距离上次递交招股书仅半年，国内卫星导航定位芯片设计企业——深圳华大北斗科技股份有限 公司再次向港交所主板发起冲击。 去年6月，华大北斗曾递表港交所，招银国际与平安证券为联席保荐人，但已过期失效。此次 更新的招股书补充了2025年上半年的财务数据， 实现营收4.03亿元，同比增长20%；净亏损 0.64亿元，同比扩大16%。 记者丨 雷若馨 编辑丨孙超逸 一颗北斗高精度定位芯片，如何应用于现实场景？ 该公司芯片应用的关键一步，是在共享单车领域，其芯片占中国共享单车市场总量的60%以 上，覆盖美团、青桔、哈啰等主流平台。 沿此逻辑，华大北斗已将GNSS芯片应用于电动自行车，预计未来几年成为主要收入来源。 对于未来，华大北斗正押注于智能驾驶与低空经济这两大赛道。 华大北斗的出身颇为耀眼。公司脱胎于中国电子信息产业集团（CEC）旗下的导航芯片设计业 务， 吸引了包括中电光谷、上汽创投、比亚迪、格力创投乃至博世创投在内的豪华产业与财 务资本阵容。 从大众消费领域起步 技术落地的关键一步，始于共享单车领域。 华大北斗在深圳率先将北斗高精度定位芯片植入共享单车，实现了入栏结算、精准停放等管理 功能。由此，基于自主北斗系统的 ...

Group 1 - During the "14th Five-Year Plan" period, China's low-altitude equipment industry is expected to maintain an annual growth rate of over 10% [2] - By December 30, 2025, over 1,081 companies have registered, with 3,623 products filed and more than 5.29 million units [2] - The traditional general aviation equipment development is progressing steadily, with over 70 domestic models completing airworthiness certification [2] Group 2 - Shandong Province is projected to exceed a GDP of 10 trillion yuan by 2025, becoming the third province in China to achieve this milestone [3] - The province aims to implement strategies to stabilize employment, businesses, and market expectations, with economic indicators expected to outperform national averages [3] Group 3 - The National Railway Group anticipates its total revenue to exceed 1 trillion yuan for the first time in 2025, with a year-on-year growth of 3.1% [4] - The Group plans to strengthen budget constraints and cost control, achieving savings of 19.7 billion yuan compared to the budget [4] - By the end of 2025, the asset-liability ratio is expected to decrease to 62.5%, down 1 percentage point from the previous year [4] Group 4 - Shanghai's average daily consumption during the New Year holiday reached 12.2 billion yuan, a 2.5% increase compared to the previous year [5] - The city is providing up to 100 million yuan in support for high-innovation projects in eVTOL and industrial-grade drones [5] Group 5 - The免税烟草制品交易管理平台 has officially launched, requiring all related enterprises to conduct transactions through this platform [6] Group 6 -宇树科技's green channel for A-share listing has been suspended, but the listing process itself is still ongoing [7] - The suspension is attributed to concerns over the current market bubble in the robotics sector [7] Group 7 - 罗马仕 has initiated a restructuring plan named "Rebirth Plan" to regain new 3C certification and restore its sales system by the first quarter of 2026 [8] Group 8 - 亿纬锂能 plans to quickly re-submit its Hong Kong IPO application after its previous submission expired, stating that this is a normal process [9] Group 9 - Apple's AI features are currently in a gray testing phase for certain domestic devices, with full functionality expected to be available on newer models [10] Group 10 - Enchem has approved a five-year supply agreement with 宁德时代 for 350,000 tons of electrolyte, which is expected to significantly enhance its sales and market share [13] Group 11 - 长鑫科技集团 has submitted an IPO application to the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan, marking the second-largest fundraising in the board's history [16] - 石头科技 has received a notice from the regulatory authority for its overseas listing, officially starting its Hong Kong IPO process [16]

दी TSINGHUA Financial Review 清华金融评论 252 | 中国股市取得 国家外汇管理局副局长、新闻发言人 2026年"开门红" 李斌:我国外债形势总体平稳 Financial Weekly 每周金融评论 2026年第1期 单第252期 2026年1月5日 .. Financial Weekly 每周金融评论 | 目录 CONTENTS 热点聚焦 FOCUS ◎ 中国股市取得2026年"开门红" ◎ 元旦旅游市场实现"开门红" 重大会议 MEETINGS ◎ 国家外汇管理局副局长、新闻发言人李斌：我国外债形势总体平稳 重大政策 POLICIES ◎ 中国证监会发布《证券期货市场监督管理措施实施办法》 ◎ 中国银行保险资产管理业协会发布《保险资产管理行业数据 分类分级指南 》 元旦旅游市场实现"开门红" 02 重大事件 EVENTS ◎ 中国证监会发布《中国证监会关于推出商业不动产投资信托基金 试点的公告 》 重要数字 DATA ◎ 上海：2028年上海低空经济核心产业规模达到约800亿元 热点 聚焦 中国股市取得2026年"开门红" 01 2026年1月5日A股实现新年开门红，三大指数 ...

