【隔夜行情】 •周一（2025年9月29日），A股市场三大指数集体收涨，截至收盘，沪指报3862.53点，涨0.9%；深证成 指报13479.43点，涨2.05%；创业板指报3238.01点，涨2.74%。总体来看，个股涨多跌少，上涨个股超 1700只。沪深两市全天成交额2.16万亿元，较上个交易日放量100亿元。 •周一（2025年9月29日），港股全天震荡走高，截止收盘，恒生指数涨1.89%或494.68点，报26622.88 点，全日成交额为3090.96亿港元；恒生国企指数涨1.62%，报9454.12点；恒生科技指数涨2.08%，报 6324.25点。 •周一（当地时间2025年9月29日），美股三大指数集体收高，中概股整体走高，纳斯达克中国金龙指数 涨2.03%。截至收盘，道琼斯指数涨0.15%，报46316.07点；标普500指数涨0.26%，报6661.21点；纳斯 达克综合指数涨0.48%，报22591.15点。 【今日新股】 今日2只新股上市，无新股申购。 新股上市： 云汉芯城，创业板证券代码301563，发行价格27元/股，发行市盈率20.91倍；公司是一家电子元器件分 销与产业互联网融 ...

据了解，云汉芯城所在的电子元器件行业是国家重点支持的产业。在该领域内，由于上游厂商生产模式 通常以批量化规模生产为主，难以高效、完整覆蓋下游需求，而下游需求方以电子产品制造商为主，需 求端经常呈现短期或长期的波动，与供应端产出存在一定错配，导致上下游间存在一个规模巨大的流通 市场，分销商渠道应运而生。 9月11日，云汉芯城(上海)互联网科技股份有限公司(股票简称：云汉芯城，股票代码：301563)正式启动 招股，拟在创业板上市。公告显示，本次拟公开发行新股1627.90万股，约占公司本次公开发行后总股 本的25.00%。 招股书显示，云汉芯城是一家电子元器件分销与产业互联网融合发展的创新型高新技术企业，重点聚焦 电子制造产业中小批量电子元器件研发、生产、采购需求。具体来看，公司通过有效运用数字技术和互 联网技术，基于自建自营的云汉芯城B2B线上商城()，主要为电子制造产业提供高效、专业的电子元器 件供应链一站式服务，并延伸至产品技术方案设计、PCBA生产制造服务、电子工程师技术支持等在内 的多个领域。 公司在重视技术积累与创新的同时，也非常重视人才的培养，目前公司具备一支优秀的管理团队和实力 雄厚的研发团队。 ...

● 本报记者 乔翔 在电子元器件的世界，一颗颗尺寸微小的芯片，承载着智能时代的宏大叙事。然而，从原厂到产线，传 统流通链路往往需辗转多级分销，流程冗长、效率受限。一家上海企业正以数字化之力重塑这一路径 ——它就是专注电子元器件数字化供应链服务的云汉芯城。 "5000元和50万元的订单，在公司内部经过销售、采购、物流等一套流程后，成本其实是一样的。但 5000元的订单，走完这一圈后，一定亏钱。"云汉芯城董事长曾烨日前在接受中国证券报记者采访时， 一语道破电子元器件分销行业痼疾，"传统的电子元器件分销模式，依赖于大批量订单摊薄成本，而那 些小批量、多品种的研发级订单需求，却长期得不到很好的响应。" 2010年左右，在行业摸爬滚打已久的曾烨突然意识到，如果通过在线化的方式，整合大量零散的订单， 压缩供应链中间环节，减少操作损耗，是否能解决行业痛点并实现商业目的？这一问，问出了云汉芯城 的数字化初心。于是，云汉芯城开始自建平台，坚持在线化、数字化路径。 经过十余年的验证，基于对数字化内核的深度理解，云汉芯城逐渐从一家传统的线下代理商，蜕变为电 子元器件产业互联网的领军者。 积极打造数字基座 如果说"小散临急"是云汉数 ...

