CSC(601066)
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中信建投保荐骏鼎达IPO项目质量评级B级 承销保荐费用率较高

Xin Lang Zheng Quan· 2025-09-09 08:49
Company Overview - Full Name: Shenzhen Jundingda New Materials Co., Ltd [1] - Abbreviation: Jundingda [1] - Stock Code: 301538.SZ [1] - IPO Application Date: May 26, 2022 [1] - Listing Date: March 20, 2024 [1] - IPO Auditing Firm: Tianjian Accounting Firm (Special General Partnership) [1] Disclosure and Regulatory Evaluation - Disclosure Issues: The issuer did not disclose whether there were discrepancies between the information disclosed during the NEEQ listing period and the current prospectus; required to supplement the special explanation on compliance with the Growth Enterprise Market positioning [1] - Regulatory Penalties: No penalties imposed [2] - Listing Cycle: Jundingda's listing cycle is 664 days, which is longer than the average of 629.45 days for newly listed A-share companies [2] - Underwriting Fees: The underwriting and sponsorship fees amount to 50.238 million yuan, with a commission rate of 9.00%, higher than the average of 7.71% [3] Market Performance - First Day Performance: The stock price increased by 89.84% on the first day of listing [4] - Three-Month Performance: The stock price rose by 191.60% within three months post-listing [7] Financial Metrics - Issuance Price-Earnings Ratio: Jundingda's issuance P/E ratio is 20.26 times, which is 92.05% of the industry average of 22.01 times [8] - Actual Fundraising: Expected fundraising was 632 million yuan, but actual fundraising was 558 million yuan, a decrease of 11.72% [9] - Short-Term Performance: In 2024, the company's operating income increased by 34.30% year-on-year, net profit attributable to the parent company increased by 26.01%, and non-recurring net profit increased by 25.71% year-on-year [10] Overall Evaluation - Total Score: Jundingda's IPO project received a total score of 82.5, classified as Grade B [11] - Negative Factors: The score was affected by the need for improved disclosure quality, a long listing cycle, high issuance cost ratio, reduced actual fundraising amount, and a subscription abandonment rate of 0.40% [11]
中信建投:维持康哲药业“买入”评级 创新驱动长期增长潜力

Zhi Tong Cai Jing· 2025-09-09 06:15
中信建投(601066)发布研报称,维持康哲药业(00867)"买入"评级,预计25-27年实现营业收入83.1、 94.8以及113.5亿元,同比增长11%、14%以及20%。实现归母净利润16.7、18.9以及25.3亿元,同比增长 3%、13%以及34%。目前公司推动5款创新药步入商业化,3款处于NDA阶段,20余款自研品种有序推 进,为后续增长打下良好基础。皮肤健康板块德镁医药已成长为皮肤健康细分领域龙头,25H1营收同 比增长104%,未来随着芦可替尼乳膏的获批上市及后续创新管线稳步推进,有望进一步释放增长潜 力。 公司25年上半年实现营业收入40.02亿元,同比增长10.8%,全按药品销售口径计算为46.70亿元,同比 增长8.9%,营收利润符合预期。25H1集采产品影响已经消化,其中优思弗等产品销售数量已恢复至集 采前水平,三款集采品种(波依定、黛力新、优思弗)按药品收入口径销售额较2022年峰值保留约50%。 叠加主要独家品种及创新品种加速放量,25H1销售额29亿元,同比增长20.6%,助力公司经营重回上升 通道。 分板块来看,心脑血管业务实现销售22.2亿元,同比增长6%,结束此前下滑趋势 ...
中信建投:维持康哲药业(00867)“买入”评级 创新驱动长期增长潜力

