Core Viewpoint - The company, Hengyun Chang (688785.SH), is accelerating its overseas business expansion, focusing on markets outside mainland China, particularly Taiwan and Europe [1] Group 1 - The company plans to prioritize the establishment of sales networks in Taiwan and Europe [1] - The strategy aims to facilitate the sales of semiconductor equipment core components beyond mainland China [1] - The initiative supports the transition of products from "importing" to "exporting" [1]

Core Viewpoint - Hengyun Chang (688785.SH) has been actively collaborating with Tuojing Technology since 2018 to develop and validate domestic plasma radio frequency power systems, with products starting to be delivered in the second half of 2020 [1] Group 1: Collaboration and Product Development - The collaboration with Tuojing Technology has expanded to include PEALD equipment, HDPCVD equipment, and advanced packaging bonding equipment, with ongoing validation work for plasma radio frequency power systems [1] - The company has achieved bulk deliveries of its products to semiconductor equipment manufacturers such as Zhongwei Company, Northern Huachuang, Weidao Nano, and Shengmei Shanghai [1] - The company is developing multiple plasma radio frequency power supplies and matching devices for various models of Zhongwei Company, Weidao Nano, Northern Huachuang, and Shengmei Shanghai [1] Group 2: Revenue Growth and Client Diversification - By the first half of 2025, the company expects to achieve sales revenue breakthroughs with leading clients in niche markets such as Yitang Co., SIRUI Intelligent, and Wuxi Yiwen [1] - The company is also developing several in-situ replacement plasma radio frequency power supplies and matching devices for multiple domestic wafer fabs, indicating a continued diversification of its client base [1]

Core Viewpoint - The company has successfully developed and delivered plasma radio frequency power systems in collaboration with TuoJing Technology, expanding its product offerings to various semiconductor equipment manufacturers and diversifying its customer base [1] Group 1: Collaboration and Product Development - TuoJing Technology and the company began the localization development and validation of plasma radio frequency power systems in 2018, with product deliveries starting in the second half of 2020 [1] - The collaboration has expanded to include PEALD equipment, HDPCVD equipment, and advanced packaging bonding equipment, with ongoing validation work for these systems [1] Group 2: Customer Base and Sales Growth - The company has achieved bulk deliveries to semiconductor equipment manufacturers such as Zhongwei Company, Northern Huachuang, Weidao Nano, and Shengmei Shanghai [1] - Sales revenue from leading clients in niche markets, including Yitang Co., SIR Intelligent, and Wuxi Yiwen, is expected to exceed in the first half of 2025 [1] - The company is developing multiple models of plasma radio frequency power systems and matching devices for various models of Zhongwei Company, Weidao Nano, Northern Huachuang, and Shengmei Shanghai [1] Group 3: Market Diversification - The customer structure is continuously diversifying, with the company developing several models of in-situ replacement plasma radio frequency power systems and matching devices for multiple domestic wafer fabs [1]

