A股市场今天（11月18日）上午整体走低，主要指数多数走低。传媒板块领涨，该板块中多股涨停。 港股市场方面，恒生指数上午盘中跌破26000点整数关口。港股市场大幅波动的个股中，胜龙国际大涨，盘中涨幅超过130%。 A股传媒板块大涨 A股市场今天上午整体走低，主要指数多数走低。 行业板块和赛道方面，若按照申万一级行业划分，传媒板块领涨，板块盘中涨幅超过2%。福石控股（300071）、宣亚国际（300612）、值得买 （300785）等股票盘中"20cm"涨停，元隆雅图（002878）、视觉中国（000681）等股票盘中涨停，另有多股盘中涨幅超过5%。 今天A股市场有3只新股上市，悉数大幅上涨。 新股北矿检测上午盘中涨幅超过370%。 招股资料显示，北矿检测是国内领先的有色金属检验检测技术研发与服务机构之一，专业从事有色金属矿产资源检验检测技术研发、技术服务及仪器研 发，业务涵盖矿石及矿产品、冶炼产品、环境样品、再生资源、先进材料、选冶药剂检验检测，检验检测技术研发及标准化、技术推广、高端分析仪器研 发等领域。公司是国家级专精特新"小巨人"企业、国家高新技术企业、北京市专精特新中小企业、LME指定的LSA等。 新 ...

【导读】下周3只新股可申购，南网数字发行股份数量排名年内第三 中国基金报记者邱德坤 A股打新投资者注意啦！ 根据目前发行安排，下周有3只新股可申购。 具体来看，11月3日可申购北交所新股北矿检测，11月7日可分别申购上交所科创板新股恒坤新材、深交 所创业板新股南网数字。 2025年以来发行的沪深两市新股中，南网数字的发行股份数量排名第三，在深交所创业板新股中排名第 一。即投资者参与申购南网数字，中签概率较高。 北矿检测是国家级专精特新"小巨人"企业 北矿检测的申购代码是920160，发行价为6.70元/股，发行市盈率为14.9倍，参考行业市盈率为38.77 倍。 北矿检测此次总发行数量为2832万股，包含网上发行数量2549万股。投资者参与网上申购北矿检测，申 购数量上限为127.44万股。 北矿检测是国内领先的有色金属检验检测技术研发与服务机构之一，专业从事有色金属矿产资源检验检 测技术研发、技术服务及仪器研发，已被评为国家级专精特新"小巨人"企业等。 北矿检测所处的检验检测行业，在全球市场规模从2012年的1077亿欧元上升至2023年的2785亿欧元，复 合增长率为9.02%；中国市场规模从2016年的 ...

Group 1: Electronic Components - The report highlights that DeepSeek will accelerate the penetration of domestic AI applications and boost the demand for domestic computing power [2][25]. - Investment recommendations include companies such as Cambrian-U, Haiguang Information, SMIC, Zhaoyi Innovation, and Shengke Communication-U, with related companies like Chipone [2][25]. - The AI narrative is evolving rapidly, with token usage increasing exponentially, indicating a strong growth trajectory for the sector [23]. Group 2: Overseas Technology - The semiconductor industry is experiencing accelerated upgrades driven by AI and data center construction, with a forecasted 5.4% growth in global silicon wafer shipments in 2025, reaching 128.24 billion square inches [3]. - The demand for AI is a major driver for this growth, particularly in data centers and edge computing, which will benefit silicon wafer manufacturers and equipment suppliers [3]. - The report notes that the current supply of silicon wafers is recovering from a downturn, and if AI demand materializes as expected, capacity utilization for related manufacturers will continue to rise [3]. Group 3: China National Airlines - The company demonstrated strong profitability in Q3 2025, achieving a net profit of 3.7 billion yuan despite a 11% year-on-year decline, showcasing resilience and potential for growth [7][8]. - The company plans to raise 20 billion yuan through a private placement to optimize its capital structure and reduce leverage, which is expected to enhance financial stability [9][10]. - The airline's network and customer quality are among the best in the industry, and the ongoing optimization is likely to drive an increase in profitability [10].

