基于期权博弈理论，面向产业融合的企业创新投资实践受市场竞争环境的影响，不同企业主体间的投资 决策也会相互影响、彼此制约。因而在多数情况下，项目价值不仅取决于企业主体的价值判断，还取决 于其他竞争主体的价值判断和博弈反应。因此，基于产业融合背景的企业创新投资，应对竞争对手、投 资环境、市场需求、项目价值等有一个相对全面的认知和完整评估，同时应对多因素共同作用下的项目 价值波动情况进行动态评估，组成专门的投资项目团队对所投项目、企业进行充分的尽职调查，全面有 效地甄别企业信息的真伪和实际发展状况。立足产业融合背景下的项目价值评估，同时加强对新技术、 新产业、新业态不确定性风险的考量。由于未来收益的不确定性及投资成本的不可逆性等因素制约，部 分企业投资主体选择推迟投资，在企业博弈均衡、占先博弈、消耗博弈中综合考量新技术、新产业、新 业态的成功概率和价值大小，从而择取适当的投资时机进行投资赋能。基于此，中小型企业应树立长远 投资眼光和开阔投资视野，结合自身资金状况及对所投行业的发展预期，制订稳步投资计划，实行分散 投资、多轮次、分阶段投资、低风险投资等，根据产业融合进展作出后续投资决策，确保资金顺利回 收，规避投资风 ...

Core Viewpoint - The IPO of Zhejiang Lanyu Digital Technology Co., Ltd. is set for December 20, 2024, on the ChiNext board, with a total score of 81.5, classified as B-level, indicating good short-term profitability but concerns regarding information disclosure quality and high issuance costs [3][32]. Group 1: Company Overview - Full name: Zhejiang Lanyu Digital Technology Co., Ltd. [24] - Stock code: 301585.SZ [24] - Industry: Manufacturing of chemical raw materials and chemical products [24] - IPO sponsor: Guosen Securities [24] - IPO auditing firm: Zhonghui Certified Public Accountants [24] Group 2: IPO Details - IPO application date: September 30, 2022 [24] - Listing date: December 20, 2024 [24] - Average listing cycle for A-share companies in 2024 is 629.5 days, while Lanyu's cycle is 812 days, indicating a longer duration [8][25]. Group 3: Financial Metrics - Expected fundraising amount: 564 million yuan, actual fundraising amount: 479 million yuan, representing a 15.21% decrease [18][31]. - Issuance price-earnings ratio: 21.95 times, compared to the industry average of 22.92 times, which is 95.77% of the industry average [16][30]. - Revenue growth for 2024 is 24.72% year-on-year, with net profit growth of 8.44% and non-recurring net profit growth of 9.59% [20][31]. Group 4: Market Performance - First-day stock price increase: 204.80% [12][28]. - Stock price increase over the first three months: 129.14% [14][29]. Group 5: Evaluation and Concerns - The company faced three rounds of inquiries regarding its compliance with ChiNext positioning, inventory management, and R&D investment compared to competitors [5][24]. - Negative factors affecting the score include the need for improved information disclosure quality, a long listing cycle, and high issuance costs [3][32].

