Core Viewpoint - The concept of "deep earth economy" has emerged as a market highlight, with several stocks experiencing significant gains, particularly in the context of A-share market fluctuations [2][5][9]. Market Performance - On October 22, the A-share market experienced volatility, with major indices mostly declining. The Shanghai Composite Index fell by 0.44%, the Shenzhen Component Index by 0.81%, and the ChiNext Index by 0.89%. In contrast, the North Star 50 Index rose by 1.19% [4]. - The media sector led the gains, with a peak increase of over 1%, and several stocks, including Hubei Broadcasting, hitting the daily limit [4]. - The real estate sector also showed strength, with multiple stocks such as Yingxin Development and Bright Real Estate reaching their daily limit [4]. Deep Earth Economy - The deep earth economy focuses on the development of underground space and deep resources, encompassing geological exploration, underground engineering, deep drilling equipment, and technical services. This new economic model aims to address the depletion of surface resources and ensure national energy security and strategic development [8][9]. - Stocks related to the deep earth economy, such as Deshi Co., China Minmetals, and North China Holdings, saw significant price increases, with Deshi Co. hitting a 20% limit up [2][5]. Gold Sector Decline - The gold sector faced substantial declines, with multiple gold mining stocks dropping significantly. For instance, Western Gold fell over 6%, and several others saw declines exceeding 5% [11][14]. - The international gold price experienced a sharp drop, with the Shanghai Gold Exchange's Au99.99 contract price falling by over 5%, reaching a low of 932 yuan per gram [14]. New Stock Performance - The newly listed stock Marco Polo saw a dramatic increase, with its price rising over 190% during the morning session [16]. - Marco Polo is recognized as one of the largest manufacturers and sellers of building ceramics in China, with significant production capabilities across multiple locations [19].

统计显示，公司本次发行总量为1.19亿股，其中，网上发行量为7528.00万股，发行价格为13.75元/股， 发行市盈率14.27倍，行业平均市盈率32.20倍，网上发行最终中签率为0.0336849074%。公司首发募资 金额为16.43亿元，募资主要投向广东东唯新材料有限公司年产540万平方米特种高性能陶瓷板材项目、 江西加美陶瓷有限公司智能陶瓷家居产业园(一期)建设项目、江西唯美陶瓷有限公司陶瓷生产线绿色智 能制造升级改造项目、马可波罗控股股份有限公司综合能力提升项目、广东家美陶瓷有限公司绿色智能 制造升级改造项目、江西和美陶瓷有限公司建筑陶瓷生产线绿色智能制造升级改造项目等。（数据宝） 今日上市新股表现 N马可波(001386)今日上市，开盘上涨140.73%，截至上午收盘涨幅扩大至145.38%，半日成交量5665.11 万股，成交额19.66亿元，换手率57.89%。 公司主营业务为建筑陶瓷的研发、生产及销售。 | 代码 | 简称 | 最新价（元） | 上午收盘涨跌幅（%） | 半日换手率（%） | | --- | --- | --- | --- | --- | | 001386 | N马可波 | ...

Market Overview - Major market indices opened lower on October 22, with significant declines in the precious metals sector, including Hunan Silver and Xiaocheng Technology hitting the daily limit down [1] - The semiconductor sector experienced notable declines, with DiAo Microelectronics dropping over 9% at one point, and several other stocks like Hengshuo Co., New Energy Clean, and Zhaoyi Innovation falling more than 3% [2] Sector Performance - The engineering machinery sector showed resilience, with Iron Tuo Machinery hitting the daily limit up, alongside Construction Machinery and Southern Road Machinery also reaching the limit up [3] - Real estate stocks surged, with nearly 10 stocks including Yingxin Development and Tianbao Infrastructure hitting the daily limit up. The National Bureau of Statistics reported an expanded month-on-month decline in new home sales prices in September, indicating a potential stabilization in the real estate market due to supportive policies [3] New Listings - N Marco Polo was listed today with an opening price of 33.10 yuan, marking a 140.73% increase. The company is a leading manufacturer and seller of building ceramics in China, owning brands like "Marco Polo Tiles" and "Weimei L&D Ceramics" [4] Financing Activities - As of October 21, the total market financing balance reached 2.43 trillion yuan, an increase of 140.54 billion yuan from the previous trading day. Notably, 38 stocks had a net financing inflow of over 100 million yuan, with seven stocks exceeding 500 million yuan in net inflow [6][7] - The top net inflow stocks included Cambrian-U with 1.196 billion yuan, followed by Luxshare Precision and Industrial Fulian with 674 million yuan and 657 million yuan, respectively [8] Institutional Holdings - As of the end of the third quarter, insurance funds were reported to hold shares in 30 stocks among the top ten circulating shareholders, with notable holdings in Guoyao Co., Pinggao Electric, and China Mobile [9][10]

