格隆汇12月22日｜开源证券研报指出，蘅东光为光模块领域领先企业，客户以海外企业为主，AI数据 中心卖水人，稀缺的全球光器件"小巨人"。根据Lightcounting预测，全球光通信产业链中的核心产品光 模块的市场规模在2027年将突破200亿美元，数据中心将成为第一大应用市场。客户方面，大部分客户 均和公司早期便已开始合作，其中第一大客户AFL更是在2013年起就已经和公司开始合作。结合公司所 处细分行业类型、主营业务、主要产品及应用领域情况，同时考虑企业经营规模及同行业公司数据的可 获取性，公司选取了太辰光、天孚通信、光库科技、光迅科技四家同行业上市公司作为可比公司。公司 相较于可比公司，在技术实力上具有较为明显的优势，在多个产品中，性能仅次于太辰光。公司毛利率 以及研发费率整体水平低于行业平均值，但公司在运营成本上做到了优于大部分的可比公司。从估值角 度来看，可比公司PE（2024）均值为86X，PE（TTM）均值为132X，两年营收CAGR均值为30%，两年 归母净利润CAGR均值为21%。公司分别为66%及63%。 ...

Core Viewpoint - The article discusses the upcoming IPOs of three companies in the A-share market, highlighting the issuance price and business focus of each company, with a particular emphasis on Shaanxi Tourism as the second highest-priced IPO of the year [1] Group 1: Shaanxi Tourism - Shaanxi Tourism's issuance price is set at 80.44 CNY per share, making it the second highest-priced IPO on the main board this year [1] - The company integrates tourism performance, cable cars, dining, and project investment and management, leveraging high-quality tourism resources like Huaqing Palace and Huashan [2] - Projected revenues for 2022 to 2024 are 232 million CNY, 1.088 billion CNY, and 1.263 billion CNY, with net profits of -72 million CNY, 427 million CNY, and 512 million CNY respectively [2] - The funds raised will be used for acquiring stakes in various projects including Taihua Cableway and Shaohua Mountain tourism cableway [3] Group 2: New Guangyi - New Guangyi's issuance price is 21.93 CNY per share, with a single account subscription limit of 8,500 shares [4] - The company specializes in high-performance special functional materials, particularly anti-overflow special films, and has become the market leader in this segment in China [4] - Projected revenues for 2022 to 2024 are 455 million CNY, 516 million CNY, and 657 million CNY, with net profits of 82 million CNY, 83 million CNY, and 116 million CNY respectively [4] - The raised funds will be invested in functional material projects [5] Group 3: Hengdongguang - Hengdongguang's issuance price is 31.59 CNY per share, with a single account subscription limit of 461,200 shares [6] - The company focuses on the research, manufacturing, and sales of passive optical devices in the optical communication field, with products used in AI data centers and telecommunications [7] - Projected revenues for 2022 to 2024 are 475 million CNY, 613 million CNY, and 1.315 billion CNY, with net profits of 55 million CNY, 65 million CNY, and 148 million CNY respectively [8] - The funds raised will be used for expanding manufacturing bases and establishing an optical research center [8]

根据发行安排，本周（12月22日—12月26日），A股市场将有3只新股申购，为沪市主板的陕西旅游、 创业板的新广益和北交所的蘅东光，其中陕西旅游、新广益将于本周一开启申购，蘅东光将于周二申 购。 公司于2010年成功研发出与国外竞争对手性能可比的抗溢胶特种膜，成为了国内少数几家掌握抗溢胶特 种膜关键制备技术的厂商之一。随后几年，公司持续进行技术升级和工艺迭代，产品性能不断提高、市 场占有率稳步提升，陆续与全球排名前10的多家FPC厂商建立了深入合作关系，成为了鹏鼎控股、维信 电子、紫翔电子等全球知名客户抗溢胶特种膜的重要供应商。目前，公司已成为抗溢胶特种膜的国内细 分龙头厂商，市场占有率位居全国第一。 值得注意的是，陕西旅游的发行价为80.44元/股，是今年以来发行的主板新股中发行价位列第二高的新 股。 2022年度—2024年度，公司实现营业收入分别为4.55亿元、5.16亿元、6.57亿元，归属于母公司所有者 的净利润为0.82亿元、0.83亿元、1.16亿元。 资料显示，陕西旅游是以"景区+文化旅游"为核心业务的旅游目的地企业龙头，新广益是抗溢胶特种膜 国内细分龙头厂商，蘅东光是AI数据中心光器件细分龙 ...