Company Overview - The full name of the company is Shaanxi Kolong New Materials Technology Co., Ltd. [2] - The stock abbreviation is Kolong New Materials, and the stock code is 920098.BJ [2] - The IPO application date is October 31, 2023, with a planned listing date of December 5, 2024, on the Beijing Stock Exchange [3] Underwriting and Legal Information - The underwriting institution is Guoxin Securities, with representatives Pan Jianzhong and Shen Lijun [3] - The legal advisor is Beijing Jiayuan Law Firm, and the auditing firm is Zhihong Accounting Firm (Special General Partnership) [3] Performance Evaluation - The total score for the Kolong New Materials IPO project is 94 points, classified as Grade A [4] - A negative factor affecting the score is the need for improvement in the company's information disclosure quality [4] Information Disclosure Issues - The issuer has not disclosed patent names, effective periods, and is required to supplement information regarding market supply and demand, competition status, and product market share [6][23] - Additional disclosures are required regarding the revenue recognition process for military product sales [6][23] Listing Cycle and Costs - The average listing cycle for A-share companies in 2024 is 629.45 days, while Kolong New Materials' listing cycle is 401 days, which is below the average [8][24] - The underwriting and sponsorship fees amount to 17.2831 million yuan, with a commission rate of 7.16%, lower than the average of 7.71% [10][25] Market Performance - On the first day of listing, the stock price increased by 201.36% compared to the issue price [12][27] - In the first three months post-listing, the stock price rose by 146.93% compared to the issue price [14][28] Financial Metrics - The issue price-to-earnings ratio is 14.86 times, significantly lower than the industry average of 24.01 times, representing 61.89% of the industry average [16][29] - The expected fundraising amount is 236 million yuan, with actual fundraising reaching 242 million yuan, resulting in an oversubscription rate of 2.25% [18][30] Short-term Performance - In 2024, the company's operating revenue increased by 9.46% year-on-year, while the net profit attributable to the parent company grew by 4.25%, and the net profit after deducting non-recurring gains and losses increased by 5.73% [19][31]

Group 1 - The company, Wanyuantong, is set to be listed on the Beijing Stock Exchange on November 19, 2024, in the computer, communication, and other electronic equipment manufacturing industry [3][25] - The IPO sponsor is Industrial Securities, with representatives Shan Lei and Guo Jiaxin [3][25] - The total score for Wanyuantong's IPO project is 94.5, classified as Grade A, with negative factors including the need for improved information disclosure quality and high issuance cost rate [3][33] Group 2 - The underwriting and sponsorship fees for Wanyuantong amount to 33.8176 million yuan, with a commission rate of 8.50%, higher than the overall average of 7.71% [12][28] - On the first day of listing, the stock price increased by 373.84% compared to the issue price [14][29] - After three months of listing, the stock price rose by 211.92% compared to the issue price [16][30] Group 3 - The issuance price-earnings ratio for Wanyuantong is 15.40 times, significantly lower than the industry average of 39.33 times, making it 39.16% of the industry average [18][31] - The company expects to raise 392 million yuan, with actual fundraising reaching 398 million yuan, resulting in an oversubscription ratio of 1.52% [19][32] - In 2024, the company's operating revenue is projected to grow by 5.97% year-on-year, with net profit attributable to the parent company increasing by 4.45% year-on-year, and non-recurring net profit rising by 5.73% year-on-year [21][32]

Group 1 - The core viewpoint is that China's capital market has entered a new stage of refined and systematic support for technological innovation, particularly through the development of the Sci-Tech Innovation Board (STAR Market) [1][4] - The STAR Market has become a gathering place for over 580 "hard technology" companies, reflecting a continuous optimization of the capital market ecosystem [1][5] - Recent reforms, including the introduction of the "1+6" measures by the China Securities Regulatory Commission (CSRC), aim to enhance support for technology innovation and allow unprofitable tech companies to list, marking a significant shift in the capital market's approach [4][10] Group 2 - The STAR Market has demonstrated significant achievements since its inception, serving as a "testing ground" for capital market reforms and supporting numerous tech companies [5][6] - Key industries represented on the STAR Market include integrated circuits, biomedicine, and high-end equipment, with a projected R&D investment of 168.08 billion yuan in 2024, which is 2.5 times the net profit [6] - The STAR Market has facilitated over 1 trillion yuan in direct financing, promoting a virtuous cycle of "technology-industry-capital" [7] Group 3 - The recent reforms are designed to provide precise support for unprofitable "potential stock" companies, allowing them to access crucial funding while offering new investment opportunities for investors [12][11] - The new regulations aim to create a differentiated market positioning that supports both profitable "unicorn" companies and unprofitable tech startups, enhancing the valuation system based on R&D intensity and patent layout [11][12] - The reforms also include measures for dual-direction financing, allowing unprofitable companies to raise funds while expanding investment tools like ETFs and options [12] Group 4 - Investment banks are transitioning from being "channel intermediaries" to "value discoverers," which requires a deeper understanding of industry structures and the ability to provide strategic consulting [13][14] - The new IPO rules necessitate that companies not only meet strict listing standards but also adhere to various qualitative conditions, such as good corporate governance and transparent information disclosure [14] - The transformation of investment banks is ongoing, with a focus on building core competencies in value discovery and lifecycle services to adapt to the new registration system [15]

