Core Viewpoint - The article discusses the upcoming stock unlocks for 38 companies, with a total unlock market value of 21.678 billion yuan, highlighting the potential impact on stock prices and market sentiment [3]. Group 1: Upcoming Unlocks - Next week, 38 stocks will be unlocked, with a total market value of 21.678 billion yuan based on the latest closing prices [3]. - Among these, China Southern Airlines will have 804 million shares unlocked, with an unlock market value of 5.689 billion yuan [4]. - Filin Kesi will follow with 22 million shares unlocked, representing an unlock market value of 1.871 billion yuan [4]. Group 2: Market Performance - The average stock price of the 38 companies has decreased by 8.22% since November [7]. - Jiuqi Software has the highest price increase, with a rise of 13.74% in November, facing an unlock of 2.4883 million shares valued at 0.022 billion yuan [7]. - Huide Technology has the largest decline, with a drop of 33.96% in November, facing an unlock of 739,800 shares valued at 0.017 billion yuan [7]. Group 3: Institutional Research - Six companies, including Jianqiao Technology and Bojun Technology, have received institutional research in November [7]. - Jianqiao Technology will have 742 million yuan in market value unlocked, with 70 institutional research engagements [7]. - Bojun Technology has seen a significant improvement in operating cash flow, with an increase of over 70 million yuan compared to the previous quarter [7]. Group 4: Performance of Loss-Making Companies - Companies with performance losses, such as Hongyang Sun, Water Development Gas, and Zhongwang Software, face greater unlock pressure [8].

格隆汇11月21日｜下周将有38只股解禁，按照最新收盘价计算，合计解禁市值216.78亿元。南方航空解 禁市值最高，达56.89亿元，下周将有8.04亿股上市流通，主要为定向增发机构配售股份。菲菱科思的解 禁规模次之，下周将有0.22亿股上市流通，解禁股主要为首发原股东限售股份，解禁市值达18.71亿元。 解禁比例来看，必易微、吉冈精密、赛恩斯、菲菱科思等6股的解禁比例居前，均超30%。 ...

消息面上，宁德时代近50%的H股IPO基石投资者锁定股份将于2025年11月20日起解禁，合共大约7750 万股。摩根大通发布研报称，依然看好宁德时代A股，并将其视为中国电池产业链的首选，目标价为 480元人民币，较最新收盘价有19%的上涨空间。H股目标价由600港元下调至575港元，即使考虑到H股 较A股有约10%的估值溢价，较最新收盘价亦只有6%上涨空间，评级"中性"。 宁德时代（300750）(03750)再跌超4%，截至发稿，跌3.8%，报506港元，成交额9.42亿港元。 此外，宁德时代昨晚公布，主要股东黄世霖询价转让A股股份，经向机构投资者询价后，初步确定的转 让价格为每股376.12元，较H股收盘价526港元折让高达21.8%，较A股现价则折让3.8%。宁德时代表 示，本次询价转让收到有效报价单共55份，涵盖基金管理公司、合格境外机构投资者、保险公司、证券 公司、私募基金管理人等专业机构投资者。参与本次询价转让报价的机构投资者合计有效认购股份数量 为1.47亿股，对应的有效认购倍数为3.2倍。 ...

智通财经APP获悉，宁德时代(03750)再跌超4%，截至发稿，跌3.8%，报506港元，成交额9.42亿港元。 消息面上，宁德时代近50%的H股IPO基石投资者锁定股份将于2025年11月20日起解禁，合共大约7750 万股。摩根大通发布研报称，依然看好宁德时代A股，并将其视为中国电池产业链的首选，目标价为 480元人民币，较最新收盘价有19%的上涨空间。H股目标价由600港元下调至575港元，即使考虑到H股 较A股有约10%的估值溢价，较最新收盘价亦只有6%上涨空间，评级"中性"。 此外，宁德时代昨晚公布，主要股东黄世霖询价转让A股股份，经向机构投资者询价后，初步确定的转 让价格为每股376.12元，较H股收盘价526港元折让高达21.8%，较A股现价则折让3.8%。宁德时代表 示，本次询价转让收到有效报价单共55 份，涵盖基金管理公司、合格境外机构投资者、保险公司、证 券公司、私募基金管理人等专业机构投资者。参与本次询价转让报价的机构投资者合计有效认购股份数 量为1.47亿股，对应的有效认购倍数为3.2倍。 ...

