Core Viewpoint - The A-share market experienced a narrow fluctuation with certain sectors such as electricity, CXO, and vitamins showing strength despite overall market weakness [2][3]. A-share Market Performance - The A-share market showed a slight decline with the Shanghai Composite Index down by 0.1%, Shenzhen Component down by 0.66%, North Star 50 Index down by 2.8%, and ChiNext Index down by 0.68% [3]. - Key performing sectors included daily chemicals, coal, paper, and agriculture, while software services, internet, mineral products, and IT equipment sectors faced declines [3]. Sector Highlights Electricity Sector - The electricity sector saw significant gains with multiple stocks hitting the daily limit up, including Huayin Power (600744) up by 10% to 3.85, Xichang Power (600505) up by 9.97% to 17.31, and Chenzhou International (600969) up by 9.95% to 8.07 [4]. - Other notable performers included Shaoneng Co. (000601) up by 9.93% and Guangxi Energy (600310) up by 8.24% [4]. CXO Sector - The CXO sector exhibited strong performance with Jin Kai Biotechnology (301509) hitting the daily limit up, and Hehua Co. (000953), Kailaiying A-shares, and Lingkang Pharmaceutical (603669) also reaching the limit up [5]. - Kailaiying's Hong Kong shares surged by over 19% during the session [5]. Vitamin Sector - The vitamin concept sector showed notable strength, contributing to the overall positive performance of the market [4]. New Stock Listings - Two new stocks were listed in the A-share market, both experiencing significant increases [9]. - Jiangshun Technology (001400) saw a peak increase of over 120% during trading, focusing on aluminum profile extrusion molds and related equipment [10]. - Tianyouwei (603202) also performed well, with a peak increase nearing 50%, specializing in automotive instrument development and production [11]. Hong Kong Market Performance - The Hong Kong market experienced a decline, with the Hang Seng Index dropping over 1% [12][13]. - Notable declines were observed in major stocks such as Meituan-W and JD.com [13]. - However, New Oriental-S saw a rise of over 6% following the release of its financial results for the third quarter of the 2025 fiscal year, reporting a slight decrease in net revenue but an increase in operating profit [14].

兄弟姐妹们，今天A股主板上市的两家新股纷纷上涨！ 格隆汇获悉，4月24日，江顺科技（001400）在深主板上市，发行价格为37.36元/股，对应的发行市盈率为15.32倍，低 于29.52倍的行业市盈率。截止上午收盘，江顺科技股价涨超97%，总市值约44亿元。 天有为（603202）在沪主板上市，发行价格为93.5元/股，对应发行市盈率为13.5倍，低于行业最近一个月平均静态市 盈率27.16倍。截止上午收盘，天有为股价涨超31%，总市值约197亿元。 近年来A股打新赚钱效应较好，截止4月23日，2025年在A股上市的34家新股首日全部收涨，且上市首日平均涨幅超过 248%！可见打中大A新股后，在上市首日卖出，赚钱的概率很大。 只是今年大A上市新股数量不多，打新中签率普遍不高，很难打中，像今天上市的江顺科技网上发行中签率仅0.01%左 右，天有为的中签率也才0.03%，中签的都是万里挑一的幸运儿。 接下来介绍一下这两家公司的详细情况。 01 江顺科技毛利率接近40%，面临应收账款回收风险 江顺科技来自江苏无锡江阴市周庄镇，公司成立于2001年，并于2020年整体变成为股份公司。本次发行前，公司的控 股股东、实 ...

Market Performance - On April 23, 2025, A-shares showed mixed results with the Shanghai Composite Index down 0.1% at 3296.36 points, while the Shenzhen Component Index rose 0.67% to 9935.8 points and the ChiNext Index increased by 1.08% to 1949.16 points. The total trading volume in the Shanghai and Shenzhen markets was 12,297 billion yuan, an increase of 1,397 billion yuan from the previous trading day [1] - Hong Kong stocks collectively rose, with the Hang Seng Index up 2.37% or 510.30 points, closing at 22,072.62 points, and the Hang Seng Technology Index increasing by 3.07% to 5049.4 points. The total trading volume was 2,606.19 billion HKD [1] - U.S. stock indices also saw gains, with the Dow Jones up 1.07% at 39,606.57 points, the Nasdaq rising 2.50% to 16,708.05 points, and the S&P 500 increasing by 1.67% to 5,375.85 points [1] New Stock Listings - Jiangshun Technology, with a stock code of 001400, was listed at an issuance price of 37.36 billion yuan and a price-to-earnings ratio of 15.32 times. The company specializes in the research, design, production, and sales of aluminum profile extrusion molds and related equipment [3] - Tianyouwei, with a stock code of 603202, was listed at a price of 93.5 yuan per share and a price-to-earnings ratio of 13.5 times. The company focuses on the research, design, production, and sales of automotive instruments and is expanding into the smart cockpit sector [3] Industry Developments - The Greater Bay Area (Dongguan) Artificial Intelligence Alliance was established on April 23, 2025, led by Huawei, OPPO, and vivo, along with 18 other significant entities. The alliance aims to utilize over 10,000P of intelligent computing power by 2027 and develop over 100 AI+ advanced manufacturing demonstration applications [4] - In the first quarter of 2025, the average rent for residential properties in 50 cities in China decreased by 0.44%. The average rent was 35.3 yuan per square meter per month in March, reflecting a year-on-year decline of 3.40% [4] Regulatory Actions - The European Union imposed its first fines under the Digital Markets Act, totaling 700 million euros (approximately 798 million USD) against Apple and Meta for antitrust violations. Apple was fined 500 million euros, while Meta received a 200 million euro fine [5]

