Report Industry Investment Rating No relevant content provided. Core Views of the Report - In October 2025, the restart of unprofitable new shares issuance led to an increase in the monthly fundraising amount, and the new shares on the first - day of listing had no break - even, with an average increase of 219%. The new share subscription income remained high, and the "entry" strategy was the optimal one [2]. - The performance of new shares in different sectors and industries varies. The first - day performance of unprofitable new shares on the Science and Technology Innovation Board was excellent, and the choice of restricted - sale plans for unprofitable new shares had a significant impact on income enhancement [11][17]. Summary by Related Catalogs 1. Issuance and Listing Rhythm - In October 2025, there were 9 new listings on the Shanghai, Shenzhen, and Beijing stock exchanges, with a total initial public offering (IPO) fundraising of 1.2869 billion yuan. From January to October 2025, there were 87 new listings, and the total fundraising was 9.0172 billion yuan, a 9% increase in the number of new listings and a 71% increase in fundraising compared to the same period in 2024 [2][8]. - The 3 unprofitable new shares listed in October 2025 had a relatively large fundraising volume, driving the monthly fundraising amount to increase year - on - year and month - on - month [2][8]. 2. First - day Gain Performance - In October 2025, the 6 new shares listed in the Shanghai and Shenzhen markets were all issued offline. The new shares on the first - day of listing had no break - even, with an average increase of 219%, the same as in September. The average first - day increase of the first 3 unprofitable new shares on the Science and Technology Innovation Board with agreed restricted sales was 158% [2][11]. - Among the new shares on the Main Board in October, Daosheng Tianhe had a first - day increase of 351%, Chaoying Electronics had a first - day increase of 339%, and Marco Polo had a first - day increase of 148% [11]. 3. New Share Subscription Income Calculation - In October 2025, with the support of unprofitable new share income, the monthly new share subscription income remained high. Without considering unprofitable new shares, the new share subscription income of Class A/B accounts in October was 287,700/277,200 yuan respectively. Conservatively, if all 3 unprofitable new shares selected Plan A3, the total monthly full - subscription income of Class A/B was 623,400/608,800 yuan; optimistically, if all 3 unprofitable new shares selected Plan A1, the total monthly full - subscription income of Class A/B was 3,971,500/608,800 yuan [2][17]. 4. New Share Subscription Strategy at the Current Stage - The "entry" strategy is still the optimal one. It is recommended to actively participate in low - price, small - floating - stock new shares with expected first - day gains and large - market - value new shares with a large offline allocation volume. Among the registered but unlisted enterprises, companies such as Moore Threads are worth paying attention to [2][20]. - The performance of new shares in different sectors is affected by various factors. The Main Board new shares have had good performance and high first - day gains since 2023; the Science and Technology Innovation Board new shares are affected by market heat and policy support; the ChiNext Board is recommended to participate in low - price, small - market - value new shares [20].

Group 1 - The core viewpoint of the news is that Daosheng Tianhe's stock has experienced a decline, with a year-to-date drop of 24.33% and a recent 5-day drop of 4.30% [1] - As of November 4, Daosheng Tianhe's stock price is 22.46 yuan per share, with a market capitalization of 14.81 billion yuan [1] - The company has seen a net outflow of main funds amounting to 14.60 million yuan, with significant selling pressure from large orders [1] Group 2 - Daosheng Tianhe Materials Technology (Shanghai) Co., Ltd. was established on June 11, 2015, and is located in the China (Shanghai) Pilot Free Trade Zone [2] - The company's main business involves the research, production, and sales of new materials, with a revenue composition primarily from epoxy resin for wind turbine blades (68.56%) [2] - For the period from January to September 2025, Daosheng Tianhe achieved operating revenue of 2.698 billion yuan and a net profit attributable to the parent company of 153 million yuan, reflecting a year-on-year growth of 56.89% [2]

