星标 ★ IPO日报 精彩文章第一时间推送 陕西旅游的IPO吸引了大量市场目光。 根据招股书，陕西旅游的发行价为80.44元，市盈率不到13倍，与行业平均的30多倍相比，可谓相当"便宜"。如果它披露的一切信息真实可行， 那么这次发行价算是非常良心。不过它并非没有隐患：最近发布的业绩预告称，预计2025年归属于母公司股东的净利润为3.71亿-4.36亿元，下降 幅度为27.5%-14.8%。也就是说，陕西旅游还没上市，业绩已有"变脸"之迹象。那么上市后，其业绩又会如何？股价会不会破发？这无论对参与 打新的投资者，还是准备在二级市场进行买卖的股民来说，都是需要考虑的问题，需要认真研究它募投项目的可行性，以及未来的盈利前景。 END 本文中的市场分析、预测等内容仅代表作者观点，不构成对读者的投资建议。投资者应根据自身风险承受能力做出独立判断。 12月23日，陕西旅游公告称，公司首次公开发行的1933.3334万股、发行价80.44元、占发行后总股本25%的股票，共有约3.87万个号码中签，这 意味着近2000万人次参与的申购，"获奖率"低至约千分之一。 这在主板是比较少见的。由此可以看见，投资者参与陕西旅游IPO的 ...

Meeting Details - The 32nd meeting of the 8th Board of Directors of Yunnan Tourism Co., Ltd. was held on December 22, 2025, via communication voting, with all nine directors participating in the vote [1] Resolutions - The company reviewed and approved the proposal to revise and abolish certain governance systems, with specific details available on the company's official disclosure platform [2][4] - A conflict of interest was noted during the voting process, as the General Manager, Li Tao, abstained from voting on the sub-proposal related to executive compensation management [2] - The company approved adjustments to the members of the specialized committees of the 8th Board of Directors due to changes in board membership [5][6] - The new composition of the Compensation and Assessment Committee includes Song Yuncang (convener), Sun Shengdian, and Li Xiaojun, while the Audit Committee is led by Li Xiaojun (convener), with Wu Tong and Song Yuncang as members [5][6] - The composition of the Strategy Committee and Nomination Committee remains unchanged [7] - The voting results for the resolutions were unanimous, with 9 votes in favor, 0 against, and 0 abstentions [8] Documentation - The resolutions from the 32nd meeting of the 8th Board of Directors are available for review [9]

12月24日消息，交易所公告称，健信超导今日在上交所科创板上市，公司证券代码：688805，发行市盈 率为61.97倍。新广益、陕西旅游中签号出炉，网上发行中签号分别有30085个、38666个。 【今日上市】 健信超导今日上市 发行价格18.58元/股 据交易所公告，健信超导今日在上交所科创板上市，公司证券代码：688805，发行价格18.58元/股，发 行市盈率为61.97倍。 公司简介： 2013年12月11日,公司前身宁波凯方核磁技术有限公司成立。 2015年10月,公司名称由"宁波 凯方核磁技术有限公司"变更为"宁波健信核磁技术有限公司"。 2022年11月3日,公司名称变更为"宁波健 信超导科技股份有限公司" 主营业务：医用磁共振成像(MRI)设备核心部件的研发、生产和销售。 【中签号及缴款】 新广益中签号出炉 共计30085个 末"五"位数：66979，06979，26979，46979，86979； 末"六"位数：980369，180369，380369，580369，780369，402156； 末"八"位数：60461731，00461731，20461731，40461731，80461 ...

Group 1 - The company Shaanxi Tourism is a leading tourism destination enterprise in Shaanxi Province, focusing on unique attractions such as Huaqing Palace and Mount Huashan [2] - The company has developed tourism performances like "The Song of Everlasting Regret" and "12.12 Xi'an Incident Song," which serve as cultural tourism icons for Shaanxi [2] - The total market capitalization of Shaanxi Tourism is 4.666 billion yuan, with an issuance price of 80.44 yuan and a price-to-earnings ratio of 12.37 [2] Group 2 - The company Jianxin Superconducting, listed on the Sci-Tech Innovation Board, specializes in medical MRI equipment, particularly superconducting magnets and gradient coils [5] - Jianxin Superconducting has become the largest supplier of MRI superconducting magnets globally, breaking the long-standing monopoly of European, American, and Japanese manufacturers [5] - The total market capitalization of Jianxin Superconducting is 2.337 billion yuan, with an issuance price of 18.58 yuan and a price-to-earnings ratio of 61.97 [5]