Group 1 - In January 2026, a total of 17 companies were reviewed for A-share IPOs, with 15 approved, resulting in an approval rate of 88.24% [1][6][28] - Two companies, Ningbo Huikang Industrial Technology Co., Ltd. and Zhejiang Xingsheng Technology Co., Ltd., were deferred for review [1][6][28] - Four companies terminated their A-share IPO processes in January, continuing the trend of single-digit terminations per month [11][33] Group 2 - The total amount raised from the 9 companies that went public in January 2026 was 9.053 billion yuan, a significant decrease compared to the previous month [1][39][44] - Among these, Zhenstone Co., Ltd. raised the highest amount at 2.919 billion yuan, while Guoliang New Materials raised the least at 194 million yuan [1][39][44] - The leading underwriter was China International Capital Corporation, which handled 2 IPOs with a total underwriting amount of 4.474 billion yuan [1][22][44] Group 3 - Xingsheng Technology was the first company in 2026 to fail to pass the IPO review, with issues raised regarding the authenticity of its sales revenue [6][28][30] - The company has a significant portion of its revenue (over 50%) coming from overseas markets, making compliance and verification of cross-border fund flows critical [7][29][30] - The underwriter, Guoxin Securities, faced scrutiny over its diligence in the review process, particularly regarding third-party payments [30][31] Group 4 - Huikang Technology was also deferred for review, with questions raised about its competitive position in the ice-making industry and the sustainability of its future performance [8][30][31] - The company must clarify the relationships with its main suppliers and ensure the accuracy of its disclosures [9][31] - Huikang Technology's main suppliers were established shortly before they began collaborating with the company, raising potential concerns about their relationships [10][31] Group 5 - In January, four companies withdrew their IPO applications, with two of them sponsored by Huatai United Securities, indicating a high withdrawal rate for this underwriter [11][14][38] - The companies that withdrew included Guangxi Baifei Dairy Co., Ltd., Nanjing Qinheng Microelectronics Co., Ltd., Jiangsu Yadian Technology Co., Ltd., and Zhuhai Saiwei Electronic Materials Co., Ltd. [11][33] - Zhuhai Saiwei had previously faced rejection in its first IPO attempt and withdrew its application after being approved in a second attempt [13][36] Group 6 - The issuance and underwriting situation showed that the average underwriting fee rate for the companies was relatively high, with Hengyun Chang's fee rate at 7.50%, which is above the industry average [19][42] - Hengyun Chang was the only company with an issuance price-to-earnings ratio exceeding the industry average, raising 1.561 billion yuan [19][42] - The underwriting fees for other companies were significantly lower, indicating a disparity in costs among different IPOs [19][42]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights significant developments in the technology sector, particularly in advanced semiconductor, artificial intelligence, and quantum technology, indicating a dynamic investment landscape Summary by Sections 1. Financing Overview - During the period from January 24 to January 30, 2026, a total of 115 financing events occurred in the technology sector globally, with 84 in China and 31 abroad. The leading sectors in domestic financing were advanced manufacturing (50 events), artificial intelligence (21 events), and enterprise services (4 events) [9] 2. IPO Updates - Several companies submitted IPO applications, including: - Hengyun Chang listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 28, 2026, focusing on semiconductor equipment core components [10] - Tuobida submitted an application to list on the Hong Kong Stock Exchange, specializing in smart traffic solutions [14] - Jucheng Semiconductor also applied for a Hong Kong listing, focusing on high-performance non-volatile memory chips [16] - CoolCore Microelectronics and A-Tong Robot submitted applications for Hong Kong listings, focusing on AI solutions and robotics, respectively [19][21] 3. Market Performance Tracking - The overall market indices showed a decline, with the Shanghai Composite Index down 0.44% and the Shenzhen Component Index down 1.62%. The semiconductor index fell by 0.93%, while the automotive electronics index saw a significant drop of 6.43% [24][28] 4. Advanced Semiconductor Developments - Cornell University proposed a non-invasive method for semiconductor supply chain integrity detection using out-of-band power side-channel measurements, which could enhance security against hardware threats [31] - The University of Tokyo revealed the spontaneous polarization properties of gold oxide nanosheets, which could be utilized in optoelectronic devices [35] - Arizona State University analyzed the electrical and structural responses of nine-atom-wide armchair graphene nanoribbon transistors to gamma radiation, providing insights for radiation-resistant designs [38] 5. Artificial Intelligence Innovations - Tsinghua University and ByteDance introduced a multimodal world model framework that enhances human-like reasoning through visual generation, demonstrating the potential of unified multimodal models [46] - The University of Oslo developed a robotic transesophageal echocardiography system that integrates deep learning for kinematic modeling, addressing clinical challenges [51] 6. Quantum Technology Advancements - The Chinese Academy of Sciences achieved a breakthrough with a 78-qubit processor that realizes long-lived preheated states, contributing to the field of quantum computing [6] - IBM's superconducting quantum computer validated the "Schrodinger's friend" paradox, marking a significant milestone in quantum research [6]

Group 1 - In January 2026, a total of 9 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 9.053 billion yuan [1] - Among the new listings, one company on the Sci-Tech Innovation Board raised 1.561 billion yuan [1] - Hengyun Chang chose the first set of listing standards, which require a market value of no less than 1 billion yuan and either positive net profits for the last two years with a cumulative net profit of no less than 50 million yuan, or positive net profit for the last year with operating revenue of no less than 100 million yuan [1] Group 2 - The specific details of Hengyun Chang's listing include a listing date of January 28, 2026, actual fundraising of 1.561 billion yuan, underwriting fees of 117.11 million yuan, and the lead underwriter being CITIC Securities Co., Ltd. [1]

Summary of Key Points Core Viewpoint - In January 2026, a total of 9 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 9.053 billion yuan [1]. Group 1: Listing Overview - The new listings included 3 companies on the main boards of Shanghai and Shenzhen, 1 on the Sci-Tech Innovation Board, and 5 on the Beijing Stock Exchange [1]. - The listed companies are distributed across 8 provinces and municipalities, with Zhejiang having 2 companies, and Liaoning, Guangdong, Shandong, Hebei, Jiangsu, Chongqing, and Shaanxi each having 1 company [1]. Group 2: Fundraising by Company - The top five companies by fundraising amount are: - Zhenstone Co., Ltd. (振石股份) raised 2.919 billion yuan, located in Zhejiang [1]. - Hengyun Chang (恒运昌) raised 1.561 billion yuan, located in Guangdong [2]. - Shaanxi Tourism (陕西旅游) raised 1.555 billion yuan, located in Shaanxi [7]. - Zhixin Co., Ltd. (至信股份) raised 1.240 billion yuan, located in Chongqing [6]. - Meidel (美德乐) raised 670 million yuan, located in Liaoning [2]. Group 3: Detailed Company Listings - Detailed listings include: - Zhenstone Co., Ltd. (振石股份) on the main board, raised 2.919 billion yuan on January 29, 2026 [8]. - Hengyun Chang (恒运昌) on the Sci-Tech Innovation Board, raised 1.561 billion yuan on January 28, 2026 [8]. - Meidel (美德乐) on the Beijing Stock Exchange, raised 670 million yuan on January 30, 2026 [8]. - Nongda Technology (农大科技) on the Beijing Stock Exchange, raised 400 million yuan on January 28, 2026 [3]. - Guoliang New Materials (国亮新材) on the Beijing Stock Exchange, raised 194 million yuan on January 22, 2026 [4]. - Aisheren (爱舍伦) on the Beijing Stock Exchange, raised 270 million yuan on January 21, 2026 [5]. - Kema Materials (科马材料) on the Beijing Stock Exchange, raised 243.93 million yuan on January 16, 2026 [8]. - Zhixin Co., Ltd. (至信股份) on the main board, raised 1.240 billion yuan on January 15, 2026 [6]. - Shaanxi Tourism (陕西旅游) on the main board, raised 1.555 billion yuan on January 6, 2026 [7].

