Core Insights - Wall Street experienced a mixed start to 2026, with the S&P 500 rising 0.2%, the Dow Jones Industrial Average increasing by 0.7%, while the Nasdaq fell by 0.3%. The small-cap Russell 2000 index outperformed with a 1.1% gain [2] Small-Cap Stocks Outlook - The early strength in small-cap stocks may signal the potential return of the "January Effect," where smaller companies' stock prices typically rise more in January due to year-end tax-loss selling [3] - Several macroeconomic factors are expected to support small-cap stocks in 2026, beyond the January seasonal pattern [5] Catalysts for Small-Cap Rally - **Favorable Macroeconomic Outlook**: Easing interest rates are anticipated to enhance small-cap stock performance, with Goldman Sachs highlighting compelling opportunities driven by expected rate cuts and accelerating earnings [6] - **Attractive Relative Valuations**: U.S. small caps are trading at a 26% discount to large caps, near historic lows, while international small caps are at an 8% discount despite higher forward earnings growth [7] - **Domestic Economic Advantages**: Small-cap companies benefit more from domestic revenue sources, positioning them favorably amid trends like reshoring and infrastructure development [8] - **AI as a Beneficiary**: Small caps may gain disproportionately from AI-driven productivity improvements, leading to larger percentage earnings growth compared to large caps [9] - **Increased Market Activity**: A rise in mergers and acquisitions (M&A) and a recovering IPO market in 2026 could create significant returns and validate small-cap valuations [10] Investment Strategy: ETFs vs. Individual Stocks - Investors may prefer small-cap ETFs for exposure due to the diversification they offer across over 2,000 companies, mitigating risks associated with individual stocks [11][12] Recommended Small-Cap ETFs - **Vanguard Russell 2000 ETF (VTWO)**: Offers exposure to 1,989 U.S. small-cap stocks, with a 12.2% increase over the past year and net assets of $13.7 billion [14][15] - **iShares Russell 2000 ETF (IWM)**: Provides exposure to 1,959 small public U.S. companies, gaining 12% over the past year with net assets of $74.42 billion [16][17] - **Vanguard Small-Cap ETF (VB)**: Covers 1,331 small-cap companies, with an 8.8% rise over the past year and net assets of $68.9 billion [18][19]

王锋并非药都农商行首位被查的"一把手"，回溯至2023年6月初，该行原党委书记、董事长许绍普因涉 嫌严重违纪违法被查。许绍普的职业生涯始于1982年，最初投身亳州市地方信用社，先后担任会计、稽 核员等职，此后又转战当地农业银行多家营业所履职，后历任亳州市谯城区农信社副主任，安徽省蒙城 县农信社理事长、主任等职务。药都农商行于2005年12月成立一级法人，2010年7月完成农合行改制， 2012年10月完成农商行改制，许绍普在农合行改制时期即出任该行的董事长。 新年伊始，这家扎根"世界中医药之都"的区域性农商行再迎风波。1月4日，亳州药都农村商业银行股份 有限公司（以下简称"药都农商行"）党委书记、董事长王锋涉嫌严重违纪违法被查，这距离其上一任董 事长许绍普被查仅时隔两年有余。两任"一把手"相继落马，叠加多名支行负责人先后被查，让药都农商 行深陷舆论漩涡。更值得关注的是，该行长达十年的IPO征程已因主动撤回上市申请而折戟，资本补充 渠道收窄的压力已然显现。一边是高管被查引发的治理危机，一边是经营与资本的双重挑战，IPO梦碎 后的药都农商行如何凭借特色金融优势突围，稳住发展基本盘，成为市场关注的焦点。 两任董事长 ...

人民财讯1月5日电，1月5日，北交所上市委员会召开2026年第1次审议会议。作为2026年第一家上会的 IPO企业，晨光电机顺利通过审议。据介绍，晨光电机此次IPO拟募集3.99亿元，用于高速电机、控制系 统及电池包扩能建设项目，研发中心建设项目。公司专业从事微特电机的研发、生产和销售，产品主要 应用于以吸尘器为主的清洁电器领域。 ...

