就A股市场来看，A股上半年共有50家企业实现首发上市，上 市企业以中小规模企业为主，合计筹资超过371亿元，IPO数 量和筹资额实现双增长，均同比上升14%。 作者：姜鑫 封图：图虫创意 "2025上半年，未有IPO破发，IPO平均首日回报达到220%，与2024上半年的136%相比，同比大幅上升。" 2025年6月12日，在《中国内地和香港IPO市场》报告（下称"报告"）发布现场，安永北京主管合伙人杨淑娟如是介绍了上半年A股IPO（首次公开募 股）发行情况。 报告显示，2025年上半年，中国内地和香港地区IPO活动在全球中的占比上升。其中，香港IPO活动表现抢眼，筹资额占全球总筹资额的24%，与A股 合计占全球总筹资额的33%。同时，得益于宁德时代等大型IPO推动，港交所以140亿美元募资规模登顶全球。 全球市场IPO数量和融资规模 A股IPO平均首日回报达到220% 就A股市场来看，A股上半年共有50家企业实现首发上市，上市企业以中小规模企业为主，合计筹资超过371亿元，IPO数量和筹资额实现双增长，均同 比上升14%。 报告显示，从行业来看，工业、科技和材料领域的IPO数量和筹资额分居前三位。汽车行业作 ...

Group 1: Global IPO Activity - In the first half of 2025, the proportion of IPO fundraising from mainland China and Hong Kong rose to 33% of the global total, with Hong Kong accounting for 24% of global fundraising [1][6] - The global IPO market is expected to see around 500 companies listed, with total fundraising of $57.5 billion, reflecting a 9% increase in fundraising despite an 11% decrease in the number of IPOs compared to the previous year [1] Group 2: A-Share Market Performance - A total of 50 companies went public in the A-share market in the first half of 2025, raising over 37.1 billion RMB, marking a 14% increase in both the number of IPOs and the total fundraising amount year-on-year [4] - The industrial, technology, and materials sectors led in both the number and amount of IPOs, with over 30% of the listed companies belonging to the automotive industry [4] Group 3: Regional Contributions to A-Share IPOs - The Yangtze River Delta and Pearl River Delta regions are the main contributors to A-share listings, with Jiangsu, Zhejiang, Guangdong, and Anhui being the top four provinces, collectively accounting for 90% of the total IPOs [5] - In terms of fundraising, Zhejiang, Guangdong, Jiangsu, Heilongjiang, and Anhui accounted for 78% of the total amount raised [5] Group 4: Hong Kong IPO Market Recovery - Approximately 40 companies are expected to go public in Hong Kong in the first half of 2025, raising around 108.7 billion HKD, with a 33% increase in the number of IPOs and a 711% increase in fundraising compared to the previous year [6] - The average fundraising amount for Hong Kong IPOs has increased more than fivefold year-on-year, making it the second-highest in the last decade, only after the same period in 2021 [6] Group 5: Focus on Technology and Innovation - The launch of the "Tech Company Special Line" in May 2025 indicates a shift in the Hong Kong market towards technology innovation, facilitating the listing of high-potential tech companies [7] - The A-share market is expected to adopt a "new normal" in IPO issuance, focusing on high-quality tech companies that meet listing criteria, with macroeconomic conditions and market funds influencing the IPO rhythm [8] Group 6: Future Outlook for IPO Markets - The North Exchange is becoming a key player in IPO applications, reflecting its support for specialized small and medium enterprises, with expectations for expansion into emerging industries like artificial intelligence and cultural creativity [8] - The enthusiasm for companies from the A-share market to list in Hong Kong is expected to continue, driven by the establishment of the "Tech Company Special Line" and the return of Chinese companies to the U.S. market [8]

