马可波罗控股股份有限公司 首次公开发行股票并在主板上市之 上市公告书提示性公告 保荐人（主承销商）：招商证券股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 经深圳证券交易所审核同意，马可波罗控股股份有限公司（以下简称"马可 波罗"、"发行人"或"公司"）发行的人民币普通股股票将于2025年10月22日在深 圳证券交易所主板上市，上市公告书全文和首次公开发行股票的招股说明书全文 披露于巨潮资讯网（www.cninfo.com.cn）、中证网（www.cs.com.cn）、中国证券 网（www.cnstock.com）、证券时报网（www.stcn.com）、证券日报网（www.zqrb. cn）、经济参考网（www.jjckb.cn）、中国金融新闻网（www.financialnews.com.cn） 、中国日报网（www.chinadaily.com.cn），供投资者查阅。 所属网页二维码：巨潮资讯网 一、上市概况 二、风险提示 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在 新股上市初期应当充分了解风险，审慎决策、理性投资。具 ...

Core Insights - The stock of Suotong Development experienced a decline of 1.50%, closing at 24.95 yuan on October 20 [1] - A significant block trade occurred, with a total volume of 450,600 shares and a transaction value of 10.90 million yuan [1] - The first transaction price was 24.20 yuan, with a total of 450,600 shares traded, resulting in a premium rate of -3.01% [1] - The buyer was from Everbright Securities Co., Ltd., Shanghai First Branch, while the seller was from Guotai Junan Securities Co., Ltd., Jincheng Wenbo Road Securities Branch [1] - Over the past three months, the stock has recorded a total of 8 block trades, amounting to 94.87 million yuan [1] - In the last five trading days, the stock has seen a cumulative decline of 2.23%, with a net outflow of 61.14 million yuan from main funds [1]

Core Insights - The national industrial capacity utilization rate for large-scale industries in Q3 2025 is 74.6%, an increase of 0.6 percentage points from Q2, but a decrease of 0.5 percentage points compared to the same period last year [1] Group 1: Overall Capacity Utilization - The capacity utilization rate in the mining industry is 72.5% [1] - The manufacturing industry has a capacity utilization rate of 74.8% [1] - The electricity, heat, gas, and water production and supply industry shows a capacity utilization rate of 74.3% [1] Group 2: Industry-Specific Capacity Utilization - The coal mining and washing industry has a capacity utilization rate of 68.9% [1] - The food manufacturing industry reports a capacity utilization rate of 70.1% [1] - The textile industry has a capacity utilization rate of 77.2% [1] - The chemical raw materials and chemical products manufacturing industry shows a capacity utilization rate of 72.5% [1] - The non-metallic mineral products industry has a capacity utilization rate of 62.0% [1] - The black metal smelting and rolling processing industry reports a capacity utilization rate of 80.1% [1] - The non-ferrous metal smelting and rolling processing industry has a capacity utilization rate of 77.8% [1] - The general equipment manufacturing industry shows a capacity utilization rate of 78.9% [1] - The special equipment manufacturing industry reports a capacity utilization rate of 75.5% [1] - The automobile manufacturing industry has a capacity utilization rate of 73.3% [1] - The electrical machinery and equipment manufacturing industry shows a capacity utilization rate of 74.9% [1] - The computer, communication, and other electronic equipment manufacturing industry reports a capacity utilization rate of 79.0% [1]

Group 1 - The China Securities Regulatory Commission has issued a notice regarding Anhui Jinyan Kaolin New Materials Co., Ltd.'s plan to issue up to 27,945,000 overseas listed common shares and list on the Hong Kong Stock Exchange [1] - Jinyan High-tech specializes in coal series kaolin in China and possesses a fully integrated capability across mining, R&D, processing, production, and sales [4] - The company is a major producer of calcined kaolin products, relying on rich and high-quality coal series kaolin mineral resources [4] Group 2 - Jinyan High-tech's product offerings include precision casting mullite materials and refractory mullite materials, which are essential for precision casting shells and refractory materials [4] - The company has established a solid market position due to its vertically integrated business model and product quality advantages [4] - According to Frost & Sullivan, Jinyan High-tech is the largest producer of precision casting mullite materials in China, with a market share of 19.1% based on projected revenues for 2024 [4] Group 3 - The market size for precision casting mullite materials in China is expected to grow from approximately 972 million RMB in 2024 to 1.362 billion RMB in 2029, with a compound annual growth rate (CAGR) of 7.0% [4] - The market size for refractory mullite materials in China is projected to increase from 5.526 billion RMB in 2024 to 6.431 billion RMB in 2029, with a CAGR of 3.1% [4]

Core Viewpoint - The China Securities Regulatory Commission has issued a notice regarding Anhui Jinyan Kaolin New Materials Co., Ltd.'s plan to issue up to 27,945,000 overseas listed ordinary shares and list on the Hong Kong Stock Exchange [1] Company Overview - Anhui Jinyan specializes in coal series kaolin and possesses a fully integrated value chain from mining, research and development, processing, to production and sales [4] - The company is a major producer of calcined kaolin products in China, relying on rich and high-quality coal series kaolin mineral resources [4] - Key products include materials for precision casting and refractory materials, which are essential for precision casting shells and refractory materials [4] Market Position - With a vertically integrated business model and product quality advantages, the company has established a solid market position [4] - According to Frost & Sullivan, the company is the largest producer of precision casting kaolin materials in China, holding a market share of 19.1% based on projected revenues for 2024 [4] Market Growth Projections - The market size for precision casting kaolin materials in China is expected to grow from approximately 972 million RMB in 2024 to 1.362 billion RMB in 2029, with a compound annual growth rate (CAGR) of 7.0% [4] - The market size for refractory kaolin materials in China is projected to increase from 5.526 billion RMB in 2024 to 6.431 billion RMB in 2029, with a CAGR of 3.1% [4]

