Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - For the stock index, in the long - term, policies support the capital market. In the short - term, pay attention to market rhythm and adopt a strategy of buying on dips [4]. - For treasury bonds, the economy's recovery momentum needs observation. There is still room for reserve requirement ratio and interest rate cuts, but the timing of overall easing may be postponed. The bond market is expected to fluctuate, mainly affected by the stock - bond seesaw [6]. - For precious metals, in the medium - term, the Fed's subsequent interest rate cuts may increase significantly, and there is a strategy of buying on dips for gold and silver [8]. - For non - ferrous metals, most metals are expected to fluctuate, with different influencing factors such as supply - demand, policy, and inventory [11][13][15]. - For black building materials, steel products are expected to continue to oscillate at the bottom. Iron ore may oscillate weakly in the short - term. Coking coal and coke may show an oscillatory and slightly stronger trend. Glass and soda ash are expected to maintain their current trends [31][33][38]. - For energy and chemicals, different products have different outlooks. For example, crude oil is advised to be observed in the short - term with a low - buying and high - selling strategy; methanol has the feasibility of buying on dips; urea is recommended to take profit on rallies [53][56][58]. - For agricultural products, different products have different trends. For example, the short - term of live pigs may be strong, but the medium - term may be under pressure; eggs may oscillate; protein meals are advised to wait and see [77][79][82]. 3. Summary by Directory Stock Index - **Market Information**: The central bank governor said there is room for reserve requirement ratio and interest rate cuts this year. Some companies' IPOs have new progress, and space - related projects have new plans [2] - **Strategy View**: Adopt a strategy of buying on dips in the long - term and pay attention to market rhythm in the short - term [4] Treasury Bonds - **Market Information**: Bond contract prices changed slightly. The first batch of 936 billion yuan of ultra - long - term special treasury bonds for equipment renewal was issued. The central bank conducted reverse repurchase operations with a net investment of 309 billion yuan [5] - **Strategy View**: The economy's recovery momentum is uncertain. There is room for reserve requirement ratio and interest rate cuts, and the bond market is expected to fluctuate [6] Precious Metals - **Market Information**: Gold and silver prices rose. US inflation data was lower than expected, and COMEX silver inventory decreased [7] - **Strategy View**: In the medium - term, the Fed's interest rate cuts may increase, and there is a strategy of buying on dips for gold and silver [8] Non - Ferrous Metals - **Copper** - **Market Information**: LME copper prices rose, inventory increased, and domestic social inventory accumulation slowed down [10] - **Strategy View**: The market sentiment is not pessimistic, and copper prices are expected to oscillate in the short - term [11] - **Aluminum** - **Market Information**: Aluminum prices rose, and inventory changes were mixed [12] - **Strategy View**: The decline of aluminum prices is limited, and there is support in the short - term [13] - **Zinc** - **Market Information**: Zinc prices rose slightly, and inventory and other indicators changed [14] - **Strategy View**: Zinc prices have room to catch up, and need to observe PMI data [15] - **Lead** - **Market Information**: Lead prices rose slightly, and inventory increased [17] - **Strategy View**: Lead prices may oscillate, and need to observe PMI data [17] - **Nickel** - **Market Information**: Nickel prices fluctuated narrowly, and nickel iron prices rose [18] - **Strategy View**: Nickel prices are expected to oscillate widely in the short - term, and it is recommended to wait and see [18] - **Tin** - **Market Information**: Tin prices fell slightly, and supply and demand and inventory had certain changes [19] - **Strategy View**: Tin prices may oscillate, and it is recommended to wait and see [19] - **Lithium Carbonate** - **Market Information**: Lithium carbonate prices rose, and production and inventory decreased [21] - **Strategy View**: There is a risk of correction, and it is recommended to wait and see or try with a light position [22] - **Alumina** - **Market Information**: Alumina prices rose, and inventory increased [23] - **Strategy View**: It is recommended to wait and see, and pay attention to supply - side policies [24] - **Stainless Steel** - **Market Information**: Stainless steel prices rose, and inventory decreased [25][26] - **Strategy View**: The market is expected to be strong, and prices may oscillate at a high level [26] - **Cast Aluminum Alloy** - **Market Information**: Cast aluminum alloy prices oscillated, and inventory changed [27] - **Strategy View**: Prices are expected to oscillate and consolidate [28] Black Building Materials - **Steel** - **Market Information**: Steel prices rose slightly, and inventory and other indicators changed [30] - **Strategy View**: Steel prices are expected to continue to oscillate at the bottom, and need to pay attention to relevant policies [31] - **Iron Ore** - **Market Information**: Iron ore prices rose