曾有望成为A股"协作机器人第一股"的节卡机器人股份有限公司（以下简称"节卡股份"），其历时两年 多的科创板上市征程最终画上了休止符。2025年12月19日，节卡股份与其保荐机构主动撤回了发行上市 申请文件，上海证券交易所随即终止了对其的审核。这次从"已受理"到"终止"的过程，不仅是一起独立 的IPO案例，更清晰地揭示了在当前市场环境下，监管对硬科技企业上市标准的审视重点正变得更为全 面和严格。 审核进程屡遭"卡壳"，核心疑点难消成关键障碍 节卡股份的上市之路可谓一波三折，其审核进程多次因财务资料过期而中断，这在某种程度上已预示了 最终的不确定性。但更关键的转折点发生在2025年8月，上市委员会在审议会议前一日突然公告，因"尚 有相关事项需进一步核查"而取消了对其的审议，使其成为当年首家在关键节点前被紧急叫停的IPO公 司。这一罕见操作直接将市场的目光引向了公司可能存在的深层次问题。 行业狂热期后的理性审视，资本更重可持续性与真实壁垒 节卡股份IPO的终止，也是当前机器人乃至整个硬科技赛道经历资本狂热后，市场与监管回归理性的一 面镜子。协作机器人领域曾吸引大量资本涌入，但行业已进入竞争深化阶段，产品均价面临下行 ...

行业报告：先进制造行业周报 2025年12月29日 优必选收购锋龙股份，国内机器人产业链资本化提速 行业评级：增持 分析师：闫智 证券执业证书号：S0640524070001 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 ◼ 重点推荐：纽威股份、浙江荣泰、伟创电气、三晖电气、双元科技、北特科技、汉威科技 ◼ 重点跟踪行业——人形机器人： ◼ 核心个股组合：纽威股份、浙江荣泰、伟创电气、双元科技、三花智控、三晖电气、晶品特装、北特科技、兆威机电、双林股份、中坚科技 ◼ 本周专题研究：近日人形机器人产业动态汇总：1）12月24日，优必选宣布以"协议转让+要约收购"方式收购锋龙股份43%股权，交易总对价 16.65亿元，未来A+H将形成协同布局；2）12月23日，云深处科技正式启动上市辅导，云深处与"杭州六小龙"中宇树科技、群核科技相继启动 IPO，反映硬科技企业加速资本化趋势；3）12月26日，浙江荣泰公告，公司与伟创电气拟在泰国共同出资设立合资公司，主要从事机电一体化组 件、智能传动系统及配套产品的研发及生产，合资公司股权架构拟设置为双方各持股50%。产业大趋势启动时刻，我们建议关注国内外头 ...

多地 绘就资本市场发展路线图。 从加速培育新质生产力，支持科技型企业上市融资，到鼓励上市公司运用并购重组等工具做优做强，再到强化上市公司治理体系……近期，地方政府支持资本市场 发展的举措不断涌现，绘就了地方版资本市场发展路线图。 用好资本市场工具，是发展地方经济的重要抓手之一。南开大学金融发展研究院院长田利辉表示，地方政府的一系列部署折射出各地更加注重引导资本有序投向科 技创新、新兴产业领域，发挥资本市场在服务实体经济中的作用，通过支持企业融资、并购重组等方式，构建资本市场与实体经济协同发展的良性机制。 鼓励企业并购重组 今年以来，并购重组市场持续活跃，这离不开政策层面的推动。从中央到地方，一系列力度大、针对性强的政策密集出台，为并购重组市场提供了坚实的制度保障 和广阔的发展空间。 培育硬科技企业上市 资本市场制度包容性的提升，为以"硬科技"为立身之本的企业提供了成长沃土，借力资本市场，各地政府纷纷推动科技创新和产业创新深度融合，助力硬科技企业 上市。 陕西省近日出台的《关于深化资本市场改革助力陕西高质量发展的若干措施》（以下简称《若干措施》），提出加强上市后备企业的联合培育、支持科技型企业上 市融资、健全上 ...

科创板"1+6"政策的落地，大幅提升了对硬科技企业上市的包容性。科技部、中国人民银行等七部门联 合发布《加快构建科技金融体制有力支撑高水平科技自立自强的若干政策举措》，为科技型企业上市提 供了系统性的政策支持。一系列的政策红利组合拳，全方位地提升了资本市场对科技创新的适配性和支 持效能。 继摩尔线程之后，"国产GPU第二股"沐曦股份即将迎来新股申购。今年以来，以科技股为核心的新股高 成长性明显，上市后赚钱效应凸显，对于增厚投资者收益以及提振市场信心有直接好处，且对一级市场 资金更聚焦科技创新型企业以及二级市场科技股估值的提升大有裨益。 沐曦股份从受理到过会仅用时一百多天，虽然尚未盈利，但硬科技属性明显，高含科量也是其IPO能驶 入快车道的重要原因。 从摩尔线程到沐曦股份，不仅仅是硬科技企业上市加速度，更是中国科技金融生态进一步成熟的重要标 志。 在二级市场方面，科技新股上市后的赚钱效应对已上市的科技股及其上下游产业链企业亦有带动作用。 当新上市的科技新股遭遇市场热捧，会与同行业已上市科技股之间产生较为明显的估值差异。一般而 言，相比刚上市的科技新股，已上市的科技股估值有望迎来价值重估。 与此同时，首发募资让科 ...

