【隔夜行情】 •周四（2025年12月11日），A股市场三大指数集体收跌，截至收盘，沪指报3873.32点，跌0.7%；深证 成指报13147.39点，跌1.27%；创业板指报3163.67点，跌1.41%。总体来看，个股跌多涨少，下跌个股 超4300只。沪深两市全天成交额1.86万亿元，较上个交易日放量786亿元。 •周四（2025年12月11日），港股高开低走，三大指数集体走跌。截止收盘，恒生指数跌0.04%或10.27 点，报25530.51点，全日成交额为1824.77亿港元；恒生国企指数跌0.23%，报8934.28点；恒生科技指数 跌0.83%，报5534.59点。 •周四（当地时间2025年12月11日），截至收盘，道指涨646.26点，涨幅为1.34%，报48704.01点；纳指 跌60.30点，跌幅为0.25%，报23593.86点；标普500指数涨14.31点，涨幅为0.21%，报6900.99点。 【今日新股】 今日2只新股申购，无新股上市。 新股申购： 天溯计量，创业板证券代码301449，发行价格36.8元/股，发行市盈率21.78倍；是一家全国性、综合型 的独立第三方计量检测服务机 ...

Core Viewpoint - Tian Su Measurement (301449.SZ) has initiated its subscription on December 12, with an issue price of 36.8 yuan per share and a price-to-earnings ratio of 21.78 times, aiming to support high-quality development in China's manufacturing sector through its comprehensive measurement and testing services [1]. Company Overview - Established in 2009, Tian Su Measurement is a national, comprehensive independent third-party measurement and testing service provider, focusing on calibration, testing, and certification services across various sectors including biomedicine, automotive, new energy, rail transportation, and more [1][2]. - The company has developed a wide range of calibration services across ten fields, including geometric, thermal, mechanical, electromagnetic, and chemical measurements, with a total of 1,417 calibration services [2]. Market Position and Expansion - Tian Su Measurement has established a grid-based layout of measurement and testing laboratories across multiple regions in China, enhancing its ability to respond quickly and provide efficient services [2][3]. - The company has positioned itself as one of the few national comprehensive independent third-party measurement and testing service providers in China, with plans to expand into smart measurement and online measurement innovations [3]. Financial Performance - The company has shown a consistent upward trend in financial performance, with revenues of approximately 597 million yuan, 726 million yuan, 800 million yuan, and 409 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [5]. - Net profits for the same periods were recorded at 84.39 million yuan, 101 million yuan, 111 million yuan, and 55.58 million yuan [5]. - As of June 30, 2025, total assets amounted to 7.29 billion yuan, with a debt-to-asset ratio of 20.99% [4].

路演现场，公司方在回复投资者提问时表示，公司自主研发了LIMS系统，实现"人、机、料、法、环、 测"六个方面的管理和控制，以实现测量结果的一致性、可靠性和可追溯性。此外，公司基于LIMS系统 自主研发配套的自动化装置，还实现部分项目自动化校准，提高了计量校准的准确性和效率，保障了测 量数据的准确性和时效性。 深圳天溯计量（301449）检测股份有限公司首次公开发行股票并在创业板上市网上路演于2025年12月11 日（星期四）14:00-17:00在全景路演成功举行。 ...

Core Viewpoint - The company, Shenzhen Tiansu Measurement Testing Co., Ltd., is focusing on measurement calibration and new energy battery testing services, aiming to maintain its competitive edge through continuous technological research and high-end talent acquisition [1] Group 1: Company Strategy - The company plans to continuously invest in technological research and development to enhance its competitive advantages in traditional measurement calibration and unique strengths in new energy testing [1] - The company aims to enrich its service offerings and enhance its industry position by strategically investing in emerging industries related to measurement testing [1] Group 2: Future Outlook - The company is committed to laying a solid foundation for sustainable development through its strategic planning and fundraising investment projects [1]

深圳天溯计量检测股份有限公司（以下简称"天溯计量"、"发行人"或"公司"）首次公开发行人民币普通 股（A股）（以下简称"本次发行"）并在创业板上市的申请已经深圳证券交易所上市委会议审议通过， 并已经中国证券监督管理委员会（以下简称"中国证监会"）同意注册（证监许可〔2025〕2424号）。 本次发行采用向参与战略配售的投资者定向配售（以下简称"战略配售"）、网下向符合条件的投资者询 价配售（以下简称"网下发行"）与网上向持有深圳市场非限售A股股份和非限售存托凭证市值的社会公 众投资者定价发行（以下简称"网上发行"）相结合的方式进行。 发行人和保荐人（主承销商）招商证券股份有限公司（以下简称"保荐人（主承销商）"或"招商证券"） 将通过网下初步询价直接确定发行价格，网下不再进行累计投标询价。 本次拟公开发行股票为1,630.4348万股，本次发行后公司总股本为6,521.7392万股，发行股份占本次发行 后公司股份总数的比例为25.00%，全部为公开发行新股，公司股东不进行公开发售股份。 3、参加人员：发行人管理层主要成员和保荐人（主承销商）相关人员。 本次发行的《深圳天溯计量检测股份有限公司首次公开发行股票并 ...