Core Viewpoint - Contemporary Amperex Technology Co., Limited (CATL) shares fell over 3%, closing at 523 HKD, with a trading volume of 277 million HKD, following the announcement of a major shareholder's intention to sell shares [1] Group 1: Shareholder Actions - Shareholder Huang Shilin plans to transfer 45.6324 million shares, representing 1% of the company's total share capital, due to personal funding needs [1] - As of November 13, Huang directly holds 466 million A-shares, accounting for 10.21% of the total share capital (including A-shares and H-shares), with 25.89 million shares being pre-IPO shares [1] Group 2: Market Analysis - JPMorgan recently recommended buying CATL's A-shares listed in Shenzhen while selling its H-shares in Hong Kong, as early key investors are approaching the end of their stock sale restrictions [1] - Starting November 19, cornerstone investors from CATL's May Hong Kong listing will be able to sell their holdings, potentially releasing nearly 50% of CATL's H-share float [1] - The report indicates that the unlocking of these shares could be a critical catalyst for reversing the premium of CATL's H-shares over A-shares [1]

Core Viewpoint - Morgan Stanley recommends buying CATL's shares listed in Shenzhen and selling those listed in Hong Kong due to the impending expiration of stock sale restrictions for early key investors [1] Group 1: Stock Market Analysis - Starting from November 19, cornerstone investors of CATL's Hong Kong listing will be able to sell their shares, potentially releasing nearly 50% of CATL's H-shares into circulation [1] - The report indicates that the unlocking of these shares could be a key catalyst for reversing the premium of CATL's H-shares over A-shares [1] Group 2: Performance Comparison - Since its Hong Kong listing six months ago, CATL's H-shares have surged by 116%, while its A-shares have only increased by 60% during the same period [1] - Currently, after adjusting for exchange rate factors, CATL's H-shares are approximately 25% more expensive than its A-shares, which is unusual as most companies listed in both markets typically see A-shares trading at a premium to H-shares [1]

Core Viewpoint - The company, Huaxia Eye Hospital, has announced the lifting of restrictions on shares issued prior to its initial public offering (IPO), allowing for increased liquidity in the market [1][2]. Group 1: Share Structure and Restrictions - After the IPO, the total share capital of the company is 56 million shares, with 503,663,671 shares subject to trading restrictions, accounting for 89.94% of the total [1]. - As of the announcement date, the total share capital has increased to 84 million shares, with 511,171,125 shares under trading restrictions, representing 60.85% of the total [2]. - The lifting of restrictions involves 238,830,000 shares, which is 28.43% of the total share capital [2]. Group 2: Shareholder Information - The restricted shares are held by two shareholders, with a total of 511,170,000 shares, which is 60.85% of the total share capital [3][4]. - The major shareholders include Huaxia Medical Investment (Xiamen) Co., Ltd. and Su Qingcan, who is the chairman and general manager of the company [4]. Group 3: Financial Performance and IPO Details - The company raised a total of 305.28 million RMB from the IPO, with a net amount of 276.85 million RMB after deducting issuance costs [5]. - The original fundraising target was 77.85 million RMB, indicating a significant oversubscription of 198.99 million RMB [5]. - The company was listed on the Shenzhen Stock Exchange's ChiNext board on November 7, 2022, with an issue price of 50.88 RMB per share [5].

Group 1 - The core viewpoint of the article highlights the significant revenue growth and profitability turnaround of Cambrian-U (688256) in Q3 2025, with a revenue of 1.727 billion yuan, a year-on-year increase of 1332.52%, and a net profit of 567 million yuan, marking a return to profitability [1] - For the first three quarters of 2025, Cambrian-U reported a revenue of 4.607 billion yuan, up 2386.38% year-on-year, and a net profit of 1.605 billion yuan, indicating a successful market expansion in AI applications [1] - Cambrian-U's stock price reached a peak of 1595.88 yuan per share in late August, making it the highest-priced stock in A-shares, although it closed at 1247.68 yuan per share recently, with a market capitalization of nearly 522 billion yuan [1] Group 2 - Next week, 54 stocks will face a lock-up expiration, with a total unlock market value of 71.709 billion yuan based on the latest closing prices [3] - Huibo Yuntong will have 157 million shares listed for circulation next week, with an unlock market value of 8.428 billion yuan, primarily from the original shareholders' lock-up [4] - Among the stocks facing lock-up expiration, the average price decline in October is 5.25%, with Hai Tong Development leading with a 24.12% increase [6]

