Market News - China will release December import and export data on January 14, with exports expected to grow by 3.0% year-on-year, down from 5.9% in November, while imports are anticipated to decline by 2.9% [3] - The trade balance for December 2025 will also be published on January 14, with total goods trade from January to November 2025 reaching 41.21 trillion yuan, a year-on-year increase of 3.6% [3] Commodity Futures - The Shanghai Futures Exchange will adjust the price limit for platinum and palladium futures contracts to 16% starting from January 13, 2026, with the trading margin standard set at 18% [4] Energy Outlook - The U.S. Energy Information Administration (EIA) will release its Short-Term Energy Outlook report on January 13, maintaining the WTI crude oil price forecast for 2025 at slightly below $69 per barrel [5] U.S. Economic Data - The U.S. will release December CPI data on January 13, with core CPI expected to rebound significantly, predicted at 0.36% by Morgan Stanley and 0.38% by Bloomberg, both higher than the average of 0.08% in October and November [6] - Key economic indicators including October and November PPI and November retail sales will also be released, with expectations of moderate PPI growth and a 0.7% rebound in retail sales for November [6] Federal Reserve - The Federal Reserve will publish its latest Beige Book on January 14, indicating that government shutdowns and AI applications have weakened the job market, while rising tariffs and healthcare costs have increased business expenses [7] Earnings Season - The earnings season for Q4 2025 will commence this week, with major banks including JPMorgan, Citigroup, and Goldman Sachs set to report [8] Sector Events - The second China eVTOL Innovation Development Conference is scheduled for January 15-16, 2026, in Shanghai, focusing on the new commercial era of eVTOL [10] - The fourth Data Center Liquid Cooling & AI Chip Thermal Management Supply Chain Conference will be held on January 14-15, 2026, in Shenzhen [10] - China's first comprehensive law in the nuclear energy sector, the Atomic Energy Law, will take effect on January 15, 2026 [11] Individual Company News - Hangyu Technology announced on January 11 that it has repurchased 752,800 shares, with plans to sell them within six months [13] - Huadong Medicine's subsidiary has developed a breakthrough treatment for severe hypertriglyceridemia, which has been included in the list of breakthrough therapies by the National Medical Products Administration [13] - Jingfeng Mingyuan plans to acquire 100% of Sichuan Yichong Technology Co., with a key review meeting scheduled for January 16, 2026 [13] - TSMC has commenced research on its next-generation 1.4nm process, with risk trial production expected to start in 2027 [13] Lock-up Expiration - From January 12 to January 16, 2026, 23 companies will have lock-up shares released, totaling 2.434 billion shares with a market value of approximately 48.56 billion yuan [16] - The highest market value of lock-up shares released on January 12 is from Tianxin Pharmaceutical at 7.84 billion yuan [17] New Stock Calendar - Two new stocks are set to be issued this week, with a total issuance of approximately 34 million shares and expected fundraising of 1.909 billion yuan [19] Market Outlook - The current market enthusiasm is driven by concentrated inflows from previously cautious funds, with expectations for continued momentum in thematic and small-cap stocks until after the Two Sessions [22] - Guojin Securities suggests that the spring market is likely to perform well, with a focus on AI investments and the recovery of domestic manufacturing [23] - Everbright Securities anticipates sustained market heat but warns of potential cooling as the Lunar New Year approaches, recommending attention to sectors like electronics and power equipment [24]

Core Insights - The Beijing Stock Exchange (BSE) has accelerated its IPO review process, with two companies, Morning Light Electric and Bonze Technology, successfully passing their IPO applications in early January 2026, continuing the trend from late 2025 [1][3] Company Summaries Morning Light Electric - Engaged in the research, production, and sales of micro-special motors, primarily for cleaning appliances like vacuum cleaners [1] - Revenue figures for the years 2022 to 2025 (H1) are as follows: 495 million, 712 million, 827 million, and 437 million yuan respectively; net profits for the same periods are 58.27 million, 99.33 million, 78.63 million, and 43.24 million yuan [1] Bonze Technology - Focuses on office and household electrical appliances, with 95% of its sales coming from overseas markets [2] - Revenue figures for the years 2022 to 2025 (H1) are as follows: 1.071 billion, 1.168 billion, 1.510 billion, and 890 million yuan respectively; net profits for the same periods are 7.14 million, 108 million, 148 million, and 90 million yuan [2] IPO Review Process - The BSE's IPO review meetings have significantly increased, with 51 meetings held in 2025, reviewing 52 companies, and 50 of those companies receiving approval [3] - The review process for Morning Light Electric began on June 25, 2025, and for Bonze Technology on June 13, 2025, with both companies aiming to raise approximately 399 million and 400 million yuan respectively for expansion projects [2][3] Market Trends - The BSE is experiencing a structural recovery in its IPO market, with a notable increase in the number of companies applying for IPOs, reaching 176 in 2025, a significant rise from 2024 [3][4] - The new listings in 2025 included 26 companies, all adopting the first standard for listing, indicating a trend towards higher quality and quantity in the market [4] New Stock Performance - The new stocks listed on the BSE in 2025 performed exceptionally well, with an average first-day increase of 368.13%, and those listed in November-December 2025 saw an average increase of about 470% [4] - The enthusiasm for new stock subscriptions has surged, with average subscription funds reaching approximately 660 billion yuan in 2025, a significant increase from previous years [5]