Core Viewpoint - This week (November 3 to 7), there are three new stocks available for subscription, including one from the Sci-Tech Innovation Board, one from the ChiNext, and one from the Beijing Stock Exchange [1] Group 1: New Stock Offerings - The Beijing Stock Exchange new stock, Beikang Testing, has an issue price of 6.7 yuan and a price-to-earnings ratio of 14.99, compared to the industry average dynamic P/E ratio of 38.04 over the past month [2] - The Sci-Tech Innovation Board new stock, Hengkang New Materials, focuses on the research and industrial application of key materials in the integrated circuit field, being one of the few domestic companies capable of R&D and mass production of 12-inch integrated circuit wafer manufacturing key materials. The IPO aims to raise 1.007 billion yuan for projects related to integrated circuit precursors and advanced materials [2] - Nanjing Digital, also launching on November 7, aims to provide comprehensive digital construction solutions for clients in the power and energy sectors, with plans to raise 2.554 billion yuan through its IPO [2][3] Group 2: Upcoming IPO Meetings - Four companies are scheduled for IPO meetings this week: Shaanxi Tourism and Zhixin Co., Ltd. for the Shanghai Stock Exchange, and Haisheng Medical and Qilong Ocean for the Beijing Stock Exchange [4] - Zhixin Co., Ltd. specializes in the development, processing, production, and sales of automotive welding parts and related molds, with plans to raise 1.329 billion yuan through its IPO [4] - Shaanxi Tourism integrates tourism performances, cable cars, and dining services, leveraging high-quality tourism resources like Huaqing Palace and Huashan. The company aims to raise 1.555 billion yuan through its IPO [5]

Core Viewpoint - The article highlights the upcoming subscription opportunities for three new stocks in the A-share market, emphasizing the high subscription probability for investors in South Network Digital due to its significant issuance volume [2][3]. Group 1: North Mine Testing - North Mine Testing is a national-level specialized "little giant" enterprise in the field of non-ferrous metal inspection and testing [4]. - The company plans to issue 28.32 million shares at an issuance price of 6.70 yuan per share, with a price-to-earnings ratio of 14.9 times, compared to the industry average of 38.77 times [5][6]. - The global inspection and testing market has grown from €107.7 billion in 2012 to €278.5 billion in 2023, with a compound annual growth rate (CAGR) of 9.02%. The Chinese market is expected to grow from 206.51 billion yuan in 2016 to 487.6 billion yuan in 2024, with a CAGR of approximately 11.34% [6]. - North Mine Testing's revenue for 2022 to 2025 is projected to be 91.74 million yuan, 110 million yuan, 148 million yuan, and 85.94 million yuan, respectively, with net profits of 33.15 million yuan, 41.66 million yuan, 50.63 million yuan, and 36.43 million yuan [7][9]. Group 2: Hengkun New Materials - Hengkun New Materials is a supplier for 12-inch integrated circuit wafer fabrication, focusing on the development and production of photoresist materials and precursors [11]. - The company plans to issue 67.4 million shares, with the issuance price and price-to-earnings ratio yet to be disclosed, but the industry average is 60.46 times [11]. - Revenue for Hengkun New Materials from 2022 to 2025 is expected to be 322 million yuan, 368 million yuan, 548 million yuan, and 294 million yuan, with net profits of 91.04 million yuan, 81.53 million yuan, 94.30 million yuan, and 30.74 million yuan [12]. - The company anticipates its revenue for the first three quarters of 2025 to be between 440 million and 500 million yuan, with a year-on-year growth rate of 12.48% to 27.82% [14]. Group 3: South Network Digital - South Network Digital is a key player in the digital grid construction for the Southern Power Grid, focusing on digitalization in the power energy sector [17]. - The company plans to issue 477 million shares, with the issuance price and price-to-earnings ratio not yet disclosed, but the industry average is 71.09 times [18]. - The digital energy market in China is projected to reach 315 billion yuan in 2024, growing by 14.55%, and is expected to increase to 370 billion yuan in 2025, with a CAGR of 10.86% from 2020 to 2025 [19]. - South Network Digital's revenue for 2022 to 2025 is projected to be 5.686 billion yuan, 4.234 billion yuan, 6.090 billion yuan, and 1.558 billion yuan, with net profits of 509 million yuan, 368 million yuan, 562 million yuan, and 6.97 million yuan [19][20].