证券研究报告 2026 年 2 月 2 日 星期一 【新股发行跟踪（20260202）】 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。请务必阅读 末页声明。 1 一、上周新股表现情况 上周（1 月 26 日-1 月 30 日）共有 4 只新股上市，上市首日涨跌幅均 值为 174.37%。其中，有 4 只新股上市首日涨幅超 100%，为美德乐、振石 股份、农大科技、恒运昌。上周无新股首日破发。 资料来源：东莞证券研究所，iFinD，其中"--"为数据不可得。 二、周度新股上市情况走势 从周度新股上市规模来看，上周（1 月 26 日-1 月 30 日，下同）较上 上周（1 月 19 日-1 月 23 日，下同）相比，首发募资金额多 50.85 亿元。 资料来源：东莞证券研究所，iFinD 表 1：上周新股表现 股票代码 股票简称 上市日期 上市 板块 发行价 格（元） 发行市 盈率 证监会行业 首日收盘 涨跌幅(%) 920119.BJ 美德乐 46052 北证 41.88 14.99 通用设备制造业 161.46 601112.S ...

Group 1: Core Views - The article highlights the recent surge in A-share market, particularly the significant rise of Hengyun Chang, which saw a peak increase of over 320% on its debut, yielding nearly 150,000 yuan per share [1][6] - This week, two new stocks are available for subscription: Yisiwei and Aide Technology, with Yisiwei being a leader in automotive manufacturing machine vision equipment and Aide Technology focusing on orthopedic medical devices [1][4] Group 2: Yisiwei Overview - Yisiwei's offering price is set at 55.95 yuan per share, with a maximum subscription limit of 6,000 shares per account, requiring a market value of 60,000 yuan in the Shanghai market for full subscription [1] - The company has developed over ten products for various automotive manufacturing processes, achieving a market share of 22.5% in China's automotive machine vision sector by 2024, surpassing foreign competitors [2] - Yisiwei's revenue projections for 2022 to 2024 are 223 million yuan, 355 million yuan, and 392 million yuan, respectively, with net profits of 6.12 million yuan, 61.06 million yuan, and 85.64 million yuan [2] Group 3: Aide Technology Overview - Aide Technology's offering price is 7.67 yuan per share, with a maximum subscription limit of 1.3288 million shares [4] - The company specializes in orthopedic medical devices, focusing on a comprehensive range of products for spinal, trauma, and sports medicine, and has developed several core technologies [4] - Revenue forecasts for Aide Technology from 2022 to 2024 are 286 million yuan, 262 million yuan, and 275 million yuan, with net profits of 93 million yuan, 64 million yuan, and 67 million yuan [4]

（3）具体方向上，一方面，资金长期聚焦的科技方向或依然是重点，对于算力 AI、 机器人、商业航天等具备事件持续迭代催化且长期发展空间巨大的新质生产力主题 产业链，持续保持关注并积极寻找具备业绩支撑的标的，适度配合高低切；另一方 面，对于人气阶段性关注但近期表现较为平抑的主题行业，或可把握节奏适度轮动 布局，包括创新药、新消费、新型能源等。 （4）本周可能即将上市的新股：世盟股份、北芯生命等。 上周新股表现： （1）新股发行表现：上周，共有 3 只新股网上申购；其中，2 只为科创板、1 只为 主板。从上周网上申购的新股情况来看，平均发行市盈率为 37.7X。 （2）上周上市新股表现：假设将上周上市的沪深新股收益表现拆解为打新收益和 二级市场开板后的上涨收益，1）首先，打新收益来看，上周沪深新股上市首日平 均涨幅约 212.2%，比较本月此前交易周沪深新股首日涨幅，总体基本维持在 200% 左右相对活跃区间，可能新股首日交投情绪较为稳定。具体来看，科创板上市公司 恒运昌首日涨幅超过 300%，首日表现明显更为活跃；预计或与其发行市值相对较 低且所属行业主题为人气热度更高的半导体设备有关。2）其次，从二级市场投资 ...