登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者丨崔文静 编辑丨包芳鸣 张嘉钰 A股IPO历来是市场关注的焦点。伴随股市持续企稳回升、昔日不符合要求的IPO项目陆续退出，如今的 A股IPO生态正在呈现系列新变化。 一方面，IPO撤回家数恢复至低位，2026年开年57天仅6家企业撤回，与2024年撤回高峰时的月均33家 相距甚远。 与之相伴，IPO排队企业综合质地显著提升。主板43家排队企业中，超九成最近一年净利润突破2亿 元，是基准线的两倍；创业板超六成企业净利润更是达到了主板1亿元的利润门槛。 另一方面，IPO审核监管正呈现出"问询细化、分类严查"的新特征。根据证监会2025年首发企业现场检 查情况通报，20家被查企业中无一撤回，且六成仅存信息披露规范性瑕疵。监管根据问题严重程度分类 处理，对于不影响审核判断的小瑕疵给予包容，而针对虚增收入等重大违法违规行为则立案稽查，倒逼 中介机构在申报阶段就将"模糊地带"清晰化。 与此同时，尽管自2024年"924行情"以来，股市整体持续企稳回升，但A股IPO节奏并未明显提速。质量 为先、平 ...

21世纪经济报道 记者 崔文静 伴随股市持续企稳，A股IPO生态正呈现出五大新变化。 变化一：IPO撤单量骤减。 2026年开年57天内，仅6家企业撤回申请，与2024年高峰时月均33家的水平相去甚远。 变化二，排队企业质量显著提升。 主板43家排队企业中，超九成最近一年净利润突破2亿元，是基准线的两倍；创业板超六成企业净利润达到主板1亿元的利润门槛。 变化三，监管问询细化，分类严查。 证监会2025年现场检查显示，20家被查企业无一撤回，六成仅存在信息披露规范性瑕疵。监管对小瑕疵予以包容，但对重大违法违规行为立案稽查，倒逼中 介机构在申报阶段就将模糊地带清晰化。 变化四，IPO质量为先，平稳提速。 尽管自2024年"924行情"以来股市持续回升，但2025年全年仅111家新股上市，比2024年多出12家，综合质量是IPO审核严抓重点。 变化五，北交所近期明显提速。 2026年开年57天已有11家新股上市，接近2025年全年一半，背后是换手率、市盈率等数据的全面改善。 据投行保代预测，2026年北交所IPO节奏有望恢复至年上市80家左右的水平，而其他板块短期内明显提速的空间有限。 ...

格隆汇2月25日｜据一财，年初至今，三大交易所合计召开了30场上市委审议会议，包括北交所16场、 上证所6场、深交所8场，共审议首发企业24家，仅2家遭暂缓表决，其余全部过会，过会率超九成。 ...

Group 1 - In January 2026, a total of 17 companies were reviewed for A-share IPOs, with 15 approved, resulting in an approval rate of 88.24% [1][6][28] - Two companies, Ningbo Huikang Industrial Technology Co., Ltd. and Zhejiang Xingsheng Technology Co., Ltd., were deferred for review [1][6][28] - Four companies terminated their A-share IPO processes in January, continuing the trend of single-digit terminations per month [11][33] Group 2 - The total amount raised from the 9 companies that went public in January 2026 was 9.053 billion yuan, a significant decrease compared to the previous month [1][39][44] - Among these, Zhenstone Co., Ltd. raised the highest amount at 2.919 billion yuan, while Guoliang New Materials raised the least at 194 million yuan [1][39][44] - The leading underwriter was China International Capital Corporation, which handled 2 IPOs with a total underwriting amount of 4.474 billion yuan [1][22][44] Group 3 - Xingsheng Technology was the first company in 2026 to fail to pass the IPO review, with issues raised regarding the authenticity of its sales revenue [6][28][30] - The company has a significant portion of its revenue (over 50%) coming from overseas markets, making compliance and verification of cross-border fund flows critical [7][29][30] - The underwriter, Guoxin Securities, faced scrutiny over its diligence in the review process, particularly regarding third-party payments [30][31] Group 4 - Huikang Technology was also deferred for review, with questions raised about its competitive position in the ice-making industry and the sustainability of its future performance [8][30][31] - The company must clarify the relationships with its main suppliers and ensure the accuracy of its disclosures [9][31] - Huikang Technology's main suppliers were established shortly before they began collaborating with the company, raising potential concerns about their relationships [10][31] Group 5 - In January, four companies withdrew their IPO applications, with two of them sponsored by Huatai United Securities, indicating a high withdrawal rate for this underwriter [11][14][38] - The companies that withdrew included Guangxi Baifei Dairy Co., Ltd., Nanjing Qinheng Microelectronics Co., Ltd., Jiangsu Yadian Technology Co., Ltd., and Zhuhai Saiwei Electronic Materials Co., Ltd. [11][33] - Zhuhai Saiwei had previously faced rejection in its first IPO attempt and withdrew its application after being approved in a second attempt [13][36] Group 6 - The issuance and underwriting situation showed that the average underwriting fee rate for the companies was relatively high, with Hengyun Chang's fee rate at 7.50%, which is above the industry average [19][42] - Hengyun Chang was the only company with an issuance price-to-earnings ratio exceeding the industry average, raising 1.561 billion yuan [19][42] - The underwriting fees for other companies were significantly lower, indicating a disparity in costs among different IPOs [19][42]

