Market Overview - The market is expected to experience style differentiation as it approaches the Spring Festival, maintaining a structural trend under narrow fluctuations[4] - Key focus areas include the release of December and annual economic data in late January and a concentrated period of earnings forecasts[4] Investment Strategy - The strategy emphasizes three main lines: 1. High-growth and high-elasticity sectors, including AI hardware (e.g., optical modules), energy storage, lithium batteries, and non-ferrous metals[4] 2. Market hot tracks such as commercial aerospace, robotics, and cultural tourism[4] 3. Low-position large financial sectors, focusing on high-certainty performance in brokerage, insurance, and banks with dividend expectations[4] Recommended Stocks - **Metals**: Yun Aluminum Co., Ltd. (000807.SZ) with a projected EPS of 1.87 in 2025 and a PE of 17.6[28] - **Chemicals**: Yara International (000893.SZ) with a projected EPS of 2.06 in 2025 and a PE of 23.3[28] - **New Energy**: Slin Smart Drive (301550.SZ) with a projected EPS of 1.32 in 2025 and a PE of 105.0[28] - **Machinery**: Hengli Hydraulic (601100.SH) with a projected EPS of 2.19 in 2025 and a PE of 50.2[28] - **Aerospace**: AVIC Xi'an Aircraft Industry Group (000768.SZ) with a projected EPS of 0.42 in 2025 and a PE of 60.3[28] - **Banking**: Jiangsu Bank (600919.SH) with a projected EPS of 1.76 in 2025 and a PE of 5.9[28] - **Non-Banking**: New China Life Insurance (601336.SH) with a projected EPS of 11.82 in 2025 and a PE of 5.9[28] - **Social Services**: Jin Jiang International (600754.SH) with a projected EPS of 0.89 in 2025 and a PE of 28.3[28] - **Electronics**: Dongshan Precision (002384.SZ) with a projected EPS of 0.77 in 2025 and a PE of 109.8[28] - **Telecommunications**: Zhongji Xuchuang (300308.SZ) with a projected EPS of 9.47 in 2025 and a PE of 64.4[28] Risk Factors - Economic recovery may fall short of expectations, leading to slow growth or stagnation[34] - Significant changes in individual stock fundamentals could adversely affect performance[34]

通过本次交易，公司将从汽车零组件供应向智能感知部件集成的产业链延伸，依托苏州豪米波在4D毫 米波雷达、UWB传感器、相机融合技术等智能感知领域的技术积累与产业化经验，快速切入汽车智能 驾驶、低空飞行、智慧交通、机器人等多应用领域赛道，既助推产业升级，打造第二增长曲线，又深度 响应国家鼓励制造业高端化、智能化转型的政策导向，全面提升公司在汽车电子领域的核心竞争能力。 天龙股份（603266）(603266.SH)发布公告，公司拟以现金1.32亿元受让烟台华立投资有限公司、石河子 市明照共赢创业投资合伙企业(有限合伙)、安徽中鼎密封件股份有限公司、安徽国江未来汽车产业投资 基金合伙企业(有限合伙)、昆山禾诚企业管理合伙企业(有限合伙)、中山西湾产业发展投资基金有限公 司、昆山市久之源企业管理中心(有限合伙)合计持有的苏州豪米波技术有限公司(以下简称"苏州豪米 波"或"标的公司")32.2998%股权。 同时，公司拟以现金1亿元对苏州豪米波进行增资并获得增资后33.3333%股权。本次股权转让及增资交 割完成后，公司将以人民币2.32亿元获得苏州豪米波54.8666%股权，苏州豪米波将成为公司控股子公 司，并纳入公 ...

天龙股份1月4日公告，公司拟以1.32亿元受让苏州豪米波32.2998%股权，同时以1亿元对其进行增资， 交易完成后将持有苏州豪米波54.8666%股权。苏州豪米波是一家专注于4D毫米波雷达为主的传感器开 发、多传感器信息融合与整车集成控制领域的高科技企业。公司表示，通过本次交易，公司将从汽车零 组件供应向智能感知部件集成的产业链延伸。 ...