乘资本市场之东风 筑大有作为之辉煌 天有为自设立以来，始终以汽车仪表产品为核心，坚持客户需求导向，持续开发迭代，逐步向智能座舱 领域拓展，目前已具备成熟的汽车仪表等汽车电子产品研发能力、生产能力和服务保障能力。经过多年 的业务发展，公司已积累了多家国内外知名汽车整车厂商及汽车零部件供应商客户，主要包括现代汽车 集团、比亚迪、长安汽车、奇瑞集团等。目前，汽车产业智能化、网联化、电动化趋势发展迅速，孕育 着广阔的市场机遇，也对供应链企业的技术实力、产品功能、服务能力、管理水平等提出了更高的要 求。通过本次发行上市，公司可以借助资本市场平台，进一步提升研发实力，加强技术升级，完善产品 矩阵；公司上市后，可以促进公司提升治理水平，吸引优秀的人才队伍，提升市场知名度，促进公司的 高质量可持续发展。此外，本次发行上市，公司将进一步提升整体规模，加快全球化布局，提升公司行 业竞争优势和盈利能力。 天有为表示，公司未来将继续聚焦主营业务，坚持技术研发，巩固和提升行业地位，并以产业发展趋势 及客户需求为导向，在与现有客户长期稳定合作的基础上，进一步开拓全球汽车产业相关领域客户，延 伸智能座舱产品品类，致力于成为国际知名的汽车仪 ...

王文博 ◎记者 何昕怡 实习生 范鑫欣 从汽车仪表行业的初入者发展为国内最大的汽车仪表供应商之一，从黑龙江绥化一家汽车仪表小厂蜕变 为如今的资本市场新秀，天有为精心耕耘了22年时间。4月24日，天有为登陆沪市主板，开启新的发展 篇章。 "我们给自身的定位是做国内汽车仪表行业的领跑者。"天有为董事长王文博在接受上海证券报记者专访 时表示，此次上市意味着公司的发展踏上更高、更新的台阶。"未来，公司将聚焦主营业务，并以产业 发展趋势及客户需求为导向，致力于成为国际知名的汽车仪表和智能座舱供应商，为中国汽车产业发展 作贡献，为投资者创造价值。" 广阔天地 大有可为 目前，天有为凭借着过硬的产品实力，在市场上牢牢占据着一席之地。公司现已成为国内最大的汽车仪 表供应商之一，连续多年保持国内汽车仪表自主品牌销量第一的好成绩。 "我是技术出身，大学毕业后被分配到国企工作。当时，我带着团队研发的就是汽车仪表项目，这款产 品可以说是中国第一款电子式的汽车仪表。"提及创业经历，王文博向记者娓娓道来。 2000年初，中国汽车行业逐步兴起。随着汽车产量的增加和消费者需求的提升，汽车仪表产品市场规模 不断扩大。敏锐察觉到这一点后，王文博 ...

从零到一的突破，小城走出了高端产品。天有为专注于汽车仪表研发与生产，逐步向智能座舱领域迈进，为行业注入更多活力。公司的产品系列包括电子 式组合仪表、全液晶组合仪表、双联屏仪表等高端智能化产品，深受国内外知名车企青睐。能为这些汽车巨头提供配套服务，正是天有为的实力所在。 多年深耕高端技术，快速抢占市场先机。2024年上半年，天有为实现营业收入20.39亿元，净利润达5.50亿元，净利润率高达26.98%。高端产品如复合 屏、全液晶仪表持续热销，同时不忘初心，提前布局技术研发，使公司凭借优质的产品、过硬的研发技术和良好的客户结构，迅速抢占市场先机，在行业 中稳居领先地位。 战略配售强强联手，市场广阔未来可期。本次IPO不仅获得了资本市场的高度认可，还吸引了多家顶尖机构积极参与，甚至包括全国社保基金等。这些强 大合作伙伴的加入，为天有为的未来发展注入了更多可能性，助力公司在智能座舱领域不断突破。 随着汽车智能化和电动化的发展，天有为正朝着更大的目标迈进。未来，公司将继续深耕技术研发，加快国际化步伐，打造更加环保的智能化产品，满足 全球市场对高端汽车仪表的强烈需求。 2025年4月24日，黑龙江天有为电子股份有限公司 ...

