Group 1 - N Hengkun (688727) was listed today, opening with a rise of 286.92%, and closing with an increase of 310.61%, with a total trading volume of 40.88 million shares and a turnover of 2.27 billion yuan, resulting in a turnover rate of 81.36% [1][2] - The company specializes in the research, production, and sales of photolithography materials and precursor materials [2] - The total issuance amount for the company was 67.40 million shares, with an online issuance volume of 16.19 million shares, an issuance price of 14.99 yuan per share, and an issuance price-to-earnings ratio of 71.42, compared to the industry average of 60.47 [2] Group 2 - The final online subscription rate for the company's shares was 0.02873717% [2] - The first-day performance of newly listed stocks included N Hengkun with a closing price of 61.55 yuan, N Beikuan with a closing price of 26.50 yuan, and N Nanguan with a closing price of 18.48 yuan, with respective closing increases of 310.61%, 295.52%, and 224.78% [2]

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (stock code: 688727) was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, opening at 58.00 yuan and closing at 61.55 yuan, with a significant increase of 310.61% and a total market capitalization of 27.656 billion yuan [1]. Company Overview - Hengkang New Materials focuses on the research and industrial application of key materials in the integrated circuit field, being one of the few domestic companies capable of developing and mass-producing key materials for 12-inch integrated circuit wafer manufacturing [1]. - The company is controlled by Yi Rongkun, who holds a direct voting power of 19.52% and an indirect control of 5.94%, totaling 40.87% voting rights through various agreements and entities [1]. Financial Highlights - The company raised a total of 1.010 billion yuan, with a net amount of 891.73 million yuan, which is 115 million yuan less than the original plan [5]. - The funds will be allocated to the second phase of the integrated circuit precursor project and advanced materials project [5][6]. - The company reported revenues of 321.77 million yuan, 367.71 million yuan, 547.94 million yuan, and 294.34 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [8]. - Net profits for the same periods were 99.73 million yuan, 89.76 million yuan, 96.91 million yuan, and 41.60 million yuan [8]. Project Investment - The total investment for the second phase of the integrated circuit precursor project is 519.11 million yuan, with 399.80 million yuan from the raised funds, while the advanced materials project has a total investment of 909.17 million yuan, with 606.89 million yuan from the raised funds [6]. Revenue and Profit Forecast - For the first nine months of 2025, the company expects revenues between 44 million yuan and 50 million yuan, representing a growth of 12.48% to 27.82% compared to the same period in 2024 [11]. - The net profit attributable to the parent company is projected to be between 62 million yuan and 68 million yuan, indicating a decrease of 11.48% to 2.92% [11].

从盘面来看，科创板592只个股涨少跌多，高价股多数上涨，低价股则多数下跌。细分领域来看，半导 体股、软件服务股表现强势，电气设备股、化工原料股跌幅靠前；专用机械股表现分化。 恒坤新材11月18日在上交所科创板上市，公司证券代码为688727，发行价格14.99元／股，发行市盈率 为71.42倍。公司的主营业务是光刻材料和前驱体材料的研发、生产和销售。公司主要产品有光刻材 料、SOC（碳膜涂层）、BARC（底部抗反射涂层）、光刻胶、其他光刻材料、前驱体材料等。截至收 盘时，恒坤新材较发行价涨74.41%，成交额约11.1亿元，换手率达73.25%。 经新华财经统计，11月18日，剔除上市首日的恒坤新材，科创板其余592只个股平均跌幅0.58%，平均 换手率2.62%，合计成交额约1846.08亿元，平均振幅为3.97%。 新华财经北京11月18日电（胡晨曦）科创50指数11月18日早间低开，随后震荡上行翻红，早盘一度涨超 1.4%；午后指数涨幅有所回落，最终小幅收涨。至收盘时，科创50指数报1357.93点，涨幅0.29%，指数 振幅为1.92%，总成交额约612.2亿元。 个股表现方面，不考虑上市首日的恒坤新 ...