智通财经网· 2025-09-09 06:10
分板块来看,心脑血管业务实现销售22.2亿元,同比增长6%,结束此前下滑趋势,核心品种逐步企稳; 消化和自免业务实现营收14.1亿元,同比增长4.9%,亿活、慷彼申等独家品种持续贡献稳定收入;皮肤 健康(德镁医药)实现销售5.0亿元,同比增长104%,喜辽妥、益路取等产品放量明显;眼科业务实现营收 3.6亿元,同比增长17%。 创新转型稳步推进,业务结构持续优化 智通财经APP获悉,中信建投发布研报称,维持康哲药业(00867)"买入"评级,预计25-27年实现营业收 入83.1、94.8以及113.5亿元,同比增长11%、14%以及20%。实现归母净利润16.7、18.9以及25.3亿元, 同比增长3%、13%以及34%。目前公司推动5款创新药步入商业化,3款处于NDA阶段,20余款自研品 种有序推进,为后续增长打下良好基础。皮肤健康板块德镁医药已成长为皮肤健康细分领域龙头, 25H1营收同比增长104%,未来随着芦可替尼乳膏的获批上市及后续创新管线稳步推进,有望进一步释 放增长潜力。 事件:8月18日,公司公布25年中期业绩报告,25年上半年实现营业收入40.02亿元,同比增长10.8%, 全按药品销售口 ...
马上消费冲刺A股!中金中信建投助力,2024年增利不增收跻身行业前三

Sou Hu Cai Jing· 2025-09-09 02:14
作为中国银保监会批准设立的持牌消费金融机构,马上消费自2015年6月正式运营以来,始终将科技创 新作为核心战略。公司通过自主研发的智能风控系统、大数据分析平台等数字化工具,构建起覆盖信贷 审批、用户画像、反欺诈等全流程的科技体系。这种技术驱动模式不仅提升了服务效率,更使其在竞争 激烈的消费金融市场中占据独特优势。 资本运作层面,该机构展现出稳健的扩张策略。2016年至2018年间,公司连续完成三轮增资扩股,注册 资本从初始规模逐步增至40亿元。这种持续的资本注入不仅增强了风险抵御能力,更为业务规模扩张提 供了坚实保障。据公开信息显示,其资本充足率长期保持在行业领先水平。 | 营业支出 | | | | | --- | --- | --- | --- | | 税金及附加 | 26 | (93,073,188.83) | (95,649,114.60) | | 业务及管理费 | 27 | (7,157,824,162.21) | (6,257,811,231.11) | | 研发费用 | 28 | (1,392,291,802.90) | (1,029,786,555.42) | | 信用藏值损失 | 29 | ( ...
中信建投:看好钨中长期投资价值

Zhong Zheng Wang· 2025-09-09 01:29
中信建投(601066)研报称,中长期来看,国内钨精矿的保护性开采态度较为明确,海外钨精矿复产进 度不及预期。需求端,随着降息周期确定传统工业需求稳步增长,而光伏钨丝、核辐射钨屏蔽材料、固 态电池钨基正级材料等新型应用持续冒头,供需平衡表始终处于偏紧状态,看好钨中长期的战略金属价 值和投资价值。 ...
中信建投:储能增长的核心逻辑是新能源渗透率提升和储能系统成本下降的共振

Xin Lang Cai Jing· 2025-09-09 00:29
中信建投研报指出,储能增长的核心逻辑是新能源渗透率提升和储能系统成本下降的共振。目前国内储 能市场需求强劲,锂电池排产旺盛,储能电池出现涨价迹象;5.31后淡季不淡,项目招标高增。原因主 要可分为两点,一是多省推出容量补偿、容量租赁等政策提升储能项目收益确定性;二是新能源全面入 市背景下峰谷价差拉大。目前山东等省市场化程度高,储能电站经济性好;蒙西限电较为严重,配储比 例有很大提升空间。海外来看,欧洲、澳洲、拉美、东南亚等地需求良好。 ...
中信建投:未来中期看 全球流动性对金价有一定支撑

Sou Hu Cai Jing· 2025-09-09 00:25
每经AI快讯,9月9日,中信建投研报指出,未来中期看,全球流动性对金价有一定支撑。本轮全球降 息周期非美央行先于美联储降息,全球流动性外溢效应推升黄金。近期美国通胀数据不及预期,关税对 通胀压力可能没有市场预期那么明显,从现实通胀预测指标来看,预计年内美国通胀风险可控。美联储 降息仍有空间,近期美联储沃勒、鲍曼表示支持最早在7月降息。部分央行会跟随美联储降息,因此全 球降息潮尚未结束,金价中期有支撑。 ...
中信建投:出口情况预计逐步趋于稳定

