Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. (stock code: 688785.SH) experienced a strong market debut on the STAR Market, with its stock price surging over 320% on the first day of trading, closing at 371.3 yuan per share, a 302.8% increase from the issue price of 92.18 yuan per share [2][4]. Company Overview - Hengyun Chang specializes in the research, production, sales, and technical services of plasma radio frequency power systems, plasma excitation devices, and related core components, providing comprehensive solutions for plasma processes [2][4]. - The company aims to enhance the resilience and security of China's semiconductor supply chain through increased investment in R&D and production capacity following its IPO [6]. Financial Performance - Projected main business revenues for Hengyun Chang are approximately 158 million yuan, 325 million yuan, 541 million yuan, and 304 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2][4]. - The revenue share from plasma radio frequency power systems is expected to increase from 62.47% in 2022 to 76.54% in the first half of 2025 [2][3]. Client Base and Market Position - Hengyun Chang has established itself as a leading domestic supplier of plasma radio frequency power systems, achieving mass production and delivery to major semiconductor equipment manufacturers [4][5]. - The company has a high customer concentration, with the top five clients contributing 73.54% to 89.37% of its main business revenue from 2022 to the first half of 2025, with the largest client, Tuojing Technology, accounting for a significant portion of sales [4][5]. IPO and Fundraising - The IPO raised approximately 14.14 billion yuan, which is less than the initially planned amount of 14.69 billion yuan, leading the company to adjust its investment projects based on the actual funds raised [8][9]. - The funds will be allocated to projects including the industrialization of semiconductor radio frequency power systems and the establishment of a smart production base for core components [6][8].

Market Overview - A-shares showed significant divergence today, with the Shanghai Composite Index rising while the ChiNext Index and other indices struggled [1] - The Shanghai Composite Index closed up 0.27% at 4151.24 points, while the ChiNext Index fell 0.57% [1] - The total trading volume in the Shanghai and Shenzhen markets reached approximately 2.99 trillion yuan, an increase of over 70 billion yuan from the previous day [1] Gold Market - Spot gold surged over $100 today, breaking through $5300 per ounce, setting a new historical high [2][7] - Goldman Sachs raised its gold price target for December 2026 to $5400 per ounce [2] - The gold concept stocks experienced a surge, with several stocks hitting the daily limit, including China Gold and Sichuan Gold, which have seen consecutive limit-ups [5][10] Semiconductor Sector - The semiconductor sector showed strong performance, with stocks like Qipai Technology and Zhongwei Semiconductor seeing significant gains [17] - Zhongwei Semiconductor announced a price increase of 15%-50% for certain products due to rising costs and supply chain pressures [19] - The semiconductor industry is experiencing a price surge that has spread from memory chips to other segments, driven by strong demand and tight supply [20] Oil Sector - The oil sector saw a strong rally, with companies like Tongyuan Petroleum and Sinopec Oilfield Services hitting their daily limits [12] - Analysts suggest that geopolitical tensions and extreme weather conditions are impacting global energy supplies, leading to a rebound in oil prices [15] - The Brent crude oil price forecast for 2026 has been raised to $65 per barrel, reflecting expectations of demand recovery and inventory accumulation [15]

Market Overview - The semiconductor sector increased by 1.28% on January 28, with N Hengyun leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Top Gainers in Semiconductor Sector - N Hengyun (688785) closed at 371.30, with a remarkable increase of 302.80% and a trading volume of 96,900 shares [1] - Other notable gainers include: - Qipai Technology (688216) at 33.97, up 19.99% [1] - Zhongwei Semiconductor (688380) at 54.61, up 19.47% [1] - Hennian Micro (688172) at 46.80, up 17.56% [1] - Pushen Co. (688766) at 292.32, up 14.64% [1] Top Losers in Semiconductor Sector - Dongxin Co. (688110) decreased by 8.42% to 140.33 [2] - Other significant declines include: - Canxin Co. (688691) down 5.80% to 136.16 [2] - Shengke Communication (688702) down 5.46% to 153.65 [2] - Changsheng Co. (688478) down 4.59% to 38.88 [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 94.168 million yuan from institutional investors, while retail investors saw a net inflow of 1.748 billion yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are actively buying [2] Individual Stock Capital Flow - N Hengyun (688785) had a net inflow of 1.855 billion yuan from institutional investors, but a net outflow of 1.788 billion yuan from speculative funds [3] - Other stocks with notable capital flows include: - Zhongxin International (688889) with a net inflow of 1.037 billion yuan from institutional investors [3] - Zhaoyi Innovation (603986) with a net inflow of 685 million yuan from institutional investors [3]