21世纪经济报道记者 雷若馨 深圳报道 距离上次递交招股书仅半年，国内卫星导航定位芯片设计企业——深圳华大北斗科技股份有限公司再次向港交所主板发起冲 击。 去年6月，华大北斗曾递表港交所，招银国际与平安证券为联席保荐人，但已过期失效。此次更新的招股书补充了2025年上半年 的财务数据，实现营收4.03亿元，同比增长20%；净亏损0.64亿元，同比扩大16%。 华大北斗的出身颇为耀眼。公司脱胎于中国电子信息产业集团（CEC）旗下的导航芯片设计业务，吸引了包括中电光谷、上汽 创投、比亚迪（002594）、格力创投乃至博世创投在内的豪华产业与财务资本阵容。 一颗北斗高精度定位芯片，如何应用于现实场景？ 该公司芯片应用的关键一步，是在共享单车领域，其芯片占中国共享单车市场总量的60%以上，覆盖美团、青桔、哈啰等主流 平台。 沿此逻辑，华大北斗已将GNSS芯片应用于电动自行车，预计未来几年成为主要收入来源。 对于未来，华大北斗正押注于智能驾驶与低空经济这两大赛道。 从大众消费领域起步 技术落地的关键一步，始于共享单车领域。 华大北斗在深圳率先将北斗高精度定位芯片植入共享单车，实现了入栏结算、精准停放等管理功能。由此，基 ...

证券研究报告 | 2026年01月05日 制造成长周报（第 41 期） 优于大市 软银完成对 Open AI 的 400 亿美元投资，蓝箭航天 IPO 获受理 重点事件点评&重点关注：AI 基建、商业航天 事件 1-软银完成对 Open AI 的 400 亿美元投资：2025 年 12 月 30 日，软银 集团已于上周完成对 OpenAI 的最后一笔注资，金额约在 220 亿至 225 亿美 元之间，已完成对 OpenAI 的 400 亿美元投资承诺。 事件 2-蓝箭航天 IPO 获受理：2025 年 12 月 31 日，蓝箭航天 IPO 获受理： 拟募资 75 亿，需实现可复用火箭发射载荷成功入轨。 AI 基建点评：软银完成对 Open AI 的投资，xAI 收购第三座建筑，训练算力 将接近 GW，随着 AI 相关投资持续加码，AI 基建需求旺盛，相关产业链将继 续同步扩张受益。我们持续看好 AI 基建相关产业链，重点关注燃气轮机及 液冷方向。燃气轮机作为海外数据中心主用电源与备用电源将深度受益 AI 数据中心供电需求，GEV 超预期上修燃机订单与扩产也表明行业是超 长景气大周期。建议重点关注 AI 数据中 ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The report highlights a significant drop in crude oil shipping rates, while long-distance shipping rates have increased. The China Import Crude Oil Composite Index (CTFI) fell by 40.6% to 1354.35 points as of December 25, 2025. Conversely, shipping rates for routes to Europe and the US have risen, with rates for Shanghai to Europe increasing by 10.2% to $1690 per TEU, and rates to the US West and East coasts rising by 9.8% and 6.6% respectively [3][13] - The report notes that Peak Flying's Kai Rui Ou eVTOL successfully completed the first ton-level unmanned cross-strait flight over the Qiongzhou Strait, demonstrating the feasibility of low-altitude transportation. Additionally, China National Airlines plans to purchase 60 Airbus A320NEO aircraft, with a total list price of approximately $9.53 billion, scheduled for delivery between 2028 and 2032 [3][14][16] - JD.com has launched its first campus "Smart Wolf" front warehouse at Guangdong Industry and Commerce Vocational Technical University, contributing to a 5.0% year-on-year growth in national social logistics total, amounting to 331.2 trillion yuan for the first 11 months of 2025 [3][22][23] Summary by Sections Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index has decreased both month-on-month and year-on-year. The Shanghai outbound air freight price index was reported at 5821.00 points, showing a year-on-year increase of 9.3% but a month-on-month decrease of 8.6% [25] - Domestic cargo flight operations saw a year-on-year decline of 3.24% in December 2025, while international flights increased by 15.99% [26] - The SCFI index for container shipping was reported at 1656.32 points, with a week-on-week increase of 6.66% but a year-on-year decrease of 32.68% [35] Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics. It also highlights opportunities in low-altitude economy trends and road-rail investment opportunities [4][5]