Core Insights - In October, 10 A-share IPO companies were reviewed and all were approved, marking a significant achievement for the IPO market [1] - The number of terminated IPOs in October was only 2, the lowest this year, indicating a positive trend in the IPO process [2] - A total of 9 companies successfully completed their IPOs in October, raising a combined total of 12.869 billion yuan [1][8] IPO Termination - The two companies that terminated their IPO processes in October were Beijing Kunlun Unicom Technology Development Co., Ltd. and Zhuzhou Keno New Materials Co., Ltd. [2][4] - Kunlun Unicom faced scrutiny regarding the authenticity of its revenue and customer relationships during its IPO applications [3][4] - Zhuzhou Keno's application raised questions about its innovation attributes, with its R&D investment being just above the minimum requirement [5] Successful IPOs - In October, 9 companies raised a total of 12.869 billion yuan, with Xi'an Yicai-U raising the highest amount at 4.636 billion yuan [7][8] - Notably, several companies listed in October, including Xi'an Yicai-U and He Yuan Biology-U, reported fundraising amounts exceeding 1 billion yuan [8] - Dao Sheng Tian He had a notably high issuance cost rate of 12.89%, which was higher than its peers [8][9] Underwriting and Brokerage - From January to October, 87 companies successfully completed their IPOs, raising a total of 90.172 billion yuan, with 34 brokerages sharing the underwriting fees [11][14] - CITIC Securities led the underwriting with 12 companies and raised 12.827 billion yuan, followed by Guotai Junan and Huatai United Securities [12][14] - Notably, some brokerages, such as First Capital and Dongguan Securities, reported zero underwriting revenue in 2025 [15]

中信建投证券股份有限公司 关于道生天合材料科技（上海）股份有限公司 调整部分募投项目拟投入金额的核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"保荐人"）作为道生天 合材料科技（上海）股份有限公司（以下简称"道生天合"、"发行人"或"公司"） 首次公开发行股票并在主板上市的保荐人，根据《证券发行上市保荐业务管理办 法》《上市公司募集资金监管规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易所股票上市规则》等有关法律法规和规范性文 件的要求，就道生天合调整部分募投项目拟投入金额的事项进行了审慎核查，并 发表如下核查意见： 一、募集资金基本情况 根据中国证监会"证监许可[2025]1713 号"《关于同意道生天合材料科技（上 海）股份有限公司首次公开发行股票注册的批复》，公司向社会公开发行人民币 普通股股票 131,880,000 股，发行价格为 5.98 元/股，募集资金总额为人民币 788,642,400.00 元，扣除不含税的发行费用人民币 101,692,287.40 元后，实际募 集资金净额为人民币 686,950,112.60 元。上述募集资金已于 2025 ...

中信建投证券股份有限公司（以下简称"中信建投"或"保荐人"）作为道生天 合材料科技（上海）股份有限公司（以下简称"道生天合"、"发行人"或"公司"） 首次公开发行股票并在主板上市的保荐人，根据《证券发行上市保荐业务管理办 法》《上市公司募集资金监管规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易所股票上市规则》等有关法律法规和规范性文 件的要求，就道生天合使用部分暂时闲置募集资金进行现金管理的事项进行了审 慎核查，并发表如下核查意见： 一、募集资金基本情况 中信建投证券股份有限公司 关于道生天合材料科技（上海）股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 根据中国证监会"证监许可[2025]1713 号"《关于同意道生天合材料科技（上 海）股份有限公司首次公开发行股票注册的批复》，公司向社会公开发行人民币 普通股股票 131,880,000 股，发行价格为 5.98 元/股，募集资金总额为人民币 788,642,400.00 元，扣除不含税的发行费用人民币 101,692,287.40 元后，实际募 集资金净额为人民币 686,950,112.60 元。上述募集 ...

道生天合材料科技(上海)股份有限公司章程 TECHSTORM Reliable Solution 道 生 天 合 第二条 公司系依照《公司法》《证券法》和其他有关规定成立的股份有限公 司,由上海易成实业投资集团有限公司、上海桐梵企业管理合伙企业(有限合伙)、 台州谱润股权投资合伙企业(有限合伙)、上海沂肠涛禾企业管理合伙企业(有 限合伙)、杭州中车时代创业投资合伙企业(有限合伙)、上海金浦临港智能科 技股权投资基金合伙企业(有限合伙)、苏州优顺创业投资合伙企业(有限合伙)、 上海桐元企业管理合伙企业(有限合伙)、上海未领企业管理合伙企业(有限合 伙)、江苏南通沿海创业投资基金(有限合伙)、廖可夫、西藏什刹海创业投资 有限公司、南京扬子区块链股权投资合伙企业(有限合伙)、季杰共同作为发起 人,由道生天合材料科技(上海)有限公司整体变更设立的股份有限公司,在上 海市市场监督管理局注册登记,取得营业执照,统一社会信用代码为 91310120342276525B。 第三条 公司于2025年8月12日经中华人民共和国证券监督管理委员会（以 下简称"中国证监会"）证监许可[2025]1713号文批准,首次向社会公众发行人 ...