Group 1 - The core point of the article is that Tenglong Co., Ltd. has announced the establishment of a joint venture with Guangdong Dingtai Electric Technology, aiming to leverage its automotive thermal management technology for rapid adaptation to server scenarios [1] - The total investment for the joint venture, Shenzhen Tenglong Dingtai Technology Co., Ltd., is set at 30 million yuan, with Tenglong Zhikong holding a 70% stake [1] - Tenglong Zhikong will also sign an investment intention agreement with Guangdong Dingtai Electric Technology to acquire up to 15% of its shares through capital increase and share transfer [1] Group 2 - The joint venture, Tenglong Dingtai, will focus on the research, production, sales, and technical services of liquid cooling components for computing centers, including manifolds, CDU loop pipes, metal corrugated pipes, and server cabinets [1]

每经AI快讯，1月4日，天龙股份(603266.SH)公告称，公司拟以1.32亿元受让苏州豪米波32.2998%股 权，同时以1亿元对其进行增资，交易完成后将持有苏州豪米波54.8666%股权。苏州豪米波是一家专注 于4D毫米波雷达为主的传感器开发、多传感器信息融合与整车集成控制领域的高科技企业。公司表 示，本次交易符合公司发展战略，将从汽车零组件供应向智能感知部件集成的产业链延伸。 ...

Group 1: New Stock Offerings - Two new stocks available for subscription on January 6, 2026, are automotive parts manufacturers Zhixin Co. and Kema Materials [1][2] Group 2: Zhixin Co. - Zhixin Co. specializes in automotive welding parts and has expanded into mold development, processing, and automation solutions [4] - The company is a primary supplier for major automotive manufacturers including Changan, Geely, NIO, and BYD [4] - For the years 2022 to 2025, Zhixin's projected revenues are 2.09 billion, 2.56 billion, 3.09 billion, and 1.60 billion CNY respectively, with net profits of 70.69 million, 132 million, 204 million, and 94.48 million CNY [4] - The company expects 2025 revenues to be between 3.90 billion and 4.05 billion CNY, representing a year-on-year growth of 26.30% to 31.16% [7] Group 3: Kema Materials - Kema Materials focuses on the research, production, and sales of dry and wet friction materials, primarily for commercial vehicles [8][10] - The company has a total issuance of 20.92 million shares, with a subscription price of 11.66 CNY per share and a P/E ratio of 14.20 [9] - Kema's projected revenues for 2025 are between 250 million and 280 million CNY, with a year-on-year growth of 0.39% to 12.44% [12]

Group 1 - The first batch of new stocks available for subscription in 2026 includes two automotive parts manufacturers: Zhixin Co., Ltd. and Kema Materials [1] - Zhixin Co., Ltd. focuses on the automotive welding parts sector and has been recognized as a national-level specialized and innovative "little giant" enterprise [3][2] - Zhixin's total issuance is 56.67 million shares, with an online issuance of 18.13 million shares, and the maximum subscription limit for investors is 18,000 shares [3] Group 2 - Zhixin's projected revenue for 2025 is between 3.90 billion and 4.05 billion yuan, representing a year-on-year growth of 26.30% to 31.16% [6] - The net profit attributable to the parent company for 2025 is expected to be between 255 million and 265 million yuan, with a growth rate of 25.02% to 29.92% [6] - Kema Materials specializes in dry and wet friction materials, primarily serving the commercial vehicle sector, and is also recognized as a national-level specialized and innovative "little giant" enterprise [9][7] Group 3 - Kema Materials has a total issuance of 20.92 million shares, with an online issuance of 18.83 million shares, and the maximum subscription limit for investors is 941,400 shares [9] - The expected revenue for Kema Materials in 2025 is projected to be between 250 million and 280 million yuan, with a year-on-year growth of 0.39% to 12.44% [16] - The net profit attributable to the parent company for Kema Materials in 2025 is anticipated to be between 82 million and 96 million yuan, reflecting a growth of 14.63% to 34.21% [16]