Group 1 - Marco Polo officially listed on the Shenzhen Stock Exchange main board on October 22 [1] - The company focuses on the research, production, and sales of architectural ceramics, with two main brands: "Marco Polo Tiles" and "Weimei L&D Ceramics" [1] - Marco Polo has five production bases located in Dongguan, Qingyuan (Guangdong), Fengcheng (Jiangxi), Rongchang (Chongqing), and Tennessee (USA) [1] Group 2 - The public offering consisted of 119 million shares at a price of 13.75 yuan per share, raising a total of 1.643 billion yuan [1] - The raised funds will be used for various projects, including the construction of an intelligent ceramic home industry park and green intelligent manufacturing upgrades for production lines [1] - Project allocations include upgrades for Jiangxi Jamei Ceramics, Jiangxi Weimei Ceramics, Guangdong Jamei Ceramics, and Jiangxi Hemei Ceramics [1] Group 3 - Projected revenues for Marco Polo from 2022 to 2024 are 8.661 billion yuan, 8.925 billion yuan, and 7.324 billion yuan respectively [1] - Projected net profits for the same period are 1.514 billion yuan, 1.353 billion yuan, and 1.327 billion yuan respectively [1]

公司主营业务为建筑陶瓷的研发、生产及销售。 证券时报·数据宝统计显示，公司本次发行总量为1.19亿股，其中，网上发行量为7528.00万股，发行价 格为13.75元/股，发行市盈率14.27倍，行业平均市盈率32.20倍，网上发行有效申购户数为1471.32万 户，网上发行最终中签率为0.0336849074%。公司首发募集资金16.43亿元，募集资金主要投向广东东唯 新材料有限公司年产540万平方米特种高性能陶瓷板材项目、江西加美陶瓷有限公司智能陶瓷家居产业 园(一期)建设项目、江西唯美陶瓷有限公司陶瓷生产线绿色智能制造升级改造项目、马可波罗控股股份 有限公司综合能力提升项目、广东家美陶瓷有限公司绿色智能制造升级改造项目、江西和美陶瓷有限公 司建筑陶瓷生产线绿色智能制造升级改造项目等。（数据宝） N马可波今日上市，开盘价33.10元，上涨140.73%。 近期上市新股首日表现 | 代码 | 简称 | 上市日期 | 发行价（元） | 发行市盈率（倍） | 首日开盘涨跌幅（%） | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | 001386 | N马可 ...

Core Points - Marco Polo (001386) has been listed on the Shenzhen Stock Exchange, focusing on the research, production, and sales of architectural ceramics, and is one of the largest manufacturers and sellers in China [1] - The company has two main proprietary brands: "Marco Polo Tiles" and "Weimei L&D Ceramics" [1] Shareholding Structure - Guangdong Meiying Industrial Investment Co., Ltd. holds 69,215,850 shares, accounting for 64.36% of the total share capital before the issuance, making it the controlling shareholder [1] - Huang Jianping directly holds 9,724,992 shares, representing 0.90% of the company, and is the controlling shareholder of Meiying Industrial, which in turn controls 64.36% of the voting rights in the company [1] - Huang Jianping's total direct and indirect shareholding is 42.12%, with a control over 95.55% of the voting rights, establishing him as the actual controller of the company [2] Fundraising and Projects - The total amount raised from the issuance is 1,643.015 million yuan, with a net amount of 1,559.9938 million yuan after deducting tax-exempt issuance costs [2] - The raised funds will be allocated to several projects, including the construction of an intelligent ceramic home industry park in Jiangxi, upgrades to green intelligent manufacturing for ceramic production lines, and a comprehensive capability enhancement project for Marco Polo Holdings [2]

