Summary of Key Points Core Viewpoint The Chinese IPO market is showing signs of recovery in the first half of 2025, with a total of 94 new listings in A-shares and Hong Kong stocks, indicating a positive trend in capital market expansion, particularly for companies from Shandong province. Group 1: IPO Market Overview - As of June 2025, a total of 94 new companies were listed in A-shares and Hong Kong stocks, with A-shares contributing 51 new listings and raising 37.355 billion yuan, representing a year-on-year increase of approximately 16% in the number of new stocks and 15% in total financing compared to 2024 [1] - Shandong province contributed three new listings: Weigao Blood Purification (603014.SH), Xinhenghui (301678.SZ) in A-shares, and Nanshan Aluminum International (02610.HK) in Hong Kong [1] Group 2: Weigao Blood Purification - Weigao Blood Purification officially listed on the Shanghai Stock Exchange on May 19, 2025, with an issue price of 26.5 yuan per share, raising 1.09 billion yuan [2] - The stock price closed at 41.41 yuan per share on the first day, a 56.26% increase from the issue price, with a market capitalization reaching 17.036 billion yuan [2] - The company is a leader in the blood purification sector, focusing on the development, production, and sales of medical products, and has established a strong technological barrier with 257 domestic patents [2][3] Group 3: Xinhenghui Electronics - Xinhenghui Electronics was listed on the ChiNext board on June 20, 2025, with an issue price of 12.80 yuan per share, successfully raising 767 million yuan [5] - The company is a leader in smart card packaging materials, with a global market share of 30%, ranking second worldwide [5][6] - From 2021 to 2023, Xinhenghui's revenue grew from 548 million yuan to 767 million yuan, with a compound annual growth rate of 18.28% [6] Group 4: Nanshan Aluminum International - Nanshan Aluminum International, the only Shandong company listed in Hong Kong, focuses on high-end aluminum supply chain and has become the first aluminum company listed in Southeast Asia [9] - The company opened at 26.60 HKD but closed at 25.25 HKD on the first day, a decrease of 5.08%, although the stock price increased by 28.57% by the end of June [9][10] - From 2021 to 2023, Nanshan's revenue surged from 173 million USD to 678 million USD, with a net profit increase from 39.71 million USD to 174 million USD [10] Group 5: Other Companies and Trends - Several other Shandong companies are planning to list in Hong Kong, including Goer Microelectronics and Tianyue Advanced, indicating a trend of Shandong enterprises expanding into international markets [10][11] - The capital market in Shandong is experiencing both new listings and some companies opting for voluntary delisting, such as Yulong Gold [13][14] - The overall landscape of Shandong's capital market is characterized by a mix of growth and restructuring, with a focus on high-end manufacturing and technology sectors [15]

Group 1 - A total of 18 companies listed on the ChiNext board have released their performance forecasts for the first half of the year, with 13 companies expecting profit increases, 1 company expecting to turn a profit, 1 company expecting a profit decrease, and 1 company expecting a loss [1][3] Group 2 - The performance forecast details include various companies with significant expected profit growth, such as: - Hanyu Pharmaceutical (300199) with a projected profit increase of 1567.36% [2] - Chuanjin Nuo (300505) with a projected profit increase of 167.27% [2] - Chenguang Biotech (300138) with a projected profit increase of 117.36% [2] - Huizhong (300371) with a projected profit increase of 100.00% [2] - Taotao Automotive (301345) with a projected profit increase of 84.08% [2] Group 3 - Companies with performance forecasts indicating a decrease or loss include: - Zairun (301636) with a projected profit decrease of 5.43% [2] - Yuyou Green Energy (301590) with a projected profit decrease of 6.57% [2] - Juguang (300203) with a projected loss of 205.37% [2]

