证券研究报告 2025 年 6 月 9 日 星期一 【新股发行跟踪（20250609）】 一、上周新股表现情况 上周（6 月 2 日-6 月 6 日）共有 2 只新股上市，上市首日涨跌幅均值 为 37.74%。其中，无新股上市首日涨幅超 100%。上周无新股首日破发。 资料来源：东莞证券研究所，iFinD 二、周度新股上市情况走势 从周度新股上市规模来看，上周（6 月 2 日-6 月 6 日，下同）较上上 周（5 月 26 日-5 月 30 日，下同）相比，上市新股数量多 1 只，首发募资 金额多 44.03 亿元。 从周度上市新股表现来看，上周与上上周均无新股首日破发，与上上 周相比，上周首日涨幅超 100%的新股数量有所减少，上市首日涨跌幅均 值大幅下降。 资料来源：东莞证券研究所，iFinD 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。请务必阅读 末页声明。 1 表 1：上周新股表现 股票代码 股票简称 上市日期 上市 板块 发行价 格（元） 发行市 盈率 证监会行业 首日收盘 涨跌幅(%) 603049.SH 中策橡胶 ...

Group 1 - The core viewpoint of the news is that AVIC Xi'an Aircraft Industry Group Co., Ltd. (中航西飞) has shown a positive stock performance with a closing price of 25.87 yuan, up 4.78% as of June 9, 2025 [1] - The company reported total operating revenue of 8.438 billion yuan for Q1 2025, a slight decrease of 0.20% year-on-year, while net profit attributable to shareholders was 289 million yuan, an increase of 5.97% year-on-year [1] - The company has a current ratio of 1.072, a quick ratio of 0.666, and a debt-to-asset ratio of 71.33% [1] Group 2 - AVIC Xi'an has made investments in 17 companies and participated in 1,807 bidding projects [2] - The company holds 121 trademark registrations and 1,184 patent registrations, along with 80 administrative licenses [2]

Group 1: Historical Context and Impact - The sinking of the Titanic and its connection to the establishment of the Federal Reserve is largely seen as a conspiracy theory, as the timeline indicates that the Federal Reserve's planning began after the 1907 financial crisis, well before the Titanic disaster [3][4] - The actual attitudes of the wealthy passengers aboard the Titanic towards the Federal Reserve are not definitively oppositional; for instance, Isidor Straus supported the idea of a central banking system [4][6] - The Titanic tragedy's association with the Federal Reserve's formation is likely an over-interpretation by later generations, as the deaths of these wealthy individuals had minimal impact on the creation of the Federal Reserve [4][10] Group 2: Potential Business and Economic Changes - If John Jacob Astor IV had survived, his influence in real estate and investment could have significantly altered the real estate landscape in New York and beyond, potentially directing family funds towards emerging technologies [6][10] - Benjamin Guggenheim's survival could have strengthened the Guggenheim family's position in the mining and metallurgy sectors, possibly affecting global resource competition and the family's focus on industrial rather than artistic endeavors [7][10] - Isidor Straus's continued leadership at Macy's could have led to different competitive strategies in the American retail sector, influencing the evolution of modern department store operations [7][11] Group 3: Social and Cultural Implications - The survival of these wealthy individuals could have resulted in different philanthropic directions, as their personal values would shape charitable contributions, potentially leading to a divergence from the interests of their heirs [11][12] - The cultural landscape might have been altered, with significant art collections potentially residing in different institutions, affecting the composition of museum collections [11][12] - The "Gilded Age" ethos may have persisted longer, as the behaviors and social interactions of the wealthy would continue to shape societal norms and expectations [12][13] Group 4: Broader Historical Effects - The collective survival of the Titanic's wealthy passengers would not have drastically changed the course of history, but their influence could have subtly shifted company trajectories, family legacies, and industry dynamics over the following decades [13] - Their presence could have impacted U.S. domestic policies and economic measures, as their wealth and connections would allow them to exert influence on political decisions [12][13] - The Titanic disaster serves as a cultural symbol, and its absence from history would create a significant void in collective memory and cultural narratives [12][13]

