根据北交所最新披露的信息，2026年1月15日，江苏星基智造科技股份有限公司IPO的状态从已受理变 更为已问询。 根据北交所最新披露的信息，2026年1月15日，江苏星基智造科技股份有限公司IPO的状态从已受理变 更为已问询。 ...

Group 1 - The core viewpoint is that the Chinese AI industry does not currently exhibit a bubble, with expectations for continued growth and a significant number of quality AI companies expected to go public [3][6]. - The Hong Kong capital market is projected to remain active in 2026, with IPO and refinancing volumes expected to be higher than historical averages, despite a slowdown in growth compared to the explosive increase of 170% from 2024 to 2025 [2][5]. - The successful IPOs of companies like MiniMax and Zhiyu have set a positive precedent for future listings, indicating strong international demand for Chinese AI enterprises [6]. Group 2 - International capital has significantly returned to the Hong Kong market, with participation from major long-term investors increasing from 10%-15% in early 2024 to 85%-90% in 2025 [8]. - The Hong Kong biotechnology sector is considered to have established a solid foundation, entering a second growth phase after a period of market consolidation and natural selection of companies [10]. - The consumption sector remains attractive in the Hong Kong market due to its straightforward business models, predictable future earnings growth, and relatively appealing valuations, with price-to-earnings ratios around ten times [6].

A 2026 SpaceX IPO will fuel speculation about convergence between there of Elon Musk's companies: Tesla, SpaceX, and xAI. ...

Core Viewpoint - Xinxing Technology is advancing towards its IPO on the Beijing Stock Exchange, with a strong performance driven by overseas sales, particularly in India and Pakistan [1][2]. Group 1: Company Overview - Xinxing Technology, established in 2004, specializes in the research, production, and sales of computer embroidery machines, covering the entire industry chain including parts and complete machines [5]. - The company’s products are marketed under the SINSIM and ERED brands and are utilized in over 80 countries across various sectors such as apparel, home textiles, automotive interiors, healthcare, and toys [5]. Group 2: Financial Performance - The company reported revenues of 600 million yuan, 704 million yuan, 1.03 billion yuan, and 655 million yuan for the years 2022, 2023, 2024, and the first half of 2025 respectively, with net profits of 53.82 million yuan, 60.81 million yuan, 127 million yuan, and 93.38 million yuan [5]. - For the first nine months of 2025, Xinxing Technology achieved approximately 1.04 billion yuan in revenue and 150 million yuan in net profit, surpassing the total performance of 2024 [5]. - The company anticipates revenues between 1.35 billion yuan and 1.55 billion yuan for 2025, representing a year-on-year growth of 31.07% to 50.49%, and expects net profit to range from 190 million yuan to 220 million yuan, indicating a growth of 61.67% to 87.19% [5]. Group 3: Sales and Market Focus - Over 49% of Xinxing Technology's sales revenue during the reporting period came from overseas markets, primarily from clients in Pakistan and India [6]. - Sales to Pakistani clients accounted for 15.73%, 7.64%, 16.22%, and 13.44% of total revenue in the respective years, while sales to Indian clients represented 20.47%, 23.31%, 24%, and 24.43% [6]. - The combined sales from India and Pakistan constituted 40.22% of the company's main business revenue in 2024 [6]. Group 4: Ownership and Capital Raising - The actual controllers of Xinxing Technology, Wang Haijiang and Yao Xiaoyan, hold 99.05% of the company's shares, with Wang Haijiang's family controlling 47.62% directly [8]. - The company plans to issue up to 43.7 million shares to raise approximately 449 million yuan, which will be allocated to five major projects, including the construction of embroidery machine frames and components [8][9].

At least three of the most valuable and highest-profile tech companies are preparing to list their shares on the public market, setting up a watershed moment for Silicon Valley and its artificial intelligence boom. Any one of those private companies would be among the most valuable to go public, after Saudi Aramco's 2019 debut valued the energy giant at $1.7 trillion. Anthropic is in funding talks that would value it at $350 billion, while OpenAI is worth $500 billion and SpaceX was most recently valued a ...

