（1）信披情况： 被要求说明发行人是否符合创业板的定位；被要求说明有关信息披露是否准确；被要求说明反垄断局审 查的进展情况，是否构成本次发行上市的障碍；被要求说明发行人收入是否真实、准确。 2024年度已上市A股企业从申报到上市的平均天数为629.45天，中仑新材的上市周期是757天，高于整体 均值。 （5）是否多次申报：不属于，不扣分。 （6）发行费用及发行费用率 中仑新材的承销及保荐费用为5000.00万元，承销保荐佣金率7.01%，低于整体平均数7.71% 。 查看更多考评等级 代码：301565.SZ 上市三个月股价较发行价格上涨39.81%。 （9）发行市盈率 中仑新材的发行市盈率为23.63倍，行业均数23.70倍，公司是行业均值的99.70%。 （7）上市首日表现 上市首日股价较发行价格上涨228.11%。 （8）上市三个月表现 （一）公司基本情况 全称：中仑新材料股份有限公司 简称：中仑新材 IPO申报日期：2022年5月25日 上市日期：2024年6月20日 上市板块：深证创业板 所属行业：橡胶和塑料制品业 IPO保荐机构：海通证券 保荐代表人：薛阳、张仙俊 IPO承销商：海通证券 IPO律 ...

Company Overview - Full Name: Ningbo Lian Technology Co., Ltd [1] - Abbreviation: Lian Technology [1] - Stock Code: 300784.SZ [1] - IPO Application Date: May 10, 2022 [1] - Listing Date: June 7, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Rubber and Plastic Products [1] - IPO Sponsor: Haitong Securities [1] - Lead Underwriters: Haitong Securities [1] - Legal Advisor: Beijing Deheng Law Offices [1] - Audit Firm: Zhonghui Certified Public Accountants [1] Regulatory and Performance Summary - Disclosure Issues: Required to supplement opinions on compliance with ChiNext requirements and disclose related party transactions [1] - Regulatory Penalties: No penalties imposed [1] - Public Supervision: No penalties imposed [1] - Listing Cycle: 759 days, exceeding the average of 629.45 days for 2024 A-share listings [1] - Multiple Applications: Not applicable, no penalties [1] Financial Metrics - Underwriting and Sponsorship Fees: CNY 40 million, with a commission rate of 10.05%, higher than the average of 7.71% [1] - First Day Performance: Stock price increased by 348.76% compared to the issue price [1] - Three-Month Performance: Stock price increased by 74.77% compared to the issue price [1] - Issuance Price-Earnings Ratio: 22.40 times, which is 93.06% of the industry average of 24.07 times [1] - Expected Fundraising: CNY 707 million, actual fundraising was CNY 398 million, a decrease of 43.71% [1] Post-Listing Performance - Revenue Growth: 9.01% increase in revenue compared to the previous year [1] - Net Profit Decline: 13.07% decrease in net profit attributable to shareholders compared to the previous year [1] - Non-Recurring Net Profit Decline: 19.47% decrease compared to the previous year [1] - Abandonment Rate: 0.84% [1] Overall Assessment - Total Score for IPO Project: 80.5 points, classified as Grade B [1] - Negative Factors Affecting Score: Disclosure quality needs improvement, listing cycle exceeds two years, high issuance cost ratio, significant reduction in actual fundraising, and decline in net profit in the first accounting year [1]

