Core Viewpoint - The A-share market will have three new stock subscriptions this week, including Hanbang Technology, Weigao Blood Purification, and Taili Technology, indicating a growing interest in innovative companies within the healthcare and technology sectors [1] Group 1: Hanbang Technology - Hanbang Technology is a leading supplier of chromatography separation and purification equipment in China, particularly in the production-grade small molecule drug separation market, holding a market share of approximately 39.2% [3] - The company has developed a comprehensive product matrix for both small and large molecule drug separation and purification equipment, catering to industrial production and laboratory research [2] - Hanbang Technology's revenue for 2022, 2023, and 2024 is projected to be 482 million, 619 million, and 691 million yuan, respectively, with net profits of 39 million, 51 million, and 79 million yuan [3] Group 2: Weigao Blood Purification - Weigao Blood Purification focuses on the research, production, and sales of medical products for blood purification, with a diverse product line including blood dialysis machines and accessories [4] - The company holds a leading market share in the domestic blood dialysis sector, with 32.5% in blood dialysis devices and 31.8% in blood dialysis tubing [4] - Revenue projections for Weigao Blood Purification for 2022, 2023, and 2024 are 3.426 billion, 3.532 billion, and 3.604 billion yuan, respectively, with net profits of 315 million, 442 million, and 449 million yuan [5] Group 3: Taili Technology - Taili Technology specializes in new material research and vacuum technology applications, being the exclusive supplier of compression bags for China's aerospace sector [6] - The company has implemented a multi-channel sales strategy, transitioning from traditional distribution to a primarily online sales model, while also maintaining strong offline retail partnerships [7] - Revenue forecasts for Taili Technology for 2022, 2023, and 2024 are 638 million, 835 million, and 1.02 billion yuan, respectively, with net profits of 59 million, 85 million, and 88 million yuan [7]

Group 1 - The "Private Economy Promotion Law" was passed, marking the first foundational law specifically for the development of the private economy in China, effective from May 20, 2025. It addresses key concerns such as "fair competition," "investment and financing promotion," "technological innovation," "business regulation," "service guarantee," and "rights protection" for private enterprises [1] Group 2 - The Ministry of Commerce noted that the U.S. has expressed willingness to negotiate on tariff issues, and China is currently evaluating this situation [2] Group 3 - A new proactive fiscal policy is set to be introduced in 2024, including a one-time increase of 6 trillion yuan in local special bond limits to replace hidden debts, issuance of special government bonds to support state-owned banks, and measures to stabilize the real estate market [3] Group 4 - In April, the manufacturing PMI fell to 49.0%, a decrease of 1.5 percentage points from the previous month, while the non-manufacturing PMI remained in the expansion zone at 50.4% [4] Group 5 - The U.S. President announced a 100% tariff on all films produced abroad entering the U.S., indicating a significant trade policy shift [5] Group 6 - U.S. non-farm payrolls increased by 177,000 in April, exceeding market expectations, while the unemployment rate remained stable at 4.2%. This led to a decrease in market expectations for a rate cut by the Federal Reserve [6] Group 7 - Global risk assets saw a comprehensive rise, with the Hang Seng Tech Index leading with a 3.1% increase, indicating a recovery trend in Chinese assets [7] Group 8 - The Hong Kong Monetary Authority intervened by purchasing 46.539 billion HKD in U.S. dollars to maintain the currency peg, marking its first intervention in five years [8] Group 9 - The Hong Kong Monetary Authority attributed the recent strength of the Hong Kong dollar to increased demand related to stock investments and the appreciation of several regional currencies against the U.S. dollar [9] Group 10 - Berkshire Hathaway's annual shareholder meeting addressed trade policies and investment strategies, emphasizing the importance of global trade [10] Group 11 - New energy vehicle companies reported significant growth in April deliveries, with XPeng Motors seeing a 273% year-on-year increase [11] Group 12 - Travel booking platform Fliggy reported an over 80% increase in customized travel bookings for the May Day holiday, indicating a shift towards more personalized travel experiences [12] Group 13 - OPEC+ announced an increase in production by 411,000 barrels per day starting in June, reflecting a response to current market conditions [13] Group 14 - Upcoming new stock offerings include three companies, with specific details on their subscription codes [14] Group 15 - CITIC Securities indicated that risk appetite is expected to rise in May, focusing on themes related to technology and consumption [15] Group 16 - Zhongtai Securities highlighted that opportunities in May will be more pronounced in technology, consumption, and certain cyclical sectors, suggesting a focus on improving performance and policy support [16]