如今，这个选择已被证明具有前瞻性：2011年曾烨把线下分销公司整体搬上云端，成为国内最早"啃元 器件长尾采购硬骨头"的线上玩家；14年后，云汉芯城以15.89万家企业客户、69.65万平台注册用户、年 峰值订单6.8万笔的成绩登陆创业板，为"产业互联网如何跑通"提供了"云汉样板"。 C 12 67 (E t 曾烨 ◎记者 邓贞 "小订单，也能长出大平台。"云汉芯城董事长曾烨对上海证券报记者说。这一总结看似轻描淡写，背后 其实是公司对电子产业互联网二十多年的探索历程。从2002年深圳华强北的一家传统元器件分销商，到 如今服务超15万家企业客户的产业互联网标杆，曾烨带领云汉芯城走出了一条以数字化重构电子供应链 的独特路径。 目前，云汉芯城线上商城每日可支持上百万级的搜索量，搜索匹配率维持在90%左右，月处理订单数峰 值达6.8万笔，报关商品归类自动匹配率超95%。 把握行业痛点，建立B2B线上商城 曾烨的创业故事始于2002年的深圳。当时，他创立"云汉电子"，从事电子元器件的传统代理与分销业 务。多年的线下经营让他深入了解到电子制造行业的核心痛点——小批量采购需求难以得到有效满足。 电子元器件行业长期存在"上游批 ...

Core Insights - Yunhan Chip City has transformed from a traditional electronic component distributor to an industrial internet platform, focusing on digital solutions to enhance supply chain efficiency [1][3][7] - The company is set to go public, aiming to raise funds for upgrading its data center and component trading platform, reinforcing its core business model [3][6] Group 1: Supply Chain Reconstruction - The traditional distribution model is inefficient for small orders, leading to a lack of service for "small and urgent" demands in the electronic manufacturing sector [3] - In 2010, the company launched a B2B online marketplace to integrate scattered orders and reduce operational costs, marking a strategic shift towards a digital supply chain [3][4] - The current business model consists of three collaborative segments: transaction platform, data services, and PCBA manufacturing, which collectively drive natural business growth [3][4] Group 2: Data-Driven Industrial Internet - The core of the industrial internet lies in data-driven capabilities, which the company has developed over more than a decade, creating a data platform with over 44 million electronic component SPU product data and 93 million parameter substitution relationships [5] - The HiBOM intelligent selection tool significantly reduces the time required for BOM processing from days to minutes, achieving over 90% accuracy [5] - The company has established a comprehensive quality inspection system, including a "golden sample" library, ensuring high-quality standards and preventing counterfeit products [5][6] Group 3: Domestic and Global Strategy - The company focuses on domestic production and global expansion, collaborating with over 500 domestic manufacturers to build a database of over 780,000 substitution relationships [7] - A new global operations center in Singapore was established in 2023 to replicate successful domestic internet models overseas, enhancing global supply chain efficiency [7] - The platform currently offers over 1.2 million models of domestic components, with a growing sales proportion of domestic products [7]

每经记者｜闫峰峰 每经编辑｜吴永久 各位老铁，近期新股派发给投资者们的红包可不少，如上周五上市的昊创瑞通，在上市首日就上涨了 190.8%。而在国庆节即将来临之际，A股又有两只新股给投资者派发红包。 明日将迎来两只新股，分别是瑞立科密和云汉芯城。其中的云汉芯城有不少亮点，也和近期热门的芯片 概念相关。公司是国内最早一批推出电子元器件B2B线上商城并以此开展业务的企业之一，公司估值优 势明显，募资金额相对较小。那么，云汉芯城明日上市会如何表现呢？国内电子元器件领域B2B线上商 城领军企业 业绩方面，公司2022~2024年分别实现营业收入43.33亿元、26.37亿元、25.77亿元，同比增速依次为 12.97%、-39.14%、-2.27%；实现归母净利润1.36亿元、0.79亿元、0.88亿元，同比增速依次 为-15.86%、-42.04%、12.29%。根据公司管理层初步预测，公司2025年1~9月营业收入较上年同期增长 19.11%至24.52%，归母净利润较上年同期增长38.71%至44.11%。可见，公司过去几年业绩波动相对较 大。 公司本轮IPO共发行新股1628万股，共募集4.4亿元。公司本轮I ...

