一、网上申购情况及网上发行初步中签率 根据《沐曦集成电路（上海）股份有限公司首次公开发行股票并在科创板上市发行公告》公布的回拨机 制，由于启动回拨前网上发行初步有效申购倍数约为 4,498.38倍，超过100倍，发行人和保荐人（主承 销商）决定启动回拨机制，对网 下发行、网上发行的规模进行调节，将扣除最终战略配售部分后本次 公开发行股 票数量的10%（向上取整至500股的整数倍，即324.95万股）由网下回拨至网上。 根据《沐曦集成电路（上海）股份有限公司首次公开发行股票并在科创板上市发行公告》公布的回拨机 制，由于启动回拨前网上发行初步有效申购倍数约为 4,498.38倍，超过100倍，发行人和保荐人（主承 销商）决定启动回拨机制，对网 下发行、网上发行的规模进行调节，将扣除最终战略配售部分后本次 公开发行股 票数量的10%（向上取整至500股的整数倍，即324.95万股）由网下回拨至网上。 回拨机制启动后，网下最终发行数量为2,282.9081万股，占扣除最终战略配 售部分后本次发行数量的 70.26%，网上最终发行数量为966.55万股，占扣除最终 战略配售部分后本次发行数量的29.74%。回拨 机制启 ...

一、证券市场回顾 上周有10只新基金发行,分别为:国联金如意双利一年持有债券B、国联金如意双利一年持有债券C、国联金如意双利一年持有债券A、红土创新新兴产业混合 C、万家增强收益债券A、光大保德信阳光现金宝货币、信澳水星聚利中短债债券A、信澳水星聚利中短债债券E、信澳水星聚利中短债债券C、中金聚金利 货币,详情见下表： | 代码 | 基金名称 | | --- | --- | | 025890.OF | 国联金如意双利一年持有债券B | | 025891.OF | 国联金如意双利一年持有债券C | | 025889.OF | 国联金如意双利一年持有债券A | | 026245.OF | 红土创新新兴产业混合C | | 026241.OF | 万家增强收益债券A | | 025515.OF | 光大保德信阳光现金宝货币 | | 025669.OF | 信澳水星聚利中短债债券A | | 025671.OF | 信澳水星聚利中短债债券E | | 025670.OF | 信澳水星聚利中短债债券C | | 025775.OF | 中金聚金利货币 | 南财金融终端数据显示，上周(12月1日-12月5日,下同)，上证综指周内 ...

Core Viewpoint - The article discusses the upcoming IPOs of five companies in the A-share market, highlighting their business focus and financial performance. Group 1: Yuxun Co., Ltd. - Yuxun Co., Ltd. is a leading enterprise in the domestic optical communication chip sector, focusing on the research, design, and sales of optical communication front-end transceiver chips [2][3] - The company has achieved breakthroughs in key areas such as transceiver integration and high-speed modulation, with products supporting data rates from 155 Mbps to 100 Gbps [3] - Financial projections for Yuxun show revenues of 339 million yuan, 313 million yuan, and 411 million yuan from 2022 to 2024, with net profits of approximately 81.4 million yuan, 72.1 million yuan, and 77.9 million yuan respectively [4] Group 2: Nabai Chuan - Nabai Chuan specializes in thermal management systems for new energy vehicles and has established itself as a key supplier for major automotive manufacturers [6][7] - The company has seen significant growth in revenue, with projections of 1.03 billion yuan, 1.14 billion yuan, and 1.44 billion yuan from 2022 to 2024, while net profits are expected to be around 113 million yuan, 98 million yuan, and 95 million yuan [8] - Nabai Chuan plans to invest in a new production project for water cooling plates and to supplement working capital [9] Group 3: Yuanchuang Co., Ltd. - Yuanchuang Co., Ltd. focuses on the research, production, and sales of rubber track products, serving various industries including agriculture and construction [10] - The company anticipates revenues of 1.26 billion yuan, 1.14 billion yuan, and 1.35 billion yuan from 2022 to 2024, with net profits projected at 139 million yuan, 178 million yuan, and 155 million yuan [11] - Funds raised will be directed towards production base construction and technology center development [12] Group 4: Xihua Technology - Xihua Technology is a global leader in manufacturing specialized components for high-end equipment, particularly in the wind power sector [13][14] - The company has a market share of approximately 20% in the global wind power gearbox component segment, with revenues expected to be 942 million yuan, 908 million yuan, and 955 million yuan from 2022 to 2024, and net profits of 183 million yuan, 177 million yuan, and 142 million yuan [15] - The raised funds will be used for industrialization projects related to wind power core equipment and R&D center construction [16] Group 5: Tiansu Measurement - Tiansu Measurement is a comprehensive independent third-party measurement and testing service provider, serving multiple sectors including biomedicine and energy [17][19] - The company projects revenues of 597 million yuan, 726 million yuan, and 800 million yuan from 2022 to 2024, with net profits of 84 million yuan, 101 million yuan, and 111 million yuan [20] - The funds raised will focus on enhancing measurement capabilities and establishing regional testing laboratories [21]

