Company Overview - Tongyu New Materials has been deeply engaged in the electronic resin field for nearly 10 years, breaking the monopoly of international leading companies in the lead-free and halogen-free copper-clad laminate applicable electronic resin sector [2] - The company specializes in the research, production, and sales of electronic resins, primarily used in the production of copper-clad laminates, with products including MDI modified epoxy resin, DOPO modified epoxy resin, high-bromine epoxy resin, BPA-type phenolic epoxy resin, and phosphorus-containing phenolic resin curing agents [2] Industry Insights - The electronic resin industry is crucial as it is one of the three main raw materials for producing copper-clad laminates, which are fundamental materials for processing printed circuit boards (PCBs) [2] - The copper-clad laminate industry in mainland China has seen rapid growth, with the output value increasing from $6.1 billion in 2014 to $9.3 billion in 2023, benefiting from the global PCB industry shifting to mainland China [2] Financial Performance - The company achieved operating revenues of 1.193 billion yuan, 886 million yuan, and 952 million yuan for the years 2022, 2023, and 2024, with year-on-year growth rates of 25.95%, -25.70%, and 7.47% respectively [2] - The net profit attributable to the parent company for the same years was 188 million yuan, 164 million yuan, and 143 million yuan, with year-on-year growth rates of 38.98%, -12.51%, and -12.87% respectively [2] - In Q1 2025, the company reported operating revenue of 276 million yuan, a year-on-year increase of 25.60%, while the net profit attributable to the parent company was 33 million yuan, a decrease of 4.43% year-on-year [2] IPO Details - The company plans to issue 10 million new shares in its IPO, raising 840 million yuan, with the funds intended for a 200,000-ton electronic resin project and to supplement working capital [3] - The company is currently experiencing tight production capacity, with utilization rates exceeding 100% during the reporting period [3] Valuation and Market Performance - Tongyu New Materials has a certain valuation advantage, with an issuance price-to-earnings ratio of 23.7 times, compared to an average dynamic P/E ratio of 36.88 times for comparable companies [5] - If the company achieves the average valuation of comparable companies on its first trading day, it would require a 55.6% increase from its issuance price [5] - The issuance price of 84 yuan is relatively high, and similar new stocks with prices around this level have shown an average first-day increase of 85.36%, significantly lower than the average first-day increase of 291.59% for new stocks over the past year [5]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) experienced a significant day on July 9, with five companies, including Lens Technology and Geek+, going public simultaneously, marking a historic event with six gongs being struck at once [1][3]. Group 1: Companies Going Public - The five companies listed on July 9 raised a total of approximately HKD 98.21 billion in net proceeds, with Lens Technology leading the fundraising efforts [4]. - Lens Technology's shares were priced at HKD 18.18, achieving a subscription rate of 462.76 times for public offerings and 16.68 times for international offerings, resulting in net proceeds of about HKD 46.94 billion [5][7]. - Geek+ focused on logistics robotics, priced its shares at HKD 16.8, and garnered a subscription rate of 133.62 times for public offerings, raising approximately HKD 25.45 billion [7]. - Xunzhong Communication, a cloud communication service provider, priced its shares at HKD 13.55, achieving a subscription rate of 12.79 times for public offerings, raising around HKD 3.68 billion [7]. - Peak Semiconductor, operating in the semiconductor sector, priced its shares at HKD 120.5, with a subscription rate of 138.26 times for public offerings, raising approximately HKD 21.36 billion [7]. - Dazhong Dental, the only healthcare company among the listings, priced its shares at HKD 20, achieving a subscription rate of 108.25 times for public offerings, raising about HKD 1.78 billion [7]. Group 2: Market Trends and Future Outlook - The IPO market in Hong Kong has been robust, with 44 new listings in the first half of 2025, a 47% increase from 30 in the same period last year, and total fundraising amounting to HKD 107.1 billion, a 699% increase year-on-year [8]. - The Hong Kong IPO market is expected to remain strong in the second half of the year, supported by favorable funding and policy conditions, particularly for technology companies [8]. - As of June 30, 2025, there were 211 companies in the pipeline for IPOs, with over 80% being first-time applicants, primarily in software services, healthcare, and industrial manufacturing [9].

近日，鼎佳精密与酉立智能公告通过证监会注册，两公司为今年第八、第九只注册成功的北证新股，也是少有的两公司同时注册的案例。 2025年4月、5月、6月，北交所共上会4只、3只、4只，考虑到五一长假，基本保持了一周一家的审核节奏。但同时，注册公司家数分别为1家、2家、0 家。截至目前，北交所过会但未注册的公司达10家。 申万宏源专精特新首席分析师刘靖在接受《国际金融报》记者采访时表示，北交所新股目前为"发行一批，注册一批"，从注册到发行结束最短要2周左 右，若能一批注册2家新股，则注册环节和上会环节的节奏能基本拉平，新股上市节奏最快能达到每月4家。 刘靖认为，在"高质量"扩容的大背景下，若优质项目断档，仍然可能拖累新股发行进度。总体上，随着下半年北证排队公司质量提升，发行节奏有望提 速。 北交所上半年表现亮眼。截至2025年6月30日，北证50上半年涨幅达39.45%，领涨沪深京三市所有核心指数。 数据显示，今年以来，北证累计上市新股仅6只，而科创板、创业板、沪深主板共上市新股7只、20只和19只，北证成为发行最慢的板块。在业内人士看 来，北证新股发行量较少的瓶颈在于注册环节，本次两家公司注册成功，颇有"补课"意 ...

