Core Viewpoint - The upcoming IPO of Aifenda, a leading manufacturer of electric towel racks in China, is set for September 1, with an issue price of 27.69 yuan per share and a price-to-earnings ratio of 20.35, which is lower than the industry average of 31.41 [1][2]. Group 1: Company Overview - Aifenda specializes in the research, development, production, and sales of HVAC home products and components, including bathroom towel racks and various HVAC accessories [1][2]. - The company has a strong presence in the European market, maintaining long-term relationships with well-known wholesalers and retailers, with approximately 90% of its revenue coming from exports [2]. Group 2: Market Strategy - Aifenda is expanding its domestic market presence through online sales platforms like Tmall, JD.com, and Alibaba, as well as strategic partnerships with real estate companies to penetrate the finished housing market [2]. - The company is also collaborating with renowned appliance brands such as Panasonic and Kohler to enhance product value and brand influence, while developing a hybrid online and offline sales model [2]. Group 3: Fundraising and Investment Projects - The funds raised from the IPO will be allocated to projects aimed at upgrading and constructing automated production lines for towel racks, as well as supplementing working capital [2]. - These investment projects are designed to expand Aifenda's existing business, accelerate the smart transformation of production, and enhance the company's core competitiveness [2]. Group 4: Financial Performance - Aifenda's projected revenues for 2022, 2023, and 2024 are 762 million yuan, 830 million yuan, and 1.05 billion yuan, respectively, with net profits of 93 million yuan, 164 million yuan, and 118 million yuan [3]. - In the first half of 2025, the company reported revenues of 505 million yuan and a net profit of 60 million yuan [3].

Group 1 - The core viewpoint of the articles highlights a significant increase in the enthusiasm for new stock subscriptions in the A-share market, driven by a recovering market sentiment [1][2][4] - On August 25, Huaxin Jingke's online subscription attracted over 13 million investors, setting a new record for the Shanghai Stock Exchange since March 2022 [2][4] - The number of investors participating in new stock subscriptions has nearly doubled over the past year, with the Shanghai Stock Exchange seeing an increase of approximately 650,000 investors [4][6] Group 2 - The new stock subscription trend is not limited to the Shanghai Stock Exchange; the Shenzhen Stock Exchange, ChiNext, and STAR Market have also seen increased investor interest [1][4][6] - The online subscription for Huaxin Jingke involved issuing 43.73 million shares, with 20% allocated for strategic placement and 60% for offline issuance [2] - The subscription for Huaxin Jingke resulted in 1.1 billion shares being effectively subscribed, indicating a high level of investor engagement [2] Group 3 - The profitability of new stocks has been a significant factor in attracting investors, with several new stocks showing substantial gains on their first trading day [7] - For instance, the new stock Guangdong Jiankang saw a first-day price increase of 409.80%, resulting in a profit of over 13,000 yuan per subscription [7] - The overall market performance has also improved, with major indices like the Shanghai Composite Index rising over 8% since August [7][8] Group 4 - The trading activity in the A-share market has surged, with daily trading volumes exceeding 3 trillion yuan, marking a significant increase in market activity [8] - Analysts suggest that the current market environment is entering a positive feedback loop, characterized by increased capital inflow and rising market prices [8] - The supportive measures from decision-makers regarding the capital market have contributed to a more favorable trading atmosphere [8]

Core Viewpoint - Aux Electric is set to go public on the Hong Kong Stock Exchange from August 25 to 28, aiming to issue 207 million shares, with a focus on the air conditioning market and a significant growth trajectory in revenue and profit over the next few years [3][4]. Company Overview - Aux Electric is a subsidiary of Aux Group, which already has two listed companies: Sanxing Medical in A-shares and Aux International in Hong Kong [3]. - The main business of Aux Electric includes the research, production, and sales of household and central air conditioning systems, serving various applications such as residential, commercial, and industrial [3]. Market Position - As of 2024, Aux Electric ranks as the fifth largest air conditioning provider globally, holding a market share of 7.1% [4]. - The company has projected revenues of RMB 195.28 billion, RMB 248.32 billion, and RMB 297.59 billion for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 23.5% [4]. Financial Performance - Net profits for Aux Electric are expected to be RMB 14.42 billion, RMB 24.87 billion, and RMB 29.10 billion for the years 2022, 2023, and 2024 respectively, with a first-quarter net profit of RMB 9.25 billion in 2025, showing a year-on-year growth of 23.0% [4]. - The company’s revenue for the first quarter of 2025 is projected at RMB 93.52 billion, marking a 27.0% increase compared to the previous year [4]. IPO Details - The IPO price range is set between HKD 16.00 and HKD 17.42 per share, with a minimum subscription amount of HKD 3,519.14 [8]. - The total market capitalization is estimated to be between HKD 24.915 billion and HKD 27.126 billion [8]. - The offering consists of 207 million shares, with 5% allocated for Hong Kong and 95% for international investors, and a green shoe option is available [5][8]. Investor Sentiment - The large issuance volume and the use of the A mechanism may indicate a lack of confidence from the company, as the market valuation for the industry is generally low [8]. - If the maximum clawback is triggered, it is possible for investors to achieve a 100% success rate in share allocation [9].

