发行价格方面，今年已发行新股平均首发价格为22.70元，发行价在50元以上的有4家，发行价最高的是 天有为，发行价为93.50元，优优绿能、同宇新材次之，发行价分别为89.60元、84.00元，发行价较低的 有华电新能、天工股份等，首发价格分别为3.18元、3.94元。 按不同板块统计，今年以来沪市主板发行新股14只，募资310.50亿元；深市主板发行新股8只，募资 43.78亿元；创业板发行新股22只，募资136.44亿元；科创板发行新股7只，募资79.01亿元；北交所发行 新股8只，募资28.59亿元。 华电新能为今年以来募资金额最多的公司，首发募集资金达158.01亿元，募资主要投向风力发电、太阳 能发电项目，补充流动资金项目等；其次是中策橡胶，募资金额为40.66亿元，募资主要用于补充流动 资金，年产650万套全钢子午线轮胎绿色5G数字工厂项目，高性能子午线轮胎绿色5G数字工厂项目等。 募集资金较多的还有天有为、屹唐股份、影石创新等，分别募资37.40亿元、24.97亿元、19.38亿元。 1只新股今日发行，志高机械发行2148.15万股，发行价17.41元，募资金额3.74亿元。 证券时报·数据宝统 ...

Core Viewpoint - The article highlights the progress of the Huadian New Energy Zhongzan 1.2 million kilowatt photovoltaic power generation project in Sichuan, which is a key initiative under China's 14th Five-Year Plan for clean energy development in the upper reaches of the Jinsha River [3][6]. Group 1: Project Overview - The project has a planned installed capacity of 1.2 million kilowatts and is expected to deliver 2.1 billion kilowatt-hours of green electricity annually, which will reduce carbon dioxide emissions by 1.62 million tons [3][6]. - As of now, 413,000 photovoltaic pile foundations have been completed, along with 175,000 spiral piles and 28,000 photovoltaic brackets [6]. Group 2: Construction Challenges - The construction site is located at an altitude of 4,000-4,400 meters, presenting extreme environmental challenges such as low oxygen levels, significant temperature fluctuations, and high ultraviolet radiation [3][6]. - Workers have faced difficulties adapting to the harsh conditions, but there has been a strong commitment to the project, with management implementing detailed task breakdowns and responsibilities [3][6]. Group 3: Environmental Protection Efforts - The company prioritizes ecological protection by utilizing advanced cutting equipment to preserve the original ecological environment and biological activity of the grasslands [6]. - A "green laboratory" has been established to enhance the vitality and survival rate of the native grasslands, employing temperature and humidity control measures [6]. Group 4: Technological Integration - The project employs a digital management platform that allows real-time monitoring of various construction aspects, improving decision-making efficiency and accuracy [7]. - The integration of technology into traditional energy projects is seen as a revitalizing force, enabling precise control over project details [7].

- The report tracks the recent performance of the IPO market, focusing on the Sci-Tech Innovation Board (STAR Market), ChiNext, and the Main Board, assuming all stocks are fully subscribed and sold at the average market price on the first day of listing, excluding lock-up restrictions[2][10] - As of August 1, 2025, the IPO yield for a 2 billion A-class account is 1.92%, while for a 10 billion A-class account, it is 0.61%[2][10] - The average first-day increase for STAR Market stocks is 218.45%, and for ChiNext stocks, it is 227.38%, based on the performance of 20 recently listed stocks[2][20] - The median number of valid bidding accounts for STAR Market IPOs is approximately 3,062 for A-class accounts and 1,602 for B-class accounts, while for ChiNext IPOs, the numbers are 3,630 and 2,080, respectively[2][27] - The report calculates the theoretical full subscription income for each stock using the formula: **Full Subscription Quantity = Maximum Subscription Limit × Average Offline Winning Rate** **Full Subscription Income = (First Board Price - Initial Offering Price) × Full Subscription Quantity**[39][42] - The highest full subscription income among recent IPOs is 141.4 million yuan for Huadian New Energy, followed by 44.18 million yuan for Yitang Co., and 17.26 million yuan for Shanda Electric[42][45] - For A-class accounts, the cumulative IPO yield since 2024 is 5.65% for a 2 billion account, while for 2025 alone, it is 1.92%[47][48] - For B-class accounts, the cumulative IPO yield since 2024 is 4.64% for a 2 billion account, while for 2025 alone, it is 1.72%[51][52]