New Listings - From September 22 to September 28, one company was listed on the Shanghai Stock Exchange main board, and three companies were listed on the Shenzhen Stock Exchange ChiNext [2] - YouSheng Co., Ltd. is a professional manufacturer of aluminum alloy automotive parts, focusing on lightweight automotive components to enhance the range of electric vehicles and improve fuel efficiency for gasoline vehicles. On its first trading day, the stock price rose by 71.48%, closing at 66.31 CNY per share on September 29, an increase of 43.03% from the issue price of 46.36 CNY, with a total market capitalization of approximately 12.8 billion CNY [3] ChiNext Listings - Shanghai Jianfa Zhixin Medical Technology Group Co., Ltd. engages in direct sales, distribution, and centralized management of hospital consumables. On its first trading day, the stock price surged by 418.58%, closing at 34.12 CNY per share on September 29, a rise of 383.97% from the issue price of 7.05 CNY, with a total market capitalization of around 14.4 billion CNY [4] - Suzhou Huichuan United Power System Co., Ltd. focuses on the R&D, production, sales, and service of core components for electric drive systems and power systems for electric vehicles. The stock price increased by 147.60% on its first day, closing at 32.77 CNY per share on September 29, up 162.58% from the issue price of 12.48 CNY, with a total market capitalization of approximately 78.8 billion CNY [4] - Beijing Wuchuang Ruitong Electric Equipment Co., Ltd. specializes in the R&D, production, and sales of smart distribution equipment. The stock price rose by 190.76% on its first trading day, closing at 58.78 CNY per share on September 29, an increase of 179.90% from the issue price of 21.00 CNY, with a total market capitalization of about 6.5 billion CNY [5] Companies Passing Review - From September 22 to September 28, two companies passed the review on the Shanghai Stock Exchange Sci-Tech Innovation Board, and one company passed the review on the Shenzhen Stock Exchange ChiNext [6] - BaiAo SaiTu is a preclinical CRO and biotechnology company that provides innovative animal models and preclinical drug development services based on its proprietary gene editing technology [7] - MoEr Thread focuses on the R&D, design, and sales of GPUs and related products, having successfully launched four generations of GPU architecture [7] Companies Submitting IPO Applications - One company submitted an IPO application on the Shanghai Stock Exchange Sci-Tech Innovation Board, and one company submitted an application on the Shenzhen Stock Exchange ChiNext from September 22 to September 28 [10] - Anshi Biotechnology is an innovative biopharmaceutical company focusing on oncology and other diseases with significant unmet clinical needs. The company plans to issue no more than 76.0043 million shares, aiming to raise 2.45 billion CNY for new drug R&D and working capital [12] - Zhongsu Co., Ltd. specializes in the R&D, production, and sales of modified engineering plastics, with applications in consumer electronics, energy storage, automotive, and home appliances. The company plans to issue no more than 12.3329 million shares, seeking to raise 645 million CNY for various projects [14] Companies with Terminated Review - From September 22 to September 28, no companies had their listing reviews terminated on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange [16]

Core Viewpoint - The rapid development of the digital power energy market in China is driven by the construction of a "new power system," with the market expected to reach 315 billion yuan by 2024, and the upcoming IPO of Southern Power Grid Digital Network Research Institute Co., Ltd. (referred to as "Southern Network Digital") on the Shenzhen Stock Exchange [1][4]. Company Overview - Southern Network Digital provides comprehensive digital construction solutions for clients in the power energy sector, with projected revenue exceeding 6 billion yuan in 2024 [1][5]. - The company has a high proportion of related sales to Southern Power Grid, which poses a risk if the latter's digital construction pace slows down [5][6]. Business Segments - The company focuses on three main business systems: digital grid, enterprise digitalization, and digital infrastructure [2][4]. - Digital grid business includes intelligent operation systems and IoT sensing devices, while enterprise digitalization offers customized solutions for large enterprises [2][4]. - Digital infrastructure supports the other two segments with a flexible architecture and includes data center services [2][4]. Financial Performance - Revenue figures for Southern Network Digital during the reporting period are approximately 5.686 billion yuan (2022), 4.234 billion yuan (2023), and projected 6.09 billion yuan (2024) [6][7]. - The company has experienced revenue fluctuations, with a net profit of approximately 653 million yuan (2022) and a projected net profit of 572 million to 600 million yuan for 2025 [6][7]. Market Competition - The digital power energy sector is becoming increasingly competitive, with major players including state-owned enterprises and smaller companies focusing on niche markets [4][5]. - Southern Network Digital's competitors in the digital infrastructure space include major telecom operators and software companies [4][5]. Inventory and Risk Factors - The company faces risks related to high inventory levels, with inventory values increasing from approximately 1.269 billion yuan in 2022 to 2.827 billion yuan in 2025 [10]. - The gross profit margin for Southern Network Digital is lower than the industry average, with margins of 30.59% (2022), 30.06% (2023), and 33.18% (2025) [8][9]. IPO and Fundraising - Southern Network Digital plans to raise approximately 2.554 billion yuan through its IPO, with funds allocated to various projects including intelligent digital twin platforms and advanced AI systems [15][16].

