Core Points - The company announced its initial public offering (IPO) of 47,694,753.4 shares at a price of 5.69 yuan per share [1] - Strategic placement accounted for 22,671,352.9 shares, representing 47.53% of the total offering [1] - Online investors subscribed to 9,737,154.8 shares, amounting to 55,404.410812 million yuan, with 36,995.2 shares (210.502688 million yuan) being abandoned [1] - Offline investors subscribed to 15,249,250.5 shares, totaling 86,768.235345 million yuan, with no shares abandoned [1] - The underwriter guaranteed the sale of 36,995.2 shares, valued at 210.502688 million yuan, which is approximately 0.08% of the total offering [1] - The total issuance costs amounted to 7,541.73 million yuan [1]

New Stock Subscription - A new stock subscription is available for Jingchuang Electric, a national-level "little giant" in cold chain intelligent controllers, focusing on intelligent control and monitoring products for HVAC/R, pharmaceuticals, food, and environmental testing [1] - The expected revenue for Jingchuang Electric from 2022 to 2024 is projected to be CNY 396.3 million, CNY 434.5 million, and CNY 498.8 million, with net profits of CNY 48.74 million, CNY 55.36 million, and CNY 58.91 million respectively [1] New Stock Listings - Three new stocks are listed today: - Nanfang Digital, which provides digital construction solutions primarily for the power energy sector and is controlled by the State-owned Assets Supervision and Administration Commission [1] - Hengkang New Materials, engaged in the R&D, production, and sales of photolithography materials and precursors, with revenues projected to be CNY 321.8 million, CNY 367.7 million, and CNY 547.9 million from 2022 to 2024 [2] - Beikang Testing, a leading domestic service provider in non-ferrous metal inspection and testing technology, with revenues expected to reach CNY 91.74 million, CNY 110.5 million, and CNY 148 million from 2022 to 2024 [3] Financial Performance - Hengkang New Materials anticipates a revenue increase of 5.10% to 10.02% in 2025, with net profit growth of 0.30% to 5.21% [2] - Beikang Testing's net profits are projected to be CNY 31.96 million, CNY 45.58 million, and CNY 55.13 million from 2022 to 2024 [3] Stock Characteristics - Jingchuang Electric's stock is priced at CNY 12.10 with a P/E ratio of 13.47 [4] - Nanfang Digital's stock is priced at CNY 5.69 with a P/E ratio of 32.22 [5] - Hengkang New Materials' stock is priced at CNY 14.99 with a P/E ratio of 71.42 [7] - Beikang Testing's stock is priced at CNY 6.70 with a P/E ratio of 14.99 [8]

Group 1 - Three companies, Nanfang Digital (301638.SZ), Hengkun New Materials (688727.SH), and Beikong Testing (920160.BJ), are listed today [1] - Jingchuang Electric (920035.BJ) is available for subscription [1]

Core Viewpoint - The company, Nanwang Digital, is launching its IPO with a price of 5.69 yuan per share and a PE ratio of 32.22 times, focusing on providing digital solutions for the power energy sector and expanding into other industries [1] Group 1: Business Overview - The company is a key player in the digital grid construction and digital transformation of power energy enterprises, supporting the national strategy for a new power system and carbon neutrality [2] - Its main business revolves around digital grids, utilizing technologies like micro-sensing, edge computing, and data fusion to optimize the entire operational process of power enterprises [2] - The company has developed a comprehensive digital framework integrating cloud, management, edge, terminal, and core technologies to enhance decision-making in the power system [2] Group 2: Technological Advancements - The company focuses on overcoming critical technology challenges, developing proprietary systems and models such as the "Dihong" IoT operating system and the "Watt" AI model for the power industry [2] - It has successfully created the "Fuxi" main control chip for power applications, transitioning from imported to domestically produced specialized chips, recognized as a significant achievement by the State-owned Assets Supervision and Administration Commission [2] - The company has also developed the world's first micro-intelligent current sensor, addressing high-end sensor technology challenges in the power sector [2] Group 3: Financial Performance - The company reported revenues of approximately 5.686 billion yuan, 4.234 billion yuan, 6.090 billion yuan, and 1.558 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3] - Net profits for the same periods were approximately 653 million yuan, 377 million yuan, 574 million yuan, and 15.47 million yuan [3] - As of June 30, 2025, total assets were approximately 1.175 billion yuan, with a debt-to-asset ratio of 38.41% [4]