Market Overview - A-shares experienced a slight rise followed by a pullback, with the Shanghai Composite Index briefly surpassing the 4000-point mark, reaching a ten-year high before closing at 3988.22 points, down 0.22% [1] - The Shenzhen Component Index closed at 13430.10 points, down 0.44%, while the ChiNext Index ended at 3229.58 points, down 0.15% [1] - Total trading volume in the Shanghai and Shenzhen markets was 2.15 trillion yuan, a decrease of 192.3 billion yuan from the previous trading day [1] Sector Performance - The Fujian, military industry, and port shipping sectors saw significant gains, while the non-ferrous metals, wind power equipment, and oil and gas sectors experienced declines [1][3] - The Fujian sector had a surge in stocks hitting the daily limit, with over ten stocks reaching the limit, including Pingtan Development [3] Institutional Insights - Market trends are perceived to be upward, with the third-quarter report season beginning and a valuation recovery underway [4] - Investment focus is recommended on high-growth sectors such as semiconductors, consumer electronics, artificial intelligence, robotics, and low-altitude economy [4] - The China Securities Regulatory Commission (CSRC) chairman's positive remarks are expected to support the capital market's high-quality development [4] Economic Outlook - The economic structure is undergoing adjustments, with consumer spending becoming increasingly important amid external uncertainties [5] - The current valuation of consumer stocks is at historical lows, indicating significant potential for valuation recovery [6] Regulatory Developments - The CSRC is advancing a new round of capital market reforms to enhance the coordination of investment and financing functions [7] - The Shanghai Stock Exchange emphasizes support for "hard technology" companies, aiming to facilitate their listing and participation in global competition [8] Specific Company News - The wholesale price of Feitian Moutai has dropped below 1700 yuan per bottle for the first time, marking a new low since its launch, with a cumulative decline of over 31% from its initial price [9]

Core Insights - Hesai Technology, a Chinese lidar manufacturer, successfully listed on the Hong Kong Stock Exchange on September 16, 2025, marking a significant milestone after a decade of navigating various challenges in the capital market [1][2] - The company's market capitalization reached approximately 38 billion USD (about 275 billion RMB) in the US and 34.5 billion HKD (about 31.5 billion RMB) in Hong Kong, showcasing its growth trajectory since its inception [2][3] - Hesai's journey reflects a complex narrative involving technological innovation, capital challenges, and personal dynamics among its founders, highlighting the interplay between technology and human factors in entrepreneurship [3][4] Company Development - Founded in 2014 after initial discussions in Silicon Valley, Hesai focused on laser gas detection technology before pivoting to automotive lidar solutions in 2016, launching its first mass-produced lidar product, Pandar32 [4][6] - The company quickly gained traction in the autonomous driving sector, securing early orders from major players like NIO and Baidu, and expanded its market presence in North America [6][8] - Despite early successes, Hesai faced significant challenges, including a public scandal involving a co-founder and a major patent lawsuit from competitor Velodyne, which impacted its IPO plans and financial performance [8][12] Financial Performance - Hesai's financial trajectory has been marked by fluctuations, including a net loss of 150 million RMB in 2019 due to legal settlements, and a significant drop in gross margin from 70.3% in 2019 to 35.2% in 2023 amid industry price wars [15][16] - The company reported a revenue of 540 million RMB in Q3 2024, a year-on-year increase of 21.1%, and achieved a significant milestone by becoming the first lidar company to report annual profitability [16][17] - However, concerns arose in early 2024 when a short-seller report accused Hesai of financial misconduct, leading to a temporary decline in stock price, which the company has since contested [16][17] Market Positioning - Hesai's strategic shift to the Hong Kong market is seen as a response to the geopolitical sensitivities affecting its US operations, allowing it to attract long-term investments from local and international funds [19][20] - The company's dual listing strategy aims to reshape its narrative in the capital markets, focusing on its technological advancements and partnerships with key players in the automotive sector [20][21] - The ongoing trend of Chinese companies returning to Hong Kong for listings reflects a broader strategy to mitigate risks associated with US market volatility and to leverage local capital for growth [21][22]

