Market Overview - On July 3, 2025, A-shares showed mixed performance with the Shanghai Composite Index up by 0.32%, while the Shenzhen Component Index and the ChiNext Index fell by 0.25% and 0.36% respectively. The total trading volume in the Shanghai and Shenzhen markets was approximately 14,285.58 billion yuan, an increase of about 1,188.01 billion yuan compared to the previous trading day [1] - Hong Kong stocks also declined, with the Hang Seng Index down by 0.12% to 23,887.83 points, and a total trading volume of 1,937.9 billion HKD. The Hang Seng Tech Index, however, rose by 0.25% [1] - U.S. stock markets experienced a collective decline, with the Dow Jones down by 0.94% to 44,406.36 points, the S&P 500 down by 0.79% to 6,229.98 points, and the Nasdaq Composite down by 0.92% to 20,412.52 points [1] New Stock Listings - Yitang Co., Ltd. is set to list on the Sci-Tech Innovation Board on July 8, 2025, with an issue price of 8.45 yuan per share and a price-to-earnings ratio of 51.55 times. The company specializes in the research, production, and sales of wafer processing equipment required for integrated circuit manufacturing, providing solutions for global chip manufacturers [3] Important News - The Shenzhen Stock Exchange announced the upcoming release of the Shenzhen Specialized and New Index and the ChiNext Specialized and New Index on July 21, 2025. These indices will be weighted by free float market capitalization and will undergo periodic adjustments every June and December [4] - Changxin Storage, a domestic DRAM memory chip manufacturer, has initiated its listing guidance with China International Capital Corporation and CITIC Securities as advisory institutions. The company was established in 2016 and focuses on the research, design, production, and sales of DRAM products [5] - The Hong Kong Stock Exchange reported that the monthly trading volume of the Swap Connect reached 3,800 billion yuan in May 2025, a 660% increase from the initial month. The number of offshore investors participating has also grown from 22 to over 80 by the first quarter of 2025 [5]

Core Viewpoint - Yitang Co., Ltd. has been listed on the Sci-Tech Innovation Board, focusing on semiconductor equipment manufacturing with R&D and manufacturing bases in China, the United States, and Germany [1]. Company Overview - Yitang Co., Ltd. primarily engages in the R&D, production, and sales of wafer processing equipment required in the integrated circuit manufacturing process, providing solutions including dry stripping equipment, rapid thermal processing equipment, and dry etching equipment [9]. - The company claims that its related technologies for major equipment have reached international leading levels, with its dry stripping and rapid thermal processing equipment already applied in production lines of several internationally renowned integrated circuit manufacturers [9]. - As of the end of 2024, Yitang's products have accumulated over 4,800 installations globally, positioning the company as a leader in its respective segments [9]. Financial Information - The initial public offering (IPO) price was set at 8.45 yuan per share, with an institutional offering price of 8.52 yuan per share, resulting in a market capitalization of 24.97 billion yuan [4]. - The company has a projected earnings per share (EPS) ratio of 51.55, compared to the industry average of 29.44 [4]. Market Position - According to Gartner statistics, Yitang's market share for dry stripping and rapid thermal processing equipment ranked second globally in 2023 [9]. - The company is among the few domestic manufacturers capable of mass-producing etching equipment, maintaining a market share within the top ten globally from 2021 to 2023 [9]. Management and Shareholding - The current core management team has extensive experience in the semiconductor industry, having worked for notable companies such as Applied Materials, Intel, ASML, and Tokyo Electron [10]. - Major shareholders include Yitang Shenglong with a 45.05% stake, along with other significant investment firms like Shenchuang Capital and Sequoia Capital [10]. Fundraising and Investment Plans - The company plans to allocate 8 billion yuan (32%) for the development of a semiconductor integrated circuit equipment R&D and manufacturing service center, 10 billion yuan (40%) for high-end integrated circuit equipment R&D, and 7 billion yuan (28%) for development and technology reserve funds [7].