Group 1: New IPOs - Three new stocks are available for subscription next week, including Beikang Testing, Hengkun New Materials, and Nanfang Digital [1] - Nanfang Digital ranks third in the number of shares issued among new stocks in the Shanghai and Shenzhen markets since 2025, and first among new stocks on the Shenzhen Stock Exchange's Growth Enterprise Market [1] Group 2: Beikang Testing - Beikang Testing is a national-level specialized and innovative "little giant" enterprise, with an issue price of 6.70 yuan per share and an issuance PE ratio of 14.9 times, compared to the industry average of 38.77 times [2] - The total number of shares issued by Beikang Testing is 28.32 million, with 25.49 million available for online subscription [2] - The global inspection and testing market has grown from 107.7 billion euros in 2012 to 278.5 billion euros in 2023, with a compound annual growth rate (CAGR) of 9.02%, while the Chinese market is expected to grow from 206.51 billion yuan in 2016 to 487.60 billion yuan in 2024, with a CAGR of approximately 11.34% [2] Group 3: Financial Performance of Beikang Testing - Beikang Testing's revenue for 2022 to 2025 (first half) is projected to be 91.74 million yuan, 110 million yuan, 148 million yuan, and 85.94 million yuan, respectively, with net profits of 33.15 million yuan, 41.66 million yuan, 50.63 million yuan, and 36.43 million yuan [5] - For the first three quarters of 2025, Beikang Testing expects revenue of 134 million to 139 million yuan, a year-on-year increase of 26.87% to 31.61%, and net profit of 57.4 million to 63.4 million yuan, a year-on-year increase of 34.78% to 48.87% [6] Group 4: Hengkun New Materials - Hengkun New Materials is a supplier for 12-inch integrated circuit wafer factories, with an undisclosed issue price and PE ratio, but a reference industry PE ratio of 60.46 times [7] - The total number of shares issued by Hengkun New Materials is 67.4 million, with 10.78 million available for online subscription [7] - The company’s revenue for 2022 to 2025 (first half) is projected to be 322 million yuan, 368 million yuan, 548 million yuan, and 294 million yuan, with net profits of 91.04 million yuan, 81.53 million yuan, 94.30 million yuan, and 30.74 million yuan [8] Group 5: Financial Performance of Hengkun New Materials - For the first three quarters of 2025, Hengkun New Materials expects revenue of 440 million to 500 million yuan, with a year-on-year change of 12.48% to 27.82%, and net profit of 49 million to 55 million yuan, with a year-on-year change of -26.70% to -17.73% [9] Group 6: Nanfang Digital - Nanfang Digital is a key player in the digital grid construction of the Southern Power Grid, with a total issuance of 477 million shares and an undisclosed issue price and PE ratio, but a reference industry PE ratio of 71.09 times [11] - The company aims to build a world-class digital and intelligent innovation platform for the power grid, with clients including Southern Power Grid and Inner Mongolia Power Group [11] - The digital energy market in China is expected to grow from 315 billion yuan in 2024 to 370 billion yuan in 2025, with a CAGR of 10.86% from 2020 to 2025 [11] Group 7: Financial Performance of Nanfang Digital - Nanfang Digital's revenue for 2022 to 2025 (first half) is projected to be 5.686 billion yuan, 4.234 billion yuan, 6.090 billion yuan, and 1.558 billion yuan, with net profits of 509 million yuan, 368 million yuan, 562 million yuan, and 6.97 million yuan [12] - For the full year of 2025, Nanfang Digital expects revenue of 6.4 billion to 6.7 billion yuan, a year-on-year increase of 5.10% to 10.02%, and net profit of 562 million to 590 million yuan, a year-on-year increase of 0.07% to 5.06% [13]