市场热度或将延续 香港IPO市场的火热似乎还在延续。今年以来，截至1月13日，包括壁仞科技、MINIMAX-WP、豪 威集团、兆易创新、智谱、天数智芯、瑞博生物等在内，港股市场已有11家公司完成IPO上市，募资总 额达331亿港元，而目前在港交所公开递交上市申请的企业已超300家。 2026年香港IPO市场的发展已经成为各方普遍关注的焦点。对此，香港交易所集团行政总裁陈翊庭 表示，香港市场拥有很多优势，如与内地资本市场独特的互联互通机制、高度开放、流动性充裕且多元 化的市场等。2026年，港交所将继续利用好这一平台吸引更多公司来上市，提前布局投资者所需的产品 和工具，帮助全球投资者分享其中的增长机遇。 内地大型企业赴港上市是香港市场回归全球IPO舞台中心的重要推手。截至2025年12月，共有111 家内地企业成功登陆港股，合计募资2286亿港元，分别占全年新股总量的94%和总募资额的88%。具体 来看，港股2025年前五大IPO全部为中国内地企业。而放眼全球，宁德时代、紫金黄金国际、三一重 工、赛力斯更是占据2025年全球十大IPO中的四席。 "亮眼成绩绝非偶然，其背后是市场流动性改善、国内资产吸引力提升、政 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report provides a comprehensive analysis of various sectors including macro - finance, black commodities, non - ferrous metals, agricultural products, and energy chemicals, offering trading strategies and outlooks for different futures products based on market conditions, policies, and supply - demand dynamics [16][19][25] Summary by Directory Macro News - The margin ratio for margin trading is raised from 80% to 100%, and the policy of tax refund for home - swapping is extended to the end of 2027. Several top - valued tech firms are preparing for IPOs. China's 2025 foreign trade grows 3.8% year - on - year. The central bank will conduct a 900 - billion - yuan 6 - month repurchase operation. Three departments regulate the new energy vehicle industry. The US imposes a 25% tariff on some semiconductor imports. Tesla changes its FSD business model. The Fed's economic situation improves, and there are different views on interest rate adjustments among Fed officials. US economic data shows mixed trends, and OPEC maintains its 2026 oil demand growth forecast and releases the 2027 forecast [9][10][11] Macro Finance Stock Index Futures - On January 14, A - shares fluctuated, with the Shanghai Composite Index down 0.31%. The increase in margin ratio signals a market cool - down. If the index fails to form a counter - enveloping bearish line with further volume, it may enter an adjustment phase. Short - term trading should focus on volume and price, and consider taking profits [16] Treasury Bond Futures - The money market has become looser. The adjustment of margin ratio and the 900 - billion - yuan 6 - month repurchase operation are announced. With the expected decline in interest - rate cut and the upward shift of the capital center, the strategy of flattening the yield curve is maintained [17] Black Commodities Steel and Ore - Policy - wise, there are no new demand - side policies, and supply - side policy interference is unlikely. Fundamentally, steel demand shows off - season pressure, but short - term contradictions are not significant. Long - term downstream demand for steel is weak, except for some consumption of coil products. Iron ore supply shows a port inventory increase, and demand is supported. Steel and ore are expected to fluctuate in the short term [19][20] Coking Coal and Coke - Coking coal futures prices rebound due to supply disturbances. In the short term, double - coking prices may fluctuate upwards, but the potential negative feedback from weak steel demand and the limited profit of the steel industry may restrict the upward space [22] Soda Ash and Glass - Soda ash prices fluctuate with the market atmosphere. Supply is at a high level, and new capacity progress is awaited. It is advisable to wait and see. Glass prices are recommended to be held by bulls, and attention should be paid to the implementation of cold - repair [23] Non - ferrous Metals and New Materials Zinc - As of January 12, domestic zinc inventories decrease. Zinc prices are supported by external markets and inventory trends. However, downstream procurement is weak. It is recommended to wait and see, and aggressive investors can short at high prices [25][26] Lead - As of January 12, lead inventories increase. Before delivery, inventories are expected to rise further. After delivery, supply pressure will increase, and price upward space may be limited. It is recommended to wait and see [27][28] Lithium Carbonate - Driven by the expectation of battery export rush, demand is better than expected. In the short term, it will operate in a high - level shock. Attention should be paid to the risk of sharp fluctuations [29] Industrial Silicon and Polysilicon - Industrial silicon is expected to fluctuate, lacking upward drivers. Polysilicon will fluctuate weakly, waiting for the rectification measures on January 20. For industrial silicon, downstream demand has short - term support, but long - term supply pressure remains. For polysilicon, the "anti - involution" policy is being corrected, and the market is in a vacuum period of policy and industry game [30][31] Agricultural Products Cotton - Cotton is in a short - term consolidation state due to the contradiction between short - term supply surplus and long - term supply contraction expectations, as well as pre - holiday restocking and declining production. Short - term trading is recommended [32][33] Sugar - Domestic sugar is in a season of both supply and demand growth, with prices fluctuating. It is recommended to conduct short - term trading in the low - price range [34][35] Eggs - The current inventory of laying hens is high. After the Spring Festival, egg prices may weaken. However, if the price increase is due to supply reduction, the situation needs to be re - evaluated [37] Apples - The apple market is in a game between supply support and demand restraint. Prices are likely to fluctuate within a range, and high - quality products will remain firm. The market may turn stronger during the Spring Festival [38][39] Corn - The corn market has large differences. Spot prices are stable to strong, and futures prices are weak. The price may fluctuate within a range, and attention should be paid to the release of grain sales in March [40] Red Dates - The red date market is in a consumption peak season, but the price lacks upward momentum. It is expected to fluctuate in the short term, and attention should be paid to the sales rhythm and buyer sentiment [41] Pigs - In the first half of January, pig consumption lacks a significant boost. From the middle of the month, the supply may increase, and the spot price is likely to decline. Futures contracts should be shorted at high prices [42] Energy Chemicals Crude Oil - Tensions in Iran continue to heat up, and the market is worried about supply disruptions. Although there is a supply surplus, geopolitical factors support oil prices in the short term [44] Fuel Oil - Fuel oil prices follow crude oil prices, with marginal improvement in supply and demand. The short - term focus is on the geopolitical situation in the US and Russia [46] Plastics - Polyolefins have large supply pressure and weak demand, but upstream losses may support a small - scale rebound. An oscillatory approach is recommended [47] Rubber - Rubber prices are expected to fluctuate. There is support from overseas raw material prices, and attention should be paid to short - term buying opportunities on dips [47] Synthetic Rubber - Synthetic rubber prices rise due to cost support. Caution is needed when chasing high prices, and it is advisable to wait and see if there is no position [48][49] Methanol - The supply - demand situation of methanol is improving. Although there is a risk of inventory accumulation, the long - term outlook is positive. Long - term contracts can be considered for a slightly long - biased allocation [50] Caustic Soda - The adjustment of export tax - refund policy has a negative impact on caustic soda futures. Spot prices are weak, and futures prices are under pressure [51] Asphalt - Asphalt prices are expected to fluctuate more due to raw material factors. The future focus is on the price bottom after the winter - storage game [52] Polyester Industry Chain - The polyester industry chain is cost - driven in the short term. Attention can be paid to the positive spread opportunities between May and September contracts of PX and PTA [53] Liquefied Petroleum Gas (LPG) - Affected by the geopolitical conflict in Iran, LPG prices rise. Supported by high costs and demand, it has some rebound momentum. It is recommended to wait and see [54] Urea - Urea futures drive the spot market. Spot prices are stable to rising, and futures prices are rising unilaterally. Attention is paid to the improvement of spot market liquidity [55]

