周五晚，特朗普提名沃什出任美联储主席引爆了贵金属数十年来最惨烈的抛售，黄金曾跌11%，白银一度暴跌35%。笔者看空研究空却没来得及空，拍断大 腿。就算经历暴跌，看黄金近三个月的涨幅，比特币还有脸叫自己数字黄金吗？金价涨主要逻辑有两条：1世界越乱，需求越涨。2央行购金对价格不敏感。 逻辑1从达沃斯论坛也可见一斑。过去三年的主题分别是"在分裂的世界中加强合作"；"重建信任"；"对话的精神"。合作谈不拢？那就先重建信任。信任也 建不起来？那再退一步，起码坐下来聊聊吧。过去十年，黄金价格从1000美元/盎司走到2000，用了4年8个月；从2000走到3000，用了4年9个月；从3000走 到4000，用了7个月； 从4000走到5000，只用了111天。从5000到5600只用了三天。那些支持金价涨的理由都对，但都是一年或以上的长逻辑，解释不了金 价上周的加速赶顶。一个明显的背离是紫金矿业，紫金黄金国际，山东黄金，招金矿业等金股都在小心翼翼地创新高，义无反顾地回调。 难道上周初看多黄金的资金在赌美元美债短期能违约吗？最近看了一本书《美国违约》揭开了一段被集体遗忘的历史。1933年，大萧条最严重的时候，美国 已经债务违 ...

New IPOs This Week - Two new stocks are scheduled for subscription this week: Yisiwei (688816) and Aide Technology (920180) [1][3] - Yisiwei is a leader in automotive manufacturing machine vision equipment and plays a significant role in the localization process of this field in China [1][5] - Aide Technology focuses on the research, production, and sales of orthopedic medical devices, primarily orthopedic consumables [6][7] Company Overview: Yisiwei - Established in 2017, Yisiwei has developed over ten products that are applied across six major manufacturing processes: stamping, welding, painting, assembly, battery, and die-casting [1][5] - The company has achieved a competitive advantage by offering a comprehensive range of products and significantly reducing the costs of machine vision equipment for the domestic automotive industry [5] - Yisiwei has established partnerships with over 80% of domestic passenger car manufacturers [1][5] Company Overview: Aide Technology - Aide Technology has been in the orthopedic medical device industry for over ten years, focusing on clinical needs and developing a comprehensive product matrix covering various orthopedic fields [6][7] - The company initially specialized in spinal minimally invasive intervention and has expanded its offerings to include products for trauma, sports medicine, and wound healing [7] - Aide Technology aims to become a leading provider of comprehensive orthopedic surgical solutions in China [6][7] Market Position and Financials - Yisiwei's revenue scale is below the average of comparable companies, which is projected to be 1.573 billion yuan for 2024, with an average gross margin of 49.11% [5] - Aide Technology's revenue and gross margin are also below the average of its comparable companies, which have an average revenue of 1.166 billion yuan and a gross margin of 64.61% [7]

本文源自：金融界AI电报 今日爱芯元智(0600.HK) 、澜起科技(6809.HK)、卓正医疗(2677.HK)、大族数控(3200.HK)、牧原股份 (2714.HK)申购，无新股上市。 ...

智通财经APP获悉，2026年2月2日，港股上市公司投资日志如下： 类别 公司 分红派息 新股活动 股东大会召开日 乐欣户外 (招股中) 爱芯元智 (招股中) 澜起科技 (招股中) 大族数控 (招股中) 牧原股份 (招股中) 卓正医疗 (招股中) 国恩科技 (定价日) 同仁堂科技 中国智慧能源 中国中铁 环球印馆 博雷顿 圣贝拉 中国生物科技服务 中国春来 博富临置业 慧源同创科技 星谦发展 （除净日） 泛亚环保 （除净日） 奥思集团 （除净日） ...

