特朗普称下周一将发布有关俄罗斯的"重大声明"；成品油迎来调价窗口；多个行业峰会即将召开。 【重磅新闻】 国务院新闻办公室将于7月14日上午10时举行新闻发布会，介绍2025年上半年进出口情况；于7月14日下午3时举行新闻发布会，介 绍2025年上半年金融统计数据情况。 特朗普称下周一将发布有关俄罗斯的"重大声明" 当地时间7月10日，美国总统特朗普透露，将于下周一（当地时间7月14日）就俄罗斯问题发表"重大声明"。 成品油迎来调价窗口 新一轮成品油调价窗口将于7月15日24时开启。今年以来，中国国内油价已经历十三轮调价窗口，分别为"六涨五跌两搁浅"。 6月70城房价数据将发布 上半年国民经济运行数据将公布 7月15日，国家统计局将公布6月工业增加值、固定资产投资、社会消费品零售总额等经济数据以及上半年国民经济运行数据。 国务院新闻办公室将于7月15日上午10时举行新闻发布会，介绍2025年上半年国民经济运行情况。 上半年进出口情况将公布 下周解禁市值超260亿元 Wind数据统计显示，下周共有42家公司限售股陆续解禁，按7月11日收盘价计算，解禁总市值超260亿元。 按7月11日收盘价计算，解禁市值居前三位的 ...

配售新股配售价 0.28 港元，较前一交易日收市价 0.345 港元折让约 18.8%，较前五个交易日平均收市价 折让约 19.5%。配售股份占现有已发行股本约 20.0%，完成后占扩大股本约 16.7%。 来源：新浪港股-好仓工作室 东建国际是一家投资控股公司，附属公司主要业务为提供资产管理、投资及财务咨询、证券包销及配 售、证券买卖与投资，以及葡萄酒及饮品贸易。所得款项中，约 0.6 亿港元将用于符合集团一般业务的 投资、加强资产管理业务融资；约 0.1 亿港元用于扩展葡萄酒及饮品业务；约 0.2 亿港元用作集团一般 营运资金。本次发行根据股东大会授予的一般授权实施，预计于上述条件达成后第三个营业日（或公司 与配售代理书面协定的较后日期）完成。 2025 年 7 月 11 日，东建国际（股份代号：0329）公告称，通过一般授权以"配售新股"方式融资，发行 299,949,984 股（约 3.0 亿股），募集约 0.8 亿港元，扣除费用后净得约 0.8 亿港元。本次融资由凯基证 券担任配售代理。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的 ...

点击查看公告原文>> 2025年7月10日，中国新消费集团（股份代号：8275）公告称，通过一般授权以"配售新股份"方式融 资，发行96,000,689股（约0.96亿股），募集约1056万港元，扣除费用后净得约1026万港元。本次融资 由软库中华金融服务有限公司担任配售代理。 配售新股份配售价0.11港元，较前一交易日收市价0.129港元折让约14.7%，较前五个交易日平均收市价 折让约16.2%。配售股份占现有已发行股本约13.3%，完成后占扩大股本约11.8%。 中国新消费集团主要从事投资控股业务，其集团主要在香港提供地基工程及机械租赁，并看好茶饮市场 前景。所得款项中，约526万港元将用于收购及投资"茶大椰"门店以及经营集团的茶饮业务，约500万港 元用于补充集团的一般营运资金。本次发行根据股东大会授予的一般授权实施，预计于配售协议所载的 所有条件达成后，于完成日期下午4时在公司的香港主要办事处完成。 来源：新浪港股-好仓工作室 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参 ...

点击查看公告原文>> 来源：新浪港股-好仓工作室 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 2025年7月9日，基石药业（股份代号：2616）公告称，通过一般授权以"配售新股"方式融资，配售 100,000,000股（约1.0亿股），募集约4.7亿港元（扣除费用后净得约4.7亿港元）。本次融资由摩根士丹 利担任独家整体协调人、独家配售代理及独家账簿管理人。 基石药业是一家专注于抗肿瘤药物研发的创新型生物制药公司。所得款项中，约4.2亿港元将用于与集 团"管线2.0"中的资产相关的进一步研发，约0.5亿港元将用于其他一般公司用途。本次发行根据股东大 会授予的一般授权实施，预计于2025年7月16日完成。 配售新股配售价4.72港元，较前一交易 ...

