来源：新浪港股-好仓工作室 近日，聚水潭集团股份有限公司（简称"聚水潭"）递交聆讯后资料集，或很快在香港上市。中金公司、 摩根大通担任此次上市的联席保荐人。 根据招股书披露，本次港股上市募集资金将用于以下用途： 1. 约[编纂]%或[编纂]港元，将用于强化公 司的研发能力，以丰富未来五年的产品矩阵； 2. 约[编纂]%或[编纂]港元，将用于在未来五年加强公司 的销售及营销能力； 3. 约[编纂]%或[编纂]港元，将在未来五年用于战略投资； 4. 约[编纂]%或[编纂]港 元将用于一般公司用途。 公司介绍：聚水潭依托过去超25年由创始人积累的行业洞察，开发出云端电商SaaS产品，能推动商家客 户与中国乃至全球逾400个电商平台相连。其产品为不同类型及规模的客户提供业务监控、运营及管理 工具，赋能其做出智能决策。聚水潭以ERP为核心产品，进一步扩展产品和服务范围至其他电商运营 SaaS产品，已成为一站式电商SaaS提供商，帮助客户升级业务能力、提高业绩表现并发展跨平台业务。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评 ...

聚水潭建立了覆盖全国的客户服务网络，LTV/CAC比率在2022年至2024年间持续提升，2024年达到9.3 倍，远高于行业平均约3倍的水平。客户交叉销售效果显著，购买两款及以上产品的客户贡献的SaaS收 入占比逐年提升。 公司拥有超过25年的行业经验，其云端电商SaaS产品能够连接超过400个电商平台，远高于行业平均水 平。 截至2024年，聚水潭服务的SaaS客户数量达8.84万名，净客户收入留存率为115%。公司的技术基础设 施稳定，曾在2024年双11期间处理约16亿份订单。 聚水潭已通过港交所上市聆讯，中金公司（601995）、摩根大通为其联席保荐人。 聚水潭是中国最大的电商SaaS ERP提供商，2024年市场份额为24.4%，该市场规模为人民币31亿元。在 电商运营SaaS市场中，聚水潭按2024年SaaS总收入计排名第一，市场份额为8.7%。 ...

Company News - Guolin Technology plans to acquire 91.07% of Xinjiang Kailianjie Petrochemical Co., Ltd. for cash, which is expected to constitute a major asset restructuring. The funding will come from self-owned funds and bank loans [4][5] - Fulin Precision plans to jointly increase capital in its subsidiary Jiangxi Shenghua with CATL, with Fulin contributing 1 billion yuan and CATL contributing 2.563 billion yuan. This transaction is expected to constitute a major asset restructuring [6] - Baicheng Co., Ltd. intends to acquire 55% of Shanghai Canxi Engineering Equipment Co., Ltd. through a combination of share issuance and cash payment, which is not expected to constitute a major asset restructuring [7] - Diao Micro plans to acquire equity in Rongpai Semiconductor (Shanghai) Co., Ltd. through share issuance and cash payment, with the transaction's classification as a major asset restructuring yet to be determined [7] - Hubei Energy signed a cooperation agreement with Xiangyang City government to invest 26.7 billion yuan in clean energy projects during the 14th Five-Year Plan period [7] - Suochen Technology plans to acquire 60% of Likong Technology for 192 million yuan, which will become a secondary holding subsidiary post-transaction [8] - Sailis plans to purchase 10% of Shenzhen Yingwang Intelligent Technology Co., Ltd. from Huawei for 11.5 billion yuan, with all payments completed as of the announcement date [8] - Bohai Automobile intends to acquire multiple stakes in various companies through share issuance and cash payment, with a total transaction value of 2.728 billion yuan [9] - Hengwei Technology plans to acquire 75% of Shanghai Shuhang Information Technology Co., Ltd. through share issuance and cash payment, which is not expected to constitute a major asset restructuring [10] Industry News - The National Development and Reform Commission announced a new policy financial tool with a total scale of 500 billion yuan, aimed at supplementing project capital [2] - The Ministry of Water Resources reported that investment in water conservancy construction is expected to exceed 5.4 trillion yuan during the 14th Five-Year Plan, significantly higher than the previous plan [3] - The Ministry of Industry and Information Technology, along with other departments, released a work plan for the machinery industry, targeting an average annual revenue growth rate of around 3.5% from 2025 to 2026 [3]

