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][2]. Group 1: Company Details 纳百川 (Nabichuan) - Issued at 22.63 CNY per share with a P/E ratio of 28.7, close to the industry average of 28.71 [3]. - Plans to issue 27.92 million shares, with a maximum subscription limit of 6,500 shares requiring a market value of 65,000 CNY [3]. - Major supplier of battery thermal management systems for several leading electric vehicle manufacturers, including CATL and NIO [3]. - Revenue projections for 2022-2024 are 1.031 billion CNY, 1.136 billion CNY, and 1.437 billion CNY, with net profits of 113 million CNY, 98 million CNY, and 95 million CNY respectively [3]. 优迅股份 (Youshun) - Issued at 51.66 CNY per share with a P/E ratio of 60.27, compared to the industry average of 58.09 [4]. - Plans to issue 20 million shares, with a maximum subscription limit of 4,500 shares requiring a market value of 45,000 CNY [4]. - A leading supplier in the optical communication chip sector, focusing on R&D and sales of optical transceiver chips [4]. - Revenue projections for 2022-2024 are 339 million CNY, 313 million CNY, and 411 million CNY, with net profits of 81 million CNY, 72 million CNY, and 78 million CNY respectively [4]. 元创股份 (Yuanchuang) - Issued at 24.75 CNY per share with a P/E ratio of 12.93, below the industry average of 26.37 [5]. - Plans to issue 19.6 million shares, with a maximum subscription limit of 19,500 shares requiring a market value of 195,000 CNY [5]. - A key player in the rubber track industry, providing products for agricultural and engineering machinery [5]. - Revenue projections for 2022-2024 are 1.261 billion CNY, 1.141 billion CNY, and 1.349 billion CNY, with net profits of 139 million CNY, 178 million CNY, and 155 million CNY respectively [5]. 天溯计量 (Tiansu) - Plans to issue 16.3043 million shares, with a maximum subscription limit of 4,000 shares requiring a market value of 40,000 CNY [7]. - A leading national measurement and testing service provider, serving various industries including biomedicine and new energy [7]. - Revenue projections for 2022-2024 are 597 million CNY, 726 million CNY, and 800 million CNY, with net profits of 84 million CNY, 101 million CNY, and 111 million CNY respectively [8]. 锡华科技 (Xihua) - Plans to issue 100 million shares, with a maximum subscription limit of 21,000 shares requiring a market value of 210,000 CNY [9]. - A leader in the wind power equipment components sector, specializing in the development and manufacturing of wind turbine gearbox components [9]. - Revenue projections for 2022-2024 are 942 million CNY, 908 million CNY, and 955 million CNY, with net profits of 183 million CNY, 177 million CNY, and 142 million CNY respectively [9].

近期，新股市场表现较为亮眼。12月5日，被称为"国产GPU第一股"的摩尔线程正式登陆科创板，发行价114.28元/股，上市首日上涨425.46%，收盘报 600.5元/股。按收盘价计算，摩尔线程的单签盈利达24.21万元，超越2021年3月上市的极米科技（单签盈利19.81万元），成为科创板"最赚钱新股"。 根据目前安排，下周将有5只新股可申购。拟于下周一（12月8日）申购的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"。截至目前，公司已 在10Gbps及以下速率细分市场成为主力供应商，据ICC数据统计，2024年公司在10Gbps及以下速率产品细分领域的市占率位居国内第一、全球第二。 同日申购的纳百川是国内最早布局新能源汽车热管理的企业之一。在国内新能源汽车动力电池热管理领域细分市场，公司服务蔚来汽车、小鹏汽车、理想 汽车、哪吒汽车、零跑汽车、吉利汽车、长安汽车、广汽集团、长城汽车、上汽荣威、东风日产、奔驰、大众、奇瑞汽车、赛力斯等多家主机厂，近几年 启动开发任务并完成PPAP程序交付的产品项目数量超300余项，完成适配车型超200余款。在储能热管理系统方面，公司已成为宁德时代、中创新航、阳 光电源 ...

