Core Viewpoint - The company, Marco Polo (001386), has confirmed that it has not issued any convertible bonds as of November 10, according to its response to investor inquiries on the interactive platform [1]. Group 1 - The company has not issued convertible bonds to date [1].

Group 1 - The company, Marco Polo, announced on November 10 that it will disclose shareholder information at the end of the reporting period in its regular reports to ensure all investors receive information equally [2]

Core Viewpoint - Marco Polo, known as the "first tile stock," has announced significant delays in its five major projects, now expected to reach operational status by December 2027, which were initially scheduled to be completed before the company's IPO [1][10]. Group 1: Project Delays and Adjustments - The company has postponed the completion dates of its five major projects, which were originally set to be operational by March 2025 and March 2024, respectively, now pushed to December 2027 [10]. - The adjustments in project timelines were not disclosed in the prospectus prior to the IPO, raising concerns about transparency [11]. - The company cited macroeconomic conditions and strategic planning changes as reasons for the delays, indicating a cautious approach to investment project timelines [10]. Group 2: Fundraising and Financial Performance - Marco Polo reduced its fundraising target multiple times, from an initial 40.18 billion yuan to 16.43 billion yuan at the time of the IPO, representing a decrease of over 34% [5][6]. - The actual net proceeds from the IPO were 15.6 billion yuan after deducting issuance costs [5]. - The company's revenue and net profit have been on a downward trend from 2021 to 2024, with a reported revenue of 49.38 billion yuan in the first nine months of 2025, a year-on-year decline of 10.2% [11].

Core Viewpoint - The company, Marco Polo, aims to leverage its advantages in brand recognition, production scale, manufacturing capability, sales network, and product development to strengthen and enhance its market position as a leading player in the industry [2] Group 1 - The company disclosed information about its controlling and affiliated companies in the prospectus for its initial public offering on the main board [2] - As a leading enterprise in the industry, the company is committed to further consolidating its market position [2]

Core Viewpoint - The company aims to leverage its strengths to capitalize on the historical opportunity of industry transformation and upgrade through its upcoming issuance and listing [2]. Group 1: Company Strategy - The company plans to utilize its advantages in brand recognition, production scale, manufacturing capability, sales network, and product research and development to further consolidate and enhance its market position [2]. - The company is targeting green, high-end, and intelligent development to create new productive forces that will lead the industry transformation and upgrade [2]. - The company is committed to the "manufacturing industry going global" strategy, actively expanding into global markets and striving to fulfill its corporate mission [2].

Group 1: Market Trends - In October 2025, 11 new stocks were issued in the A-share market, raising a total of 15.3 billion yuan, a 29% increase month-on-month[10] - The average first-day closing price increase for new stocks in the Shanghai and Shenzhen markets was 235%, up 28.2 percentage points from the previous month[28] - The average first-day increase for three unprofitable new stocks was 162%[28] Group 2: Pricing and Allocation Mechanism - The average first-day price-earnings (PE) ratio for new stocks was 25 times, reaching a monthly peak for the year, but still at a 34% discount compared to comparable companies[13] - The A1 allocation tier saw an average winning rate of 0.073%, a 76% increase compared to previous periods, while the A2 tier's winning rate dropped to 0.026%, a 38% decrease[19] - The new stock pricing and allocation mechanism is being optimized to encourage long-term holding, with higher allocation ratios for investors committing to longer lock-up periods[6] Group 3: Growth in Specific Sectors - The first batch of new stocks in the Sci-Tech Innovation Board's growth tier raised a total of 8.8 billion yuan in October 2025[10] - The inquiry results showed that the first three growth tier new stocks attracted an average of 6,691 product participants, an increase of 8.6% compared to June[19] - The total number of IPO projects in the A-share market reached 114, with a total proposed fundraising amount of 207.8 billion yuan as of the end of October 2025[54] Group 4: Risks and Challenges - Risks include potential changes in the pace of new stock issuance reviews, fluctuations in investor participation, and the quality and quantity of submitted projects[57] - There is a need to monitor the structural adjustments in industries and the risk of unprofitable companies facing share price declines[57]

Core Points - Marco Polo's stock price decreased by 0.43% today, with a turnover rate of 35.22% and a trading volume of 9.61 billion yuan, indicating significant trading activity [2] - Institutional investors net sold 37.36 million yuan, while the total net selling from brokerage seats amounted to 9.97 million yuan [2] - The stock has appeared on the "Dragon and Tiger List" six times in the past six months, with an average price drop of 0.31% the day after being listed and an average decline of 2.25% over the following five days [3] Trading Activity - The top five brokerage seats accounted for a total trading volume of 206 million yuan, with buying transactions amounting to 79.30 million yuan and selling transactions totaling 127 million yuan, resulting in a net selling of 47.32 million yuan [2] - Among the brokerage seats listed, four institutional specialized seats were involved, with total buying amounting to 51.32 million yuan and total selling amounting to 88.68 million yuan, leading to a net selling of 37.36 million yuan [2] Fund Flow - Today's main capital outflow for the stock was 19.45 million yuan, with a large single net inflow of 7.64 million yuan and a net outflow of 27.09 million yuan from large orders [3] - Over the past five days, the main capital has seen a net inflow of 87.91 million yuan [3]