中国经济网北京1月28日讯 深圳市恒运昌真空技术股份有限公司（股票简称：恒运昌，股票代码： 688785）今日在上海证券交易所科创板上市。截至今日收盘，恒运昌报371.30元，涨幅302.80%，成交 额33.62亿元，振幅86.79%，换手率76.12%，总市值251.38亿元。 恒运昌是半导体设备核心零部件供应商，主要从事等离子体射频电源系统、等离子体激发装置、等离子 体直流电源、各种配件的研发、生产、销售及技术服务，并引进真空获得和流体控制等相关的核心零部 件，围绕等离子体工艺提供核心零部件整体解决方案。 本次发行前，深圳市恒运昌投资有限公司（以下简称"恒运昌投资"）持有恒运昌25.8179%股份，为恒运 昌控股股东。 本次发行前，乐卫平直接持有恒运昌11,721,312股股份，直接持股比例为23.0866%，并通过恒运昌投 资、深圳市恒运昌投资中心（有限合伙）、深圳市恒运昌投资发展中心（有限合伙）分别间接控制恒运 昌25.8179%、20.7787%和3.1895%的股份表决权，合计控制恒运昌72.8727%的股份表决权。同时，乐卫 平报告期内担任恒运昌的董事长和总经理，是恒运昌实际控制人。 恒运昌于 ...

新华财经北京1月28日电科创板两大股指28日早间均高开，两股指盘初震荡整理后持续下探，盘中低位 盘整，午后出现较大幅度反弹，尾盘回落，收盘时科创50指数微幅下跌，科创综指小幅下跌。 至收盘时，科创50指数报1554.80点，跌幅0.08%，成分股总成交额约1046亿元，较上一交易日小幅放 量。科创综指收于1880.57点，跌幅0.47%，总成交额约3200亿元，总成交额较上一交易日小幅缩量。 个股表现方面，不考虑上市首日的恒运昌，气派科技收于约20%涨停，涨幅居首； 星环科技下跌 15.10%，跌幅居首。 成交额方面，中芯国际成交额126.44亿元，位居首位；天玛智控成交额1563万元，位居末位。 换手率方面，不考虑上市首日的恒运昌，优刻得换手率为26.88%，位居首位；龙腾光电换手率为 0.21%，位居末位。 （文章来源：新华财经） 当日，科创板个股涨少跌多，154股收涨，占比约25.67%。细分领域中，半导体股呈多数上涨态势。 恒运昌28日在上交所科创板上市，股份代号688785。恒运昌是国内领先的半导体设备核心零部件供应 商，主要从事等离子体射频电源系统、等离子体激发装置、等离子体直流电源、各种配件的研 ...

这是2026年第一家科创板IPO上市企业，拿下深圳市2026年境内上市企业"开门红"，也是深圳宝安区2026年宝首家上市企业。 恒运昌发行价为92.18元/股，发行市盈率为48.39倍，开盘价为310元/股，涨幅达236%，盘中其股价最高上涨323%至390元/股，截至发稿，市值为232亿元。 公司成立于2013年3月，是国产等离子体射频电源系统行业龙头企业、国内极少数实现半导体级等离子体射频电源系统量产的企业。根据弗若斯特沙利文统 计，恒运昌在国产等离子体射频电源系统厂商中的市场份额位列第一。 恒运昌表示，公司本次募集资金将投资于沈阳半导体射频电源系统产业化建设项目、半导体与真空装备核心零部件智能生产运营基地项目、研发与前沿技术 创新中心项目、营销及技术支持中心项目、补充流动资金。 多款产品已量产交付 如果把芯片制造比喻成版画艺术品的高科技复刻，那么产生及控制等离子体的等离子体射频电源系统就是这场高科技复刻的"指挥家"。 等离子体射频电源系统通过精确控制电流频率和功率，指挥着半导体制造过程中的等离子体变化，确保在晶圆表面精确、均匀地沉积出薄膜层、精细地刻蚀 出复杂图形和去除光刻胶等。 21世纪经济报道记者吴 ...