Group 1 - The State Intellectual Property Office of China has published a patent application for a "400 km/h contact network special anti-fatigue electrical connection line connection process" by China Railway Construction Electrification Bureau Group Kangyuan New Materials Co., Ltd., China Railway Construction Electrification Bureau Group Co., Ltd., and China Railway Construction Corporation Limited [1] - The patent describes a connection process that features high fatigue resistance, high mechanical strength, and excellent conductivity, suitable for high-speed dynamic conditions [1] - The electrical connection line is designed to ensure smooth current transition between the contact line and the supporting cable, preventing current from flowing through the suspension wire and support devices, which could lead to damage [1] Group 2 - China Railway Construction Electrification Bureau Group Kangyuan New Materials Co., Ltd. was established in 2005, located in Wuxi, with a registered capital of 27 million RMB, primarily engaged in manufacturing for railways, ships, aerospace, and other transportation equipment [2] - China Railway Construction Electrification Bureau Group Co., Ltd. was founded in 1994, based in Beijing, with a registered capital of 380 million RMB, focusing on civil engineering construction and has participated in 5,000 bidding projects [2] - China Railway Construction Corporation Limited was established in 2007, also located in Beijing, with a registered capital of approximately 1,357.95 million RMB, involved in civil engineering construction and has invested in 115 enterprises [2]

证券代码：600967 证券简称：内蒙一机 公告编号：临 2025-021 号 内蒙古第一机械集团股份有限公司 关于 2020 年限制性股票激励计划首次授予部分及 预留授予部分第三个解除限售期解除限售条件成就 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●内蒙古第一机械集团股份有限公司（以下简称"公司"）2020年限制性股 票激励计划（以下简称"本次激励计划"）首次授予部分及预留授予部分第三个 解除限售期解除限售条件已经成就，符合解除限售条件的激励对象共计131名， 可解除限售的限制性股票数量288.123万股，占公司目前总股本的0.17%； ●本次限制性股票办理完解除限售手续后，在上市流通前，公司将发布相关 提示性公告，敬请投资者注意。 ●公司于2025年6月6日召开七届二十二次董事会、七届十六次监事会，审议 通过了《关于2020年限制性股票激励计划首次授予部分及预留授予部分第三个解 除限售期解除限售条件成就的议案》。根据《上市公司股权激励管理办法》（以 下简称"《管理办法》"）及公司《2020年 ...

Core Viewpoint - The event organized by the State Council Information Office highlighted the importance of "craftsmanship spirit" in contributing to national development, with representatives from various central enterprises sharing their insights and experiences [1][4]. Group 1: High-Speed Rail Industry - A high-speed rail worker emphasized the need for precision and determination in repetitive tasks, stating that the ability to perform critical tasks that others cannot is essential [3]. - The worker shared her experience in high-speed rail assembly, detailing the use of advanced welding techniques that achieve precision in connecting components [3]. - The team has successfully manufactured 6,122 high-speed trains over the past decade, contributing significantly to the national rail infrastructure [3]. Group 2: Heavy Machinery and Forging Industry - A chief skills master from a forging factory stressed the importance of dedication and excellence in one's craft, advocating for continuous improvement in ordinary tasks [6]. - The master has developed 53 unique forging methods over a 35-year career, showcasing innovation in heavy machinery production [6]. - He highlighted the dual responsibilities of craftsmen: personal life and the mission assigned by their companies, emphasizing the need for resilience and commitment in their work [6].

Core Insights - The Shanghai Oriental Hub is progressing with the first phase of the International Business Cooperation Zone expected to open by the end of this year [1] - The hub aims to become a world-class transportation center, connecting the Yangtze River Delta with global destinations [4][5] - The area is set to enhance Shanghai's role in international trade and business, with a focus on high-value industries [7][21] Planning and Development - The detailed planning for the Oriental Hub has been approved, covering an area of approximately 510 square kilometers [3] - The Shanghai East Station, part of the hub, is designed to handle 400 to 600 million passengers annually, with a total construction area of over 1.3 million square meters [4] - The hub will integrate various transportation modes, including national and regional railways, urban transit, and airport connections [4] Strategic Importance - The Oriental Hub is positioned as a key player in China's international aviation competition, with a projected annual passenger flow of 170 to 200 million [4][7] - It will serve as a center for high-tech industries, including electronic information and biomedicine, enhancing the supply chain network [7] - The hub is expected to facilitate greater international connectivity and resource integration, becoming a pivotal point for the Yangtze River Delta's development [7][8] Industry Focus - The planning emphasizes the development of three main industries: aviation, airport-related industries, and service sectors linked to high-speed rail [17][21] - The area will focus on enhancing the aviation supply chain, increasing the localization rate of the aircraft industry, and fostering innovation [19] - The International Business Cooperation Zone will attract global talent and facilitate cross-border business activities, enhancing Shanghai's international profile [15][20] Infrastructure and Connectivity - The hub will improve transit efficiency and connectivity, with plans to optimize flight schedules and reduce cargo clearance times [12] - A new management framework will allow foreign personnel to enter the business cooperation zone without traditional visa requirements, promoting ease of access [14] - The planning includes a "2+3+10" industrial layout to strengthen connections between the airport economy and surrounding industries [21]

