Company Overview - Full Name: Shenzhen Yilian Technology Co., Ltd [1] - Abbreviation: Yilian Technology [1] - Stock Code: 301631.SZ [1] - IPO Application Date: June 20, 2022 [1] - Listing Date: November 22, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Computer, Communication, and Other Electronic Equipment Manufacturing [1] - IPO Sponsor: China Merchants Securities [1] - Legal Advisor: King & Wood Mallesons [1] - Audit Firm: Rongcheng Accounting Firm [1] Disclosure and Regulatory Evaluation - Disclosure Issues: Required to clarify the shareholding structure of "Qiaoyun" and whether there are special interest arrangements [1] - Regulatory Penalties: No penalties imposed [2] - Public Opinion Supervision: No penalties imposed [2] Listing Cycle and Performance - Average Listing Cycle: 629.45 days for 2024 A-share companies; Yilian Technology's cycle is 886 days, exceeding the average [2] - Multiple Applications: Not applicable, no penalties [3] - Underwriting Fees: Total underwriting and sponsorship fees are 84.3344 million yuan, with a commission rate of 7.08%, lower than the average of 7.71% [3] Market Performance - First Day Performance: Stock price increased by 183.59% on the first day of listing [4] - Three-Month Performance: Stock price increased by 75.05% within three months post-listing [5] Financial Metrics - Issuance Price-Earnings Ratio: 19.06 times, significantly lower than the industry average of 39.33 times, representing 48.46% of the industry average [6] - Fundraising Amount: Expected to raise 1.305 billion yuan, actual amount raised was 1.192 billion yuan, a decrease of 8.64% [7] Short-term Performance Post-Listing - Revenue Growth: Company revenue increased by 27.01% year-on-year [8] - Net Profit Decline: Net profit attributable to shareholders decreased by 10.30% year-on-year, and non-recurring net profit decreased by 12.71% year-on-year [8] Overall Evaluation - Total Score: Yilian Technology's IPO project scored 83.5 points, classified as B-level [9] - Negative Factors: Disclosure quality needs improvement, long listing cycle, reduced actual fundraising amount, decline in net profit and non-recurring net profit in the first accounting year, and a subscription abandonment rate of 0.28% [9]

Core Viewpoint - The current market sentiment reflects a "slow bull" trend, with expectations for the A-share market to continue its upward trajectory for at least another one to two years, despite retail investors' skepticism and anxiety about market peaks [3][6][7]. Market Sentiment - Retail investors are experiencing anxiety and hesitation due to past bear market memories, leading to erratic trading behaviors [5][7]. - There is a significant divide in opinions among retail investors regarding the market's future, with discussions centered around whether the 4000-point mark represents a new beginning or an impending end to the bull market [7][9]. Historical Analysis - Historical data indicates that bull markets often begin amid skepticism and end in excitement, with the "five-year cycle theory" suggesting that significant market lows occur in years ending in 4 and 9 [6][10]. - The analysis of past bull markets shows that the A-share index is expected to maintain an upward trend until at least 2027, based on historical patterns [6][10]. Market Drivers - The current bull market is driven by institutional reforms, optimized capital structures, and economic transitions, differing from previous bull markets that relied heavily on rapid economic growth and corporate profit improvements [10][11]. - The shift in corporate behavior towards dividend distribution rather than reinvestment is seen as a key factor in supporting long-term market value [10][11]. Capital Flow Dynamics - The phenomenon of "deposit migration" is emerging, where residents are expected to shift their savings from low-yielding assets to equities, potentially enhancing market liquidity and supporting a sustained upward trend [11][12]. - Analysts suggest that the current environment presents a significant opportunity for equity markets to attract capital as traditional investment avenues like real estate become less favorable [12].

| 麦格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | | ( 請參閱上述 * 註 有投票權股 期 (日 / 月 / 份權益 | | | | | | | | | 份自分比 年) | | | | | | | | | 1% | | | CS20250819E00314 | 易方达基金管理有限公司 | 1101(L) | | 468,000(L | HKD 17.5118 | 89,653,440(L) | 7.03(L)14/08/2025 | 格隆汇8月21日丨根据联交所最新权益披露资料显示，2025年8月14日，招商证券(06099.HK)获易方达基金管理有限公司在场内以每股均价17.5118港元增持 46.8万股，涉资约819.55万港元。 增持后，易方达基金管理有限公司最新持股数目为8965.344万股，持股比例由7.00%上升至7.03%。 | ...

