近日，海澜之家集团股份有限公司、中际旭创股份有限公司、大商股份有限公司等多家A股公司向港交所递交上市申请或 公布赴港上市计划，拟加入日渐壮大的"A+H"上市队伍。据统计，截至目前，年内已有超过140家A股公司提出赴港上市或分拆 子公司赴港上市计划。 ■贾丽 企业应立足自身发展阶段与实际需求，制定清晰的资本战略，避免盲目跟风，通过灵活把握两地市场融资窗口，有效降低 资金成本，为自身技术创新与市场拓展注入持续动力。 其二，夯实治理根基，实现"品牌出海"与"制度接轨"。香港市场信息披露、公司治理及投资者关系管理标准与国际接轨， 这要求赴港上市企业完善内控、提升透明度。企业应以治理现代化赢得投资者长期信任，同时将赴港上市作为打造国际品牌的 契机，提升品牌美誉度与知名度。 其三，推动价值共创，构建"双平台"协同发展的全球化运营能力。赴港上市不是终点，而是整合全球资源的新起点。企业 应积极引入国际战略投资者，开展跨境技术与人才合作，推进"A+H"双平台在融资、治理与业务层面的深度融合，实现从"走 出去"到"走上去"的跨越式发展。 随着我国资本市场双向开放的不断深入，A股与港股市场的互联互通将更加紧密。"A+H"双平台模式 ...

Core Insights - The resilience and vitality of China's economy and capital markets have significantly increased due to systematic and institutional reforms, making investment in China a common consensus among global investors [1][2] - Mergers and acquisitions (M&A) are seen as a crucial engine for enhancing the quality and investment value of listed companies, providing new investment opportunities for international investors [1][2] Group 1: M&A Activity and Trends - Since the introduction of the "Six M&A Guidelines," over 1,000 M&A transactions have been disclosed by companies listed on the Shanghai Stock Exchange, with significant asset restructurings increasing by 138% year-on-year [1] - Half of the major asset restructurings since the guidelines were introduced have been in the technology sector, which has seen a year-on-year growth of 287%, focusing on emerging and future industries [1][2] Group 2: Investment Opportunities - International investors are encouraged to strategically invest in A-share technology companies, particularly those on the Sci-Tech Innovation Board, to capitalize on China's technological innovation dividends [2] - Traditional industry companies are actively transforming through M&A, presenting opportunities for international investors to benefit from undervalued assets and value re-evaluation [2] Group 3: Market Environment and Support - The Shanghai Stock Exchange is committed to enhancing the quality of listed companies and attracting more high-quality enterprises to go public, thereby improving the overall quality of Chinese assets [3] - Continuous improvement of the M&A regulatory framework and responsiveness to investor needs is emphasized, aiming to create a conducive environment for M&A activities [3] - The exchange aims to provide better services for international investors, including educational resources on M&A and improved communication channels [3]

Core Insights - Astera Labs (ALAB) reported third-quarter 2025 non-GAAP earnings of 49 cents per share, exceeding the Zacks Consensus Estimate by 25.64% and doubling from 23 cents per share in the same quarter last year [1][8] - Net revenues increased by 103.9% year over year to $230.58 million, surpassing the Zacks Consensus Estimate by 11.53%, driven by new AI platform ramps and multiple product families [1][8] - ALAB shares fell by 4.14% in pre-market trading following the earnings report [1] Revenue and Product Details - Astera Labs is increasing production of its PCIe 6 product portfolio for customized rack-scale AI systems, with Scorpio P-Series fabric switches achieving multiple design wins across various AI platforms, including those using NVIDIA's GB300 and B300 GPUs [2] - Strong demand was noted for the signal conditioning portfolio, driven by PCIe scale-up and Ethernet scale-out connectivity applications in custom ASIC platforms [3] Operating Performance - The non-GAAP gross margin was reported at 76.4%, a decrease of 140 basis points year over year [4] - Research and development expenses rose by 55.8% year over year to $78.9 million, while sales and marketing expenses decreased by 16.7% to $19.4 million, and general and administrative expenses decreased by 3.3% to $22.1 million [4] - The non-GAAP operating margin improved to 41.7% compared to 32.4% in the previous year [4] Balance Sheet Overview - As of September 30, 2025, cash and cash equivalents along with marketable securities totaled $1.13 billion, up from $1.07 billion as of June 30, 2025 [5] Q4 Guidance - For the fourth quarter of 2025, Astera Labs expects revenues to be between $245 million and $253 million, with a non-GAAP gross margin of approximately 75% and operating expenses projected between $85 million and $90 million [6] - Earnings are anticipated to be around 51 cents per share for the fourth quarter [6] Market Position - Astera Labs currently holds a Zacks Rank 2 (Buy) [7]

