Core Viewpoint - The recent surge in the stock price of A+H shares, particularly for 澜起科技, indicates a significant shift in market sentiment towards these listings, which were previously considered less attractive. The high demand for new shares, as evidenced by the oversubscription rates, suggests a revaluation of A+H stocks in the current market environment [1]. Group 1: Company Overview - 沃尔核材, established in 1998, is one of the largest manufacturers of heat shrink materials and communication cable products globally. Its main business segments include electronic materials, communication cables, and power transmission for electric vehicles [3]. - By 2024, 沃尔核材 is projected to hold a 20.6% market share in the global heat shrink materials industry and a 12.7% share in the telecommunications cable manufacturing sector [3]. Group 2: Financial Performance - In 2022, 沃尔核材 reported a revenue of 5.34 billion yuan, which is expected to grow to 5.72 billion yuan in 2023 and 6.92 billion yuan in 2024, indicating a steady annual growth [4]. - The net profit for 2022 was 660 million yuan, projected to increase to 758 million yuan in 2023 and 921 million yuan in 2024, reflecting a growth trajectory of approximately 24.5% year-on-year for the first three quarters of 2025 [5]. Group 3: Business Segments - The primary revenue source for 沃尔核材 is electronic materials, accounting for 33.6% of total revenue in the first three quarters of 2025, with a high gross margin close to 41% [8]. - The communication cable segment, particularly high-speed copper cables, is the fastest-growing area, with a revenue increase of 62.46% year-on-year, driven by the demand from AI data centers [7]. - The electric vehicle product segment, which includes high-voltage wiring harnesses and DC charging guns, represents 19.1% of revenue, benefiting from the growth of domestic electric vehicle production [8]. Group 4: Market Position and Valuation - 沃尔核材's expected net profit for 2025 is projected to be between 1.1 billion and 1.18 billion yuan, indicating a year-on-year growth of 30%-39% [9]. - The company's valuation appears reasonable at a price-to-earnings (PE) ratio of 30 times, considering its growth potential in AI and renewable energy sectors [9]. - The IPO price for 沃尔核材 is set at a maximum of 20.09 HKD, with a significant discount compared to its A-share price, suggesting potential for arbitrage in the Hong Kong market [10].

面对庞大的上市需求，港交所与香港证券及期货事务监察委员会(简称"香港证监会")联合推出的"40个工 作日速审承诺"，旨在为材料达标的企业提供可预期的审核周期。 观察排队企业名单可以发现，在目前处于有效期内的递表公司中，软件服务、医疗保健、工业制造三大 行业合计占比已超六成。 今年1月，壁仞科技、智谱等明星科技公司密集挂牌，反映出制造高端化、智能化趋势在资本市场的显 著聚集。 中新社香港2月6日电 (记者 戴小橦)踏入2026年，香港IPO市场呈现显著的扩容态势。截至2月5日，港 股今年已迎来15家新股上市，募资总额达513.07亿元(港元，下同)，同比增长逾7倍。其中，东鹏饮料以 101亿元的募资额，成为2026年港股首个"百亿IPO"。 2月3日，中国内地企业东鹏饮料(集团)股份有限公司在香港交易所主板挂牌上市，股票名称为"东鹏饮 料"，代码为9980。图为东鹏饮料集团董事长林木勤(右)和品牌代言人韩红共同敲锣上市。 中新社记 者 侯宇 摄 据香港交易及结算所有限公司(简称"港交所")最新披露的数据，今年1月已新增近百宗申请；截至1月 底，正在处理的上市申请数量已达414家。 瑞银证券全球投资银行部联席主管 ...

Core Insights - Bernzott Capital Advisors has completely divested its position in Hillenbrand, selling 389,330 shares for an estimated $10.53 million based on the quarterly average price [1][2]. Company Overview - Hillenbrand, Inc. is a diversified industrial manufacturer with a global presence, operating in advanced process solutions, molding technologies, and funeral services [6]. - As of February 3, 2026, Hillenbrand's market capitalization is $2.25 billion, with a trailing twelve months (TTM) revenue of $2.67 billion and a net income of $43.10 million [4]. Transaction Implications - The sale by Bernzott Capital Advisors indicates a strategic exit from Hillenbrand, especially following the announcement of its acquisition by Lone Star Funds for $32 per share in cash, which represented a 30% premium over its previous trading price [10][11]. - Hillenbrand's stock had been underperforming, trading down 6.1% over the past year and lagging the S&P 500 by 21.6 percentage points, which may have influenced the decision to sell [8][11].