Group 1 - Public funds have entered the market with over 45 billion yuan expected by January 10, 2026, driven by new stock ETFs and active funds [1] - The total scale of newly listed stock ETFs is 6.345 billion yuan, while active funds nearing 40 billion yuan are in the accumulation phase [1] - Individual investors are leading the ETF market, with some products having over 90% share from personal investors [1] Group 2 - Over 100 billion yuan flowed into the market through ETFs last week, with a total trading volume of 14.13 trillion yuan in the Shanghai and Shenzhen markets [2] - Stock-type and cross-border ETFs saw a net inflow of 13.14 billion yuan, while broad-based index ETFs experienced a net outflow of 12.9 billion yuan [2] Group 3 - China has submitted applications for an additional 203,000 satellites, primarily from a new agency, the Radio Innovation Institute [3] - The increase in satellite launches is expected to accelerate in 2026, with private commercial rocket companies likely to play a significant role [3] Group 4 - A number of brain-computer interface concept stocks have been heavily researched by institutions, with Entropy Technology receiving the highest number of visits at 136 [4] - Other notable companies include Prilite and Xiangyu Medical, with 127 and 71 institutional visits respectively [4] Group 5 - Shaoyang Hydraulic's stock price surged by 106% over 11 trading days, closing at 58.45 yuan with a market capitalization of 6.367 billion yuan [5][8] Group 6 - In 2025, 89.74% of 9,934 private equity securities products achieved positive returns, with an average return rate of 25.68% [9] - Quantitative long strategies performed exceptionally well, with a 95.81% positive return rate and an average return of 39.51% [9] Group 7 - Tianpu Co. is under investigation by the China Securities Regulatory Commission due to abnormal stock trading, but the company states that its operations remain normal [10] Group 8 - This week, 23 stocks are facing unlocks, with a total market value exceeding 48 billion yuan, including over 10 billion yuan from Zhongke Lanyun [11]

Group 1 - Aisheren is the largest manufacturer of medical care pads in China, with its core products outperforming peers in moisture permeability, water absorption, and load-bearing capacity [1][1][1] - The company has a total market value of 811 million, with an issuance price-to-earnings ratio of 14.99, significantly lower than the industry average of 29.79 [1][1][1] - Comparable companies in the same industry include Aomei Medical, Zhend Medical, and Jianerkang [1] Group 2 - Hengyunchang is a leading company in the domestic plasma radio frequency power supply system industry, being one of the few to achieve mass production of semiconductor-grade plasma radio frequency power supply systems [1][1][1] - The company operates in the specialized equipment manufacturing sector, with an issuance price-to-earnings ratio that is lower than the industry average of 39.1 [1][1][1] - Comparable companies include Fuchuang Precision, Kema Technology, and Pioneer Precision [1]

Group 1 - ST Shengxun's shareholders plan to reduce their holdings by a total of 4.68% of the company's shares [1] - Huati Technology's actual controller intends to reduce holdings by no more than 3% of the company's shares [7] - Huat Gas's shareholders plan to reduce holdings by no more than 2% of the company's shares [7] Group 2 - Huari Convertible Bond is subject to strong redemption [7] - Chaoda Convertible Bond is not subject to strong redemption [7] - Jin 05 Convertible Bond is set to be listed on January 14 [7]