Core Viewpoint - Hengkun New Materials has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a significant stock price increase of 280.32% post-IPO, indicating strong market interest and potential growth in the semiconductor materials sector [1]. Company Overview - Established in December 2004, Hengkun New Materials focuses on the research, production, and sales of key materials for 12-inch integrated circuits, including photoresist and precursor materials, addressing domestic gaps and providing solutions for advanced semiconductor manufacturing [4][6]. - The company has achieved mass production of its products, including SOC, BARC, KrF photoresist, and i-Line photoresist, with ArF immersion photoresist undergoing validation for small-scale sales [4]. Market Position and Financial Performance - According to Frost & Sullivan, Hengkun New Materials ranks among the top domestic manufacturers in the 12-inch integrated circuit sector, with its SOC and BARC sales leading the domestic market in 2023 [6]. - The company's revenue figures for 2022, 2023, 2024, and the first half of 2025 are projected at 322 million yuan, 368 million yuan, 548 million yuan, and 294 million yuan, respectively, with self-produced product sales increasing significantly [6]. - The revenue share of self-produced products is expected to grow from 38.94% in 2022 to 86.68% by mid-2025, reflecting a strong upward trend in market penetration [6]. Product Growth and Market Trends - SOC product revenue has more than doubled over three years, with projected sales of 232 million yuan in 2024 and a domestic market share exceeding 10%, indicating successful competition against international giants [6]. - BARC products have maintained over 140% year-on-year growth since their market introduction in 2021, showcasing robust market penetration capabilities [6]. - The growth of i-Line and KrF photoresists, which began sales in 2022, is notable, with projected sales reaching 7.15 million yuan and 13.52 million yuan in 2024, respectively, highlighting the acceleration of domestic substitution [7]. Future Prospects and Industry Integration - Hengkun New Materials plans to raise 1.007 billion yuan through its IPO to invest in projects aimed at enhancing production capacity for high-purity precursors and advanced materials, marking a strategic move towards deeper domestic integration [7]. - The domestic integrated circuit key materials market is projected to reach 258.96 billion yuan by 2028, with manufacturing materials accounting for over 70%, providing a substantial growth opportunity for Hengkun New Materials [7]. - The company's development is closely tied to the broader Chinese semiconductor industry's efforts to overcome challenges, with several major domestic wafer manufacturers already among its clients, ensuring stable orders and fostering a collaborative ecosystem [8].

Group 1 - N Hengkun (688727) was listed today, opening with a surge of 286.92%, and by the end of the morning session, the increase expanded to 286.99% with a trading volume of 31.9072 million shares and a turnover of 1.77 billion yuan, resulting in a turnover rate of 63.51% [1] - Among the three new stocks listed today, N Beikuan saw a rise of 316.42% with a turnover rate of 68.56%, while N Hengkun rose by 286.99% and N Nanguangshu increased by 229.00% with a turnover rate of 55.40% [1][2] Group 2 - The company's main business focuses on the research, production, and sales of photolithography materials and precursor materials [2] - The total issuance volume for this IPO was 67.3979 million shares, with an online issuance volume of 16.1865 million shares at an issuance price of 14.99 yuan per share, resulting in a price-to-earnings ratio of 71.42, compared to the industry average of 60.47 [2] - The total fundraising amount from the IPO was 1.01 billion yuan, primarily directed towards advanced materials projects for integrated circuits and the second phase of precursor projects for integrated circuits [2]

Group 1 - N Nanwangshu (301638) was listed today, opening with a surge of 261.51%, and closing the morning session with a rise of 229.00%, with a half-day trading volume of 130 million shares and a transaction amount of 2.537 billion yuan, resulting in a turnover rate of 55.40% [2] - Other newly listed stocks include N Beikuang, which rose by 316.42% with a turnover rate of 68.56%, and N Hengkong, which increased by 286.99% with a turnover rate of 63.51% [2] Group 2 - The company primarily provides comprehensive digital construction solutions for clients in the electric power and energy sectors [3] - The total issuance volume for this IPO was 477 million shares, with an online issuance volume of 97.7415 million shares, at an issuance price of 5.69 yuan per share, resulting in a price-to-earnings ratio of 32.22, compared to the industry average of 71.22 [3] - The total fundraising amount from the IPO was 2.714 billion yuan, which will be allocated to various projects including the construction of an advanced digital energy technology research and development base, a smart management system, and an intelligent digital twin platform [3]

Core Insights - N Hengkun was listed today with an opening price of 58.00 yuan, representing an increase of 286.92% from its issue price [2] - The company specializes in the research, production, and sales of photolithography materials and precursor materials [2] - The total issuance volume was 67.3979 million shares, with an online issuance of 16.1865 million shares at an issue price of 14.99 yuan per share, resulting in a price-to-earnings ratio of 71.42, compared to the industry average of 60.47 [2] - The effective subscription number for the online issuance was 6.1918 million accounts, with a final winning rate of 0.02873717% [2] - The funds raised from the initial public offering (IPO) amounted to 1.01 billion yuan, primarily allocated to advanced materials projects for integrated circuits and the second phase of precursor projects for integrated circuits [2] Recent IPO Performance - N Hengkun's first-day performance was notable, with a significant increase compared to other recent IPOs, such as N Beikuan, which had a first-day increase of 360.90% [3] - The table of recent IPOs shows various companies with their respective issue prices, P/E ratios, and first-day performance, indicating a trend of strong market interest in new listings [3]