Core Viewpoint - The article highlights the upcoming IPOs of two automotive parts manufacturers, Zhixin Co. and Kema Materials, which are set to be available for subscription on January 6, 2026, marking the first new stocks of the year [2]. Group 1: Zhixin Co. - Zhixin Co. specializes in the automotive welding parts sector and has expanded into mold development, processing, and automation solutions [5]. - The company is a primary supplier for major automotive manufacturers such as Changan Automobile, Geely, and BYD, among others [5]. - For the years 2022 to 2025, Zhixin Co.'s projected revenues are 2.09 billion, 2.56 billion, 3.09 billion, and 1.60 billion CNY, with net profits of 70.69 million, 132 million, 204 million, and 94.48 million CNY respectively [5]. - The company expects its 2025 revenue to be between 3.90 billion and 4.05 billion CNY, representing a year-on-year growth of 26.30% to 31.16% [8]. Group 2: Kema Materials - Kema Materials focuses on the research, production, and sales of dry and wet friction materials, primarily for commercial vehicles [9][10]. - The company has a total issuance of 20.92 million shares, with a subscription price of 11.66 CNY per share and a PE ratio of 14.20 [10]. - Kema Materials' revenue for the years 2022 to 2025 is projected to be 202 million, 199 million, 249 million, and 139 million CNY, with net profits of 42.01 million, 49.59 million, 71.53 million, and 45.50 million CNY respectively [13]. - The company anticipates its 2025 revenue to be between 250 million and 280 million CNY, with a growth rate of 0.39% to 12.44% [16].

Group 1: New Stock Offerings - Two new stocks will be available for subscription on January 6, 2026, marking the first new stock offerings of the year in the A-share market [1] - The two stocks are Kema Materials (subscription code: 920086) with an issue price of 11.66 CNY per share and a price-to-earnings ratio of 14.2, and Zhixin Co., which has an undisclosed issue price [2] Group 2: Kema Materials - Kema Materials is recognized as a "little giant" enterprise in the automotive friction materials sector, focusing on the research, production, and sales of dry and wet friction materials [2] - The company has over 20 years of experience in the transmission friction materials industry, serving major clients such as ZF, FAW, Dongfeng, and Volvo [2] - Financial projections for Kema Materials indicate revenues of 202 million CNY in 2022, 199 million CNY in 2023, and 249 million CNY in 2024, with net profits of 42 million CNY, 50 million CNY, and 72 million CNY respectively [3] - The management forecasts a revenue growth of 0.39% to 12.44% in 2025, with net profit expected to increase by 14.63% to 34.21% [3] Group 3: Zhixin Co. - Zhixin Co. is a core supplier of automotive welding components, planning to issue 56.67 million shares with a maximum subscription limit of 18,000 shares for individual investors [4] - The company specializes in the development, processing, production, and sales of automotive welding parts, supported by 14 production bases across major automotive industry clusters [4] - Zhixin Co. has reported revenues of 2.09 billion CNY in 2022, 2.56 billion CNY in 2023, and 3.09 billion CNY in 2024, with net profits of 71 million CNY, 132 million CNY, and 204 million CNY respectively [4] - The management anticipates a revenue growth of 26.30% to 31.16% in 2025, with net profit expected to rise by 25.02% to 29.92% [4] Group 4: Market Performance of New Stocks - In 2025, a total of 116 new companies are expected to be listed on the A-share market, with all achieving gains on their first trading day, averaging a rise of 259.33% [4] - Notably, 35 new stocks experienced first-day gains exceeding 300%, with Dapeng Industrial recording the highest increase of 1211.11% on its debut [5] - Nine new stocks had a first-day single share profit exceeding 50,000 CNY, with two stocks, Muxi Co. and Moer Thread, achieving profits of 360,621 CNY and 243,108 CNY respectively [6]

根据目前的发行安排，下周有2只新股申购，这将是2026年A股首批新股。 日程安排上，两只新股均在周二（1月6日）申购，分别是北交所新股科马材料、沪市主板新股至信股 份。 | | | 下周新股申购安排 | | | | --- | --- | --- | --- | --- | | 日期 | 新股 | 发行价/股 | 发行市盈率 | 上市板 | | 周二 (1月6日) | 科马材料 (申购代码:920086) | 11.66元 | 14.20 | 北交所 | | 至信股份 | (申购代码:732352) | 待定 | | 沪市主板 | 科马材料是国内汽车摩擦片"小巨人"企业。 Wind数据显示，2025年A股新上市企业数量合计116家。116只新股在上市首日全部实现上涨，平均涨幅 达259.33%，其中104只新股首日涨幅超过100%。 首日涨幅在300%以上的新股有35只，其中大鹏工业是全年涨幅最大的新股，上市首日暴涨1211.11%。 有9只新股的首日收盘单签浮盈超过5万元，并出现2只单签浮盈36万元和24万元的超级"大肉签"，分别 是沐曦股份和摩尔线程。 | | | 9只新股首日单签浮盈超过5万元 | | ...