智通财经APP获悉，据港交所9月29日披露，聚水潭集团股份有限公司(以下简称：聚水潭)通过港交所主 板上市聆讯，中金公司、摩根大通为其联席保荐人。 据招股书，根据灼识咨询的资料，以2024年的相关收入计，聚水潭是中国最大的电商SaaS ERP提供商， 占据24.4%的市场份额(超过第二至第五大参与者的市场份额总和)。根据灼识咨询的资料，2024年中国 电商SaaS ERP市场的规模(按商家支出计)为人民币31亿元。在中国电商运营SaaS市场中，按2024年SaaS 总收入计，该公司同样排名第一，市场份额为8.7%。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 人民幣 | 8 | 人民幣 | 8 | 人民幣 | રે | 人民幣 | 8 | 人民幣 | હે | | | | | | | | | (未經審核) | ...

北森控股(09669)发布公告，于2025年9月29日斥资200.7万港元回购股份24.52万股，每股回购价格为 8.05-8.2港元。 ...

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Mindray Medical, Huichuan Technology, United Imaging Healthcare, Shenzhen South Circuit, and Aibo Medical [11][13] - In the last five days, the most popular companies for institutional research include Jepu Tech, Ganli Pharmaceutical, Shiji Information, Guangri Co., and Nenghui Technology [11][12] - Among the top twenty companies in the past 30 days, 12 companies had 10 or more rating agencies involved, with significant profit growth expected for Lankai Technology, Huichuan Technology, and Sanhua Intelligent Control in their 2025 mid-year reports compared to 2024 [11][12] Group 2: Shareholder Increase and Buyback Strategies - From September 22 to September 26, 2025, four listed companies announced significant shareholder increases [18] - A total of 71 companies announced buyback progress during the same period, with 22 of them having 10 or more rating agencies involved [24] - From January 1 to September 26, 2025, 274 companies announced shareholder increases, with 86 of them having 10 or more rating agencies involved [20] Group 3: Buyback Situation - From January 1 to September 26, 2025, 1,747 companies announced buyback progress, with 414 of them having 10 or more rating agencies involved [26] - Among these, 108 companies had a buyback amount that exceeded 1% of their market value on the announcement date [26][27] - Specific companies in the buyback phase include Chengde Lulu, Liugong, Shantui, Huaming Equipment, Jian Sheng Group, Ruoyu Chen, and China Jushi [27]

Group 1 - New Zhi Software (SH 688590) announced the convening of its 25th meeting of the fourth board of directors on September 29, 2025, to discuss the proposal for the first extraordinary general meeting of shareholders in 2025 [1] - For the fiscal year 2024, the revenue composition of New Zhi Software is as follows: insurance industry 36.49%, enterprise services 34.69%, banking and other financial sectors 25.14%, overseas business 3.57%, and other businesses 0.1% [1] - As of the report date, New Zhi Software has a market capitalization of 6 billion yuan [1] Group 2 - The competition between Farmer and Yibao has intensified, with Farmer's green bottle launch leading to a significant market share decline for Yibao, dropping nearly 5 percentage points [1]

Market Overview - Global markets showed mixed performance, with the Hang Seng Index down 1.35% and the S&P 500 up 0.59% year-to-date performance for the Hang Seng Index stands at 30.25% [1][2] - The Chinese stock market saw declines, particularly in the technology, healthcare, and consumer discretionary sectors, while essential consumer goods, energy, and financials experienced gains [3] Industry Insights - The Chinese pharmaceutical industry is witnessing a recovery in domestic innovation research and development demand, with the MSCI China Healthcare Index up 74.0% since early 2025, outperforming the MSCI China Index by 37.3% [4] - The demand for early-stage research is showing positive signs, supported by a resurgence in capital market financing and a favorable environment for biotech innovation [9] - The CXO industry is expected to see performance recovery in the second half of 2025 due to increased demand for early-stage research and development [4][9] Company Analysis - WuXi AppTec (药明康德) is maintaining a strong growth trajectory in its TIDES business, with plans to expand peptide production capacity significantly by the end of 2025 [8] - The company reported a 14.5% year-on-year increase in new orders for preclinical services in the first half of 2025, with a notable 19.9% increase from U.S. clients [9] - WuXi AppTec's management is confident in maintaining resilient profitability, with adjusted gross and net profit margins reaching historical highs of 44.5% and 30.4% respectively in the first half of 2025 [10]