12、自主表达申购意愿：网上投资者应当自主表达申购意向，不得概括委托证券公司代其进行新股申 购。 13、本次发行回拨机制：发行人和保荐人（主承销商）在网上网下申购结束后，将根据网上申购情况于 2025年7月21日（T日）决定是否启动回拨机制，对网下、网上发行的规模进行调节。回拨机制的具体 安排请参见《初步询价及推介公告》中的"六、本次发行回拨机制"。 登录新浪财经APP 搜索【信披】查看更多考评等级 日）所持有深圳市场非限售A股股份和非限售存托凭证日均市值应不少于1,000万元（含）以外，其他参 与本次发行的初步询价网下投资者及其管理的配售对象在该基准日前20个交易日（含基准日）所持有深 圳市场非限售A股股份和非限售存托凭证日均市值应不少于6,000万元（含）。配售对象证券账户开户时 间不足20个交易日的，按20个交易日计算日均持有市值。具体市值计算规则按照《深圳市场首次公开发 行股票网下发行实施细则（2025年修订）》（深证上[2025]224号）执行。 网上投资者：持有深交所股票账户卡并开通主板交易权限的境内自然人、法人及其它机构（法律、法规 禁止购买者除外）可参与网上申购。根据投资者持有的市值确定其网上 ...

其 他 研 究 沪深300 及创业板指数近1年走势 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-07 2024-11 2025-03 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 房地产 | 3.195 | | 石油石化 | 1.541 | | 钢铁 | 1.445 | | 非银金融 | 1.372 | | 煤炭 | 1.095 | | 数据来源：聚源 | | 源 证 券 证 券 研 究 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 汽车 | -0.617 | | 传媒 | -0.539 | | 国防军工 | -0.411 | | 电子 | -0.310 | | 公用事业 | -0.304 | | 数据来源：聚源 | | 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【策略】经济信心提升下，次新股扬帆起航——投资策略专题-20250710 【电子】特种玻纤布供不应求，国产厂商加速渗透——行业深度报告-2025 ...

2025 年 07 月 10 日 jianyuhan@kysec.cn 证书编号：S0790525050005 当前次新股之风再起 自 2024 年 9 月起，次新股开始重新占优。万得次新股指数从创立至今，行情走势分 为两段：第一段 2018 年 5 月至 2021 年 12 月，指数相对走势大幅上涨，累计涨幅 2735.00%；第二段 2022 年 1 月至今，相对走势呈现宽幅震荡格局，表现为先上涨、 后下跌，再上涨；但自 2024 年 9 月至今，次新股开始重新占优，相对走势触底后中 枢大幅抬升，呈向上趋势。 基金在次新股上的持仓较少，拥挤度低，未来存在较大提升空间。根据基金重仓股 的上市时长分析，基金在次新股上存在欠配，表现为"关注但仓位轻"，其中有未解 禁的原因。一旦股票的上市时长从 3 年提升至 6 年，次新股的商业模式得到认可和 时间考验，基金对其的关注度和仓位大幅提升。 经济信心提升下，次新股扬帆起航 策略研究团队 ——投资策略专题 韦冀星（分析师） 简宇涵（分析师） weijixing@kysec.cn 证书编号：S0790524030002 次新股何时占优——相对经济信心的提升带来的风偏上行 ...

Core Viewpoint - The new stock market has shifted from a "three highs" issuance model (high issuance price, high issuance P/E ratio, high oversubscription) to a "three lows" model (low issuance price, low issuance P/E ratio, low oversubscription) in the first half of the year, leading to a positive impact on the market [1][3][4]. Group 1: New Stock Market Trends - In the first half of the year, no new stocks experienced a decline in price after listing, resulting in a significant profit effect from new stock subscriptions, with 41 stocks showing a profit exceeding 10,000 yuan per subscription, accounting for 80% [1][9]. - The average issuance P/E ratio for new stocks has decreased significantly, with 51 new stocks listed at an average P/E ratio of 18.83 times, down from 22.87 times in the same period last year [3][7]. - The highest issuance P/E ratio among new stocks was 441.18 times for Kangxi Communication, while the lowest was 6.14 times for Haibo Sichuang, indicating a narrowing range of P/E ratios [3][4]. Group 2: Subscription and Oversubscription - The average subscription rate for new stocks has dropped significantly, with the average online subscription rate at 0.0289%, about half of last year's average [12][15]. - The total fundraising amount for new stocks in the first half of the year was 37.721 billion yuan, an increase from 32.493 billion yuan in the same period last year, but the oversubscription situation has decreased [16][20]. - Only 11 new stocks experienced oversubscription, representing 21.57% of the total, compared to 40.91% in the previous year [20]. Group 3: Regulatory Changes and Support for Unprofitable Companies - The China Securities Regulatory Commission (CSRC) has introduced new regulations to enhance the quality of listed companies and strictly regulate the use of raised funds, emphasizing that oversubscription funds should not be used for permanent working capital or repaying bank loans [17][18]. - Recent policies have been favorable for unprofitable companies seeking to go public, with the introduction of a third set of standards for the ChiNext board to support high-quality unprofitable innovative enterprises [23][24]. - In June, 5 out of 18 newly accepted IPOs on the Sci-Tech Innovation Board were unprofitable companies, indicating a growing acceptance of such firms in the capital market [24].