Core Viewpoint - The Shanghai options market experienced significant trading activity in July, with a total trading volume of 115.51 million contracts, reflecting a month-on-month increase of 48.92% [1] Group 1: Market Performance - In July, the trading volume for the Shanghai options market reached 11550.66 million contracts, with notable increases in various ETFs: - SSE 50 ETF options: 29.40 million contracts, up 49.25% - CSI 300 ETF options: 29.43 million contracts, up 68.31% - CSI 500 ETF options: 32.35 million contracts, up 22.91% - Huaxia Sci-Tech 50 ETF options: 20.04 million contracts, up 81.23% - E Fund Sci-Tech 50 ETF options: 4.29 million contracts, up 42.75% [1] Group 2: Participant Data - As of July 2025, the total number of investor accounts in the Shanghai options market reached 705,868, with 4,323 new brokerage accounts added in July. A total of 91 securities firms and 34 futures companies have opened stock options brokerage business trading permissions [2] - The top three securities firms by trading volume in July were: - CITIC Securities: 5.08% market share - Guotai Junan Securities: 4.34% market share - Huabao Securities: 4.23% market share [2] Group 3: Wealth Management and Risk Management - The low interest rate environment has made standardized, high liquidity, and low-risk options increasingly popular among retail investors. The implementation of the Futures and Derivatives Law has provided a legal framework for the over-the-counter derivatives market, enhancing investor interest [2] - The main products in the over-the-counter derivatives business include OTC options and total return swaps, which serve both risk management and wealth management functions. OTC options can hedge market risks for various assets, while total return swaps help manage risks related to prices, interest rates, and exchange rates [3] Group 4: Market Opportunities - The over-the-counter derivatives market is poised for unprecedented growth opportunities due to the gradual improvement of regulatory frameworks and accelerated business innovations, highlighting its value in serving the risk management needs of the real economy and meeting diverse investment demands [4]

Core Viewpoint - Company is focusing on overseas market growth, particularly in emerging markets and regions involved in the Belt and Road Initiative, while also addressing ongoing litigation and enhancing R&D investments to drive future performance [2][3][4][6][7]. Group 1: Overseas Market and Growth Drivers - Approximately 50% of the company's revenue comes from overseas sales, with significant growth in emerging markets and regions related to the Belt and Road Initiative [2]. - The company is enhancing its public safety ecosystem and solution offerings to increase customer loyalty and drive marginal growth in customer value [2]. - Strategic focus is on expanding in the Belt and Road and BRICS countries, with a positive growth trend observed [2]. Group 2: R&D Investments - R&D expenditure has increased by about 8% year-on-year, with a focus on high-profit and high-return product lines such as narrowband products, public-private integration, and emergency self-organizing networks [3]. - The company is optimizing its R&D direction by reducing investment in non-core and less profitable projects [3]. Group 3: Financial Performance - For the first half of 2025, the company reported a main revenue of 2.259 billion yuan, a year-on-year decrease of 17.5%, and a net profit attributable to shareholders of 93.58 million yuan, down 42.37% [8]. - The gross profit margin improved by approximately 5 percentage points, primarily due to an increase in OEM business margins despite a decline in overall revenue [6]. - The company aims to maintain its gross margin levels while expecting new products to contribute positively to revenue in the long term [6]. Group 4: Future Outlook - Despite macroeconomic pressures, the company remains optimistic about business opportunities in the second half of the year, particularly in the I-special network sector [7]. - The company is committed to high-quality development and stable growth moving forward [7].

2025年1至6月份，骏鼎达的营业收入构成为：功能性保护套管占比74.34%，其他主营业务占比 25.66%。 骏鼎达（SZ 301538，收盘价：73.17元）发布公告称，2025年8月20日，骏鼎达接受招商证券等投资者 调研，公司董事、董事会秘书刘亚琴等人参与接待，并回答了投资者提出的问题。 （文章来源：每日经济新闻） ...

智通财经APP获悉，香港联交所最新资料显示，8月14日，易方达基金管理有限公司增持招商证券 (06099)46.8万股，每股作价17.5118港元，总金额约为819.55万港元。增持后最新持股数目约为8965.34 万股，最新持股比例为7.03%。 ...

Group 1 - E Fund Management Co., Ltd. increased its stake in China Merchants Securities (600999) by 468,000 shares at a price of HKD 17.5118 per share, totaling approximately HKD 8.1955 million [1] - After the increase, the total number of shares held by E Fund is approximately 89.6534 million, representing a holding percentage of 7.03% [1]

（文章来源：每日经济新闻） 海能达（SZ 002583，收盘价：13.86元）发布公告称，2025年8月18日至2025年8月20日，海能达接受招 商证券等投资者调研，公司副总经理兼董事会秘书周炎等人参与接待，并回答了投资者提出的问题。 2025年1至6月份，海能达的营业收入构成为：通信及相关设备制造业占比86.73%，OEM及其他占比 13.27%。 ...

该信息由智通财经网提供 智通财经APP获悉，招商证券国际发布研报称，鉴于社交娱乐业务预期走弱，将网易云音乐 (09899)2025、2026财年的营收预测下调4%至5%，但受益于成本管控带来的利润率改善，核心营业利润 预测分别上调25%、23%。基于分类加总估值法(SOTP)，目标价从208港元大幅上调至330港元。其中， 音乐业务给予未来12个月30倍市盈率，社交娱乐业务采用10倍市盈率，整体分别对应2025、2026财年21 倍、26倍预期市盈率，评级增持。 招商证券国际表示，网易云音乐上半年业绩超预期，在线音乐服务 收入达29.7亿元人民币，同比增长16%(符合预期)，占总收入的78%。毛利率同比提升1.4个百分点至 36.4%，超出市场预期的34.1%。核心营业利润同比增长35%至9.05亿元人民币，较市场预期高出40%， 期末净现金储备为124亿元人民币。 展望未来，招商证券国际预计，2025年下半年在线音乐业务以17%的同比增速，推动集团总收入实现同 比正增长。招商证券国际预期网易云音乐2025、2026财年核心营业利润分别为17亿、21亿元人民币，同 比增长33%、21%。 ...