Core Viewpoint - The article discusses the upcoming IPOs of three companies in the A-share market, highlighting their business focus, pricing, and market potential. Group 1: Upcoming IPOs - Three new stocks will be available for subscription in the A-share market from May 26 to May 30, including Youyou Green Energy, Jiao Da Tie Fa, and Ying Shi Innovation [1] - Youyou Green Energy has an issue price of 89.6 yuan per share, making it the second highest IPO price in the A-share market this year [1] - Jiao Da Tie Fa will be available for subscription at 8.81 yuan per share, while Ying Shi Innovation's issue price has not yet been announced [1][4] Group 2: Youyou Green Energy - Youyou Green Energy specializes in the R&D, production, and sales of core components for DC charging equipment for electric vehicles, with products ranging from 15KW to 40KW charging modules [2] - The company holds a market share of 10.58% in the domestic charging module market, with a domestic sales volume of 76.9 billion watts [3] - Projected revenues for Youyou Green Energy are 988 million yuan, 1.376 billion yuan, and 1.497 billion yuan for the years 2022 to 2024, with net profits of 196 million yuan, 268 million yuan, and 256 million yuan respectively [3] Group 3: Jiao Da Tie Fa - Jiao Da Tie Fa focuses on the R&D, production, and sales of intelligent products and equipment for rail transit, with a strong emphasis on safety [4] - The company’s projected revenues are 235 million yuan, 273 million yuan, and 335 million yuan for the years 2022 to 2024, with net profits of 34 million yuan, 48 million yuan, and 53 million yuan respectively [5] Group 4: Ying Shi Innovation - Ying Shi Innovation is a global provider of intelligent imaging devices, specializing in panoramic and action cameras, with a focus on advanced imaging solutions [6] - The company expects revenues of 2.041 billion yuan, 3.636 billion yuan, and 5.574 billion yuan for the years 2022 to 2024, with net profits of 407 million yuan, 830 million yuan, and 995 million yuan respectively [7] - The company plans to use the funds raised for the construction of a production base and a research and development center [8]

Macro News - The People's Bank of China and the State Administration of Foreign Exchange have proposed a unified foreign currency management policy for funds raised by domestic companies through overseas listings, allowing for the repatriation of funds in either foreign currency or RMB [1] - Major state-owned banks have collectively lowered deposit rates, with one-year fixed deposit rates falling below 1% for the first time, prompting a shift in savings behavior among younger generations towards alternative investment options like money market funds, bond funds, and gold [1] Financial Sector - The China Securities Regulatory Commission has approved the first batch of 26 new floating-rate funds, reflecting a commitment to reform public funds and align fund company income with investor returns [5] - Hong Kong's new stock fundraising has exceeded HKD 76 billion this year, marking a more than sevenfold increase compared to the same period last year, indicating a robust IPO market [6] Company News - The "Fujian Times Zeyuan Equity Investment Fund Partnership" has completed its establishment with a total scale of CNY 10.128 billion, with the investment focus on new energy and high-end manufacturing sectors [12] - The State Administration for Market Regulation has drafted a guideline to regulate the charging behaviors of online trading platforms, aiming to protect the rights of platform operators and ensure fair practices [9] Regulatory Actions - The National Internet Information Office has closed several accounts and websites that disseminated false information about the capital market and engaged in illegal stock recommendations, highlighting ongoing efforts to maintain market integrity [10][11]

下周资本市场大事提醒：中国5月PMI数据将公布 英伟达将披露财报 6、MSCI中国指数新纳入芯原股份、百利天恒、惠泰医疗、光线传媒、海思科等6只股票；剔除海信家 电、一汽解放、上海医药、金诚信等17只股票。此次调整将于5月30日收盘后生效。 7、5月27日，国家统计局将公布工业经济效益月度报告。此前数据显示，4月份，规模以上工业增加值 同比实际增长6.1%。 8、下周四（5月29日），美联储将公布5月货币政策会议纪要。同日，美国第一季度实际GDP年化季率 修正值也将公布。5月30日美国将公布4月核心PCE物价指数。 9、周三（5月28日），英伟达将于美股盘后公布2026财年Q1财报。此外，赛富时、惠普、戴尔等AI产 业链重要参与者也将于下周发布财报。中概股投资者也将迎来拼多多、小米的财报，同时禾赛、亿航智 能、金山云等科技题材概念股也将披露最新业绩。 10、下周二至周四比特币2025大会将在拉斯维加斯举行。美国副总统万斯，以及Strategy、Robinhood的 首席执行官都会发表主题演讲。 11、受阵亡将士纪念日假期影响，美股5月26日（下周一）休市一日，同日，英国股市因春季银行假日 休市一日。CME旗下 ...

