公司本次发行募集资金将投资于集成电路装备研发制造服务中心项目、高端集成电路装备研发项目及发展和科技储备资金。 本周（6月23日—6月27日），A股市场仅有1只新股申购，为科创板的屹唐股份，该公司将于本周五（6月27日）申购，公司暂未公布发行价，单一账户申购上限为 41000股，顶格申购需持沪市市值41亿元。 上周两新股亮眼 招股书显示，屹唐半导体是一家总部位于中国，以中国、美国、德国三地作为研发、制造基地，面向全球经营的半导体设备公司，主要从事集成电路制造过程中所 需晶圆加工设备的研发、生产和销售，面向全球集成电路制造厂商提供包括干法去胶设备、快速热处理设备、干法刻蚀设备在内的集成电路制造设备及配套工艺解 决方案。 公司依靠自主研发的核心技术，致力于为集成电路制造环节提供更先进处理能力和更高生产效率的集成电路设备。报告期内，干法去胶设备、快速热处理设备已应 用在多家国际知名集成电路制造商生产线上并实现大规模装机，干法刻蚀设备已应用在多家国际知名集成电路制造商生产线上并正在持续进行市场开拓。 公司在集成电路制造设备行业发展经营多年，是具备全球知名度和认可度的重要供应商，主要产品具有国际竞争力。公司的产品已被多家 ...

Group 1 - The core viewpoint of the articles highlights the successful participation of bank wealth management in the offline issuance of new stocks, marking a significant development in the capital market [1][2] - Everbright Wealth Management became the first bank wealth management company to participate in the offline subscription for the IPO of Xintong Electronics, with a bid price of 17 yuan per share [1] - The participation of bank wealth management in new stock issuance is expected to bring more medium- and long-term funds to the capital market, creating additional investment opportunities and value for investors [1][3] Group 2 - The central political bureau meeting emphasized the need to "unblock the bottlenecks for social security, insurance, and wealth management funds entering the market," leading to a series of policy implementations [2] - The China Securities Regulatory Commission (CSRC) has amended regulations to include bank wealth management products and insurance asset management products as priority allocation objects for IPOs, aligning them with public funds [2] - The new regulations allow wealth management companies to participate directly in new stock subscriptions and optimize the recognition of subscription objects for listed company private placements [2][3] Group 3 - The elevation of bank wealth management to Class A investors as priority allocation objects for IPOs is expected to enhance the allocation ratio of new stock subscriptions and increase the yield elasticity of wealth management products [3] - The reform is anticipated to encourage more medium- and long-term funds to participate in stock issuance, thus bringing additional capital to the market and fostering a long-term investment environment [3]

德勤中国资本市场服务部华东区上市业务合伙人胡科表示，国家对科技及创新行业的支持将推动科 技、新能源等新质生产力到资本市场募融资金，并辗转成为2025年下半年A股市场的亮点。 香港市场将会以40只新股融资1021亿港元为2025年上半年划上句号，与2024年同期的30只新股融资 132亿港元相比，新股上市数量增加33%，融资总额攀升673%。接近四分之三的2025年上半年融资额来 自4只超大型A+H新股及1只H股上市。 德勤中国资本市场服务部华东区上市业务合伙人鲍捷解释称："我们对于香港能够从全球其他证券 交易所手上重夺新股融资排名的冠军宝座感到十分振奋。鼓励内地龙头企业来港上市、简化A股上市公 司的申请上市程序，以及更理想的估值、更佳的市场流动性、更强的资金承接能力，这些因素共同推动 香港新股市场的活跃。 6月19日，德勤中国资本市场服务部发布2025年中国内地和香港新股市场的中期回顾与展望。 随着监管机构继续实施早前对准新股发行人更严谨的监管，A股市场在2025年首季放缓，并于第二 季度开始呈现更多复苏的迹象，但这也导致更多小型中资企业联群结集到美国上市融资。 对于2025年下半年，德勤预计，A股市场的表现 ...

Company Overview - New Henghui focuses on the research, production, sales, and testing services of chip packaging materials, with main products including smart cards, etched lead frames, and IoT eSIM chip packaging [1][2] - The company is controlled by Yu Renrong and Ren Zhijun, with Yu holding 31.94% and Ren holding 19.31% of the shares [1][2] - New Henghui is the only domestic company to achieve mass production of core packaging materials for flexible lead frames, leading the global market share [2] Industry Insights - The global smart card industry is entering a mature phase, with stable market growth, and the Chinese smart card market is also maturing [3] - The global lead frame market was approximately 26.9 billion yuan in 2022, expected to grow to 27.92 billion yuan in 2023, with a compound annual growth rate of 3.8% from 2023 to 2029 [3] - China's semiconductor lead frame market has grown from 6.42 billion yuan in 2016 to 11.48 billion yuan in 2022, driven by domestic semiconductor localization [3] Financial Performance - New Henghui's revenue for 2022, 2023, and 2024 is projected to be 684 million yuan, 767 million yuan, and 842 million yuan, with year-on-year growth rates of 24.77%, 12.13%, and 9.83% respectively [4] - The net profit attributable to shareholders for the same years is expected to be 110 million yuan, 152 million yuan, and 186 million yuan, with growth rates of 9.38%, 38.58%, and 22.07% respectively [4] - In Q1 2025, the company achieved revenue of 241 million yuan, a year-on-year increase of 24.71%, but net profit decreased by 2.26% to 51 million yuan [4] IPO and Market Performance - New Henghui's IPO raised 767 million yuan by issuing 59.89 million new shares, with funds allocated to two projects: 456 million yuan for high-density QFN/DFN packaging material industrialization and 6.266 million yuan for R&D center expansion [5] - The company's IPO price is set at 12.80 yuan per share, which is considered low compared to peers, with a price-to-earnings ratio of 16.59 times, while comparable company Kangqiang Electronics has a P/E ratio of 68 times [6][7] - Recent new stocks have shown strong performance, with an average first-day increase of 180% in the past month, suggesting potential for New Henghui to achieve a similar performance [6][7]

