Financing & Review - In April 2025, the Beijing Stock Exchange (BSE) issued 1 new stock, raising 236 million yuan; from January to April 2025, a total of 3 new stocks were issued, raising a total of 1.534 billion yuan[5] - As of the end of April, there were 10 companies that had passed the review but not yet registered, with a planned fundraising amount of 2.043 billion yuan[5] - The median price-to-earnings ratio (P/E) for new stock issuances in April was 15x, an increase of 113.99% month-on-month[5] Subscription & Issuance - The total number of new stock subscriptions in 2024 yielded a cumulative return of +3.99% from 23 new stocks; for January to April 2025, the cumulative return was +0.32%[3] - The average top subscription amount for new stocks was 1,005,000 yuan, with a median of 906,000 yuan[41] - The online subscription rate for new stocks was 0.04%[5] Market Trends & Predictions - The annual issuance forecast for 2025 has been adjusted to a neutral expectation of 30 new stocks, with a total fundraising amount of 7.5 billion yuan[5] - The new stock first-day price increase is expected to be 200%, with scenarios considering 100%/200%/300% increases[5] - The revised rules for strategic placement have increased the number of participants and the proportion allowed, potentially enhancing market interest in new stocks[40] Risk Factors - Risks include slower-than-expected issuance speed, lower-than-expected price increases for new stocks, and potential macroeconomic downturns[5]

每经记者｜王琳 每经编辑｜张海妮 4月份，A股IPO（首次公开募股）市场有9家公司首发上会，且全部过会，首发上会企业数创出自去年12月以来的月度新高。 在首发上会节奏有所加快的同时，A股市场的IPO终止潮似乎趋于尾声。4月份，A股IPO终止家数仅为5家，创出自证监会2023年"8·27新政"以来的新低。上 述5家IPO终止企业中，有2家公司此前已首发过会。 4月份9家IPO公司过会 创出自去年12月以来月度新高 4月份，A股IPO市场迎来9家公司首发上会，包括来自上证主板市场的天富龙和技源集团，来自深证主板的瑞立科密和悍高集团，来自北交所的广信科技、 宏远股份、岷山环能和鼎佳精密，以及创业板的山大电力，这一首发上会企业数也创出自去年12月以来的月度新高。 | | | | 4月过会的9家IPO公司 | | | --- | --- | --- | --- | --- | | 公司名称 | 上市板 | 审核结果 | 预计募集资金(亿元) | 保荐机构 | | 天富龙 | 上证主板 | 通过 | 7.9 | 中信建投 | | 广信科技 | 北交所 | 通过 | 2 | 东兴证券 | | 瑞立科密 | 深证主板 | 通 ...

IPO审核出现明显提速。根据安排，4月7日—11日这周将有鼎佳精密、山大电力、悍高集团、岷山环能4家企业迎来IPO大考，单周4家企业首发上会也创下 了年内新高。在此之前，年内单周曾出现过无上会企业、1家上会企业，至多单周2家企业上会。不仅IPO上会审核提速，证监会注册批文的下发近期也较为 活跃，目前市场上的存量IPO已不足200家。 | 露号 | 代码 : 7 | 公司名称 ミ ▽ | 所属行业或领域 ● | | | --- | --- | --- | --- | --- | | 1 | A05527.SZ | 马可波罗控股股份 ... | 非金属矿物制品业 | | | 2 | A06524.SZ | 汉桑(南京)科技股 ... | 计算机、通信和其他电子 ... | 인 | | 3 | A06488.SH | 海阳科技股份有限 ... | 化学原料和化学制品制造业 | 글 | | ব | A06621.SH | 江苏汉邦科技股份 ... | 专用设备制造业 | 科 | | 5 | A06201.SH | 技源集团股份有限 ... | 食品制造业 | 표 | | 6 | A06204.SH | 苏州华之杰电讯 ...

Group 1 - The report emphasizes the need to patiently wait for the impact of recent events to pass and to focus on import substitution and beneficiaries of countermeasures [9][11] - The North Exchange 50 index fell by 2.61%, with an average daily trading volume of 20.5 billion, a year-on-year decrease of 22.5% [9][16] - The market showed strong performance in sectors such as pharmaceuticals, driven by expectations of optimized drug procurement [9][10] Group 2 - The U.S. announced "reciprocal tariffs" that exceeded market expectations, imposing tariffs of 34% on mainland China, 20% on the EU, 46% on Vietnam, and 32% on Taiwan, which poses a significant risk to global economic stability [10] - The report notes that U.S. consumer spending accounts for about 30% of global consumption, and the increased tariffs are likely to raise domestic CPI, leading to a risk of stagflation [10] - The report highlights that the proportion of Chinese exports to the U.S. has been declining, with only 14% of exports going to the U.S. in the first two months of 2025 [10] Group 3 - Short-term risks in the North Exchange are increasing, with a recommendation to focus on import substitution and beneficiaries of countermeasures, such as Kangnong Agriculture and Minshida [11] - The report indicates that all asset prices, including stocks, oil, and metals, have declined, leading to a sharp drop in risk appetite [11] - The North Exchange's current quantitative indicators are in a high-level retreat but have not yet reached oversold territory [11] Group 4 - The North Exchange had 102 stocks rise and 160 stocks fall this week, with a rise-to-fall ratio of 0.64 [31] - The top gainers included Youkang Pharmaceutical and Yongshun Biological, while the top losers included Kelaite and Zhisheng Information [34] - The report notes that the North Exchange's PE (TTM) average is 74.34 times, with a median of 42.28 times [24][31] Group 5 - The North Exchange introduced self-regulatory management rules to enhance procedural trading supervision [46][47] - This week, there were no new IPOs on the North Exchange, with a total of 265 companies listed as of April 3, 2025 [26] - The report states that 8 companies were newly listed and 8 were delisted in the New Third Board, with a total financing of 0.70 billion completed [48][50]