来源：中国基金报 【导读】下周5只新股可申购，优迅股份专注光通信前端收发电芯片 中国基金报记者 闻言 A股打新投资者注意啦！ 根据目前发行安排，下周（12月8日至12日）有5只新股可申购。 12月8日可申购上交所科创板新股优迅股份、深交所创业板新股纳百川，12月9日可申购深交所主板新股 元创股份，12月12日可申购上交所主板新股锡华科技、深交所创业板新股天溯计量。 优迅股份专注光通信前端收发电芯片 优迅股份的申购代码是787807，发行价为51.66元/股，发行市盈率为60.27倍，参考行业市盈率为58.09 倍。 优迅股份此次总发行数量为2000万股，包含网上发行数量480万股。投资者参与网上申购优迅股份，申 购数量上限为0.45万股，顶格申购需配沪市市值4.50万元。 | | | | | 单位:万元 | | --- | --- | --- | --- | --- | | 项目 | 2025.06.30/2025 | 2024.12.31/ | 2023.12.31/ | 2022.12.31/ | | | 年1-6月 | 2024 年度 | 2023 年度 | 2022 年度 | | 资产总额 | 84, ...

【 导读 】 下周5只新股可申购，优迅股份 专注 光通信前端收发电芯片 中国基金报记者 闻言 A股打新投资者注意啦！ 根据目前发行安排，下周（12月8日至12日）有5只新股可申购。 12月8日可申购上交所科创板新股 优迅股份 、深交所创业板新股 纳百川 ，12月9日可申购深交所主板新股 元创股份 ，12月12日可申购 上交所主板新股 锡华科技 、深交所创业板新股 天溯计量 。 优迅股份专注光通信前端收发电芯片 优迅股份 的申购代码是787807，发行价为51.66元/股，发行市盈率为60.27倍，参考行业市盈率为58.09倍。 优迅股份 此次总发行数量为2000万股，包含网上发行 数量 480万股。 投资者参与网上申购 优迅股份 ，申购数量上限为0.45万股，顶格 申购需配沪市市值4.50万元。 优迅股份专注于光通信前端收发电芯片的研发、设计与销售，产品应用于光模组（包括光收发组件、光模块和光终端）中，应用场景涵盖 接入网、4G/5G/5G-A 无线网络、数据中心、城域网和骨干网等领域。 目前，中国是全球最大的光器件、光模块生产基地，但光通信电芯片作为光通信光电协同系统的"神经中枢"，发展相对不平衡，成为中国 ...

Core Insights - The company aims to enhance its market coverage and profitability through various projects funded by the upcoming IPO, including the "Shenzhen Headquarters Measurement and Testing Capability Enhancement Project," "Regional Measurement and Testing Laboratory Construction Project," and "Digital Center Construction Project" [1][3] - The fundraising plan is deemed reasonable and necessary for improving the company's innovation capabilities and competitive strength, thereby expanding its business scale and profitability [1] Investment Projects - The "Shenzhen Headquarters Measurement and Testing Capability Enhancement Project" has an investment amount of 12.77 billion, aimed at improving existing product market coverage and profitability [3] - The "Regional Measurement and Testing Laboratory Construction Project" involves an investment of 17.46 billion, focusing on providing efficient services to clients and deepening regional market activities [3] - The "Digital Center Construction Project" requires an investment of 3.17 billion, which will optimize business processes and enhance operational efficiency [3] - An additional 9 billion will be allocated for supplementing working capital to alleviate operational pressure [3] Company Overview - The company, Tian Su Measurement, is a national high-tech enterprise primarily engaged in measurement calibration, testing, and certification services, serving various industries such as biomedicine, automotive, new energy, and rail transportation since its establishment in 2009 [3][4] - Future plans include establishing a nationwide laboratory network with 34 measurement laboratories and 8 testing bases to enhance measurement and testing capabilities [4] Financial Performance - The company reported a weighted average return on equity of 23.91% for 2024, a decrease of 3.5 percentage points from the previous year [20] - The operating cash flow net amount for 2024 was 132 million, reflecting a year-on-year growth of 1.03% [25] - The company’s liquidity ratios are strong, with a current ratio of 3.23 and a quick ratio of 3.17 for 2024 [53] Shareholder Structure - As of October 23, 2025, the largest shareholder is Gong Tianbao, holding 69.31% of the shares, followed by other significant stakeholders [55]