Company Overview - Full Name: Ningbo Lian Technology Co., Ltd [1] - Abbreviation: Lian Technology [1] - Stock Code: 300784.SZ [1] - IPO Application Date: May 10, 2022 [1] - Listing Date: June 7, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Rubber and Plastic Products [1] - IPO Sponsor: Haitong Securities [1] - Legal Advisor: Beijing Deheng Law Firm [1] - Audit Firm: Zhonghui Certified Public Accountants [1] Performance Evaluation - Disclosure Issues: Required to supplement and improve the special opinion on compliance with ChiNext requirements; needed to clarify related party relationships and transactions; required to explain changes in the top five suppliers in the prospectus [1] - Regulatory Penalties: No deductions [2] - Public Supervision: No deductions [2] - Listing Cycle: 759 days, exceeding the average of 629.45 days for 2024 A-share listings [2] - Multiple Applications: Not applicable, no deductions [2] Financial Metrics - Issuance Costs: Underwriting and sponsorship fees of 40 million yuan, with a commission rate of 10.05%, higher than the average of 7.71% [3] - Initial Listing Performance: Stock price increased by 348.76% on the first day of listing [4] - Three-Month Performance: Stock price increased by 74.77% compared to the issuance price [5] - Issuance Price-Earnings Ratio: 22.40 times, which is 93.06% of the industry average of 24.07 times [6] - Actual Fundraising: Expected to raise 707 million yuan, but actual fundraising was 398 million yuan, a decrease of 43.71% [7] Short-Term Performance - Revenue Growth: 9.01% increase in operating income compared to the previous year [8] - Net Profit Decline: 13.07% decrease in net profit attributable to shareholders compared to the previous year [8] - Non-Recurring Profit Decline: 19.47% decrease in non-recurring net profit compared to the previous year [8] - Abandonment Rate: 0.84% [8] Overall Score - Total Score: 80.5 points, classified as Grade B [8] - Negative Factors Affecting Score: Disclosure quality needs improvement, listing cycle exceeds two years, high issuance cost rate, significant reduction in actual fundraising, decline in net profit in the first accounting year, and abandonment rate of 0.84% [8]

Group 1 - The core viewpoint of the report indicates that SenseTime's performance improved in the first half of the year, with a significant reduction in losses and improved cash flow year-on-year [1] - Revenue from generative AI business increased by 72.7% year-on-year, reflecting the effectiveness of the 1+X strategy in expanding business growth boundaries [1] - The target price has been raised to HKD 2.62 based on a projected price-to-sales ratio of 20 times for this year, maintaining a "Buy" rating [1] Group 2 - The report anticipates that by 2025, the combination of artificial intelligence and policy catalysts will lead to significant growth in the company's visual and X businesses [1] - There is a positive outlook on the company's long-term development prospects, with generative AI expected to be a major driver of growth [1]

Group 1 - The company held a specific investor survey on September 5, 2025, attended by 30 investment institutions, focusing on its layout in the nuclear fusion field and the impact of industry policies [1] - The company is the largest manufacturer of air separation equipment globally, with extensive experience in low-temperature separation, purification, and gas supply [1] - The company provides complete solutions for nitrogen and helium refrigeration systems, as well as gas extraction, storage, refrigeration, and recovery [1] Group 2 - Domestic low-temperature systems for nuclear fusion are primarily dominated by foreign manufacturers, creating a pressing demand for domestic alternatives [2] - The company aims to replicate the domestic replacement path for air separation equipment, despite entering the nuclear fusion field later than competitors [2] - A special task force was established within two months to manage projects and integrate internal resources, with all core team members being experienced employees [2] Group 3 - Internal surveys indicate that some companies in the steel and chemical industries have received production reduction requirements, but full compliance has not yet been achieved [3] - The special gas subsidiary has shown improvement compared to last year, benefiting from the acquisition of another company, although this segment contributes a small portion to overall performance [3] - Gas prices have stabilized and rebounded compared to the low levels of last year, with oxygen, nitrogen, and argon prices increasing month-on-month [3]

Company Overview - Hangyang Co., Ltd. (SZ 002430) announced that on September 5, 2025, it accepted an investor survey conducted by Guotai Junan Securities, with the participation of its Vice General Manager, Chief Financial Officer, and Board Secretary, Ge Qianjin, who addressed investor inquiries [1] Financial Performance - For the first half of 2025, Hangyang's revenue composition was as follows: gas industry accounted for 62.68%, manufacturing accounted for 35.97%, other businesses accounted for 0.7%, and engineering contracting accounted for 0.66% [1] - As of the report date, Hangyang's market capitalization was 23.8 billion yuan [1]

