中国"十五五"规划提及的重点发展行业将更有利于A股上市。 据IPO早知道消息，12月18日，德勤中国资本市场服务部发布了《中国内地及香港IPO市场2025年回顾与2026年前景展 望》。 报告显示，受惠于8只超大型新股上市，且其中4只项目位列2025年全球十大新股之列，香港交易所将以2025年新股融 资总额位居榜首，纳斯达克位列第二，印度国家证券交易所超越纽交所跻身三甲，上交所和深交所则排名第五和第 八。预计2025年全球十大新股融资总额将较2024年增长12%。 港股全年融资金额同比升2倍 2026年有望突破3000亿港元 2025年香港IPO市场强劲反弹，预计今年香港将完成114只新股上市融资约2,863亿港元。该预测代表新股数量将较去年 增加63%，而融资金额将跃升两倍多。预计每只最少融资100亿港元的8只新股将贡献约一半（50%）的全年新股融资 总额。此外，19项A+H股上市项目的融资金额也将占全年新股融资总额的一半。因此，今年香港新股的融资总额将接 近3,000亿港元的水平。 资本市场服务部预测，在目前超过300宗上市申请个案的名单支持下，2026年全年，香港新股市场将有约160只新股， 融资额有望 ...

本文字数：2139，阅读时长大约4分钟 作者 |第一财经 魏中原 2025年A股IPO市场交出了一份亮眼成绩单。根据德勤中国资本市场服务部最新报告，全年预计有114家 A股公司完成上市，融资总额达1296亿元，同比增长94%，其中上交所融资额排名全球第五。 2025.12.20 104只新股无一破发，平均首日收盘涨幅高达257%，为近三年来最佳表现。其中，首日涨幅超过300% 的"超级大肉签"多达32只，平均每三只新股中就有一只可能为打新者带来超过三倍的打新收益。 港股新股市场的表现更为亮眼，重回全球融资榜第一，预计全年114只新股上市，融资约2863亿港元， 其中科技企业占比超45%，成为新质生产力的集中展示窗口。从"闭眼打新"的A股新股狂欢，到国际化 布局的港股稳健，中国资本市场正以硬科技为引擎，构建起覆盖全球的优质企业上市生态。 A股IPO市场实现量价齐升新突破 数据显示，年内已上市的106只新股，首日平均涨幅达到257.2%，意味着中签投资者在上市首日平均可 获得超过发行价两倍半的回报。上市首日涨幅在300%~500%之间的"超级肉签"更是达到了31只，比如 丹娜生物（920009.BJ）、鼎佳精密（ ...

Industry Overview - The lithium-ion battery industry is defined as the manufacturing sector engaged in the production of lithium batteries, primarily focusing on lithium-ion batteries, which are the most commonly used type in the market [1][3] - Lithium batteries are categorized into two types: those using metallic lithium as the anode and lithium-ion polymer batteries, which utilize polymer electrolytes [1][3] Industry Chain Analysis - The lithium battery industry chain consists of upstream suppliers of core materials (anodes, cathodes, electrolytes, separators), midstream manufacturers, and downstream applications and recycling [4][7] Industry Development History - The lithium battery industry in China has evolved through four stages: core technology accumulation, production scale expansion, application field expansion, and high-quality development [11] - By 2024, China's lithium battery shipments are expected to account for over 80% of the global market share, solidifying its position as a leading producer [11] Policy Background - National policies support the stable development of the lithium battery industry through funding, resource sharing, and regulatory simplifications [14][15] - Key policies include export controls on high-performance lithium-ion batteries and regulations on the recycling of used batteries [15][16] Current Industry Status - In 2024, China's lithium battery production is projected to exceed 940 GWh, with a year-on-year growth of 25%, and the total industry output value surpassing 1.4 trillion yuan [17] - The lithium battery shipment volume is expected to reach 1,175 GWh in 2024, reflecting a year-on-year increase of 32.62% [18] - The installed capacity of lithium batteries is anticipated to exceed 645 GWh in 2024, with a growth rate of 48% [19][22] - The average price of lithium batteries is forecasted to drop to $115 per kWh in 2024, marking a significant decline of 20% from 2023 [24] Product Structure - Phosphate iron lithium batteries have become the mainstream due to their cost advantages and safety features, accounting for 60% of lithium battery shipments in 2024 [25] Competitive Landscape - China is the largest lithium battery producer globally, with major companies like CATL, BYD, and others leading the market [29] - In 2024, the top 15 domestic power battery companies by installed capacity include CATL, BYD, and others, with CATL holding a market share of 42.7% [29] Future Development Prospects - The lithium battery market is expected to grow significantly, driven by the expansion of the electric vehicle market and the push for carbon neutrality [31] - The industry is predicted to maintain a growth rate of approximately 26% until 2030, with the market size potentially reaching 5,022 GWh [31] - Future trends indicate an increase in the market share of polymer lithium-ion batteries and advancements in solid-state battery technology [32]