Core Viewpoint - The article discusses the upcoming IPOs of three companies in the A-share market, highlighting their business models, market positions, and financial projections. Group 1: Hanbang Technology - Hanbang Technology is a leading supplier of chromatography separation and purification equipment in China, particularly in the production-grade small molecule drug separation market [2][3] - The company has a diverse product matrix, including small and large molecule drug separation equipment, and has established a strong customer base with over 2,000 clients, including major pharmaceutical companies [4] - Financial projections indicate revenues of 482 million yuan, 619 million yuan, and 691 million yuan for 2022, 2023, and 2024 respectively, with net profits of 39 million yuan, 51 million yuan, and 79 million yuan [4] Group 2: Weigao Blood Purification - Weigao Blood Purification focuses on the research, production, and sales of medical products for blood purification, with a comprehensive product line including hemodialysis devices and peritoneal dialysis solutions [6][7] - The company holds significant market shares in various segments, including 32.5% in hemodialysis devices and 31.8% in hemodialysis tubing, ranking first in the industry [6][7] - Revenue projections for Weigao indicate 3.426 billion yuan, 3.532 billion yuan, and 3.604 billion yuan for 2022, 2023, and 2024 respectively, with net profits of 315 million yuan, 442 million yuan, and 449 million yuan [7] Group 3: Taili Technology - Taili Technology specializes in new materials and vacuum technology applications, being the exclusive supplier of aerospace vacuum compression bags in China [8][9] - The company has implemented a multi-channel sales strategy, transitioning to a primarily online sales model while maintaining partnerships with major retailers globally [9] - Financial forecasts show revenues of 638 million yuan, 835 million yuan, and 1.02 billion yuan for 2022, 2023, and 2024 respectively, with net profits of 59 million yuan, 85 million yuan, and 88 million yuan [10]

Group 1: US-China Trade Relations - The Chinese Ministry of Commerce is currently evaluating the ongoing US-China trade dialogue, emphasizing that any negotiations must be based on the US correcting its unilateral tariff measures [2] - The Chinese stance remains firm: they are open to talks but will not tolerate coercive tactics from the US [2] Group 2: US Tariff Policies - President Trump announced a 100% tariff on all movies produced abroad entering the US, while suggesting that a trade agreement may be possible soon [3] - Trump downplayed concerns about the long-term negative impact of his tariff policies on the US economy [3] Group 3: Currency Movements - The Chinese yuan appreciated significantly during the May Day holiday, recovering nearly 900 points against the US dollar, attributed to several factors including positive signals from US-China trade talks and strong domestic travel data [4] - The Hong Kong Monetary Authority intervened by purchasing USD to defend the Hong Kong dollar's peg, marking its first intervention since 2020 [4] Group 4: Chinese Asset Performance - Chinese assets outperformed globally during the holiday, with the Hang Seng Tech Index rising by 3.1% and major tech stocks like Xiaomi and Alibaba seeing significant gains [5] - Global markets also showed positive trends, with major US and European indices recovering from previous losses [5] Group 5: Berkshire Hathaway's Financial Performance - Berkshire Hathaway reported a net profit of $4.603 billion for Q1 2025, a 64% decline year-on-year, with investment losses amounting to $5.038 billion [6] - The company's cash position reached a record high of $347.7 billion, indicating a strong liquidity position despite recent losses [6] Group 6: Buffett's Insights - Warren Buffett emphasized the importance of trade and expressed a need for the US to engage more with global markets, while also highlighting the transformative potential of AI [7] - Buffett announced plans for Greg Abel to succeed him as CEO, marking a significant leadership transition for Berkshire Hathaway [7] Group 7: Fiscal Policy Developments - China's Finance Minister outlined plans for a more proactive fiscal policy, with a target deficit rate of 4% for 2025, the highest in recent years [8] - The government plans to issue 11.86 trillion yuan in new bonds, focusing on investment promotion and support for key sectors [9] Group 8: Market Developments - The Beijing Stock Exchange may soon see its first delisted stock, as a company faces an audit opinion that could lead to its designation as a special treatment stock [10] - The upcoming Federal Reserve meeting is anticipated to maintain current interest rates, with market focus on potential comments from Chairman Powell [11] Group 9: IPO and Stock Unlocking - The China Securities Regulatory Commission approved an IPO for Shandong Xintong Electronics, with several new stocks set to be issued this week [12] - A total of 51 companies will have their restricted shares unlocked this week, with a combined market value of approximately 49.2 billion yuan [14]

