这72家拟IPO企业为何"撤单" 业绩成长性不足 技术创新性欠佳 募资必要性存疑 ◎记者 胡嘉树 今年以来，沪深北三大交易所合计新受理177家企业上市申请，与此同时，不少拟上市公司在审核问询 或注册环节遇到各种问题而主动"撤单"，上市之路就此终止。 据上海证券报记者初步统计，截至7月11日，三大交易所合计有72家公司主动"撤单"导致IPO终止，撤单 数同比下降超过70%。从申报板块及所属行业分布看，拟申报北交所、创业板的撤单公司数量最多，集 中分布在专用设备制造业、软件和信息技术服务业及汽车制造业等。其中，20家公司为过会后"撤单"。 业绩成长性与可持续性、募资必要性与合理性、技术先进性与创新性、实控人相关风险等，成为掣肘 IPO的关键问题。 对于企业"撤单"后的去向，有资深投行人士分析称，此类企业或有三种出路：一是导致"撤单"的因素消 除后，企业可重新申报上市；二是在监管政策鼓励支持并购重组背景下，部分企业或选择被上市公司并 购；三是评估板块定位及上市条件，转道港交所或北交所再尝试上市。 今年以来72家拟上市公司"撤单" 具体来看72家"撤单"企业申报板块分布情况：北交所27家，创业板20家，上交所主板13 ...

Group 1 - The report highlights optimism for the export of air separation equipment and the development of smart fire safety systems under urban renewal policies, indicating a market space exceeding 100 billion yuan for air separation equipment [3][13][14] - Air separation equipment is crucial for producing industrial gases and is widely used in various industries such as coal chemical, petrochemical, metallurgy, and nuclear power [3][13] - The company Fostar has established a strong brand presence in overseas markets due to its quality certifications, customer resources, project experience, and competitive pricing [14][15][16] Group 2 - Urban renewal policies have been continuously introduced since 2025, focusing on creating livable, resilient, and smart cities, which has led to a significant demand for upgrading fire safety systems in older residential areas [3][17][18] - The report mentions that as of the end of 2024, contracts for urban renewal projects in Beijing have exceeded 50%, indicating a robust market for fire safety equipment upgrades [19] - Qingniao Fire Safety, a leading company in fire alarm systems, is actively exploring the market for upgrading fire safety equipment in existing buildings, focusing on intelligent upgrades and integrated safety solutions [19] Group 3 - The probe station market, a key testing equipment in semiconductor manufacturing, has shown strong growth potential, with a compound annual growth rate (CAGR) of 22.28% from 2013 to 2023 in mainland China [5][14] - The demand for probe stations is closely linked to advancements in semiconductor manufacturing processes and increased production volumes, with domestic leaders like Xidian accelerating the pace of domestic substitution [5][14] - The report indicates that Xidian's market share in China reached 25.7% in 2023, reflecting a strengthening trend towards domestic replacement of imported equipment [5][14]

证券研究报告 | 宏观深度报告 | 中国宏观 经济周周看：本周经济景气度总体平稳 ——宏观经济周度高频前瞻报告 核心观点 基于前期报告《经济周周看：整体向上，生产偏强，需求涨跌互现——宏观经济周度 高频前瞻报告》中构建的生产端景气周度跟踪框架，我们进一步编制 GDP 周度高频 景气指数，更好地综合把握经济景气强度及变化方向。 从我们构建的 GDP 周度高频景气指数历史回溯来看，GDP 周度高频景气指数在趋势、 节奏上与月度 GDP 的趋势节奏有较好的拟合度，例如 2024 年二季度的回落、三季度 筑底与四季度的大幅改善得到较好拟合，在拐点上有较好提示。未来随着高频数据质 量的进一步完善，有望更好地拟合周度 GDP，使其在弹性强度上更为准确。 GDP 周度高频景气指数本周（截至 7 月 12 日）为 5.8%，与上周修订值 5.8%基本持 平，或表征经济增长景气相对平稳。 从生产端来看，服务业、工业高频指标较上周涨跌互现。 从需求端来看，消费下行，固投整体走弱，出口韧性尚可。 从价格端来看，本周物价边际回升，工业品价格回暖。 ❑ 风险提示 经济结构转型，传统指标对经济的拟合度下降； 地缘政治博弈强度超预期。 宏 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 核心观点 长安汽车6月销量回暖，二季度汇总收入环比提升。长安汽车6月整体销量23.51万辆，同比增长4.5%，环比增长4.8%；1-6月累计整体销量135.53万辆，同比增长1.6%。2025年二季度全口径 新能源及海外销量快速增长，预计兵装集团汽车业务分立将有助于公司决策和经营效率提升。6月长安自主品牌销量19.53万辆，同比增长3.4%，环比增长5.8%；1-6月累计销量115.06万辆， 阿维塔品牌稳健发展，预计公司下半年销量增速将提升。阿维塔6月销售1.17万辆，同比增长116.9%，环比减少20.5%，连续四个月实现销量破万。阿维塔目前正加速推进全球市场布局，202 盈利预测与投资建议 预测2025-2027年归母净利润80.30、94.71、113.13亿元，维持可比公司25年平均PE估值21倍，目标价17.01元，维持买入评级。 风险提示 长安自主品牌销量低于预期、长安合资品牌销量低于预期、行业价格战影响盈利。 ...