Core Insights - The Chinese capital market continues to thrive in the first half of 2025, with a significant increase in IPO applications and a deepening of the comprehensive registration system [1][2] - The number of IPO applications accepted by the three major exchanges reached 177, a 405.71% increase compared to the same period in 2024 [2] - The Beijing Stock Exchange (北交所) has become the preferred choice for companies, with 115 out of 177 applications (64.97%) directed there [2] - The month of June saw a surge in IPO activity, with 150 applications accepted, accounting for 84.75% of the total for the first half of the year [2] IPO Market Overview - The A-share market's IPO acceptance and review processes have shown signs of recovery since the beginning of 2025 [1] - The introduction of the "1+6" policy measures by the CSRC on June 18 is viewed as a positive signal for the market, correlating with the spike in IPO applications post-announcement [3] Broker Performance - A total of 38 brokers participated in the IPO process for the 177 accepted applications, with four brokers exceeding 10 projects each: Guotai Junan, CITIC Securities, CICC, and Zhongtai Securities [4][5] - Guotai Junan led with 26 projects, surpassing CITIC Securities' 22 projects, indicating a competitive landscape among leading brokers [5] - In terms of fundraising, CITIC Securities' 22 projects aimed to raise a total of 497.61 billion, while Guotai Junan's 26 projects targeted 208.26 billion [5][6] IPO Termination Cases - In the first half of 2025, 74 IPO projects were terminated, a significant decrease compared to the same period in 2024 [7] - Guotai Junan and CITIC Securities led in the number of terminated projects, with 9 and 7 respectively, reflecting their high volume of overall IPO engagements [7] - Some brokers, like Wenkang Securities, faced challenges with all their IPO projects being terminated, indicating potential issues in their underwriting processes [8]

Group 1 - The A-share market has shown strong performance in the first half of the year, with over 3,700 stocks achieving positive returns and the total market capitalization surpassing 100 trillion yuan, setting a solid foundation for the second half of the year [1] - The China Securities Regulatory Commission (CSRC) has emphasized the direction of "strengthening the home market" to enhance the attractiveness and competitiveness of the A-share market, indicating that more effective measures will be implemented to promote growth [1][2] - There has been a significant recovery in the profit-making effect of the A-share market compared to the same period last year, particularly in the technology innovation sector, with the North China 50 Index rising nearly 40% [1] Group 2 - A series of deepening reform measures are being gradually implemented to enhance the A-share market's attractiveness, including a shift from a financing-focused market to an investment-focused one, and strict enforcement against illegal activities to protect investors' interests [2] - The influx of foreign capital into the A-share and Hong Kong markets continues, while domestic savings are expected to shift towards the capital market, as the real estate market struggles to attract significant investment [2] - The A-share market is anticipated to enter a structural bull market in the second half of the year, with the Shanghai Composite Index having risen over 800 points, or more than 20%, from last year's low [3] Group 3 - The CSRC's focus on strengthening the home market is expected to significantly boost investor confidence and enhance the investability of the A-share market, contributing to a wealth effect that can stimulate consumption and drive economic growth [4] - A thriving capital market is seen as essential for building a strong financial nation, and the strengthening of the capital market is likely to lead to a slow and steady bull market [4]