报告期内，公司全液晶组合仪表收入分别为 84,064.21 万元、161,645.54 万元和204,596.03 万元，占主营 业务收入的比例分别为 42.78%、47.21%和 46.01%。 2023年度全液晶组合仪表收入较上年同比增长 92.29%，主要是由于随着全液晶组合仪表渗透率的提升，行业内全液晶组合仪表逐步替代传统的电子 式组合仪表，公司把握行业发展趋势，凭借液晶屏技术、光学贴合技术等核心技术和具有较强竞争优势 的复合屏产品，为多个客户多款车型开发配套全液晶组合仪表，销量实现较快提升。公司产品广泛配套 长安、东风、奇瑞、比亚迪（002594）等多家整车龙头客户，在国内汽车仪表市场中有着重要市场地 位。 公司此次发行引入8家战略投资者，包括广汽资本旗下广祺柒号、中国兵装集团旗下南方资产、北京汽 车集团控股的安鹏创投、东风资产、赛格威、通商基金、惠科股份以及全国社保基金四一三组合。本次 发行初始战略配售数量为8,000,000 股，占本次发行数量的 20.00%。依据本次发行价格确定的最终战略 配售数量为 6,737,962 股，占本次发行数量的 16.84%。八大投资者从供应链协同、技术研发、资 ...

Core Insights - Tianyouwei (603202) is officially listed on the Shanghai Stock Exchange, marking a significant milestone for the company as it aims to strengthen its position in the automotive electronics sector and expand its global footprint [1] Company Overview - Tianyouwei specializes in the research, production, and sales of automotive instruments and related smart cockpit products, including electronic combination instruments and full LCD combination instruments [1] - The company has established a robust capability in product development, system integration, mass supply, and after-sales service, enabling it to provide synchronized development and customized support for global automotive manufacturers [1] International Market Presence - Tianyouwei has formed partnerships with several globally recognized clients, including Hyundai Motor Group, and has achieved significant sales growth in international markets [2] - The company's export revenue has shown a rapid increase, with figures of 924.72 million, 1,625.35 million, and 2,383.54 million yuan, representing 47.06%, 47.47%, and 53.60% of its main business revenue respectively [2] - The growth in export revenue is attributed to high-value products supplied to clients like Hyundai, which have performed well in overseas markets [2] Technological Advancements - The company has reached international mainstream standards for some core products and has made breakthroughs in optical bonding, integrated dual-screen modules, and composite display technology, enhancing its competitiveness in high-end cockpit applications [3] - As of the end of 2024, Tianyouwei holds 134 domestic patents, including 52 invention patents, and has one international patent, which supports its rapid response to domestic customer needs and international business expansion [3] Research and Development Capabilities - Tianyouwei has established three major R&D institutions in Suifenhe, Harbin, and Dalian, along with an EMC laboratory, creating a comprehensive R&D system covering hardware development, software design, prototype testing, and reliability verification [3] - The company can achieve synchronized collaboration and rapid response for overseas clients during the development of new vehicle cockpit systems [3] Strategic Outlook - With the global automotive industry accelerating towards intelligence and digitalization, Tianyouwei is integrating into the global smart cockpit supply chain, supported by its solid technological foundation and reliable mass delivery capabilities [3] - The IPO is expected to inject capital into the company's business expansion and serve as an important milestone in its international journey [3]

黑龙江天有为电子股份有限公司 首次公开发行股票主板 经上海证券交易所审核同意，黑龙江天有为电子股份有限公司（以下简称"天 有为"或"公司"）发行的人民币普通股股票将于 2025 年 4 月 24 日在上海证券交 易所主板上市，上市公告书全文和首次公开发行股票的招股说明书全文披露于上 海证券交易所网站（www.sse.com.cn）和符合中国证监会规定条件网站（中证网： http://www.cs.com.cn；中国证券网：http://www.cnstock.com；证券时报网： http://www.stcn.com；证券日报网：http://www.zqrb.cn）披露，并置备于发行人、 上交所、本次发行保荐人（主承销商）中信建投证券股份有限公司的住所，供公 众查阅。 一、上市概况 1 上市公告书提示性公告 保荐人（主承销商）：中信建投证券股份有限公司 扫描二维码查阅公告全文 本公司及全体董事、监事、高级管理人员保证信息披露的内容真实、准确、 完整、及时，没有虚假记载、误导性陈述或重大遗漏。 1、股票简称：天有为 2、扩位简称：天有为 3、股票代码：603202 4、首次公开发行后总股本：16,000 万 ...

股票简称：天有为 股票代码：603202 黑龙江天有为电子股份有限公司 Heilongjiang Tianyouwei Electronics Co., Ltd. （绥化经济技术开发区昆山路9号） 首次公开发行股票主板上市公告书 保荐人（主承销商） （北京市朝阳区安立路66号4号楼） 二〇二五年四月二十三日 黑龙江天有为电子股份有限公司 上市公告书 特别提示 黑龙江天有为电子股份有限公司（以下简称"天有为"、"发行人"、"公司"、 "本公司"）股票将于 2025 年 4 月 24 日在上海证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上 市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 本上市公告书中若出现总数与各分项数值之和尾数不等的情况，均为四舍五入尾 差所致。 1 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、高级管理人员保证上市公告书所披露信息的真实、准 确、完整，承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏，并依 法承担法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均 不表明对本公司的任何保证。 本 ...