Group 1: New IPOs - This week (November 3 to 7), there are three new stocks available for subscription: one on the Sci-Tech Innovation Board, one on the ChiNext, and one on the Beijing Stock Exchange [1][2] - The Beijing Stock Exchange new stock, Beikong Detection, has an issue price of 6.7 yuan and a price-to-earnings ratio of 14.99, compared to the industry average dynamic P/E ratio of 38.04 over the past month [2] - The Sci-Tech Innovation Board new stock, Hengkang New Materials, focuses on the research and industrial application of key materials in the integrated circuit field, aiming to raise 1.007 billion yuan for projects related to integrated circuit precursors and advanced materials [2] Group 2: Company Profiles - Hengkang New Materials is one of the few domestic companies capable of R&D and mass production of key materials for 12-inch integrated circuit wafers, enhancing its product structure and promoting domestic innovation [2] - Nanjing Digital, launching its IPO on November 7, provides comprehensive digital construction solutions for the power energy sector and is expanding its services to other industries such as transportation and urban construction, with a fundraising target of 2.554 billion yuan [2] - Zhi Xin Co., which is set to go public on the Shanghai Main Board, specializes in automotive welding parts and has established itself as a primary supplier for major automotive manufacturers, aiming to raise 1.329 billion yuan [5][6] - Shaanxi Tourism, also seeking to go public on the Shanghai Main Board, integrates tourism performances, cable cars, and dining services, leveraging local attractions to enhance visitor experiences, with a fundraising goal of 1.555 billion yuan [6]

Group 1 - The company, Southern Power Grid Digital Research Institute Co., Ltd. (referred to as "Southern Digital"), plans to issue shares on the Shenzhen Stock Exchange's ChiNext board, aiming to raise 2.554 billion yuan [1] - The public offering will consist of no more than 47,694,750 shares, with specific allocations for various projects, including 780.4 million yuan for a digital energy technology research base and 256.6 million yuan for a data circulation and service platform [1] - Other allocations include 507.2 million yuan for a new generation of domestic intelligent management systems and 410.6 million yuan for an advanced AI platform [1] Group 2 - The chairman of the company is Liu Yuquan, with an annual salary of 1.0301 million yuan for 2024, holding a doctoral degree in power systems and automation [2] - The actual controller of the company is the State-owned Assets Supervision and Administration Commission of the State Council, with the largest shareholder being Southern Power Grid Digital Electric Group Co., Ltd., holding a 74% stake [2] Group 3 - As of 2025, the company employs 2,576 people, with 31.68% holding master's degrees and 63.00% holding bachelor's degrees [3] - The company reported revenue per employee of 241.27 million yuan and profit per employee of 22.76 million yuan for 2024 [3] - The main business segments of Southern Digital include grid digitization, enterprise digitization, digital infrastructure, and other services [3]

New IPOs and Market Overview - A new IPO for Jingchuang Electric (920035.BJ) is available for subscription, while three new stocks are listed: Nanfang Digital (301638.SZ), Hengkang New Materials (688727.SH), and Beikang Testing (920160.BJ) [1] - Jingchuang Electric specializes in the R&D, production, and sales of cold chain equipment and monitoring instruments, recognized as a national high-tech enterprise and a "little giant" [1] Jingchuang Electric's Financials and Market Position - The company plans to invest 1.10 billion CNY (62.86%) in core production line upgrades and 0.65 billion CNY (37.14%) in the development of smart instruments and cloud platforms [3] - As of November 17, Jingchuang Electric holds a 13.13% market share in China's cold chain temperature and humidity control market, ranking first domestically and fourth globally [4] Nanfang Digital's Business Model and Financials - Nanfang Digital provides comprehensive digital solutions for the power and energy sectors, focusing on digital transformation [5] - The company has a market capitalization of 18.09 billion CNY, with an issue price of 5.69 CNY per share and a P/E ratio of 71.22 [6][10] Hengkang New Materials' Market Strategy - Hengkang New Materials focuses on R&D and industrial application of key materials for integrated circuits, with a significant increase in sales revenue from 123.58 million CNY in 2022 to 344.19 million CNY in 2024 [16][17] - The company aims to meet domestic demand for integrated circuit materials, achieving over 10% market share in 2024 [17] Beikang Testing's Industry Position - Beikang Testing is a leading institution in the field of non-ferrous metal inspection and testing, with a comprehensive service offering and a top market share in China [18][23] - The company plans to allocate 1.44 billion CNY (71.89%) for advanced testing instrument development and 0.56 billion CNY (28.11%) for working capital [22]

