- The report primarily focuses on IPO performance in August 2025, highlighting that the A-share market saw 8 new listings with a total fundraising amount of 40.93 billion yuan, a significant month-on-month decline in fundraising scale[3][10][18] - The average first-day increase for new IPOs in the Shanghai and Shenzhen markets was 272.76%, with no cases of breaking below the issue price, driven by low issuance PE ratios and the scarcity of new listings[3][14][18] - The report emphasizes the importance of "entry" strategies, recommending participation in low-priced, small-cap IPOs with high first-day increase potential, as well as large-cap IPOs with significant offline allocation[3][19][22]

Group 1 - The company Guangdong JianKe has recently undertaken inspection and testing technical services for construction projects, including the Shenzhen Stock Exchange Operations Center [2] - The announcement was made in response to investor inquiries on the interactive platform [2] - This indicates the company's involvement in significant infrastructure projects within the financial sector [2]

Quantitative Models and Construction Methods 1. Model Name: IPO Return Estimation Model - **Model Construction Idea**: The model estimates the returns of IPO investments by considering account size, subscription limits, winning rates, and IPO yield rates[47] - **Model Construction Process**: The model calculates the IPO return for a single account using the formula: $ \text{Single Account IPO Return} = \min(\text{Account Size}, \text{Subscription Limit}) \times \text{Winning Rate} \times \text{Yield Rate} $ For full subscription scenarios, the formula is: $ \text{Full Subscription Return} = \text{Subscription Limit} \times \text{Winning Rate} \times \text{Yield Rate} $ - Winning rate is based on actual IPO results - Yield rate is determined by the price difference between the IPO price and the first trading day price for registration-based IPOs, or the price difference on the opening day for non-registration-based IPOs[47] - **Model Evaluation**: The model provides a structured approach to estimate IPO returns under different scenarios, but it relies on historical data and assumptions, which may introduce subjectivity[47][72] --- Model Backtesting Results 1. IPO Return Estimation Model - **Main Board**: - August 2025: A-class return rate: 0.014%, C-class return rate: 0.013%[48] - Full subscription return: A-class: 6.8 million yuan, C-class: 6.4 million yuan[57] - **ChiNext Board**: - August 2025: A-class return rate: 0.066%, C-class return rate: 0.064%[48] - Full subscription return: A-class: 33.2 million yuan, C-class: 32.1 million yuan[57] - **Cumulative 2025 Returns**: - A-class: 1.134%, C-class: 1.035%[54] --- Quantitative Factors and Construction Methods 1. Factor Name: Winning Rate Factor - **Factor Construction Idea**: Measures the probability of winning IPO shares based on investor category and market conditions[30][31] - **Factor Construction Process**: Winning rates are calculated as the ratio of successful allocations to total applications, segmented by investor categories (A-class and C-class) and market boards (Main Board, ChiNext, etc.)[30][31] - **Factor Evaluation**: The factor effectively captures the allocation efficiency and competitiveness of different investor categories in IPOs[30][31] 2. Factor Name: Yield Rate Factor - **Factor Construction Idea**: Represents the profitability of IPO investments based on the price difference between the IPO price and the trading price[47] - **Factor Construction Process**: Yield rate is calculated as: $ \text{Yield Rate} = \frac{\text{Trading Price} - \text{IPO Price}}{\text{IPO Price}} $ - For registration-based IPOs, the trading price is the average price on the first trading day - For non-registration-based IPOs, the trading price is the average price on the opening day[47] - **Factor Evaluation**: The factor provides a direct measure of IPO profitability but may be influenced by market volatility and external factors[47] --- Factor Backtesting Results 1. Winning Rate Factor - **Main Board**: - A-class: 0.12‰, C-class: 0.12‰[30] - **ChiNext Board**: - A-class: 0.25‰, C-class: 0.24‰[30] 2. Yield Rate Factor - **Main Board**: - August 2025: 140.68%[23] - **ChiNext Board**: - August 2025: 302.58%[23]

Group 1 - Guangdong JianKe Innovation Technology Research Institute Co., Ltd. applied for a patent titled "An Attached Caisson for Operation and Maintenance of Offshore Wind Power Pile Foundations" [1] - The patent aims to provide a temporary and dry construction environment for underwater parts of offshore wind power pile foundations, allowing workers to perform anti-corrosion coating work [1] - The caisson structure consists of multiple fan-shaped columns and is designed to be connected to the operation platform above the wind power pile [1] Group 2 - Guangdong JianKe Innovation Technology Research Institute Co., Ltd. was established in 2021 with a registered capital of 100 million RMB and has participated in 53 bidding projects [2] - Guangdong Provincial Academy of Building Sciences Group Co., Ltd. was founded in 2013 with a registered capital of 313.9 million RMB and has participated in 2980 bidding projects [2] - Guangdong JianKe Innovation Technology Research Institute holds 72 patents, while Guangdong Provincial Academy of Building Sciences Group holds 413 patents [2]