Core Viewpoint - The awareness of listed companies in China regarding returning value to investors has significantly increased during the "14th Five-Year Plan" period, with a total of 10.6 trillion yuan distributed through dividends and buybacks, representing an over 80% increase compared to the "13th Five-Year Plan" period, and equivalent to 2.07 times the amount raised through IPOs and refinancing during the same period [1] Policy Ecosystem - The explosive growth in dividends and buybacks is attributed to systematic upgrades in the capital market's foundational systems during the "14th Five-Year Plan" period. The regulatory framework has shifted from sporadic encouragement to a comprehensive institutional framework [2] - New policies, such as the "National Nine Articles," impose restrictions on major shareholders of companies that have not paid dividends or have low dividend ratios, while also encouraging long-term dividend planning [2] - The evolution of policies has transitioned from "requiring returns" to "facilitating returns" and "cultivating a return culture," establishing a solid institutional foundation for a normalized dividend mechanism [2] Listed Company Ecosystem - The concept of sharing profits has evolved, with dividends shifting from "passive compliance" to "active return." In 2024, nine companies are expected to distribute over 50 billion yuan in dividends, and 33 companies over 10 billion yuan [3] - The number of companies consistently paying cash dividends over the past five years has increased by 6% in 2024 compared to 2023 [3] - The behavior of listed companies has also changed, with a notable increase in share buybacks aimed at reducing share circulation and enhancing earnings per share, allowing all shareholders to share in value appreciation [3] Investor Ecosystem - The surge in dividends and buybacks corresponds with a shift in investor structure and investment philosophy, with a growing preference for high-dividend assets as value investment concepts gain traction [4] - Investors are increasingly focused on returns, prompting companies to actively publish shareholder return plans and set minimum dividend rates above historical averages [4] - The transformation from "speculative price differences" to "sharing value" has diminished speculative market behavior, highlighting a more rational market ecosystem [4]

Group 1: North Exchange Market Overview - The rapid development of companies has diversified the industrial layout of the North Exchange, with 274 listed companies and a total market value exceeding 900 billion as of August 2025 [1] - The overall performance of listed companies showed steady growth, with total revenue of 92.04 billion and a year-on-year increase of 5.98% in the first half of 2025 [1] - The North Exchange has become an important platform for cultivating specialized and innovative enterprises, with 54.38% of national-level specialized "little giant" enterprises among new listings [1] Group 2: Innovative Financing Tools - The North Exchange has introduced innovative financing tools, such as the directed convertible bonds, with the first issuance by Youji Co., which marks a breakthrough in serving innovative SMEs [2] - Directed convertible bonds feature a financing cost advantage and a mild impact on the equity structure of listed companies, making them an attractive option for companies [2] - Following Youji Co., other companies like Wantong Hydraulic and Weibao Hydraulic have also announced plans for directed convertible bond issuance, indicating growing interest in this financing tool [2] Group 3: Institutional Innovations and Market Development - The North Exchange has continuously explored new service models for capital markets, including allowing unprofitable companies to list and establishing a "green channel" review mechanism [3] - The North Exchange is advancing its internationalization process, having signed a memorandum of cooperation with the Hong Kong Stock Exchange to explore market connectivity [3] - A multi-level financing service system is being constructed to meet the development needs of innovative SMEs through various institutional innovations and market opening measures [3] Group 4: Market Transition and Code Standardization - The North Exchange is transitioning to a new phase with the first full network test of the batch switching of stock codes, moving towards a unified 920 code segment [4][5] - The introduction of the 920 code segment is expected to enhance the recognition and independence of the North Exchange, reducing price interference from the previous New Third Board period [5] - The market's liquidity has significantly improved, with an average daily trading amount of 29.15 billion and an average first-day increase of new stocks reaching 320.21% in 2025 [5] Group 5: Investment Ecosystem and Product Innovation - The North Exchange has seen an increase in qualified investors, with over 9 million accounts, and public funds heavily investing in North Exchange companies [5] - The launch of the "specialized and innovative" index provides diverse investment targets, with several index products already established and more in preparation [5] - The continuous influx of funds and product innovations is expected to enhance the quality of listed companies and attract institutional investor attention, potentially leading to a "Davis Double Play" effect [5][6]

Core Insights - The fifth China Invisible Unicorn 500 Strong Conference (2025) reported that the total valuation of the 2025 China Invisible Unicorn 500 Strong exceeded 2.2 trillion yuan, a year-on-year increase of 3.14% [1] - The average valuation of these companies reached 4.4 billion yuan, an increase of 134 million yuan [1] Group 1: Industry Trends - The report identified six major trends in the development of China's invisible unicorn enterprises: 1. Continuous increase in total valuation and entry threshold 2. Advanced manufacturing, healthcare, and artificial intelligence becoming core sectors 3. Model innovation companies in lifestyle services, cultural tourism, and enterprise services facing challenges 4. Increasing attention and cultivation of unicorn enterprises by more cities 5. Gradual formation of a supportive policy system for the growth of unicorns/invisible unicorns 6. Emergence of a group of innovative entrepreneurs embodying the "unicorn spirit" [1] Group 2: Evaluation Standards and Projects - The conference also launched the "Unicorn Enterprise Classification Evaluation Standard Guide" (T/CAIS001—2025), establishing a four-tier classification system for unicorns [2] - The guide includes core evaluation indicators such as technological innovation, market penetration, and growth acceleration [2] - The "China Unicorn Enterprise Comprehensive Evaluation and Cultivation Project" aims to identify and cultivate over 500 standard unicorns, 5,000 invisible unicorns, and 50,000 seed unicorns over the next five years [3] Group 3: Economic Impact - Invisible unicorn enterprises are seen as key carriers of new productive forces, gradually becoming core drivers of high-quality economic development and modern industrial system construction [3] - These enterprises are expected to play a significant role in technological breakthroughs, results transformation, and industrial upgrades, thus injecting momentum into the development of emerging and future industries [3]

