12月25日，深交所上市委审议通过深圳大普微电子股份有限公司（以下简称"大普微"）IPO申请，标志着创业板首家未盈利企业成功过会。 创业板积极服务科技创新 | 公司全称 | 深圳大普微电子股份有限公司 | 公司简称 | 大昔微 | | --- | --- | --- | --- | | 受理日期 | 2025-06-27 | 更新日期 | 2025-12-25 | | 审核状态 | 上市委会议通过 | 预计融资金额(亿元) | 18.7785 | | 保存机构 | 国泰海通证券股份有限公司 | 保存代表人 | 曹岳承,王辉政 | | 会计师事务所 | 天健会计师事务所(特殊普通合伙) | 签字会计师 | 李伟海,张毅 | | 律师事务所 | 北京市金杜律师事务所 | 签字律师 | 徐辉,杨振华,王安荣 | | 评估机构 | 坤元资产评估有限公司 | 签字评估师 | 柴山,潘华锋 | 公开资料显示，大普微主要从事数据中心企业级SSD（固态硬盘）产品的研发和销售，是业内领先、国内极少数具备企业级SSD"主控芯片+固件算法+模 组"全栈自研能力并实现批量出货的半导体存储产品提供商。 业内人士认为，此次大普微IPO过 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：003019 证券简称：宸展光电 公告编号：2025-077 宸展光电（厦门）股份有限公司 关于募集资金专户完成销户的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 宸展光电（厦门）股份有限公司（以下简称"公司"）分别于2025年5月27日和2025年6月12日召开了第三 届董事会第十次会议、第三届监事会第八次会议和2025年第一次临时股东大会，审议通过了《关于募投 项目结项并将节余募集资金永久补充流动资金的议案》，同意公司将"鸿通科技泰国工厂产能提升计 划"募投项目结项并将节余募集资金永久补充流动资金。本次募集资金专户余额全部转出后，其募集资 金专户将进行注销处理。具体内容详见公司于2025年5月28日在指定信息披露媒体《证券时报》《中国 证券报》《上海证券报》《证券日报》及巨潮资讯网（www.cninfo.com.cn）披露的《关于募投项目结 项并将节余募集资金永久补充流动资金的公告》（公告编号：2025-026）。 鉴于上述剩余募集资金及其期间进行的现金管理资金已全部赎回并转出，对应的募集 ...

2025上证鹰·上证最佳分析师榜单正式出炉，国泰海通获10项大奖，详情如下： 扫码关注 星标不迷路 国泰海通证券研究所官方公众号 海量研报 | 热门活动 | 视听 内容 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 本公众订阅号(微信号: GTHT RESEARCH )为国泰海通证券股份有限公司(以下简称"国泰海通证券") 研究所依法设立、独立运营的唯一官方订阅号。其他机构或个人在微信平台上以国泰海通研究所名义注 册的，或含有"国泰海通研究"，或含有与国泰海通证券研究所品牌名称相关信息的其他订阅号均不是国 泰海通证券研究所官方订阅号 本订阅号不是国泰海通证券研究报告发布平台 本订阅号所载内容均来 | 名 次 | 奖项 | 研究团队 | | --- | --- | --- | ...

Group 1 - Over 80% of public REITs products experienced an increase this week, with the China Securities REITs Total Return Index rising by 1.56% [2][3] - The highest performing REIT this week was the Zhongjin Chongqing Liangjiang REIT, which saw a weekly increase of 7.86% [3][4] - The recent fluctuations in the REIT market are attributed to concerns over the accounting treatment of OCI principal and interest, rather than the fundamental performance of the underlying assets [3][5] Group 2 - The highly anticipated launch of the first water power REIT in Xinjiang, the Huaxia Zhongke Clean Energy REIT, was successful, with subscription funds exceeding 1616 billion yuan and an effective subscription multiple of approximately 392 times for public investors [6][7] - The underlying asset of the Huaxia Zhongke Clean Energy REIT is the largest hydropower station in the Hotan region, which has been operational for over 14 years with stable historical sales revenue and power generation [7] - The BoShi Shandong Iron Investment Road and Bridge REIT project has been accepted for review, with its underlying asset being the Huanghe Bridge in Jinan, connecting Jinan and Dezhou [8]