Group 1 - The A-share IPO market in 2025 is expected to see 114 companies listed, raising a total of 129.6 billion yuan, a 94% increase year-on-year, with no new stocks experiencing a decline on their first day of trading [1][2] - The average first-day closing gain for new stocks is 257%, marking the best performance in three years, with 32 stocks achieving gains exceeding 300% [1][3] - The Hong Kong IPO market is projected to regain its position as the global leader, with 114 new stocks expected to raise approximately 286.3 billion HKD, a significant increase from 70 stocks raising 87.5 billion HKD in 2024 [4][5] Group 2 - The A-share market's growth is attributed to supportive policies such as the new "National Nine Articles" and the "1+N" series of capital market policies, leading to a notable increase in both the number of new listings and total funds raised [2] - The electronics, power equipment, automotive, basic chemicals, and machinery sectors are the main contributors to the IPO market, accounting for about 65% of the total new stocks [2] - The Hong Kong market has seen a surge in large-scale IPOs, with eight new stocks each raising over 10 billion HKD, contributing to half of the total financing amount [4][5]

Group 1: Market Overview - The A-share market has shown strong performance in 2025, with the Shanghai Composite Index reaching over 4000 points and total market capitalization hitting 116.42 trillion yuan, reflecting increases of 16.07%, 26.17%, and 45.79% for major indices [2][3] - Since September 24, 2024, the A-share market has entered a significant upward trend, with increased trading volume and heightened investor risk appetite [2][3] - Market characteristics indicate a seasonal effect, with different sectors gaining attention throughout the year, particularly technology and new consumption [2][3] Group 2: Future Outlook - The 2026 market is expected to maintain liquidity and focus on high-growth sectors such as artificial intelligence, energy storage, and non-ferrous metals, with a potential for continued upward trends [3][5] - The central economic work conference has set a tone for 2026, emphasizing stable and effective economic policies, which are expected to support market fundamentals [3][4] - Structural opportunities are anticipated in 2025 and 2026, with a focus on technology sectors and potential for broader market support from improved fundamentals and performance [3][4] Group 3: Investment Opportunities - Key investment opportunities for 2026 include sectors aligned with the "14th Five-Year Plan," such as AI, quantum technology, and strategic emerging industries [5][6] - Short-term investment directions may focus on AI applications, cyclical industries, and new consumption opportunities driven by increased purchasing power [6] - Specific sectors of interest include financials, metals, AI-related hardware, and energy storage, indicating a diverse range of potential investments [6]