证券研究报告 网下博弈加剧，首发估值抬升 ——2026年A股IPO市场1月报 证券分析师：彭文玉 A0230517080001 朱敏 A0230524050004 任奕璇 A0230525050002 联系人: 任奕璇 A0230525050002 2026.02.02 摘要 www.swsresearch.com 2 ◼ 投资提示：沪深新股常态化发行，且审核端提速态势显现、排队项目充裕。1月，新股首发估值明显与二级 市场接轨，一定程度压缩了上市首日涨幅。与此同时，网下博弈加剧，打新产品数进一步增加、入围难度加 大，中签率整体仍处于下行通道。26年1月，2亿元产品网下打新收益接近20万元，收益率约为0.1%。 ◼ IPO常态化，排队耗时较短。26年1月，A股发行新股12只（mom-3只/yoy+4只），合计募资115亿元 （mom-40%/yoy+141%）。其中，沪深两市保持常态化发行，共发行7只新股（mom-6只/yoy持平）， 合计募资97亿元（mom-47%/yoy+110%）。1月，审核注册项目数高企，三大交易所共17个IPO项目上会、 15个项目注册生效，处于25年以来次高水平；沪深首发项目"受理 ...

Summary of Key Points Core Viewpoint In 2025, a total of 116 companies went public (IPO) in China, with various financial public relations firms and underwriting institutions involved in the process. Group 1: IPO Overview - A total of 116 companies completed their IPOs in 2025, with 43 listed on the Shanghai Stock Exchange (24 on the Main Board and 19 on the Sci-Tech Innovation Board), 47 on the Shenzhen Stock Exchange (13 on the Main Board and 34 on the Growth Enterprise Market), and 26 on the Beijing Stock Exchange [1]. - 25 financial public relations firms were involved in the IPO process for these 116 companies [2]. Group 2: Leading Financial Public Relations Firms - The top five financial public relations firms by the number of IPOs handled are: 1. Jinzheng Hutong: 27 IPOs 2. Jiufu Investment: 24 IPOs 3. New航线 and Wanquan Zhice: 13 IPOs each 4. Zhonggai Yiyun: 8 IPOs 5. Quanming Consulting and Waliu Consulting: 4 IPOs each [3]. Group 3: Leading Underwriting Institutions - A total of 30 underwriting institutions participated in the IPOs of these 116 companies. - The top five underwriting institutions by the number of IPOs are: 1. Guotai Junan: 17 IPOs 2. CITIC Securities: 15 IPOs 3. CITIC Jian Investment: 11 IPOs 4. Huatai United: 10 IPOs 5.招商证券: 9 IPOs [8][9]. Group 4: Leading Law Firms - 27 law firms were involved in the IPO process for these companies. - The top five law firms by the number of IPOs are: 1. Shanghai Jintiancheng Law Firm: 16 IPOs 2. Beijing Zhonglun Law Firm: 15 IPOs 3. Guohao Law Firm: 13 IPOs 4. Beijing Deheng Law Firm: 9 IPOs 5. Beijing Guofeng Law Firm and Guangdong Xinda Law Firm: 6 IPOs each [14][15]. Group 5: Leading Accounting Firms - 17 accounting firms participated in the IPOs of these companies. - The top five accounting firms by the number of IPOs are: 1. Rongcheng Accounting Firm: 29 IPOs 2. Tianjian Accounting Firm: 20 IPOs 3. Lixin Accounting Firm: 17 IPOs 4. Zhonghui Accounting Firm: 12 IPOs [20][21].

Core Insights - In 2025, the A-share market saw a total of 116 new IPOs, marking a 16% increase from the previous year, which had 100 IPOs [1][15] Provincial Distribution of IPOs - Among the 116 new listings, the distribution by board is as follows: 33 on the ChiNext, 23 on the Shanghai Main Board, 19 on the Sci-Tech Innovation Board, 15 on the Shenzhen Main Board, and 26 on the Beijing Stock Exchange [2] - The top three provinces for IPOs are Jiangsu (29), Guangdong (21), and Zhejiang (17), collectively accounting for 57.76% of the total new listings [3][4] - Suzhou emerged as the leading city for IPOs with 12 new listings, surpassing major cities like Beijing, Shanghai, Shenzhen, and Guangzhou [6] Fundraising Amounts - The total amount raised by the 116 new IPOs reached approximately 1317.71 billion yuan [9] - The provinces with the highest fundraising amounts are: 1. Fujian: 224.47 billion yuan (17.03%) 2. Jiangsu: 209.00 billion yuan (15.86%) 3. Beijing: 199.08 billion yuan (15.11%) [11][10] Market Capitalization - The total market capitalization of the 116 new IPOs is approximately 2.34 trillion yuan [12] - The leading provinces by market capitalization are: 1. Beijing: 566.27 billion yuan (24.19%) 2. Guangdong: 353.62 billion yuan (15.11%) 3. Fujian: 309.93 billion yuan (13.24%) [13][14] Conclusion - The 2025 A-share market reflects a steady increase in new listings, highlighting regional concentration and structural differentiation, with Jiangsu, Guangdong, and Zhejiang dominating the IPO landscape, showcasing the economic vitality and industrial upgrading in these regions [15]