slightly, and inventory increased [32] - **Strategy View**: Iron ore prices may oscillate weakly in the short - term, and need to pay attention to steel mills' replenishment and iron - making rhythm [33] - **Coking Coal and Coke** - **Market Information**: Coking coal and coke prices rose slightly, and there were changes in spot prices and basis [34] - **Strategy View**: Coking coal and coke prices may show an oscillatory and slightly stronger trend, and need to pay attention to market sentiment [38] - **Glass and Soda Ash** - **Market Information**: Glass prices fell, and soda ash prices fell slightly. Inventory and other indicators changed [39][40] - **Strategy View**: Glass is expected to oscillate widely, and soda ash is expected to maintain a weak consolidation [39][41] - **Manganese Silicon and Ferrosilicon** - **Market Information**: Manganese silicon and ferrosilicon prices rose slightly, and there were changes in technical forms [42] - **Strategy View**: Pay attention to market sentiment and cost factors, and wait for driving factors [44] - **Industrial Silicon and Polysilicon** - **Market Information**: Industrial silicon prices rose slightly, and polysilicon prices rose. Supply and demand and inventory had certain changes [45][46] - **Strategy View**: Industrial silicon prices may oscillate repeatedly, and polysilicon prices are expected to fluctuate in the short - term [46][47] Energy and Chemicals - **Rubber** - **Market Information**: Rubber prices rebounded, and there were different views on the rise and fall [48] - **Strategy View**: Adopt a neutral view, wait and see, and consider short - selling if the price breaks through a certain level [51] - **Crude Oil** - **Market Information**: Crude oil and related product prices rose [52] - **Strategy View**: Do not be too bearish on oil prices in the short - term, and it is recommended to observe and wait for verification [53][54] - **Methanol** - **Market Information**: Methanol prices changed, and MTO profit changed [55] - **Strategy View**: It has the feasibility of buying on dips [56] - **Urea** - **Market Information**: Urea prices changed, and the basis was reported [57] - **Strategy View**: Take profit on rallies [58] - **Pure Benzene and Styrene** - **Market Information**: Pure benzene prices were stable, and styrene prices rose. Supply, demand, and inventory had certain changes [59] - **Strategy View**: Gradually take profit [61] - **PVC** - **Market Information**: PVC prices rose, and supply, demand, and inventory had certain changes [62] - **Strategy View**: Adopt a strategy of short - selling on rallies in the medium - term [63] - **Ethylene Glycol** - **Market Information**: Ethylene glycol prices rose, and supply, demand, and inventory had certain changes [64] - **Strategy View**: The supply - demand pattern needs to be improved by increasing production cuts, and beware of rebound risks [65] - **PTA** - **Market Information**: PTA prices rose, and supply, demand, and inventory had certain changes [66] - **Strategy View**: Enter the inventory accumulation stage during the Spring Festival, and pay attention to mid - term long - buying opportunities [67] - **Para - Xylene** - **Market Information**: Para - xylene prices rose, and supply, demand, and inventory had certain changes [68] - **Strategy View**: Pay attention to mid - term long - buying opportunities following crude oil [69] - **Polyethylene (PE)** - **Market Information**: PE prices rose, and supply, demand, and inventory had certain changes [70] - **Strategy View**: The downward space of PE valuation still exists, and pay attention to the supply - demand situation [72] - **Polypropylene (PP)** - **Market Information**: PP prices rose, and supply, demand, and inventory had certain changes [73] - **Strategy View**: The supply - demand is weak, and consider long - buying the PP5 - 9 spread on dips [74] Agricultural Products - **Live Pigs** - **Market Information**: Pig prices showed a pattern of rising in the north and falling in the south [76] - **Strategy View**: The short - term may be strong, but the medium - term may be under pressure [77] - **Eggs** - **Market Information**: Egg prices mostly rose [78] - **Strategy View**: Near - term contracts may oscillate, and long - term contracts have uncertain good expectations [79] - **Soybean and Rapeseed Meal** - **Market Information**: Protein meal prices changed, and there were changes in import and inventory data [80][81] - **Strategy View**: Wait and see due to many negative news [82] - **Oils and Fats** - **Market Information**: Oil and fat prices rose, and there were changes in production, inventory, and consumption data [83][84][85] - **Strategy View**: The current fundamentals are weak, but the long - term expectations are optimistic, and wait and see in the short - term [86] - **Sugar** - **Market Information**: Sugar prices oscillated weakly, and there were changes in production and import data [87][88] - **Strategy View**: Wait for the international sugar price to rebound after the northern hemisphere's harvest, and the short - term downward space of domestic sugar prices may be limited [89] - **Cotton** - **Market Information**: Cotton prices rebounded, and there were changes in import, inventory, and production data [90][91] - **Strategy View**: There is room for long - term price increase, and wait for correction to buy [92]