根据发行安排，本周（12月22日—12月26日），A股市场将有3只新股申购，为沪市主板的陕西旅游、 创业板的新广益和北交所的蘅东光，其中陕西旅游、新广益将于本周一开启申购，蘅东光将于周二申 购。 值得注意的是，陕西旅游的发行价为80.44元/股，是今年以来发行的主板新股中发行价位列第二高的新 股。 资料显示，陕西旅游是以"景区+文化旅游"为核心业务的旅游目的地企业龙头，新广益是抗溢胶特种膜 国内细分龙头厂商，蘅东光是AI数据中心光器件细分龙头企业。 具体来看，陕西旅游的发行价为80.44元/股，公司单一账户申购上限为19000股，顶格申购需持沪市市 值19万元。 招股书显示，陕西旅游业务集旅游演艺、旅游索道、旅游餐饮、旅游项目投资及管理为一体，依托华清 宫、华山等优质旅游资源，充分发挥旅游资源整合优势、专业化运营管理优势、旅游产品创新优势，为 游客提供高品质的旅游产品及服务体验。在旅游演艺业务方面，公司打造了中国首部大型实景历史舞剧 《长恨歌》、大型实景影画《12·12西安事变》、大型红色实景演艺《泰山烽火》等优质旅游演艺作 品；在旅游索道业务方面，公司于华山景区建设和运营了西峰索道及华威滑道，西峰索道拥有世 ...

Core Viewpoint - This week, the A-share market will have three new stocks available for subscription, including Shaanxi Tourism, Xin Guangyi, and Hengdong Light, with Shaanxi Tourism and Xin Guangyi starting on Monday and Hengdong Light on Tuesday [1][2]. Group 1: Shaanxi Tourism - Shaanxi Tourism's issue price is 80.44 yuan per share, ranking as the second highest for main board IPOs this year [2]. - The company focuses on "scenic area + cultural tourism" as its core business, leveraging high-quality tourism resources like Huaqing Palace and Huashan [3]. - Projected revenues for 2022 to 2024 are 232 million yuan, 1.088 billion yuan, and 1.263 billion yuan, with net profits of -72 million yuan, 427 million yuan, and 512 million yuan respectively [3]. Group 2: Xin Guangyi - Xin Guangyi's issue price is 21.93 yuan per share, with a subscription limit of 8,500 shares [4]. - The company specializes in high-performance specialty materials, particularly anti-overflow adhesive films, and has become the market leader in this segment in China [5]. - Projected revenues for 2022 to 2024 are 455 million yuan, 516 million yuan, and 657 million yuan, with net profits of 82 million yuan, 83 million yuan, and 116 million yuan respectively [5]. Group 3: Hengdong Light - Hengdong Light's issue price is 31.59 yuan per share, with a subscription limit of 461,200 shares [7]. - The company focuses on passive optical devices for optical communication, with products used in AI data centers and telecommunications [7][8]. - Projected revenues for 2022 to 2024 are 475 million yuan, 613 million yuan, and 1.315 billion yuan, with net profits of 55 million yuan, 65 million yuan, and 148 million yuan respectively [8].