Group 1: IPO Market Overview - In July 2025, the A-share market issued 9 new stocks, raising a total of 23.2 billion yuan, primarily driven by Huadian New Energy's fundraising of 18.2 billion yuan, the largest IPO of the year[10] - The average fundraising rate for newly issued stocks was 99.7%, with 3 out of 6 new stocks exceeding their fundraising targets[15] - The average price-to-earnings (PE) ratio for new stocks in July was 19 times, down from 23 times in June, with an average discount of 43% compared to comparable companies[21] Group 2: Market Performance and Participation - The average first-day closing price increase for new stocks was 252%, a rise of 63 percentage points from the previous month, maintaining a "zero break" record for the year[39] - The number of offline participants in the new stock market reached a record high in 2025, with over 8,000 participants in the main board and over 7,000 in the ChiNext board[22] - The offline allocation ratio for the ChiNext A/B classes was 0.0250% and 0.0242%, respectively, both showing increases of 11% and 8%[29] Group 3: Registration and Approval Process - The average "acceptance-to-issuance" cycle for IPOs was 854 days, a decrease of 13% from the previous month, indicating a faster registration process[61] - As of the end of July 2025, there were 324 IPO projects pending approval, with a total intended fundraising amount of 307.1 billion yuan[64] - The approval rate for IPO projects in July was 80%, with 9 projects reviewed and 11 projects registered[61] Group 4: Risk Factors - Potential risks include changes in the pace of IPO approvals, adjustments to issuance regulations, fluctuations in investor participation, and systemic risks[66]

Summary of Key Points Core Viewpoint - In the first seven months of 2025, a total of 59 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 59.116 billion yuan in funds [1]. Group 1: Listing Overview - 22 companies were listed on the main board, 22 on the ChiNext board, 8 on the Sci-Tech Innovation board, and 7 on the Beijing Stock Exchange [1]. - The listed companies are distributed across 15 provinces, municipalities, and autonomous regions, with Jiangsu, Guangdong, and Zhejiang having the highest number of listings [1][2]. Group 2: Fundraising by Province - Jiangsu Province had 14 companies listed, raising a total of 59.27 billion yuan [2]. - Guangdong Province had 12 companies listed, raising a total of 86.10 billion yuan [2]. - Zhejiang Province had 10 companies listed, raising a total of 96.93 billion yuan [2]. - Anhui Province had 5 companies listed, raising a total of 31.53 billion yuan [2]. Group 3: Top Fundraising Companies - The top five companies by fundraising amount are: - Huadian New Energy: 15.801 billion yuan [1][4] - Zhongce Rubber: 4.066 billion yuan [1][6] - Tianyouwei: 3.740 billion yuan [1][8] - Yitang Co., Ltd.: 2.497 billion yuan [1][5] - Yingshi Innovation: 1.938 billion yuan [1][6].