Group 1: New Listings and Market Performance - Xin Henghui successfully listed on the Shenzhen Stock Exchange on June 20, becoming the second new A-share listed company in Shandong this year and the first from Zibo [2][3] - As of June, there are 16 companies in Shandong awaiting IPO approval, with 13 updating their review status [4][6] - In June, 222 stocks from Shandong experienced an upward price trend, with Taihe Technology showing the highest increase of 76.05% [2][15][18] Group 2: Company Financials and Business Overview - Xin Henghui, established in 2017, specializes in chip packaging materials and reported revenues of 684 million yuan, 767 million yuan, and 842 million yuan for 2022 to 2024, reflecting a compound annual growth rate of 10.97% [2][3] - The company's net profits for the same period are projected to be 110 million yuan, 152 million yuan, and 186 million yuan, indicating strong operational performance [2] - The smart card business remains Xin Henghui's core revenue source, contributing 84.45%, 78.35%, and 69.28% to its main business income from 2022 to 2024 [2] Group 3: Market Capitalization and City Distribution - As of June 30, the total market capitalization of Shandong's 309 A-share listed companies reached 38,445.71 billion yuan, with Yantai, Qingdao, and Jinan holding the top three positions [10][13] - The market capitalization ranking among cities saw Yantai surpass Qingdao, with Yantai at 8,183.91 billion yuan and Qingdao at 8,040.13 billion yuan [13] - The top ten listed companies in Shandong have a combined market capitalization of 13,154.85 billion yuan, with seven companies exceeding 1,000 billion yuan [13][20]

Group 1 - The core business of the company is the research, production, sales, and packaging testing services of chip packaging materials, with main products including smart card business, etched lead frames, and IoT eSIM chip packaging [2] - As of June 20, 2025, the company had 53,364 shareholders, an increase of 53,346 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] - The company's latest quarterly report for Q1 2025 shows a revenue of 241 million yuan, a year-on-year increase of 24.71%, and a net profit of 51.32 million yuan, a year-on-year decrease of 2.26%, with a gross profit margin of 32.53% [2] Group 2 - The company's current rolling price-to-earnings (PE) ratio is 70.45, while the average PE ratio for the semiconductor industry is 101.08, and the industry median is 68.50, placing the company at the 112th position in the industry ranking [1][3] - The company is a member of the "China Semiconductor Industry Association Financial Security IC Card Chip Migration Industry Promotion Alliance" and has received various awards for its contributions to the field [2] - The company has been involved in significant projects, including the "High-Precision Lead Frame R&D and Industrialization Project" selected for Shandong Province's key R&D plan in 2019 [2]

Market Performance - The ChiNext Index rose by 2.39%, closing at 2181.08 points, with a total trading volume of 436.544 billion yuan, an increase of 90.032 billion yuan compared to the previous trading day [1] - Among the tradable ChiNext stocks, 1167 stocks closed higher, with 15 stocks rising over 10%, including Xinling Electric, International Composite Materials, and Shouhang New Energy, which hit the daily limit [1] - The average turnover rate for the ChiNext today was 4.34%, with 67 stocks having a turnover rate exceeding 20% [1] High Turnover Stocks - In the high turnover stocks, 49 stocks increased in value today, with Xinling Electric, Shouhang New Energy, and Yihua New Materials closing at the daily limit [2] - The power equipment sector had the most stocks with a turnover rate exceeding 20%, totaling 10 stocks, followed by the electronics and computer sectors, each with 9 stocks [2] Institutional Activity - Seven high turnover ChiNext stocks appeared on the Dragon and Tiger List, with six stocks showing institutional activity [3] - Among these, Zhongyi Technology had four institutional special seats, with a total net purchase of 24.4925 million yuan, while Longyang Electronics had a net sell of 3.1228 million yuan [3] Capital Flow - Among high turnover stocks, 40 stocks experienced net inflows of main funds, with significant inflows into Kela Software, Tianyang Technology, and Shouhang New Energy, amounting to 291 million yuan, 221 million yuan, and 194 million yuan respectively [4] - The stocks with the highest expected net profit growth include Hanyu Pharmaceutical, with an expected net profit median of 152 million yuan, representing a year-on-year increase of 1567.36% [4] Key Stocks Overview - Xinling Electric closed at 38.09 yuan with a daily increase of 20.01% and a turnover rate of 73.19% [5] - Shouhang New Energy closed at 36.00 yuan with a daily increase of 20.00% and a turnover rate of 49.62% [5] - Zhongyi Technology closed at 50.30 yuan with a daily decrease of 1.80% and a turnover rate of 54.32% [5]