Group 1 - The core view of the report highlights the competitive strength of Tian Su Measurement in the metrology calibration industry, indicating potential for growth amid the industry's Matthew effect [6][7][12] - The company has established itself as a national, comprehensive independent third-party metrology testing service provider, with 1,417 metrology calibration project capabilities across various sectors, including biotechnology, new energy vehicles, and semiconductor integrated circuits [6][7] - In 2024, the company is expected to achieve revenue of approximately 686 million yuan in the metrology calibration segment, capturing over 5% market share [7][12] Group 2 - The report emphasizes the company's focus on the battery testing industry, which has become a significant growth driver, with revenue contribution from testing services increasing from 9% to 14% between 2022 and 2024 [12][13] - The company has developed extensive battery testing capabilities, including over 2,000 testing channels for battery cells, modules, and packs, and has established partnerships with notable clients such as CATL and Huawei Digital Energy [12][13] - The growth in lithium battery and energy storage battery shipments is projected to provide substantial incremental space for the company's battery testing business, with the lithium battery market expected to reach nearly 1,500 GWh by 2025 [16][12] Group 3 - Compared to peer companies, Tian Su Measurement has shown rapid revenue growth, with revenues of 597 million, 726 million, and 800 million yuan from 2022 to 2024, while maintaining a stable gross margin slightly above the industry average [19][21] - The company's R&D expense ratio is lower than that of comparable companies, reflecting a focused R&D direction and a streamlined team structure [21] - Operating cash flow has been consistently positive, with a net cash ratio above 1, and the company's debt-to-asset ratio has decreased to 24.90% by the end of 2024 [24][25] Group 4 - The report outlines the company's fundraising plans, which include projects aimed at enhancing metrology testing capabilities, establishing regional laboratories, and building a digital center to improve management efficiency [28][29] - The total investment for the Shenzhen headquarters metrology testing capability enhancement project is estimated at 127.66 million yuan, with an internal rate of return of 20.80% [29] - The establishment of 19 regional laboratories across various regions is intended to further enhance the company's metrology testing capabilities [28][29]

Group 1 - The core view of the report highlights the competitive strength of Tian Su Measurement in the metrology calibration industry, indicating potential for growth amid a Matthew effect in the industry [7][9] - The company has established itself as a leading independent third-party metrology testing service provider in China, with 1,417 metrology calibration project capabilities across various sectors, including biotechnology and new energy vehicles [9][11] - In 2024, the company is expected to achieve revenue of approximately 686 million yuan in the metrology calibration segment, capturing over 5% market share [9][11] Group 2 - The report emphasizes the company's focus on the battery testing industry, which has become a significant growth driver, with revenue contribution from testing services increasing from 9% to 14% between 2022 and 2024 [14][15] - The company has developed extensive battery testing capabilities, including over 2,000 testing channels, and has established partnerships with major clients such as CATL and Huawei Digital Energy [14][15] - The growth in lithium battery and energy storage battery shipments is projected to provide substantial incremental space for the company's battery testing business, with a forecasted shipment volume of nearly 1,500 GWh by 2025 [18] Group 3 - Financial comparisons with peer companies reveal that Tian Su Measurement has experienced rapid revenue growth, with revenues of 597 million, 726 million, and 800 million yuan from 2022 to 2024, while maintaining a stable gross margin [21][23] - The company's R&D expense ratio is lower than that of comparable companies, reflecting a focused R&D direction and efficient team structure [23] - Operating cash flow has been robust, with net cash flow exceeding net profit, and the company's debt ratio has consistently declined, reaching 24.90% by the end of 2024 [26][27] Group 4 - The report outlines the company's fundraising plans, which include projects aimed at enhancing metrology testing capabilities, establishing regional laboratories, and building a digital center to improve management efficiency [30][31] - The total investment for the Shenzhen headquarters project is estimated at 127.66 million yuan, with an internal rate of return of 20.80% [31]