Zheng Quan Shi Bao Wang· 2025-09-09 00:21
人民财讯9月9日电,中信建投研报分析称,8月继续实现进出口双增长,贸易差额同比维持两位数增 速,同比增速有所下滑但总体外贸情况仍处于较好状态。从关联数据来看,9月初集装箱吞吐量出现明 显增长,贸易活跃度仍在边际提升。同时,人民币汇率连续5个月维持升值,体现海外市场对人民币的 需求旺盛,外贸需求仍存在。总的来看,随着全球关税格局进入平稳期,外贸结构性调整趋于成熟,出 口情况预计逐步趋于稳定。 转自:证券时报 ...
中信建投悦享6个月持有期债券型证券投资基金开放日常申购、赎回、定期定额投资业务公告

Zhong Guo Zheng Quan Bao - Zhong Zheng Wang· 2025-09-08 23:43
Announcement Overview - The CITIC Securities Investment Fund will officially change from a collective asset management plan to a securities investment fund starting September 8, 2025 [1] - Holders of the original asset management plan who do not redeem during the transition period will have their shares automatically converted to the corresponding fund shares [1] Fund Subscription and Redemption - The fund shares will be open for subscription on every trading day, with a minimum holding period of 6 months for each share [3][4] - During the minimum holding period, shares cannot be redeemed; redemption requests can only be made after the holding period ends [3][4] - The fund management may adjust the subscription and redemption times based on changes in trading markets or other special circumstances [2] Subscription Details - The minimum initial subscription amount through other sales institutions is RMB 1, while the minimum for direct sales is RMB 20,000 [5][6] - There are no limits on additional subscription amounts [5] - The fund management may set limits on the total amount of subscriptions or the maximum amount per day to protect existing investors [7] Subscription Fees - A front-end fee applies to A-class fund shares, while C-class shares do not incur any subscription fees [8] - The fund management can adjust the fee rates and promotional activities as per market conditions [9] Redemption Details - The minimum redemption request is one share, and holders can redeem all or part of their shares [14] - A redemption fee will be charged for shares held for less than 7 days [15] - The redemption price will be based on the net asset value calculated at the end of the trading day [16] Investment Plan - The fund does not currently offer conversion services between funds [20] - Regular investment plans can be initiated through designated sales institutions, with a minimum investment amount starting at RMB 1 [22] Fund Management and Disclosure - The fund management will disclose the net asset value and cumulative net asset value regularly through various media [28] - Investors are encouraged to read the fund contract and prospectus for detailed information [29]
中信建投证券股份有限公司关于航天南湖电子信息技术股份有限公司2025年半年度持续督导跟踪报告

Shang Hai Zheng Quan Bao· 2025-09-08 20:00
登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 经中国证券监督管理委员会(简称"中国证监会")"证监许可〔2023〕483号文"批准,航天南湖电子信 息技术股份有限公司(简称"公司"或"航天南湖")首次向社会公开发行人民币普通股(A股)8,431.2701 万股,每股面值1.00元。本次公司发行新股的发行价为21.17元/股,募集资金总额为178,489.99万元,扣 除发行费用12,827.61万元后,实际募集资金净额为165,662.37万元。本次公开发行股票于2023年5月18日 在上海证券交易所上市。中信建投证券股份有限公司(简称"中信建投证券"或"保荐人")担任本次公开 发行股票的保荐人。根据《证券发行上市保荐业务管理办法》,由中信建投证券完成持续督导工作,出 具本持续督导跟踪报告。 一、持续督导工作情况 ■ 二、保荐人和保荐代表人发现的问题及整改情况 在本持续督导期间,保荐人和保荐代表人未发现航天南湖存在重大问题。 三、重大风险事项 在本持续督导期间,公司主要的风险事项如下: (一)核心竞争力风险 1、技术研发风险 防空预警雷达产品研发周期较长、研发资金投入较大,需适应复杂多样的军事战斗环境 ...