Group 1: A-share New IPOs - Two new stocks available for subscription next week: Aisheren on January 12 and Hengyunchang on January 16 [1] - Aisheren is a leading company in the medical dressing sector, focusing on disposable medical consumables for rehabilitation and medical protection [2][3] Group 2: Aisheren Financials - Aisheren's subscription code is 920050, with an issue price of 15.98 yuan per share and a P/E ratio of 14.99, compared to the industry average of 29.79 [3] - Total shares issued by Aisheren are 16.92 million, with 15.23 million available for online subscription, and a maximum subscription limit of 761,300 shares [3] - Aisheren's projected revenues for 2025 are between 890 million and 940 million yuan, representing a year-on-year growth of 28.65% to 35.89% [5] - Historical revenue figures for Aisheren from 2022 to 2025 are 574 million, 575 million, 692 million, and 438 million yuan respectively, with net profits of 62.8 million, 66.96 million, 80.71 million, and 49.68 million yuan [3][4] Group 3: Hengyunchang Overview - Hengyunchang's subscription code is 787785, with the issue price and P/E ratio yet to be disclosed, but the industry average P/E is 39.32 [7] - The company specializes in core components for semiconductor equipment, including plasma RF power systems and related technology services [7][9] - Hengyunchang has been recognized as a national-level "specialized and innovative" enterprise, filling a gap in domestic high-end semiconductor equipment applications [9] Group 4: Hengyunchang Financials - Hengyunchang's historical revenue from 2022 to 2025 is 158 million, 325 million, 541 million, and 304 million yuan respectively, with net profits of 26.19 million, 79.83 million, 142 million, and 69.35 million yuan [9][10] - Projected revenues for Hengyunchang in 2025 are estimated between 489 million and 515 million yuan, indicating a decline of 9.58% to 4.69% year-on-year [13][14] - The company's net profit forecast for 2025 is between 102 million and 114 million yuan, reflecting a decrease of 28.21% to 19.54% compared to the previous year [13][14]

Group 1: A-share New IPOs - Two new stocks available for subscription next week: Aisheren on January 12 and Hengyunchang on January 16 [2] - Aisheren is a leading company in the medical dressing field, focusing on the R&D, production, and sales of disposable medical consumables [3][5] - Aisheren's subscription code is 920050, with an issue price of 15.98 yuan per share and a P/E ratio of 14.99, compared to the industry average of 29.79 [4] Group 2: Aisheren Financials - Aisheren plans to issue 16.92 million shares, with 15.23 million available for online subscription, and a maximum subscription limit of 761,300 shares [5] - Revenue projections for Aisheren from 2022 to 2025 are 574 million yuan, 575 million yuan, 692 million yuan, and 438 million yuan for the first half of 2025, respectively [5] - Expected revenue for 2025 is between 890 million yuan and 940 million yuan, representing a year-on-year growth of 28.65% to 35.89% [7][8] Group 3: Hengyunchang Overview - Hengyunchang is a core component supplier for semiconductor equipment, specializing in plasma RF power systems and related technologies [9][10] - The subscription code for Hengyunchang is 787785, with the issue price and P/E ratio yet to be disclosed, but the industry average P/E is 39.32 [9] - Hengyunchang plans to issue 16.93 million shares, with 4.06 million available for online subscription, and a maximum subscription limit of 4,000 shares [9] Group 4: Hengyunchang Financials - Revenue for Hengyunchang from 2022 to 2025 is projected at 158 million yuan, 325 million yuan, 541 million yuan, and 304 million yuan for the first half of 2025, respectively [10] - Expected revenue for 2025 is between 489 million yuan and 515 million yuan, indicating a year-on-year decline of 9.58% to 4.69% [13][16] - Projected net profit for 2025 is between 102 million yuan and 114 million yuan, reflecting a decrease of 28.21% to 19.54% compared to the previous year [13][16]