Investment Rating - The report suggests a "Buy" rating for the company, indicating a positive outlook for investment opportunities in the near future [2][5]. Core Insights - The company, Jiao Da Tie Fa, is recognized as a national-level "Little Giant" in the field of rail transit infrastructure safety and intelligent products, with a focus on technological innovation and industry upgrades supported by the National Railway Group [2][11]. - The company plans to raise funds through an initial public offering (IPO) to invest in new production projects, a research center, and marketing networks, which are expected to significantly increase revenue and profit [8][9]. - The rail transit infrastructure market is experiencing substantial growth, with national fixed asset investment in railways reaching 850.6 billion yuan in 2024, a year-on-year increase of 11.3% [33][37]. Summary by Sections 1. Initial Issuance - The company is issuing 19.09 million shares at a price of 8.81 yuan per share, with an initial price-to-earnings (P/E) ratio of 12.6X [2][5]. - The total number of shares after issuance will be 76.34 million, with the issuance accounting for 25.01% of the total shares before any over-allotment [5][6]. 2. Fundraising and Investment Projects - The funds raised will be allocated to projects including the construction of a new production facility for rail transit intelligent products, a research center, and a marketing and after-sales service network [8][9]. - The new production project is expected to generate an additional annual revenue of approximately 247.15 million yuan and a net profit of about 30.10 million yuan upon reaching full capacity [9][10]. 3. Company Overview - Founded in 2005, the company specializes in rail transit safety products and has established partnerships with several universities and research institutions [11]. - The company has participated in significant national railway projects, including the Beijing-Zhangjiakou High-Speed Railway and the Jakarta-Bandung High-Speed Railway [11]. 4. Financial Performance - From 2020 to 2024, the company's revenue is projected to grow from 154 million yuan to 335 million yuan, with a compound annual growth rate (CAGR) of 21% [27]. - The net profit is expected to increase from 19.85 million yuan to 53.39 million yuan during the same period, with a CAGR of 28% [27][32]. 5. Market Potential - The report highlights the strategic importance of railway construction and information technology in promoting economic development, with significant investments planned for the coming years [33][34]. - The company is well-positioned to benefit from the growing demand for rail transit infrastructure, supported by government policies and increasing urbanization [33][38].

2.周一（26日）：美团公布财报。 3.周二（27日）：将公布中国4月规模以上工业企业利润同比数据；拼多多、小米集团、快手发布财 报。 4.周五（30日）：上金所、上期所、郑商所、大商所无夜盘交易；台股休市一日。 钛媒体App 5月25日消息，下周市场大事预告： 1.下周央行公开市场将有9460亿元逆回购到期，其中下周一至下周五分别到期1350亿元、3570亿元、 1570亿元、1545亿元、1425亿元。 14.5月27日，中国国家统计局将公布规模以上工业企业利润。此前数据显示，4月份，规模以上工业增 加值同比实际增长6.1%（增加值增速均为扣除价格因素的实际增长率）。从环比看，4月份，规模以上 工业增加值比上月增长0.22%。1-4月份，规模以上工业增加值同比增长6.4%。 15.5月31日，中国国家统计局将公布5月采购经理指数（PMI）运行情况。此前数据显示，4月份，制造 业采购经理指数为49.0%，比上月下降1.5个百分点；非制造业商务活动指数为50.4%，比上月下降0.4个 百分点，仍高于临界点；综合PMI产出指数为50.2%，比上月下降1.2个百分点，继续高于临界点。 5.周六（31日）：将公布中 ...

本周（5月19日至23日，下同），三大指数全线调整。分行业来看，贵金属、汽车、包装等行业板块涨 幅居前，互联网、工业机械、酒类等行业板块跌幅靠前。市场上分化较为严重。 利好频发 在消息面上，本周LPR迎来年内首降，1年期降至3%，5年期以上降至3.5%，均下降10个基点。中国人 民银行行长潘功胜日前主持召开金融支持实体经济座谈会并讲话。会议重申，要实施好适度宽松的货币 政策，满足实体经济有效融资需求，保持金融总量合理增长。 近日，利好频发。 5月23日召开的国务院常务会议审议通过了《制造业绿色低碳发展行动方案（2025— 2027年）》。 会议指出， 推进制造业绿色低碳发展是大势所趋，要加快绿色科技创新和先进绿色技术推广应用，强 化新型工业化绿色底色。要推进传统产业深度绿色转型， 结合大规模设备更新等政策实施，积极应用 先进装备和工艺，加快重点行业绿色改造升级。要引领新兴产业高起点绿色发展，加大清洁能源、绿色 产品推广，提升资源循环利用水平。要加强共性技术攻关，完善重点领域标准， 优化相关政策，健全 绿色制造和服务体系，更好支持和帮助企业转型升级。 此前一日（5月22日），国新办举行新闻发布会，介绍科技金融政 ...