Core Insights - More than 52% of ETF investors engage in swing trading, which is the dominant trading strategy among this group [9][12][18] Group 1: ETF Trading Strategies - 36% of investors adopt swing trading, characterized by buying low and selling high [9] - 10.2% of investors practice high-frequency trading, completing trades within a day or a few days [11] - 5.7% utilize grid trading, which involves pre-setting orders for automatic low buy and high sell, essentially still engaging in swing trading [11] - The report indicates that ETF trading often runs counter to market trends, with investors buying during downturns and selling during upswings [12][13] Group 2: Performance of Specific ETFs - The largest ETF tracking the Sci-Tech 50 Index, the Sci-Tech 50 ETF (588000.SH), saw a net value drop of 11.3% from March 7 to July 15, while its shares increased by over 20% [16] - From July 16 to September 25, the net value of the Sci-Tech 50 ETF surged by 47%, but its shares decreased from 84 billion to 47.6 billion, a drop of 43% [16] - From September 25 to the present, the ETF's net value fell by 7.6%, yet its shares grew by 14% [17] Group 3: Investor Strategies - Investor A combines long-term investment with swing trading, focusing on semiconductor ETFs and using moving average cross signals for timing [25] - Investor B employs a macro, meso, and micro strategy, analyzing PPI and CPI to determine market cycles and using technical indicators for automated trading [30] - Investor C uses a policy-driven timing strategy, monitoring national strategic movements and employing technical signals to confirm trends before entering positions [35]

第十九届（2025）"卖方分析师水晶球奖"评选 结果揭晓，国泰海通斩获 31项 大奖，在 "最具影响力机构"、"最佳研究机构"、"本土金牌研究团 队"、"最佳服务机构" 四项机构奖项中，均名列 前四 ！ 国泰海通研究与机构业务委员会副总裁、研究所所长路颖荣获"金牌领队" 称号，共计 23个 研究团队上榜或入围 卖方分析师水晶球奖，其中， 食品饮 料、非银行金融 团队摘得 榜首； 批发和零售贸易、 社会服务业 团队获第二名； 医药生物、 北交所 团队获第三名； 非金属类建材、钢铁、汽车及零 部件、通信、海外、轻工造纸、有色金属 等团队获前五名。 销售团队同样斩获佳绩， " 最佳服务机构"排名第二 ， 分别荣获 北京地区 金牌销售经理 第一名 、 上海地区 金牌销售经理 第二名 、 深广地区 金牌 销售经理 第三名 。 | 名次 | 行业 | 研究团队 | | --- | --- | --- | | I | 食品饮料 | 譬猛、颜慧菁等 | | I | 非银行金融机构 | 刘欣琦等 | | 2 | 批发和零售贸易 | 刘越男、于清泰等 | | 2 | 社会服务业 | 刘越男、于清泰等 | | 3 | 医药生物 | ...

Core Viewpoint - The impact of duration volatility on perpetual bonds may outweigh tail credit issues, indicating a need for careful monitoring of market dynamics and credit conditions in the banking sector [1][2]. Group 1: Market Overview - In 2025, the issuance of bank subordinated bonds remained stable, with a marginal increase in net issuance, although there was structural differentiation, particularly a year-on-year decline of 205 billion in net issuance from joint-stock banks, which is the main reason for the contraction in secondary capital bonds [1][2]. - The spread of bank perpetual bonds in the secondary market transitioned from convergence to differentiation, with high-rated short-duration bonds seeing a decline in spreads as funding costs stabilized, while low-rated long-duration bonds faced upward spread volatility due to market fluctuations [1][2]. Group 2: Key Changes in the Market - The net issuance trend reflects a divergence in bank balance sheet expansion and contraction, with joint-stock and rural commercial banks showing a significant slowdown in expansion, while city commercial banks still have a certain demand for expansion despite relatively low capital adequacy ratios, leading to a trend of increasing net issuance of subordinated bonds [2]. - The instability on the configuration side has resulted in insufficient resilience of long-duration subordinated bonds, with a notable overreaction in valuations since Q4 2025, partly due to the impact of new interest value-added tax regulations and concerns over the high elasticity of perpetual bonds and redemption regulations [2]. - Tail risks are evolving, with potential shifts from credit risk exposure accumulated during earlier expansions to insufficient core capital due to new loans/credit bonds in a contracting environment, which may weaken expectations for future issuance of perpetual bonds, leading to two choices: not redeeming or redeeming without reissuing, with the latter being more likely [2]. Group 3: 2026 Market and Strategy Outlook - For 2026, the issuance from large state-owned banks is expected to remain stable at around 900 billion, with an additional 250 billion in TLAC bonds, while small and medium-sized banks are projected to issue between 600 billion to 700 billion in subordinated bonds [3]. - Investment strategies for 2026 should focus on the stability of the liability side and the redemption aspect of credit, with limited spread space for short-duration bonds and sufficient spread for long-duration bonds, although instability on the liability side may continue to disrupt the market [3]. - The current high spreads of bonds provide a favorable configuration cost-performance ratio, but in a challenging market environment, the need for precise timing and wave management in trading will increase, with investment opportunities likely arising from adjustments following market sentiment shocks [3].

