证券代码：920100 证券简称：三协电机 公告编号：2025-146 常州三协电机股份有限公司 第三届董事会第二十次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 12 月 31 日 2.会议召开地点：公司 6 楼会议室 6.会议列席人员：高级管理人员 7.召开情况合法合规的说明： 本次会议召集、召开、出席人数、议事内容和表决程序等均符合《公司法》 《公司章程》及有关法律、法规的规定，所做出的的决议合法有效。 （二）会议出席情况 会议应出席董事 6 人，出席和授权出席董事 6 人。 董事王进、夏卫军、谢肖琳因个人原因以通讯方式参与表决。 具体内容详见公司 2025 年 12 月 31 日在北京证券交易所信息披露平台 （www.bse.cn）披露的公司《出售资产暨关联交易的公告》（公告编号：2025- 147）。 2.议案表决结果：同意 6 票；反对 0 票；弃权 0 票。 本议案已经公司 2025 年第四次独立董 ...

Core Viewpoint - Sanxie Electric (920100) experienced a decline of 5.07% today, with a turnover rate of 20.84% and a transaction volume of 268 million yuan, indicating significant trading activity and potential volatility in the stock [2]. Trading Activity - The stock was listed on the龙虎榜 due to its turnover rate reaching 20.84%, with institutional investors net selling 10.82 million yuan [2]. - The top five trading departments accounted for a total transaction volume of 59.38 million yuan, with a buying amount of 25.80 million yuan and a selling amount of 33.58 million yuan, resulting in a net sell of 7.78 million yuan [2]. - Among the trading departments, two institutional specialized seats were involved, with a total buying amount of 3.09 million yuan and a selling amount of 13.90 million yuan, leading to a net sell of 10.82 million yuan [2]. Historical Performance - Over the past six months, the stock has appeared on the龙虎榜 17 times, with an average price drop of 0.10% the day after being listed and an average decline of 3.84% over the following five days [2].

Market Overview - The electric motor sector experienced a decline of 0.48% on the trading day, with Sanxie Electric leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Stock Performance - Notable gainers in the electric motor sector included: - Xingdesheng (603344) with a closing price of 37.36, up 10.01% and a trading volume of 60,100 shares, totaling 220 million yuan [1] - Runse Station (300626) closed at 15.91, up 8.67% with a trading volume of 231,100 shares, totaling 360 million yuan [1] - Xiangdian Co. (600416) closed at 15.78, up 7.49% with a trading volume of 1,024,400 shares, totaling 156.5 million yuan [1] - Major decliners included: - Sanxie Electric (920100) closed at 73.66, down 5.07% with a trading volume of 35,600 shares, totaling 268 million yuan [2] - Zhaowei Electromechanical (003021) closed at 124.18, down 3.67% with a trading volume of 88,400 shares, totaling 1.108 billion yuan [2] - Jiangsu Leili (300660) closed at 54.82, down 2.89% with a trading volume of 190,400 shares, totaling 1.051 billion yuan [2] Capital Flow - The electric motor sector saw a net outflow of 925 million yuan from institutional investors, while retail investors contributed a net inflow of 688 million yuan [2] - The capital flow for specific stocks showed: - Xiangdian Co. (600416) had a net inflow of 1.09 billion yuan from institutional investors [3] - Xingdesheng (603344) experienced a net inflow of 58.98 million yuan from institutional investors [3] - Jiadian Co. (000922) had a net inflow of 13.70 million yuan from institutional investors [3]

Market Overview - As of December 31, the Shanghai Composite Index closed at 3968.84 points, up by 3.72 points, with a change of 0.09% [1] - The Shenzhen Component Index closed at 13525.02 points, down by 79.04 points, with a change of -0.58% [1] - The ChiNext Index closed at 3203.17 points, down by 39.73 points, with a change of -1.23% [1] Trading Activity - A total of 94 A-shares had a turnover rate exceeding 20% on the same day [1] - Notably, C Xin Guang Yi and Guang Dao Tui had turnover rates exceeding 50%, indicating significant trading activity [1] Top Stocks by Turnover Rate - C Xin Guang Yi (301687) had a closing price of 71.32 yuan, with a turnover rate of 80.68% and a price increase of 225.22% [1] - Guang Dao Tui (920680) closed at 0.86 yuan, with a turnover rate of 60.23% and a price decrease of -21.82% [1] - Other notable stocks include: - Yu Yin Co., Ltd. (002177) with a turnover rate of 56.99% and a price increase of 10.06% [1] - C Qiang Yi (688809) with a turnover rate of 56.70% and a price increase of 13.62% [1] - C Heng Dong Guang (920045) with a turnover rate of 53.79% and a price increase of 878.16% [1]

