（1）上周沪深新股次新板块出现休整；假设以 2025 年以来上市的沪深新股次新 板块比较来看，期间板块平均涨幅-4.0%，实现正收益占比约 13.8%。 （2）回顾元旦之后行情，可能上周休整早已埋下伏笔；可以观察到，元旦之后新 股活跃周期正式拉开，本次活跃周期前段拉升较为急剧、短线情绪出现过热迹象； 此后交易周，虽然新股次新板块依然延续震荡活跃走势，但资金对于性价比的重视 逐步提升；而上周前半周，伴随资金更为极致地转向以周期消费为首的偏低估值方 向，科创特征相对较强的新股次新板块波动加剧。但需要注意的，上周休整可能并 未改变新股次新板块活跃周期继续演绎，新股板块资金交投依然保持较高热度，做 多动能也尚未有衰竭迹象；上周新股次新休整或只是风格过于极致转向之后带来的 短暂冲击、而上周后半周也可以观察到活跃资金重新回流部分热点主题标的，短期 以相对性价比和热点主题为两端的轮动博弈向上活跃行情可能并未结束。同时，由 于极短线新股情绪遇冷，短端反弹动能或也将有所蓄势；综合来看，春节前我们依 然建议灵活积极择机，或可跟随热点事件、把握好主题轮动节奏或高低切轮动节奏。 （3）具体方向上，一方面，资金长期聚焦的科技方向或依然 ...

Market Overview - In January 2026, the A-share market opened strong with the Shanghai Composite Index rising by 3.76%, the Shenzhen Component Index increasing by 5.03%, the ChiNext Index up by 4.47%, and the STAR Market 50 Index soaring by 12.29% [1] - Various sectors such as gold, silver, non-ferrous metals, AI applications, and domestic chips showed strong performance, indicating high market sentiment [1] Top Performing Stocks - The top ten performing stocks in January include: 1. C Hengyun Chang (688785) - 352.75% increase, focusing on semiconductor equipment [2] 2. Zhi Te New Materials (300986) - 234.08% increase, involved in new urbanization and quantum technology [2] 3. Fenglong Co. (002931) - 213.97% increase, related to equipment updates and robotics [2] 4. Hunan Silver (002716) - 175.15% increase, linked to gold concepts and precious metals [2] 5. Pushe Co. (688766) - 140.55% increase, focusing on IoT and automotive chips [2] 6. Sichuan Gold (001337) - 137.54% increase, associated with gold concepts and precious metals [2] 7. Silver Nonferrous (601212) - 133.68% increase, involved in gold concepts and lithium batteries [2] 8. Tongyuan Petroleum (300164) - 133.33% increase, related to shale gas and the extraction industry [2] 9. Xiaocheng Technology (300139) - 122.33% increase, focused on gold concepts and precious metals [2] 10. Kecuan Technology (603052) - 118.92% increase, involved in lithium batteries and mixed reality [2] Sector Insights - C Hengyun Chang's significant rise is attributed to its position as a leading supplier of core components for semiconductor equipment, marking a new investment opportunity in the market [2] - Zhi Te New Materials has transitioned from traditional construction aluminum mold services to new materials, leveraging AI and robotics for development [2] - Fenglong Co.'s stock surge is linked to a strategic acquisition that connects it with a leading humanoid robotics company, altering its ownership structure [3] - Hunan Silver benefits from favorable macroeconomic conditions, including geopolitical risk and interest rate cuts, enhancing its market position as a leading silver processing company [3] - Sichuan Gold's stock performance is closely tied to historical highs in global gold prices, driven by geopolitical tensions and trade friction, benefiting from increased sales and prices of gold concentrates [3] - Silver Nonferrous plans to invest 1.5 billion yuan to establish a gold company, indicating a strategic move to extend its operations into the entire gold industry chain [3] - Xiaocheng Technology's stock fluctuations are primarily due to its dominant gold business, which constitutes over 86% of its revenue, making it a direct beneficiary of rising gold prices [4] - Pushe Co. is strategically positioned in the storage industry, which is experiencing a "super cycle" driven by rapid AI infrastructure development [4] - Tongyuan Petroleum is benefiting from a cyclical recovery in the oil and gas service sector, supported by geopolitical tensions and rising international energy demand [4] - Kecuan Technology is expanding into the silicon photonics sector, aligning with current market trends in computing hardware [4]