Core Viewpoint - Sanrui Intelligent Technology Co., Ltd. has applied for a change in its IPO review status to "submitted for registration" on the Shenzhen Stock Exchange's ChiNext board, aiming to raise 768.88 million yuan [1] Group 1: Company Overview - Sanrui Intelligent specializes in the manufacturing of drone and robot power systems, focusing on the research, production, and sales of electric power systems for drones and robots, and is actively developing eVTOL power systems [1] - The company's drone electric power systems include motors, electronic speed controllers, propellers, and integrated power systems, applicable in various sectors such as agriculture, industrial inspection, mapping, logistics, emergency rescue, and security monitoring [1] - Sanrui's products are sold to over 100 countries and regions across Asia, Europe, America, Africa, and Oceania, with a diverse customer base including notable clients like Aerospace Electronics, Zongheng Co., and NTT Japan [1] Group 2: Robotics Power Systems - Since 2018, the company has established its own brand, CubeMars, focusing on the robotics joint field, achieving self-research and production of core components such as motors, driver boards, and planetary gearboxes [2] - The products are applicable in various emerging fields, including humanoid robots, exoskeletons, wearable devices, and quadruped robots [2] Group 3: Fundraising and Financials - The funds raised will be allocated entirely to projects related to the company's main business, including expansion of drone and robot power systems, construction of a research center and headquarters, and upgrades to information technology and smart warehousing [2] - Financial projections indicate revenues of approximately 362 million yuan, 534 million yuan, 831 million yuan, and 436 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, with net profits of approximately 113 million yuan, 172 million yuan, 333 million yuan, and 161 million yuan for the same periods [2] Group 4: Financial Metrics - As of December 31, 2022, total assets were approximately 450.33 million yuan, with a projected increase to 1.09373 billion yuan by June 30, 2025 [3] - The company's equity attributable to shareholders is expected to grow from approximately 320.72 million yuan in 2022 to about 891.66 million yuan by mid-2025 [3] - The asset-liability ratio is projected to decrease from 28.14% in 2022 to 18.28% by mid-2025, indicating improved financial stability [3]

Group 1 - Aktis Oncology Inc. plans to conduct an initial public offering (IPO) in the United States, aiming to raise up to $212 million [1] - The company intends to issue 11.8 million shares at a price range of $16 to $18 per share, potentially valuing the company at approximately $840 million [1] - Aktis specializes in developing alpha particle radiotherapy for solid tumors and was founded in 2021 [1] Group 2 - For the nine months ending September 30, the company reported revenues of $4.6 million and a net loss of $48.6 million, compared to revenues of $554,000 and a net loss of $31.9 million in the same period the previous year [1] - Aktis has raised approximately $346 million from top life sciences investors, including MPM, Vida, EcoR1 Capital, and Blue Owl Capital [2] - The IPO will be led by JPMorgan, Bank of America, Leerink Partners, and TD Securities, with plans to list on the NASDAQ under the ticker symbol AKTS [2]