Summary of Upcoming IPOs - Next week, there will be 5 new IPOs available for subscription, including 2 from the main board, 2 from the ChiNext board, and 1 from the Sci-Tech Innovation board [1] Group 1: Company Details and Financials 纳百川 (Nabichuan) - Industry: Leading company in battery thermal management in China - IPO Price: 22.63 CNY per share, PE ratio: 28.70, industry PE ratio: 28.71 [2] - Revenue and Profit: Expected revenues of 1.031 billion CNY in 2022, 1.136 billion CNY in 2023, and 1.437 billion CNY in 2024; net profits of 113 million CNY, 98 million CNY, and 95 million CNY respectively [3] 优迅股份 (Youshun) - Industry: Leading company in optical communication chips in China - IPO Price: 51.66 CNY per share, PE ratio: 60.27, industry PE ratio: 58.09 [2] - Revenue and Profit: Expected revenues of 339 million CNY in 2022, 313 million CNY in 2023, and 411 million CNY in 2024; net profits of 81 million CNY, 72 million CNY, and 78 million CNY respectively [4] 元创股份 (Yuanchuang) - Industry: Leading company in rubber track manufacturing in China - IPO Price: 24.75 CNY per share, PE ratio: 12.93, industry PE ratio: 26.37 [2] - Revenue and Profit: Expected revenues of 1.261 billion CNY in 2022, 1.141 billion CNY in 2023, and 1.349 billion CNY in 2024; net profits of 139 million CNY, 178 million CNY, and 155 million CNY respectively [5] 天溯计量 (Tiansu) - Industry: Leading company in measurement and testing services in China - IPO Price: Not specified, but expected to issue 16.3043 million shares [6] - Revenue and Profit: Expected revenues of 597 million CNY in 2022, 726 million CNY in 2023, and 800 million CNY in 2024; net profits of 84 million CNY, 101 million CNY, and 111 million CNY respectively [6] 锡华科技 (Xihua) - Industry: Leading company in wind power equipment components in China - IPO Price: Not specified, but expected to issue 100 million shares [7] - Revenue and Profit: Expected revenues of 942 million CNY in 2022, 908 million CNY in 2023, and 955 million CNY in 2024; net profits of 183 million CNY, 177 million CNY, and 142 million CNY respectively [7]