Market Overview - The market experienced high-level consolidation last week, with the Shanghai Composite Index down 1.73%, Shenzhen Component Index down 3.57%, ChiNext Index down 2.80%, and the STAR Market 50 Index down 5.69% [1] Top Performing Stocks - The top ten performing stocks of the week include C Hengyun Chang, C Zhenshi, Tongyuan Petroleum, Hunan Gold, Sidik, China Gold, Xiaocheng Technology, Tiandi Online, *ST Lifang, and Wangsu Technology [1][2] C Hengyun Chang - C Hengyun Chang, a leading supplier of core components for semiconductor equipment and RF power, saw its stock price surge by 352.75% due to technological breakthroughs and the dual push of its listing process [2][3] C Zhenshi - C Zhenshi, a global leader in wind turbine blade materials, experienced a stock price increase of 93.92%, benefiting from the recovery of the wind power industry and its status as the highest fundraising new stock this year [2][3] Tongyuan Petroleum - Tongyuan Petroleum's stock rose by 63.04%, driven by external geopolitical conflicts and the International Energy Agency's upward revision of demand forecasts, enhancing the overall attractiveness of the oil and gas service sector [2][3] Hunan Gold - Hunan Gold's stock increased by 61.08%, supported by significant asset restructuring progress and performance forecasts, attracting investor interest due to its improved fundamentals [2][3] Sidik - Sidik's stock price rose by 60.03%, attributed to breakthroughs in functional coating composite materials and business expansion, including partnerships with Huawei in the magnetic storage field [2][4] China Gold - China Gold's stock increased by 59.22%, influenced by heightened market attention on international gold prices and the company's metal production planning, resonating with market sentiment [2][3] Xiaocheng Technology - Xiaocheng Technology's stock rose by 53.13%, closely linked to the surge in international gold prices and its business structure, with over 86% of its revenue from gold-related activities [2][3] Tiandi Online - Tiandi Online's stock increased by 51.23%, primarily driven by its acquisition of Jiato Group and its focus on AI marketing and virtual digital human sectors [2][4] *ST Lifang - *ST Lifang's stock rose by 47.33%, influenced by expectations of debt restructuring and speculative trading, as the company faces delisting risks due to previous debt issues [2][5] Wangsu Technology - Wangsu Technology's stock increased by 44.25%, benefiting from the surge in AI computing demand and anticipated price increases in cloud services, transitioning from traditional CDN to emerging businesses [2][5]

Core Viewpoint - The case of Hengyun Chang highlights the potential for significant profits in the stock market, particularly for retail investors participating in IPOs, despite the initial high offering price [1][3][5] Group 1: IPO Performance - Hengyun Chang's IPO price was set at 92.18 yuan per share, requiring an investment of 46,090 yuan for 500 shares, which raised concerns among retail investors about the risk of losing their investment if the stock price fell [1] - On its first trading day, Hengyun Chang's stock price surged to 310 yuan, representing a 236.3% increase from the offering price, allowing investors to realize a profit of 108,900 yuan if sold immediately [1] - The stock price continued to rise, reaching a peak of 390 yuan, which would yield a profit of 148,900 yuan, translating to a return of over 323% [1][3] Group 2: Investor Behavior - Despite the strong performance, some investors chose to forgo their allocations, with 2.42 million yuan worth of shares not purchased, indicating a lack of confidence or information among certain retail investors [1][3] - The reluctance of some investors to participate in the IPO reflects a broader trend where fear and hesitation can lead to missed opportunities in the stock market [3][5] Group 3: Market Insights - The overall IPO market has shown resilience over the past two years, with few instances of first-day price declines, reinforcing the notion that participating in IPOs remains a viable strategy for retail investors [3] - The case of Hengyun Chang serves as a reminder that opportunities often come disguised as risks, and investors should conduct thorough research and maintain a level-headed approach when considering IPO investments [5]