Core Viewpoint - Zhejiang Xinhengtai New Materials Co., Ltd. has received IPO acceptance from the Beijing Stock Exchange, focusing on the research, manufacturing, and sales of functional polymer foam materials [1] Company Overview - Xinhengtai specializes in functional polymer foam materials, with main products including PEFoam, IXPE, and MPP, and has established itself as a strong supplier in China with good product quality and brand reputation [1] - The company has developed efficient preparation technologies for a range of foam materials and has set up production lines in Vietnam and Thailand to expand its production capacity [2] Product Applications - Xinhengtai's products are utilized by well-known flooring manufacturers such as Aili Home, Haixiang New Materials, and Cainafu [2] - In the MPP sector, the company holds a leading market share in the new energy battery cushioning market and 5G microwave antenna market, with applications in products from major brands like CATL, BYD, and Huawei [2] Recognition and Achievements - The company has been recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise and has received multiple honors, including the Zhejiang Province Manufacturing Single Champion Cultivation Enterprise for 2024 [3] - Xinhengtai has established several research and development centers and has participated in drafting industry standards, holding 53 patents, including 21 invention patents [3] Financial Performance - The company's revenue for 2022, 2023, and 2024 was reported as 530.01 million yuan, 679.27 million yuan, and 774.22 million yuan, respectively, with net profits of 45.00 million yuan, 100.96 million yuan, and 91.76 million yuan [4] - The company aims to expand its applications into aerospace, semiconductors, biomedicine, and high-end equipment through its fundraising projects [4] Market Outlook - The Chinese polyethylene foam market is projected to grow from 1.976 billion USD in 2023 to 3.4 billion USD by 2028, with a compound annual growth rate of 9.04% from 2018 to 2023 [4] - The upcoming projects will address existing capacity bottlenecks, enhance market competitiveness, and promote green development [5]

在政策支持新兴产业、我国经济复苏预期持续向好的背景下，兼具成长、创新和价值属性的中证500指 数投资价值凸显。华商基金旗下华商中证500指数增强基金（A：023826，C：023827），作为"优质宽 基叠加主动增强策略"的代表性作品，为投资者提供了一键布局A股中坚力量的高效工具。据悉，该基 金将于6月13日结束募集。 中证500指数主要覆盖沪深市场中市值规模处于50%-65%区间的上市公司，公司规模实力处于沪深市场 的中坚部分，既有优于小市值企业的稳定性，又具备进一步发展为大市值龙头企业的成长性。指数行业 分布均衡，且聚焦"专精特新"赛道，电力设备、机械制造、航空航天、半导体、电子、计算机、医药医 疗等新兴产业权重合计约43%，可较好捕捉技术变革与新兴经济快速发展带来的红利。 从长期表现看，万得数据显示，自2004年12月31日基日以来，截至2025年5月15日，中证500指数累计收 益率约471.53%，年化收益率约9.21%，长期持有获得感较好。 华商中证500指数增强拟任基金经理 另一位拟任基金经理海洋同为博士出身。他以量化配置模型为基本框架，通过量化驱动的方式对于不同 板块行业进行系统性的风险和收益 ...

Group 1 - The first meeting of the China-US economic and trade consultation mechanism took place in London, with both sides achieving a principled consensus on addressing economic concerns and enhancing cooperation [2][3] - China emphasized the mutual benefits of the economic relationship, stating that trade wars yield no winners and expressing a willingness to engage in dialogue to resolve differences [2] - The US side reported positive outcomes from the meeting, aiming to stabilize bilateral economic relations and implement the consensus reached [3] Group 2 - The China Automobile Industry Association reported that from January to May, automobile production and sales reached 12.826 million and 12.748 million units, respectively, marking year-on-year increases of 12.7% and 10.9% [4] - New energy vehicle production and sales during the same period were 5.699 million and 5.608 million units, reflecting year-on-year growth of 45.2% and 44%, with new energy vehicles accounting for 44% of total new car sales [4] Group 3 - The Zhejiang Provincial Department of Commerce and 17 other departments issued measures to support the overseas expansion of the gaming industry, including increased financial support [5] - Companies such as Silver Wheel Co. plan to establish joint ventures to enter the intelligent robot parts market, while Tian Ci Materials intends to build an integrated production base for electrolytes and raw materials in Morocco [7]