Company Overview - New Henghui closed at 51.7 yuan on July 4, down 4.17%, with a rolling PE ratio of 67.02 times and a total market value of 12.385 billion yuan [1] - The company's main business includes research, production, sales, and packaging testing services for chip packaging materials, with key products being smart card business, etched lead frames, and IoT eSIM chip testing [1] - New Henghui has a team of experienced R&D and production personnel and has established national standards for integrated circuit (IC) card packaging frames [1] Financial Performance - In the first quarter of 2025, the company achieved operating revenue of 241 million yuan, a year-on-year increase of 24.71%, while net profit was 51.3165 million yuan, a year-on-year decrease of 2.26%, with a gross profit margin of 32.53% [2] - The company's PE (TTM) is 67.02, while the industry average is 100.04, and the industry median is 67.24 [2] Market Position - New Henghui ranks 106th in the semiconductor industry based on PE ratio, with the industry average PE at 100.04 and the median at 67.24 [1] - The company has experienced a net outflow of main funds amounting to 57.9208 million yuan on July 4, with a total outflow of 239.0313 million yuan over the past five days [1]

经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意新恒汇电 子股份有限公司首次公开发行股票注册的批复》（证监许可〔2025〕525 号）同 意注册，新恒汇电子股份有限公司（以下简称"公司"）首次公开发行人民币普通 股（A 股）股票 5,988.8867 万股，每股面值 1 元，每股发行价格为 12.80 元，本 次发行募集资金总额为人民币 76,657.75 万元，扣除发行费用 8,461.17 万元（不 含增值税）后，募集资金净额为 68,196.58 万元。 上述募集资金已于 2025 年 6 月 17 日划至公司指定账户，立信会计师事务所 （特殊普通合伙）已于 2025 年 6 月 17 日对本次发行的募集资金到位情况进行了 审验，并出具了"信会师报字[2025]第 ZA14610 号"《验资报告》。公司在本次募 集资金验资结束后，已按照《新恒汇电子股份有限公司首次公开发行股票并在创 业板上市招股说明书》披露的募集资金使用计划将募集资金分别转入各募集资金 投资项目的募集资金专项账户（以下简称"专户")中。 二、《募集资金三方监管协议》的签订和募集资金专户的开立、存储情况 证券代码：301678 ...

Market Overview - On July 2, the Shanghai Composite Index fell by 0.09%, with institutional investors appearing on the trading lists of 32 stocks, net buying 9 and net selling 23 [1][2] - The total net selling amount by institutional investors reached 641 million yuan [1] Institutional Trading Highlights - The stock with the highest net buying from institutional seats was Anglikang, which closed at the daily limit with a trading volume of 927 million yuan and a turnover rate of 11.45%, net buying amounting to 100.91 million yuan [2][5] - Feiya Technology also closed at the daily limit, with a trading volume of 1.549 billion yuan and a turnover rate of 23.87%, net buying 69.19 million yuan [2][5] - Xinhenghui saw a decline of 5.43% with a turnover rate of 47.06%, net buying 45.42 million yuan [2][5] Performance of Net Bought Stocks - Stocks that were net bought by institutions showed an average increase of 2.57%, outperforming the Shanghai Composite Index [3] - Stocks like Xiangqiang Co. and Kangda New Materials reported strong performances, closing at the daily limit [3] - Historical data indicates a 54.87% probability of net bought stocks rising the next day, with a 51.62% chance of outperforming the index [3] Earnings Forecasts - Among the stocks net bought by institutions, only one stock, Xinhenghui, provided a half-year earnings forecast, expecting a net profit of 106 million yuan, representing a year-on-year increase of 4.59% [3] Net Sold Stocks - The stock with the highest net selling was Changqing Technology, with a net selling amount of 177.81 million yuan, and a turnover rate of 56.72% [3][6] - North Copper, with a net selling of 102.36 million yuan, had a volatility of 16.01% [4][6] - Hongbaoli experienced a net selling of 79.41 million yuan, with a turnover rate of 46.13% [4][6] Southbound Trading Activity - On July 2, 19 stocks on the trading list had southbound trading activity, with net buying in stocks like Rongfa Nuclear Power and Kaimete Gas, amounting to 123 million yuan and 96.13 million yuan respectively [7][9] - Stocks like Hongye Futures and Xiexin Energy saw net selling amounts of 33.58 million yuan and 29.89 million yuan respectively [7][9]