Core Viewpoint - Zhejiang Liji Storage Technology Co., Ltd. (Liji Storage) has submitted its prospectus to the Hong Kong Stock Exchange, aiming for an IPO despite facing significant financial challenges, including cumulative losses of 542 million yuan and ongoing negative operating cash flow [1][2]. Financial Performance - The company has reported fluctuating revenues from 2022 to the first half of 2025, with figures of 610 million yuan, 580 million yuan, 646 million yuan, and 412 million yuan respectively, indicating an unstable growth trend [2]. - Cumulative net losses reached 542 million yuan, with net losses of 139 million yuan in 2022, 244 million yuan in 2023, 109 million yuan in 2024, and 31.7 million yuan in the first half of 2025 [2][3]. Research and Development - Despite poor profitability, the company maintains a high level of investment in R&D, with expenditures of 74 million yuan, 77 million yuan, and 96 million yuan from 2022 to 2024, consistently exceeding 12% of revenue [4]. - As of the end of 2024, over 50% of the workforce is dedicated to R&D, focusing on advanced technologies such as WoW3D heterogeneous integration and custom 3D-IC stacking [4]. Cash Flow and Financial Health - The company has experienced negative cash flow from operating activities, totaling 376 million yuan, with a significant outflow of 119 million yuan in the first half of 2025, primarily due to rising accounts receivable and inventory impairment [4]. - Trade receivables surged to 155 million yuan by June 2025, a 237% increase from the end of 2022, raising concerns about credit loss rates [4]. Profitability and Revenue Structure - The gross margin improved from -2.1% in 2022 to 9.3% in 2024, reaching 10.2% in the first half of 2025, attributed to product structure optimization and rising chip prices [5]. - However, the net profit margin remained negative at -16.8% in 2024 and -12.1% in the first half of 2025, due to high R&D and management expenses [5]. - The company is shifting its business focus, reducing the share of memory chip business from over 88% to 53.3% by the first half of 2025, while memory module revenue surged to 40.1% of total revenue, growing 217% year-on-year [5]. Shareholder Dynamics - The exit of local state-owned enterprise Jinhua Tianyuan Smart City Investment Co., Ltd. before the IPO has raised concerns, as it sold its entire 9.45% stake for approximately 117 million yuan, significantly below previous valuations [6][7]. - This exit occurred just two months before the IPO, contrasting sharply with a nearly 2.9 billion yuan valuation from a recent funding round, indicating a potential lack of confidence in the company's future [7][8]. - The timing and pricing of this exit have led to speculation about the company's prospects, as strategic investors typically maintain long-term commitments unless significant concerns arise [8][9].

Core Viewpoint - Zhejiang Liji Storage Technology Co., Ltd. (Liji Storage) is attempting to go public on the Hong Kong Stock Exchange, focusing on the niche DRAM market, but faces significant financial challenges, including cumulative losses of 542 million RMB and negative operating cash flow [1][2]. Financial Performance - Liji Storage has reported fluctuating revenues from 610 million RMB in 2022 to an estimated 412 million RMB in the first half of 2025, with cumulative losses reaching 542 million RMB [2][3]. - The company has maintained high R&D expenditures, with amounts of 74 million RMB, 77 million RMB, and 96 million RMB from 2022 to 2024, consistently above 12% of revenue [4]. - Despite improvements in gross margin from -2.1% in 2022 to 10.2% in the first half of 2025, net profit margins remain negative at -16.8% for 2024 and -12.1% for the first half of 2025 [5][4]. Shareholder Dynamics - The exit of local state-owned enterprise Jinhua Tianyuan Smart City Investment Co., Ltd. before the IPO, selling its 9.45% stake for approximately 117 million RMB, raises concerns about Liji Storage's valuation and future prospects [6][7]. - The valuation at which Tianyuan exited represents a 55% discount compared to the company's previous financing round valuation of nearly 2.9 billion RMB in December 2023 [7][9]. - The timing and pricing of this exit have led to speculation regarding the company's future and the potential risks perceived by strategic investors [9][10].

深圳商报·读创客户端记者 梁佳彤 2025年12月31日，据北交所官网，湖北博韬合纤股份有限公司（下称"博韬合纤"）回复首轮问询，公司净利润与营收 变动趋势不一致、曾存多项财务不规范行为等情况受到监管层的关切。 | 代码 | 874226 | 简称 | 博韬合纤 | | --- | --- | --- | --- | | 公司全称 | 湖北博韬合纤股份有限公司 | 受理日期 | 2025-06-30 | | 审核状态 | 已问询 | 更新日期 | 2025-12-31 | | 保荐机构 | 天风证券股份有限公司 | 保存代表人 | 马能,占志鹏 | | 会计师事务所 | 容诚会计师事务所（特殊普通合伙 ) | 签字会计师 | 鲍光荣,陈韬,郑鹏飞 | | 律师事务所 | 北京市中伦律师事务所 | 签字律师 | 都伟,尚红超,谢莹 | | 评估机构 | 中水致远资产评估有限公司 | 答字评估师 | 夏志才,袁学根 | 招股书介绍，博韬合纤自2002年成立以来一直专业从事丙纶短纤、涤纶短纤及其他化学纤维的研发、生产和销售。报 告期内，公司丙纶短纤产品销售占比达到90%以上，产品广泛应用于汽车内外饰复合材料、高性能 ...