Core Viewpoint - The recent IPO of Zhongce Rubber, despite being a leading company in the tire industry, has faced significant post-listing challenges, leading to a rapid decline in stock price and raising concerns about the current market environment for new stocks [3][10][13]. Company Overview - Zhongce Rubber, established in 1992, is recognized as the "leader" in China's tire industry, holding the top position for 16 consecutive years and ranking among the top ten globally [8]. - The company reported impressive financial performance, with a 2024 annual report showing earnings per share of 4.81 yuan and a year-on-year revenue and net profit growth of 11.35% and 43.57%, respectively [8]. IPO Details - Zhongce Rubber launched its IPO on June 5, with an issue price of 46.5 yuan per share, raising 40.66 billion yuan, making it the largest IPO in A-shares for the year [3]. - On its first trading day, the stock opened at 57 yuan, a 22.58% increase from the issue price, with a market capitalization nearing 500 billion yuan [3]. Stock Performance - The stock price fell sharply after the initial surge, closing at 47.03 yuan on the second day and eventually dropping to 45.31 yuan by the seventh day, marking a 2.56% decline from the issue price and officially entering a state of loss [5][10]. - As of the latest data, the stock is trading at 45.31 yuan, with a market capitalization of approximately 396.23 billion yuan and a price-to-earnings ratio of 11.27, which is below the industry average of 22.83 [6][11]. Market Environment - The market has shown increased skepticism towards new IPOs, with a growing number of cases of stock price declines post-listing, reflecting a cautious investor sentiment [10][13]. - Factors contributing to the poor performance include the large market capitalization of Zhongce Rubber, which makes it challenging to attract sufficient capital in the current market environment, as well as concerns over the company's high debt levels and past dividend distributions [10].

证券研究报告 2025 年 6 月 19 日 星期四 【A 股市场大势研判】 三大指数小幅收涨 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3388.81 | 0.04% | 1.40 | | | 深证成指 | 10175.59 | 0.24% | 24.16 | | | 沪深 300 | 3874.97 | 0.12% | 4.59 | | | 创业板 | 2054.73 | 0.23% | 4.79 | | | 科创 50 | 968.18 | 0.53% | 5.10 | | | 北证 50 | 1393.44 | -0.65% | -9.11 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概念板块表现前五 ◼ | | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 电子 | 1.50% | 美容护理 | -1.73% | PC ...

Core Viewpoint - Haiyang Technology experienced a dramatic stock price drop of 31.96% on its second trading day, closing at 38.08 yuan after an initial surge on its debut [1][4][10]. Company Performance - Haiyang Technology's stock opened at 33 yuan on its first day, a 187% increase from its issue price of 11.50 yuan, and peaked at 70 yuan, marking a 508% rise before closing at 55.97 yuan, a 387% increase [4][7]. - On the second day, the stock opened significantly lower and fluctuated, reaching a low of 37.70 yuan, resulting in a total decline of 46% from its peak [4][7]. Market Reaction - The high valuation of Haiyang Technology, with a price-to-earnings ratio of 54 times based on the first-day closing price, raised concerns about a potential market correction [7]. - Investors who bought shares on the first day could have seen profits of over 20,000 yuan per share, but those who held onto their shares into the second day faced significant losses [7][10]. Industry Context - Haiyang Technology specializes in the research, production, and sales of nylon 6 series products, positioning itself as a key player in a growing market with applications across textiles, automotive, and electronics [7]. - The nylon 6 market is expanding, with projected revenues exceeding 5.5 billion yuan in 2024, indicating strong industry potential [7].