Group 1: New Stock Subscription and Listings - A new stock subscription for Jingchuang Electric (920035.BJ) is available, with three new stocks listed: Nanfang Digital (301638.SZ), Hengkang New Materials (688727.SH), and Beikang Testing (920160.BJ) [1] Group 2: Jingchuang Electric - Jingchuang Electric specializes in the R&D, production, and sales of cold chain equipment and is recognized as a national high-tech enterprise and a "little giant" enterprise [2] - The company has established a significant position in technology standards related to cold chain control and monitoring, participating in 38 national and industry standards [2] - Jingchuang Electric has a market share of 13.13% in China's cold chain temperature and humidity control market and 4.64% globally, ranking first domestically and among the top globally [3] Group 3: Nanfang Digital - Nanfang Digital provides comprehensive digital construction solutions for the power energy sector, focusing on digital transformation [4] - The company generated revenue of 75,514.01 million yuan from digital grid services in the first half of 2025, accounting for 48.64% of total revenue [5] Group 4: Hengkang New Materials - Hengkang New Materials is involved in the R&D and production of key materials for integrated circuits, with a focus on photolithography materials [7] - The company's sales revenue from self-produced products increased from 12,357.89 million yuan in 2022 to 34,418.93 million yuan in 2024, with a rising proportion of total revenue [7] - Hengkang New Materials has become a major supplier of photolithography materials in China, with an estimated market share exceeding 10% [8] Group 5: Beikang Testing - Beikang Testing is a leading institution in the field of non-ferrous metal inspection and testing, with a comprehensive range of services and a strong market position [9] - The company is involved in the development and revision of numerous national and international standards in the non-ferrous metal sector [9] - Despite its leading market position, Beikang Testing faces risks related to market space limitations and a single-source revenue model [10][11]

- The report tracks the recent IPO market performance, focusing on the Sci-Tech Innovation Board, ChiNext, and Main Board, assuming all stocks are successfully subscribed and sold at market average prices on the first listing day, ignoring lock-up restrictions. For 2025, as of November 14, the IPO yield for Class A accounts with a 2 billion scale is 2.70%, while Class B accounts with the same scale yield 2.28%. For accounts with a 10 billion scale, Class A yields 0.98%, and Class B yields 0.75%[2][10][39] - The report calculates theoretical IPO yields using Class A average winning rates. The formula for calculating full subscription yield is: $ Full subscription quantity = Maximum subscription limit × Class A average winning rate $ $ Full subscription yield = (First board price - IPO price) × Full subscription quantity $ The highest full subscription yields are 98.18 million yuan for Xi'an Yicai-U, 78.03 million yuan for Heyuan Bio-U, and 16.37 million yuan for Bibet-U[37][39][40] - The report measures IPO yields for different account scales, assuming Class A accounts participate in all IPOs, with Sci-Tech Innovation Board and ChiNext quotes fully included. For accounts with scales of 1.5 billion, 2 billion, 3 billion, 5 billion, and 10 billion, the yields for recent IPOs are calculated based on Class A average winning rates. For example, Xi'an Yicai-U yields 14.24 million yuan for 2 billion accounts and 94.91 million yuan for 10 billion accounts[39][41][42] - Monthly IPO yields for Class A accounts are tracked, assuming all quotes are included and funds are utilized at 90% efficiency. For 2025, the cumulative yield for 2 billion accounts is 2.70%, with monthly yields varying across different scales. For instance, in October 2025, the yield for 2 billion accounts is 61.05 million yuan, while for 10 billion accounts, it is 219.56 million yuan[42][43][44] - Class B accounts are also analyzed for IPO yields under similar assumptions. For 2025, the cumulative yield for 2 billion accounts is 2.28%. Monthly yields are calculated, such as 25.80 million yuan for 2 billion accounts in October 2025 and 60.53 million yuan for 10 billion accounts[46][47][48]