资料来源：东莞证券研究所，iFinD 二、周度新股上市情况走势 从周度新股上市规模来看，上周（6 月 30 日-7 月 4 日，下同）较上上 周（6 月 23 日-6 月 27 日，下同）相比，首发募资金额多 4.40 亿元。 证券研究报告 2025 年 7 月 7 日 星期一 【新股发行跟踪（20250707）】 一、上周新股表现情况 上周（6 月 30 日-7 月 4 日）共有 1 只新股上市，上市首日涨跌幅均值 为 286.36%。其中，有 1 只新股上市首日涨幅超 100%，为信通电子。上周 无新股首日破发。 表 2：周度新股上市概况 | 期间 | | 新股上市数（主 | 首发募资 | 首日破 | 首日涨超 | 首日涨跌幅范围 | 首日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 板/双创） | （亿元） | 发率 | 100%数量 | | 均值 | | 6-30 至 | 7-4 | 1 (1/0) | 6.40 | 0% | 1 | (286.36%，286.36%) | 286.36% | | 6-23 至 | 6-27 ...

策略研究团队 ——投资策略周报 韦冀星（分析师） 简宇涵（分析师） weijixing@kysec.cn jianyuhan@kysec.cn 投资策略周报 2025 年 07 月 06 日 震荡中枢抬升，两个新机会 证书编号：S0790525050005 市场震荡中枢抬升，但仍"上有顶下有底" 市场经历上周的 3 连阳后，呈现了一定的积极形态，虽然市场分歧有所加大，但我 们对于指数的有效突破维持乐观判断:（1）月线动量的扭转，或改变横盘近半年的 窘境；（2）金融科技板块情绪龙头或在酝酿 7 月的突破；（3）成交额中枢的上行加 非银的领涨，市场震荡中枢上移的概率较大。 但从 DDM 视角来看，并不支持指数上的快速突破，当下更大的可能是呈现震荡中 枢抬升，但仍表现出"上有顶下有底"的特征。（1）上有顶：盈利尚在磨底——盈 利底不早于 3 季度末到来，且预计本轮盈利周期的弹性不大，所以即便即将看到盈 利底也不一定会有很强的股市弹性。（2）下有底：估值构成支撑——政府部门支撑 宽信用（居民部门和企业部门信用尚未扩张）；风险偏好则由并不激进的稳增长政策 +以"国家队"为代表的"稳市组合拳"来支撑。 在震荡中枢抬升，结 ...

证券研究报告 受理开闸启升势，量升价稳保增厚 ——25H1新股市场回顾暨25H2展望 证券分析师：彭文玉 A0230517080001 朱敏 A0230524050004 任奕璇 A0230525050002 联系人: 任奕璇 A0230525050002 2025.07.03 摘要 www.swsresearch.com 2 ◼ 发行节奏环比放缓，6月新受理破百，未盈利企业加速入场。25H1，A股发行新股48只（环比-5只），大多属于制造 业企业，首发募资额380亿元（环比+5.5%）；A股新增受理150个IPO项目，其中6月份A股集中受理123家。科创板 深改"1+6"政策发布后，未盈利企业上市通道正式打开，创业板首单未盈利IPO大普微于6月27日获得受理。截止 2025/6/30，A股存量IPO项目共298个，合计拟募资2814亿元。其中，沪深市场排队项目136个，拟募资2206亿元， 双创在审未盈利企业11家，其中2家过会；北交所1家未盈利企业在排。 ◼ 超募情形增多，首日涨幅收窄。 25H1，沪深新股首发PE仍处于低位，平均仅20倍，相对可比公司折价扩大至41%； 4-6月，首发超募情形逐渐增多，单 ...

新股市场较为活跃，月内共上市 6 只新股 2025 年 7 月 2 日 策略研究/定期报告 新股研究 新股月报（2025 年 6 月） 投资要点： 6 月共上市新股 6 只，新股市场较为活跃 近端已上市重点新股： 请务必阅读最后股票评级说明和免责声明 1 6 月新股市场共上市新股 6 只。6 月新股市场较为活跃，近 6 个月上市新股月内共有 33 只股票录得正涨幅(占比 71.74%)。 科创板：6 月科创板影石创新上市。海博思创、胜科纳米录得月涨幅超 20%，影石创新、 汉邦科技录得月跌幅超-4%。 创业板：6 月创业板优优绿能、新恒汇上市。宏工科技、新恒汇录得月涨幅分别超 50%、 40%，恒鑫生活、弘景光电录得月跌幅分别超-16%、-13%。 沪深主板：6 月沪深主板中策橡胶、海阳科技、华之杰上市。江南新材录得月涨幅超 19%， 海阳科技录得月跌幅超-43%。 新股周期：6 月份科创板影石创新、创业板优优绿能/新恒汇、主板中策橡胶/海阳科技/ 华之杰上市，科创板/创业板新股首日涨幅和开板估值均提升，主板新股首日涨幅提升而 开板估值下降。 山西证券新股研究团队 投资建议： 叶中正 执业登记编码：S0760 ...