Group 1 - The core point of the article is that Zhongke Instrument Co., Ltd. has completed the IPO counseling filing report with the Liaoning Securities Regulatory Bureau and plans to list on the Beijing Stock Exchange, with the counseling agency being China Merchants Securities [1] - Zhongke Instrument signed a counseling agreement on January 16, 2023, and conducted a total of 10 counseling sessions from January 17, 2023, to the date of the report [1] - During the counseling period, the listing board for Zhongke Instrument changed from the Sci-Tech Innovation Board to the Beijing Stock Exchange [1] - In 2020, Zhongke Instrument applied for an IPO on the Sci-Tech Innovation Board but withdrew the application in May 2021, leading to the termination of the review process by the Shanghai Stock Exchange [1] Group 2 - Zhongke Instrument was established in 2001 and specializes in the research, production, and sales of dry vacuum pumps and vacuum scientific instruments, as well as providing related technical services [1] - The company was recognized as a national-level specialized and innovative "little giant" enterprise by the Ministry of Industry and Information Technology in December 2020 [1] Group 3 - During the counseling process, it was discovered that retired employee Song Baian held shares on behalf of other retired employees and relatives, which has since been resolved with the shares sold and the proceeds returned to the rightful owners [3] - The company underwent a management restructuring during the counseling period, with Guo Dongmin becoming the chairman and Wang Guangyu becoming the general manager, while Kong Xiangling was newly appointed as the deputy general manager [5] - In January 2024, the company appointed Gong Jihua as the new financial director following a board meeting [5]

Company Overview - Zhejiang Xinhengtai New Materials Co., Ltd. (Xinhengtai) has been accepted for IPO on the Beijing Stock Exchange, with Zheshang Securities as the sponsor and Lixin Certified Public Accountants as the auditing firm [4] - Xinhengtai specializes in the research, manufacturing, and sales of functional high polymer foam materials, including chemical cross-linked polyethylene foam (PE Foam), electron beam cross-linked polyethylene foam (IXPE), and polypropylene microporous foam materials (MPP) [4] Industry Recognition - Xinhengtai has been recognized as a national-level "specialized, refined, characteristic, and innovative" small giant enterprise, a key small giant enterprise, and a high-tech enterprise in Zhejiang Province [4] - The company's products are widely used in well-known brands across various sectors, including construction decoration and new energy batteries, with applications in products from companies like CATL, BYD, and Huawei [4] Financial Performance - Xinhengtai's revenue for 2022, 2023, and projected 2024 is 530 million yuan, 679 million yuan, and 774 million yuan respectively, with net profits of 45 million yuan, 101 million yuan, and 91.76 million yuan [5] - The gross profit margins for the same years are 22.98%, 27.9%, and 25.37% [5] - As of December 31, 2024, total assets are projected to be approximately 1.03 billion yuan, with total equity of about 664.85 million yuan and a debt-to-asset ratio of 34.13% [6] Shareholding Structure - The controlling shareholders of Xinhengtai are Chen Chunping, Jin Wei, and their son Chen Junhua, who collectively hold 75.04% of the voting rights [6] - Chen Chunping directly holds 36.41% of the shares, while Jin Wei holds 30.24%, and Chen Junhua holds 4.74% [6][7]

Core Viewpoint - The Yunnan Provincial Government has issued the "Three-Year Action Plan for the Doubling of Specialized, Refined, Characteristic, and Innovative Enterprises (2025-2027)", focusing on cultivating national-level "little giant" enterprises in key sectors, leveraging Yunnan's advantages to promote new product development and industry expansion [1] Group 1: Industry Development Focus - The plan emphasizes the deepening of the non-ferrous metal industry chain, particularly in aluminum and copper, aiming to strengthen the production of aluminum materials, copper materials, and their downstream end products [1] - It aims to enhance the rare metal new materials industry, focusing on indium, germanium, and platinum, with developments in high-purity indium, ITO targets, indium phosphide, solar cells for satellites, germanium optical components, and platinum group metal functional materials and catalysts [1] - The plan promotes the vertical integration of the new energy battery industry chain by utilizing phosphorus resources, encouraging the development of the entire industry chain from "phosphate rock - phosphoric acid - cathode materials - batteries" [1] Group 2: Information Industry Development - The initiative aims to cultivate an outward-oriented information industry targeting South Asia and Southeast Asia, driven by the construction of a digital information corridor [1]

