德业股份公告，为推动公司持续发展，公司与宁波曦晨私募基金管理有限公司签署了合伙协议，共同出 资设立宁波德泰业兴创业投资合伙企业（有限合伙）。投资基金认缴出资总额为1.1亿元，公司作为有 限合伙人以自有资金认缴出资人民币8600万元，出资占比78.18%。基金主要用于投资机器人产业链、 人工智能、半导体、新材料、新能源等智能科技产业领域的项目。 ...

最近一项数据刷屏：截至 2025 年末，全国人口 140489 万人，比 2024 年末减少 339 万人。这是我国人口总 量连续第四年减少。 作为一级从业者，我想分享一下我眼中，人口对一级市场的影响。 消极项 募资端压力加剧： 人口向少部分大型、超大型城市集中，多数下沉城市的财政承受压力。 地方政府出资组基金，明投资实招商的方式将不再 work 。那些以募集下沉城市资金为主的中小机构将面临生存压力。 作为一级市场重要资金来源的社保资金、险资等长期资本，因某些压力增加，可能转向于更保守的风格，更低的风险偏 好，进而传递至投资机构，间接影响募资工作和投资策略。 年龄在 50 岁左右的高净值人群数量快速下降。很多以财富管理性质进行募资的机构也将面临压力。 深度影响二级市场市值体系： 人口下滑会传递至各行各业，各上市公司或早或晚遭受成长预期下降，进而市值倍数下降。投资人对上市公司的关注点 从"成长预期"逐渐过渡至"现金流安全"。 劳动密集型上市公司、传统业务的上市公司都会遭受收入、利润、现金流、估值方面的多重挑战，需要全行业花费多年来 消化阵痛。 总需求增速放缓，消费赛道承压： 从母婴产业到幼儿园、小学、教培，再到 ...

2025年全球前十大IPO中，亚太地区占据了七席，纳斯达克和纽约证券交易所的新上市名单 中，有一半是亚洲公司。伯斯汀看好亚太市场，IPO反映出人们如何看待未来，亚太地区对变 革有着强烈渴望，对风险持开放态度。 展望未来，伯斯汀预计， 2026年或将成为IPO市场创纪录的一年。 IPO市场的乐观情景包 括：美国经济保持稳定，美联储逐步放松政策，特朗普政府在关税政策上有所克制，企业之 间保持健康的科技竞争，一些大型私营公司排队等待上市。 记者丨吴斌 编辑丨李莹亮 2025年全球IPO市场显著升温，中国香港IPO市场更是募资超2858亿港元，重登全球榜首。 麦楷亚洲会计师事务所联合创始人和联合主席助·伯斯汀（Drew Bernstein）近日在接受21世 纪经济报道记者专访时分析称，过去，中国的创新公司往往先在美国上市并借此吸引融资。 如今，人工智能、半导体等行业的中国科技创新公司在美国上市的可能性很低，这为中国香 港创造了机会。 香港IPO市场2025年登上全球榜首，这是多重因素的共同作用： 首先，投资者的注意力转向了作为科技超级大国的中国，"DeepSeek时刻"证明，中国与 美国的创新差距已成为过去； 其次， ...

Investment Rating - The industry investment rating is upgraded to "Overweight" [1] Core Views - The short-term decline in tin prices highlights the medium to long-term investment value [4] - The macro environment is tightening, leading to a decrease in risk appetite [5] - Supply and demand dynamics are weakening, with insufficient fundamental support [7] - The industry chain is experiencing transmission difficulties, causing accelerated capital withdrawal [8] - Despite short-term pressures, tin remains a strategic metal with increasing importance in high-growth sectors [8] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown strong relative performance with returns of 82.53% compared to the CSI 300 index [2] Supply and Demand - Supply side: Significant accumulation of visible inventory indicates a loosening of market supply, with production and export activities in major raw material regions recovering [7] - Demand side: Facing seasonal and structural challenges, traditional sectors lack large-scale replenishment motivation, while emerging sectors have not provided sufficient incremental demand [7] Market Sentiment - The tightening macro environment has suppressed market sentiment, with a strong dollar negatively impacting commodity prices like tin [5] - Regulatory measures aimed at curbing speculation have led to a significant reduction in market risk appetite [5] Investment Recommendations - The significant pullback in tin prices poses short-term pressure on related listed companies, with potential compression of profit growth [8] - Long-term investment opportunities in the tin sector are still worth monitoring, particularly in companies like Xingye Yinxin, Xiyu Shares, and Huaxi Nonferrous [8]