Core Viewpoint - The article discusses the journey of small investors in the A-share market, highlighting the different phases of market behavior and strategies for maximizing returns, particularly during bull markets and the emergence of "hot stocks" [5][7]. Group 1: Market Phases - The investment journey is divided into three key phases: the "Newbie Village" during the 924 bull market, the "Chaos Period" characterized by the rise of "hot stocks," and the "Ultimate King" phase where investors align with large capital [8][29]. - In the "Newbie Village," investors are encouraged to familiarize themselves with the market mechanisms and identify strong stocks, particularly in a bull market where many stocks are rising [11][8]. - The "Chaos Period" involves navigating a market with multiple main lines and identifying leading stocks, known as "hot stocks," which can yield significant returns [16][18]. Group 2: Investment Strategies - During the "Newbie Village," a hypothetical investment of 50,000 yuan in Tianfeng Securities could grow to 103,500 yuan within a short period, demonstrating the potential for quick gains in a rising market [13]. - In the "Chaos Period," investors can achieve substantial returns by identifying and investing in stocks like Shuangcheng Pharmaceutical and Risheng Dongfang, which saw significant price increases due to market narratives and trends [19][20]. - The article emphasizes the importance of understanding market narratives and the emotional dynamics of trading, as these factors can drive stock prices significantly [24]. Group 3: Role of Large Capital - The "Ultimate King" phase highlights the dominance of large capital in the market, with institutional investors and state-owned funds playing a crucial role in stabilizing and driving market trends [30][31]. - Large capital is increasingly focused on technology stocks, which have shown substantial growth potential, contrasting with traditional sectors that have limited growth prospects [34][38]. - The article notes that successful investments in the current market environment require aligning with large capital and understanding the underlying fundamentals of technology-driven companies [39][42].

Group 1 - The core viewpoint of the report indicates that from September 22 to 25, 2025, southbound funds recorded a net inflow of 14.493 billion HKD, primarily flowing into sectors such as consumer discretionary retail, non-ferrous metals, semiconductors, hardware equipment, and software services, with the top five sectors accounting for a total net inflow of 12.234 billion HKD [2][6][34] - The five sectors with the highest net inflow were: consumer discretionary retail (6.964 billion HKD), non-ferrous metals (1.992 billion HKD), semiconductors (1.198 billion HKD), hardware equipment (1.092 billion HKD), and software services (0.989 billion HKD) [2][6][34] - Conversely, the sectors with the most significant outflows included pharmaceuticals and biotechnology (-1.492 billion HKD), durable consumer goods (-0.255 billion HKD), consumer services (-0.225 billion HKD), automotive and parts (-0.216 billion HKD), and chemicals (-0.137 billion HKD) [2][6][34] Group 2 - During the same period, foreign intermediary funds experienced a net outflow of 19.015 billion HKD, with notable inflows into consumer services, non-bank financials, electrical equipment, pharmaceuticals and biotechnology, and real estate II, totaling a net inflow of 6.005 billion HKD across the top five sectors [7][41] - The sectors with the highest net inflow from foreign intermediaries were: consumer services (2.836 billion HKD), non-bank financials (1.419 billion HKD), electrical equipment (0.837 billion HKD), pharmaceuticals and biotechnology (0.683 billion HKD), and real estate II (0.231 billion HKD) [7][41] - The sectors that saw the most significant outflows included consumer discretionary retail (-8.9 billion HKD), medical equipment and services (-4.081 billion HKD), banking (-3.612 billion HKD), semiconductors (-1.356 billion HKD), and transportation (-1.283 billion HKD) [7][41]