Quantitative Models and Construction Methods Model Name: New Stock Issuance Model - **Construction Idea**: The model aims to track the performance of newly issued stocks in various market segments, including the main board, ChiNext, and STAR Market[1][12][22]. - **Construction Process**: - Collect data on the number of new stocks issued, the amount of funds raised, and the first-day price performance. - Calculate the average first-day price increase for each market segment. - Formula: $ \text{Single Account Stock Return} = \min(\text{Account Size}, \text{Subscription Limit}) \times \text{Winning Rate} \times \text{Return Rate} $ $ \text{A/B/C Class Investors Full Return} = \text{Subscription Limit} \times \text{A/B/C Class Offline Winning Rate} \times \text{Return Rate} $ - Parameters: - Winning Rate: Actual winning rate of offline new stock issuance. - Return Rate: For new stocks listed on the STAR Market and ChiNext, and under the comprehensive registration system on the main board, the return rate is the first-day average transaction price relative to the issue price. For non-registration system main board stocks, the return rate is the average transaction price on the opening day relative to the issue price[40][41][42]. - **Evaluation**: The model provides a comprehensive view of the performance of new stock issuances across different market segments, helping investors understand the potential returns from participating in new stock offerings[1][12][22]. Model Backtesting Results New Stock Issuance Model - **Main Board**: - A Class: Monthly return rate 0.159%, cumulative return 1.000%[41][42][47] - C Class: Monthly return rate 0.141%, cumulative return 0.908%[41][42][47] - **ChiNext**: - A Class: Monthly return rate 0.035%, cumulative return 1.128%[41][45][47] - C Class: Monthly return rate 0.034%, cumulative return 0.989%[41][45][47] - **STAR Market**: - A Class: Monthly return rate 0.064%, cumulative return 0.547%[41][46][47] - C Class: Monthly return rate 0.063%, cumulative return 0.527%[41][46][47] Quantitative Factors and Construction Methods Factor Name: New Stock Performance Factor - **Construction Idea**: This factor aims to measure the performance of new stocks on their first day of trading, providing insights into the potential returns from participating in new stock offerings[1][12][22]. - **Construction Process**: - Collect data on the first-day price performance of new stocks. - Calculate the average first-day price increase for each market segment. - Formula: $ \text{First-Day Price Increase} = \frac{\text{First-Day Closing Price} - \text{Issue Price}}{\text{Issue Price}} \times 100\% $ - Parameters: - First-Day Closing Price: The closing price of the stock on its first day of trading. - Issue Price: The price at which the stock was issued[1][12][22]. - **Evaluation**: This factor provides a clear measure of the initial performance of new stocks, helping investors gauge the potential returns from participating in new stock offerings[1][12][22]. Factor Backtesting Results New Stock Performance Factor - **Main Board**: - Average first-day price increase: 276.29%[22][23] - **ChiNext**: - Average first-day price increase: 356.00%[22][23] - **STAR Market**: - Average first-day price increase: 174.56%[22][23] Fund Product Performance Fund Product Performance in New Stock Offerings - **Construction Idea**: Measure the participation and success rate of fund products in new stock offerings, and calculate their estimated returns based on their participation and winning rates[57][58][59]. - **Construction Process**: - Collect data on the participation and winning rates of fund products in new stock offerings. - Calculate the estimated returns based on the latest fund quarterly report. - Formula: $ \text{Participation Rate} = \frac{\text{Number of New Stocks Quoted}}{\text{Total Number of New Stocks Issued}} $ $ \text{Winning Rate} = \frac{\text{Number of Valid Quotes}}{\text{Number of New Stocks Quoted}} $ - Parameters: - Participation Rate: The rate at which the fund product participates in new stock offerings. - Winning Rate: The rate at which the fund product's quotes are accepted[57][58][59]. - **Evaluation**: This method provides a detailed view of the performance of fund products in new stock offerings, helping investors understand the potential returns from participating in new stock offerings through fund products[57][58][59]. Fund Product Backtesting Results Fund Product Performance - **Top Performing Funds**: - Middle European Shanghai-Shenzhen 300 Index A: Estimated return rate 0.337%[57][58][59] - ICBC Quality Selection A: Estimated return rate 0.33%[57][58][59] - Huatai-PineBridge Innovation Power: Estimated return rate 0.33%[57][58][59] Institutional Performance Institutional Performance in New Stock Offerings - **Construction Idea**: Measure the participation and success rate of institutions in new stock offerings, and calculate their estimated returns based on their participation and winning rates[60][61][62]. - **Construction Process**: - Collect data on the participation and winning rates of institutions in new stock offerings. - Calculate the estimated returns based on the latest institutional quarterly report. - Formula: $ \text{Participation Rate} = \frac{\text{Number of New Stocks Quoted}}{\text{Total Number of New Stocks Issued}} $ $ \text{Winning Rate} = \frac{\text{Number of Valid Quotes}}{\text{Number of New Stocks Quoted}} $ - Parameters: - Participation Rate: The rate at which the institution participates in new stock offerings. - Winning Rate: The rate at which the institution's quotes are accepted[60][61][62]. - **Evaluation**: This method provides a detailed view of the performance of institutions in new stock offerings, helping investors understand the potential returns from participating in new stock offerings through institutional products[60][61][62]. Institutional Backtesting Results Institutional Performance - **Top Performing Institutions**: - GF Fund: Estimated return rate 1.74 billion[60][61][62] - China Asset Management: Estimated return rate 1.51 billion[60][61][62] - E Fund Management: Estimated return rate 1.33 billion[60][61][62]