| 序 특 | 项目名称 | 实施主体 | 总投资金额 | 募集资金拟投 入金额 | | --- | --- | --- | --- | --- | | 1 | 液冷散热系统产业化项目 | 澄天科泰(惠州) | 36.188.45 | 35.500.00 | | 2 | 半导体封装材料扩产项目 | 宁波澄天 | 26,228.28 | 25.800.00 | | 3 | 液冷研发中心及集团信息化建 | 澄天科泰(惠州)、 | 11.391.57 | 10.700.00 | | | 设项目 | 澄天伟业 | | | | ব | 补充流动资金 | 澄天伟业 | 8.000.00 | 8.000.00 | | | 合计 | | 81,808.30 | 80,000.00 | 此次定增事项尚需经过股东大会审议，并需获得深交所审核通过及中国证监会注册后方可实施。 近日，6倍牛股澄天伟业发布了拟定增8亿元的募资计划，而近半年公司实控人及其一致行动人减持近6%的公司股份。一边是公司 拟大手笔定增募资投向液冷、半导体等热门科技领域，一边是实控人及其一致行动人却频繁减持套现。澄天伟业的资本运作与重 要股东大额减持行为引起每经资 ...

Core Viewpoint - The A-share market is experiencing a downward trend, with major indices showing significant declines, influenced by various macroeconomic factors and sector performance [1]. Market Performance - As of the midday close, the Shanghai Composite Index fell by 0.3% to 4101.62 points, the Shenzhen Component Index dropped by 1.22%, and the ChiNext Index decreased by 1.83% [1]. - Approximately 3400 stocks in the A-share market were in the red, with total trading volume across the Shanghai, Shenzhen, and North exchanges reaching about 1.87 trillion yuan [1]. Sector Analysis - Sectors such as military, non-ferrous metals, and steel are experiencing declines, while real estate, insurance, banking, and semiconductors are showing upward movement [1]. - Active concepts include phosphate-related stocks and the "China Special Valuation" theme [1]. Market Sentiment and Future Outlook - According to Zhongyin Securities, the "spring fever" market is facing short-term pressure due to a complex overseas macro environment, increased uncertainty in the Federal Reserve's monetary policy, and domestic regulatory efforts to stabilize the market [1]. - The risk appetite is not the only factor influencing pricing themes; sector catalysts and positioning are also crucial. The likelihood of "one sector rising while another falls" is greater than "synchronous declines" in the current market context [1]. - Recent changes in trading volume proportions among the top ten concept sectors indicate an increase in semiconductor, photovoltaic, and robotics sectors, with high potential for AI application catalysts in the future [1]. - The short-term adjustment is attributed to previous overvaluations and emotional impacts from event disturbances, but the underlying logic of the AI application trend remains intact, suggesting that the market may continue to perform well [1].

Market Overview - The three major A-share indices collectively declined in the morning session, with the Shanghai Composite Index down 0.3%, the Shenzhen Component Index down 1.22%, and the ChiNext Index down 1.83% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 186.54 billion yuan, an increase of 58.9 billion yuan compared to the previous day [1] - Over 3,300 stocks in the market experienced declines [1] Sector Performance - The chemical, cultural media, real estate, insurance, banking, airport shipping, retail, and semiconductor sectors showed the highest gains [1] - Conversely, the commercial aerospace, CPO, controllable nuclear fusion, minor metals, battery, and military sectors faced the largest declines [1] ETF Performance - Domestic demand sectors saw a broad increase, with the real estate industry chain leading the gains; specific ETFs such as Huabao Fund Real Estate ETF, Guotai Fund Building Materials ETF, and Yinhua Fund Real Estate ETF rose by 3.22%, 2.99%, and 2.87% respectively [1] - In the Hong Kong market, consumer stocks also rose, with ETFs like Huitianfu Fund Hong Kong Stock Connect Consumer 50 ETF and Fuguo Fund Hong Kong Stock Connect Consumer ETF increasing by 2.15% and 2.02% respectively [1] Specific Sector Declines - The commercial aerospace sector led the declines, with satellite ETFs from E Fund, GF Fund, and others dropping by 5% [2] - The photovoltaic sector also experienced a pullback, with photovoltaic ETFs and leading ETFs from GF Fund declining by 3.61% and 3.59% respectively [2]