刚过去的交易周（4月28日~4月30日）恰逢五一小长假前夕，当周仅有三个交易日，A股发生了显著变化。 如我们在4月30日推送的文章中所提及，4月最后一个交易日，以科技股为代表的高弹性股票走强，银行、保险、电力等防御性资产继续调整。因此，4月 最后一个交易周，不同风格指数表现迥异。沪深300指数当周下跌0.43%，科创50上涨0.78%，显示资金加速向高弹性赛道倾斜。 尤其是最后两个交易日，市场活跃度明显提升。上周一（4月28日），涨停家数为53家，涨幅超过7%个股共计77家；上周二（4月29日），涨停家数增加 至76只，涨幅超过7%个股增加至135只；上周三（4月30日），涨停家数进一步增加至100只，涨幅超过7%个股增加至168只。 五一小长假后首个交易周，A股只有4个交易日。节后市场将怎么走？我们先来看看外围市场在A股休市期间的表现。 假期外围股市集体反弹 美股方面，得益于贸易战缓和迹象和强劲非农就业报告，上周五（5月2日）标普500指数连续第九个交易日收高，创下自2004年以来最长连涨走势，并收 复了特朗普4月初宣布全面加征关税后的全部跌幅。 港股亦走强。5月2日港股正常开盘，恒生指数以大涨1.74%报 ...

钛媒体App 5月4日消息，下周（5月5日-11日）市场大事预告： 1．Wind数据显示，下周(5月5日至9日)央行公开市场将有16178亿元逆回购到期，其中5月6日、5月7日 分别到期10870亿元、5308亿元。 2．周二（6日）中国4月财新服务业PMI；中国4月财新综合PMI。 3．Wind数据显示，下周将有3只新股发行，其中沪市主板有1只，创业板有1只，合计发行约9020.94万 股，预计合计募资27.56亿元。具体来看，5月7日发行的是汉邦科技；5月8日发行的是威高血净、太力 科技。港股方面，博雷顿5月7日上市，沪上阿姨和钧达股份5月8日上市。 4．据同花顺iFinD数据，5月5日至11日A股共有50家公司限售股陆续解禁，合计解禁66.01亿股，按4月 30日收盘价计算，解禁总市值为491.34亿元。其中解禁市值居前三位的是天山股份（258.6亿元）、景嘉 微（44.3亿元）、嘉环科技（35.77亿元）。从个股解禁量看，解禁股数居前三位的是天山股份（52.88 亿股）、嘉环科技（2.18亿股）、康美药业（2.09亿股）。 5．周一（5日）美国4月Markit服务业PMI终值；美国4月ISM非制造业指 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [1]. Core Insights - The report tracks the recent performance of the offline IPO market across the Sci-Tech Innovation Board, Growth Enterprise Market, and Main Board, indicating that the average first-day price increase for Sci-Tech Innovation Board stocks is 196.22% and for Growth Enterprise Market stocks is 242.95% [2][15]. - The report highlights the average IPO returns for different account sizes, with A-class accounts of 200 million yielding a return of 1.27% and B-class accounts yielding 1.10% since the beginning of 2025 [10][40]. - The report notes that the recent IPOs have seen significant oversubscription, with C Tian You Wei's online subscription rate at 0.03% and an oversubscription multiple of 3314.88 [20][22]. Summary by Sections 1. Tracking Recent IPO Returns - The report provides a detailed analysis of the recent IPO returns, showing that A-class accounts with a scale of 200 million achieved a return of 1.27% while B-class accounts achieved 1.10% [10][40]. - The average first-day price increase for the last 20 IPOs is significantly high, with the Sci-Tech Innovation Board averaging 196.22% and the Growth Enterprise Market averaging 242.95% [15][2]. 2. Recent IPO Results - C Tian You Wei (603202.SH) listed on the Main Board with an issue price of 93.5 yuan and a market capitalization of approximately 3217.42 million yuan, achieving a subscription oversubscription multiple of 3314.88 [20][22]. - C Jiang Shun Ke (001400.SZ) listed with an issue price of 37.36 yuan and a market capitalization of 560.40 million yuan, with an oversubscription multiple of 8526.25 [21]. - C Zhong Jie (301560.SZ) listed on the Growth Enterprise Market with an issue price of 16.5 yuan and a market capitalization of 500.44 million yuan, with an oversubscription multiple of 5594.96 [22]. 3. Recent IPO Calendar - The report outlines the IPO calendar, indicating that as of April 25, 2025, there are several stocks pending inquiry and one stock awaiting subscription, with a total expected fundraising of 3.557 billion yuan [26][27]. - The report also lists the recent IPOs that occurred from April 21 to April 25, 2025, including C Tian You Wei, C Jiang Shun Ke, and C Zhong Jie [29]. 4. Recent IPO Market Performance - The report notes that most newly listed stocks in the past month have seen first-day price fluctuations between 100% and 450%, with the highest increases recorded by Zhejiang Huayuan at 451.36% [30][31]. - The report indicates that the majority of new stocks have fundraising amounts between 0-1 billion yuan, with C Tian You Wei leading at 3.74 billion yuan [31]. 5. Theoretical IPO Return Estimation - The report provides a theoretical estimation of IPO returns based on different account sizes, showing that A-class accounts with 200 million have a return rate of 5.00% since 2024 and 1.27% since 2025 [40][44]. - The report also details the monthly returns for different account sizes, indicating a trend of decreasing returns for larger accounts [41][43].

