IICE超越 投资咨询业务资格:证监许可【2012】31号 ITC 国贸期货 LE 500 ER 2 12 12 贸期货有限公司 流的衍生品综合服务商 入 期 市 市 服 热 线 官 方 网 站 需 有 M 谨 风 www.itf.com.cn 400-8888-598 慎 险 纸浆价格数据 | | | 2026年1月23日 | 日环比 | 周环比 | | | 2026年1月23日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5572 | 0. 69% | 0. 54% | 现货价格 | 针叶浆银星 | 5400 | 0.00% | -0.92% | | (元/吨) | SP2609 | 5442 | 0. 48% | 0. 78% | (元/吨) | 针叶浆俄针 | 5250 | 0. 00% | 0. 00% | | | SP2605 | 5398 | 0. 33% | 0.67% | | 阔叶浆金鱼 | 4650 | 0.00% | -1.06% | | | | ...

关注本周新股申购情况。 根据发行安排，本周（1月26日—1月30日），A股市场将有3只新股申购，为科创板的北芯生命、电科 蓝天和沪市主板的林平发展（603284），3股分别将于本周一（北芯生命）和周五（电科蓝天、林平发 展）开启申购。 资料显示，北芯生命是国内领先的心血管精准诊疗创新医疗（002173）器械企业，林平发展是国内领先 的循环造纸生产商，电科蓝天是国内宇航电源的核心供应商，公司宇航电源产品在国内市场覆盖率超过 50%。 具体来看，北芯生命的发行价为17.52元/股，公司单一账户申购上限为9000股，顶格申购需持沪市市值 9万元。 公司本次募集资金将主要用于介入类医疗器械产业化基地建设项目、介入类医疗器械研发项目和补充流 动资金。 电科蓝天单一账户申购上限为27500股，顶格申购需持沪市市值27.5万元。 招股书显示，电科蓝天主要从事电能源产品及系统的研发、生产、销售及服务，拥有发电、储能、控制 和系统集成全套解决方案，产品应用领域实现深海（水下1公里）至深空（距地球2.25亿公里）广泛覆 盖。公司在电能源领域深耕数十年，致力于成为中国先进电能源系统解决方案和核心产品的供应商。 招股书显示，北芯生命 ...

Group 1: New Stock Offerings - This week (January 26 - January 30), three new stocks will be available for subscription in the A-share market: Beixin Life, Electric Science Blue Sky, and Linping Development [1] - Beixin Life is a leading domestic company in cardiovascular precision diagnosis and innovative medical devices, with an issue price of 17.52 yuan per share and a single account subscription limit of 9,000 shares [1] - Electric Science Blue Sky is a core supplier of aerospace power systems, with a market coverage of over 50% in domestic aerospace power products [1][4] Group 2: Beixin Life - Beixin Life is the first domestic medical device company to have both FFR and IVUS product combinations, filling a market gap and reducing reliance on imported products [2] - The core product, the FFR system, captured 30.6% of the domestic market share in 2021, with over 70% of its usage in tertiary hospitals by September 30, 2025 [2] - Revenue projections for Beixin Life are 0.92 billion yuan, 1.84 billion yuan, and 3.17 billion yuan for the years 2022, 2023, and 2024, respectively, with net losses of -290 million yuan, -140 million yuan, and -44 million yuan [2] Group 3: Electric Science Blue Sky - The single account subscription limit for Electric Science Blue Sky is 27,500 shares, requiring a market value of 275,000 yuan [3] - The company specializes in the research, production, and sales of electric energy products and systems, covering applications from deep sea to deep space [4] - Revenue projections for Electric Science Blue Sky are 25.21 billion yuan, 35.24 billion yuan, and 31.27 billion yuan for the years 2022, 2023, and 2024, with net profits of 2.08 billion yuan, 1.9 billion yuan, and 3.37 billion yuan [5] Group 4: Linping Development - The single account subscription limit for Linping Development is 7,500 shares, requiring a market value of 75,000 yuan [7] - Linping Development focuses on the research, production, and sales of corrugated paper and boxboard products, emphasizing environmental protection and resource recycling [7] - Revenue projections for Linping Development are 28.79 billion yuan, 28 billion yuan, and 24.85 billion yuan for the years 2022, 2023, and 2024, with net profits of 1.54 billion yuan, 2.12 billion yuan, and 1.53 billion yuan [7]