Core Insights - The report highlights the expected improvement in the securities industry in 2026, driven by supportive policies and accelerated consolidation, which is anticipated to enhance industry prosperity [6][11] - The report emphasizes the importance of self-operated investment stability and sustainable growth for securities firms, indicating that these factors will be crucial for overall performance [9][10] Economic News - The State Council has issued a solid waste comprehensive management action plan aiming for a comprehensive utilization of 4.5 billion tons of major solid waste by 2030 [2] - The China Securities Regulatory Commission (CSRC) has revised regulations on public offering securities investment fund sales fees, effective from January 1, 2026, to reduce investor costs [2] - The CSRC has announced the pilot program for commercial real estate investment trusts (REITs), marking a significant step in market practice [2] - The Ministry of Culture and Tourism reported that during the 2026 New Year holiday, domestic travel reached 142 million trips, with total spending of 84.789 billion yuan [2] Company Insights - The report covers the performance of major companies in the securities sector, noting that the top ten real estate companies achieved sales exceeding 100 billion yuan in 2025, indicating resilience among leading firms [2] - The report mentions that the company has a strong financial performance, with revenue increasing from less than 300 million yuan in 2019 to over 1.5 billion yuan in 2024, while maintaining a low debt-to-asset ratio [16][18] - The company is expected to benefit from a recovery in domestic demand and is positioned to capture opportunities in the international market due to the aging fleet of chemical tankers globally [15][18] Investment Strategy - The report suggests that the securities industry may see more policy support in 2026, which could significantly influence industry performance and valuation recovery [10][11] - It is recommended to focus on head institutions within the industry that are innovating and adapting to market changes, with a particular emphasis on value stocks that remain undervalued [11]

Core Viewpoint - The stock price of New Dazheng has increased by 2.14% this year, reflecting a positive trend in the company's performance and market interest [2]. Group 1: Stock Performance - As of January 5, New Dazheng's stock price reached 12.42 CNY per share, with a trading volume of 35.83 million CNY and a turnover rate of 1.37%, resulting in a total market capitalization of 2.81 billion CNY [1]. - The stock has shown a 1.97% increase over the last five trading days, a 6.33% increase over the last 20 days, and a 6.14% increase over the last 60 days [2]. Group 2: Company Overview - New Dazheng Property Group Co., Ltd. is located in Yuzhong District, Chongqing, and was established on December 10, 1998, with its listing date on December 3, 2019 [2]. - The company specializes in smart city public building and facility management, providing comprehensive property management services, professional management services, and value-added services [2]. - The revenue composition of the company includes: basic business 87.79%, urban services 8.22%, innovative business 3.86%, and others 0.13% [2]. Group 3: Financial Performance - For the period from January to September 2025, New Dazheng reported operating revenue of 2.27 billion CNY, a year-on-year decrease of 11.82%, and a net profit attributable to shareholders of 104 million CNY, a decrease of 2.97% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 415 million CNY in dividends, with 230 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders for New Dazheng was 15,200, an increase of 6.68% from the previous period, with an average of 14,059 circulating shares per person, a decrease of 6.26% [2]. - Among the top ten circulating shareholders, Dongfanghong Yuanjian Value Mixed A (010714) ranked as the seventh largest shareholder, holding 2.8237 million shares, an increase of 90,100 shares from the previous period [3].

Group 1 - The core viewpoint of the article indicates that China's manufacturing PMI is expected to rebound by 0.9 percentage points to 50.1% by December 2025, returning to the expansion zone, driven by the continuous implementation of policies and pre-Spring Festival stocking [1] - In 2026, with ongoing domestic policy support and measures to reduce competition, the profitability of the manufacturing sector is anticipated to recover, leading to an improvement in overall demand for upstream machinery and equipment [1] - The humanoid robot sector is projected to see significant growth, with domestic shipments expected to exceed 18,000 units by 2025, and a company named Lingxin Qiaoshou completing A++ round financing, becoming the only global company to mass-produce over 1,000 high-degree-of-freedom dexterous hands, capturing over 80% of the global market share [1] Group 2 - The Industrial Mother Machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which selects 50 listed companies involved in machine tool manufacturing and key component production to reflect the overall performance of the machine tool manufacturing industry [1] - The index constituents exhibit a small and mid-cap style, primarily concentrated in the machinery equipment sector, while also encompassing listed companies in information technology and raw materials [1]

（文章来源：每日经济新闻） 华创证券认为，在低空经济领域，中美企业最具竞争力，我国企业在eVTOL 领域处于全球领先梯队， 大力推动低空经济发展下，未来在全球巨大市场中，中美有望占据主导地位。 通用航空ETF基金（159230）跟踪国证通用航空产业指数，以低空经济为核心，覆盖航材及基础设施、 飞行器制造、运营服务及场景应用等行业，助力投资人把握低空经济行情，低空经济含量88.26%，商 业航天含量65.32%。 2026年1月5日，三大指数集体走强。盘面上，脑机接口、医疗器械概念领涨，海南自贸区、稳定币概念 领跌，低空经济、商业航天概念相对强势。截至13:40，通用航空ETF基金（159230）涨1.72%，持仓股 航天环宇涨12.67%，海格通信、北斗星通涨停，联创光电、中国卫星、华测导航等股纷纷走强；航空 航天ETF（159227）涨1.25%。 消息面上，1月4日上海印发《上海市关于链接长三角加快建设低空经济先进制造业集群的若干措施》的 通知。其中提到，到2028年，上海低空经济核心产业规模达到800亿元左右，形成低空新型航空器完整 产业链体系。 ...