Exec Edge hosted a fireside chat at the ICR Conference 2026 with Don Duffy, Chairman at ICR Capital. The in-person interview was joined by Editor-in-Chief John Jannarone, and they discussed the current state of IPOs in the consumer side of the economy, why private companies are taking longer to become public and the importance of liquidity, the expectation of upcoming IPOs like SpaceX which could be similar to the case of Alibaba Group Holding Limited (NYSE: BABA), the value creation opportunities of AI in ...

Donovan Jones is an IPO research specialist with 15 years of experience analyzing investment opportunities for U.S. IPOs.He also leads the investing group IPO Edge, which offers actionable information on growth stocks through first-look IPO filings, previews on upcoming IPOs, an IPO calendar for tracking what’s on the horizon, a database of U.S. IPOs, and a guide to IPO investing to walk you through the entire IPO lifecycle - from filing to listing to quiet period and lockup expiration dates. Learn moreAnal ...

本次冲击上市，惠科股份拟募集资金约85亿元，扣除发行费用后，将用于长沙新型OLED研发升级项 目、长沙Oxide研发及产业化项目、绵阳Mini-LED智能制造项目、补充流动资金及偿还银行贷款。 据悉，惠科股份是一家专注于半导体显示领域的科技公司，主营业务为半导体显示面板等核心显示器件 以及智能显示终端的研发、制造和销售。公司IPO于2025年6月30日获得受理，并于当年7月11日进入问 询阶段。 北京商报讯（记者 马换换 李佳雪）1月22日晚间，深交所官网显示，惠科股份有限公司（以下简称"惠 科股份"）主板IPO对外披露了第二轮审核问询函回复，行业与业务、BHI知识产权纠纷、毛利率、存货 等问题遭到追问。 ...

据了解，惠康科技是一家以制冷设备的研发、生产及销售为核心业务的国家级高新技术企业，主要产品 包括制冰机、冰箱、冷柜、酒柜等，主要应用于民用及商用领域。公司IPO于2025年6月12日获得受 理，当年6月26日进入问询阶段。本次冲击上市，公司拟募集资金约17.97亿元。 在上市委会议现场，上市委要求惠康科技结合制冰机行业竞争格局、期后汇率波动情况、在手订单、销 售价格及定价能力，以及泰国制冷设备智能制造生产基地项目情况等，说明影响公司2025年经营业绩波 动的不利因素是否已消除，公司期后业绩是否具有可持续性。 另外，上市委要求惠康科技结合主要供应商股权历史沿革、合作历史、采购定价方式、结算方式、付款 周期、价格公允性等，说明主要供应商与公司及其关联方是否存在关联关系，相关信息披露是否真实、 准确、完整。 文/资本秘闻 登录新浪财经APP 搜索【信披】查看更多考评等级 登录新浪财经APP 搜索【信披】查看更多考评等级 据了解，惠康科技是一家以制冷设备的研发、生产及销售为核心业务的国家级高新技术企业，主要产品 包括制冰机、冰箱、冷柜、酒柜等，主要应用于民用及商用领域。公司IPO于2025年6月12日获得受 理，当年 ...

深圳商报·读创客户端记者 宁可坚 招股书显示，惠康科技深耕制冷领域，是一家以制冷设备的研发、生产及销售为核心业务的国家级高新技术企业，主要产品包括制冰机、冰箱、冷柜、酒柜 等，主要应用于民用及商用领域。 在上市委会议现场，上市委要求惠康科技结合制冰机行业竞争格局、期后汇率波动情况、在手订单、销售价格及定价能力，以及泰国制冷设备智能制造生产 基地项目情况等，说明影响公司2025年经营业绩波动的不利因素是否已消除，公司期后业绩是否具有可持续性。 1月22日晚间，据深交所官网，宁波惠康工业科技股份有限公司（简称"惠康科技"）主板IPO当日上会遭到暂缓审议。这也是深交所年内首家遭暂缓审议的 IPO项目。 产品售价一降再降 目前，惠康科技制冰机产品价格或面临进一步下行的压力。 另外，上市委要求惠康科技结合主要供应商股权历史沿革、合作历史、采购定价方式、结算方式、付款周期、价格公允性等，说明主要供应商与公司及其关 联方是否存在关联关系，相关信息披露是否真实、准确、完整。 报告期高增vs期后下滑 财务数据显示，报告期内，惠康科技营业收入分别为19.30亿元、24.93亿元、32.04亿元、13.89亿元，扣非前后孰低净利润 ...