Group 1 - In 2025, a total of 116 companies successfully went public in the A-share market, representing a year-on-year increase of 16%. The total funds raised amounted to 131.77 billion yuan, a growth of 95.64%. The average amount raised per company was 1.136 billion yuan, up by 68.66% [2][9] - A total of 278 companies were accepted for IPO, with 124 going to the review meeting, 107 approved, 99 withdrawn, and 7 terminated. The approval rate was 95.7%, while the actual approval rate was 45.3% [2][9] - As of December 31, 2025, there are still 333 companies in the IPO queue. Among them, 68 have been accepted, 178 in inquiry, 15 approved, 2 postponed, 29 submitted to the CSRC, 13 registered, and 28 under review suspension [2][9] Group 2 - The new stocks maintained a "zero break" trend this year, with significant profit effects, as 64 stocks saw first-day gains exceeding 200% [4][11] - The top first-day gainer was Dapeng Industrial, which surged by 1211.11%. Other notable gainers included Sanxie Electric (785.62%), Muxi Co., Ltd. (692.95%), Jiangnan New Materials (606.83%), and Guangxin Technology (500%) [5][11] - Additionally, N Xinguangyi and N Hengdongguang saw first-day gains exceeding 300% and 980%, respectively. The top five "big meat sign" stocks, based on potential earnings from the first-day opening price, were Muxi Co., Ltd., Moer Thread, Angrui Micro, Yingshi Innovation, and Xidian Co., with potential earnings of 297,700 yuan, 267,900 yuan, 78,500 yuan, 67,400 yuan, and 63,900 yuan respectively [6][11]

Group 1 - The core point of the article is that Sanxie Electric (stock code: 920100) experienced significant trading activity on December 30, 2025, with a turnover rate of 33.45% and a trading volume of 5.7194 million shares, amounting to a transaction value of 429 million yuan [1][3] Group 2 - The top buying seat was an institutional account, purchasing 7.6178 million yuan worth of shares [1] - The top selling seat was Dongfang Caifu Securities Co., Ltd., Lhasa Tuanjie Road Second Securities Business Department, selling shares worth 7.5949 million yuan [1] - The trading activity indicates a high level of interest in Sanxie Electric, as evidenced by the substantial turnover and the involvement of institutional investors [1][2]

Core Insights - The A-share IPO market in 2025 experienced a significant turnaround, with a total of 244 IPOs accepted by the three major exchanges by December 29, 2025, 80% of which were submitted after June 2025, indicating a strong recovery in the market [1] - Technology companies emerged as the primary focus for investors, with 50 tech firms listed on the ChiNext and Sci-Tech Innovation Board, raising a total of 598 billion, nearly half of the total funds raised for the year [3][12] - The performance of new stocks was remarkable, with 111 new stocks seeing an average first-day increase of 256%, and some stocks, like Dapeng Industrial, experiencing a 1200% increase on their debut [1][3] Technology Sector Focus - The technology sector dominated the IPO landscape, with 20 companies from the computer and communication industries raising 340 billion, double the amount raised the previous year [3] - The automotive manufacturing sector also saw significant activity, with 12 companies raising 144 billion, including a notable IPO from United Power, which raised 36 billion [3] - The popularity of tech stocks is attributed to the market's recognition of "hard technology," focusing on domestic replacements and emerging industries, which has led to increased interest from major brokerage firms [3] Investment Behavior and Patterns - There is a notable trend where stocks that performed well had a "hidden feature" of prior accumulation by institutional and retail investors, indicating that funds had already shown interest before the price increases [5][10] - Data analysis revealed that stocks with multiple instances of institutional and retail investor activity had a higher probability of price increases, with successful stocks averaging 3.36 instances of "fund consensus" compared to less successful stocks [7][10] - Investors are encouraged to look for signs of accumulation and consensus among funds before making investment decisions, as this can indicate potential future price increases [10][12] Market Trends and Insights - The recovery of the IPO market, particularly in technology stocks, reflects a broader consensus among investors regarding the importance of "hard technology" [12] - Investors are advised to focus on data and signs of fund consensus rather than chasing new stocks immediately, as stocks that have shown prior accumulation are more likely to sustain long-term growth [12] - The overall trend suggests that patience and data-driven analysis are crucial for successful investment strategies in the current market environment [12]