Core Viewpoint - Hengkun New Materials, a supplier of photolithography and precursor materials for integrated circuits, successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with an initial offering price of 14.99 yuan per share and a market capitalization of 24.308 billion yuan at the time of listing [1][2]. Company Overview - Hengkun New Materials was established in December 2004 and focuses on the research, production, and sales of key materials for 12-inch integrated circuits, including photolithography and precursor materials [3][4]. - The company has filled several domestic gaps in the market and provides technological solutions for photolithography materials to domestic wafer manufacturers, particularly in advanced memory chip production [4][6]. Financial Performance - The company raised a total of 1.01 billion yuan through its IPO, with a net amount of 892 million yuan allocated for projects related to integrated circuit precursor materials and advanced materials [4][8]. - Revenue from self-produced products exceeded 300 million yuan in the first half of the year, with self-produced products accounting for over 86% of total revenue [8][12]. - Historical revenue figures show a steady increase: 141 million yuan in 2021, 322 million yuan in 2022, and 368 million yuan in 2023, with projected revenue of 548 million yuan for 2024 [13][16]. Market Position - In the 12-inch integrated circuit sector, Hengkun New Materials ranks among the top domestic suppliers of photolithography materials, with its SOC and BARC sales leading the domestic market in 2023 [6][12]. - The company has established a significant customer base, including several leading domestic wafer manufacturers, achieving a sales concentration of over 95% with its top five customers [31][32]. Product Development - Hengkun New Materials has developed a range of products, including SOC, BARC, KrF, and i-Line photolithography materials, with ArF immersion photolithography materials also validated for small-scale sales [4][20]. - The company has achieved a cumulative sales volume of over 55,000 gallons of self-produced photolithography materials, with ongoing development of additional precursor materials [20][25]. Competitive Landscape - The domestic market for key materials in integrated circuits remains heavily reliant on imports, with major international players like DuPont and Shin-Etsu holding significant market share [41]. - Hengkun New Materials aims to compete effectively by achieving product quality comparable to that of leading foreign manufacturers and has successfully replaced some imported products in the domestic market [41].

Group 1: Company Listings - South Network Digital (301638) listed on the Shenzhen Stock Exchange, Hengkun New Materials (688727) listed on the Shanghai Stock Exchange, and Beikang Testing (920160) listed on the Beijing Stock Exchange [1] Group 2: South Network Digital (301638) - South Network Digital provides comprehensive digital construction solutions for the power energy sector, aiming to build a world-class digital and intelligent innovation platform for power grids [2] - The controlling shareholder is South Power Grid Digital Grid Group Co., Ltd., which holds 200 million shares, representing a 62.90% pre-IPO ownership [2] - The total amount raised in the public offering is 2.7138315 billion yuan, with a net amount of 2.6384141 billion yuan after deducting issuance costs, allocated for various digital platform projects [2] Group 3: Hengkun New Materials (688727) - Hengkun New Materials focuses on the R&D and industrial application of key materials in the integrated circuit field, being one of the few domestic companies capable of developing and mass-producing 12-inch integrated circuit wafer materials [3] - The controlling shareholder is Yi Rongkun, who directly holds 19.52% of the voting rights and has indirect control over an additional 5.94% through subsidiaries, totaling 40.87% voting rights [3] - The total amount raised in the public offering is 1.0102951 billion yuan, with a net amount of 891734.6 million yuan after deducting issuance costs, intended for integrated circuit precursor projects [3] Group 4: Beikang Testing (920160) - Beikang Testing is a leading domestic service provider for non-ferrous metal inspection and testing, specializing in various areas including ore and mineral product testing, environmental sample analysis, and advanced materials [4] - The controlling shareholder is Mining Technology Group Co., Ltd., which directly holds 86.11% of the shares, with a total ownership of 65.73% post-IPO [4] - The total amount raised in the public offering is 189.744 million yuan, with a net amount of 172.475 million yuan after deducting issuance costs, aimed at developing advanced testing instruments and enhancing testing capabilities [4]

Group 1: New Stock Subscription and Listings - A new stock subscription for Jingchuang Electric (920035.BJ) is available, while three new stocks are listed: Nanfang Digital (301638.SZ), Hengkong New Materials (688727.SH), and Beikang Testing (920160.BJ) [1] Group 2: Jingchuang Electric Overview - Jingchuang Electric specializes in the R&D, production, and sales of cold chain equipment smart controllers, monitoring recorders, and environmental detection instruments, and is recognized as a national high-tech enterprise [2] - The company has established subsidiaries in the USA, UK, and Brazil, and has entered the supply chains of major refrigeration equipment manufacturers like Panasonic and Haier [2] - As of November 17, Jingchuang Electric holds a market share of 13.13% in China's cold chain temperature and humidity control market, ranking first domestically, and 4.64% globally [3] Group 3: Nanfang Digital Overview - Nanfang Digital provides comprehensive digital construction solutions for the power energy sector, focusing on digital transformation and maintaining grid safety [4] - The company has developed key technologies, including the "Dihong" IoT operating system and the "Fuxi" power-specific main control chip, contributing to the domestic energy control field [4] Group 4: Hengkong New Materials Overview - Hengkong New Materials focuses on the R&D and industrial application of key materials for integrated circuits, particularly in photolithography materials [6] - The company's self-produced product sales revenue has increased from 12,357.89 million in 2022 to 34,418.93 million in 2024, with a rising proportion of total revenue [6][7] Group 5: Beikang Testing Overview - Beikang Testing, established in 2016, is a leading institution in the R&D and service of non-ferrous metal inspection and testing technology [9] - The company is involved in the formulation of numerous national and international standards in the field of mineral and metal testing [9][10]