Group 1 - The United States is poised to enter a multi-year industrial capital expenditure (capex) boom driven by reshoring, AI data center construction, domestic semiconductor manufacturing, and energy projects [1] - High Yield Investor is celebrating its fifth anniversary by offering a 30-day money-back guarantee and releasing its Top Picks for 2026 [1] - The investment group is led by Samuel Smith, who has extensive experience in dividend stock research and engineering, and collaborates with Jussi Askola and Paul R. Drake to balance safety, growth, yield, and value [1] Group 2 - High Yield Investor provides real-money core, retirement, and international portfolios, along with regular trade alerts, educational content, and an active chat room for investors [1]

Summary of Key Points Core Viewpoint - The article highlights the upcoming IPOs of three new stocks in the A-share market, emphasizing the potential for significant profits for investors, as demonstrated by the recent success of the IPO of Muxi Co., which yielded profits of nearly 400,000 yuan per share for investors [2]. Group 1: Upcoming IPOs - Three new stocks are available for subscription next week: Shaanxi Tourism on December 22, New Guangyi on December 22, and Hengdongguang on December 23 [3][4]. - Shaanxi Tourism's subscription code is 732402, with an issue price of 80.44 yuan per share and a P/E ratio of 12.37, compared to the industry average of 26.90 [5][6]. - New Guangyi's subscription code is 301687, with an issue price of 21.93 yuan per share and a P/E ratio of 28.59, against an industry average of 57.92 [14]. - Hengdongguang's subscription code is 920045, with an issue price of 31.59 yuan per share and a P/E ratio of 14.99, compared to the industry average of 58.05 [20]. Group 2: Shaanxi Tourism Financials - Shaanxi Tourism's total issuance is 19.33 million shares, with a maximum subscription limit of 19,000 shares, requiring a minimum market value of 190,000 yuan in the Shanghai market [5]. - The company reported revenues of 2.32 billion yuan in 2022, 10.88 billion yuan in 2023, and projected revenues of 12.63 billion yuan in 2024, with a net profit of -720.73 million yuan in 2022, 427 million yuan in 2023, and 512 million yuan in 2024 [10][11]. - The company expects a revenue decline of 24.69% to 11.54% in 2025, with a projected net profit decrease of 27.50% to 14.80% [12]. Group 3: New Guangyi Financials - New Guangyi's revenues were 4.55 billion yuan in 2022, 5.16 billion yuan in 2023, and are projected to reach 6.57 billion yuan in 2024, with net profits of 81.51 million yuan in 2022, 83.28 million yuan in 2023, and 116 million yuan in 2024 [15]. - The company anticipates a revenue increase of 7.10% in 2025, with a projected net profit growth of 10.00% [17]. Group 4: Hengdongguang Financials - Hengdongguang's revenues were 4.75 billion yuan in 2022, 6.13 billion yuan in 2023, and are expected to reach 13.15 billion yuan in 2024, with net profits of 55.33 million yuan in 2022, 64.52 million yuan in 2023, and 148 million yuan in 2024 [21]. - The company projects a revenue increase of 60.45% to 67.30% in 2025, with net profits expected to rise by 82.13% to 102.36% [24][25].

【环球网财经综合报道】蘅东光通讯技术（深圳）股份有限公司主业聚焦于光通信领域无源光器件产品的研发、制造 与销售，主要业务板块包括无源光纤布线、无源内连光器件及相关配套业务三大板块，目前该公司正在申请在北交所 上市。 | 项目 | 员工人数(人) | 占员工总数比例 | | --- | --- | --- | | 本科及以上 | 377 | 10. 63% | | 大专 | 388 | 10. 94% | | 中专及其他 | 2, 783 | 78. 44% | | 合计 | 3, 548 | 100. 00% | 经营信息还显示，公司的第一大客户一直都是AFL，2025年上半年的销售占比进一步提升到58.22%，对蘅东光的经营 可持续性构成重大影响。与此同时，《审核问询函的回复》披露，公司境内销售业务和境外销售业务毛利率差异巨 大，2023年前者仅为10.09%，而后者则高达29.95%。 《第一轮审核问询函的回复》第104页还披露，报告期内，除主要境外客户AFL、Coherent、Jabil、Telamon、CCI 外其 他客户的综合毛利率分别为22.41%、20.35%、17.77%和19.67%，整体毛 ...

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - In the second half of 2025, both domestic and international cotton markets currently lack obvious upward drivers and are likely to maintain a volatile trend [2][3][68] - It is recommended to pay attention to the reverse spread opportunities under the expectation of a looser domestic supply after October, specifically the Zhengzhou Cotton Futures 11 - 1 reverse spread [3][70] Group 3: Summary of Each Section 2025 H1 Cotton Futures Market Review - In H1 2025, Zhengzhou Cotton Futures mainly showed a volatile trend, with fluctuations mainly affected by the sentiment of the domestic financial market driven by macro - factors. There was a rebound before the Spring Festival, a sharp decline after the Tomb - Sweeping Festival due to the US tariff policy, and another rebound after the China - US peace talks in May [6] 2025 H2 Global Cotton Supply - Demand Situation Analysis Global Cotton Supply - In H2 2025, global cotton supply is expected to remain abundant. The bumper harvests of Brazilian and Australian cotton have laid the foundation for a loose supply. The market will mainly focus on US cotton production and also consider other major producing countries. Only when the combined production reduction of major producing countries exceeds expectations will the global supply tighten in H1 2026 [7][8][9] - **Brazil**: In 2025, Brazilian cotton production continued to increase, but the rising cost may slow down the area growth in 2026. The export situation in H2 2025 will affect farmers' planting willingness in 2026 [12][13][15] - **US**: The area and yield of US cotton in the 2025/26 season are uncertain. It is necessary to wait for the area outlook report at the end of June and pay attention to the weather from June to August. If the yield is flat year - on - year, the total supply will increase, and exports are expected to rebound. The export is also affected by economic and trade negotiations [20][23][25] - **Other Major Producing Countries**: The cotton production of India, Pakistan, Turkey, and Australia in the 2025/26 season is uncertain. If the production decreases by more than 400,000 tons year - on - year as estimated by USDA, it will benefit the exports of Brazil and the US, mainly in H1 2026 [30][32] Global Cotton Demand - From the macro - environment to micro - data, there is no optimistic outlook for global cotton demand. The instability of the global economy and international trade has a negative impact on cotton demand. The terminal's replenishment demand is not optimistic, and the direct import demand mainly depends on China [35][37][39] 2025 H2 China Cotton Market Supply - Demand Analysis China Cotton Supply - The market is worried that the domestic cotton inventory will be tight at the end of the 2024/25 season, but the inventory reduction speed may slow down from June to September. The new - year cotton production in Xinjiang is expected to remain high, and the national cotton area is also expected to increase [47][50][51] China Cotton Consumption - Since the 2024/25 season, the apparent consumption of domestic cotton has been better than expected. As long as the cotton price remains low, the demand in H2 2025 will remain stable. The terminal demand for textile and clothing has slowed down in terms of domestic sales and changed in terms of exports. The direct demand for cotton has increased due to capacity expansion and low prices [54][62][64]