Group 1: IPO Overview - A total of 8 IPOs were accepted in a short span of two days, with 1 from the Shenzhen Stock Exchange's Growth Enterprise Market, 2 from the Shanghai Stock Exchange's Sci-Tech Innovation Board, 1 from the Shanghai Stock Exchange's Main Board, and 4 from the Beijing Stock Exchange [1] - As of June 14, 2025, a total of 41 IPO projects have been accepted across the Shanghai, Shenzhen, and Beijing stock exchanges, with 10 from the Shanghai Stock Exchange, 25 from the Beijing Stock Exchange, and 6 from the Shenzhen Stock Exchange [1] Group 2: Jiangsong Technology Co., Ltd. - Jiangsong Technology, established in October 2007 and transformed into a joint-stock company in December 2021, has a registered capital of 59.584 million yuan [2] - The company specializes in high-end intelligent equipment manufacturing, focusing on the research, production, and sales of automated equipment for high-efficiency photovoltaic cells, positioning itself as a leading manufacturer in this field [3] - The controlling shareholder and actual controller is Zuo Guisong, who holds 71.28% of the shares, with a total voting power of 72.19% when combined with his son [4] Group 3: Financial Performance - Jiangsong Technology's revenue for 2022, 2023, and 2024 was 807.09 million yuan, 1.237 billion yuan, and 2.019 billion yuan respectively, with net profits of 85.84 million yuan, 128.02 million yuan, and 186.76 million yuan [5] - The company's asset-liability ratio improved from 91.35% in 2023 to 82.08% in 2024 [6] - The proportion of R&D investment to revenue decreased from 5.83% in 2022 to 2.86% in 2024 [7] Group 4: Major Clients - The combined sales revenue from the top five clients accounted for 58.88%, 55.10%, and 59.31% of total revenue for the years 2022, 2023, and 2024 respectively [9] - Major clients include Jingao Technology, Longi Green Energy, and Chint Group, with significant contributions to the company's revenue [10][11] Group 5: Fundraising and Investment Projects - Jiangsong Technology plans to raise 1.052 billion yuan through its IPO, with funds allocated to four projects including the construction of a photovoltaic intelligent equipment production base and a research and development center [12][13] Group 6: Shanghai Chaosilicon Semiconductor Co., Ltd. - Established in July 2008 and transformed into a joint-stock company in May 2021, the company has a registered capital of 1.176 billion yuan [14] - The company focuses on the research, production, and sales of 300mm and 200mm semiconductor silicon wafers, with a production capacity of 700,000 pieces per month for 300mm wafers [15] - The company reported revenues of 921.09 million yuan, 927.80 million yuan, and 1.327 billion yuan for 2022, 2023, and 2024, respectively, with net losses increasing over the years [18] Group 7: Fundraising and Investment Projects for Chaosilicon - The company aims to raise 4.965 billion yuan through its IPO, with funds directed towards expanding production capacity for 300mm silicon wafers and R&D projects [22][23] Group 8: Shenzhen Hengyunchang Vacuum Technology Co., Ltd. - Founded in March 2013 and transformed into a joint-stock company in December 2023, the company has a registered capital of 50.77 million yuan [24] - The company specializes in the development, production, and sales of plasma RF power systems and related components, providing comprehensive solutions for plasma processes [25] - The company achieved revenues of 158.16 million yuan, 325.27 million yuan, and 540.79 million yuan for 2022, 2023, and 2024, respectively, with net profits showing significant growth [27] Group 9: Fundraising and Investment Projects for Hengyunchang - The company plans to raise 1.55 billion yuan through its IPO, with funds allocated to projects including the industrialization of semiconductor RF power systems and R&D initiatives [33] Group 10: Guangxi Baifei Dairy Co., Ltd. - Established in December 2017 and transformed into a joint-stock company in December 2019, the company has a registered capital of 166 million yuan [35] - The company focuses on the research, production, and sales of dairy products, including sterilized milk and fermented milk [36] - The company reported revenues of 780.80 million yuan, 1.075 billion yuan, and 1.423 billion yuan for 2022, 2023, and 2024, respectively, with net profits increasing significantly [39] Group 11: Fundraising and Investment Projects for Baifei Dairy - The company aims to raise 496.78 million yuan through its IPO, with funds directed towards the construction of a smart buffalo farm and marketing network development [45] Group 12: Zhejiang Hengdao Technology Co., Ltd. - Founded in October 2010 and transformed into a joint-stock company in August 2023, the company has a registered capital of 39.24 million yuan [46] - The company specializes in the research, design, production, and sales of hot runner systems for injection molds, recognized as a key enterprise in Zhejiang Province [47] - The company achieved revenues of 142.57 million yuan, 168.39 million yuan, and 234.47 million yuan for 2022, 2023, and 2024, respectively, with net profits showing consistent growth [49] Group 13: Fundraising and Investment Projects for Hengdao Technology - The company plans to raise 403.02 million yuan through its IPO, with funds allocated to projects including the production line for hot runner systems and R&D center construction [56] Group 14: Guangdong Shangyan Electronic Technology Co., Ltd. - Established in June 2011 and transformed into a joint-stock company in September 2020, the company has a registered capital of 48 million yuan [58] - The company focuses on the development, production, and sales of electronic control products, including variable frequency drives and power controllers [59] - The company reported revenues of 521.26 million yuan, 615.54 million yuan, and 587.59 million yuan for 2022, 2023, and 2024, respectively, with net profits showing a stable trend [61] Group 15: Fundraising and Investment Projects for Shangyan Technology - The company aims to raise 401.38 million yuan through its IPO, with funds directed towards the construction of electronic control product production bases and R&D projects [67]