韩国产业通商资源部测算，加税将导致韩国年出口额减少约12亿美元。汽车制造业首当其冲，现代汽车 北美工厂依赖的13种核心部件被纳入清单，单车生产成本可能增加800美元。 半导体行业更焦虑。三星电子存储芯片生产线使用的5种特殊材料被加税，而其在德州的工厂正处于扩 产关键期。韩国半导体产业协会已向青瓦台提交紧急报告，警告可能影响4.2万个就业岗位。 李在明的应对动作很明显。7月11日上午，他紧急召见财政部长和产业部长，要求"24小时内拿出反制方 案"。下午又通过发言人表态"重视韩美同盟的同时，也要维护本国企业利益"，这番话与他上月"不会为 同盟牺牲经济"的表态形成对比。 韩媒援引青瓦台内部消息，称中方已通过非正式渠道发出邀请。李在明的首席外交顾问7月10日接受采 访时说"正在评估各种可能性"，但未正面回应。去还是不去，牵扯太多。若出席，可能触怒美国，毕竟 美国国会刚通过《韩美贸易关系评估法案》，其中特别提到"反对韩国与竞争对手深化军事以外的合 作"。若拒绝，中韩刚刚回暖的经贸关系可能受影响——今年前6个月，中韩贸易额同比增长8.3%，中 国仍是韩国最大贸易伙伴。 据北京日报报道，7月10日，美国商务部宣布8月1日起 ...

重点关注 ·"相互支持、团结合作、共迎挑战" 王毅谈东亚合作年度系列外长会积极成果 ·倒计时进入60天 2025年服贸会已有超700家企业机构意向线下参展 ·特朗普宣布将对欧盟、墨西哥商品征收30%关税欧洲多国强烈反对欧盟：必要时对等反制墨西哥：关 税"不公平" 国内要闻 ·7月12日，中共中央政治局委员、外交部长王毅在吉隆坡出席东亚合作年度系列外长会期间向记者谈中 国东盟合作。王毅表示，今年的东亚合作系列外长会开得很顺利，尤其是中国-东盟的10+1外长会气氛 十分友好、融洽，在当前单边主义、保护主义甚嚣尘上的背景下，中国和东盟国家展现了相互支持、团 结合作、共迎挑战的强烈愿望。（新华社） ·记者12日从北京市国际服务贸易事务中心了解到，2025年服贸会目前各项准备工作有序进行，已有超 700家企业机构意向线下参展，论坛会议方面，已征集14场主题论坛、76场专题论坛和50场洽谈推介， 涵盖数智时代电商发展、服务贸易新趋势、数字贸易创新能力提升、旅游文明互鉴、全球绿色经济发展 等诸多领域。（新华社） ·7月11日，中国证券业协会发布《关于加强自律管理推动证券业高质量发展的实施意见》，从完善自律 管理体系、加强保 ...

Core Viewpoint - Saisir Group expects significant growth in net profit for the first half of 2025, driven by a focus on software-defined vehicles and a strong product lineup [1][3]. Financial Performance - The company anticipates a net profit attributable to shareholders of 2.7 billion to 3.2 billion yuan, representing a year-on-year increase of 66.2% to 96.98% [1]. - The expected net profit, excluding non-recurring gains and losses, is projected to be 2.23 billion to 2.73 billion yuan, reflecting a growth of 55.13% to 89.92% year-on-year [1]. Sales Performance - In the first half of the year, Saisir sold a total of 198,600 vehicles, a decrease of 15.77% year-on-year [3]. - New energy vehicle sales reached 172,100 units, down 14.35% year-on-year [3]. - The flagship model, Wanjie M9, achieved sales of 62,500 units, marking a year-on-year increase of 6.28%, contributing significantly to net profit despite overall sales decline [3]. Product Development - The Wanjie M8, priced around 400,000 yuan, was launched in April and recorded sales of 35,200 units in the second quarter [5]. - The company continues to enhance its product offerings and market strategy, which has led to improved profitability and operational quality [3]. Strategic Initiatives - Saisir Group submitted an application for a mainboard listing on the Hong Kong Stock Exchange in April [5]. - The company announced a capital increase of 5 billion yuan from multiple strategic investors for its subsidiary, Saisir Automotive [5].