Summary of Key Points Core Viewpoint - The article discusses the recent issuance of new stocks in the market, highlighting the total fundraising amounts and the performance of various companies in 2023 [1][2]. Group 1: New Stock Issuance - A new stock, Tongyu New Materials, issued 10 million shares at a price of 84.00 yuan, raising 840 million yuan [1]. - As of July 1, 2023, a total of 49 companies have completed initial public offerings (IPOs), raising a cumulative amount of 38.787 billion yuan, with an average fundraising of 792 million yuan per company [1]. - Among the companies, 10 raised over 1 billion yuan, 20 raised between 500 million and 1 billion yuan, and 19 raised less than 500 million yuan [1]. Group 2: Fundraising by Sector - In terms of market segments, the Shanghai Main Board had 11 new stock issuances raising 13.761 billion yuan, while the Shenzhen Main Board had 7 issuances raising 3.761 billion yuan [1]. - The ChiNext Board saw 19 new stocks issued, raising 11.428 billion yuan, and the Sci-Tech Innovation Board had 7 issuances raising 7.901 billion yuan [1]. - The Beijing Stock Exchange had 5 new stocks issued, raising 1.937 billion yuan [1]. Group 3: Top Fundraising Companies - Zhongce Rubber is the top fundraising company this year, raising 4.066 billion yuan primarily for working capital and projects related to high-performance tires [2]. - Tianyouwei follows with 3.740 billion yuan raised, mainly for cash management and construction of automotive electronic smart factories [2]. - Other notable companies include Yitang Innovation, which raised 2.497 billion yuan, and Kaifa Technology, which raised 1.169 billion yuan [2]. Group 4: Pricing and Regional Distribution - The average initial public offering price for new stocks this year is 24.15 yuan, with 4 companies pricing above 50 yuan [2]. - The highest issuance price is from Tianyouwei at 93.50 yuan, followed by Youyou Green Energy at 89.60 yuan and Tongyu New Materials at 84.00 yuan [2]. - The majority of new stock issuances are concentrated in Jiangsu, Guangdong, and Zhejiang, with fundraising amounts of 9.693 billion yuan, 7.299 billion yuan, and 4.944 billion yuan respectively [2].

Core Viewpoint - The A-share new stock market experienced a robust performance in the first half of 2025, with all newly listed stocks rising on their debut, and no stocks facing a "break-even" situation on the first day [1][3]. Group 1: Market Performance - A total of 51 new stocks were listed in the first half of 2025, with 44 stocks (over 80%) seeing a first-day closing increase of more than 100% [3]. - Among these, 29 stocks had a first-day closing increase exceeding 200%, accounting for more than half of the new listings [3]. - The highest first-day closing increase was over 600% for one stock [1]. Group 2: Profitability for Investors - The average profit for investors who received new stock allocations was over 27,000 yuan, with some stocks yielding profits exceeding 70,000 yuan [1][7]. - For non-North Exchange new stocks, 44 out of 45 had a single allocation profit exceeding 10,000 yuan, with several stocks exceeding 50,000 yuan [7]. Group 3: Risks of Buying at Peak Prices - Despite the high initial returns, there are significant risks associated with buying new stocks at peak prices, as many stocks tend to decline after initial trading [10]. - Of the 51 new stocks, 34 experienced losses if purchased at the first-day closing price, indicating a two-thirds loss rate [10]. - The average increase from the issue price for new stocks was 363.90%, with 92.16% of stocks seeing a maximum increase of over 100% [7].

2025年上半年新股盘点。 2025年上半年，A股新股市场走出了相对火爆的行情，上市新股在首日和上市初期普遍较发行价涨幅巨 大。数据显示，今年上半年上市新股中，无一只新股首日出现"破发"情形，涨幅最高的新股上市首日收盘 涨超600%。 较好的市场表现也使得新股中签浮盈普遍超过万元，以首日最高价计算，有两只新股中一签最高浮盈超过 7万元，另有3只新股中一签最高浮盈超过5万元。 值得注意的是，尽管上半年中签新股整体收益较高，但若是追高买入新股，投资风险仍不容忽视。 上半年新股行情火爆 单签浮盈普遍超万元 2025年上半年A股市场行情已然收官，新股市场在上半年走出了相对火爆的行情。 数据显示，若按照上市日期计，2025年上半年共有51只新股上市，相关新股在上市首日悉数上涨，其中 44只股票上市首日收盘涨幅超过100%，占比超过80%。这里面，包括江南新材、广信科技、天工股份、 星图测控、浙江华远、中国瑞林等在内的29只股票上市首日收盘涨幅超过200%，占到上半年上市新股总 数的一半以上。 | 证券简称 | 上市日期 | 发行价(元) | 面自己的营 | 面直H收益 | 上市板 | | --- | --- | --- ...