Financial Data and Key Metrics Changes - Third quarter net sales were $461 million, a 17% increase year-over-year [4] - Consolidated gross margin for the quarter was 44.3%, with an adjusted gross margin of 45.1% [4][13] - Adjusted diluted EPS was $3.04, representing a 30% improvement from $2.34 a year ago [4] - EBITDA increased to $149.6 million, up 22% from $122.6 million last year [4][16] - Free cash flow for the period was $99.1 million, with a conversion rate of 147% [16] Business Line Data and Key Metrics Changes - Aerospace & Defense (A&D) sales increased by 41.5% year-over-year, with commercial aerospace expanding by 21.5% and defense by 86.2% [5][13] - Industrial business grew by 3.1%, with industrial distribution up 1.5% and OEM sector up 7% [10][11] - A&D gross margins were 40.1%, or 42.2% on an adjusted basis, while industrial margins were 47.5% [13][14] Market Data and Key Metrics Changes - 56% of revenues were from industrial sectors, while 44% came from A&D [5] - Demand in the A&D sector remains robust, with a backlog exceeding $2 billion [5][6] - The semiconductor industry showed significant recovery, contributing positively to order demand [11] Company Strategy and Development Direction - The company is focused on expanding its A&D revenues by adding machinery and staff to support growth [10] - A five-year plan is in place to enhance production capabilities across existing sites [10] - The capital allocation strategy emphasizes deleveraging by using generated cash to pay off debt [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the A&D sector, describing it as extremely robust with unprecedented demand for products [6][10] - The outlook for the fourth quarter projects revenues between $495 million and $505 million, indicating year-over-year growth of 13.1% to 15.4% [17] - Management expects continued margin improvement driven by efficiencies and better pricing on customer contracts [14] Other Important Information - The company paid down an additional $81 million of debt during the third quarter [5][16] - Interest expense decreased by 8.5% year-over-year, reflecting improved leverage and lower interest rates [15] Q&A Session Summary Question: Can you provide insights on the industrial business and revenue outlook for Q4? - Management expects Q4 growth to resemble Q3, with a slightly conservative outlook for the industrial side [20] Question: Are there other applications for the quiet running valve technology outside submarines? - The technology has applications in space on satellites [21] Question: What is the composition of the backlog and its relationship with future revenue? - Over 90% of the backlog is from the A&D market, with some contracts extending beyond 12-24 months [28] Question: How do you see the industrial business performing relative to peers? - Management anticipates the industrial business will outperform peers, expecting high single-digit growth [92] Question: Can you clarify the production rates for Boeing and Airbus programs? - Boeing is increasing production rates, with the 737 aiming for 60 per month in the near future [57] Question: What is the expected growth for the missile business relative to commercial aerospace? - The missile business is expected to grow but will not reach the size of the commercial aircraft business [48]

