梦想与浮沉 : A股十年上市博弈 本书以投行业内人士的视角记录了2004年到2014年间中国企业上市的真实案例，以及中国证券市场IPO 政策的演变过程，从而见证并解读这意义非同寻常的十年。 媒体推荐 A股的逻辑必须一路相随，才会有深刻的理解————华泰联合总裁 刘晓丹 力荐 王骥跃、班妮 链接：pan.baidu.com/s/1BKBPMV9UEC9LEObyoPwpNw?pwd=tu6x 提取码: tu6x 编辑推荐 上市必读：60余家公司IPO案例总结 献礼注册制：十年间IPO相关制度演变梳理 "股民的记忆只有7秒"，是2015年夏天"去杠杆"股灾中调侃融资客的一句戏言。股灾让一些融资炒股的 人血本无归，但是市场稍有企稳，一些人又加上更高的杠杆杀入股市，把刚刚得到的教训抛到九霄云 外。其实何止融资炒股的投资者没有记忆，在A股市场，监管者、中介机构、机构投资者、媒体、学界 等各个相关方面，也在整体上缺乏对市场的记忆。市场制度建设总是在重复一个接一个相同的错误，而 对于错误本身的讨论，也往往在基本问题上陷入迷思，使得改革屡次倒退，短短十年间制度演进曲折往 复，恍若唐德刚所述"历史的三峡"。 王骥跃与班妮的新著 ...

Core Viewpoint - Shenzhen Haimingrun Superhard Materials Co., Ltd. (referred to as "Haijingrun") is attempting to return to the A-share market after nearly a decade since its last IPO attempt, with a deadline to complete the listing by the end of 2026 to avoid potential buyback requests from investors [2][3][8]. Group 1: Company Background and Previous IPO Attempts - Established in August 2000, Haijingrun specializes in the research, development, manufacturing, and sales of polycrystalline diamond composite sheets (PDC) and other superhard materials, primarily focusing on oil and gas drilling tools [3][4]. - In June 2015, Haijingrun submitted its IPO application for the ChiNext board but withdrew it in August 2016 after facing significant operational challenges due to declining oil prices, which led to a sharp drop in revenue and profits [5][6][11]. - The company reported revenues of 188.44 million, 202.74 million, and 136.25 million from 2013 to 2015, with net profits of 36.36 million, 42.63 million, and 23.28 million respectively, and a net profit of less than 5 million in the first half of 2016 [5][6]. Group 2: Current Financial Status and Future Plans - As of 2023, Haijingrun's revenue reached 256.6 million, with a net profit of 46.34 million, indicating a recovery to levels similar to those in 2013 [6][8]. - In 2024, the company achieved a revenue of 291 million and a net profit of 57.69 million, but still fell short of the new listing requirements for the ChiNext board, which now mandates a net profit of at least 60 million in the most recent year [7][8]. - Haijingrun has submitted an application for listing on the New Third Board and aims to transition to the Beijing Stock Exchange, which is seen as the only viable option for a quick A-share listing [2][8]. Group 3: Risks and Challenges - The company faces significant time constraints and operational challenges to meet the listing deadline by the end of 2026, as it must be listed on the New Third Board for at least 12 months before applying for the Beijing Stock Exchange [8][9]. - Haijingrun's reliance on a limited number of clients remains a concern, with its largest client, National Oilwell Varco, contributing 38.22% and 41.08% of its revenue in 2023 and 2024, respectively [11][13]. - The company has acknowledged the risks associated with fluctuating oil and gas prices, which previously led to its IPO failure, and continues to face challenges in diversifying its product offerings beyond PDC products [14][15].

01 利息收入"以量换价"，监管罚款超2000万 元 文/曹萌 在资产质量方面，截至2024年末，徽商银行的不良贷款率降至了1%以下，但零售业务不良贷款金 额却增加明显，提升了后续处置不良资产的成本及难度，加之该行贷款仍存在质量下迁风险且收购的 原包商银行资产处置工作尚未完成，未来徽商银行很难再出现不良贷款率大幅下降的情况。 日前，作为第二家赴港上市的内地城商行，徽商银行披露了2024年财报。虽然在2024年，徽商银行 的资产规模依旧保持了两位数增长，但在以扩大信贷规模对冲净息差收窄的操作中，该行违规行为也 随之增多。 财报显示 ，截至2024年末，徽商银行的资产总额为20137.53亿元，较年初增加2076.09亿元，增 长11.49%，目前该资产规模位于我国上市城商行的第 七位。 具体来看，徽商银行资产规模的进一步提升，离不开该行信贷业务的不断扩张。数据显示，截至 2024年末，徽商银行的客户贷款及垫款总额为10021.66亿元，较年初增加1279.43亿元，增长 14.64%，而这一信贷规模增速不仅高出2023年0.28个百分点，更明显高于徽商银行2024年整体资 产规模的增速。 通过梳理以往财报数据获 ...