| 8.83 | 发行/行业市盈率 | 12.31/21.85 | | --- | --- | --- | | 发行价(元) | 申购上限 | 85.5万股 | 今日无新债 免责声明 投资有风险，入市需谨慎。本内容不构成任何投资建议。投 资者不应以该等信息取代其独立判断或仅根据该等信息做出 决策。申万宏源对这些信息的准确性或完整性不作保证，亦 不对因使用该等信息而引发或可能引游艇操练透报纸圆膏结 股 三协电机 920100 比 ...

Market Overview - The Shanghai Composite Index rose by 3.49% last week, closing at 3825.76 points, with a peak of 3825.76 points [1] - The Shenzhen Component Index increased by 4.57%, closing at 12166.06 points, with a peak of 12167.28 points [1] - The ChiNext Index saw a rise of 5.85%, closing at 2682.55 points, with a peak of 2683.9 points [1] - In the global market, the Nasdaq Composite Index fell by 0.58%, while the Dow Jones Industrial Average rose by 1.53% and the S&P 500 increased by 0.27% [1] - In the Asia-Pacific region, the Hang Seng Index rose by 0.27%, while the Nikkei 225 Index fell by 1.72% [1] New Stock Issuance - One new stock was issued last week, with the details as follows: - Stock Code: 920112.BJ, Stock Name: 巴兰任, Subscription Date: 20250819 [2] Margin Trading - The total margin trading balance in the Shanghai and Shenzhen markets reached 21477.3 billion yuan, with a financing balance of 21327.89 billion yuan and a securities lending balance of 149.41 billion yuan [3] - The margin trading balance increased by 917.9 billion yuan compared to the previous week [3] - The Shanghai market's margin trading balance was 10948.37 billion yuan, up by 473.51 billion yuan, while the Shenzhen market's balance was 10528.93 billion yuan, up by 444.39 billion yuan [3] - A total of 3444 stocks had margin buying, with 265 stocks having buying amounts exceeding 1 billion yuan, led by 东方财富 (212.35 billion yuan), 北方稀土 (122.35 billion yuan), and 中兴通讯 (119.31 billion yuan) [3][4] Fund Issuance - Eight new funds were issued last week, including: - 诺安稳健回报混合D, 博时稳健回报债券(LOF)E, 华宝宝康债券D, 华富可转债债券D, 汇添富双鑫添利债券D, 安信平衡养老目标三年持有期混合发起, 长盛元赢30天持有债券C, and 长盛元赢30天持有债券A [5][6] Company Buybacks - Thirteen companies announced share buybacks last week, with the top five by execution amount being: - 中国石化, 星网锐捷, 飞鹿股份, 火炬电子, and 意华股份 [7][8] - The highest buyback amounts were concentrated in the oil and petrochemical, telecommunications, and basic chemical industries [8]

Group 1 - The core viewpoint of the article highlights the issuance price of Huaxin Jingke at 18.60 yuan, with an industry price-to-earnings ratio of 21.68 and a general market P/E ratio of 21.8 [1] - The maximum subscription limit for investors is set at 13,500 shares [1] - There are no new bonds available for subscription today [1]

Core Viewpoint - This week, two new stocks will be available for subscription in the A-share market, namely Huaxin Jingke and Sanxie Electric, with subscriptions starting on Monday and Tuesday respectively [2]. Group 1: Huaxin Jingke - Huaxin Jingke is a leading manufacturer in the field of precision stamping iron cores, with established partnerships with major companies like BYD and BMW [2][3]. - The offering price for Huaxin Jingke is set at 18.6 CNY per share, with a maximum subscription limit of 13,500 shares per account, requiring a market value of 135,000 CNY in the Shanghai market [3]. - The company specializes in the research, production, and sales of various precision stamping iron cores, which include types for electric vehicle drive motors, micro motors, electrical equipment, and ignition coils [3][4]. - Huaxin Jingke has achieved revenues of 1.192 billion CNY, 1.189 billion CNY, and 1.421 billion CNY for the years 2022, 2023, and 2024 respectively, with net profits of 114 million CNY, 156 million CNY, and 153 million CNY [4]. Group 2: Sanxie Electric - Sanxie Electric is a high-tech enterprise focused on the research, manufacturing, and sales of control motors, with products including stepper motors, servo motors, and brushless motors [5][6]. - The offering price for Sanxie Electric is 8.83 CNY per share, with a maximum subscription limit of 855,000 shares per account [5]. - The company emphasizes innovation in motor technology and has developed a comprehensive process database to meet diverse customer needs [5][6]. - Sanxie Electric has reported revenues of 287 million CNY, 362 million CNY, and 420 million CNY for the years 2022, 2023, and 2024 respectively, with net profits of 27 million CNY, 49 million CNY, and 56 million CNY [6][7].