Summary of Key Points Core Viewpoint Three new stocks are available for subscription next week in the A-share market, including companies in the electric vehicle charging and intelligent transportation sectors. Group 1: Yoyo Green Energy - Yoyo Green Energy is a leading supplier of charging modules in China, focusing on the research, production, and sales of core components for electric vehicle charging equipment [1][4]. - The subscription code for Yoyo Green Energy is 301590, with an issue price of 89.60 CNY per share and a price-to-earnings ratio of 15.37, compared to the industry average of 19.25 [1][4]. - The company is recognized as a national-level "specialized and innovative" small giant enterprise, with notable clients including NIO and ABB [1][4]. Group 2: Financial Performance of Yoyo Green Energy - Projected revenues for Yoyo Green Energy from 2022 to 2024 are 988 million CNY, 1.376 billion CNY, and 1.497 billion CNY, respectively, with net profits of 196 million CNY, 268 million CNY, and 256 million CNY [2]. - As of December 31, 2024, total assets are expected to reach 1.797 billion CNY, with equity attributable to shareholders at 1.024 billion CNY and a debt-to-asset ratio of 42.89% [3]. - Management forecasts for the first half of 2025 indicate revenues between 750 million CNY and 914 million CNY, with net profits ranging from 118 million CNY to 142 million CNY [5][6]. Group 3: Jiao Da Tie Fa - Jiao Da Tie Fa is a high-tech enterprise specializing in the research, production, and sales of intelligent products and equipment for rail transportation, also recognized as a national-level "specialized and innovative" small giant [7][9]. - The subscription code for Jiao Da Tie Fa is 920027, with an issue price of 8.81 CNY per share and a price-to-earnings ratio of 12.94, significantly lower than the industry average of 34.96 [8][9]. - Projected revenues for Jiao Da Tie Fa from 2022 to 2024 are 235 million CNY, 273 million CNY, and 335 million CNY, with net profits of approximately 33.8 million CNY, 47.7 million CNY, and 53.4 million CNY [9][10]. Group 4: Financial Performance of Jiao Da Tie Fa - As of December 31, 2024, total assets are projected to be approximately 635.9 million CNY, with equity attributable to shareholders at 257.6 million CNY and a debt-to-asset ratio of 58.42% [10]. - Management forecasts for the first half of 2025 suggest revenues between 110 million CNY and 130 million CNY, with net profits ranging from 10.5 million CNY to 14 million CNY [12][13]. Group 5: Ying Shi Innovation - Ying Shi Innovation is a leading provider of intelligent imaging equipment, focusing on the research, production, and sales of panoramic and action cameras [14]. - The subscription code for Ying Shi Innovation is 787775, with the issue price and earnings ratio yet to be disclosed, but the industry average is 38.34 [14]. - Projected revenues for Ying Shi Innovation from 2022 to 2024 are 2.041 billion CNY, 3.636 billion CNY, and 5.574 billion CNY, with net profits of 407 million CNY, 830 million CNY, and 995 million CNY [15][16]. Group 6: Financial Performance of Ying Shi Innovation - As of December 31, 2024, total assets are expected to reach 502.1 million CNY, with equity attributable to shareholders at 318.1 million CNY and a debt-to-asset ratio of 36.16% [16]. - Management forecasts for the first half of 2025 indicate revenues between 3.214 billion CNY and 3.815 billion CNY, with net profits ranging from 494 million CNY to 583 million CNY [17].

①MSCI中国指数调整将生效；②5月PMI数据将公布；③华为将举行尊界S800发布会。 除MSCI中国指数以外，MSCI中国A股在岸指数的成分股名单也有所调整，增加成分股8只，包括翱捷科技-U、中国卫通、海思科、杭钢股份、艾力斯、百 利天恒、拓维信息、芯原股份。调整结果将于5月30日收盘后生效。 5月PMI数据将公布 5月31日，国家统计局将公布5月PMI数据。据国家统计局，4月份，制造业采购经理指数为49.0%，比上月下降1.5个百分点；非制造业商务活动指数和综合 PMI产出指数分别为50.4%和50.2%，继续保持在扩张区间。 国家统计局服务业调查中心高级统计师赵庆河指出，总体看，综合PMI产出指数自2023年1月以来始终位于临界点以上，我国经济总体产出持续扩张，长期 向好的基本面没有改变。受外部环境急剧变化等因素影响，4月份制造业采购经理指数有所回落，但高技术制造业等相关行业继续保持扩张，以内销为主的 制造业企业生产经营总体稳定。 【重磅新闻】 MSCI中国指数调整将生效 日前，明晟公司（MSCI）公布了5月份指数审议结果。在本次调整中，MSCI中国指数新纳入芯原股份、百利天恒、惠泰医疗、光线传媒、海思 ...