Core Viewpoint - Yitang Co., Ltd. aims to leverage its recent IPO on the Sci-Tech Innovation Board to strengthen its market position in the semiconductor equipment industry and create value for investors [1][5]. Group 1: Company Overview - Yitang Co., Ltd. is a global semiconductor equipment company focused on the research, production, and sales of wafer processing equipment, including dry stripping, rapid thermal processing, and dry etching [2]. - The company has installed over 4,800 units of its products globally and serves the top ten chip manufacturers worldwide, holding a market share of 34.6% in dry stripping and ranking second globally in rapid thermal processing [2][3]. - The company's revenue for 2022, 2023, and 2024 is projected to be 4.76 billion, 3.93 billion, and 4.63 billion yuan, respectively, with net profits of 380 million, 310 million, and 540 million yuan [2]. Group 2: R&D and Technology - Yitang Co., Ltd. has a strong R&D foundation, with core technical personnel having over 20 years of experience in the semiconductor equipment industry [3]. - The company invests approximately 15.5% of its revenue in R&D, with a planned investment of 717 million yuan in 2024 [3]. - As of February 2025, Yitang Co., Ltd. holds 446 authorized patents, including 105 domestic and 341 international patents, showcasing its commitment to innovation [3]. Group 3: Market Strategy and Future Plans - The company is actively expanding its customer base and enhancing product offerings based on customer needs, aiming to increase market share [4]. - According to the International Semiconductor Industry Association, global wafer fab equipment spending is expected to grow from 2025 to 2027, which presents opportunities for Yitang Co., Ltd. to increase its market presence [4]. - The company plans to raise 2.5 billion yuan through its IPO to invest in R&D and manufacturing service centers, aiming to enhance its industrial capabilities and maintain its leading position in the industry [4].

每经记者｜闫峰峰 每经编辑｜吴永久 各位老铁，近一月来市场偏强运行，新股表现也相对不错，每经资本眼专栏记者统计发现，近一个月上 市的新股首日平均涨幅达301.38%，打新的投资者可以说是打到就是赚到。 而明日又将迎来一只科创板新股，那就是屹唐股份，其是半导体细分领域全球龙头企业，也是国内刻蚀 设备三强之一。那么屹唐股份基本面情况如何呢？其明日上市又能否达到近期新股首日平均3倍的涨 幅？ 公开资料显示，屹唐股份主营业务为集成电路制造过程中所需晶圆加工设备的研发、生产和销售。公司 面向全球集成电路制造厂商提供包括干法去胶设备、快速热处理设备、干法刻蚀设备在内的集成电路制 造设备及配套工艺解决方案，是国内为数不多具备多种集成电路设备研发生产能力的平台型集成电路设 备公司。 据公司招股书，公司成立近10年，其实际控制人为北京经开区管委会下属的财政国资局。公司于2016年 收购美国知名半导体设备企业MTI，MTI成立于1988年，聚焦在价值量占比近八成的前道芯片制造工 序，曾先后突破半导体领域干法去胶设备、快速热处理设备以及干法刻蚀设备。 首先，如果参考近一个月新股上市首日的表现，屹唐股份在上市首日可能会有不俗的表现。 ...

Weekly New Stock Performance - One new stock was listed from June 30 to July 4, with an average first-day price increase of 286.36%[2] - The only new stock, Xintong Electronics, saw a first-day increase exceeding 100%[2] - No new stocks experienced a first-day decline during this period[2] Weekly New Stock Issuance Trends - The total fundraising amount for new stocks last week was 640 million yuan, an increase of 440 million yuan compared to the previous week[3] - The previous week (June 23 to June 27) had a total fundraising of 200 million yuan with an average first-day increase of 500%[3] - The average first-day price increase for new stocks over the past month was 237.34%[6] Monthly New Stock Issuance Overview - In the month from July 1 to July 4, only one new stock was listed, raising 640 million yuan[9] - In June, eight new stocks were listed, raising a total of 909.8 million yuan, with six stocks seeing first-day increases over 100%[9] - The average first-day price increase for new stocks in June was 237.34%[9] Upcoming New Stock Listings - One new stock, Yitang Co., is set to be listed on the Sci-Tech Innovation Board on July 8, with an issue price of 8.45 yuan and a price-to-earnings ratio of 51.55[16] - One new stock, Huadian New Energy, is scheduled for online subscription on July 7, with expected fundraising of 1.8235 billion yuan[16] Risk Considerations - New stock performance is influenced by market sentiment, and poor market conditions may negatively impact new stock issuance[17] - Newly issued stocks may experience significant price volatility due to limited liquidity and low trading volumes[17]

上交所：北京屹唐半导体科技股份有限公司A股股票将在本所科创板上市交易。该公司A股股本为 295556万股，其中19978.7692万股于2025年7月8日起上市交易。证券简称为"屹唐股份",证券代码 为"688729"。 ...