Core Viewpoint - The Guangzhou Digital Technology Group held its 2025 Technology Innovation Conference, showcasing innovations in AI large models, intelligent computing, low-altitude economy, and data elements, while celebrating the group's 69th anniversary [1][10]. Group 1: Innovation Platforms - The conference marked the establishment of two innovation platforms: the Human Factors Engineering and Assessment Innovation Center and the Embodied Intelligence Joint Laboratory [1][10]. - The Human Factors Engineering and Assessment Innovation Center focuses on the complex systems of humans, machines, and environments, shifting the core concept from "humans adapting to machines" to "machines adapting to humans" [3][12]. - The Embodied Intelligence Joint Laboratory, managed by the Guangzhou Artificial Intelligence Integration Empowerment Center, aims to focus on technology verification, scenario implementation, standard formulation, assessment system construction, and talent cultivation [5][14]. Group 2: Strategic Importance - Both innovation platforms are branches of Guangzhou's key digital technology laboratories, reflecting the company's technical strength in embodied intelligence and human factors engineering assessment [7][16]. - The platforms will integrate the technical accumulation in measurement and testing, leveraging resources from Guangzhou's key digital technology laboratories to support business expansion in emerging technology fields [7][16]. Group 3: Academic Contributions - During the conference, the Deputy General Manager of Guangzhou Measurement, Yu Lili, delivered a keynote speech on the core value of human factors engineering in the intelligent era, discussing the technical points and practical paths of interactive assessment in human-machine collaboration [9][18]. - The company has been deepening its technical layout in related fields, including the establishment of a joint innovation center for AI large models with Beijing Yizhuang Artificial Intelligence Research Institute [19]. Group 4: Future Directions - The company plans to leverage the two innovation platforms to enhance the "R&D-transformation-application" innovation chain, continuously deepening the integration of "artificial intelligence + inspection and testing" technologies to inject "digital intelligence" into high-quality development in emerging industries [19].

Core Insights - Guangzhou Digital Technology Group held an investor conference focusing on becoming a leading enterprise in digital technology integration, with participation from five listed companies [1] - The conference featured a hybrid format of online streaming and offline presentations, attracting over 150,000 online viewers [1] Group 1: Company Strategies - The chairman of Guangzhou Digital Technology Group emphasized a dual-driven strategy of "real economy + capital," focusing on technological innovation and capital operation to accelerate the layout in AI, digital finance, and other future industries [2] - Each listed company presented their business focuses and strategic layouts, with Guangdian Yuntong highlighting its "AI in All" strategy, aiming to lead in AI applications within financial technology and smart transportation [2] - Zhongke Jiangnan is leveraging electronic solutions to enhance fiscal management and expand into healthcare and electronic voucher sectors [2] Group 2: Industry Focus Areas - Haige Communication is targeting the development of new productivity in aerospace and communication sectors, including 6G and smart ocean technologies, to enhance high-end manufacturing and modern services [3] - Guangdian Measurement is focusing on quality assurance services in emerging industries like aerospace and satellite internet, aligning with national quality strategies [3] - Guangha Communication aims to strengthen its position in intelligent command and dispatch systems through a reliable communication network and intelligent services [3]