凭借技术突破与产品迭代，恒运昌迅速赢得市场认可。根据弗若斯特沙利文权威统计，2024年恒运昌在 中国大陆半导体行业国产等离子体射频电源系统厂商中市场份额高居第一，成为国产替代的核心力量。 公司已与拓荆科技、中微公司、北方华创、微导纳米、盛美上海等国内头部半导体设备商建立深度战略 合作关系，产品广泛应用于刻蚀、PECVD、ALD等关键制程，并最终进入中芯国际等晶圆厂产线。 在国产化浪潮推动下，恒运昌业绩实现快速增长。招股书显示，2022年至2024年，公司营收从1.58亿元 跃升至5.41亿元，年均复合增长了超80%；扣非归母净利润从0.20亿元增长至1.29亿元，盈利能力持续 增强。 上证报中国证券网讯（记者 刘逸鹏）1月28日，国内半导体设备核心零部件企业恒运昌正式在上海证券 交易所鸣锣上市，成为2026年第一家科创板IPO上市企业，中国半导体产业链又添员。 恒运昌的核心产品等离子体射频电源系统，被誉为控制等离子体的"纳米手术刀"，直接决定芯片刻蚀与 薄膜沉积工艺的精度与良率，是半导体设备中最核心、技术壁垒最高的零部件之一。 面对这一技术关卡，恒运昌坚持自主创新，历经十余年持续投入，成功构建了涵盖信号采样与 ...

恒运昌发行价为92.18元/股，发行市盈率为48.39倍，开盘价为310元/股，涨幅达236%。截至9点50分，其股价最高上涨323%至390元/股，市值为264亿元。 | | | N恒运昌 (688785.SH) | | | | | --- | --- | --- | --- | --- | --- | | | | 交易中 01-28 09:47:38 | | | | | 390.00 | | | | * 科 融 L1 : | | | +297.82 +323.09% 所属板块▼ | | | | | | | 今 开 310.00 | 最高 | 390.00 | 成交量草 | | 4.57 万手 | | 昨 收 92.18 | 最低 | 310.00 | 成交额莫 | | 15.52亿 | | 换手率 35.89% | 市盈TTM (7) | 233.58 | 总市值▼ | | 264.04亿 | | 量 比 | 而容切 | 216.24 | 总股本(1) | | 6770.17万 | | 委 比 -48.70% | 市容解 | 186.54 | 流通市值 | | 49.64 亿 | | 涨停价 不限 | 市 ...

Group 1: Hengyun Chang (恒运昌) - Hengyun Chang is a leading supplier of core components for semiconductor equipment in China, focusing on the research, production, and sales of plasma RF power systems and related devices [1] - The company holds the largest market share among domestic plasma RF power system manufacturers in China, according to Frost & Sullivan [1] - The company plans to invest 1.4 billion CNY in the industrialization of semiconductor RF power systems and 6.9 billion CNY in the intelligent core components of semiconductor and vacuum equipment [3][4] - Hengyun Chang has 108 authorized invention patents and 133 pending invention patents, and is recognized as a national high-tech enterprise [4] - Major clients include top domestic semiconductor equipment manufacturers, with significant revenue contributions from clients like Tuojing Technology, which accounted for over 50% of sales in recent years [5] Group 2: Nongda Technology (农大科技) - Nongda Technology specializes in the research, production, and sales of new fertilizers and their intermediates, including humic acid fertilizers and controlled-release fertilizers [6] - The company plans to invest 2.01 billion CNY in a project to produce 300,000 tons of humic acid smart high-tower compound fertilizer [11] - Nongda Technology has been recognized as the industry leader in the production and sales of coated urea from 2020 to 2022, and ranks second in the production and sales of humic acid compound fertilizers [13] - The company has developed several core technologies and has participated in over 40 national and provincial key research projects [11] - Major clients include large agricultural input companies and government clients, contributing to the green transformation of the fertilizer industry [12]

Group 1 - Hengyun Chang was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board today with a stock code of 688785 and an issuance price of 92.18 yuan per share, resulting in a price-to-earnings ratio of 48.39 times [2] - The company, originally founded as Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. in March 2013, specializes in the research, production, and sales of plasma radio frequency power systems and related components [2] - Agricultural University Technology was listed on the Beijing Stock Exchange today with a stock code of 920159 and an issuance price of 25.00 yuan per share, resulting in a price-to-earnings ratio of 13.40 times [3] - The company, established in June 2002, focuses on the research, production, and sales of new fertilizers and intermediate products [4] Group 2 - North Chip Life announced a total of 27,360 winning numbers for its online issuance, with each winning number eligible to subscribe for 500 shares [5] - The winning numbers include various combinations across different digit lengths, indicating a structured allocation for investors [6]