Core Insights - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, becoming the first listed company in Bao'an District and Shenzhen in 2026 [1][2] Company Overview - Hengyun Chang's public offering price was 92.18 CNY per share, with an opening price of 310 CNY, reflecting a surge of 236.3% [4] - The company has evolved into an industry benchmark over 12 years, transitioning from breaking overseas monopolies to leading domestic replacements [4][5] Technological Advancements - The core of Hengyun Chang's rise is its focus on technological breakthroughs, integrating multiple disciplines such as power electronics and plasma physics [7] - The company has developed three major foundational technologies and eight product support technologies, addressing key areas like signal sampling and phase locking [11] Research and Development - As of the end of 2024, over 40% of the company's workforce is dedicated to R&D, with a continuous increase in R&D investment from 2022 to 2024, totaling nearly 114 million CNY, which is 11.11% of the cumulative revenue during the same period [9] - The company has established a robust supply chain with 111 local suppliers, enhancing cost control and supply chain resilience [7] Financial Performance - From 2022 to 2024, the company's revenue grew from 158 million CNY to 541 million CNY, while net profit increased from 26.39 million CNY to 143 million CNY, indicating significant growth in both scale and profitability [14] - The company has attracted investments from various industry funds since 2021, further supporting its development [14] Future Plans - Hengyun Chang aims to continue its focus on the semiconductor sector, tackling core components for advanced processes, and plans to integrate RF power technology with big data and AI to expand into solar and display panel applications [16] - The company has received international certifications and intends to actively explore overseas markets to enhance its global competitiveness [16] Industry Context - The total number of listed companies in Bao'an District has reached 85, with 51 companies having submitted IPO applications or completed counseling filings, indicating a robust pipeline of potential listings [18] - Bao'an District has become a leader in the number of new domestic A-share listings, particularly in strategic emerging industries such as electronics, chips, and semiconductors [20]

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. (stock code: 688785.SH) officially listed on the Shanghai Stock Exchange on January 28, becoming the first company to list on the Sci-Tech Innovation Board in 2026, adding a new player to China's semiconductor industry chain [1] Group 1: Company Overview - Hengyun Chang's core product, the plasma RF power supply system, is crucial for chip etching and film deposition processes, representing one of the highest technical barriers in semiconductor equipment [2] - The company has developed a comprehensive core technology chain through over a decade of independent innovation, resulting in three major foundational technology systems and eight supporting product technologies [2] - As of June 30, 2025, the company has obtained 261 authorized patents, including 108 invention patents, with an additional 133 invention patents pending [2] Group 2: Market Position and Growth - Hengyun Chang has achieved the highest market share among domestic plasma RF power supply manufacturers in mainland China, becoming a core force in domestic substitution [3] - The company's revenue is projected to grow from 158 million yuan in 2022 to 541 million yuan in 2024, with a compound annual growth rate exceeding 80%, while net profit after deducting non-recurring items is expected to rise from 19.61 million yuan to 129 million yuan [3] Group 3: Fundraising and Investment Projects - The funds raised from the IPO will be used to enhance the company's competitiveness in the semiconductor core component sector, focusing on five key areas: industrialization of plasma RF power supply systems, intelligent production operations for core components, R&D and innovation centers, marketing and technical support centers, and working capital [4] - The industrialization project in Shenyang aims to establish a modern production base to significantly increase the mass production capacity of plasma RF power supply systems [5] - The company plans to set up technical support centers in major semiconductor industry clusters across China, enhancing its "product + service" integrated solution capabilities [5]

Core Viewpoint - Hengyun Chang Vacuum Technology Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking it as the first listed company in Bao'an District in 2026 and the first A-share listed company in Shenzhen [1][3] Company Overview - Hengyun Chang focuses on the research and manufacturing of plasma radio frequency power systems and has achieved significant technological breakthroughs in the semiconductor core equipment sector over its 12 years of operation [3][5] - The company has obtained 108 authorized invention patents and its products are applicable in the 14nm advanced process, establishing itself as a key technology provider in the domestic market [3] Financial Performance - From 2022 to 2024, Hengyun Chang's revenue increased from 158 million yuan to 541 million yuan, while net profit rose from 26.39 million yuan to 143 million yuan [5] - The company has seen a continuous increase in R&D investment, totaling nearly 114 million yuan, which accounts for 11.11% of the cumulative operating income during the same period [3][5] Market Position and Future Plans - As of 2023, Hengyun Chang holds the largest market share among domestic manufacturers of plasma radio frequency power systems in mainland China [3] - The company plans to deepen its focus on the semiconductor field, expand applications of RF power technology in photovoltaics and display panels, and actively explore overseas markets leveraging international certifications [5] Industry Context - The successful listing of Hengyun Chang contributes to the growth of the listed company ecosystem in Bao'an District, which now has 51 companies that have submitted IPO applications or completed counseling filings, and over 800 companies in the listing reserve pool [5]