Group 1 - Two major stocks, Fenglong Co. and Jiamei Packaging, will be suspended for trading due to abnormal price fluctuations, with Fenglong Co. experiencing a 405.74% increase and Jiamei Packaging a 408.11% increase over a specific period [2][7] - Foreign public funds are focusing on China's technology sector, with firms like BlackRock and Fidelity showing strong performance in this area, indicating significant allocation value in Chinese stocks for 2026 [2][7] - International silver prices have surged, reaching over $100, while diamond prices are declining due to weak demand, leading to price cuts by major companies like De Beers [2][7] Group 2 - Yongjie New Materials plans to acquire two assets from Oconinck for over 1.2 billion, which may pose performance risks as some assets have reported losses [3][8] - Three new stocks will be available for subscription next week, with a high probability of winning for the stock Electric Science Blue Sky [3][8] - The price of storage chips is skyrocketing due to increased AI demand, with major companies like Samsung and SanDisk planning significant price hikes [3][8] Group 3 - The A-share spring market is ongoing, with mixed views from institutions; recommendations include holding stocks during the holiday and focusing on sectors like AI applications and commercial aerospace [4][9] - Luoyang Molybdenum has completed the acquisition of a gold mine with a resource amount of 501.3 million ounces, expected to enhance its resource reserves significantly [4][10] - The "Chen Xiaoqun" concept stock speculation has drawn attention, with calls for regulatory clarity to protect investor rights [4][10] Group 4 - The oil shipping market is entering a potential upcycle, driven by supply-demand dynamics, with companies like China Merchants Energy reaching historical stock price highs [5][10]

根据目前的发行安排，下周将有3只新股申购，包括2只科创板新股、1只沪市主板新股。 日程安排上，科创板新股北芯生命将在周一（1月26日）申购，沪市主板新股林平发展、科创板新股电 科蓝天将在周五（1月30日）申购。 | | | 下周新股申购安排 | | | | --- | --- | --- | --- | --- | | 日期 | 新股 | 发行价/股 | 发行市盈率 | 上市板 | | 周一 (1月26日) | 北芯生命 (申购代码: 787712) | 17.52元 | | 科创板 | | 思 版 (1月30日) | 林平发展 (申购代码: 732284) | 待定 | | 沪市主板 | | | 电科蓝天 (申购代码: 787818) | 待定 | | 科创板 | 北芯生命是国内领先的心血管精准诊疗创新医疗器械企业。 北芯生命的发行价为17.52元/股，公司本次公开发行股票数量为5700万股，网上发行申购上限为9000 股，顶格申购需配沪市市值9万元。 北芯生命是一家专注于心血管疾病精准诊疗创新医疗器械研发、生产与销售的高新技术企业，致力于为 心血管疾病诊疗提供变革性精准解决方案。北芯生命以科创板第五套标准 ...

本周，2只北交所新股的上市首日平均涨幅为168.91%，维持较高活跃度。Choice数据显示，2025年共有26只北交所新股上市，上市首日平均涨幅为 368.13%，较2024年大幅提升。 根据目前安排，下周将有3只新股可申购。拟于下周一（1月26日）申购的北芯生命是国内领先的精准PCI医疗器械生产商。公司核心产品血管内超声 （IVUS）诊断系统为中国首个获国家药监局批准的自主创新60MHz高清高速国产IVUS产品，核心产品血流储备分数（FFR）测量系统为金标准FFR领域 内中国首个获国家药监局批准的国产产品。截至2025年9月30日，公司累计向市场推出11个产品，在研产品共有6个，覆盖IVUS系统、FFR系统、血管通 路产品、冲击波球囊治疗系统及电生理解决方案五大产品类别。 拟于下周五（1月30日）申购的电科蓝天是国内宇航电源核心供应商，主营业务涵盖宇航电源、特种电源、新能源应用及服务三大板块。在商业航天卫星 电源系统领域，公司目前合作的客户包括中国卫星网络集团有限公司、中国东方红卫星股份有限公司、上海格思航天科技有限公司等国有单位，银河航天 （北京）科技有限公司、哈尔滨工大卫星技术有限公司、椭圆时空（北京 ...

行 华福证券 告 【周研究】①本周发布《敏华控股（1999.HK）：关注内外销积极的边际变 化》，我们预计 FY2026-FY2028 归母净利润分别为 20.7 亿港元、21.2 亿 港元、22.1 亿港元，目前股价对应 FY26、FY27 财年 PE 为 9X、8X，首 次覆盖给予"买入"评级。②《好孩子国际（1086.HK）：全球化婴童品牌 龙头，关注业绩改善弹性》，我们预计 2025-2027 年归母净利润分别为 1.50 亿港元、3.44 亿港元、3.85 亿港元，目前市值对应 25 年、26 年 PE 约 12X、 5X，公司当前估值较低，现金流和 EBITDA 托底市值安全边际，若未来利 润改善、估值水平也有望修复，首次覆盖给予"买入"评级。 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 | 分析师： | 李宏鹏(S0210524050017) | | --- | --- | | lhp30568@hfzq.com.cn | | | 分析师： | 汪浚哲(S0210524050024) | | wjz30579@hfzq.com.cn | | | 分析师： | 李含稚(S0210524 ...