Core Viewpoint - Northeast Securities is actively participating in regional financial services and innovation, focusing on supporting local industries and small to medium-sized enterprises through various financial instruments and strategies [3][4][5][9] Group 1: Financial Innovations and Initiatives - The first special bond supporting rural revitalization in the Yellow River Basin was issued, with Northeast Securities as the sole lead underwriter, channeling 250 million yuan into ecological restoration and rural industrial upgrades [3] - The company completed the first "photoelectric information" labeled sci-tech bond in the country and a 1 billion yuan sci-tech bond for Jilin Province's industrial investment management group, facilitating financing for strategic emerging industries [3] - In 2023, Northeast Securities completed 21 local bond projects in Jilin Province, accounting for 39% of similar projects in the province, covering urban construction, industrial upgrades, and public welfare [4][5] Group 2: Financial Performance - In the first three quarters of the year, Northeast Securities achieved operating income of 3.861 billion yuan, a year-on-year increase of 38.83%, and a net profit attributable to shareholders of 1.067 billion yuan, up 125.21% year-on-year [5] Group 3: Focus on Innovation and Technology - The company has established a full-cycle service system for small and medium-sized innovative enterprises, having sponsored 10 companies to list on the Beijing Stock Exchange, ranking 7th in the industry [6][7] - Northeast Securities has been involved in significant financing projects, including an 800 million yuan refinancing for a leading carbon fiber company, marking the largest refinancing project on the Beijing Stock Exchange to date [6] Group 4: Digital Transformation - The company has prioritized digital transformation since 2021, aiming to enhance service capabilities and operational efficiency through a structured approach [8] - Utilizing big data and artificial intelligence, Northeast Securities is improving customer service experiences by creating personalized service configurations and enhancing wealth management offerings [8] Group 5: Strategic Vision - The chairman emphasized the importance of financial services in driving technological innovation and industrial upgrades, positioning Northeast Securities as a key connector between technology and industry [9]

Core Viewpoint - The A-share IPO market in 2025 shows a "low at the beginning, high at the end" trend, with significant growth in the number of IPOs and fundraising amounts, particularly after the introduction of new policies aimed at supporting technology innovation [1][3]. Summary by Sections IPO Market Overview - As of December 29, 2025, a total of 244 IPO applications were accepted by the three major exchanges, with 80% (180 companies) submitted after the "618 new policy" announcement [1]. - The number of new listings reached 111, a 12.12% increase from the previous year, with total fundraising amounting to 125.32 billion yuan, a 96.25% increase year-on-year [1]. Fundraising and Company Listings - The total fundraising from new listings was 1253.24 billion yuan, with the Shanghai Stock Exchange leading at 432.28 billion yuan, followed by the Science and Technology Innovation Board at 353.05 billion yuan [4]. - The ChiNext and Science and Technology Innovation Board accounted for 45.05% and 47.72% of the total number of listings and fundraising, respectively, indicating a strong focus on technology innovation [3]. Notable IPOs - Major IPOs included Huadian New Energy, which raised 181.71 billion yuan, and other significant listings such as Moer Thread and Muxi Co., which raised 80 billion yuan and 41.97 billion yuan, respectively [5][6]. - The top ten fundraising IPOs included four from the Science and Technology Innovation Board and three from the Shanghai Stock Exchange [4]. Performance of New Stocks - New stocks had an impressive average first-day increase of 256.77%, with no stocks experiencing a drop below their issue price [15]. - Notable performers included Dapeng Industrial, which saw a first-day increase of 1211.11%, and Muxi Co. with a 692.95% increase [16][18]. Underwriting and Sponsorship - Major securities firms dominated the underwriting market, with CITIC Securities leading by sponsoring 13 IPOs and earning 11.39 billion yuan in underwriting fees [9][10]. - The total underwriting fees for the 111 new stocks amounted to 62.33 billion yuan, reflecting the lucrative nature of the IPO market this year [9]. Sector Analysis - The computer, communication, and other electronic equipment manufacturing sectors led in IPO numbers with 20 companies and a total fundraising of 340.03 billion yuan [7]. - The specialized equipment manufacturing sector followed with 14 companies and 86.35 billion yuan raised, indicating a robust interest in technology-related industries [7].

（记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 每日经济新闻 每经讯，2025年12月29日，北交所上市公司三协电机（920100，收盘价：71.1元）登上龙虎榜，交易方式是连续竞价，披露原因 是当日换手率达到21.85%，成交数量373.7万股，成交金额2.69亿元。买一席位为东方财富证券股份有限公司拉萨团结路第二证 券营业部，买入583.15万元；卖一席位为国信证券股份有限公司深圳互联网分公司，卖出1830.85万元。 | | 2025-12-29三协电机 (920100) 龙虎榜 | | | | --- | --- | --- | --- | | 序号 | 交易营业部名称 | 买入金额(元) | 卖出金额(元) | | न्द्र ग | 东方财富证券股份有限公司拉萨团结路第二证券营业部 | 5831540.35 | 2894485.71 | | 买2 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | 5342364 73 | 2026233.18 | | 址3 | 东方财富证券股份有限公司拉萨金融城南环路证券营业部 | 5133918.13 ...