Core Insights - Marco Polo's stock increased by 4.10% with a turnover rate of 35.25% and a trading volume of 946 million yuan, indicating significant market activity [2] - Institutional investors net bought 10.66 million yuan, while the total net buying from brokerage seats reached 16.39 million yuan [2] - The stock has appeared on the "Dragon and Tiger List" five times in the past six months, with an average price drop of 0.28% the day after being listed and an average decline of 2.38% over the following five days [3] Trading Activity - The top five brokerage seats accounted for a total trading volume of 204 million yuan, with a net buying amount of 27.05 million yuan [2] - Specific trading details show that four institutional seats were involved, with total buying of 85.45 million yuan and selling of 74.79 million yuan, resulting in a net buying of 10.66 million yuan [2] Fund Flow - Today's main capital inflow for the stock was 32.23 million yuan, with a significant inflow of 33.38 million yuan from large orders, while smaller orders saw a net outflow of 1.15 million yuan [3] - Over the past five days, the net inflow of main capital reached 204 million yuan [3]

Core Insights - The biomass power generation sector saw a 0.56% increase, ranking 8th among concept sectors, with 26 stocks rising, including Fulongma, Haitan Co., and Zhongmin Energy hitting the daily limit [1][2] Group 1: Stock Performance - Fulongma and Haitan Co. both experienced significant gains, with Fulongma rising by 9.99% and Haitan Co. by 9.97% [3][4] - Zhongmin Energy also performed well, increasing by 9.96% [3] - The top gainers in the sector included Makopolo and Feima International, which rose by 4.10% and 4.04% respectively [1][2] Group 2: Fund Flow - The biomass power generation sector attracted a net inflow of 448 million yuan, with 17 stocks receiving net inflows, and 5 stocks exceeding 10 million yuan in net inflow [2][3] - Fulongma led the sector with a net inflow of 541 million yuan, followed by Zhongmin Energy with 133 million yuan and Makopolo with 32 million yuan [2][3] Group 3: Net Inflow Ratios - Zhongmin Energy had the highest net inflow ratio at 30.89%, followed by Qianjiang Water with 14.54% and Fulongma at 13.65% [3][4]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - In October 2025, the restart of unprofitable new shares issuance led to an increase in the monthly fundraising amount, and the new shares on the first - day of listing had no break - even, with an average increase of 219%. The new share subscription income remained high, and the "entry" strategy was the optimal one [2]. - The performance of new shares in different sectors and industries varies. The first - day performance of unprofitable new shares on the Science and Technology Innovation Board was excellent, and the choice of restricted - sale plans for unprofitable new shares had a significant impact on income enhancement [11][17]. Summary by Related Catalogs 1. Issuance and Listing Rhythm - In October 2025, there were 9 new listings on the Shanghai, Shenzhen, and Beijing stock exchanges, with a total initial public offering (IPO) fundraising of 1.2869 billion yuan. From January to October 2025, there were 87 new listings, and the total fundraising was 9.0172 billion yuan, a 9% increase in the number of new listings and a 71% increase in fundraising compared to the same period in 2024 [2][8]. - The 3 unprofitable new shares listed in October 2025 had a relatively large fundraising volume, driving the monthly fundraising amount to increase year - on - year and month - on - month [2][8]. 2. First - day Gain Performance - In October 2025, the 6 new shares listed in the Shanghai and Shenzhen markets were all issued offline. The new shares on the first - day of listing had no break - even, with an average increase of 219%, the same as in September. The average first - day increase of the first 3 unprofitable new shares on the Science and Technology Innovation Board with agreed restricted sales was 158% [2][11]. - Among the new shares on the Main Board in October, Daosheng Tianhe had a first - day increase of 351%, Chaoying Electronics had a first - day increase of 339%, and Marco Polo had a first - day increase of 148% [11]. 3. New Share Subscription Income Calculation - In October 2025, with the support of unprofitable new share income, the monthly new share subscription income remained high. Without considering unprofitable new shares, the new share subscription income of Class A/B accounts in October was 287,700/277,200 yuan respectively. Conservatively, if all 3 unprofitable new shares selected Plan A3, the total monthly full - subscription income of Class A/B was 623,400/608,800 yuan; optimistically, if all 3 unprofitable new shares selected Plan A1, the total monthly full - subscription income of Class A/B was 3,971,500/608,800 yuan [2][17]. 4. New Share Subscription Strategy at the Current Stage - The "entry" strategy is still the optimal one. It is recommended to actively participate in low - price, small - floating - stock new shares with expected first - day gains and large - market - value new shares with a large offline allocation volume. Among the registered but unlisted enterprises, companies such as Moore Threads are worth paying attention to [2][20]. - The performance of new shares in different sectors is affected by various factors. The Main Board new shares have had good performance and high first - day gains since 2023; the Science and Technology Innovation Board new shares are affected by market heat and policy support; the ChiNext Board is recommended to participate in low - price, small - market - value new shares [20].