Group 1: Stock Market Activity - On the day, 37 stocks were listed on the institutional leaderboard, with 9 stocks seeing net purchases and 28 stocks experiencing net sales [1] - The top three stocks with the highest institutional purchases were: Anglikon (¥115 million), Feiyada (¥69.19 million), and Xinhenghui (¥45.41 million) [1] Group 2: Anglikon Company Overview - Anglikon saw a net purchase of ¥115 million from 7 institutions [3] - The company is currently developing an innovative drug project, ALK-N001, which received clinical trial approval on April 2025 and is in Phase I clinical trials [3] - The National Medical Products Administration has approved ALK-N001 for clinical trials in advanced solid tumors, showing significant tumor suppression effects in various models and good safety profiles, indicating strong innovation and development potential [3] Group 3: Marine Economy and Deep-Sea Technology - The Chinese government emphasizes the high-quality development of the marine economy, aiming for a unique path towards maritime strength [4] - The 2025 Government Work Report first mentioned "deep-sea technology," aligning it with emerging industries like commercial aerospace and low-altitude economy, indicating a commitment to developing deep-sea technology with a market capacity in the trillion-yuan range [4] - The deep-sea technology industry is expected to accelerate its development, supported by continuous policy initiatives and financing opportunities [4] Group 4: Polysilicon Market Insights - Polysilicon futures saw a limit-up increase of 6.99% [5] - Discussions on production cuts are ongoing to control supply and enhance demand, which is expected to stabilize silicon material prices for healthy industry development [5] - The approval of the "Three Norths" photovoltaic desertification planning is anticipated to drive an additional photovoltaic installation scale of 253 million kilowatts, with an average annual increase exceeding 50 GW, primarily impacting next year [5]

- The report includes a quantitative model for calculating single account IPO returns, defined as: $ Single\ Account\ IPO\ Return = min(Account\ Size, Subscription\ Limit) * Winning\ Rate * Return\ Rate $ Parameters: - Winning rate reflects actual IPO results - Return rate uses the first-day average transaction price relative to the issue price for IPOs under the comprehensive registration system, or the opening day price for non-registration system IPOs[41][42][43] - Another formula calculates full subscription returns for A/B/C class investors: $ Full\ Subscription\ Return = Subscription\ Limit * A/B/C\ Class\ Winning\ Rate * Return\ Rate $ This formula assumes maximum subscription and full allocation scenarios[41][42][43] - The report evaluates IPO returns across different market segments: - Main Board: A-class return rate 0.014%, C-class return rate 0.013% - ChiNext: A-class return rate 0.035%, C-class return rate 0.034% - STAR Market: A-class return rate 0.012%, C-class return rate 0.012%[42][43][45] - Monthly cumulative returns for 5-billion-scale accounts: - A-class: June return rate 0.168%, cumulative return rate 0.743% - C-class: June return rate 0.166%, cumulative return rate 0.670%[46][47][48] - Full subscription returns for June: - Main Board: A-class 94,000 yuan, C-class 87,000 yuan - ChiNext: A-class 173,000 yuan, C-class 168,000 yuan - STAR Market: A-class 735,000 yuan, C-class 734,000 yuan[49][50][52]