Summary of Upcoming IPOs - Next week, there will be 5 new IPOs available for subscription, including 2 from the main board, 2 from the ChiNext board, and 1 from the Sci-Tech Innovation board [1][2]. Group 1: Company Details 纳百川 (Nabichuan) - Issued at 22.63 CNY per share with a P/E ratio of 28.7, close to the industry average of 28.71 [3]. - Plans to issue 27.92 million shares, with a maximum subscription limit of 6,500 shares requiring a market value of 65,000 CNY [3]. - Major supplier of battery thermal management systems for several leading electric vehicle manufacturers, including CATL and NIO [3]. - Revenue projections for 2022-2024 are 1.031 billion CNY, 1.136 billion CNY, and 1.437 billion CNY, with net profits of 113 million CNY, 98 million CNY, and 95 million CNY respectively [3]. 优迅股份 (Youshun) - Issued at 51.66 CNY per share with a P/E ratio of 60.27, compared to the industry average of 58.09 [4]. - Plans to issue 20 million shares, with a maximum subscription limit of 4,500 shares requiring a market value of 45,000 CNY [4]. - A leading supplier in the optical communication chip sector, focusing on R&D and sales of optical transceiver chips [4]. - Revenue projections for 2022-2024 are 339 million CNY, 313 million CNY, and 411 million CNY, with net profits of 81 million CNY, 72 million CNY, and 78 million CNY respectively [4]. 元创股份 (Yuanchuang) - Issued at 24.75 CNY per share with a P/E ratio of 12.93, below the industry average of 26.37 [5]. - Plans to issue 19.6 million shares, with a maximum subscription limit of 19,500 shares requiring a market value of 195,000 CNY [5]. - A key player in the rubber track industry, providing products for agricultural and engineering machinery [5]. - Revenue projections for 2022-2024 are 1.261 billion CNY, 1.141 billion CNY, and 1.349 billion CNY, with net profits of 139 million CNY, 178 million CNY, and 155 million CNY respectively [5]. 天溯计量 (Tiansu) - Plans to issue 16.3043 million shares, with a maximum subscription limit of 4,000 shares requiring a market value of 40,000 CNY [7]. - A leading national measurement and testing service provider, serving various industries including biomedicine and new energy [7]. - Revenue projections for 2022-2024 are 597 million CNY, 726 million CNY, and 800 million CNY, with net profits of 84 million CNY, 101 million CNY, and 111 million CNY respectively [8]. 锡华科技 (Xihua) - Plans to issue 100 million shares, with a maximum subscription limit of 21,000 shares requiring a market value of 210,000 CNY [9]. - A leader in the wind power equipment components sector, specializing in the development and manufacturing of wind turbine gearbox components [9]. - Revenue projections for 2022-2024 are 942 million CNY, 908 million CNY, and 955 million CNY, with net profits of 183 million CNY, 177 million CNY, and 142 million CNY respectively [9].

Group 1: New Stock Market Performance - The new stock market has shown strong performance, with the debut of Moer Thread, known as the "first domestic GPU stock," on December 5, which saw a first-day increase of 425.46%, closing at 600.5 yuan per share, resulting in a single-sign profit of 242,100 yuan, surpassing the previous record held by XGIMI Technology [1][2] - Next week, five new stocks are scheduled for subscription, including Yuxun Co., a leading manufacturer in the domestic optical communication sector, which has become the main supplier in the 10Gbps and below market segment, holding the largest market share domestically and second globally [1][4] Group 2: Company Summaries - Yuxun Co. focuses on the research, design, and sales of optical communication front-end transceiver chips, with applications in various fields including access networks and data centers. The company expects a net profit of 92 million to 98 million yuan for 2025, representing a year-on-year growth of 18.15% to 25.86% [6][7] - Nabai Chuan is one of the earliest companies to enter the thermal management sector for new energy vehicles, serving major automotive manufacturers and completing over 300 product projects in recent years. The company anticipates a net profit of 105 million yuan for 2025, reflecting a growth of 9.72% [2][8] - Yuanchuang Co. specializes in the research, production, and sales of rubber track products, expecting a net profit of 157 million yuan for 2025, with a growth rate of 1.50% [9] - Xihua Technology focuses on high-end equipment components, particularly for wind power gearboxes, projecting a net profit of 204 million to 217 million yuan for 2025, indicating a growth of 43.89% to 52.61% [12][13] - Tianhu Measurement is a comprehensive third-party measurement and testing service provider, expecting a net profit of 120 million to 125 million yuan for 2025, with a growth rate of 8.05% to 12.56% [13][14]