Core Viewpoint - Dameng Data plays a crucial role as a leading database product developer in China's national information technology innovation industry, focusing on independent and original technology routes, and has achieved significant breakthroughs in domestic database technology [1][3]. Group 1: Company Overview - Dameng Data has developed the DM8, a large-scale general-purpose relational database with 100% independent research and development, featuring a unified kernel multi-cluster architecture and advanced technology that meets the needs of large enterprises [2][4]. - The company emphasizes independent, open, and compatible technology paths, focusing on self-controllable data management infrastructure, and aims to create a sustainable industry ecosystem through collaboration with various partners [3][6]. Group 2: Technical Features - DM8 supports hybrid transaction and analytical processing (HTAP), high concurrency, and offers multiple high-availability solutions to ensure data security, making it suitable for large-scale enterprise systems [4][5]. - The database is designed to be highly compatible with mainstream hardware and software platforms, minimizing migration costs for users [4][5]. Group 3: Migration Practices - The company has successfully implemented a "flexible replacement" method for migrating from foreign mainstream database software to Dameng's database, allowing both systems to run simultaneously during the transition [6]. - This migration approach has been recognized for its significant application value, providing users with a controlled risk assessment and transition period [6]. Group 4: Market Positioning and Strategy - In response to competition from companies like Huawei and OceanBase, Dameng Data focuses on creating a differentiated position by providing flexible and sustainable data technology solutions, particularly in industries with high supply chain security requirements [7]. - As the customer base grows, the company anticipates an increase in the proportion of maintenance and service revenue, and is considering innovative business models such as subscription or pay-per-use to stabilize revenue fluctuations [7].

Group 1 - The stock of Boyun New Materials closed flat today with a turnover rate of 37.02% and a trading volume of 2.71 billion yuan, showing a fluctuation of 10.90% [1] - Institutional investors net bought 56.66 million yuan, while brokerage seats collectively net sold 172 million yuan [1] - The stock was listed on the Dragon and Tiger list due to its turnover rate, with the top five trading departments accounting for a total transaction of 533 million yuan, where the buying amount was 209 million yuan and the selling amount was 324 million yuan, resulting in a net sell of 115 million yuan [1] Group 2 - In the past six months, the stock has appeared on the Dragon and Tiger list five times, with an average price drop of 0.35% the next day and an average drop of 9.84% over the following five days [2] - The stock experienced a net outflow of 230 million yuan in main funds today, with a significant outflow of 215 million yuan from large orders [2] - The latest margin trading data shows a total margin balance of 288 million yuan, with a financing balance of 288 million yuan and a securities lending balance of 617,000 yuan, indicating a recent increase in financing balance by 5.18 million yuan, or 1.84% [2]

Core Viewpoint - Zhuhai Jieli Technology Co., Ltd. (referred to as "Jieli Technology") is facing scrutiny from the Beijing Stock Exchange regarding its declining performance and the adequacy of its product iteration disclosures, as well as the authenticity of its financial flows and revenue verification [2]. Group 1: Financial Performance - In 2022, Jieli Technology reported revenue of 2.267 billion yuan and a net profit of 336 million yuan, marking the first occurrence of a "double decline" in its performance, indicating increased volatility [3]. - The company experienced a significant increase in sales expenses, which rose by 86.65% to 55.9174 million yuan due to high business promotion costs associated with efforts to maintain customer stability and expand downstream clients [3]. Group 2: Market Conditions and Supply Chain Issues - The consumer electronics sector's demand remained weak in 2021, leading to high inventory levels among chip design companies and an overall supply-demand imbalance in the industry [3]. - Jieli Technology's suppliers had initially agreed to adjust prices through the provision of free wafers in 2022, but they failed to deliver these wafers as promised, instead concentrating the distribution in the second half of 2023 [3]. Group 3: Regulatory Inquiry - The Beijing Stock Exchange has requested Jieli Technology to clarify the commercial rationale behind the provision of free wafers and whether there are any special interest arrangements involved [4].