Core Viewpoint - The article discusses the recent recovery in sales of joint venture car manufacturers in China, highlighting the factors contributing to this turnaround and the ongoing challenges in the electric vehicle (EV) transition [1][2]. Sales Performance - In the first half of 2025, most joint venture car manufacturers, except for Honda and Dongfeng Nissan, experienced sales growth, with FAW Toyota leading at a 16% increase [2][3]. - FAW-Volkswagen sold 436,100 vehicles, a 3.5% increase, while SAIC Volkswagen's sales reached 523,000, up 2.3% [3][4]. - The overall retail sales of mainstream joint venture brands in June increased by 5% year-on-year, with classic fuel vehicles like the Lavida and Sagitar performing well [4]. Fuel Vehicle Recovery - Joint venture manufacturers have relied on fuel vehicles to recover from previous declines, with notable increases in market share for brands like FAW-Volkswagen and GAC Toyota [3][4]. - The performance of fuel vehicles has been bolstered by the introduction of intelligent features, as manufacturers recognize the need to enhance competitiveness in this segment [7][8]. Electric Vehicle Challenges - Despite the recovery in fuel vehicle sales, joint venture brands continue to struggle in the EV market, with a penetration rate of only 5.3% compared to 75.4% for domestic brands [4]. - The lack of standout models in the EV segment has hindered growth, with only a few models like Volkswagen's ID series and Toyota's bZ series showing relative success [4]. Strategic Adjustments - Analysts suggest that joint venture manufacturers have adjusted their strategies to focus on fuel vehicle intelligence and have partnered with local tech companies to enhance their offerings [7][9]. - The shift towards localization in management and product development is seen as a crucial factor for improving market performance [9][10]. Future Outlook - The market share of foreign and joint venture brands is projected to decline, with predictions suggesting a drop from 40% to around 10% in the next 3-5 years [13][14]. - The electric vehicle transition remains a critical issue, with many manufacturers reconsidering their aggressive EV plans due to profitability concerns and changing market dynamics [12][14]. - The competition is expected to intensify between domestic EV brands and traditional fuel vehicle manufacturers, with both sides facing unique challenges [14][15].

Group 1 - Leek Electric Co., Ltd. and its subsidiaries have applied for a patent for a "blower motor" with publication number CN120301090A, filed on January 2024 [1] - The patent aims to address waterproof sealing issues at the lead points, ensuring the installation cavity of the circuit board is sealed from the external environment [1] Group 2 - Leek Electric Co., Ltd. was established in 2001 in Suzhou, focusing on electrical machinery and equipment manufacturing, with a registered capital of 573.481734 million RMB [2] - The company has invested in 24 enterprises, participated in 27 bidding projects, and holds 2,969 patents and 341 trademark registrations [2] - Jiangsu Leek Intelligent Electric Co., Ltd., founded in 2007, specializes in retail with a registered capital of 82.77468 million RMB, having 713 patents and 24 administrative licenses [2] - Leek Electric Green Energy Technology (Suzhou) Co., Ltd., established in 2010, focuses on general equipment manufacturing with a registered capital of 48 million RMB, holding 1,457 patents and 157 administrative licenses [2] - Suzhou Jinleke Precision Machinery Co., Ltd., founded in 2005, operates in the automotive manufacturing sector with a registered capital of 140.36988 million RMB, possessing 985 patents and 27 administrative licenses [3]

天眼查资料显示，广州通达汽车电气股份有限公司，成立于1994年，位于广州市，是一家以从事汽车制 造业为主的企业。企业注册资本35168.6984万人民币。通过天眼查大数据分析，广州通达汽车电气股份 有限公司共对外投资了15家企业，参与招投标项目299次，财产线索方面有商标信息37条，专利信息508 条，此外企业还拥有行政许可75个。 广州通巴达电气科技有限公司，成立于2016年，位于广州市，是一家以从事研究和试验发展为主的企 业。企业注册资本40000万人民币。通过天眼查大数据分析，广州通巴达电气科技有限公司参与招投标 项目9次，专利信息221条，此外企业还拥有行政许可48个。 金融界2025年7月12日消息，国家知识产权局信息显示，广州通达汽车电气股份有限公司;广州通巴达电 气科技有限公司取得一项名为"一种触摸式提示按钮"的专利，授权公告号CN223092730U，申请日期为 2024年07月。 专利摘要显示，本实用新型属于车内通讯装置技术领域，公开了一种触摸式提示按钮，其包括底座、外 壳盖、保护盖和PCBA板，底座设于玻璃的第一侧，外壳盖盖设于底座上并开设有第一通孔，底座与外 壳盖共同形成连通于第一通孔的 ...