Core Insights - Ningbo has become a focal point for other developed cities in China, particularly in technology innovation, attracting delegations from major cities like Shanghai, Beijing, and Shenzhen for learning exchanges [1][2] - The city's GDP has significantly increased from 0.76 trillion to 1.81 trillion from 2014 to 2024, marking a growth of 10,545 billion [3] - Ningbo is recognized as the first "Champion City" in China, with 104 manufacturing champion enterprises, maintaining the top position for seven consecutive years [4] Economic Growth - Ningbo's GDP growth from 2014 to 2024 is notable, with an increase of 10,545 billion, positioning it as the second city in Zhejiang and aiming for the top ten in the "trillion club" [3] - The city has a strong manufacturing base, with a focus on specialized and high-quality production, contributing to its economic resilience [11][12] Manufacturing Excellence - Ningbo is home to several global leaders in niche manufacturing, such as Sunyu Optical, which supplies one-third of the world's Android phone lenses, and Bode High-Tech, which provides 40% of the world's precision cutting wire [9][10] - The city has made significant strides in critical technology sectors, including semiconductor materials and aerospace components, showcasing its role in national strategic projects [10] Business Environment - The historical business culture in Ningbo, characterized by a strong entrepreneurial spirit and a focus on specialized sectors, has fostered a vibrant private economy, with 97% of businesses being privately owned [11][12] - The government plays an active role in supporting champion enterprises, providing financial incentives and a favorable business environment, ranking fifth nationally for its business climate [19][20] Innovation and Collaboration - Ningbo has established a "big cluster + small specialty" model, promoting collaboration among enterprises within industrial chains, enhancing competitiveness and innovation [17][18] - The city has identified 100 industrial chains, with 18 leading enterprises acting as "chain masters" to drive development and innovation within their sectors [18] Champion Enterprises - The concept of "single champion" enterprises is central to Ningbo's strategy for high-quality development, with significant rewards and support for those achieving this status [22][23] - The city offers substantial financial rewards for national and local champion enterprises, with amounts reaching up to 500 million for national recognition [21]

深圳商报·读创客户端首席记者 张玮玮 文/图 随着《中华人民共和国民营经济促进法》于5月20日正式施行，社会各界高度关注这部法律将如何为民 营经济发展注入新动能。近日，香港中文大学（深圳）公共政策学院院长、前海国际事务研究院院长郑 永年在接受记者专访时，从多维度深入剖析了该法的重要意义与深远影响，并为深圳落实这部重要法律 建言献策。 香港中文大学（深圳）公共政策学院院长、前海国际事务研究院院长 郑永年 "20 世纪90年代起推行的'抓大放小'企业改革战略很成功，但现在的发展需要实施 '抓小放大'战略。"郑 永年认为，深圳要维持创新发展态势，防止大企业垄断，应将有限资源向民营中小企业倾斜，重点培育 专精特新企业。他强调，所有大企业都从小企业起步，深圳在落实民营经济促进法时，要依据自身产业 和经济结构，从政策扶持、资金投入、招商引资等方面着手，因地制宜培育中小企业，尤其是代表未来 技术和发展方向的独角兽企业，"要寻找下一个华为、比亚迪和马化腾"。 他建议，深圳用好特区立法权提前布局，更有效地落实民营经济促进法，可以用法规的形式来实施这部 法律。同时他也提醒，深圳集经济特区、社会主义先行示范区、粤港澳大湾区"三区" ...