Group 1: New Stock Market Overview - The new stock market activity has decreased, with 24 stocks recording positive growth, representing 50.00% of the total, down from 66.67% previously [2][11] - In June, the newly listed stocks include YingShi Innovation on the Sci-Tech Innovation Board and HaiYang Technology on the Shanghai and Shenzhen Main Board [2][11] - The total number of new stocks listed since the beginning of 2023 is 356, raising a total of 428.446 billion yuan [11] Group 2: Sci-Tech Innovation Board - YingShi Innovation was listed last week, with a first-day increase of 285.02%, significantly higher than the previous month's 115.20% [16] - The median TTM-PE valuation for new stocks on the Sci-Tech Innovation Board in June is 73.70 times, up from 50.90 times in May [16] - HaiBo SiChuang recorded a weekly increase of over 11%, while HanBang Technology saw a decline of over 5% [13][14] Group 3: ChiNext Board - There were no new listings on the ChiNext Board last week, but HongGong Technology recorded a weekly increase of over 30%, while HongJing Optoelectronics fell by over 10% [23][24] - The median TTM-PE for new stocks on the ChiNext Board in June is 17.76 times, an increase from 15.37 times in May [23] Group 4: Shanghai and Shenzhen Main Board - HaiYang Technology was listed last week, with a significant weekly decline of over 31%, while TianHe Magnetic Materials increased by over 12% [30][31] - The median TTM-PE for new stocks on the Main Board in June is 13.05 times, up from 12.69 times in May [30] Group 5: Key New Stocks - Key newly listed stocks since January 2023 include YingShi Innovation (panoramic cameras/sport cameras), ShengKe Nano (third-party semiconductor testing), and XiDian Co. (semiconductor probe equipment) [3][43] - The report highlights the expected growth in the global panoramic camera market, projected to reach 7.85 billion yuan by 2027, with YingShi Innovation holding a market share of 67.2% in 2023 [50] - The semiconductor probe station market is expected to grow from 4.13 billion USD in 2013 to 9.50 billion USD in 2023, with a compound annual growth rate of 8.67% [54]

Market Overview - The Shanghai Composite Index decreased by 0.25% last week, closing at 3377.0 points, with a high of 3413.51 points [1] - The Shenzhen Component Index fell by 0.6%, closing at 10122.11 points, with a peak of 10295.4 points [1] - The ChiNext Index increased by 0.22%, closing at 2043.82 points, with a maximum of 2076.91 points [1] - In the global market, the Nasdaq Composite dropped by 0.63%, the Dow Jones Industrial Average fell by 1.32%, and the S&P 500 decreased by 0.39% [1] - In the Asia-Pacific region, the Hang Seng Index rose by 0.42%, and the Nikkei 225 increased by 0.25% [1] New Stock Issuance - Two new stocks were issued last week: Xin Henghui (301678.SZ) on June 11, 2025, and another stock on June 10, 2025 [2] Margin Trading - The total margin trading balance in the Shanghai and Shenzhen markets reached 18112.55 billion yuan, with a financing balance of 17989.83 billion yuan and a securities lending balance of 122.72 billion yuan [3] - The margin trading balance increased by 80.66 billion yuan compared to the previous week [3] - The Shanghai market's margin trading balance was 9216.72 billion yuan, up by 58.06 billion yuan, while the Shenzhen market's balance was 8895.83 billion yuan, increasing by 22.6 billion yuan [3] - A total of 3413 stocks had financing funds buying in, with 47 stocks having buying amounts exceeding 1 billion yuan, led by Dongfang Caifu, Jianghuai Automobile, and Zhongji Xuchuang with buying amounts of 59.93 billion yuan, 54.81 billion yuan, and 40.33 billion yuan respectively [3][4] Fund Issuance - Seven new funds were issued last week, including Ping An Xinxiang Mixed D, Taixin Shuangxi Shuangli Bond A, and others [5] Share Buybacks - A total of 20 companies announced share buybacks last week, with the highest amounts executed by Gongniu Group (19.67 million yuan), Shanghai Electric (11.77 million yuan), and Shuangta Food (10.56 million yuan) [6][7] - The industries with the highest buyback amounts were light industry manufacturing, electronics, and electric equipment [7]

Group 1 - The A-share market recently saw significant new stock listings, with the stock "Yingshi Innovation" reaching a peak increase of nearly 300% on its debut, resulting in a maximum profit of over 70,000 yuan per share [1][7][8] - This week, two new stocks are available for subscription: Guangxin Technology on June 17 and Xintong Electronics on June 20 [1][2] Group 2 - Guangxin Technology, a leading domestic supplier of insulation materials, has established long-term partnerships with major transformer companies such as Tebian Electric and Zhengtai Electric [3][4] - The company aims to drive growth through technological innovation and research and development, with projected revenues of 304 million yuan, 420 million yuan, and 578 million yuan from 2022 to 2024, and net profits of 15 million yuan, 49 million yuan, and 116 million yuan respectively [3][4] Group 3 - Xintong Electronics focuses on providing industrial IoT smart terminals and system solutions, with a strong market presence in the power and communication sectors [5] - The company has established stable partnerships with well-known enterprises such as State Grid and China Mobile, with projected revenues of 782 million yuan, 931 million yuan, and 1.005 billion yuan from 2022 to 2024, and net profits of 117 million yuan, 124 million yuan, and 143 million yuan respectively [5]