Summary of Key Points Core Viewpoint - The issuance of new shares by Huadian New Energy has raised a total of 15.801 billion yuan, making it the largest fundraising company this year, primarily for wind and solar power projects [2]. Group 1: New Share Issuance - Huadian New Energy issued 4.969 billion shares at a price of 3.18 yuan per share, raising 15.801 billion yuan [1]. - A total of 50 companies have gone public this year, raising a cumulative amount of 54.588 billion yuan, with an average fundraising of 1.092 billion yuan per company [1]. - Among the new issuances, 11 companies raised over 1 billion yuan, with one company exceeding 10 billion yuan [1]. Group 2: Fundraising Distribution - The distribution of fundraising amounts shows that the Shanghai main board had 12 new issuances raising 29.562 billion yuan, while the Shenzhen main board had 7 issuances raising 3.761 billion yuan [1]. - The ChiNext board had 19 new issuances raising 11.428 billion yuan, and the Sci-Tech Innovation Board had 7 issuances raising 7.901 billion yuan [1]. - The Beijing Stock Exchange had 5 new issuances raising 1.937 billion yuan [1]. Group 3: Notable Fundraising Companies - Huadian New Energy is followed by Zhongce Rubber, which raised 4.066 billion yuan for working capital and tire production projects [2]. - Other notable companies include Tianyouwei, Yitang Co., and Yingshi Innovation, raising 3.740 billion yuan, 2.497 billion yuan, and 1.938 billion yuan respectively [2]. - The average initial public offering price this year is 23.73 yuan, with four companies priced above 50 yuan, the highest being Tianyouwei at 93.50 yuan [2]. Group 4: Regional Distribution - New share issuances are primarily concentrated in Jiangsu, Guangdong, and Zhejiang, with 11, 10, and 10 companies respectively [2]. - The top fundraising provinces are Fujian, Zhejiang, and Guangdong, with amounts of 15.801 billion yuan, 9.693 billion yuan, and 7.299 billion yuan respectively [2].

第一章 总则 第一条 为确立北京屹唐半导体科技股份有限公司（以下简称公司或本公司） 的法律地位，维护公司、股东、职工和债权人的合法权益，规范公司的组织和行 为，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和 国证券法》（以下简称《证券法》）等有关法律、行政法规、部门规章和规范性 文件的规定，制定本章程。 第二条 公司系依照《公司法》和其他有关法律、法规及规定成立的股份有限 公司。 第三条 公司系以发起设立的方式经北京屹唐半导体科技有限公司按原账 面净资产值折股整体变更的股份有限公司，承继原北京屹唐半导体科技有限公司 的全部资产、负债和业务，有限责任公司原有股东即为公司的发起人。公司在北 京经济技术开发区市场监督管理局注册登记，并依法取得营业执照，统一社会信 用代码为 91110302MA002X200A。 第四条 公司于【*】年【*】月【*】日经上海证券交易所同意并经中国证券 监督管理委员会（以下简称中国证监会）注册，首次向社会公众发行人民币普通 股【*】股，于【*】年【*】月【*】日在上海证券交易所科创板上市。 第五条 公司注册名称：北京屹唐半导体科技股份有限公司 英文名称：Beijin ...

Summary of Key Points Core Viewpoint - Beijing Yitang Semiconductor Technology Co., Ltd. is set to launch its initial public offering (IPO) on the Sci-Tech Innovation Board on July 8, 2025, with a total share capital of 2,955,560,000 shares after the IPO [1][2]. Group 1: Listing Overview - Stock abbreviation: Yitang Shares [2] - Stock code: 688729 [2] - Total number of shares issued in the IPO: 295,560,000 shares, all of which are new shares with no existing shares being transferred [2]. Group 2: Valuation and Comparisons - The company's IPO price is set at 8.45 yuan per share, which corresponds to a diluted price-to-earnings (P/E) ratio of 51.55 times, higher than the industry average P/E ratio of 29.44 times [3][5]. - The average static P/E ratio for comparable listed companies in the same industry is higher than the company's P/E ratio, indicating potential valuation concerns [4][5]. Group 3: Industry Context - The company operates in the "Specialized Equipment Manufacturing" industry, classified under the national economic industry classification [3]. - The average static P/E ratio for the industry, as of June 24, 2025, is reported to be 29.44 times [3]. Group 4: Contact Information - The company is located in Beijing Economic and Technological Development Zone, with contact details provided for investor inquiries [6]. - The lead underwriters for the IPO are Guotai Junan Securities Co., Ltd. and China International Capital Corporation [6].

股票简称：屹唐股份 股票代码：688729 北京屹唐半导体科技股份有限公司 Beijing E-Town Semiconductor Technology Co., Ltd. （北京市北京经济技术开发区瑞合西二路 9 号） 首次公开发行股票科创板上市公告书 保荐人（联席主承销商） （中国（上海）自由贸易试验区商城路 618 号） 联席主承销商 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二五年七月七日 北京屹唐半导体科技股份有限公司 上市公告书 特别提示 北京屹唐半导体科技股份有限公司（以下简称"屹唐股份""发行人""本 公司"或"公司"）股票将于 2025 年 7 月 8 日在上海证券交易所科创板上市。 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。 2 北京屹唐半导体科技股份有限公司 上市公告书 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、监事、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 ...