1月20日，赛腾股份盘中下跌2.02%，截至10:09，报52.42元/股，成交12.38亿元，换手率8.56%，总市值 142.15亿元。 资金流向方面，主力资金净流出1.52亿元，特大单买入1.94亿元，占比15.65%，卖出3.46亿元，占比 27.97%；大单买入3.71亿元，占比30.00%，卖出3.71亿元，占比29.96%。 赛腾股份今年以来股价涨21.01%，近5个交易日涨19.90%，近20日涨25.44%，近60日涨14.23%。 今年以来赛腾股份已经1次登上龙虎榜，最近一次登上龙虎榜为1月19日，当日龙虎榜净买入3.18亿元； 买入总计7.09亿元 ，占总成交额比20.72%；卖出总计3.91亿元 ，占总成交额比11.43%。 资料显示，苏州赛腾精密电子股份有限公司位于江苏省苏州市吴中经济开发区郭巷街道淞葭路585号， 成立日期2007年6月19日，上市日期2017年12月25日，公司主营业务涉及自动化生产设备的研发、设 计、生产、销售及技术服务,为客户实现生产智能化提供系统解决方案。高端半导体设备。主营业务收 入构成为：自动化设备76.79%，夹治具18.95%，技术服务3.77%，其 ...

场内ETF方面，截至2026年1月20日 10:39，中证稀有金属主题指数下跌2.85%，成分股方面西部材料领 跌，厦门钨业、中钨高新、章源钨业、东方钽业等跟跌。稀有金属ETF基金(561800)盘中换手8.81%， 成交1906.86万元。 市场分析认为，战略小金属储量有限、开采难度大且供给弹性不足，新能源、半导体等下游需求快速增 长，供需矛盾加剧，全球供应链扰动因素未减，钨、钼、锡等小金属价格呈现显著上涨趋势，锂、稀土 等核心战略资源受到市场广泛关注。中信证券预计2025-2028年全球氧化镨钕供需缺口分别为- 0.5/-0.9/-1.3/-2.1万吨，五矿证券预计2026年全年钴消费22.1万吨、供应21.4万吨，刚性短缺显现，全球 铜供需缺口保守预计约83万吨。 锂电方面，锂电池上游原材料价格普遍上涨，电池级碳酸锂价格较2025年12月初上涨64.40%，氢氧化 锂价格上涨77.51%，电解钴、三元正极材料及磷酸铁锂价格均实现明显回升。中原证券认为，锂电池 行业景气度总体持续向上，动力电池装机量同比增长超三成，新能源汽车销量占比稳定在50%以上，叠 加固态电池技术进展与政策支持，中长期仍值得重点关注。 ...

1月20日，兴森科技盘中下跌2.02%，截至09:54，报23.73元/股，成交7.52亿元，换手率2.07%，总市值 403.33亿元。 资金流向方面，主力资金净流出7817.39万元，特大单买入6769.06万元，占比9.01%，卖出1.14亿元，占 比15.21%；大单买入2.05亿元，占比27.25%，卖出2.36亿元，占比31.46%。 兴森科技今年以来股价涨12.09%，近5个交易日涨7.38%，近20日涨23.59%，近60日涨16.90%。 资料显示，深圳市兴森快捷电路科技股份有限公司位于广东省深圳市南山区粤海街道沙河西路与白石路 交汇处深圳湾科技生态园一区2栋A座8层，成立日期1999年3月18日，上市日期2010年6月18日，公司主 营业务涉及PCB业务、半导体业务。主营业务收入构成为：PCB印制电路板71.45%，IC封装基板 21.09%，其他4.29%，半导体测试板3.17%。 兴森科技所属申万行业为：电子-元件-印制电路板。所属概念板块包括：机器人概念、毫米波雷达、芯 片概念、半导体、玻璃基板等。 截至1月9日，兴森科技股东户数10.20万，较上期减少14.29%；人均流通股148 ...