Core Viewpoint - The company has developed a single-channel 224G high-speed communication cable product and is currently validating it with clients in the AI data center sector [1] Group 1: Product Development - The company has a single-channel 224G high-speed cable product available [1] - The product is being validated in collaboration with clients in the AI data center field [1] Group 2: Partnerships - The company has not engaged in any collaboration with Wolong Materials [1]

◎记者 王彭 对于全球铜矿供给紧张等问题，黄道立表示，在足够短的时间周期内，无论是资本开支不足还是政策约 束带来的供给限制，都具备刚性。然而从长期看，若供给刚性导致价格持续上涨，将引发市场自我调 节。 当前，市场普遍将"全球流动性宽松预期"视为本轮行情的核心引擎。对此，黄道立认为，美联储降息周 期对有色商品的影响并非一成不变。在宽松周期前期，全球经济复苏情况尚不明朗，降息可能更利好黄 金，而工业金属或仍承压。随着宽松政策持续、全球经济复苏确认，持续的降息将对工业金属价格形成 更强支撑。 黄道立表示，从长期维度来看，商品价格的周期趋势主要由经济增长核心驱动力的演变所主导。以近一 个5年周期为例，随着传统行业在经济结构中的占比逐步下降，而新能源相关产业的地位不断提升，以 传统经济需求为主的黑色系商品的价格表现，整体弱于与新能源等新经济关联更紧密的非黑色金属。 "我们始终认为，绿色能源革命与科技创新浪潮是当前全球经济增长转型的两大核心动力。与这两大趋 势紧密相关的上游原材料品种，在未来有望获得更坚实、更可持续的供需结构支撑。"黄道立称。 "本轮美联储货币政策受到美国经济强弱反复、债务高压、通胀中枢上移等多重制约，态 ...

Summary of Key Points Core Viewpoint - The upcoming week will see three new stocks available for subscription in the A-share market, following a successful debut of Muxi Co., where investors made significant profits, with the highest single subscription yielding nearly 400,000 yuan. Group 1: Shaanxi Tourism - Shaanxi Tourism's subscription code is 732402, with an issue price of 80.44 yuan per share and a price-to-earnings ratio of 12.37, compared to the industry average of 26.90 [2] - The total number of shares issued is 19.33 million, all through online issuance, with a maximum subscription limit of 19,000 shares, requiring a market value of 190,000 yuan in the Shanghai market for full subscription [2] - The company operates in the tourism industry, focusing on performance, cable cars, and dining, with its main attractions being the nationally recognized 5A scenic spots, Huaqing Palace and Mount Huashan [2] - Mount Huashan has seen a steady increase in visitor numbers, exceeding 3 million annually since 2018, barring specific adverse external factors [2] Group 2: Financial Performance of Shaanxi Tourism - In 2022, 2023, 2024, and the first half of 2025, Shaanxi Tourism's revenues were 232 million yuan, 1.088 billion yuan, 1.263 billion yuan, and 516 million yuan, respectively, with net profits of -72.07 million yuan, 427 million yuan, 512 million yuan, and 204 million yuan [8] - The company expects 2025 revenues to range from 951 million to 1.117 billion yuan, representing a year-on-year decline of 24.69% to 11.54%, with net profits projected between 371 million and 436 million yuan, down 27.50% to 14.80% [10] Group 3: New Guoyi - New Guoyi's subscription code is 301687, with an issue price of 21.93 yuan per share and a price-to-earnings ratio of 28.59, compared to the industry average of 57.92 [12] - The total number of shares issued is 36.72 million, with 8.81 million available for online subscription, and a maximum subscription limit of 8,500 shares, requiring a market value of 85,000 yuan in the Shenzhen market for full subscription [12] - New Guoyi specializes in high-performance functional materials, having broken the technological monopoly of foreign companies in certain products, with major clients including leading electronics firms [12] Group 4: Financial Performance of New Guoyi - In 2022, 2023, 2024, and the first half of 2025, New Guoyi's revenues were 455 million yuan, 516 million yuan, 657 million yuan, and 313 million yuan, with net profits of 81.51 million yuan, 83.28 million yuan, 116 million yuan, and 59.21 million yuan [12] - The company anticipates 2025 revenues of 704 million yuan, reflecting a year-on-year growth of 7.10%, with net profits expected to reach 127 million yuan, up 10.00% [14] Group 5: Hengdongguang - Hengdongguang's subscription code is 920045, with an issue price of 31.59 yuan per share and a price-to-earnings ratio of 14.99, compared to the industry average of 58.05 [16] - The total number of shares issued is 10.25 million, with 9.23 million available for online subscription, and a maximum subscription limit of 461,200 shares [17] - The company focuses on the research, manufacturing, and sales of passive optical devices, recognized as a national-level "specialized and innovative" small giant enterprise [15] Group 6: Financial Performance of Hengdongguang - In 2022, 2023, 2024, and the first half of 2025, Hengdongguang's revenues were 475 million yuan, 613 million yuan, 1.315 billion yuan, and 1.021 billion yuan, with net profits of 55.33 million yuan, 65.08 million yuan, 148.24 million yuan, and 142.79 million yuan [17] - The company expects 2025 revenues to range from 2.11 billion to 2.20 billion yuan, indicating a year-on-year growth of 60.45% to 67.30%, with net profits projected between 270 million and 300 million yuan, up 82.13% to 102.36% [20][21]