长沙晚报掌上长沙1月25日讯（全媒体记者 刘军）根据相关安排，下周A股市场有3只新股可申购，分别 是沪市主板的林平发展，科创板的北芯生命与电科蓝天。其中，北芯生命周一申购，林平发展与电科蓝 天周五申购。 北芯生命是一家专注于心血管疾病精准诊疗创新医疗器械研发、生产和销售的国家高新技术企业，致力 于开发为心血管疾病诊疗带来变革的精准解决方案。公司核心产品血管内超声（IVUS）诊断系统为中 国首个获国家药监局批准的自主创新60MHz高清高速国产IVUS产品，核心产品血流储备分数（FFR） 测量系统为金标准FFR领域内中国首个获国家药监局批准的国产产品。据招股意向书，北芯生命计划公 开发行5700万股，拟募集资金9.52亿元用于介入类医疗器械产业化基地建设、介入类医疗器械研发、补 充流动资金。 北芯生命本次发行价格17.52元/股。业绩方面，公司预计2025年度营收为5.2亿元至5.6亿元，同比增长 64.24%至76.88%；预计归母净利润为7800万元至8800万元，同比增长278.91%至301.85%。 电科蓝天当前共有3大产品业务线，分别是宇航电源、特种电源、新能源应用及服务。公司表示，未来 将继续专注于 ...

行 轻工制造 2026 年 01 月 25 日 业 研 究 关轻注 工制造 地产预期改善，关注家居估值修复弹性 投资要点： 行 业 定 期 报 【周观点】①我们近期周报持续提示"家居板块估值处于历史低位，进入 2026 年，建议关注政策预期升温带动估值修复"，本周地产链情绪回暖， 家居龙头率先迎估值修复，持续推荐顾家家居、欧派家居、索菲亚、悍高 集团，建议关注低估值敏华控股、志邦家居。②1 月外盘浆价上涨，白卡 头部纸企发布年后涨价函，计划 2 月底 3 月初涨价 200 元/吨。 告 【周研究】①本周发布《敏华控股（1999.HK）：关注内外销积极的边际变 化》，我们预计 FY2026-FY2028 归母净利润分别为 20.7 亿港元、21.2 亿 港元、22.1 亿港元，目前股价对应 FY26、FY27 财年 PE 为 9X、8X，首 次覆盖给予"买入"评级。②《好孩子国际（1086.HK）：全球化婴童品牌 龙头，关注业绩改善弹性》，我们预计 2025-2027 年归母净利润分别为 1.50 亿港元、3.44 亿港元、3.85 亿港元，目前市值对应 25 年、26 年 PE 约 12X、 5X，公司当前估 ...

Group 1: AHP Scores and Expected Allocation Ratios - Linping Development's AHP scores, after excluding liquidity premium factors, are 1.29 and 2.01, placing it in the 17.1% and 36.9% percentiles of the non-Science and Technology Innovation Board AHP model, indicating a lower to mid-level position in the industry [10][11] - Assuming a 95% admission rate, the expected allocation ratios for offline A and B categories are 0.0121% and 0.0105% respectively [10][11] Group 2: Company Fundamentals and Highlights - Linping Development is a leading manufacturer of packaging paper in Anhui Province, with a current raw paper production capacity of 1.15 million tons, holding a market share of 0.75% nationally and 35.65% in Anhui Province [11][12] - The company plans to launch a new 8600mm corrugated paper production line in 2026, which will enhance its high-end product offerings and increase total production capacity to 2.35 million tons [11][12] - The company is committed to low-carbon development and has implemented a green manufacturing strategy, utilizing resources efficiently through combined heat and power generation [12][14] Group 3: Industry Trends and Competitive Landscape - The demand for corrugated and boxboard paper is expected to grow due to the e-commerce and logistics sectors, with a projected CAGR of 4.83% and 5.06% from 2015 to 2024 [16] - The removal of import tariffs on finished paper in 2023 led to a temporary surge in imports, but by the first half of 2025, import volumes have significantly decreased, stabilizing domestic prices [16][19] - The industry is experiencing increased concentration, with the CR10 rising from 36.67% in 2015 to 49.39% in 2024, driven by stricter environmental regulations and the exit of smaller players [16][19] Group 4: Financial Performance and Comparisons - Linping Development's revenue and net profit from 2022 to 2024 showed a CAGR of -7.09% and -0.52% respectively, primarily due to tariff adjustments and natural disasters impacting performance [20][24] - The company’s gross margin improved to 10.32% in the first half of 2025, with a stable cash collection ratio of 1.00, indicating strong operational efficiency compared to peers [26][29] - The average P/E ratio of comparable companies is 30.72X, while Linping Development's industry P/E is 26.24X, suggesting a relatively favorable valuation [20][24] Group 5: Investment Projects and Future Vision - The company plans to raise funds through an IPO to support projects including a 900,000-ton green intelligent manufacturing project and a 600,000-ton bio-based fiber project, with total investments of 20.58 billion yuan [39][40] - Upon completion, these projects will enhance product structure and production efficiency, solidifying Linping Development's competitive edge in the market [39][40]