Company Overview - Tongyu New Materials has been deeply engaged in the electronic resin field for nearly 10 years, breaking the monopoly of international leading companies in the lead-free and halogen-free copper-clad laminate applicable electronic resin sector [2] - The company specializes in the research, production, and sales of electronic resins, primarily used in the production of copper-clad laminates, with products including MDI modified epoxy resin, DOPO modified epoxy resin, high-bromine epoxy resin, BPA-type phenolic epoxy resin, and phosphorus-containing phenolic resin curing agents [2] Industry Insights - The electronic resin industry is crucial as it is one of the three main raw materials for producing copper-clad laminates, which are fundamental materials for processing printed circuit boards (PCBs) [2] - The copper-clad laminate industry in mainland China has seen rapid growth, with the output value increasing from $6.1 billion in 2014 to $9.3 billion in 2023, benefiting from the global PCB industry shifting to mainland China [2] Financial Performance - The company achieved operating revenues of 1.193 billion yuan, 886 million yuan, and 952 million yuan for the years 2022, 2023, and 2024, with year-on-year growth rates of 25.95%, -25.70%, and 7.47% respectively [2] - The net profit attributable to the parent company for the same years was 188 million yuan, 164 million yuan, and 143 million yuan, with year-on-year growth rates of 38.98%, -12.51%, and -12.87% respectively [2] - In Q1 2025, the company reported operating revenue of 276 million yuan, a year-on-year increase of 25.60%, while the net profit attributable to the parent company was 33 million yuan, a decrease of 4.43% year-on-year [2] IPO Details - The company plans to issue 10 million new shares in its IPO, raising 840 million yuan, with the funds intended for a 200,000-ton electronic resin project and to supplement working capital [3] - The company is currently experiencing tight production capacity, with utilization rates exceeding 100% during the reporting period [3] Valuation and Market Performance - Tongyu New Materials has a certain valuation advantage, with an issuance price-to-earnings ratio of 23.7 times, compared to an average dynamic P/E ratio of 36.88 times for comparable companies [5] - If the company achieves the average valuation of comparable companies on its first trading day, it would require a 55.6% increase from its issuance price [5] - The issuance price of 84 yuan is relatively high, and similar new stocks with prices around this level have shown an average first-day increase of 85.36%, significantly lower than the average first-day increase of 291.59% for new stocks over the past year [5]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) experienced a significant day on July 9, with five companies, including Lens Technology and Geek+, going public simultaneously, marking a historic event with six gongs being struck at once [1][3]. Group 1: Companies Going Public - The five companies listed on July 9 raised a total of approximately HKD 98.21 billion in net proceeds, with Lens Technology leading the fundraising efforts [4]. - Lens Technology's shares were priced at HKD 18.18, achieving a subscription rate of 462.76 times for public offerings and 16.68 times for international offerings, resulting in net proceeds of about HKD 46.94 billion [5][7]. - Geek+ focused on logistics robotics, priced its shares at HKD 16.8, and garnered a subscription rate of 133.62 times for public offerings, raising approximately HKD 25.45 billion [7]. - Xunzhong Communication, a cloud communication service provider, priced its shares at HKD 13.55, achieving a subscription rate of 12.79 times for public offerings, raising around HKD 3.68 billion [7]. - Peak Semiconductor, operating in the semiconductor sector, priced its shares at HKD 120.5, with a subscription rate of 138.26 times for public offerings, raising approximately HKD 21.36 billion [7]. - Dazhong Dental, the only healthcare company among the listings, priced its shares at HKD 20, achieving a subscription rate of 108.25 times for public offerings, raising about HKD 1.78 billion [7]. Group 2: Market Trends and Future Outlook - The IPO market in Hong Kong has been robust, with 44 new listings in the first half of 2025, a 47% increase from 30 in the same period last year, and total fundraising amounting to HKD 107.1 billion, a 699% increase year-on-year [8]. - The Hong Kong IPO market is expected to remain strong in the second half of the year, supported by favorable funding and policy conditions, particularly for technology companies [8]. - As of June 30, 2025, there were 211 companies in the pipeline for IPOs, with over 80% being first-time applicants, primarily in software services, healthcare, and industrial manufacturing [9].