New IPOs - Two new stocks are scheduled for subscription this week: Jiangyin Huaxin Precision Technology Co., Ltd. (Huaxin Precision, 603370) and Changzhou Sanxie Electric Co., Ltd. (Sanxie Electric, 920100) [1][2] - Huaxin Precision is a leading manufacturer in the precision stamping core sector, with over 20 years of experience and established partnerships with major companies like BYD and BMW [1][4] - Sanxie Electric specializes in the research, manufacturing, and sales of control motors, including stepper motors and servo motors, and was recognized as a national high-tech enterprise in 2023 [1][6] Recent IPO Performance - Last week, two new stocks were listed, with an average first-day increase of 351.2%, resulting in significant profits for investors [1][6] - Ningbo Nengzhiguang New Materials Technology Co., Ltd. (Nengzhiguang, 920056) and Shenyang Hongyuan Electromagnetic Wire Co., Ltd. (Hongyuan, 920018) both saw substantial price increases on their debut [6][7] Company Financials - For Huaxin Precision, the average revenue of comparable companies for 2024 is projected at 3.68 billion yuan, with an average PE-TTM of 40.35X and a gross profit margin of 12.31% [4] - Sanxie Electric's revenue for 2022, 2023, and projected 2024 is 287 million yuan, 362 million yuan, and 420 million yuan respectively, with net profits showing a consistent growth trend [6] Upcoming IPO Reviews - The Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange will hold new listing review meetings this week [8] - Companies under review include Nabai Chuan New Energy Co., Ltd. and Jiangsu Jingchuang Electric Co., Ltd., focusing on innovative technologies in the electric vehicle and cooling industries [9][10]

Group 1: New Stock Market Activity - The issuance of new stocks on the Beijing Stock Exchange has accelerated since August, with significant first-day gains for newly listed companies, such as Hongyuan Co. and Nengzhiguang, which rose by 358.02% and 344.38% respectively [1] - Recent reports indicate that the sentiment indicators for the new stock sector have surged to high levels, marking the second instance since late July where the sentiment has returned to the exuberant levels seen in October to November of the previous year [1] - The new stock sector is entering a critical decision-making phase, necessitating close monitoring and flexible responses due to the rising pricing indicators and diminishing value-for-money options among new stocks [1] Group 2: Upcoming IPOs - Two new stocks are scheduled for subscription next week, including Huaxin Precision and Sanxie Electric, with Huaxin Precision being a leading manufacturer in the precision stamping core sector for electric vehicle drive motors and other applications [3][4] - Huaxin Precision has established partnerships with major companies such as Valeo, Delta Electronics, Bosch Group, and BYD, and is projected to achieve a net profit of between 132 million and 161 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 16.03% to 41.81% [3][4] - Sanxie Electric, founded in 2002, specializes in control motors and is expected to report a net profit of between 41.28 million and 45.15 million yuan for the first three quarters of 2025, indicating a growth of 8.36% to 18.51% [5][7] Group 3: Financial Projections - Huaxin Precision anticipates a revenue range of 112.20 million to 124.02 million yuan for the first three quarters of 2025, representing a growth of 13.74% to 25.71% compared to the previous year [4] - Sanxie Electric expects its revenue to be between 32 million and 35 million yuan for the same period, which translates to a growth of 8.44% to 18.60% year-on-year [7]

Core Viewpoint - The recent surge in new stock listings on the Beijing Stock Exchange (BSE) has led to significant first-day price increases, indicating a heightened market sentiment and potential investment opportunities in the new stock sector [1]. Group 1: New Stock Listings - Two new stocks, Huaxin Precision and Sanxie Electric, are set to be listed this week, with first-day price increases of 358.02% and 344.38% respectively [1]. - The new stock sector's sentiment indicators have reached high levels, suggesting a critical period for directional choices in the market [1]. - The upcoming new stock offerings include Huaxin Precision, a leading manufacturer in the precision stamping core sector, and Sanxie Electric, a high-tech enterprise specializing in control motors [2][3]. Group 2: Company Profiles - Huaxin Precision specializes in precision stamping cores for various applications, including electric vehicle drive motors and has established partnerships with major companies like Valeo and Bosch [1][4]. - The company projects a net profit of 132 million to 161 million yuan for the first three quarters of 2025, representing a year-on-year growth of 16.03% to 41.81% [5][6]. - Sanxie Electric focuses on control motors and has a diverse application range across industries such as security, textiles, and robotics, with expected net profits of 41.28 million to 45.15 million yuan for the same period, reflecting a growth of 8.36% to 18.51% [7][8].