Group 1 - The core point of the news is that Jiangsu Changjing Technology Co., Ltd. has completed the IPO counseling filing with the Jiangsu Securities Regulatory Bureau, with Huatai United Securities as the counseling institution [1] - Changjing Technology, established in 2018, specializes in the research, production, and sales of semiconductor products, including finished products (discrete devices, power management ICs) and wafers [1] - The company’s main products cover diodes, transistors, MOSFETs, IGBTs, and third-generation semiconductors, as well as power management IC products represented by LDO, DC-DC, and lithium battery protection [1] Group 2 - In the updated prospectus for 2023, Changjing Technology reported revenues of 1.339 billion yuan, 1.902 billion yuan, and 1.884 billion yuan for the years 2020 to 2022, respectively [2] - The net profit attributable to the parent company for the same years was 66 million yuan, 244 million yuan, and 127 million yuan, while the net profit excluding non-recurring gains and losses was 131 million yuan, 223 million yuan, and 107 million yuan [2] - In 2022, the revenue from discrete devices was 1.331 billion yuan, accounting for 71.80% of the main business revenue, while power management ICs contributed 184 million yuan (9.90%) and wafers contributed 338 million yuan (18.20%) [2]

Group 1 - In the first half of January 2026, multiple companies updated their IPO progress, with 14 companies changing their review status on January 13 alone [1][2] - Among the companies, Gude Electric Materials and Hangzhou Gaote Electronics are targeting the ChiNext board, with Gude's IPO registration already effective [1][2] - Over 50 companies have updated their review status since the beginning of the month, indicating a robust IPO market in A-shares for 2026, particularly for technology firms [1][4] Group 2 - On January 14, additional companies updated their IPO review status, including Luoyang Shenglong Mining Group and Suzhou Lianxun Instruments, which are set to list on the Shenzhen Main Board and the Sci-Tech Innovation Board respectively [2] - The review status shows that Gude Electric Materials has the fastest IPO progress, having registered successfully, while two companies have submitted their registrations to the North Exchange [2][3] - Currently, 10 companies are in the inquiry stage, with some having just entered the first round of inquiries after their IPO applications were accepted in late December [3] Group 3 - The A-share IPO market is expected to remain active in 2026, with no initial listings yet this year, but a significant number of applications were accepted at the end of 2025 [4][5] - In December 2025, the North Exchange received 23 new IPO applications in a single day, contributing to a total of 53 applications for the month [4] - The total number of IPO applications in 2025 reached 300, with the North Exchange accounting for nearly 60% of these [4][5] Group 4 - The IPO market is anticipated to maintain its previous momentum in 2026, with a focus on technology companies accelerating their listings [5][6] - The trend of increasing listings for technology firms is expected to continue, supported by improved policies and the establishment of a growth-oriented system [5][6] - The overall performance of newly listed companies in 2025 was stable, indicating a positive cycle of market rationality and quality focus in IPOs [5][6]

Group 1 - Multiple companies have updated their IPO progress, with 14 firms changing their review status on January 13, including 6 aiming for the Beijing Stock Exchange and 5 for the Shanghai and Shenzhen exchanges [1][2] - Notable companies include Gude Electric Materials, which has received IPO registration approval, and Hangzhou Gaote Electronics, which has passed the review, both targeting the Growth Enterprise Market [1][2] - Over 50 companies have updated their review status since the beginning of the month, indicating a trend of companies entering the inquiry phase [1] Group 2 - On January 14, additional companies updated their IPO status, including Luoyang Shenglong Mining Group, which has received registration approval for the Shenzhen main board [2] - The review status shows that Gude Electric Materials has the fastest IPO progress, having registered successfully, while two companies on the Beijing Stock Exchange have submitted their registrations [2][3] - Several companies are currently in the inquiry phase, with some having just entered the first round of inquiries after their IPO applications were accepted in late December [3] Group 3 - The IPO market is expected to remain active in 2026, with no new companies having been accepted for IPOs so far this year, but numerous applications were accepted in late 2025 [4] - In December 2025, the Beijing Stock Exchange received 23 new IPO applications in a single day, contributing to a total of 53 applications for the month [4] - The total number of companies accepted for IPOs in 2025 reached 300, with the Beijing Stock Exchange accounting for nearly 60% of these applications [4] Group 4 - The A-share IPO market saw significant fundraising activity at the end of last year, with major companies like Moer Thread and Muxi Co. raising substantial amounts [5] - Predictions indicate that the IPO market will maintain its previous momentum into 2026, particularly with an acceleration in technology company listings [5][6] - The overall performance of newly listed companies in 2025 was stable, reflecting a shift towards quality and scale in the IPO process, particularly in the technology and advanced manufacturing sectors [6]