Group 1 - The new stock and newly listed sector continues to exhibit a speculative trend, with localized highlights becoming more pronounced. The current adjustment cycle has lasted nearly four months, and the negative impact from the failure to reach a bottom in early December is expected to have been digested over the past few weeks. A turning point for this adjustment cycle may be approaching [1][2][13] - The average increase in the new stock sector since the beginning of 2024 is approximately 1.2%, with about 60.1% of stocks achieving positive returns, indicating a recovery from the previous week’s average decline of -2.0% [1][13][28] - External catalysts are increasing, including the central bank's encouragement to raise long-term capital investment in A-shares, which may boost overall market risk appetite. Additionally, the Shanghai Stock Exchange's new listing standards for commercial aerospace companies may enhance trading enthusiasm in current popular themes [2][13] Group 2 - The focus remains on technology sectors, particularly in areas such as AI computing power, robotics, and commercial aerospace, which have significant long-term growth potential. Continuous attention and active search for emerging hotspots within these sectors are recommended [3][13] - For sectors that are currently popular, it is advised to manage the rhythm of adjustments and consider rotational investments, including innovative pharmaceuticals, new energy, new consumption, and non-ferrous chemicals [3][13] Group 3 - Upcoming new stocks include Qiangyi Co., Yufan Technology, Shuangxin Environmental Protection, and Hengdong Light [4][33] - Last week, three new stocks were available for online subscription, with an average issuance price-earnings ratio of 18.7X and an average subscription success rate of 0.0210% [5][21] - The average first-day increase for newly listed stocks last week was approximately 265%, indicating sustained high trading enthusiasm, although this was a slight decrease from the previous week’s average of 343% [5][25][26]

2025 年 12 月 28 日 北交所策略专题报告 2025 年打新择时复盘：上市首日售出策略仍然为短期最佳策略 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所 2025 年打新择时复盘，一周内新股股价最高日通常为上市首日 从 2025 年北交所节奏上来看，截至 2025 年 12 月 26 日，2025 年 1-12 月北交所 合计过会 49 家企业，合计上市 25 家企业，从 2025 年 4 季度开始，北交所上市 节奏出现提升，其中 2025 年 11-12 月北交所合计过会 22 家企业。从 2024 年至 今 48 家上市企业一周内股价变化趋势来看，多数企业股价最高日为上市首日。 我们按照上市日期为 T 日，上市企业股价最高日在 T 日、T+1、T+2、T+3、T+4、 T+5、T+6、T+7 的占比分别为 72.92%、0.00%、4.17% 、2.08%、4.17%、6.25%、 2.08%、8.33%。其中，一周内股价最高日不是上市首日的企业数量共有 13 家， 整体来主要由于 1）上市首日市场情 ...

证券代码：920100 证券简称：三协电机 公告编号：2025-145 常州三协电机股份有限公司 关于注销部分募集资金专项账户的公告 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、募集资金情况概述 2025 年 7 月 31 日，中国证监会出具《关于同意常州三协电机股份有限公司 向不特定合格投资者公开发行股票注册的批复》（证监许可〔2025〕1621 号）； 2025 年 9 月 2 日，北交所出具《关于同意常州三协电机股份有限公司股票在北 京证券交易所上市的函》（北证函〔2025〕728 号）。公司股票于 2025 年 9 月 8 日在北京证券交易所上市。 公司本次向不特定合格投资者公开发行普通股 2,070.00 万股（含超额配售）， 每股面值为人民币 1.00 元，每股发行价格为 8.83 元，募集资金总额为人民币 18,278.10 万元，扣除发行费用 2,802.80 万元，公司本次募集资金净额为 15,475.30 万元。上述募集资金到位情况已经天健会计师事务所（特殊普通合伙）验证，并 ...