市场全天震荡调整，三大指数小幅收跌。 盘面上，医药板块全线逆势走强，创新药概念延续强势，昂利康（002940）涨停；中药股展开补涨，维 康药业（300878）涨停；光伏概念反弹，捷佳伟创（300724）涨停；午后AI应用端活跃，智能体方向 领涨，鼎捷数智（300378）涨超10%；数据要素概念走强，深桑达A涨停。下跌方面，体育概念集体调 整，共创草坪（605099）跌停。 截至收盘，沪指跌0.37%，深成指跌0.17%，创业板指跌0.24%。市场热点快速轮动，个股涨多跌少，全 市场超3300家个股上涨。沪深两市全天成交额1.60万亿，较上个交易日缩量3377亿。 市场再现"技术性调整" 今日，A股市场震荡调整，三大指数均小幅下跌，量能较昨日大幅萎缩。 对于最近两日A股的杀跌，机构认为主要还是技术性调整。一方面，从市场结构而言存在涨幅快速积累 后的回调需求，指数摸高至3600点的过程中，不少板块站上阶段性高位，资金获利离场。另一方面，中 报季来临，进入8月中报期，市场将要开始验证上市公司业绩成色。 消息面上，快递行业近期催化颇多。一是国家邮政局召开快递企业座谈会，就依法依规治理行业"内卷 式"竞争，强化农村地区 ...

1只新股今日发行，广东建科发行1.05亿股，发行价6.56元，募资金额6.87亿元。 （文章来源：证券时报网） 地域分布来看，今年已发行新股主要集中在江苏、广东、浙江，分别有16家、12家、10家公司，募资金 额排名居前的分别是福建、浙江、广东，年内募资金额分别为158.01亿元、96.93亿元、86.03亿元。 （数据宝） 今年以来已发行新股 | 代码 | 简称 | 发行日期 | 发行总量（万股） | 发行价（元） | 募集资金（亿元） | | --- | --- | --- | --- | --- | --- | | 600930 | 华电新能 | 2025.07.07 | 496894.42 | 3.18 | 158.01 | | 603049 | 中策橡胶 | 2025.05.23 | 8744.86 | 46.50 | 40.66 | | 603202 | 天有为 | 2025.04.14 | 4000.00 | 93.50 | 37.40 | | 688729 | 屹唐股份 | 2025.06.27 | 29556.00 | 8.45 | 24.97 | | 688775 | 影石创新 | 202 ...

Group 1 - The establishment of Huadian (Rudong) Offshore Wind Power Co., Ltd. has been reported, with a registered capital of 30 million yuan [1] - The company is involved in various business activities including power generation, transmission, and distribution, as well as installation, maintenance, and testing of electrical facilities [1] - The company is co-owned by Huadian New Energy, Shanghai Electric Wind Power Group Co., Ltd., and Far East Cable Co., Ltd. [1] Group 2 - The company’s business scope includes research and development in emerging energy technologies, offshore wind power systems, and energy storage technology services [1] - Additional activities include the acquisition and wholesale of aquatic products, as well as the promotion of new materials technology [1] - The company is permitted to operate only after obtaining necessary approvals for certain projects [1]

董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年度A股董秘数据报告》显示，2024年A股上市公司董 秘薪酬合计达40.86亿元，平均年薪75.43万元。 分行业来看，A股和新三板电力设备行业（申万一级）进入统计的上市公司共371家，董秘薪酬合计金额2.72亿元，平均年薪约73.39万元，中位数约60万 元。 专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 导语：金风科技董秘马金儒年薪 365 万，位列电力设备行业首位，超过风电龙头华电新能董秘黄永坚年薪 5 倍。 行业内，董秘薪酬前10位的上市公司分别为金风科技、拉普拉斯、阳光电源、海博思创、联泓新科、珠海冠宇、正泰电器、中伟股份、晶澳科技和欣旺达。 其中，金风科技董秘马金儒年薪最高，达365.0万元，超过风电行业市值最大的上市公司华电新能董秘黄永坚66.8万元年薪5倍。 责任编辑：公司观察 | 上市公司 | 行业(申万一级) | 董事会秘书 | 年龄 | 学历 | 薪酬(万) | 新酬变化 | | --- | --- | --- | --- | --- | --- | --- ...