Summary of Key Points Core Viewpoint - The A-share and Hong Kong stock markets have seen a concentration of new listings, with significant first-day gains for newly listed companies, indicating strong investor interest and market resilience. Group 1: IPO Approvals - Three companies have received IPO approvals this week, all from the Beijing Stock Exchange [2] - Zhejiang Hengdao Technology Co., Ltd. specializes in the research, design, production, and sales of hot runner systems for injection molds, with a major focus on automotive and consumer electronics sectors [3] - Hebi Haichang Intelligent Technology Co., Ltd. focuses on high-performance wiring harness equipment, serving industries such as automotive and renewable energy [5] - Kunshan Hongshida Intelligent Technology Co., Ltd. is engaged in the development and production of intelligent automation equipment for various sectors, including consumer electronics and new energy [6] Group 2: Financial Performance - Hengdao Technology's revenue for 2022-2024 is projected to be 143 million, 168 million, and 234 million yuan, with net profits of 39 million, 49 million, and 69 million yuan respectively [4] - Haichang Intelligent's revenue for the same period is expected to be 520 million, 652 million, and 800 million yuan, with net profits of 108 million, 121 million, and 115 million yuan [5] - Hongshida's revenue is projected to be 397 million, 476 million, and 649 million yuan, with net profits of 30 million, 39 million, and 53 million yuan [7] Group 3: New Listings - "Mingming Hen Mang" (01768.HK), the first stock in the snack retail sector, debuted on January 28, with a first-day closing price increase of 77.52% [9] - Agricultural Technology Company (831038.BJ) listed on the Beijing Stock Exchange, with a first-day closing increase of 1.19% [9] - Zhenstone Co., Ltd. (601112.SH), a leader in clean energy materials, saw its stock price surge by 121.65% on its first day of trading [10] - Medical device company Medela (920119.BJ) also experienced a significant first-day increase of 161.46% [10] Group 4: Filing Dynamics - Eleven companies filed for IPOs in the Hong Kong market this week, with a focus on A+H share expansion [11] - Notable filings include Jucheng Co., a leading non-volatile memory chip designer, and Deyang Co., a leader in energy storage [11] - The trend shows a concentration of hard technology companies seeking to leverage their A-share listings for international financing [12] Group 5: Sector Highlights - Hard technology companies are prominent in the recent IPO filings, with firms like Kunlun New Energy Materials and Coolchip Microelectronics focusing on core material development and AI solutions [12] - Consumer and medical sectors are also active, with companies like Tongrentang and Zhuozheng Medical seeking to expand their service capabilities and market presence [13]

Core Viewpoint - Guoen Technology is set to launch its global offering on January 27, with a pricing range of HKD 34-42 per share, aiming for a total issuance scale of approximately HKD 10.2 billion to 12.6 billion. The market is discussing the rationality of its pricing, stock price stability post-listing, and long-term valuation logic due to various factors including its business structure and competitive landscape [1][4][11]. Group 1: Financial Performance - Guoen Technology's revenue for 2022-2024 is projected at CNY 134 billion, CNY 174 billion, and CNY 192 billion, with a compound annual growth rate (CAGR) of 19.6%. However, growth is expected to slow to 9.9% in the first ten months of 2025 [2][3]. - The company's net profit has shown significant volatility, with figures of CNY 6.6 billion, CNY 4.7 billion, CNY 6.9 billion, and CNY 7.1 billion for the same periods, reflecting fluctuations of 3.1%, -29.7%, 45.2%, and 40.2% respectively [2][3]. Group 2: Cost Structure and Profitability - Raw material costs account for over 90% of sales costs, leading to limited profitability. The gross margin has declined from 11.8% to 8.3% from 2022 to 2024, with a slight recovery to 10.4% in the first three quarters of 2025 [3][11]. - The health sector shows stronger profitability potential, with a gross margin of 22.5% in the first ten months of 2025, but its revenue contribution is only 3.5%, insufficient to offset the low margins from the chemical sector [3][11]. Group 3: Market Position and Investor Interest - Guoen Technology's market capitalization of CNY 151 billion is the smallest among five concurrent A to H projects, which may reduce its attractiveness to institutional investors [4][5]. - The company has attracted eight cornerstone investors, raising USD 4.1 million, with significant investments from local and health-focused entities, indicating a strategic interest in its health sector [6][8]. Group 4: Market Dynamics and Risks - The absence of a greenshoe option in the offering raises concerns about stock price stability post-listing, as it lacks market support mechanisms [9][10]. - The Hong Kong market's preference for high-growth sectors may limit Guoen Technology's valuation, as its chemical business faces inherent valuation discounts compared to high-margin sectors [11].

Core Viewpoint - The article discusses the rapid growth of the high-end PCB market driven by the explosion of AI technology and the increasing demand for advanced PCB manufacturing equipment, particularly in drilling processes [3][11]. Industry Overview - The global infrastructure for computing power is accelerating, leading to a surge in demand for high-end PCBs as tech giants expand their AI infrastructure [3]. - The PCB equipment industry is experiencing expansion opportunities, with rising demand across various equipment segments [3]. Drilling Process and Technology - The drilling process in PCBs involves creating conductive holes that connect layers, primarily using mechanical and laser drilling technologies [3]. - Mechanical drilling is typically used for through-holes, while laser drilling is more suitable for blind and buried holes due to its higher precision [8]. - The latest advancements in mechanical drilling include CCD drilling machines that utilize visual positioning for automated depth and speed control, while ultra-fast laser drilling machines represent the cutting-edge in laser technology [8]. Market Size and Growth - The global PCB equipment market is projected to reach approximately $7.085 billion (around 50.6 billion RMB) in 2024, with a compound annual growth rate (CAGR) of about 4.9% from 2020 to 2024 [11]. - By 2029, the market is expected to grow to $10.765 billion (approximately 76.9 billion RMB), with drilling equipment accounting for about 20.7% of the total market value [11]. Competitive Landscape - Key players in the drilling equipment market include Mitsubishi, Hitachi, ESI, Schmoll, and domestic companies like Dazhu CNC and Suzhou Weijia, each known for their specific technological advancements and product offerings [16][17]. - Dazhu CNC is focusing on high-precision drilling machines, while Suzhou Weijia plans to increase its production capacity significantly [17][18]. Equipment Classification and Comparison - The article provides a detailed comparison of mechanical and laser drilling machines, highlighting their respective advantages and limitations in terms of cost, precision, and application suitability [9].