Financial Data and Key Metrics Changes - Third quarter net sales were $461 million, a 17% increase year-over-year [3] - Consolidated gross margin for the quarter was 44.3%, with an adjusted gross margin of 45.1% [3][11] - Adjusted diluted EPS was $3.04, representing a 30% improvement from $2.34 a year ago [3][14] - EBITDA increased to $149.6 million, up 22% from $122.6 million last year [3][14] - Free cash flow for the period was $99.1 million, with a conversion rate of 147% [14] Business Line Data and Key Metrics Changes - Aerospace and Defense (A&D) sales increased by 41.5% year-over-year, with commercial aerospace expanding by 21.5% and defense by 86.2% [4][11] - Industrial business grew by 3.1%, with industrial distribution up 1.5% and OEM sector up 7% [8][9] - A&D gross margins were 40.1%, or 42.2% on an adjusted basis, while industrial margins were 47.5% [11][12] Market Data and Key Metrics Changes - 56% of revenues were from industrial sectors, while 44% came from A&D [4] - The company has a backlog exceeding $2 billion, with strong demand across A&D sectors [4][5] - The semiconductor industry showed significant demand growth, contributing positively to order trends [9] Company Strategy and Development Direction - The company is focused on expanding its A&D revenues by adding machinery and staff to existing sites [8] - A five-year plan is in place to support growing A&D revenues, indicating a strategic commitment to this sector [8] - The company aims to continue deleveraging by using generated cash to pay off debt, with expectations to pay off the remainder of the term loan by November 2026 [14] Management's Comments on Operating Environment and Future Outlook - Management described the A&D sector as experiencing robust demand, particularly in submarines and missile systems [5][6] - The outlook for the industrial business remains positive, with expectations for growth in fiscal year 2027 [20] - Management expressed confidence in the company's ability to meet increased demand without significant surprises in capital expenditures [72] Other Important Information - The company paid down an additional $81 million of debt during the third quarter [4][14] - The tax rate in the adjusted EPS calculation was 22.1%, slightly down from 22.2% last year [13] Q&A Session Summary Question: Can you provide details on the industrial business outlook for Q4? - Management expects Q4 growth to be similar to Q3, with a slightly conservative outlook for the industrial side [18] Question: Are there other applications for the quiet running valve technology outside of submarines? - The technology has applications in space on satellites, in addition to its primary use in submarines [19] Question: What is the composition of the backlog and its relationship with revenue? - Over 90% of the backlog is from the A&D market, with some contracts extending beyond 12-24 months [26] Question: How do you see the missile business growing relative to commercial aerospace? - The missile business is expected to grow, but it will not be as large as the commercial aircraft business [46] Question: Can you clarify the production rates for Boeing and Airbus programs? - Boeing is pushing towards higher production rates, with the company aligned closely with these rates [55] Question: What is the outlook for A&D gross margins in the fourth quarter? - A&D gross margins are expected to improve in the fourth quarter compared to the third quarter [80]

证券之星消息，截至2026年2月5日收盘，北方国际(000065)报收于12.45元，下跌2.35%，换手率 1.74%，成交量17.0万手，成交额2.13亿元。 2月5日的资金流向数据方面，主力资金净流出1986.38万元，占总成交额9.33%，游资资金净流入 1232.47万元，占总成交额5.79%，散户资金净流入753.91万元，占总成交额3.54%。 北方国际2025年三季报显示，前三季度公司主营收入99.15亿元，同比下降29.79%；归母净利润4.85亿 元，同比下降36.02%；扣非净利润4.81亿元，同比下降35.43%；其中2025年第三季度，公司单季度主营 收入31.81亿元，同比下降14.2%；单季度归母净利润1.76亿元，同比下降19.49%；单季度扣非净利润 1.74亿元，同比下降19.32%；负债率56.87%，投资收益59.94万元，财务费用7492.28万元，毛利率 14.24%。北方国际（000065）主营业务：工程建设与服务、资源供应链、电力运营和工业制造等。 该股最近90天内共有4家机构给出评级，买入评级3家，增持评级1家；过去90天内机构目标均价为 15.76。 资金流 ...

记者丨杨坪 编辑丨巫燕玲 连日来，随着东鹏饮料、国恩科技先后在港股上市，"A+H"再迎扩容，构成了香港新股市场持续繁荣的 一角。 Wind 数据显示，今年以来，截至2月5日，港股市场上市新股15 家，同比增长87.50%，总募资额513.07 亿港元，同比增长757.71%，其中，东鹏饮料以101亿港元的募资金额，成为港股2026年首个百亿规模 的IPO。 尽管香港证监会加强了对IPO申请文件质量的审核，但对于2026年全年港股IPO数量及融资额均将保持 高位这一点，行业早已形成共识。 近日，由沙利文捷利(深圳)云科技有限公司主编，沙利文、捷利交易宝、头豹协作发布的《2025年香港 IPO市场及二级市场白皮书》（简称《白皮书》）显示，截至2025年底，港股IPO市场项目储备丰富， 新的上市申请不断，拟上市数量超过270家。截至目前，还有9家市值超过千亿的A股公司正在候场。 数据显示，2025年114家IPO上市企业的上市费用合计约121.16亿港元，较上一年同比增加64.62亿港 元；上市费用占募资总额的比例约为4.24%，平均每家上市费用约1.06亿港元。 2025年港股IPO保荐年度前四均被中资包揽，中资 ...