根据发行安排，本周（12月8日—12月12日），A股市场将有5只新股申购，为科创板的优迅股份、创业 板的纳百川和天溯计量、深市主板的元创股份和沪市主板的锡华科技，其中优迅股份、纳百川将于本周 一开启申购，元创股份将于周二申购，锡华科技、天溯计量将于周五申购。 资料显示，优迅股份是国内光通信电芯片领域的领军企业；纳百川深耕热管理系统领域，是国内最早布 局新能源汽车热管理的企业之一，公司是宁德时代、阳光电源等新能源设备厂商的供应商；元创股份是 国内橡胶履带领域的龙头企业；锡华科技是全球领先的大型高端装备专用部件制造商；天溯计量是一家 全国性、综合型的独立第三方计量检测服务机构。 具体来看，优迅股份发行价为51.66元/股，单一账户申购上限为4500股，顶格申购需持沪市市值4.5万 元。 招股书显示，优迅股份是国内光通信领域的"国家级制造业单项冠军企业"，专注于光通信前端收发电芯 片的研发、设计与销售。光通信电芯片是光通信光电协同系统的"神经中枢"。作为光模组的关键元器 件，光通信电芯片承担着对光通信电信号进行放大、驱动、重定时以及处理复杂数字信号的重要任务， 其性能直接影响整个光通信系统的性能和可靠性。公司产品广 ...

12月12日启动申购的天溯计量成立于2009年，是一家全国性、综合型的独立第三方计量检测服务机构， 主营业务为计量校准、检测、认证等专业技术服务。目前，公司已发展成为国家级高新技术企业、工业 和信息化部"服务型制造示范平台""产业技术基础公共服务平台"、2024年广东省制造业单项冠军企 业、"第二批深圳市制造业单项冠军企业"。本次IPO，天溯计量拟募资4.86亿元。 值得注意的是，截至目前，本周（12月8日到12日）将有7家IPO首发上会，为拟闯关上证主板IPO的林 平发展、科创板IPO的有研复材；创业板IPO的慧谷新材、宏明电子，北交所IPO的美亚科技、原力数字 和悦龙科技。 打新日历 据目前安排，若无变化，本周（12月8日到12日）有5只新股申购。其中深主板1只，沪主板1只，创业板 2只，科创板1只。 截至发稿，本周网上发行3只新股披露发行价：创业板新股纳百川发行价为22.63元/股，发行市盈率28.7 倍。科创板新股优迅股份发行价为51.66元/股，发行市盈率60.27倍。深主板新股元创股份发行价为 24.75元/股，发行市盈率12.93倍。 12月8日启动申购的创业板新股纳百川长期专注于新能源汽车动力 ...

Summary of Upcoming IPOs - Next week, there will be 5 new IPOs available for subscription, including 2 from the main board, 2 from the ChiNext board, and 1 from the Sci-Tech Innovation board [1] Group 1: Company Details and Financials 纳百川 (Nabichuan) - Industry: Leading company in battery thermal management in China - IPO Price: 22.63 CNY per share, PE ratio: 28.70, industry PE ratio: 28.71 [2] - Revenue and Profit: Expected revenues of 1.031 billion CNY in 2022, 1.136 billion CNY in 2023, and 1.437 billion CNY in 2024; net profits of 113 million CNY, 98 million CNY, and 95 million CNY respectively [3] 优迅股份 (Youshun) - Industry: Leading company in optical communication chips in China - IPO Price: 51.66 CNY per share, PE ratio: 60.27, industry PE ratio: 58.09 [2] - Revenue and Profit: Expected revenues of 339 million CNY in 2022, 313 million CNY in 2023, and 411 million CNY in 2024; net profits of 81 million CNY, 72 million CNY, and 78 million CNY respectively [4] 元创股份 (Yuanchuang) - Industry: Leading company in rubber track manufacturing in China - IPO Price: 24.75 CNY per share, PE ratio: 12.93, industry PE ratio: 26.37 [2] - Revenue and Profit: Expected revenues of 1.261 billion CNY in 2022, 1.141 billion CNY in 2023, and 1.349 billion CNY in 2024; net profits of 139 million CNY, 178 million CNY, and 155 million CNY respectively [5] 天溯计量 (Tiansu) - Industry: Leading company in measurement and testing services in China - IPO Price: Not specified, but expected to issue 16.3043 million shares [6] - Revenue and Profit: Expected revenues of 597 million CNY in 2022, 726 million CNY in 2023, and 800 million CNY in 2024; net profits of 84 million CNY, 101 million CNY, and 111 million CNY respectively [6] 锡华科技 (Xihua) - Industry: Leading company in wind power equipment components in China - IPO Price: Not specified, but expected to issue 100 million shares [7] - Revenue and Profit: Expected revenues of 942 million CNY in 2022, 908 million CNY in 2023, and 955 million CNY in 2024; net profits of 183 million CNY, 177 million CNY, and 142 million CNY respectively [7]