Group 1 - The company Dana Biological focuses on early diagnosis of invasive fungal diseases and holds a significant position in its niche market [2] - The company has launched a "5G + Fungal Disease Serological Joint Detection Scheme" to enhance diagnostic capabilities [2] - The company reported revenue of 239.6 million yuan in 2024 (up 1.21%), 236.7 million yuan in 2023 (down 19.78%), and 295.1 million yuan in 2022 (up 26.11%) [3] Group 2 - The company Marco Polo is a leading player in the domestic ceramic tile industry, with its brand value recognized for over a decade [5] - The company is expanding into related home furnishing products, including finished furniture and ultra-thin high-strength ceramic slabs [5] - The company is actively developing new products, including curved line technology ceramic materials, broadening its application range [6]

Core Viewpoint - Marco Polo Holdings Co., Ltd. is initiating a public offering, aiming to issue 119.492 million shares at a price of 13.75 yuan per share, resulting in a diluted static P/E ratio of 14.27 times for 2024, which is significantly lower than the industry average of 32.20 times and 27.69 times for comparable companies, indicating reasonable pricing [1] Group 1: Company Overview - Marco Polo owns two major brands, "Marco Polo Tiles" and "Weimei L&D Ceramics," which have high recognition in the industry and are exported globally [2] - The company has achieved significant innovation in product design, with proprietary technologies such as curved rock slabs and AI random infinite patterns, allowing for personalized and artistic new material products [2] Group 2: Industry Trends - The green manufacturing capability is becoming a key competitive factor for building ceramic companies, driven by the "dual carbon" policy and energy consumption control [4] - The new policy for the building materials industry aims for green building materials revenue to exceed 300 billion yuan by 2026, promoting a shift from traditional homogeneous competition to new green building material sectors [4] Group 3: Competitive Advantage - Marco Polo has proactively engaged in green practices in production, utilizing tailings recycling technologies and low-temperature fast firing, achieving a fully green and low-carbon production process [5] - The company has received national "Green Factory" titles for several subsidiaries, reinforcing its commitment to sustainable manufacturing [5] - In 2024, Marco Polo's gross margin reached 38.46%, an increase of 3.36 percentage points from 2022, positioning it as a leader in the industry [5] Group 4: Market Opportunities - The building ceramic industry is expected to see improvements despite recent challenges, with policies aimed at stimulating domestic consumption and enhancing the application of green building materials [7] - Analysts believe the building materials sector is approaching a turning point, with limited downside potential compared to 2024, suggesting a recovery in both fundamentals and valuations [8] - Marco Polo is positioned to benefit from industry structural transformations, being the top revenue earner in the domestic building ceramic sector from 2022 to 2024 [8] Group 5: Consumer Trends - There is a shift in consumer behavior towards purchasing overall space solutions rather than individual products, which is driving the growth of large home decoration enterprises [9] - Marco Polo is actively collaborating with large home decoration companies to expand its sales channels and stabilize performance [10] - With over 8,000 sales terminals, Marco Polo is well-equipped to absorb new production capacity, enhancing its market presence [11] Group 6: Future Outlook - The competitive landscape in the building ceramic industry is expected to evolve towards higher concentration, deeper green practices, and value transformation [11] - Smaller companies lacking green technology may exit the market under pressure from raw material costs and environmental standards, allowing leading firms like Marco Polo to capture market share [11] - As consumer preferences shift towards quality, brand, and environmental considerations, Marco Polo's strengths align with these trends, potentially enhancing its market share and profitability [11]

