO application during the period [20][21].