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 25 日 2.会议召开地点：江苏省常州市经济开发区富民路 222 号公司 6 楼会议室 3.会议召开方式：现场投票与网络投票相结合方式 证券代码：920100 证券简称：三协电机 公告编号：2025-143 常州三协电机股份有限公司 2025 年第三次临时股东会决议公告 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。 4.会议召集人：公司董事会 5.会议主持人：董事长盛祎 6.召开情况合法合规的说明： 本次股东会会议召集、召开、议案审议程序等方面符合有关法律、行政法 规、部门规章、规范性文件和公司章程的规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 18 人，持有表决权的股份总数 53,109,162 股，占公司有表决权股份总数的 71.9546%。 其中通过网络投票参与本次股东会的股东共 7 人，持有表决权的股份总数 18,464,124 股，占公司有表决权股份总数的 25.0160%。 （三）公司董事 ...

本所律师根据《中华人民共和国公司法》（以下简称《公司法》）、《中华 人民共和国证券法》（以下简称《证券法》）、《上市公司股东会规则》（以下 简称《股东会规则》）、《律师事务所从事证券法律业务管理办法》（以下简称 《证券法律业务管理办法》）、《律师事务所证券法律业务执业规则（试行）》 （以下简称《证券法律业务执业规则》）等相关法律、行政法规、规章、规范性 文件及《常州三协电机股份有限公司章程》（以下简称《公司章程》）的规定， 就本次会议的召集与召开程序、召集人资格、出席会议人员资格、会议表决程序 及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明： 上海市徐汇区淮海中路 1010 号嘉华中心 45 层 邮编：200031 电话：(86-21) 5404 9930 传真：(86-21) 5404 9931 北京市竞天公诚律师事务所上海分所 关于常州三协电机股份有限公司 2025 年第三次临时股东会的 法律意见书 致：常州三协电机股份有限公司（贵公司） 北京市竞天公诚律师事务所上海分所（以下简称"本所"）接受贵公司的委 托，指派律师出席并见证贵公司 2025 年第三次临时股东会（以下简 ...

Group 1 - The stock of Sanxie Electric (920100) increased by 9.37% with a turnover rate of 29.88%, and a total transaction amount of 359 million yuan, showing a volatility of 14.49% [1] - Institutional investors net bought 2.39 million yuan, while brokerage seats collectively net sold 10.84 million yuan [1][2] - The stock has appeared on the龙虎榜 (Dragon and Tiger List) 14 times in the past six months, with an average price drop of 0.38% the day after being listed and an average drop of 4.93% in the following five days [3] Group 2 - The top five brokerage seats accounted for a total transaction amount of 74.73 million yuan, with a buying amount of 33.14 million yuan and a selling amount of 41.59 million yuan, resulting in a net sell of 8.45 million yuan [2] - The leading buying seat was an institutional special seat with a buying amount of 7.21 million yuan and a selling amount of 4.82 million yuan, resulting in a net buy of 2.39 million yuan [2][3] - Specific brokerage seats included multiple from Dongfang Caifu Securities, with significant buying and selling amounts [3]

Core Viewpoint - The rapid development of high-end fields such as robotics and new energy vehicles has led to a surge in demand for micro-special motors, positioning domestic core component companies like Changzhou Sanxie Electric Co., Ltd. as leaders in this growth phase [1] Group 1: Market Demand and Product Focus - Micro-special motors are small, lightweight, and precise, serving as the "power core" for electronic devices and precision machinery, with applications in various high-value sectors [2] - Sanxie Electric focuses on control motors, including stepper motors, servo motors, and brushless motors, meeting the needs of industries such as robotics, security monitoring, and automotive [2] - The company has achieved mass production of motors for collaborative robots and is in the critical stage of industrialization for humanoid robots, anticipating significant market growth driven by milestones in the robotics sector [2] Group 2: Technological Innovations - Sanxie Electric has developed innovative technologies in hybrid stepper motors and high-torque servo motors, breaking the reliance on imports in the high-end textile machinery sector [3] - The company’s brushless motors incorporate advanced isolation measures to prevent leakage, enhancing safety in automotive applications [3] - As of June 2025, Sanxie Electric holds 56 patents, including 10 invention patents, supporting continuous product performance improvements [4] Group 3: Financial Performance and Profitability - The company has shown robust revenue growth, with revenues increasing from 287 million yuan in 2022 to 420 million yuan in 2024, and a net profit CAGR of 44.37% during the same period [6] - In the first three quarters of 2025, revenue reached 407 million yuan, a year-on-year increase of 38.00%, indicating strong business continuity and growth acceleration [6] - The gross margin for textile products rose from 15.91% in 2022 to 30.64% in 2024, reflecting the successful conversion of technological innovation into value [5] Group 4: Strategic Positioning and Future Outlook - The company is strategically positioned to capitalize on the growing demand for efficient and high-performance motors, supported by national policies promoting energy-efficient products [8] - The global micro-special motor market is projected to grow from approximately $36.48 billion in 2020 to $44.6 billion by 2025, with the domestic market also showing strong growth [8] - Sanxie Electric is expanding its production capacity to meet high demand, with plans to enhance product quality and delivery capabilities through IPO funding [9] Group 5: R&D and Competitive Advantage - The company has a well-structured R&D team, with 15.80% of employees being technical staff, and has increased R&D investment significantly from 10.64 million yuan in 2022 to 15.02 million yuan in 2024 [4] - Sanxie Electric's ongoing projects target industry pain points and core technology competition points for the next 3-5 years, ensuring a forward-looking approach to R&D [10] - The company’s dual approach of advanced R&D and effective technology transfer positions it well for sustainable long-term growth in the micro-special motor industry [10]