换届选举刚完成，天普股份（605255）收问询函。 停牌核查复牌后连续两个跌停的天普股份，1月14日再度涨停。 1月14日晚间，天普股份公告，公司召开2026年第一次临时股东会，通过累积投票方式选举产生了公司第四届董事会。同日，公司召开第四届董事会第一 次会议，选举产生了董事长并聘任新一届高级管理人员及证券事务代表，公司换届选举已完成。 根据公告，天普股份的收购方中昊芯英（杭州）科技有限公司（以下简称"中昊芯英"）相关人员当选公司董事、高级管理人员。其中，杨龚轶凡当选为公 司董事长，李琛龄、康啸当选为公司董事，陈捷闻被聘任为公司副总经理及财务总监、康啸被聘任为公司董事会秘书。而天普股份原高管大多不再担任相 应职务。 同在1月14日晚，天普股份公告，公司收到上交所问询函。上交所在问询函中关注了多方面的问题。 上交所要求相关方充分说明此次换届涉及人员安排的主要考虑，对上市公司原有业务的经营管理规划，相关人员是否具备任职能力；相关安排是否有利于 上市公司主营业务发展；相关方对上市公司主营业务的计划是否已发生重大变化。 此外，此前天普股份多次公告，中昊芯英已启动独立自主的IPO相关工作，中昊芯英自身现有资本证券化路径 ...

Core Viewpoint - Tianpu Co., Ltd. has completed its board of directors' re-election and the appointment of related executives, raising concerns from the Shanghai Stock Exchange regarding the qualifications of the newly appointed personnel and their potential impact on the company's operations and independence [2][4]. Group 1: Board and Executive Changes - Tianpu Co., Ltd. announced the election of Yang Gongyifan as chairman, with Li Chenling and Kang Xiao as directors, and Chen Jiewen appointed as deputy general manager and CFO [7]. - The newly appointed executives, except for the general manager Fan Jianhai, lack relevant experience in Tianpu's original automotive parts business [7]. - The company primarily engages in the R&D, production, and sales of polymer materials for automotive fluid systems and sealing components [7]. Group 2: Concerns from the Shanghai Stock Exchange - The Shanghai Stock Exchange has requested clarification on the considerations behind the appointments and whether the new personnel possess the necessary qualifications [4][10]. - The exchange is particularly interested in how these changes may affect Tianpu's main business and whether they align with the company's interests [7][10]. - There are concerns regarding the independence of the company, as some executives previously held significant positions at Zhonghao Xinying, which holds a 10.75% stake in Tianpu [8][9]. Group 3: Stock Performance and Regulatory Scrutiny - As of January 14, Tianpu's stock price closed at 194.26 yuan per share, reflecting a 10% increase, with a total market capitalization of 26.05 billion yuan [5][11]. - The company has faced stock trading volatility, including consecutive trading halts, and has received a notice from the China Securities Regulatory Commission regarding potential omissions in disclosures [11]. - The Shanghai Stock Exchange has emphasized the need for Tianpu to address any issues related to the qualifications of its directors and executives in light of the ongoing regulatory scrutiny [11].

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 Anthropic与OpenAI就IPO采取初步行动，Spacex已经为IPO面试了多家银行。（纽约时报） 风险提示及免责条款 ...