Core Viewpoint - Malaysia's economy is projected to grow at 4.7% in 2025, supported by a strong labor market and sustained consumer spending, despite external pressures from geopolitical factors affecting key exports [2][6]. Group 1: Economic Outlook - The Malaysian economy is expected to maintain resilience with a GDP growth target of 4.5% to 5.5% set for the 13th Malaysia Plan (2026-2030), driven by sectors such as AI, semiconductors, and tourism [3][12]. - The unemployment rate has dropped to a ten-year low, contributing to robust consumer spending [2][6]. - The overnight policy rate (OPR) is likely to remain at 2.75% through the end of 2025 and early 2026, as current monetary policy supports economic growth [12][19]. Group 2: Capital Markets - The FBMKLCI index underperformed compared to regional markets in 2025, primarily due to weak earnings growth expectations and a lack of new tech IPOs [4][23]. - Despite the Malaysian ringgit appreciating by 8.8% against the US dollar in 2025, the market valuation remains below the ten-year average, indicating potential for upward movement [4][32]. - Foreign capital inflow may provide support for the market, as the ringgit's strength enhances the attractiveness of Malaysian assets [36][40]. Group 3: Investment Themes - Key investment opportunities are identified in sectors driven by AI capital expenditure, subsidies, and policy initiatives, including: - **Electrical and Electronics**: The sector is expected to benefit from a doubling of electronic exports to 1 trillion ringgit by 2030, supported by the national semiconductor strategy [5][48]. - **Digital Infrastructure**: Major investments in data centers by tech giants are anticipated to boost demand in the power and construction sectors [5][48]. - **Modern Retail**: Government subsidy programs are expected to enhance consumer spending and support retail growth [5][48]. - **Tourism Services**: The 2026 Malaysia Tourism Year aims to attract 47 million visitors and generate 329 billion ringgit in tourism revenue, with government support for infrastructure and promotional activities [5][49].

Group 1 - The first batch of Vietnamese snow-viewing tourist groups entered through the Hekou port, consisting of 55 groups with over 1,200 people visiting the Jiaozi Snow Mountain scenic area in Kunming [2] - Yunnan has recently experienced snowfall, attracting many Vietnamese tourists to organize group trips for snow viewing [2] - The Hekou border inspection station has implemented a pre-declaration system for cross-border tourist groups, optimizing inspection processes and ensuring smooth passage for tourists [2] Group 2 - From January to November this year, Hekou North Station has sent a total of 41,200 Vietnamese travelers, marking a year-on-year increase of 55.78% [2] - Since May 2023, when the first Vietnamese cross-border tourist group chose to travel by train, the number of travelers has consistently grown by 50% for three consecutive years [2]

Group 1 - The Daguanzhuan New Agricultural Market in Kunming is a popular destination for locals and tourists, known for its diverse range of food ingredients and specialties [2] - The market has gained popularity on social media, attracting visitors who come to experience local delicacies and the vibrant lifestyle of Yunnan [2] - The market features various stalls, including a coffee shop where visitors can taste Yunnan coffee beans [2] Group 2 - Fresh blueberries from Yunnan have recently become available, showcasing the region's agricultural diversity [5] - Tour guides are actively introducing the market to international visitors, including those from Malaysia, enhancing the market's appeal as a cultural experience [7] - The market is decorated with local specialties, such as wild mushrooms, which attract both locals and tourists [9]

Group 1 - Harbin's Ice and Snow World showcased six sets of Year of the Horse themed ice sculptures, enhancing the city's winter tourism atmosphere [1] - Harbin has become a popular travel destination for the New Year holiday, with significant increases in travel route bookings [1][3] - The "World Tourism Economic Forum · Heilongjiang 2025" is being held in Harbin, marking a collaboration with the United Nations World Tourism Organization to promote winter tourism [3] Group 2 - Train ticket sales for the New Year holiday show high demand for routes to Harbin, particularly from cities within a 4-hour high-speed rail radius [3] - Popular train routes include Shenyang-Harbin and Changchun-Harbin, with the Beijing-Harbin route being the most sought after [3] - Harbin ranks among the top ten travel destinations for the New Year holiday, with tickets for peak travel times selling out in under half a minute [3] Group 3 - Harbin Ice and Snow World is the largest ice and snow theme park globally, attracting both domestic and international tourists [3] - Upcoming attractions include the Harbin Sun Island Snow Expo, Harbin Songhua River Ice and Snow Carnival, and Harbin Ice Lantern Garden Party, set to open by the end of December [3] - Skiing is a highly popular activity among tourists, with family trips being a frequently mentioned travel topic [3]