Market Performance - The electric motor sector increased by 0.9% compared to the previous trading day, with Huayang Intelligent leading the gains [1] - The Shanghai Composite Index closed at 3940.95, up 0.53%, while the Shenzhen Component Index closed at 13486.42, up 0.88% [1] Stock Performance - Huayang Intelligent (301502) closed at 44.19, with a rise of 2.27% and a trading volume of 6007.13 lots, amounting to 26.40 million yuan [1] - Weiguang Co. (002801) closed at 33.96, up 2.14%, with a trading volume of 22,200 lots and a turnover of 75.11 million yuan [1] - Xiangming Intelligent (301226) closed at 31.70, increasing by 1.99%, with a trading volume of 78,800 lots and a turnover of 256 million yuan [1] - Other notable stocks include Benrui Co. (300626) at 14.31 (+1.92%), Shenli Co. (618809) at 11.41 (+1.78%), and Dongyang Electric (002249) at 10.29 (+1.68%) [1] Capital Flow - The electric motor sector experienced a net outflow of 250 million yuan from main funds, while retail investors saw a net inflow of 287 million yuan [2] - The detailed capital flow indicates that Jiadian Co. (000922) had a main fund net inflow of 17.77 million yuan, while it faced a retail net outflow of 25.08 million yuan [3] - Shenli Co. (603813) had a main fund net inflow of 6.99 million yuan but also saw a retail net outflow of 6.20 million yuan [3]

从资金流向上来看，当日电机板块主力资金净流出12.59亿元，游资资金净流入1.44亿元，散户资金净流 入11.15亿元。电机板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月23日电机板块较上一交易日下跌0.55%，三协电机领跌。当日上证指数报收于 3919.98，上涨0.07%。深证成指报收于13368.99，上涨0.27%。电机板块个股涨跌见下表： ...

常州三协电机股份有限公司（以下简称"公司"）于 2025 年 12 月 10 日召 开第三届董事会第十九次会议，审议通过了《关于出售全资孙公司股权的议案》。 三协电机投资(香港)有限公司向 Rayshine (USA) Intelligent Transmission LLC 转 让其持有的新时代动力有限公司（以下简称"新时代动力"）的 100%的股权（以 下简称"标的股权"），Rayshine (USA) Intelligent Transmission LLC 以自有资金 受让标的股权。根据评估值及期后实现的净利润，协商确定转让价格为人民币 657 万元。本次股权转让完成后，Rayshine (USA) Intelligent Transmission LLC 持 有新时代动力 100%的股权。 具体具体内容详见公司 2025 年 12 月 10 日在北京证券交易所信息披露平台 （www.bse.cn）披露的公司《出售全资孙公司股权的公告》（公告编号：2025-140）。 二、交易进展 截止本公告披露日，新时代动力已完成股东变更登记，公司将不再持有新时 代动力股权。敬请广大投资者理性投资，注意风险。 证券 ...