【导读】本周打新沐曦股份的投资者赚翻了，最高一签盈利近40万元；下周3只新股可申购，沪深北各一只 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，下周有3只新股可申购。 12月22日可申购上交所主板新股陕西旅游、深交所创业板新股新广益，12月23日可申购北交所新股蘅东光。 陕西旅游主业依托华清宫和华山景区 陕西旅游的申购代码是732402，发行价为80.44元/股，发行市盈率为12.37倍，参考行业市盈率为26.90倍。 陕西旅游此次总发行数量为1933万股，均实施网上发行。投资者参与网上申购陕西旅游，申购数量上限为1.90万股，顶格申购需配沪市市 值19万元。 陕西旅游从事以旅游演艺、旅游索道和旅游餐饮为核心的旅游产业运营，主业所处的华清宫和华山均 是国家5A级旅游景区 ，在国内具有 广泛的知名度。 以华山为例，其作为"五岳"之一的山岳型景区，近年来旅游人数稳步增长。除外部特定不利因素期间外，2018年以来常态化接待游客稳定 突破300万人次 /年 。 | 项目 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025.1- ...

（来源：佛山市金属材料行业协会） 需求端如火如荼持续高增。绿色能源、绿色经济的发展带来了对高性价比导电金属铜的需求—终端电气自动化水平不断提升，AI数据中心崛起，前端电 源侧绿色能源革新深化，链接用电侧及发电侧的电网扩网需求与日俱增。 全球对铜需求增速中枢在2.5%左右。2026年至2028年，全球精炼铜需求量预计分别为2813万吨、2880万吨、2945万吨，同比增长2.9%、2.4%、2.3%。 供需平衡角度，2026年至2028年持续缺口分别为16万吨，36万吨、61万吨，且远期缺口呈现扩大趋势。 陆家嘴大宗商品论坛2025年12月19日 09:48上海 来源 | Buffett读书会 编辑|陆家嘴大宗商品论坛，转载请注明出处 甜蜜的底部区间 近期全球宏观格局与大宗商品市场正经历深刻变化。当前市场的核心驱动力之一是全球主要经济体同步转向更为积极的财政与货币政策。美联储已于12月 启动降息，并开启技术性扩表，计划每月购买400亿美元短期国债，以维持流动性充裕。与此同时，德国推出9000亿欧元投资计划，美国通过"大漂亮"法 案大幅提高债务上限，日本及英国也相继推出大规模经济刺激方案，全球进入"财政主动扩张时 ...