【 导读 】 下周5只新股可申购，优迅股份 专注 光通信前端收发电芯片 中国基金报记者 闻言 A股打新投资者注意啦！ 根据目前发行安排，下周（12月8日至12日）有5只新股可申购。 12月8日可申购上交所科创板新股 优迅股份 、深交所创业板新股 纳百川 ，12月9日可申购深交所主板新股 元创股份 ，12月12日可申购 上交所主板新股 锡华科技 、深交所创业板新股 天溯计量 。 优迅股份专注光通信前端收发电芯片 优迅股份 的申购代码是787807，发行价为51.66元/股，发行市盈率为60.27倍，参考行业市盈率为58.09倍。 优迅股份 此次总发行数量为2000万股，包含网上发行 数量 480万股。 投资者参与网上申购 优迅股份 ，申购数量上限为0.45万股，顶格 申购需配沪市市值4.50万元。 优迅股份专注于光通信前端收发电芯片的研发、设计与销售，产品应用于光模组（包括光收发组件、光模块和光终端）中，应用场景涵盖 接入网、4G/5G/5G-A 无线网络、数据中心、城域网和骨干网等领域。 目前，中国是全球最大的光器件、光模块生产基地，但光通信电芯片作为光通信光电协同系统的"神经中枢"，发展相对不平衡，成为中国 ...

- The report discusses the IPO performance in November 2025, highlighting that 11 new stocks were listed across the Shanghai, Shenzhen, and Beijing stock exchanges, raising a total of 101.88 billion yuan [2][8] - The average first-day increase for the six new stocks listed on the Shanghai and Shenzhen markets was 209%, with notable variations among individual stocks [2][11] - The report provides a detailed breakdown of the IPO performance by market segment, including the main board, STAR Market, and ChiNext, with specific examples such as Daming Electronics and Hengkun New Materials [11][14] - The report also includes a comprehensive analysis of the monthly IPO subscription returns, with A/B class accounts earning 73.17/71.87 million yuan respectively in November 2025 [14][16] - The report suggests that the "inclusion" strategy remains optimal, recommending active participation in low-priced, small-cap new stocks with high first-day increase potential, as well as large-cap stocks with significant offline allocation [15][17]