Core Viewpoint - The rapid development of the digital power energy market in China is driven by the construction of a "new power system," with the market size expected to reach 315 billion yuan in 2024. Southern Power Grid Digital Network Research Institute Co., Ltd. (referred to as "Southern Network Digital") is set to launch its IPO on the Shenzhen Stock Exchange, backed by China Merchants Securities [1][17]. Group 1: Business Overview - Southern Network Digital provides comprehensive digital construction solutions for clients in the power energy sector, with expected revenue exceeding 6 billion yuan in 2024. Major clients include Southern Power Grid, State Grid, China Huaneng, and China General Nuclear Power [1][3]. - The company focuses on three main business systems: digital grid, enterprise digitalization, and digital infrastructure, utilizing AI and big data technologies to enhance operational efficiency [3][4]. - The revenue share from digital grid business has shown an upward trend, while the share from enterprise digitalization has slightly declined during the reporting period [3][4]. Group 2: Financial Performance - Southern Network Digital's revenue for the years 2022, 2023, 2024, and the first half of 2025 is approximately 5.686 billion yuan, 4.234 billion yuan, 6.09 billion yuan, and 1.558 billion yuan, respectively. Corresponding net profits are about 653 million yuan, 377 million yuan, 574 million yuan, and 15 million yuan [8][9]. - The company anticipates a revenue growth of 5.1% to 10.02% for 2025, projecting revenues between 6.4 billion yuan and 6.7 billion yuan [8]. Group 3: Market Competition - The digital power energy sector is experiencing intensified competition, with major players including state-owned enterprises and smaller firms focusing on niche markets. Competitors in the digital infrastructure space include major telecom operators and software companies [5][6]. - Southern Network Digital's sales to related parties, particularly Southern Power Grid, account for a significant portion of its revenue, raising concerns about dependency on a limited client base [6][12]. Group 4: Investment and Future Plans - The company plans to raise approximately 2.554 billion yuan through its IPO to fund various projects, including the development of intelligent digital twin platforms and advanced AI systems for the energy sector [18][19]. - The digitalization market in China is projected to grow, with the digital service market expected to reach 311 billion yuan by 2025, indicating a favorable environment for Southern Network Digital's growth [12].

Core Insights - The article highlights the rapid growth and development of the "specialized, refined, characteristic, and innovative" (专精特新) enterprises in Beijing, particularly through the establishment of the specialized board that supports small and medium-sized tech companies [2][4]. Group 1: Company Developments - Dianqing Technology, a company focused on high-power aerospace power systems, has made significant progress in achieving a megawatt-level power generation system, narrowing the technological gap with the U.S. [1]. - The company successfully listed on Beijing's specialized board by the end of 2023, which has accelerated its growth [1]. - Zhongke Yutu, a new entrant to the specialized board, values the listing cultivation services and green channel mechanisms provided by the board [3]. Group 2: Specialized Board Achievements - As of September 19, 2023, the specialized board has 900 listed companies, reflecting the steady growth of Beijing's tech innovation [2]. - The board has established a three-tier cultivation system, including 234 incubated companies, 509 standardized companies, and 157 cultivated companies [2]. - Nearly 60% of the companies on the board have R&D investments exceeding the industry average, with an overall R&D intensity approaching 24% in 2024 [2]. Group 3: Financial and Policy Support - The specialized board has implemented a financing reward policy to stimulate the growth of specialized and innovative enterprises [4]. - A new AI-based comprehensive financial service platform has been launched, marking the transition of specialized board services into an intelligent phase [5]. - The board is working to enhance its service system and financing channels, including customized credit products for eligible companies [6]. Group 4: Future Expectations - Companies on the specialized board express a desire for enhanced collaboration to create a cluster effect within the same industry chain [6]. - There are expectations for the board to play a pivotal role in connecting enterprises with more application scenarios in emerging fields like low-altitude economy and ecological environment monitoring [6].

Core Insights - The Beijing "Specialized, Refined, Characteristic, and Innovative" board has successfully listed over 900 companies, reflecting the growth of technological innovation in the region [2] - The board has established a three-tiered nurturing system for companies, including incubation, standardization, and cultivation layers, which supports the development of small and medium-sized tech enterprises [2][3] - The introduction of an AI-based comprehensive financial service platform marks a significant advancement in the board's services, providing lifecycle financial support for companies [6] Group 1: Company Growth and Development - Electric Power Technology has made significant progress in developing a domestic megawatt-level high-power density aviation power generation system, narrowing the gap with U.S. technology [1] - The company successfully listed on the Beijing "Specialized, Refined, Characteristic, and Innovative" board by the end of 2023, accelerating its growth trajectory [1] - The board has seen over 500 companies recognized as specialized and innovative small enterprises, with 138 achieving "little giant" status at the national level [2] Group 2: Financial and Policy Support - The board has implemented a financing reward policy to stimulate the growth of specialized and innovative enterprises, enhancing their development momentum [4] - Nearly 60% of the companies on the board have R&D investments exceeding the industry average, with an overall R&D intensity approaching 24% in 2024 [2] - The board has facilitated significant financing, with 900 companies collectively raising 22 billion yuan [6] Group 3: Service and Ecosystem Development - The board aims to create a comprehensive service ecosystem for enterprises, including a "green channel" mechanism for listing, which significantly reduces the time required for companies to go public [3][5] - Companies have expressed a desire for enhanced collaboration within the board to create a cluster effect, benefiting the entire industry [6] - The board is continuously adjusting and upgrading its services to better meet the evolving needs of enterprises, including customized credit products and improved financing channels [6]