Group 1 - The company announced that its sixth board meeting was held on October 16, 2025, via telecommunication to review the performance assessment indicators for the chairman and senior management for the year 2025 [1] - For the first half of 2025, the company's revenue composition was 98.35% from non-metallic mineral products and 1.65% from specialized equipment manufacturing [1] - As of the report date, the company's market capitalization was 36.4 billion yuan [1]

Group 1: CPI Analysis - In September 2025, the national consumer price index (CPI) decreased by 0.3% year-on-year, a reduction of 0.1 percentage points compared to the previous month[11] - Food prices fell by 4.4% year-on-year, contributing approximately 0.83 percentage points to the CPI decline, making it the primary factor affecting the CPI[12] - Core CPI, excluding food and energy, increased by 1.0%, with the growth rate expanding by 0.1 percentage points, indicating stable demand[14] Group 2: PPI Analysis - The producer price index (PPI) decreased by 2.3% year-on-year in September 2025, with the decline narrowing by 0.6 percentage points from the previous month[13] - PPI remained stable month-on-month, showing no change, while the year-on-year decline was influenced by a low base from the previous year[19] - Key industries such as coal processing and black metal smelting saw a reduction in their negative impact on PPI, decreasing by approximately 0.34 percentage points compared to the previous month[21] Group 3: Policy Implications - The low CPI and PPI levels create room for policy adjustments, suggesting the need for more proactive fiscal policies and moderately loose monetary policies to support economic recovery[30] - The report emphasizes the importance of timely and effective policy measures to enhance economic momentum and fully leverage policy effects[30] Group 4: Risks - Potential risks include worsening geopolitical events, changes in international financial conditions, and unexpected shifts in China-US policies[31]

Core Viewpoint - Recently, Xinyuan Advanced Materials (Yangjiang) Co., Ltd. was established with a registered capital of 100 million RMB, focusing on the manufacturing and research of advanced materials and related services [1] Company Overview - The company has a registered capital of 100 million RMB [1] - It operates in various sectors including non-metallic mineral products manufacturing, high-performance fibers and composite materials manufacturing, and synthetic materials manufacturing [1] - The company is involved in new materials technology research and development, as well as technology promotion services [1] Business Scope - General projects include manufacturing of non-metallic mineral products, high-performance fibers, composite materials, and synthetic materials (excluding hazardous chemicals) [1] - The company also provides supply chain management services, enterprise management consulting, and various technical services [1] - It is authorized to engage in import and export activities related to goods and technology [1] Licensing and Regulatory Compliance - The company is permitted to conduct research and manufacturing of rocket launch equipment, subject to approval from relevant authorities [1] - Specific business activities are contingent upon obtaining necessary approvals and licenses from regulatory bodies [1]

Core Insights - Hubei Baiyue New Materials Co., Ltd. has been established with a registered capital of 2 million RMB [1] - The company is engaged in various activities including the manufacturing and sales of non-metallic mineral products, non-metallic waste processing, and new material technology services [1] Company Overview - The legal representative of the company is Zhan Tong [1] - The registered capital is 2 million RMB [1] - The business scope includes non-metallic mineral product manufacturing, sales, and processing [1] Industry Activities - The company focuses on the manufacturing of non-metallic mineral products and related sales [1] - It also engages in the manufacturing of plastic products and sales of construction materials [1] - Additional services include new material technology promotion and research [1]

Core Insights - The consumer price index (CPI) showed a slight increase in September, with a month-on-month rise of 0.1%, marking a shift from the previous month where it was flat. The core CPI, excluding food and energy, rose by 1% year-on-year, the highest increase in 19 months, indicating a recovery in consumer prices [1][2][3] Group 1: CPI Analysis - The year-on-year CPI decreased by 0.3%, but the decline was less severe than the previous month, narrowing by 0.1 percentage points. The drop was primarily due to the "carryover effect" from previous price changes [2] - Food prices fell by 4.4% year-on-year, contributing approximately 0.83 percentage points to the CPI decline. However, the core CPI's increase of 1% reflects a more stable underlying price level [2][3] - The rise in CPI was supported by government policies aimed at boosting consumption, with significant price increases in home appliances and mobile phones [2] Group 2: PPI Analysis - The producer price index (PPI) remained flat month-on-month for two consecutive months, with a year-on-year decline of 2.3%, which is a reduction of 0.6 percentage points from the previous month. This indicates some stabilization in industrial prices [3][4] - Certain industries, such as coal processing and black metal smelting, have shown price increases for two months, reflecting improved supply-demand dynamics [3][4] - The overall decline in PPI is influenced by last year's low comparison base and the positive effects of macroeconomic policies [3] Group 3: Market Dynamics - The construction of a unified national market has led to a reduction in year-on-year price declines across various sectors, with notable improvements in market competition and order [4] - Upgrading industrial structures and releasing consumer potential have contributed to price increases in specific sectors, such as aircraft manufacturing and nutritional food production [4]