Group 1 - The core viewpoint is that the recent acceleration of IPOs presents both opportunities and risks, with a focus on the deeper market dynamics that may affect retail investors [1] - The implementation of a comprehensive registration system in February 2023 marks a significant change in A-share financing, optimizing IPO and refinancing mechanisms based on previous pilot experiences [2] - While the reform appears to enhance market efficiency and lower listing thresholds, it poses challenges for retail investors who lack the pricing precision and information processing capabilities of institutional investors [4] Group 2 - Retail investors face a critical disadvantage due to their inability to recognize the differences in "trading behavior" between institutions and themselves, as institutions employ strategic layouts while retail investors are often driven by emotions [5] - Data analysis reveals that during the initial phase of new stock expansions, market liquidity may be pressured due to increased supply, and market pricing will lead to heightened volatility and risks of stock price declines [5] - Institutional trading behavior can create misleading signals, where apparent stock price drops may be a strategy to induce panic selling among retail investors, allowing institutions to benefit from the situation [7] Group 3 - The perception of a bull market does not guarantee continuous upward movement, as evidenced by the case of "Huatong Co.," where stock price rebounds do not reflect institutional interest [8][10] - Under the comprehensive registration system, market differentiation will become more pronounced, necessitating that retail investors utilize data to navigate the market effectively [11] - Key strategies for retail investors include monitoring institutional activity levels to avoid "zombie stocks," recognizing signals of locked positions, and being cautious of false rebounds, particularly in scenarios where institutions have exited the market [11][12]

Core Viewpoint - The IPO application of Kaiyuan Securities has been terminated, marking the second securities company to withdraw its listing application since last year, primarily due to the need to change its accounting firm after exceeding the maximum tenure of eight years for state-owned enterprises [1][3][10]. Group 1: IPO Status and Plans - Kaiyuan Securities' IPO was initially planned to raise 4 billion yuan for various business enhancements, including upgrading traditional brokerage services and strengthening investment banking capabilities [5]. - The company has been in the IPO queue since July 2022, with the application transitioning to the Shenzhen Stock Exchange after the implementation of a comprehensive registration system in the first quarter of 2023 [6][7]. - Despite the withdrawal, the company intends to continue pursuing its IPO plans, potentially resubmitting its application in 2026 [3][10]. Group 2: Market Environment and Challenges - The regulatory environment for IPOs has tightened significantly since the second half of 2023, with the China Securities Regulatory Commission announcing a "phase of tightening IPO pace" to balance investment and financing [8]. - The overall IPO market is expected to shrink further in 2024, with only 100 companies projected to go public, the lowest number since 2014 [8]. Group 3: Business Strategy and Performance - Kaiyuan Securities has established a strategic focus on the New Third Board and the Beijing Stock Exchange, aiming to create a differentiated service model for small and medium-sized enterprises [11][12]. - The company has consistently ranked first in the industry for the number of new companies recommended for listing on the New Third Board for seven consecutive years [11]. - Financial performance shows a steady increase in net profit from 5.15 billion yuan in 2021 to an expected 6.87 billion yuan in 2024, with securities investment being the primary revenue source [13].

Core Viewpoint - Kaiyuan Securities has become the second brokerage to terminate its IPO review after the implementation of the comprehensive registration system, leaving four brokerages still in the IPO queue [1][2]. Group 1: IPO Status - As of June 23-29, two companies, including Kaiyuan Securities, have terminated their IPO reviews, with four brokerages remaining in the queue [1]. - Before the comprehensive registration system, six brokerages were in the IPO queue, including Dongguan Securities and Kaiyuan Securities, with the latter applying for listing on the Shenzhen Stock Exchange [3]. - Following the implementation of the comprehensive registration system, four brokerages completed the transition, while two were accepted as new applications [3]. Group 2: Financial Performance - In 2024, Kaiyuan Securities reported operating revenue of 2.859 billion yuan, a year-on-year decline of 6.61%, while its net profit was 695 million yuan, an increase of 12.78% [5]. - The company faced a six-month suspension of its bond underwriting business due to regulatory penalties, which is expected to negatively impact its operating performance in 2024 and 2025 [5][6]. Group 3: Shareholding Structure - The controlling shareholder of Kaiyuan Securities is Shaanxi Coal and Chemical Industry Group, holding 58.80% of the shares, with the actual controller being the Shaanxi Provincial State-owned Assets Supervision and Administration Commission [3]. Group 4: Business Operations - Kaiyuan Securities has been recognized as a leader in the New Third Board business, maintaining a strong position in the industry with 723 companies under continuous supervision, accounting for 11.77% of the total listed companies [6]. - However, from 2021 to mid-2024, the company only completed 14 stock IPO projects, primarily on the Beijing Stock Exchange [6].