Core Insights - China's transportation investment remains high, with fixed asset investment reaching 950.3 billion yuan from January to April, showing year-on-year growth in railway and waterway investments of 5.3% and 10.4% respectively [1] - A series of major transportation projects have been planned and are underway, including the construction of the new waterway channel for the Three Gorges, which aims to alleviate congestion issues [2][3] Transportation Investment - From January to April, China's fixed asset investment in transportation reached 950.3 billion yuan, with significant growth in railway and waterway investments [1] - The Ministry of Transport has outlined 20 major projects and 45 significant initiatives to enhance the national comprehensive transportation network [1] Major Projects - The Three Gorges Waterway New Channel project is crucial for resolving congestion at the Three Gorges ship lock, which has been operating beyond its designed capacity since 2011 [2] - The project is estimated to cost 49.1 billion yuan and is expected to generate annual economic benefits of approximately 4.68 billion yuan from reduced shipping times and 57.42 billion yuan from replacing road transport [3] Infrastructure Development - The establishment of the Three Gorges Waterway New Channel (Hubei) Co., Ltd. with a registered capital of 10 billion yuan marks a significant step in project development [3] - The project is part of a broader initiative to enhance the transportation infrastructure in the Yangtze River region, which is vital for economic growth [2][3]

Summary of Key Points Core Viewpoint - Shentong Metro (600834) experienced a significant decline of 7.41% in its stock price, with a trading volume of 3.42 billion yuan and a turnover rate of 8.38% on the day of the report [2]. Trading Activity - The stock was listed on the Shanghai Stock Exchange for a deviation of -7.84% due to its daily drop, with a net selling amount of 1.2277 million yuan from brokerage seats [2]. - The top five brokerage seats accounted for a total transaction volume of 61.3522 million yuan, with buying transactions amounting to 30.0623 million yuan and selling transactions totaling 31.29 million yuan, resulting in a net selling of 1.2277 million yuan [2]. Major Buyers and Sellers - The largest buying brokerage was Guotai Junan Securities Headquarters, with a purchase amount of 10.0186 million yuan, while the largest selling brokerage was Dongfang Caifu Securities Lhasa Tuanjie Road First Securities Office, with a selling amount of 6.8881 million yuan [2]. Fund Flow - The stock saw a net outflow of 5.6278 million yuan in main funds, with large orders contributing to a net outflow of 2.7949 million yuan and big orders contributing to a net outflow of 2.8329 million yuan. Over the past five days, the net outflow of main funds reached 35.3473 million yuan [2]. Financial Performance - The company reported its Q1 earnings on April 30, showing a total revenue of 128 million yuan, a year-on-year decrease of 8.68%, and a net profit of 9.1485 million yuan, reflecting a year-on-year decline of 32.64% [2].

Investment Rating - The industry investment rating is "Overweight" [7] Core Viewpoints - The Dragon Boat Festival holiday travel was relatively subdued, with a total of 657 million people traveling, a year-on-year increase of 3.0%, which is lower than the initial forecast of 7.7% by the Ministry of Transport [2] - Short-distance travel demand showed slightly better performance compared to medium and long-distance travel, primarily due to frequent rainfall in southern regions and the proximity of the holiday to the college entrance examination [2] - The report recommends the aviation sector, particularly China National Aviation (A/H), as well as highway companies such as Anhui Wanshan Expressway (A/H), Zhejiang Huhang Expressway, and Guangdong Expressway A [2] Summary by Sections Aviation - During the Dragon Boat Festival, the average daily passenger volume for civil aviation was 1.867 million, a year-on-year increase of 1.22%, which is lower than the growth rates of rail and road transport [3] - The three-day holiday saw stable growth rates of 0%, 1.3%, and 2.4% respectively, with international routes showing a significant increase of 17.6% in flight volume [3] Road Transport - The total road passenger flow during the holiday was estimated at 600 million, with a daily average of 200 million, reflecting a year-on-year growth of 3.14% [4] - The growth rate of road passenger flow was slightly lower than the growth rate of vehicle ownership, which increased by 5.1% year-on-year by the end of 2024 [4] Rail Transport - The total railway passenger volume during the holiday was 47.108 million, with a daily average of 15.7027 million, showing a year-on-year increase of 2.3% [5] - The railway passenger volume experienced a good start on the first day with a 5.0% year-on-year increase, but saw a decline of 11.2% on the second day due to weather impacts [5] Recommended Stocks - China National Aviation (601111 CH) with a target price of 10.20 and a "Buy" rating [10] - Anhui Wanshan Expressway (600012 CH) with a target price of 18.60 and a "Buy" rating [10] - Zhejiang Huhang Expressway (576 HK) with a target price of 7.82 and a "Buy" rating [10] - Guangdong Expressway A (000429 CH) with a target price of 15.59 and a "Buy" rating [10]