Group 1 - The market is expected to gradually cool down while waiting for signals from the fundamentals, with clear signals emerging from both Europe and the US regarding monetary and fiscal expansion [1] - The "anti-involution" trend in China is becoming clearer, leading to potential opportunities in sectors benefiting from improved operating conditions, such as non-ferrous metals, capital goods, and raw materials [1] - After profit recovery, sectors related to domestic demand, including food and beverage, tourism, and scenic spots, are expected to present investment opportunities [1] Group 2 - Recent liquidity characteristics in domestic and overseas markets show a clear divergence in ETF fund flows, with a decrease in broad-based ETFs and an increase in industry/theme-specific ETFs [2] - The market may be entering the last round of intensive subscription and redemption for active public funds since 2021, with core assets expected to gradually absorb redemption pressure [2] - The coexistence of high debt funding rates and passive interest rate cuts in overseas markets indicates a shift in China's manufacturing sector, with the potential for improved pricing power and profit margins in the long term [2]

Group 1 - The report from Guotai Junan Securities indicates that the theme trading remains at a high level, with technology themes experiencing a pullback while new energy themes are gaining traction [1] - Since mid-August, AI-related themes have benefited from industrial progress, liquidity expectations, and a risk appetite-driven market acceleration [1] - As market volatility increases, funds are seeking low-position theme investment opportunities, focusing on the "anti-involution" direction that benefits from positive policy changes and improved supply-demand dynamics [1] Group 2 - The mid-term focus is on mainline opportunities in AI, robotics, and innovative pharmaceuticals [1]

国泰海通发布研报称，美国就业数据爆冷，市场对美联储9月降息预期提升，流动性或边际宽松。同时 美关税政策，通胀方面存在不确定性，金价或高位震荡。工业金属方面，静待旺季需求的逐步修复，以 及海内外宏观方面利好释出的提振，价格有望获得向上动力。 美国8月非农就业人口超预期下降至2.2万人(前值7.3万，预测7.5万)，ADP就业人数也意外下滑，同时失 业率上升至4.3%，美国就业市场下行风险增加，市场对美联储9月份降息的预期上升。此外，9月5日。 特朗普签署行政令，调整关税生效范围，包括将部分商品的对等关税降至零等。美关税政策存在不确定 性，且流动性边际宽松下，为金价提供支撑。此外，需关注即将披露的美国8月份通胀数据，博弈之 下，贵金属价格将呈现震荡。中长期看，美国联邦政府债务风险仍存，美元地位面临挑战，全球货币体 系重构下，黄金将会持续表现。 工业金属：静待旺季需求修复、以及宏观利好提振价格。 宏观方面，美国近期数据显示其劳动力市场走弱，美联储9月降息的概率再度提升，流动性拐点将至。 同时国内8月制造业PMI指数+0.1pct至49.4%、景气度有所上行，后续宏观利好政策有望继续释出，需求 预期逐步修复，为工业金 ...

Real Estate - Shenzhen's new real estate policy includes three major adjustments: relaxing purchase restrictions, easing corporate home buying, and optimizing credit policies, exceeding market expectations significantly [1] - The policy aims to stimulate the sluggish market and may have implications for first-time buyers, upgrade buyers, and corporate purchasers, as well as sending signals to the Pearl River Delta and national real estate regulation [1] Securities Industry - In August, A-share new accounts surged to 2.65 million, a year-on-year increase of 165% and a month-on-month increase of 35%, indicating a strong recovery in the market [4] - 42 listed securities firms reported a total revenue exceeding 250 billion yuan, with a year-on-year growth of 30.8%, and net profits surpassing 100 billion yuan, reflecting a robust recovery in the industry [5] - Over 80% of securities firms saw salary increases in the first half of 2025, with average salaries reaching 317,600 yuan, a year-on-year increase of 25.58% [6] Automotive Industry - New energy vehicle brands showed strong performance in August, with many setting historical sales records despite the traditionally slow sales season [7] - The automotive market is expected to transition into a peak sales season in September and October, with companies needing to adjust strategies to capitalize on this opportunity [7] Banking Sector - The National Financial Regulatory Administration issued fines exceeding 100 million yuan to several banks, including Huaxia Bank, for various compliance issues [9]