Group 1 - Shaanxi Tourism officially listed on the Shanghai Stock Exchange, marking the first IPO of 2026, with a first-day increase of 64.10% and a single ticket profit of approximately 26,000 yuan [1] - Next week, two new stocks will be available for subscription: Aisheren, a leading medical dressing company, and Hengyun Chang, a key supplier of semiconductor equipment core components [1][3] - Aisheren specializes in disposable medical consumables for rehabilitation and medical protection, with a strong competitive position in the medical care pad market and stable partnerships with international brands like Medline Group [5][1] Group 2 - Aisheren's forecast for 2025 indicates a net profit of 89.29 million to 98.48 million yuan, representing a year-on-year growth of 10.63% to 22.01% [5][6] - Projected revenue for Aisheren in 2025 is between 889.82 million and 939.87 million yuan, reflecting an increase of 28.65% to 35.89% compared to 2024 [6] - Hengyun Chang is a leading domestic supplier of semiconductor equipment core components, focusing on plasma RF power systems and has achieved mass delivery to major semiconductor equipment manufacturers [1][8] Group 3 - Hengyun Chang's forecast for 2025 shows a net profit of 102 million to 114 million yuan, with a year-on-year decline of 28.21% to 19.54% [8] - Projected revenue for Hengyun Chang in 2025 is estimated to be between 488.99 million and 515.43 million yuan, indicating a decrease of 9.58% to 4.69% compared to 2024 [8] - The company has developed second and third-generation products that support advanced process nodes of 28nm and 7-14nm, respectively, achieving international advanced levels [1]

Group 1: Aishalen - Aishalen is the largest manufacturer of medical care pads in China, focusing on the research, production, and sales of disposable medical consumables in rehabilitation and medical protection fields [2][3] - The offering price for Aishalen is 15.98 CNY per share, with a price-to-earnings ratio of 14.99 [3] - Aishalen's revenue for 2022, 2023, and 2024 is projected to be 574 million CNY, 575 million CNY, and 692 million CNY, respectively, with net profits of 63 million CNY, 67 million CNY, and 81 million CNY [3] - The company forecasts a revenue growth of 28.65% to 35.89% and a net profit growth of 10.63% to 22.01% for 2025 [3] Group 2: Hengyun Chang - Hengyun Chang is a leading supplier of core components for semiconductor equipment, focusing on the research, production, and sales of plasma RF power systems and related devices [4] - The company is set to issue 16.93 million shares, with a maximum subscription limit of 4,000 shares for online investors [4] - Hengyun Chang's revenue for 2022, 2023, and 2024 is projected to be 158 million CNY, 325 million CNY, and 541 million CNY, respectively, with net profits of 26 million CNY, 80 million CNY, and 142 million CNY [4] - The company anticipates a revenue decline of 4.69% and a net profit decline of 19.54% for 2025 [4] Group 3: Market Trends - In 2025, a total of 19 new stocks are expected to be listed on the Sci-Tech Innovation Board, bringing the total number of companies on the board to 600 [5] - All 19 new stocks listed in 2025 experienced price increases on their first trading day, with an average increase of 244.37%, and 18 of them saw increases exceeding 100% [5]

Core Viewpoint - The article discusses the upcoming IPOs of two companies, Aisheren and Hengyun Chang, highlighting their business focus, financial performance, and market positions. Group 1: Aisheren - Aisheren is the largest manufacturer of medical care pads in China, focusing on disposable medical consumables for rehabilitation and medical protection [2][7] - The IPO price for Aisheren is set at 15.98 CNY per share, with a price-to-earnings ratio of 14.99 [2][7] - Aisheren's revenue for 2022, 2023, and 2024 is projected to be 574 million CNY, 575 million CNY, and 692 million CNY, respectively, with net profits of 63 million CNY, 67 million CNY, and 81 million CNY [2][7] - The company forecasts a revenue growth of 28.65% to 35.89% and a net profit growth of 10.63% to 22.01% for 2025 [2][7] Group 2: Hengyun Chang - Hengyun Chang is a leading supplier of core components for semiconductor equipment, focusing on plasma RF power systems and related technologies [3][8] - The company plans to issue 16.93 million shares, with a maximum subscription limit of 4,000 shares for online investors [3][8] - Hengyun Chang's revenue for 2022, 2023, and 2024 is projected to be 158 million CNY, 325 million CNY, and 541 million CNY, respectively, with net profits of 26 million CNY, 80 million CNY, and 142 million CNY [3][8] - The company anticipates a revenue decline of 4.69% to 9.58% and a net profit decline of 19.54% to 28.21% for 2025 [3][8] Group 3: Market Context - In 2025, a total of 19 new stocks are expected to be listed on the Sci-Tech Innovation Board, bringing the total number of companies to 600 [4][9] - All 19 new stocks listed in 2025 experienced price increases on their first trading day, with an average increase of 244.37%, and 18 of them saw gains exceeding 100% [4][9] - The most recent listing, Qiangyi Co., had an IPO price of 85.09 CNY per share and a first-day increase of 165.61%, resulting in a profit of 70,500 CNY for a single subscription [4][9]