Core Viewpoint - Xi'an Yiswei Materials Technology Co., Ltd. is set to undergo its initial public offering (IPO) review on August 14, with the capital market increasingly accommodating hard technology enterprises due to the implementation of the "1+6" reform measures in the Sci-Tech Innovation Board [1] Group 1: Company Performance and Growth - Xi'an Yiswei's annual shipment volume is projected to grow from 2.3462 million pieces in 2022 to 6.2546 million pieces in 2024, reflecting a compound annual growth rate (CAGR) of approximately 63% [3] - The company's revenue is expected to increase from 1.055 billion yuan in 2022 to 2.121 billion yuan in 2024, with a CAGR of 41.83% [3] - In the first half of 2025, the company's revenue is anticipated to rise by 45.99% year-on-year to 1.302 billion yuan, marking a record high for semi-annual revenue since its establishment [3] Group 2: Financial Health and Profitability - The gross margin of Xi'an Yiswei's main business has turned positive, aided by the recovery of the industry and adjustments in inventory provisions [3] - The net cash flow from operating activities has been positive since 2022, and earnings before interest, taxes, depreciation, and amortization (EBITDA) turned positive in 2023, with a projected growth of 147.39% in 2024 [3] - The company expects to achieve positive gross and net profits in 2026 and 2027, significantly enhancing its future profitability [3] Group 3: Market Position and Client Base - Xi'an Yiswei has gained recognition from international wafer manufacturers, achieving competitive levels in key metrics such as crystal defect control, warpage, flatness, and cleanliness [4] - As of the end of 2024, the company has validated a total of 144 clients, including 108 from mainland China and 36 from Taiwan and overseas [4] - The company anticipates that by 2026, its two factories will collectively achieve a production capacity of 1.2 million pieces per month, positioning Xi'an Yiswei among the leading global manufacturers of 12-inch silicon wafers [5]

Core Insights - The Hong Kong IPO market experienced a significant event on July 9, with five companies listed simultaneously, marking a rare occurrence since January 2021 [2][4] - The five companies that went public are Lens Technology (06613.HK), Geek+, Dazhong Dental (02651.HK), Fortior (01304.HK), and Xunzhong Communication (02597.HK) [2][3] - The overall performance of these newly listed companies was strong, with Dazhong Dental, Fortior, and Lens Technology seeing notable price increases on their first trading day [4] Company Summaries - **Lens Technology**: A leading provider of precision manufacturing solutions for smart terminals, particularly in consumer electronics and smart vehicles. The company raised approximately HKD 4.694 billion with a subscription rate of 462.76 times for its public offering [5][6] - **Geek+**: The largest provider of autonomous mobile robot solutions for warehousing, maintaining a 9% market share. The company's revenue is projected to grow from RMB 1.452 billion in 2022 to RMB 2.409 billion in 2024. The IPO raised HKD 2.712 billion with a subscription rate of 133.62 times [6] - **Dazhong Dental**: A leading private dental service provider in Central China, which also saw a strong subscription rate of 108.25 times for its public offering, although its performance is expected to face challenges in 2024 [6] Market Context - The simultaneous listing of five companies reflects the revitalization of the Hong Kong IPO market, driven by the release of reform dividends, a surge in hard technology companies, and a return of international capital confidence in Chinese assets [4] - The IPO market in Hong Kong has shown robust performance in 2025, with the first-day price drop rate for new stocks reaching a multi-year low, indicating a significant improvement in the profitability of new listings [4]

Core Viewpoint - Unisoc's progress towards IPO has advanced with the completion of its shareholding reform and name change to Unisoc (Shanghai) Technology Co., Ltd. [1] Group 1: Financing and Shareholding - In the second half of 2024, Unisoc completed nearly 6 billion yuan in equity financing, with a registered capital increase to 553.19 million yuan [2] - The recent financing round, which raised 4 billion yuan, will primarily support core project R&D and operational funding [2] - A subsequent capital increase of nearly 2 billion yuan is planned, aimed at developing new products in 5G, satellite communication, automotive electronics, and smart wearable chips [3] Group 2: Market Position and Revenue Growth - Unisoc is the only baseband chip manufacturer in mainland China and one of three global 5G chip companies [5] - In 2024, Unisoc's revenue reached 14.5 billion yuan, marking an 11% year-on-year increase [5] - The company shipped over 1.6 billion chips in 2024, with a significant 82% year-on-year increase in 5G sales [6] Group 3: Technological Advancements and Market Share - Unisoc's third-generation 5G communication technology platform has achieved a 40% reduction in communication IP area while enhancing performance [6] - According to Counterpoint Research, Unisoc's market share in the global smartphone AP/SoC market rose to 14%, ranking fourth globally [6] - The company has successfully implemented 5G field tests in 116 countries and has shipped 5G phones to 85 countries [6]