Group 1 - Market sentiment indicator decreased to 0.8, down from 1.75, indicating a bearish outlook [10][4] - Price-volume consistency improved, but industry trends remain weak with significant capital rotation [14][4] - Total A-share trading volume increased to 1.50 trillion RMB, with daily trading volume reaching 122.514 billion shares [17][4] Group 2 - Small-cap value style is currently favored, with a notable increase in short-term trend scores for sectors like social services, non-ferrous metals, and steel [32][34] - Social services sector saw a significant short-term trend score increase of 31.25% [32][34] - The model indicates a weakening differentiation between growth and value styles, suggesting a prevailing value preference [36][37]

证券研究报告 | 2025年6月15日 估值周观察(6月第3期) 稀土永磁表现突出 策略研究 · 专题报告 证券分析师：王开 021-60933132 wangkai8@guosen.com.cn S0980521030001 证券分析师：陈凯畅 021-60375429 chengkaichang@guosen.com.cn S0980523090002 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 近一周（2025.6.9-2025.6.13）海外市场整体回调，估值温和收缩。海外市场整体回调，但韩国市场持续上涨，韩国综合指数和 KOSPI50指数分别上涨2.94%和2.48%；香港市场持续回暖，恒生中型股全球领涨，上涨3.94%。美国主要指数小幅下跌1%左右；德 国DAX指数领跌，下跌3.24%。估值方面变化温和（幅度基本不超过1x）。德国DAX指数明显下跌，但PE扩张0.52x；韩国KOSPI50指 数上涨，但PE收缩0.69x，两者盈利有所修复。其余市场PE变化和指数涨跌方向保持一致。港股除恒生科技指数，其余指数的估值分 位数均在95%左右， ...

