健信超导公告称，公司发行的人民币普通股股票将于2025年12月24日在上海证券交易所科创板上市，股 票代码为688805，本次公开发行后的总股本为16,768.00万股，发行股票数量为4,192.00万股。上市初 期，公司无限售流通股为3,151.89万股，占发行后总股本的18.80%。公司提醒投资者注意投资风险，包 括涨跌幅限制放宽、流通股数量较少、估值水平差异及融资融券风险等。 ...

Core Viewpoint - The company Jianxin Superconductor (688805.SH) has successfully launched on the STAR Market, focusing on the research, production, and sales of core components for medical MRI equipment, which constitute approximately 50% of the cost of MRI devices [1][4]. Group 1: Company Overview - Jianxin Superconductor was established on December 11, 2013, and is recognized as one of the earliest manufacturers in China to scale the production of high-field superconducting magnets [7]. - The company has developed a diverse product matrix, including 1.5T and 3.0T superconducting magnets, and is the largest independent supplier of superconducting magnets globally [7]. - Jianxin Superconductor has established strong partnerships with renowned MRI equipment manufacturers such as Fujifilm, GE Healthcare, and others, facilitating the global promotion of MRI devices [7]. Group 2: Financial Metrics - The IPO price was set at 18.58 CNY per share, with an institutional offering price of 18.89 CNY per share, resulting in a market capitalization of 3.115 billion CNY [4]. - The company’s earnings per share (EPS) is projected with a price-to-earnings (P/E) ratio of 61.97, compared to the industry average of 31.79 [4]. Group 3: Fundraising and Investment Plans - Jianxin Superconductor plans to invest raised funds in several projects, including a 600-unit production line for liquid helium-free superconducting magnets (2.75 billion CNY), a technical upgrade for high-field superconducting magnets (2.60 billion CNY), and the development of new superconducting magnets (2.40 billion CNY) [6]. Group 4: Market Risks - The company faces a high customer concentration risk, with the top five customers accounting for 73.75% to 83.43% of total revenue from 2022 to mid-2025, with Fujifilm being the largest customer [8].

Macro News - Xi Jinping emphasized the importance of central enterprises in supporting national strategies and enhancing core competitiveness, urging them to focus on their main responsibilities and optimize the layout of state-owned economy [4] - The meeting of central enterprise leaders highlighted the need for strong support in major infrastructure construction and the promotion of new infrastructure development [4] Industry News - Shenzhen banks have raised the minimum interest rate for business loans secured by real estate to 2.35% annually, up from a previous low of 2.2% [8] - The first batch of L3-level highway autonomous vehicle special license plates has been issued in Beijing, allowing conditional autonomous driving on specific highways [9] - The sixth round of national high-value medical consumables procurement has started, introducing a price anchor concept to balance price reductions and prevent malicious underpricing [9] Company News - SMIC has implemented a price increase of approximately 10% on certain production capacities [10] - Oriental Yuhong reported that its wholly-owned subsidiary in the U.S. was allegedly a victim of telecom fraud, with an involved amount of approximately 12.118 million yuan [10] - Aiko Cyber announced it won the bid for the BEST and HL-3 nuclear fusion power project [11] - Zhenyu Technology plans to raise no more than 1.88 billion yuan for lithium battery precision structural component expansion projects [11] Global Market - U.S. stock indices collectively rose, with the S&P 500 index reaching a new closing high [12] - International gold and silver prices hit historical highs, with COMEX gold futures rising by 1.02% to $4,515 per ounce and silver futures up by 4.44% to $71.61 per ounce [14]