| | 下周新股申购安排 | | | | | --- | --- | --- | --- | --- | | 日期 | 新股 | 发行价/股 | 发行市盈率 | 上市板 | | 昌一 | 新广益 (申购代码: 301687) | 21.93元 | 28.59 | 创业板 | | (12月22日) | 陕西旅游 (申购代码:732402) | 80.44元 | 12.37 | 沪市主板 | | 周二 | 衛东光 | | | | | (12月23日) | (申购代码: 920045) | 31.59元 | 14.99 | 北交所 | 根据目前的发行安排，下周有三只新股申购，创业板、沪市主板、北交所新股各有一只。 从日程安排看，周一（12月22日）可申购创业板新股新广益、沪市主板新股陕西旅游，周二（12月23日）可申购北交所新股蘅东光。 陕西旅游主要从事以旅游演艺、旅游索道和旅游餐饮为核心的旅游产业运营。旅游演艺方面，陕西旅游打造了中国首部大型实景历史舞剧《长恨 歌》、大型红色实景演艺《泰山烽火》等旅游演艺作品；在旅游索道业务方面，公司在华山景区建设和运营了西峰索道及华威滑道等项目；旅游餐 饮业务方面，其下属剧院式 ...

前言 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 光器件+AI眼镜，车载镜头出货量全球第三，客户包括水晶光电、经纬恒润等，与谷歌、Meta的AI眼镜供 应商紧密合作，这家公司布局手机玻塑结合镜头、光波导镜头等领域。 ...

格隆汇12月5日丨天孚通信(300394.SZ)在互动平台表示，公司定位光器件整体解决方案提供商和光电先 进封装制造服务商，产品广泛应用于电信通信、数据中心、光纤连接和汽车辅助驾驶用激光雷达等领 域，暂不适用于卫星导航或商业航天领域。 ...

Group 1 - A-shares experienced a significant drop of 280 billion with reduced trading volume, while technology and defensive sectors showed a contrasting performance today, with the CPO sector rising in the morning [1] - The AI ETF from the ChiNext market saw a peak increase of over 2% before turning negative, with a net subscription of 28 million shares during the day [1] - The free cash flow ETF also gained traction, with an increase of 0.59% and a net subscription of 14 million shares, reflecting a continuous inflow of funds since November 7, totaling 2.027 billion yuan over 18 days [1] Group 2 - Recent developments include Alibaba increasing its AI application efforts, ByteDance launching the Doubao mobile assistant, and DeepSeek releasing a new model with inference capabilities approaching GPT-5, indicating a rising demand for computing power as AI moves towards "inference + terminal" [2] - In the US market, Credo's performance exceeded expectations, leading to a 10% stock price increase, while Morgan Stanley raised Google's TPU production forecasts [3] - As the year-end approaches, market sentiment is shifting, with major banks halting large-denomination time deposits, increasing focus on cash flow and dividend strategies [3] Group 3 - The free cash flow ETF (159201) is noted for its low fee structure, with a current scale of 7.499 billion yuan, and includes major stocks like China National Offshore Oil Corporation and Gree Electric Appliances [4] - The ChiNext AI ETF (159381) has the highest CPO content and lowest fees among AI indices, with a slight decrease of 0.24%, featuring stocks such as Xinyiseng and Tianfu Communication [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 11月27日，由深圳证券交易所基金管理部、华安基金管理有限公司联合主办的"创未来·启新程——创业 板系列ETF中国行"活动近日走进创业板50指数成分股企业——苏州天孚光通信股份有限公司（简称"天 孚通信"）。此次活动汇聚了来自券商机构、基金公司、媒体代表及投资者等多方人士，深入探访这家 光通信领域的领军企业，共同探讨科技创新与资本市场融合发展的新路径。 图："走进创业板50成分股公司——天孚通信"活动现场图 创业板自设立以来始终坚守服务创新型成长企业的定位，目前已形成以高新技术企业为主体、战略性新 兴产业为支柱的鲜明特色。创业板50指数聚焦市值大、流动性好、创新能力突出的头部企业，已成为反 映创业板核心资产表现的重要标杆ETF。创业板50指数近一年涨幅超55%，近六月涨幅超73%，大幅跑 赢同期主流宽基指数；近三年年化收益率超15%，而由于创业板50指数业绩优异，指数的估值水平仍处 于历史中位数附近，是市场中不可多得的优质资产。 聚焦高端制造，共探科技强国之路 活动伊始，与会嘉宾参观了天孚通信现代化展厅，直观了解其发展历程、核心技术布局以及智能制造体 系。展厅 ...

Group 1 - The company positions itself as a provider of overall optical device solutions and advanced optoelectronic packaging manufacturing services [1] - Its products are widely used in telecommunications, data centers, fiber connections, and automotive auxiliary driving laser radar applications [1] - The company does not currently produce continuous wave (CW) light sources [1]

11月14日晚，天孚通信发布公告，公司控股股东苏州天孚仁和投资管理有限公司（以下简称"天孚仁和"）拟参与询价转让。 根据公告，本次询价转让股份的数量为850万股，占天孚通信总股本的比例为1.09%，转让原因为自身资金需求。价格方面，本次询价转让的价格下限为 不低于发送认购邀请书之日（即11月14日，含当日）前20个交易日天孚通信股票交易均价的70%。 公告同时表示，本次询价转让的受让方为具备相应定价能力和风险承受能力的机构投资者；本次询价转让为非公开转让，不会通过集中竞价交易方式进 行；受让方通过询价转让受让的股份，在受让后6个月内不得转让。 值得注意的是，今年年内，天孚通信的第二大股东朱国栋也进行过减持及询价转让。 今年3月，天孚通信披露关于持股5%以上股东减持计划期限届满暨实施情况的公告，显示朱国栋在1月22日至3月20日期间减持公司股份345.12万股，减持 均价为98.34元/股；8月，天孚通信再度披露股东询价转让，朱国栋通过询价转让出让股份数量为990万股，询价转让价格为88.55元/股，交易金额为8.77亿 元。 资料显示，天孚通信是业界领先的光器件整体解决方案提供商和光电先进封装制造服务商，产品 ...