Group 1 - The A-share market experienced a pullback this week due to a decline in risk appetite, influenced by deteriorating geopolitical conditions overseas. Most major indices fell, with the ChiNext Index showing the largest increase of 0.2%, while the Sci-Tech 50 Index had the largest decline of 1.9%. Currently, the valuation of the Wind All A Index is at a historical medium level since 2010 [1][13][15] - In terms of industry performance, there was a divergence in the performance of the Shenwan first-level industries this week. Non-ferrous metals, oil and petrochemicals, and agriculture-related sectors performed relatively well, while food and beverage, home appliances, and building materials sectors saw significant declines [1][15][24] Group 2 - Recent turmoil in the Middle East, particularly Israel's strikes against Iran, is not expected to have a significant impact on the A-share and Hong Kong markets. Historically, the impact of Middle Eastern tensions on these markets has been minimal. The low share of the Middle East in China's import and export trade also contributes to the limited effect on the domestic economy [2][3][21] - The short-term impact of the Middle East situation on industry performance is expected to be minimal. In the long term, the effect will depend on the duration of the conflict. A shorter conflict may benefit growth sectors, while a longer one could favor resource, transportation, and dividend sectors [2][3][39] Group 3 - The market is anticipated to maintain a consolidation state, with three main lines of focus: domestic consumption, domestic substitution, and sectors that are currently underweighted by funds. The expansion of domestic demand is a key focus of recent domestic policies, which may lead to continued policy catalysts [4][18] - The historical data indicates that the average performance of major assets following conflicts in the Middle East shows that the A-share and Hong Kong markets do not experience significant declines. The average performance of the Wind All A Index and the Hang Seng Index remains stable, with a tendency for narrow fluctuations [24][25][29]

Group 1 - The establishment of a joint venture between WoFei ChangKong and WoLong Electric Drive focuses on the development of electric propulsion power systems, which is expected to accelerate the commercialization of the low-altitude economy [2][3][21] - The joint venture, Zhejiang Longfei Electric Drive Technology Co., Ltd., will develop high-performance motors and electric drive systems for tilt-rotor eVTOL aircraft, addressing high thrust demands during vertical takeoff and efficient energy conversion during cruise [3][21] - The collaboration is anticipated to integrate both parties' technologies and market resources, creating a "power solution" that can be reused in the low-altitude economy sector [3][21] Group 2 - The cooperation between power system companies and eVTOL manufacturers is expected to accelerate core technology research and development, enhancing the synergy within the low-altitude economy industry chain [4][21] - The low-altitude economy encompasses various sectors, including low-altitude infrastructure, aircraft manufacturing, and operational support, with the aircraft manufacturing segment facing significant technical barriers and receiving strong policy support for eVTOL technology development [4][21] - The value proportion of the power system and avionics control system in eVTOL aircraft is relatively high, indicating that these segments are likely to benefit significantly from the ongoing developments [4][21] Group 3 - The solid-state battery industrialization process is accelerating, with several automotive companies, including BMW and Mercedes-Benz, beginning road tests of vehicles equipped with solid-state batteries [7][8][9] - The energy density of the new solid-state batteries is reported to be as high as 450Wh/kg, with some manufacturers planning to achieve mass production by 2027 [8][9] - Companies like Ningde Times and Guoxuan High-Tech are leading the development of solid-state batteries, with plans for small-scale production and delivery of high-energy-density batteries in the coming years [9][10] Group 4 - The solid-state battery supply chain is progressing well, with companies like BETTERRY and Xiamen Tungsten New Energy making advancements in key materials for solid-state batteries [10] - The market for solid-state batteries is expected to grow significantly, driven by the increasing demand for high-performance energy storage solutions in electric vehicles [9][10] - The competitive landscape in the lithium battery sector is intensifying as companies race to secure their positions in the solid-state battery market [9][10]