本报记者 毛艺融 "国家队基金"（如中央汇金、社保基金、地方产业母基金）通常率先布局战略性新兴产业，承担风险定 价与市场信心塑造等功能，例如去年11月份，A股公司赛力斯集团股份有限公司H股上市时，重庆产业 投资母基金现身其基石投资者名单。今年1月份，江西国控私募基金管理有限公司出现在了上海龙旗科 技股份有限公司的H股基石投资者名单里。 数据显示，截至1月29日，"A+H"股累计已达167家。瑞银集团中国区总裁及瑞银证券董事长胡知鸷向 《证券日报》记者表示，从2024年四季度开始，"A+H"模式迎来新一轮扩容潮。2025年更多A股公司成 功登陆港股，尤其是一些细分行业龙头、大市值的公司接连在港股上市。此外，还有很多A股公司启动 了"A+H"的计划与项目。 国际投资者加码 数据显示，自去年以来，瑞银环球资产管理（新加坡）有限公司、阿布达比投资局、未来资产证券有限 公司、施罗德集团等国际长线资金出现在港股IPO的基石投资名单中。 今年1月份以来，中东主权财富基金、欧洲家族办公室等国际长线资金频频现身，主动将资金锁定6至12 个月。例如，MiniMax（稀宇科技）引入了阿布扎比投资局、Eastspring（瀚亚投资） ...

智通财经APP获悉，2026年1月30日，港股上市公司投资日志如下： 业绩公布日 万顺集团控股 国恩科技 (招股中) 东鹏饮料 (定价日) PICO FAR EAST HPC HOLDINGS 恒隆地产 靛蓝星 美因基因 东方大学城控股 恒隆集团 绿科科技国际 范式智能 首钢资源 中创智领 纷美包装 中国交通建设 股东大会召开日 东江环保 中国大冶有色金属 米格国际控股 远洋服务 易生活控股 停复牌 （复牌） 中国船舶租赁 （除净日） 信越控股 （派息日） 长安民生物流 （派息日） 力量发展 （派息日） 分红派息 类别 公司 大族数控 (招股中) 牧原股份 (招股中) 卓正医疗 (招股中) 新股活动 ...

Core Viewpoint - Dazhu CNC (03200.HK) plans to globally issue 50.45 million H-shares, with a maximum offer price of HKD 95.80 per share, aiming to raise approximately HKD 46.307 billion for enhancing R&D and operational capabilities, increasing production capacity, and general corporate purposes [2][8]. Group 1: Company Overview - Dazhu CNC is a leading provider of PCB specialized production equipment solutions in China, focusing on R&D, production, and sales of PCB equipment [4]. - The company operates in various sectors including server and data storage, automotive electronics, mobile phones, computers, and consumer electronics [4]. - Dazhu CNC holds a market share of 10.1% in the PCB specialized equipment manufacturing sector in China, making it the largest manufacturer in the country [8]. Group 2: Financial Performance - The company's revenues for the years 2022, 2023, and 2024 are reported as RMB 2.786 billion, RMB 1.634 billion, and RMB 3.343 billion respectively, with a projected revenue of RMB 4.314 billion for the ten months ending October 31, 2025 [8]. - Net profits for the same periods are RMB 432 million, RMB 136 million, RMB 299 million, and RMB 519 million for the ten months ending October 31, 2025 [8]. Group 3: Use of Proceeds - Approximately 50% of the net proceeds from the global offering will be allocated to enhancing R&D and operational capabilities, 40% to increasing production capacity, and 10% for working capital and general corporate purposes [8]. Group 4: Market Position and Strategy - The PCB specialized equipment industry is competitive and fragmented, with the top five manufacturers holding about 23.9% of the market share in 2024 [8]. - Dazhu CNC has established a comprehensive sales network and has been exporting products to over ten countries and regions [7].