Core Insights - The company, Dawi Co., reported its mid-year results for 2025, showing a revenue increase but a decline in net profit, indicating ongoing financial challenges [1][3]. Financial Performance - Dawi Co. achieved a revenue of 659 million, representing an 18.46% year-on-year growth, but the net profit attributable to shareholders was -12 million, a 14.01% decline compared to the previous year [1]. - The company has recorded losses in its mid-year reports for three consecutive years, with a significant quarter-on-quarter decline in net profit of -418.21% in Q2 [1]. - The net profit margin improved slightly from -1.87% to -1.76%, but the gross profit margin decreased from 4.38% to 3.08%, marking a continuous decline over three years [3]. Operational Efficiency - Dawi Co. faces challenges in cash flow, with a net cash flow from operating activities of -6.6 million, worsening from -4.4 million in the previous year, indicating insufficient operational cash generation [5]. - The inventory turnover days improved to 25.41 days, a 15.37% decrease year-on-year, suggesting better inventory management [5]. - The asset-liability ratio increased to 21.54%, up by 4.72 percentage points year-on-year, indicating a heavier debt burden [5]. Market Sentiment - As of mid-2025, only 2 institutional investors held shares in Dawi Co., a significant drop from 15 in the same period of 2024, reflecting a notable decrease in investor confidence [7]. - The company's market capitalization was 4.486 billion, down from a peak of 5.99 billion in March 2017, requiring a 33.55% increase in stock price to reach historical highs [7].

Group 1 - The "Mountain Water Scenic Poetry City" promotional event was held in Xijin Music Hall, inviting talents to experience the charm of poetic living and share in the opportunities of development [1] - The event showcased various attractions such as the Three Mountains and One Crossing, gourmet routes, and intangible cultural heritage tours, emphasizing the natural and cultural essence of Zhenjiang [1] - Zhenjiang has implemented a comprehensive talent policy system called "Zhenxing," which includes substantial financial incentives for graduates, such as monthly living subsidies of 600 yuan for undergraduates, 1,000 yuan for master's graduates, and 1,500 yuan for doctoral graduates, along with housing subsidies [1] Group 2 - The talent promotion event left a deep impression on attendees from Luoyang University of Technology, highlighting Zhenjiang's talent policies, industrial structure, and job demands, particularly in sectors like new energy and new materials [2] - The tailored policies for graduates, including significant living, housing, and purchasing subsidies, were noted as advantageous for those seeking employment in Zhenjiang, addressing concerns for out-of-town job seekers [2] - The promotional video "Seize Youth, Shine in Zhenjiang" and performances showcased the city's rich heritage and vibrant energy, reinforcing Zhenjiang's commitment to attracting talent [2]

Core Viewpoint - Japan's industrial production for May showed a final month-on-month change of -0.1%, a decline from the previous value of 0.5% [1] Summary by Category - **Industrial Production** - The final month-on-month industrial output in Japan for May was reported at -0.1% [1] - This represents a decrease compared to the prior month's figure of 0.5% [1]

Core Viewpoint - The launch of the Beijng Stock Exchange Specialized and Innovative Index marks a significant step in enhancing the market ecosystem, focusing on the top 50 "little giant" companies with strong innovation capabilities and growth potential [1][2]. Group 1: Index Overview - The Beijing Specialized and Innovative Index was officially released on June 30, with a closing value of 2500.49 and a daily increase of 1.23% [1]. - The index includes the 50 largest companies listed on the Beijing Stock Exchange that are categorized as specialized and innovative "little giants," reflecting the overall performance of these companies [1]. - The sample companies span key sectors such as biomedicine, high-end equipment manufacturing, new materials, and new-generation information technology [1]. Group 2: Financial Performance - The selected companies are expected to have a total R&D expenditure of 1.79 billion in 2024, representing a year-on-year increase of 2.6%, with an R&D intensity of 5.6%, significantly higher than the market average [1]. - Projected revenue and net profit growth for 2024 is 8.6% and 9.6% year-on-year, respectively, indicating strong growth potential [1]. Group 3: Market Impact - The introduction of the index is anticipated to attract billions in incremental capital into the market and will serve as a foundation for new thematic funds and ETFs focused on specialized and innovative companies [2]. - The index aims to guide social resources towards key areas and strategic emerging industries, promoting innovation and development in these sectors [2]. - As of June 30, there are 148 national-level specialized and innovative "little giant" companies listed on the Beijing Stock Exchange, accounting for over 50% of the total [2].