证券代码：601026 证券简称：道生天合 公告编号：2025-002 道生天合材料科技（上海）股份有限公司 关于调整部分募投项目拟投入金额的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 根据道生天合材料科技（上海）股份有限公司（以下简称"公司"）第二届 董事会审计委员会 2025 年第五次会议决议以及第二届董事会第二十四次会议决 议，审议通过了《关于调整部分募投项目拟投入金额的议案》，同意公司结合实 际情况对募投项目拟投入金额进行适当调整。保荐人中信建投证券股份有限公司 出具了无异议的核查意见。 一、募集资金基本情况 根据中国证监会"证监许可[2025]1713 号"《关于同意道生天合材料科技（上 海）股份有限公司首次公开发行股票注册的批复》，公司向社会公开发行人民币 普通股股票 131,880,000 股，发行价格为 5.98 元/股，募集资金总额为人民币 788,642,400.00 元，扣除不含税的发行费用人民币 101,692,287.40 元后，实际募 集资金净额为人民币 686,950,112.60 ...

| 修订前内容 | 修订后内容 | | --- | --- | | 第三条 公司于【】年【】月【】日经中 | | | | 第三条 公司于 年 8月 日经中华人民 2025 12 | | 华人民共和国证券监督管理委员会（以下 | | | 简称"中国证监会"）证监许可【】号文 | 共和国证券监督管理委员会（以下简称"中国 | | | 号文批准， 证监会"）证监许可[2025]1713 | | 批准，首次向社会公众发行人民币普通股 | | | | 首次向社会公众发行人民币普通股 13,188 万 | | 【】万股；并经上海证券交易所【】号文 | | 证券代码：601026 证券简称：道生天合 公告编号：2025-001 道生天合材料科技（上海）股份有限公司 关于变更公司注册资本、类型暨修订《公司章程》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 根据道生天合材料科技（上海）股份有限公司（以下简称"公司"）2023 年 第一次临时股东大会决议，经中国证监会"证监许可[2025]1713 号"《关于同意 道生天合材料科技 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 证券代码：601026 证券简称：道生天合 公告编号：2025-003 道生天合材料科技（上海）股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的公告 根据道生天合材料科技（上海）股份有限公司（以下简称"公司"）第二届 董事会审计委员会 2025 年第五次会议以及第二届董事会第二十四次会议决议， 公司拟使用总金额不超过人民币 50,000.00 万元的暂时闲置募集资金进行现金管 理，用于投资安全性高、流动性好、有保本约定的投资产品，包括但不限于结构 性存款、协定存款、通知存款、大额存单、收益凭证等。该现金管理产品不得用 于质押，不用于以证券投资为目的的投资行为，使用期限不超过 12 个月。在上 述额度及决议有效期内，可循环滚动使用。保荐人中信建投证券股份有限公司出 具了无异议的核查意见。 一、募集资金基本情况 根据中国证监会"证监许可[2025]1713 号"《关于同意道生天合材料科技（上 海）股份有限公司首次公开发行股票注册的批复》，公司向社会公开发行人民币 普通股 ...

Core Viewpoint - Daosheng Tianhe's stock price has shown volatility, with a year-to-date decline of 19.27% but a recent uptick of 1.27% over the last five trading days, indicating potential market interest despite recent challenges [1][2]. Financial Performance - For the period from January to September 2025, Daosheng Tianhe reported a revenue of 2.698 billion yuan and a net profit attributable to shareholders of 153 million yuan, reflecting a year-on-year growth of 56.89% [2]. Stock Market Activity - As of October 29, Daosheng Tianhe's stock was trading at 23.96 yuan per share, with a market capitalization of 15.799 billion yuan. The stock experienced a trading volume of 413 million yuan and a turnover rate of 16.42% [1]. - The company has appeared on the "龙虎榜" (Dragon and Tiger List) four times this year, with the most recent appearance on October 28, where it recorded a net buy of -12.9573 million yuan [1]. Shareholder Information - As of October 17, Daosheng Tianhe had 151,200 shareholders, a significant increase of 840,111.11% compared to the previous period, with an average of 708 circulating shares per shareholder [2]. Business Overview - Daosheng Tianhe, established on June 11, 2015, specializes in the research, production, and sales of new materials, with a primary revenue composition that includes 68.56% from epoxy resin for wind turbine blades [2]. - The company operates within the basic chemical industry, specifically in plastics and synthetic resins, and is associated with several concept sectors including new materials and hydrogen energy [2].