Investment Rating - The report assigns a positive investment rating to the company, highlighting its strong growth potential in the rail transit safety monitoring and service sector [1]. Core Viewpoints - The company, Jiao Da Tie Fa, is recognized as a "small giant" in the rail transit safety service field, demonstrating high profitability and stable growth, with industry-leading profit quality [1]. - The rail transit industry is supported by national policies and is experiencing rapid growth, with significant investments expected to continue [2]. - The company has shown remarkable achievements in technological innovation and has a strong research and development capability, which is expected to enhance its market competitiveness [3]. Summary by Sections Company Overview - Jiao Da Tie Fa specializes in the research, development, production, and sales of intelligent products and equipment for rail transit, providing professional technical services [11]. - The company has a diverse product range, including safety monitoring products, railway information systems, new materials, intelligent equipment, surveying services, and operation and maintenance services [17][21]. Financial Performance - The company's operating revenue has shown a consistent upward trend from 2022 to 2024, with revenues of 230.41 million, 269.09 million, and 331.03 million yuan respectively [69]. - The gross profit margins for the years 2022, 2023, and 2024 were 45.76%, 46.57%, and 44.50%, indicating stable profitability [1][69]. Industry Context - The rail transit industry is a strategic emerging industry supported by the government, with significant growth in railway operating mileage projected from 146,000 kilometers in 2020 to 165,000 kilometers by 2025 [2]. - The market size of China's rail transit operation and maintenance industry has grown from 91.4 billion yuan in 2017 to 191.68 billion yuan in 2022, with a compound annual growth rate of 15.96% [2]. Investment Highlights - The company is recognized as a national-level specialized and innovative "small giant" enterprise, with a strong focus on technological innovation and a robust R&D framework [3]. - The company has participated in numerous research projects and has a significant number of patents and software copyrights, enhancing its competitive edge in the market [3][12].

Investment Rating - The industry investment rating is positive, indicating a favorable outlook for the sector, particularly for the North Exchange market, which has outperformed the Shanghai and Shenzhen indices [34]. Core Insights - The North Exchange 50 Index has shown significant growth, with a 3.62% increase in the week ending May 9, 2025, closing at 1379.31 points. This performance is notably better than the Shanghai 300 Index, which increased by 2.00% during the same period [9][19]. - The average market capitalization of the 265 A-share constituent stocks in the North Exchange is 2.936 billion [9]. - The liquidity in the North Exchange has improved, with an average daily trading volume of 31.119 billion, up 44.96% from the previous week, and a turnover rate of 3.35% [22]. Summary by Sections North Exchange Market Overview - As of May 9, 2025, the North Exchange has 265 A-share constituent stocks, with an average market capitalization of 2.936 billion. The North Exchange 50 Index has increased by 3.62% in the last week, outperforming other indices [9][19]. - The individual stock performance shows that 243 stocks increased, 22 decreased, and none remained flat, resulting in an increase ratio of 91.70%, which is a 37.36 percentage point increase from the previous week [14]. Industry Performance - The top five performing industries in the North Exchange from May 6 to May 9, 2025, are Defense and Military Industry (21.52%), Textile and Apparel (20.65%), Agriculture, Forestry, Animal Husbandry, and Fishery (9.84%), Social Services (8.71%), and Media (7.75%). The bottom five are Food and Beverage (2.94%), Computer (3.29%), Environmental Protection (3.97%), Communication (3.99%), and Pharmaceutical and Biological (4.01%) [19][20]. New Stock Updates - No new stocks were listed this week. One company, Danna Biology, submitted registration, and another, Jiaoda Iron and Steel, completed registration. Next week, one company (Youli Intelligent) will be reviewed, and one company (Tian Gong Co., Ltd.) will be listed [25][26]. Key Companies and Earnings Forecast - Key companies highlighted include: - Tongli Co., Ltd. (Stock Code: 834599.BJ) with a current price of 21.11, projected EPS of 1.99 for 2025, and a buy rating [4]. - Wuxin Tunnel Equipment (Stock Code: 835174.BJ) with a current price of 32.85, projected EPS of 1.64 for 2025, and a buy rating [4]. - Kaide Quartz (Stock Code: 835179.BJ) with a current price of 34.05, projected EPS of 1.03 for 2025, and a hold rating [4]. - Hualing Co., Ltd. (Stock Code: 430139.BJ) with a current price of 25.04, projected EPS of 0.34 for 2025, and a hold rating [4]. - Hengtai Open Source (Stock Code: 834415.BJ) with a current price of 17.38, projected EPS of 0.22 for 2025, and a hold rating [4]. - Tianli Composite (Stock Code: 873576.BJ) with a current price of 31.50, projected EPS of 1.03 for 2025, and a buy rating [4].