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]

Summary of Upcoming IPOs - Three new stocks will be available for subscription next week, including two from the Sci-Tech Innovation Board and one from the Shanghai Main Board [1][7] - The subscription schedule includes Beixin Life on Monday (January 26) and Linping Development and Diankelantian on Friday (January 30) [1][7] Beixin Life - Beixin Life, a leading innovative medical device company focused on precise diagnosis and treatment of cardiovascular diseases, will have an issue price of 17.52 CNY per share [2][8] - The company plans to issue 57 million shares, with a maximum subscription limit of 9,000 shares for online investors, requiring a market value of 90,000 CNY in the Shanghai market for full subscription [2][8] - Financial projections for Beixin Life show revenues of 0.92 million CNY, 1.84 million CNY, and 3.17 million CNY from 2022 to 2024, with net losses of 290 million CNY, 140 million CNY, and 44 million CNY respectively [3][9] - For 2025, the company forecasts revenue between 520 million CNY and 560 million CNY, representing a year-on-year growth of 64.24% to 76.88%, and a net profit of 78 million CNY to 88 million CNY, indicating a growth of 278.91% to 301.85% [3][9] Linping Development - Linping Development is a leading producer in the recycled paper industry, focusing on the research, production, and sales of packaging corrugated paper and boxboard [4][10] - The company plans to issue 18.85 million shares, with a maximum subscription limit of 7,500 shares for online investors, requiring a market value of 75,000 CNY in the Shanghai market for full subscription [4][10] - Financial results from 2022 to 2024 show revenues of 2.879 billion CNY, 2.8 billion CNY, and 2.485 billion CNY, with net profits of 154 million CNY, 212 million CNY, and 153 million CNY respectively [4][10] - For 2025, Linping Development anticipates revenue growth of 6.23% to 11.87% and net profit growth of 17.76% to 30.84% [4][10] Diankelantian - Diankelantian is a core supplier of aerospace power systems in China, involved in the research, production, and sales of energy products and systems [5][11] - The company plans to issue 173.7 million shares, with a maximum subscription limit of 27,500 shares for online investors, requiring a market value of 275,000 CNY in the Shanghai market for full subscription [5][11] - Financial performance from 2022 to 2024 indicates revenues of 2.521 billion CNY, 3.524 billion CNY, and 3.127 billion CNY, with net profits of 208 million CNY, 190 million CNY, and 337 million CNY respectively [6][12] - For 2025, Diankelantian projects revenue growth of 0.35% to 9.85% and a net profit change of -3.18% to 6.81% [6][12]

Group 1: Market Overview - The average first-day increase for two new stocks listed on the Beijing Stock Exchange this week was 168.91%, maintaining a high level of activity [1] - In 2025, a total of 26 new stocks are expected to be listed on the Beijing Stock Exchange, with an average first-day increase of 368.13%, significantly higher than in 2024 [1] Group 2: Upcoming IPOs - Three new stocks are scheduled for subscription next week, including two from the Sci-Tech Innovation Board and one from the Shanghai Main Board [4] - The first stock, Beixin Life, is a leading domestic manufacturer of precision PCI medical devices, with its core products including the IVUS diagnostic system and FFR measurement system, both of which are the first domestically approved products in their categories [6][7] - The second stock, Electric Science Blue Sky, is a core supplier of aerospace power systems, with business covering aerospace power, special power, and new energy applications [2][9] - The third stock, Linping Development, focuses on the research, production, and sales of corrugated paper and boxboard products, and has developed into a resource utilization enterprise [12] Group 3: Financial Projections - Beixin Life expects to achieve a net profit of 78 million to 88 million yuan in 2025, representing a year-on-year growth of 278.91% to 301.85% [7] - Electric Science Blue Sky anticipates a net profit of 327 million to 360 million yuan in 2025, with a year-on-year change of -3.18% to 6.81% [10][11] - Linping Development projects a net profit of 180 million to 200 million yuan in 2025, indicating a growth of 17.76% to 30.84% [13]

Investment Rating - The report maintains an "Outperform" rating for the industry [4] Core Insights - The home furnishing sector is currently at a historical low in valuation, with expectations for recovery driven by improving real estate sentiment and policy expectations [3][5] - The report highlights specific companies for investment, including Gujia Home, Oppein Home, and Sophia, while also suggesting attention to undervalued stocks like Minda Holdings and Zhibang Home [3] - The report anticipates profit growth for Minda Holdings with projected net profits of HKD 2.07 billion, HKD 2.12 billion, and HKD 2.21 billion for FY2026 to FY2028, corresponding to PE ratios of 9X and 8X [3] - For Goodbaby International, projected net profits for 2025 to 2027 are HKD 150 million, HKD 344 million, and HKD 385 million, with a current valuation suggesting a potential for recovery [3] Summary by Sections Home Furnishing - The report notes a 14.6% year-on-year increase in retail sales of furniture for 2025, with a 2.2% decline in December [5] - Residential construction area decreased by 20.2% year-on-year for 2025, with a 20.6% decline in December [5] - The report emphasizes the low valuation and institutional holdings in the home furnishing sector, suggesting a potential for valuation recovery [5] Paper and Packaging - As of January 23, 2026, prices for various paper products have shown a decline, with white cardboard down by 5 CNY/ton and boxboard down by 52.8 CNY/ton [8] - The report indicates that major paper companies are planning to increase prices by 200 CNY/ton in late February to early March [8] - The report recommends companies with strong domestic production capabilities, such as Nine Dragons Paper and Sun Paper, for investment [8] Consumer Goods - The report highlights a 9.0% year-on-year increase in retail sales for sports and entertainment products in December [5] - The consumer goods sector is expected to benefit from expanding channels and product price increases, particularly in oral care and medical products [5] - The report suggests investment opportunities in companies like Anta, Li Ning, and 361 Degrees, which are expected to perform well in the current market [5]