Core Insights - Guangdong JianKe (301632.SZ) reported a total operating revenue of 502 million yuan for the first half of 2025, with a net profit attributable to shareholders of 33.55 million yuan, reflecting an increase of 0.89 million yuan or 2.74% year-on-year [1] Financial Performance - The company experienced a net cash inflow from operating activities of -6.41 million yuan, which is an improvement of 37.46 million yuan compared to the same period last year [1] - The latest debt-to-asset ratio stands at 24.87% [2] - The gross profit margin is reported at 46.16%, which is an increase of 7.54 percentage points from the previous quarter and an increase of 0.57 percentage points year-on-year [2] - The return on equity (ROE) is recorded at 1.64% [2] - The diluted earnings per share (EPS) is 0.11 yuan, an increase of 0.01 yuan or 10.00% compared to the same period last year [2] - The total asset turnover ratio is 0.18 times, while the inventory turnover ratio is 7.49 times [2] Shareholder Structure - The number of shareholders is 69, with the top ten shareholders holding a total of 287 million shares, accounting for 91.31% of the total share capital [2] - The largest shareholder is Guangdong Provincial Construction Engineering Group Holding Co., Ltd., holding 73.62% of the shares [2]

Core Viewpoint - Guangdong JianKe's stock price has experienced fluctuations, with a recent decline of 2.01% and a year-to-date increase of 3.47%, indicating volatility in investor sentiment and market performance [1][2]. Company Overview - Guangdong JianKe, established on December 25, 2013, and listed on August 12, 2025, is based in Guangzhou, Guangdong Province. The company specializes in inspection and testing technology services in the construction engineering sector [1]. - The company's main revenue sources are inspection and testing services (98.65%), with minor contributions from other services (0.85% and 0.50%) [1]. Financial Performance - For the first half of 2025, Guangdong JianKe reported operating revenue of 502 million yuan, a year-on-year decrease of 3.95%. However, the net profit attributable to shareholders increased by 2.74% to 33.55 million yuan [2]. - As of August 12, 2025, the number of shareholders reached 64,400, a significant increase of 93,189.86% compared to the previous period, with an average of 1,069 circulating shares per shareholder [2]. Market Activity - On August 27, 2025, the stock price was 35.19 yuan per share, with a trading volume of 60.01 million yuan and a turnover rate of 2.46%. The total market capitalization stood at 14.729 billion yuan [1]. - The stock has appeared on the "龙虎榜" (Dragon and Tiger List) four times this year, with the most recent appearance on August 21, 2025, where it recorded a net buying of 569,100 yuan [1].

Core Viewpoint - Guangdong Jianke's stock price closed at 35.91 yuan on August 26, 2025, reflecting a decline of 5.10% from the previous trading day, with a trading volume of 186,594 lots and a transaction amount of 678 million yuan [1] Group 1: Company Performance - Guangdong Jianke's main business includes construction engineering quality testing and housing safety appraisal, positioning the company within the professional services industry, while also engaging in robotics-related sectors [1] - In the first half of the year, Guangdong Jianke achieved a net profit attributable to shareholders of 33.55 million yuan, representing a year-on-year growth of 2.74% [1] Group 2: Market Activity - The company attracted significant market attention during its new share subscription in early August, with 12.32 million individual investors participating [1]

Group 1 - The third meeting of the supervisory board of Guangdong Provincial Architectural Science Research Institute Group Co., Ltd. was held on August 26, 2025, with all members present either in person or via communication [1][2] - The supervisory board approved the 2025 semi-annual report and its summary, confirming that the report complies with relevant laws and accurately reflects the company's actual situation without any false records or misleading statements [1][2] - The voting results for the approval were unanimous, with 3 votes in favor and no votes against or abstaining [2]

Group 1 - The board meeting of Guangdong Provincial Institute of Architectural Science Group Co., Ltd. was held on August 26, 2025, with all 9 directors present, ensuring compliance with relevant laws and regulations [1][2] - The board approved the update of the authorization list for board matters, forming the "Guangdong Provincial Institute of Architectural Science Group Co., Ltd. Board Authorization Matters List (2025 Revision)" [1] - The board also approved the execution of decisions made under the board's authorization from January to August 2025 [1] Group 2 - The board approved the preparation of the 2025 semi-annual report and its summary, with a unanimous vote of 9 in favor [2] - The semi-annual report and summary were disclosed on the company's official information platform [2]

Group 1 - The core viewpoint of the article highlights Guangdong Jianke's announcement regarding its board meeting and the composition of its revenue for the first half of 2025 [1] - Guangdong Jianke's revenue breakdown for January to June 2025 shows that construction and municipal projects account for 71.95%, while water conservancy, safety production, energy conservation and environmental protection, and transportation contribute 7.87%, 7.84%, 5.63%, and 4.38% respectively [1] - As of the report, Guangdong Jianke has a market capitalization of 15 billion yuan [1] Group 2 - The article also mentions the booming pet industry, valued at 300 billion yuan, indicating a significant growth opportunity for related companies [1] - The rise in the pet industry has led to positive market responses from industry-listed companies [1]