Group 1 - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, becoming the first company in Shenzhen to go public in 2026, with its stock price rising by 302.8% on the first day of trading [1][2] - The company specializes in the research and production of plasma radio frequency power systems, crucial for semiconductor manufacturing, and has achieved significant technological advancements, holding 108 authorized invention patents [2] - Hengyun Chang's revenue is projected to grow from 158 million yuan in 2022 to 541 million yuan in 2024, with net profit increasing from 26.39 million yuan to 143 million yuan during the same period [2] Group 2 - Shenzhen has established a systematic support mechanism for companies to go public, including joint training and localized services from stock exchanges, aimed at fostering technology innovation enterprises [3][4] - The city has launched the "Starry Pengcheng" action plan to cultivate quality listing candidates, providing tailored financial products for technology enterprises at different development stages [3][4] - Since 2015, Shenzhen has invested over 150 billion yuan in government investment funds, leveraging nearly 500 billion yuan in social capital to support the development of hard technology enterprises [5]

Core Viewpoint - Hengyun Chang Vacuum Technology Co., Ltd. successfully went public on the STAR Market, marking the first IPO of 2026 and achieving a significant milestone for Shenzhen's domestic listings [1][3]. Company Overview - Hengyun Chang was established in March 2013 and is a leading domestic manufacturer of plasma radio frequency power systems, with the highest market share among domestic manufacturers [4][8]. - The company has developed three product generations, breaking the long-standing monopoly of two major American companies, MKS and AE, in the domestic market [8][12]. Financial Performance - The IPO price was set at 92.18 CNY per share, with a closing price of 371.3 CNY, reflecting a 302.8% increase and a total market capitalization of 25.1 billion CNY [3][4]. - From 2022 to June 2025, the company's revenue grew from 158 million CNY to 541 million CNY, while net profit increased from 26.39 million CNY to 143 million CNY, indicating significant growth in both scale and profitability [9][10]. Market Position and Growth Potential - The domestic market for plasma radio frequency power systems is expected to grow rapidly, with a projected compound annual growth rate of 12.3% from 2025 to 2029 [17]. - The company has established itself as a key supplier in the semiconductor industry, with major clients including TuoJing Technology and Zhongwei Company, achieving significant revenue growth from these partnerships [9][10]. R&D and Innovation - Hengyun Chang has invested approximately 114 million CNY in R&D from 2022 to 2024, representing 11.11% of its cumulative revenue during the same period, with a compound annual growth rate of 60.19% in R&D investment [8][9]. - The company aims to enhance its R&D capabilities and continue to drive the localization of semiconductor equipment components, contributing to the resilience and security of China's semiconductor supply chain [17].

Core Viewpoint - Hengyun Chang Vacuum Technology Co., Ltd. successfully went public on the Science and Technology Innovation Board, marking the first IPO of 2026 in Shenzhen and achieving a significant milestone for the local semiconductor equipment industry [1][3]. Company Overview - Established in March 2013, Hengyun Chang is a leading domestic manufacturer of plasma radio frequency power systems, with the highest market share among domestic suppliers [4]. - The company has broken the long-standing monopoly of American giants MKS and AE in the domestic market, launching three generations of products that support advanced semiconductor processes [8][18]. Financial Performance - The company's revenue grew from 158 million CNY in 2022 to 541 million CNY in 2024, while net profit increased from 26.39 million CNY to 143 million CNY during the same period, indicating significant growth in both scale and profitability [11]. - As of June 2025, Hengyun Chang has achieved over 100 million CNY in sales from self-developed products, with 38 products generating million-level revenues and 24 products generating ten-million-level revenues [9][10]. Market Position and Growth Potential - The domestic semiconductor equipment market is experiencing rapid growth, with Hengyun Chang positioned to benefit from the increasing demand for domestic alternatives due to low localization rates in semiconductor equipment [14][15]. - The market for plasma radio frequency power systems is expected to grow at a compound annual growth rate of 12.3% from 2025 to 2029, indicating a promising outlook for the company [18]. Research and Development - Hengyun Chang has invested approximately 114 million CNY in R&D from 2022 to 2024, representing 11.11% of its total revenue during that period, with a compound annual growth rate of 60.19% in R&D spending [9]. - The company plans to use the funds raised from its IPO to enhance its R&D capabilities and further promote the localization of key semiconductor equipment components [5][18]. Client Relationships - Hengyun Chang has established strong relationships with leading domestic semiconductor equipment manufacturers, becoming the largest supplier of plasma radio frequency power systems to companies like Tuojing Technology [9][10]. - The company has seen significant revenue growth from key clients, with revenues from Tuojing Technology increasing by over 600% in 2024 compared to 2023 [9].