Core Viewpoint - Shenzhen Tian Su Measurement and Testing Co., Ltd. is organizing its initial public offering (IPO) and listing on the ChiNext board, adhering to various regulatory guidelines and rules set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange [1][2][3] Group 1: IPO Process - The IPO will be conducted through a combination of strategic placement, offline inquiry, and online issuance to public investors holding non-restricted A-shares and depository receipts [2][3] - The strategic placement will involve the company's senior management and core employees, along with related subsidiaries of the sponsor participating in a special asset management plan [3][4] - The offline inquiry will directly determine the issuance price without cumulative bidding [5][6] Group 2: Investor Participation - Qualified institutional investors, including registered securities companies, fund management companies, and insurance companies, are eligible to participate in the offline issuance [5][8] - Each participating investor can submit up to three different quotes, with the highest quote not exceeding 120% of the lowest quote [7][8] - The minimum subscription quantity for each participating object is set at 1 million shares, with increments of 100,000 shares [7][8]

Core Viewpoint - Shenzhen Tian Su Measurement Testing Co., Ltd. has received approval for its initial public offering (IPO) and listing on the ChiNext board, with the registration granted by the China Securities Regulatory Commission [1] Group 1: IPO Process - The IPO application has been approved by the Shenzhen Stock Exchange's listing committee and the China Securities Regulatory Commission [1] - The IPO will involve offline and online subscription on December 12, 2025, with no payment required at the time of subscription [2] - The offline issuance will be conducted through a combination of strategic placement, offline inquiry, and online issuance [2][3] Group 2: Subscription Details - Offline investors must register and submit verification materials by December 8, 2025 [2][9] - The initial inquiry period for offline investors is set for December 9, 2025, where they can submit their proposed prices and quantities [6][12] - Each offline investor can submit up to three different price quotes, with a maximum subscription amount of 4.8 million shares [7][8] Group 3: Investor Requirements - Offline investors must be registered institutions such as securities companies, fund management companies, and qualified foreign investors [5][6] - The average market value of non-restricted A-shares held by offline investors must meet specific thresholds, with a minimum of 10 million yuan for certain funds [17] - Online investors must hold at least 10,000 yuan in non-restricted A-shares to participate in the online subscription [18] Group 4: Pricing and Allocation - The pricing will be determined based on the results of the offline inquiry, with a focus on compliance and risk management [4][13] - The final allocation will consider various factors, including market conditions and the valuation of comparable companies [13] - A mechanism for adjusting the allocation between online and offline subscriptions will be in place, depending on the subscription results [19] Group 5: Lock-up Period and Trading - The stocks issued through online subscriptions will have no trading restrictions, while 10% of the stocks from offline subscriptions will be subject to a six-month lock-up period [15][16] - Investors must adhere to the specified lock-up arrangements upon participating in the subscription [15] Group 6: Compliance and Legal Obligations - Investors must ensure compliance with industry regulations and provide accurate asset reports during the subscription process [10][11] - Any violations or discrepancies in the submitted information may result in disqualification from the subscription [9][21]

Core Viewpoint - Shenzhen Tian Su Measurement and Testing Co., Ltd. is conducting an initial public offering (IPO) and listing on the ChiNext board, following various regulatory guidelines and rules set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange [1][2][3]. Group 1: IPO Process - The IPO will be organized by the sponsor (lead underwriter), China Merchants Securities Co., Ltd., and will involve a combination of strategic placement, offline inquiry, and online issuance [2][3]. - The strategic placement will include participation from the company's senior management and core employees, as well as potential investments from related subsidiaries of the sponsor [3][4]. - The offline inquiry will take place on December 9, 2025, allowing qualified institutional investors to submit their proposed purchase prices and quantities through the Shenzhen Stock Exchange's electronic platform [5][6]. Group 2: Investor Participation - Only qualified institutional investors, such as registered securities companies, fund management companies, and insurance companies, are eligible to participate in the offline inquiry and allocation [5][7]. - Each participating investor can submit up to three different quotes, with the highest quote not exceeding 120% of the lowest quote [6][7]. - The minimum purchase quantity for each allocation object is set at 1 million shares, with increments of 100,000 shares thereafter [6][7].