编辑丨巫燕玲 连日来，随着东鹏饮料、国恩科技先后在港股上市，"A+H"再迎扩容，构成了香港新股市场持 续繁荣的一角。 Wind 数据显示，今年以来，截至2月5日，港股市场上市新股15 家，同比增长87.50%，总募 资额513.07亿港元，同比增长757.71%，其中，东鹏饮料以101亿港元的募资金额，成为港股 2026年首个百亿规模的IPO。 尽管香港证监会加强了对IPO申请文件质量的审核，但对于2026年全年港股IPO数量及融资额 均将保持高位这一点，行业早已形成共识。 近日，由沙利文捷利(深圳)云科技有限公司主编，沙利文、捷利交易宝、头豹协作发布的 《2025年香港IPO市场及二级市场白皮书》（简称《白皮书》）显示， 截至2025年底，港股 IPO市场项目储备丰富，新的上市申请不断，拟上市数量超过270家。截至目前，还有9家市值 超过千亿的A股公司正在候场。 记者丨 杨坪 据《白皮书》， 截至2025年12月31日，仍处于有效期内的上市申请数量有277家。 另有龙旗科技、白鸽在线、卓正医疗、北京同仁堂等4家已通过聆讯的公司。递表公司中，包 括93家A+H公司，占比高达33.6%。 从行业分布来看，277 ...

在华四十余年，泰国正大集团不断加码投资—— "深耕中国市场的决心从未改变" 《人民日报》（2026年01月29日 第 03 版） 1979年，在大多数外商、侨商还处于观望态度时，谢易初与儿子谢国民就来到了广东深圳。那时的 深圳还是一个普通的海边小镇，但蛇口工业区的开山炮声却已震耳欲聋。同年，正大集团与美国康地集 团共同投资3000万美元，成立正大康地有限公司，在深圳建设了中国第一座现代化饲料厂。 1981年，正大康地有限公司拿到中国第一张外资企业批准证书，批准号为"外经贸深外资证字 〔1981〕0001号"。 如今，谢国民已86岁高龄，身为正大集团资深董事长的他回忆当初的抉择，坚定的话语一如当 年："我看好中国！" 伴随着中国改革开放逐步推进，正大在中国的事业也蒸蒸日上。在浙江，一座现代化农业产业园在 荒地上拔地而起；在山东，一条条现代化食品生产线日夜运转；在北京，数百万枚鸡蛋在自动分拣线上 被传送……如今，正大集团在华设立企业670余家，拥有员工超8万人，涵盖农牧食品、批发零售、制 "不看不知道，世界真奇妙。"1990年，《正大综艺》开播。这档由泰国正大集团冠名，集知识性、 趣味性和娱乐性于一体的节目，给处 ...

来源：环球市场播报 美国股市周一反弹，强于预期的制造业数据抵消了围绕下一任美联储主席人选的疑问。 Sevens Report的Tom Essaye指出，市场对这一提名"略感失望"，因为沃什曾发表不太支持量化宽松的言 论，并呼吁美联储进行"制度性变革"。 个股方面，ISM数据提振卡特彼勒在内的工业股跑赢大盘。 华特迪士尼在给出被分析师视为喜忧参半的业绩展望后，股价下跌7.4%。 截至收盘，标普500指数上涨0.5%，报6976.44点。 道琼斯工业平均指数上涨1.1%，报49407.66点。 纳斯达克综合指数上涨0.6%，报23592.11点。 标普500指数在纽约收盘上涨0.5%，终结此前连续三日下跌，但未能刷新历史新高。 以科技股为主的纳斯达克100指数上涨0.7%。 盈透证券高级经济学家José Torres表示："41个月来最强的ISM制造业数据提振了对美国国内经济健康状 况的信心，提振了股市、利率和美元"。 美国1月份制造业活动意外扩张，创下2022年以来最快增速，主要受到新订单和生产强劲增长的推动。 华尔街对美联储主席候选人凯文·沃什的看法在上周五拖累了股市和贵金属，并在周一继续产生影响。 纳斯达克 ...