Market Overview - The market experienced narrow fluctuations with mixed performance across the three major indices, where the Shanghai Composite Index closed at 3402.66, up by 0.01%, while the Shenzhen Component Index fell by 0.11% to 10234.33 [1][3] - The total trading volume in the Shanghai and Shenzhen markets reached 1.27 trillion, an increase of 163 billion compared to the previous trading day, indicating heightened market activity [5] Sector Performance - The top-performing sectors included Nonferrous Metals (up 1.40%), Media (up 1.33%), and Beauty Care (up 1.31%), while the underperforming sectors were Household Appliances (down 1.77%), Coal (down 1.14%), and Food & Beverage (down 1.13%) [2] - Concept indices showed strong performance in Hair Medical (up 2.02%), IP Economy (up 1.81%), and Quantum Technology (up 1.72%), while the weakest performers included the China-South Korea Free Trade Zone (down 1.52%) and Pork (down 1.11%) [2] Future Outlook - The market is expected to maintain a basic pattern of fluctuating upward movement, with a focus on sectors such as technology self-sufficiency and consumption upgrades, as well as large financials and restructuring concepts favored by state-owned enterprises [5] - Key upcoming events, including the Lujiazui Forum from June 18 to 19, are anticipated to provide support for the current structural market [5] Policy and Economic Indicators - The National Development and Reform Commission supports eligible Hong Kong-listed companies to issue depositary receipts on the Shenzhen Stock Exchange, which may enhance market liquidity [4] - The U.S. inflation data for May showed a year-on-year increase of 2.4%, aligning with expectations, while core CPI rose by 2.8%, slightly below forecasts, indicating potential for a Federal Reserve rate cut in September [4]

Core Insights - Chinese listed companies are accelerating their overseas expansion in response to global supply chain restructuring and intensified domestic competition, transitioning from traditional product exports to comprehensive brand and ecosystem layouts [4][30] - By June 3, 2025, the total overseas revenue of all A-share listed companies for 2024 is projected to reach 9.4 trillion yuan, an increase of nearly 8% compared to 2023, with overseas revenue accounting for 19.4% of total revenue, up 2.5 percentage points from 2023 [4][6] Group 1: Overview of Overseas Revenue - Among 5,413 A-share listed companies, 3,657 disclosed overseas business revenue in their annual reports for 2024, representing 67.6% of the total [6] - The top three companies by overseas revenue are Luxshare Precision, BYD, and Luoyang Molybdenum, with revenues exceeding 200 billion yuan, specifically 235.47 billion yuan and 221.88 billion yuan for Luxshare and BYD respectively [6][7] - The average overseas revenue for companies with overseas business is 2.58 billion yuan, with a median of 270 million yuan, indicating a significant disparity between leading companies and the overall average [6][7] Group 2: Industry Performance - In 2024, the banking industry leads in overseas revenue median at 13.23 billion yuan, with a median growth rate of 3.76%, indicating a stable internationalization trend [9] - The transportation sector shows the highest growth rate at 36.37%, driven by the expansion of new energy vehicles and infrastructure projects under the Belt and Road Initiative [9][12] - The home appliance sector has a high overseas revenue share of 34.3%, reflecting increased penetration of high-value products in international markets [9][12] Group 3: Emerging Trends and Notable Companies - A total of 176 companies have shown a consistent increase in overseas revenue share over the past three years, with at least a 10 percentage point increase in the last year [5][13] - The machinery and electrical equipment sectors have the highest number of companies with significant overseas revenue growth, with notable examples including Zoomlion and GCL-Poly Energy, which have seen substantial increases in their overseas revenue [21][23] - In the electronic information sector, companies like Inspur Information have reported significant overseas revenue growth, benefiting from the "AI+" policy and increased demand for server components [25][28] Group 4: Sector-Specific Highlights - The renewable energy equipment sector, particularly in solar and lithium battery industries, has seen remarkable growth, with companies like Gotion High-Tech reporting overseas revenue of 9.83 billion yuan [22][23] - The pharmaceutical and chemical industries have also shown strong overseas performance, with companies like Baillie Gifford achieving a 654% increase in overseas revenue [24][28] - The average overseas revenue growth for the chemical pharmaceutical sector reached 155%, with several companies reporting significant increases in their international sales [28][30]