Group 1 - The new stock market is experiencing a slight increase in volatility before the holiday, with short-term new stock sectors likely to continue a trend of oscillation and differentiation [1][11] - The average increase of new stocks listed since 2024 is approximately -0.8%, with about 28.5% of new stocks showing positive returns [1][27] - The upcoming National Day holiday is expected to heighten external uncertainty, impacting market sentiment and pricing indicators, which are currently at relatively high historical levels [2][11] Group 2 - Recent new stock issuance has seen an average price-to-earnings ratio of 14.2X, with a low average subscription success rate of 0.0216% [4][21] - The first-day average increase for newly listed stocks was about 207%, indicating stable trading sentiment, while the average increase for the first week was 178.3% [24][25] - The sectors showing the most significant gains include semiconductor equipment and AI application themes, while those with the largest declines are primarily stocks that had previously shown high activity but have recently lost momentum [27][29] Group 3 - Upcoming new stocks include companies like Ruili Kemi and Yunhan Xincheng, with average issuance price-to-earnings ratios for new stocks expected to be around 19.9X [3][31] - The report suggests focusing on sectors with relative value, particularly in new energy, consumption, and non-ferrous metals, as well as long-term themes like robotics and innovative pharmaceuticals [2][11] - The report emphasizes the importance of flexibility in investment strategies due to the anticipated market volatility surrounding the holiday [38]

每经AI快讯，中电港（SZ 001287，收盘价：21.33元）发布公告称，2025年9月26日，中电港接受博时 基金等投资者调研，公司董事会秘书刘同刚等人参与接待，并回答了投资者提出的问题。 2025年1至6月份，中电港的营业收入构成为：电子元器件分销占比99.89%，其他占比0.11%。 截至发稿，中电港市值为162亿元。 每经头条（nbdtoutiao）——去美国的"打工人"天塌了！特朗普10万美元签证费击碎"美国梦"，美企加 速外包，加拿大趁机"抢人" （记者 王晓波） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 ...

证券代码：001287 证券简称：中电港 1 | | 公司产业数据服务依托芯查查大数据平台，通过海量的电子元 | | --- | --- | | | 器件信息和市场信息，为用户提供元器件数据查询、供应链波动监 | | | 控等SaaS服务、元器件综合交易平台和垂直互动交流社区四大板块 | | | 服务。公司将进一步加大数字化投入，探索数字化服务新模式，充 | | | 分发挥"数据资产"价值。 | | | 3、公司如何把握国产算力芯片的发展机遇？ | | | 目前公司已与多家国产GPU公司合作。随着AI新业态需求增长， | | | 国产市场迅速崛起，国产方案正在积极构建能快速兼容和替换主流 | | | 架构的软件生态。公司努力把握在算法和AI应用场景上的应用机 | | | 遇，利用自身优势积极寻求与国产GPU的深度合作，为先进算力、 | | | 先进存力和先进运力等新质生产力关键要素护航，助力产业发展。 | | | 4、公司未来计划是持续提升市占率吗？发展方向是什么？ | | | 全球及中国电子元器件分销行业市场规模大，市占率提升空间 | | | 大，未来公司聚焦分销主业和高质量发展，通过加快创新驱动与服 | ...

Group 1 - Yachuang Electronics (301099) announced plans to acquire 40% of Ouchuang Semiconductor and 45% of Yihai Nengda through a combination of stock issuance and cash payment, with a share price set at 30.68 yuan per share [1][3] - The estimated transaction price for Ouchuang's 40% stake is 200 million yuan, with 172 million yuan in stock and 27.84 million yuan in cash, while Yihai Nengda's 45% stake is estimated at 117 million yuan, with 79.59 million yuan in stock and 37.41 million yuan in cash [3][6] - The funds raised will be used for cash payments, taxes, construction of projects, and to supplement working capital, with no more than 25% of the transaction price or 50% of the total raised funds allocated for working capital [3][6] Group 2 - Ouchuang Semiconductor specializes in analog chip design and has a strong market presence in automotive lighting and other applications, while Yihai Nengda is a distributor of electronic components with a broad client base across various industries [4][5] - Post-acquisition, both Ouchuang and Yihai Nengda will become wholly-owned subsidiaries of Yachuang Electronics, enhancing the company's control and operational efficiency in the electronic components distribution and analog chip design sectors [5][6] - The projected revenues for Ouchuang are 85.24 million yuan and 118.26 million yuan for 2023 and 2024, respectively, while Yihai Nengda's revenues are expected to be 441.03 million yuan and 517.75 million yuan for the same years, indicating a positive outlook for Yachuang's profitability post-transaction [6]