Group 1: North Star Life - North Star Life focuses on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, being a national high-tech enterprise [1] - The company plans to issue 57 million shares at a price of 17.52 yuan per share, aiming to raise 952 million yuan for the construction of an interventional medical device industrialization base and R&D [1] - Projected revenue for 2025 is between 520 million yuan and 560 million yuan, representing a year-on-year growth of 64.24% to 76.88%, with net profit expected to be between 78 million yuan and 88 million yuan, showing a growth of 278.91% to 301.85% [1] Group 2: Linping Development - Linping Development specializes in the R&D, production, and sales of corrugated paper and boxboard products, evolving into a resource utilization enterprise [2] - The company plans to issue 18.85 million shares, accounting for 25% of the total post-issue share capital, with a fundraising target of 1.2 billion yuan [2] - The funds will be used for projects that will increase production capacity by 90,000 tons of boxboard and 30,000 tons of corrugated paper, enhancing market competitiveness [2] - Revenue projections for 2022 to 2024 are approximately 2.879 billion yuan, 2.8 billion yuan, and 2.485 billion yuan, with net profits of 154 million yuan, 212 million yuan, and 153 million yuan, indicating a decline in 2024 [2] Group 3: Electric Science Blue Sky - Electric Science Blue Sky is engaged in the R&D, production, and sales of power energy products and systems, offering comprehensive solutions from deep sea to deep space [3] - The company plans to issue 174 million shares, aiming to raise 1.5 billion yuan for the industrialization of aerospace power systems [3] - Revenue from 2022 to the first half of 2025 is projected to be approximately 2.511 billion yuan, 3.524 billion yuan, 3.127 billion yuan, and 1.113 billion yuan, with net profits of 214 million yuan, 190 million yuan, 338 million yuan, and 59.47 million yuan [3]

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]

Group 1: New IPOs Overview - Three new stocks are available for subscription next week, including Beixin Life, Electric Science Blue Sky, and Linping Development [2][3] - Electric Science Blue Sky is a key supplier in the aerospace power sector, with a total of 174 million shares issued, ranking second in A-share IPOs since 2026, indicating a higher probability of winning for investors [3] Group 2: Beixin Life - Beixin Life's subscription code is 787712, with an issue price of 17.52 yuan per share and a price-to-sales ratio of 23.08 times [5] - The company focuses on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, becoming the first domestic company to offer a combination of FFR and IVUS products, filling a market gap [5][6] - Revenue projections for Beixin Life show significant growth, with expected revenues of 520 million to 560 million yuan in 2025, representing a year-on-year increase of 64.24% to 76.88% [6][7] Group 3: Electric Science Blue Sky - Electric Science Blue Sky's subscription code is 787818, with the issue price and earnings ratio yet to be disclosed, but the industry average PE ratio is 44.16 times [9] - The company specializes in the research, production, and sales of power energy products and systems, with applications ranging from deep-sea to deep-space [9][11] - Revenue for Electric Science Blue Sky is projected to be between 3.138 billion and 3.435 billion yuan in 2025, with a year-on-year change of -3.18% to 6.81% [12] Group 4: Linping Development - Linping Development's subscription code is 732284, with an industry average PE ratio of 26.36 times [14] - The company is engaged in the production of corrugated paper and boxboard, positioning itself as a resource utilization enterprise [14][15] - Revenue for Linping Development is expected to be between 2.640 billion and 2.780 billion yuan in 2025, reflecting a growth of 6.23% to 11.87% [17]

Core Viewpoint - The company, Shanying International, is expected to report significant losses for the year 2025, with net profit forecasts indicating a decline compared to the previous year [2][3][4]. Group 1: Stock Performance - As of January 23, 2026, Shanying International's stock closed at 1.7 yuan, reflecting a 2.41% increase from the previous week's closing price of 1.66 yuan [1]. - The stock reached a high of 1.7 yuan and a low of 1.65 yuan during the week [1]. - The company's current total market capitalization is 10.723 billion yuan, ranking 3rd in the paper industry and 1972nd among all A-shares [1]. Group 2: Earnings Forecast - Shanying International has issued an earnings forecast indicating a net profit loss for 2025, estimated between 8.5 billion yuan and 10 billion yuan [3][4]. - The company anticipates a loss of 10.5 billion yuan to 12 billion yuan when excluding non-recurring gains and losses [2][4]. - The expected increase in losses compared to the previous year is attributed to a decline in gross profit margins and reduced investment income, particularly due to the sale of Nordic Paper's equity in the previous period [4][6]. Group 3: Operational Status - The company has successfully converted and redeemed its convertible bonds, with credit impairments gradually being repaired [5][6]. - Shanying International's production and operations are reported to be normal, and it has not encountered any financial delisting risk warnings [5].