Macro Dynamics - Beijing has issued the first batch of L3-level highway autonomous vehicle special license plates, marking a significant milestone in the country's autonomous driving era. The "conditionally automated driving" feature is currently limited to specific highway sections in Beijing [2] - The State Administration for Market Regulation will soon implement strict regulations on food safety responsibilities for live-streaming e-commerce operators, establishing clear guidelines and penalties for non-compliance [3][4] - By 2026, China plans to build over 10,000 charging guns in highway service areas, with at least 25% being high-power chargers, to enhance electric vehicle charging infrastructure [5] - The Chinese Foreign Ministry has expressed strong opposition to the U.S. adding DJI drones to a restricted list, criticizing the discriminatory practices against Chinese companies [6] - A radioactive water leak occurred at a decommissioned nuclear reactor in Japan, potentially exposing several individuals to radiation [7] Financial Institutions - Hangzhou Bank plans to issue financial bonds not exceeding 40 billion RMB, with a maturity of up to 10 years [8] - The CEO of Bank of America highlighted the increasing impact of AI investments on the U.S. economy, suggesting that AI will play a significant role in future economic contributions [9] Market Data - On December 23, the market experienced a pullback after an initial rise, with the Shanghai Composite Index up by 0.07% and the Shenzhen Component Index up by 0.27%. New stocks listed on the same day saw significant gains [10] - As of December 22, the total margin balance in the two markets increased by 12.534 billion RMB, indicating a growing interest in leveraged trading [11] - The Hong Kong Hang Seng Index closed down by 0.11%, with notable movements in gold stocks and declines in certain tech stocks [12] Company Dynamics - Oriental Yuhong reported that its U.S. subsidiary fell victim to a telecom fraud involving approximately 12.118 million RMB, but the incident is not expected to significantly impact the company's operations [13] - Zhongxin Tourism has established three subsidiaries in Hainan and is actively expanding its tourism-related business in the region [14] - Haohai Biological Technology's controlling shareholder was fined 14.6292 million RMB for insider trading, but this will not affect the company's daily operations [15][16] - The co-founder of the game "Call of Duty," Vince Zampella, tragically passed away in a car accident [17] - Jiangbolong indicated that rising prices of storage wafers would positively impact the company's gross margin, supported by long-term supply agreements with major wafer manufacturers [18]

Group 1 - Shanxi Province's Pinglu County is promoting the cultivation of traditional Chinese medicinal herbs such as Chaihu, Huangqin, and Dihuang, leveraging the geographical and climatic characteristics of the Loess Plateau [2] - Hunan Province's Taoyuan County is developing rural workshops to create job opportunities close to home, exemplified by the production of wind turbine blade fasteners at Hunan Feiwo New Energy Technology Co., Ltd. [4] - Zhejiang Province's Huzhou City is utilizing bamboo resources for deep processing, producing bamboo products like chopsticks, curtains, chairs, and mats [5] Group 2 - Anhui Province's Hefei City is exploring land intensification, integrated services, and smart agriculture, resulting in over 300 villagers achieving employment [7] - Jiangxi Province's Fengcheng City is enhancing its handmade noodle industry by adopting new food processing technologies and leveraging e-commerce platforms for nationwide sales [9] - Guangxi Zhuang Autonomous Region's Liuzhou City is advancing the industrialization and standardization of scallion production, with an area of 43,000 acres and an annual output of approximately 100,000 tons [14] Group 3 - The national scale of agricultural product processing enterprises is projected to exceed 100,000, with an estimated revenue of around 18 trillion yuan in 2024 [14] - The rural landscape is evolving, with various regions exploring new paths and models for development based on their unique characteristics and resources, contributing to a comprehensive rural revitalization [14] - In Henan Province's Luoyang City, the production of peony potted flowers is expected to reach 1 million, becoming a distinctive industry for local prosperity [14]