IPO Review and Registration Progress - Three companies were reviewed for IPO last week, with two successfully passing the review, while one, Guangtai Vacuum, had its application postponed [3][4] - Peicheng Technology, focused on lithium battery new energy, reported revenue of 886 million yuan and net profit of 129 million yuan for the first three quarters of 2025, marking year-on-year growth of 76.49% and 114.83% respectively [3][4] - Weitongli, specializing in electrical connection products, achieved revenue of 2.212 billion yuan and net profit of 216 million yuan in the same period [4] Upcoming IPOs - Two companies, Chenguang Electric and Banzhe Chuangke, are set to undergo IPO reviews this week, with Chenguang Electric aiming to raise 399 million yuan [5][6] - Chenguang Electric projects a revenue of 918 million to 928 million yuan for 2025, reflecting a year-on-year growth of 11.05% to 12.26% [5] - Banzhe Chuangke anticipates a revenue of 1.76 billion to 1.82 billion yuan for 2025, with a growth rate of 16.57% to 20.55% [6] Recent IPO Activity - A surge in IPO applications was noted at the end of 2025, with 58 applications accepted, including 40 from the Beijing Stock Exchange [7][9] - Companies like Dachang Technology and Yan'an Pharmaceutical are attempting to reapply for IPOs after previous rejections [7][8] - Dongguan Bank and Nanhai Rural Commercial Bank have resumed their IPO processes after their statuses changed from "suspended" to "accepted" [9] New Stock Listings and Performance - Shaanxi Tourism is set to list on the Shanghai Main Board, with an expected revenue of 951 million to 1.117 billion yuan for 2025, indicating a decline of 24.69% to 11.54% [10] - The stock of Hengdongguang surged by 878.16% on its first trading day, closing at 309 yuan per share [10][11] - Strongyi Co., which focuses on semiconductor testing hardware, saw its stock rise by 165.61% on its debut, closing at 226.01 yuan per share [11] Upcoming New Stock Subscriptions - Two new stocks, Kema Materials and Zhixin Co., are scheduled for subscription, with respective issue prices of 11.66 yuan and 21.88 yuan [12] - Kema Materials expects a revenue of 250 million to 280 million yuan for 2025, while Zhixin Co. anticipates 3.9 billion to 4.05 billion yuan, reflecting growth rates of 0.39% to 12.44% and 26.30% to 31.16% respectively [12]

在券商投行的项目储备竞争中，头部效应持续加强。根据统计，2025年共有41家券商有IPO项目获得受理，排名前五的券商受理数量总和占比超过45%。其 中国泰海通以36.5家的保荐项目数量位列第一，中信证券以35.5家紧随其后。中信建投、中金公司和华泰联合分别位列第三至第五位。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 资本市场包容性的提升在2025年受理企业中有所体现，未盈利企业的申报数量增加。根据统计，科创板共受理了18家未盈利企业，其中包括2025年12月30日 获得受理的国产存储巨头长鑫科技，该公司2024年归母净利润为-71.45亿元。与此同时，主板的"大盘蓝筹"特征依然明显，深市主板受理企业2024年扣非净 利润平均值达到11.41亿元。 2025年全年，沪深北三地交易所合计新增受理了300家企业的首次公开募股（IPO）申请。这一数据较2024年全年77家的受理量增长近三倍。不过，该规模 尚未达到2023年受理总量（696家）的一半。 从板块分布来看，北京证券交易所（北交所）仍是拟上市企业最为集中的选择。2025年，北交所新受理企业数量为17 ...