Group 1 - Northern Rare Earth announced a net profit forecast for the first three quarters of 2025, estimating a profit of 1.51 billion to 1.57 billion yuan, representing a year-on-year increase of 272.54% to 287.34% [2] - The company has implemented measures to adapt to market changes, enhance budget management, reduce costs, and improve efficiency, leading to significant growth in production and sales of its main products [2] - The trading price of rare earth concentrates for the fourth quarter of 2025 has been adjusted to 26,205 yuan per ton (excluding tax), reflecting a 37.13% increase from the previous quarter's price of 19,109 yuan per ton [2] Group 2 - Upwind New Materials plans to resume trading on October 13, 2025, after being suspended due to abnormal trading fluctuations [4] - The stock price of Upwind New Materials surged by 1,597.94% from July 9 to September 25, 2025, with a closing price of 132.1 yuan per share on the last trading day [4] - The company's price-to-earnings ratio is significantly higher than the industry average, with the latest ratio at 719.93 compared to the industry average of 26.96 [4] Group 3 - Next week, 40 stocks will face a total unlock market value exceeding 79 billion yuan, with significant contributions from companies like China Merchants Port and Meihua Medical [5][6][7] - China Merchants Port will have 577 million shares unlocked, with a market value of 11.967 billion yuan, while Meihua Medical will have 412 million shares unlocked, valued at 9.804 billion yuan [6][7] - Stocks such as Xinkai Technology and Dingyang Technology have relatively low unlock pressure, with market values below 100 million yuan [8] Group 4 - Among the stocks facing unlock, Meihua Medical, Anda Intelligent, and Kecuan Technology have the highest unlock ratios, exceeding 50% [9] - The average stock price of the 40 stocks that will be unlocked has increased by 4.66% since September [10] - Demingli has the highest increase at 109.92%, with 624,200 shares facing unlock next week, valued at 12.4 million yuan [10] Group 5 - Shenghui Integrated has received attention from 30 institutions since September, maintaining an optimistic outlook for its performance in the second half of the year, particularly in semiconductor and high-end panel production [11] - Companies like China Merchants Port and Qingnong Commercial Bank reported net profits exceeding 1 billion yuan in the first half of the year [11] - Several stocks facing unlock, including Haichuang Pharmaceutical-U and Zhongke Jincai, reported losses in the first half of the year [11]

Core Viewpoint - The upcoming week will see a significant unlocking of shares, with a total market value exceeding 79 billion yuan, which may impact stock prices and market dynamics [6]. Group 1: Company Performance - Northern Rare Earth announced a forecast for the first three quarters of 2025, expecting a net profit attributable to shareholders of 1.51 billion to 1.57 billion yuan, representing a year-on-year increase of 272.54% to 287.34% [2]. - The company has implemented measures to enhance budget management, reduce costs, and improve efficiency, leading to a substantial increase in the production and sales volume of its main products [2]. - Northern Rare Earth adjusted the trading price of rare earth concentrate for Q4 2025 to 26,205 yuan/ton, reflecting a 37.13% increase from the previous quarter's price of 19,109 yuan/ton [2]. Group 2: Stock Unlocking Events - A total of 40 stocks will face unlocking next week, with a combined market value of over 79 billion yuan based on the latest closing prices [6]. - Notable stocks include China Merchants Port, which will have 577 million shares unlocked, amounting to a market value of 11.967 billion yuan, and Meihua Medical, with 412 million shares unlocking, valued at 9.804 billion yuan [6]. - The unlocking pressure is relatively lower for stocks like Xinkai Technology and Dingyang Technology, with unlocking values below 100 million yuan [6]. Group 3: Institutional Attention - Among the stocks facing unlocking, the average price increase since September is 4.66%, with Demingli leading at a 109.92% increase [7]. - Companies like Ruide Intelligent and Shenghui Integration have received significant institutional attention, with Ruide Intelligent reporting 50 institutional surveys and a market value of 5.93 billion yuan facing unlocking [7]. - Shenghui Integration is optimistic about its performance in the second half of the year, particularly in semiconductor and high-end panel production, leveraging its strong technical foundation and customer resources [7]. Group 4: Financial Performance of Unlocking Stocks - Several stocks facing unlocking, including Haichuang Pharmaceutical-U and Zhongke Jincai, reported losses in the first half of the year [8]. - In contrast, companies like China Merchants Port and Dongfang Electric reported net profits exceeding 1 billion yuan in the same period [8].