Core Viewpoint - Silver Dragon Co., Ltd. is a leading company in the prestressed materials industry, continuously upgrading its capabilities and expanding into new sectors such as new energy, while maintaining a strong focus on product quality and innovation [6][7]. Group 1: Prestressed Materials - The company specializes in high-performance prestressed materials, which are essential for major infrastructure projects, including bridges and railways [8][9]. - Silver Dragon's self-developed spiral rib prestressed steel wire significantly enhances the grip with concrete, addressing durability issues found in traditional products [8]. - The company has established production bases in five regions, including Tianjin and Xinjiang, with production lines operating near full capacity [9]. Group 2: Rail Track Plate Business - The rail track plate business represents a second growth area, leveraging the company's expertise in prestressed materials [10]. - The company transitioned from being a core material supplier to a component manufacturer by developing the CRTSⅢ type rail track plate in collaboration with the railway system [10][11]. - Silver Dragon's automated production lines for rail track plates are now being utilized by multiple manufacturers domestically and in international projects, enhancing its competitive edge [11]. Group 3: New Energy Sector - The new energy segment is emerging as a significant growth driver, with a 59.72% year-on-year increase in prestressed materials for this sector [12][13]. - The company aims for its products to be used in one out of every four wind towers this year, highlighting its strategic expansion into the renewable energy market [13]. - Silver Dragon is investing in a 150 MW wind power project and collaborating with various institutes to support new energy initiatives across the country [13].

Core Viewpoint - The company proposes a rights issue of 5.09 million shares at a subscription price of HKD 0.102 per share, aiming to raise approximately HKD 51.93 million, assuming full subscription and no change in the number of shares issued [1] Group 1: Rights Issue Details - The rights issue is based on a ratio of 5 shares for every 2 shares held as of the record date [1] - The net proceeds from the rights issue are expected to be approximately HKD 49.24 million after deducting all related expenses [1] - The net price per rights share, after deducting related expenses, is estimated to be around HKD 0.0967, assuming full subscription and no change in the number of shares issued [1] Group 2: Use of Proceeds - Approximately 70% (around HKD 34.47 million) of the net proceeds is intended for investment in listed and unlisted securities, particularly in sectors such as artificial intelligence, digital assets, and/or renewable energy [1] - The remaining 30% (approximately HKD 14.77 million) will be allocated for general working capital, including employee costs, professional fees, administrative expenses, and other operating costs [1]

Core Viewpoint - The company is expanding its new energy initiatives based on its existing fine chemical technology and industry chain advantages, indicating a strategic move towards diversification and innovation in its operations [1] Group 1: Company Strategy - The company is advancing its new energy-related layout at the Dingyuan base through collaborations with educational institutions, joint research with customers, and pilot testing, showcasing a commitment to technological development and market expansion [1] - The company emphasizes a prudent operational principle while systematically promoting the development of new business areas, reflecting a cautious yet proactive approach to growth [1]

Core Viewpoint - The company proposes a rights issue offering 5.09 million shares at a subscription price of HKD 0.102 per share, aiming to raise approximately HKD 51.93 million, assuming full subscription and no change in the number of shares issued [1] Group 1: Rights Issue Details - The rights issue is based on a ratio of 5 shares for every 2 shares held as of the record date [1] - The net proceeds from the rights issue are expected to be approximately HKD 49.24 million after deducting all related expenses [1] - The net price per rights share, after deducting related expenses, is estimated to be around HKD 0.0967, assuming full subscription and no change in the number of shares issued [1] Group 2: Use of Proceeds - Approximately 70% (around HKD 34.47 million) of the net proceeds is intended for investment in listed and unlisted securities, particularly in sectors such as artificial intelligence, digital assets, and/or new energy [1] - The remaining 30% (approximately HKD 14.77 million) will be allocated for general working capital, including employee costs, professional fees, administrative expenses, and other operating costs [1]

Group 1 - The company proposes a rights issue of five (5) shares for every two (2) shares held at a subscription price of HKD 0.102 per share, aiming to raise a maximum of approximately HKD 51.93 million [1] - The net proceeds from the rights issue, after deducting all related expenses, are expected to be around HKD 49.24 million, assuming full subscription and no change in the number of shares issued prior to the record date [1] - The net price per rights share, after deducting related expenses, will be approximately HKD 0.0967, assuming full subscription and no change in the number of shares [1] Group 2 - The company plans to allocate approximately 70% of the net proceeds to investments in listed and unlisted securities, including but not limited to sectors such as artificial intelligence, digital assets, and/or new energy [1] - About 30% of the net proceeds will be used for general operating expenses, including employee costs, professional fees, administrative expenses, and other operational expenditures [1]