Core Viewpoint - Marco Polo Holdings Co., Ltd. has successfully listed its shares on the Shenzhen Stock Exchange, with a total of 119.492 million new shares issued at a price of 13.75 yuan per share, resulting in a diluted price-to-earnings ratio of 14.27 times for 2024, which is lower than the industry average [1][2]. Financial Performance - The company reported a net profit of 65.47 million yuan for the first half of 2025, with a year-on-year decline of 7.90%, and a revenue of 321.82 million yuan, down 11.82% year-on-year [12]. - For the first nine months of 2025, the company expects revenue between 485 million yuan and 510 million yuan, representing a year-on-year decline of 11.79% to 7.25% [7]. - The company’s net profit for the same period is projected to be between 100 million yuan and 105 million yuan, with a year-on-year decline of 12.06% to 7.66% [7]. Market Environment - The construction ceramics industry is facing intensified competition, with the number of large-scale enterprises decreasing from 1,093 in 2020 to 993 in 2024, a reduction of 100 companies [8]. - The average selling price of the company’s products has been declining, with prices per square meter recorded at 41.62 yuan, 39.48 yuan, and 37.72 yuan over the past three years [11]. Risk Factors - The company is exposed to risks from market competition, particularly in the construction ceramics sector, where it holds a market share of only 3.27% as of 2024 [8]. - The real estate market's volatility poses a risk to the company's performance, as the construction ceramics industry is closely linked to real estate development [8]. - The company faces potential risks related to accounts receivable, with significant amounts owed by real estate clients, which could impact cash flow and operational efficiency [9]. Audit and Compliance - The company has engaged Rongcheng Accounting Firm to audit its financial statements for the years ending December 31, 2022, 2023, and 2024, receiving an unqualified opinion [3]. - As of the date of the announcement, the company has not disclosed any significant undisclosed matters that could impact its financial standing [2].

Group 1: Company Overview - Danah Biotechnology, established on March 10, 2014, focuses on early diagnosis of invasive fungal diseases and other pathogenic microorganisms, recognized as a national high-tech enterprise and a key specialized "little giant" enterprise supported by the state [2] - The main products include diagnostic reagents and instruments, with reagents accounting for 90.52% of revenue in 2024, while instruments contribute 6.06% [2] - Danah holds a market share of approximately 30% in China's invasive fungal disease diagnostic reagent market as of 2022 [2] Group 2: Product and Supply Chain - The core raw material for Danah's main product, the (1-3)-β-D-glucan test kit, is horseshoe crab blood, which accounted for 21.34% to 32.57% of revenue from 2022 to June 2025 [3] - Horseshoe crabs are classified as a national second-level protected animal, leading to stricter regulations on their utilization, creating uncertainty regarding future supply [3] - Danah has sufficient inventory of horseshoe crab blood to meet production needs for over five years and has begun exploring overseas procurement channels [3] Group 3: Market Position and Financial Performance - Marco Polo, a leading manufacturer and seller of building ceramics, has production bases in multiple locations, with revenues of 8.661 billion, 8.925 billion, and 7.324 billion from 2022 to 2024 [4] - The company ranks first in the domestic building ceramics industry in terms of revenue from 2022 to 2024, indicating strong market presence [4] - Marco Polo's sales model includes both distribution and direct sales, with a significant portion of revenue coming from glazed tiles, which have seen an increasing trend in sales [4][6] Group 4: Revenue Trends and Risks - Marco Polo's main business revenue is projected to decline by 17.95% in 2024 compared to 2023, attributed to changing consumer preferences towards glazed tiles [6] - The company faces potential risks related to fluctuations in the real estate market, which is closely tied to its industry, as indicated by a declining real estate development prosperity index from 2022 to 2024 [6] - Marco Polo also highlights risks associated with raw material and energy price volatility, which could significantly impact profitability if costs cannot be passed on to customers [7]