Group 1 - The report indicates that the secondary trading performance of new stocks has been flat, but there are signs that the first-day trading sentiment may be accelerating towards a bottom [1][12][22] - The average increase of new stocks listed in 2024 is approximately 0.6%, with about 62.2% of new stocks showing positive returns [12][28] - The report suggests that the cautious trading atmosphere in the secondary market is likely to continue for a short period, while the first-day trading sentiment has significantly cooled down, reaching a low point not seen since September 2024 [2][12][19] Group 2 - The report highlights that there were no new stocks available for online subscription last week, and the average first-day increase of newly listed stocks was below 100%, indicating a decline in enthusiasm for new stock trading [4][25][26] - The average issuance price-earnings ratio for new stocks in April has decreased, with the average for the ChiNext board at 14.4X, down from 21.1X in March [13][15] - The report emphasizes the importance of monitoring specific sectors that may benefit from policy expectations or changes in the external environment, particularly in industries like robotics and AI [2][12][41] Group 3 - The report notes that there are no new stocks scheduled for listing this week, but two new stocks will open for subscription, and three will begin the inquiry process [3][36][37] - The report recommends focusing on near-term new stocks that are scarce and have stable performance expectations, especially those that may benefit from policy catalysts [2][41][42] - The report identifies specific stocks to watch, including Suzhou Tianmai, Top Cloud Agriculture, and others, suggesting that investors remain flexible and observant for potential opportunities [8][41][42]

策 略 研 究 新股申购 2025 年 04 月 25 日 汉邦科技：国内色谱纯化装备领域领 先企业 ——注册制新股纵览 20250425 本期投资提示： 证 券 研 究 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 胡巧云 A0230520080005 huqy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 研究支持 朱敏 A0230524050004 zhumin@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 报 告 相关研究 - ⚫ AHP 得分——剔除流动性溢价因素后，汉邦科技 2.42 分，位于总分的 39.7%分位。汉邦 科技于 2025 年 4 月 24 日招股，将在科创板上市。剔除、考虑流动性溢价因素后，我们测 算汉邦科技 AHP 得分为 2.42 分、2.50 分，分别位于科创体系 AHP 模 ...

Core Viewpoint - Jiangsu Hanbang Technology Co., Ltd. has officially launched its initial public offering (IPO) process, with the online and offline subscription date set for May 7, 2025 [1] Company Overview - Hanbang Technology is a high-tech enterprise focused on chromatography technology, providing specialized separation and purification equipment, consumables, application technology services, and related technical solutions primarily for the pharmaceutical and life sciences sectors [2][3] - The company is one of the earliest domestic manufacturers with complete independent intellectual property rights for liquid chromatography systems, breaking the long-standing foreign monopoly in related technologies and products [2] Market Position - According to Frost & Sullivan, the total market size for liquid chromatography equipment in China exceeded 2.7 billion yuan in 2023, with Hanbang Technology ranking second in the production-grade liquid chromatography separation equipment market, holding a market share of approximately 12.7% [2] - In the production-grade small molecule liquid chromatography system market, Hanbang Technology achieved a market share of 39.2% in a market size of approximately 780 million yuan in 2023 [2] - The company ranked third in the production-grade macromolecule chromatography system market, with a market share of about 8.8% in a market size of approximately 2.5 billion yuan in 2023 [2] Industry Growth Drivers - The chromatography equipment market is expanding globally, particularly in China, driven by the continuous development of application fields, domestic substitution, and rapid growth in downstream industries [3] - Since 2021, various national policies and regulations have been introduced to support the development of the pharmaceutical and scientific instrument sectors, creating a favorable operating environment for companies like Hanbang Technology [3] Financial Performance - Hanbang Technology's revenue has shown consistent growth from 321 million yuan in 2021 to an estimated 691 million yuan in 2024, while net profit attributable to shareholders increased from 4.86 million yuan to approximately 79.34 million yuan during the same period [3] R&D and Technological Strength - The company has focused on chromatography separation and purification products for nearly 30 years, with R&D investment increasing from 22.04 million yuan in 2021 to 41.84 million yuan in 2024 [4] - Hanbang Technology has developed several core technologies and holds 53 authorized invention patents, including 40 domestic and 13 overseas patents [4] IPO Fund Utilization - The funds raised from the IPO will be used to expand and deepen existing business operations, including projects for producing 1,000 units of liquid chromatography separation equipment, establishing a chromatography separation equipment R&D center, and producing 2,000 units of laboratory chromatography purification instruments [5][6]