Group 1: New IPOs - Three new stocks are available for subscription next week, including Beikang Testing, Hengkun New Materials, and Nanfang Digital [1] - Nanfang Digital ranks third in the number of shares issued among new stocks in the Shanghai and Shenzhen markets since 2025, and first among new stocks on the Shenzhen Stock Exchange's Growth Enterprise Market [1] Group 2: Beikang Testing - Beikang Testing is a national-level specialized and innovative "little giant" enterprise, with an issue price of 6.70 yuan per share and an issuance PE ratio of 14.9 times, compared to the industry average of 38.77 times [2] - The total number of shares issued by Beikang Testing is 28.32 million, with 25.49 million available for online subscription [2] - The global inspection and testing market has grown from 107.7 billion euros in 2012 to 278.5 billion euros in 2023, with a compound annual growth rate (CAGR) of 9.02%, while the Chinese market is expected to grow from 206.51 billion yuan in 2016 to 487.60 billion yuan in 2024, with a CAGR of approximately 11.34% [2] Group 3: Financial Performance of Beikang Testing - Beikang Testing's revenue for 2022 to 2025 (first half) is projected to be 91.74 million yuan, 110 million yuan, 148 million yuan, and 85.94 million yuan, respectively, with net profits of 33.15 million yuan, 41.66 million yuan, 50.63 million yuan, and 36.43 million yuan [5] - For the first three quarters of 2025, Beikang Testing expects revenue of 134 million to 139 million yuan, a year-on-year increase of 26.87% to 31.61%, and net profit of 57.4 million to 63.4 million yuan, a year-on-year increase of 34.78% to 48.87% [6] Group 4: Hengkun New Materials - Hengkun New Materials is a supplier for 12-inch integrated circuit wafer factories, with an undisclosed issue price and PE ratio, but a reference industry PE ratio of 60.46 times [7] - The total number of shares issued by Hengkun New Materials is 67.4 million, with 10.78 million available for online subscription [7] - The company’s revenue for 2022 to 2025 (first half) is projected to be 322 million yuan, 368 million yuan, 548 million yuan, and 294 million yuan, with net profits of 91.04 million yuan, 81.53 million yuan, 94.30 million yuan, and 30.74 million yuan [8] Group 5: Financial Performance of Hengkun New Materials - For the first three quarters of 2025, Hengkun New Materials expects revenue of 440 million to 500 million yuan, with a year-on-year change of 12.48% to 27.82%, and net profit of 49 million to 55 million yuan, with a year-on-year change of -26.70% to -17.73% [9] Group 6: Nanfang Digital - Nanfang Digital is a key player in the digital grid construction of the Southern Power Grid, with a total issuance of 477 million shares and an undisclosed issue price and PE ratio, but a reference industry PE ratio of 71.09 times [11] - The company aims to build a world-class digital and intelligent innovation platform for the power grid, with clients including Southern Power Grid and Inner Mongolia Power Group [11] - The digital energy market in China is expected to grow from 315 billion yuan in 2024 to 370 billion yuan in 2025, with a CAGR of 10.86% from 2020 to 2025 [11] Group 7: Financial Performance of Nanfang Digital - Nanfang Digital's revenue for 2022 to 2025 (first half) is projected to be 5.686 billion yuan, 4.234 billion yuan, 6.090 billion yuan, and 1.558 billion yuan, with net profits of 509 million yuan, 368 million yuan, 562 million yuan, and 6.97 million yuan [12] - For the full year of 2025, Nanfang Digital expects revenue of 6.4 billion to 6.7 billion yuan, a year-on-year increase of 5.10% to 10.02%, and net profit of 562 million to 590 million yuan, a year-on-year increase of 0.07% to 5.06% [13]

Group 1: New IPOs - This week (November 3 to 7), there are three new stocks available for subscription: one on the Sci-Tech Innovation Board, one on the ChiNext, and one on the Beijing Stock Exchange [1][2] - The Beijing Stock Exchange new stock, Beikong Detection, has an issue price of 6.7 yuan and a price-to-earnings ratio of 14.99, compared to the industry average dynamic P/E ratio of 38.04 over the past month [2] - The Sci-Tech Innovation Board new stock, Hengkang New Materials, focuses on the research and industrial application of key materials in the integrated circuit field, aiming to raise 1.007 billion yuan for projects related to integrated circuit precursors and advanced materials [2] Group 2: Company Profiles - Hengkang New Materials is one of the few domestic companies capable of R&D and mass production of key materials for 12-inch integrated circuit wafers, enhancing its product structure and promoting domestic innovation [2] - Nanjing Digital, launching its IPO on November 7, provides comprehensive digital construction solutions for the power energy sector and is expanding its services to other industries such as transportation and urban construction, with a fundraising target of 2.554 billion yuan [2] - Zhi Xin Co., which is set to go public on the Shanghai Main Board, specializes in automotive welding parts and has established itself as a primary supplier for major automotive manufacturers, aiming to raise 1.329 billion yuan [5][6] - Shaanxi Tourism, also seeking to go public on the Shanghai Main Board, integrates tourism performances, cable cars, and dining services, leveraging local attractions to enhance visitor experiences, with a fundraising goal of 1.555 billion yuan [6]