Market Overview - The Sci-Tech Innovation 50 Index opened lower on June 11, reaching a closing value of 980.93 points, with a decline of 0.20% and a trading range of 1.00% [1] - The total trading volume for the day was approximately 21.33 billion yuan [1] Stock Performance - A total of 326 stocks on the Sci-Tech Innovation Board experienced gains, while high-priced stocks mostly declined and low-priced stocks performed better [2] - Excluding newly listed N Yingshi, the average decline for 587 stocks on the Sci-Tech Innovation Board was 0.28%, with an average turnover rate of 2.01% and a total trading volume of 79.47 billion yuan [3] Notable Stock Movements - N Yingshi officially listed on the Sci-Tech Innovation Board, with a total issuance of 41 million shares at a price of 47.27 yuan per share, resulting in a fundraising amount of 1.938 billion yuan [2] - N Yingshi's stock opened with a significant increase of 285.02%, closing with a rise of 274.4%, and a total trading volume of 21.29 million shares, with a turnover rate of 69.80% [2] - Among other stocks, Jiuri New Materials led with a gain of 15.05%, while Xinyu Ren experienced the largest decline at 9.68% [4] Trading Volume and Turnover Rates - Excluding N Yingshi, Haiguang Information had the highest trading volume at 4.37 billion yuan, while Qinchuan Wulian had the lowest at 6.82 million yuan [4] - The highest turnover rate, excluding N Yingshi, was 27.55% for Xinyu Ren, while Longteng Optoelectronics had the lowest at 0.13% [4]

基金参与调研的公司中，按所属板块统计，深市主板公司有7家，创业板公司有11家，沪市主板公司有2 家，科创板公司有2家。所属行业来看，基金调研的公司共涉及11个行业，所属电子行业最多，有6家公 司上榜；医药生物、国防军工等紧随其后，分别有3家、3家公司上榜。 从基金调研公司的A股总市值统计，总市值在500亿元以上的共有2家，其中总市值超千亿元的有京东方 A等，总市值不足100亿元的有14家，分别是联环药业、迈普医学、佰奥智能等。 市场表现上，基金调研股中，近5日上涨的有15只，涨幅居前的有西测测试、楚天龙、博实结等，涨幅 为33.13%、22.89%、13.56%；下跌的有7只，跌幅居前的有迈普医学、古麒绒材、孩子王等，跌幅为 11.40%、10.37%、8.51%。 昨日基金共对22家公司进行调研，扎堆调研孩子王、东方电热、扬杰科技等。 证券时报·数据宝统计，6月10日共36家公司被机构调研，按调研机构类型看，基金参与22家公司的调研 活动，其中，5家以上基金扎堆调研公司共5家。孩子王最受关注，参与调研的基金达35家；东方电热、 扬杰科技等分别获17家、15家基金集体调研。 6月10日基金调研公司一览 | 代 ...

Group 1: Market Overview - The domestic PMI for May is below the threshold, indicating economic pressure despite slight improvements in orders[1] - The U.S. labor market shows signs of weakness, with a total of 95,000 jobs revised down for March and April combined[1] - The unemployment rate in the U.S. has remained at a high of 4.2% for three consecutive months, with initial jobless claims reaching 247,000, the highest since October 2024[1] Group 2: Investment Strategy - The report suggests a shift from small-cap growth to large-cap value defensive strategies due to rising volatility in the market[1] - During the market bottom to profit bottom phase, growth dividends are expected to perform best, with median annualized returns of 34.5% and 41.1% respectively[2] - A constructed dividend rotation strategy has achieved a net value of 4.34 with an annualized return of 17.0% from 2016 to April 2025, outperforming the CSI Dividend Total Return Index[3] Group 3: Sector Focus - The report emphasizes the importance of focusing on growth-type dividends during the current market conditions, as they are expected to provide better returns[2] - Key sectors for investment include innovative pharmaceuticals, infrastructure, and service consumption, which are seen as growth-type dividend assets[4] - The report highlights structural opportunities in gold and technology sectors, particularly in AI and semiconductor industries, as potential areas for investment[4] Group 4: Risk Factors - Risks include the potential for a "hard landing" in the U.S. economy and a sharper-than-expected slowdown in domestic exports[5] - The ongoing uncertainty surrounding U.S. tariffs and inflation could further impact market stability and investor sentiment[1]