Core Viewpoint - The semiconductor sector is witnessing a surge in mergers and acquisitions, with Ying Tang Zhi Kong planning to acquire 100% of Guilin Guanglong Integrated Technology and 80% of Shanghai Aojian Microelectronics, indicating a strategic shift towards deeper integration in the semiconductor industry [1][2][5]. Company Summary - Ying Tang Zhi Kong is transitioning from a traditional distributor to a semiconductor IDM (Integrated Device Manufacturer) through a dual strategy of distribution and chip design [2][5]. - The company reported a revenue of 2.13 billion yuan from chip design and manufacturing in the first half of the year, marking a 24.57% year-on-year increase, with this segment now contributing 8.06% to total revenue [5]. - For the first three quarters, Ying Tang Zhi Kong achieved a revenue of 41.13 billion yuan, a 2.4% increase year-on-year, but the net profit attributable to shareholders fell by 43.67% to 26.07 million yuan [5]. Acquisition Targets - Guilin Guanglong, established in 2018, specializes in the R&D, production, and sales of passive optical devices, including a comprehensive range of optical switches and other optical components [2][3]. - Shanghai Aojian Microelectronics, founded in 2015, focuses on power management and signal chain analog chips, with products widely used in consumer electronics, communications, automotive electronics, and medical electronics [3]. Market Context - The A-share merger and acquisition market is heating up, with 12 companies disclosing M&A progress in the week leading up to November 9, 2025, and over 40 semiconductor asset acquisition cases reported since September 2024 [6][7]. - The semiconductor industry's active M&A activity is driven by a combination of industry recovery, improved corporate profitability, and the need to strengthen domestic supply chains amid complex international conditions [7][8].

Core Viewpoint - The semiconductor sector is witnessing a surge in mergers and acquisitions, with Ying Tang Zhi Kong planning to acquire 100% of Guilin Guanglong Integrated Technology and 80% of Shanghai Aojian Microelectronics, indicating a strategic shift towards deeper integration in the semiconductor industry [1][2]. Company Summary - Ying Tang Zhi Kong will acquire 100% of Guanglong Integrated and 80% of Aojian Microelectronics through a combination of share issuance and cash payments, with the stock resuming trading on November 10 [2]. - The company has transitioned from a traditional distributor to a semiconductor IDM (Integrated Device Manufacturer) by focusing on both distribution and chip design [2][5]. - Guanglong Integrated, established in 2018, specializes in passive optical devices, offering a wide range of products including optical switches and optical protection modules, and is one of the few companies providing a full spectrum of optical switch products [2][3]. - Aojian Microelectronics, founded in 2015, focuses on power management and signal chain analog chips, with its products widely used in various sectors including consumer electronics and automotive [3]. Industry Summary - The A-share merger and acquisition market is heating up, particularly in the semiconductor sector, driven by favorable policies and a resurgence in industry demand [1][6]. - Since September 2024, over 40 semiconductor asset acquisition cases have been disclosed in the A-share market, reflecting a strong trend towards consolidation in this sector [7]. - The active mergers in the semiconductor industry are attributed to the recovery of industry conditions, improved corporate profitability, and the need to strengthen domestic supply chains amid complex international environments [7][8]. - Analysts suggest that the recent mergers are a response to emerging demands in AI and automotive electronics, pushing companies to shift from single-product competition to collaborative ecosystem building [8].

Core Viewpoint - The article discusses the acquisition plan of Ying Tang Zhi Kong to purchase 100% equity of Guanglong Integrated and 80% equity of Ao Jian Microelectronics, aiming to enhance its semiconductor business and market position [2][4][14]. Acquisition Details - Ying Tang Zhi Kong plans to acquire 100% equity of Guanglong Integrated from Guanglong Technology Group and 80% equity of Ao Jian Microelectronics from six shareholders of Shenzhen Waiband [3][6]. - The acquisition will be financed through issuing shares and cash, with a share price set at 7.38 CNY per share, which is 80% of the average trading price over the previous 120 trading days [4][6]. Company Profiles - Guanglong Integrated specializes in the R&D, production, and sales of passive optical devices, with applications in optical network protection, testing systems, AI computing centers, and more. It is one of the few companies providing a full range of optical switch products [7]. - Financial data for Guanglong Integrated shows revenues of 71.97 million CNY in 2023, projected to decrease to 55.24 million CNY in 2024, with net profits of 17.46 million CNY and 8.79 million CNY respectively [7][8]. - Ao Jian Microelectronics focuses on high-performance analog chips, particularly in power management and signal chain categories. It is a joint venture with memory chip giant Zhaoyi Innovation, which holds a 19% stake [9][10]. Strategic Rationale - The acquisition aligns with Ying Tang Zhi Kong's strategy to transition from distribution to semiconductor design and manufacturing, as the latter has significantly higher profit margins compared to its traditional distribution business [14][15]. - The company expects significant synergies in market access, product technology, and supply chain integration, enhancing its competitive edge and growth potential [15][16]. Financial Performance - In the first three quarters of the year, Ying Tang Zhi Kong reported revenues of 4.113 billion CNY, a year-on-year increase of 2.40%, but a net profit decline of 43.67% to 26.07 million CNY [17].