成立逾七年时间，广东恒翼能科技股份有限公司（以下简称"恒翼能"）向A股市场发起冲击。近期，深交所官网显示，恒翼能创业板IPO进入问询阶段。闯 关创业板背后，公司报告期内净利波动明显。此外，2024年以来，公司海外业务收入占比迅速走高，2025年上半年，公司海外业务收入占当期主营业务收入 的比例达80.23%。另外，公司与宁德时代的关联交易显眼，宁德时代既间接持有公司5.96%的股份，还系公司前五大客户。 冲击IPO背后，恒翼能报告期内营收逐年增长，但净利呈现波动态势。财务数据显示，2022—2024年以及2025年上半年，公司实现营业收入分别约为9.23亿 元、11.05亿元、12.41亿元、5.95亿元；对应实现归属净利润分别约为8856.24万元、1.14亿元、8347.56万元、5700.65万元。 需要注意的是，报告期内，恒翼能海外业务收入呈爆发式增长。具体来看，公司主营业务收入占总营收的比例分别为99.53%、99.32%、99.22%、99.49%， 其中，海外业务收入占主营业务收入的比重从2022年的0.17%迅速增长至2025年上半年的80.23%。 恒翼能表示，2024年开始公司外销收入占比 ...

Core Viewpoint - The current investment environment is characterized by high enthusiasm and urgency among investors, leading to a simplified investment process focused on relationships and quick decisions [5][6][7]. Group 1: Market Conditions - The equity investment market is described as a "sauna," with high temperatures and intense competition among investors [5]. - There is a significant rush for investment quotas, particularly in sectors like commercial aerospace and quantum computing, where valuations have rapidly increased [5][6]. - The market is experiencing a revival, with investors eager to recover lost time and profits from the previous years [6]. Group 2: Investment Trends - The hottest sectors currently include new energy and semiconductors, with specific subfields like lithium batteries and hydrogen energy attracting substantial investment [10]. - Valuations in these sectors have skyrocketed, with companies achieving valuations of billions despite relatively low revenues [10]. - However, there are concerns about overvaluation and potential market corrections, particularly in the lithium battery sector, which has seen a significant decline in interest and investment [11]. Group 3: Future Outlook - The article suggests that only leading companies in future technology sectors may qualify for IPOs on the STAR Market, while others might have to seek listings in Hong Kong [12]. - There is a cautionary note regarding the sustainability of the current investment enthusiasm, emphasizing the need for investors to be discerning and avoid following trends blindly [12][15]. - The best investment opportunities may arise during market downturns, where undervalued companies can be identified [13][15].

2026年1月22日，宁波惠康工业科技股份有限公司（下称"惠康科技"）深交所主板IPO上会审查。《招股说明书》显示，公司深耕制冷领域，是一家以制冷设 备的研发、生产及销售为核心业务的国家级高新技术企业，主要产品包括制冰机、冰箱、冷柜、酒柜等，主要应用于民用及商用领域。 2022年、2023年、2024年及2025年上半年，惠康科技分别实现营业收入19.3亿元、24.93亿元、32.03亿元，13.89亿元；扣非净利润分别为2.24亿元、3.45亿 元、4.42亿元、1.93亿元。 惠康科技成立于2001年，曾于2018年9月在宁波股权交易中心挂牌，并于2023年3月终止挂牌。截至目前，陈越鹏通过惠康集团有限公司（下称"惠康集 团"）、长兴羽鹏企业服务合伙企业（下称"长兴羽鹏"）两家公司，合计持有38.23%股份，为实际控制人。成功发行后，陈越鹏所持股份将会稀释至 28.68%。 图源招股说明书 南都记者注意到，深交所在第一轮问询中，曾对惠康科技实控人的认定提出疑问。从上图可以看到，惠康集团70%股份掌握在陈越明手中，30%由陈启惠持 有，而陈启惠系陈越鹏父亲。 实际上，惠康集团原大股东一直为陈启惠，持股比例一 ...

| 辅 导 对 象 杭州泽天春来科技股份有限公司 | | | --- | --- | | 有限公司:2012年10月18日;股份公司:2023年10月27日 | 成立日期 | | 注册资本 | 9,000.00 万元 法定代表人 于志伟 | | 注册地址 | 杭州市滨江区浦沿街道至仁街22号1幢3楼301室 | | 持股比例 | 控股股东及 截至本上市辅导备案报告出具之日,公司无控股股东。 | | 在其他交易场 | 公司于 2025年9月 行 业 分 类 C40 仪器仪表制造业 | | 申请新三板挂牌,尚 | 所(申请)挂牌 | | 或上市的情况 | 在审核中 | | 各 | 公司近 3 年内不存在提交首次公开发行股票/存托凭证并上市 汗 申请被终止审查、不予核准、不予注册的情形 | 本次IPO的辅导机构为国金证券股份有限公司，律师事务所为浙江天册律师事务所，会计师事务所为天 健会计师事务所(特殊普通合伙)。 瑞财经 吴文婷1月20日，杭州泽天春来科技股份有限公司（以下简称"泽天春来"）启动IPO，拟登陆北 交所。 | 辅导协议签 2025 年 11月 7日 署 时 | 间 | | --- | --- | | ...