据京沪深交易所披露，上周（11月17日-11月21日）5家企业上会，新增2家新受理企业；5家提交IPO注 册申请，2家IPO注册获通过，4只新股上市。 振石股份主要从事清洁能源领域纤维增强材料的研发、生产及销售，主要产品包括清洁能源功能材料及 其他纤维增强材料。报告期内，振石股份关联采购占比较高，公司向第一大供应商中国巨石采购玻璃纤 维等的金额占营业成本的比例约6成，同时公司与中国巨石还存在采购电力、关联销售、关联租赁等一 般关联交易。 一、IPO审核与注册进展 审5过5，振石股份拟募资近40亿元 上周，5家IPO首发上会获通过。其中，振石股份拟登陆沪市主板，易思维拟登陆科创板，爱得科技、 通领科技、兢强科技拟在北交所上市。 审议会议现场，上市委重点问询该事项，要求公司结合向中国巨石采购玻璃纤维的定价依据、决策程 序、向第三方采购价格、中国巨石向第三方销售价格等，说明其与中国巨石关联交易的公允性；结合关 联方采购价格、采购比例、原材料客户认证要求等，说明公司是否存在对中国巨石的重大依赖。 此次IPO，振石股份计划募集资金39.81亿元，分别投向玻璃纤维制品生产基地建设项目、复合材料生产 基地建设项目、西班牙生 ...

Core Viewpoint - Six companies are set to present their initial public offerings (IPOs) to the listing committees of the Shenzhen Stock Exchange, Shanghai Stock Exchange, and Beijing Stock Exchange, with a total fundraising target of approximately 29.63 billion yuan [1][2]. Group 1: Upcoming IPOs - The companies planning to go public include one on the Sci-Tech Innovation Board and five on the Beijing Stock Exchange [2][4]. - The company with the highest fundraising target is 易思维 (Yisiwei), aiming to raise 1.214 billion yuan for projects related to machine vision product industrialization and research [2][8]. - 美德乐 (Meidele) and 永大股份 (Yongda) are also notable, with fundraising targets of 645 million yuan and 458 million yuan, respectively [2][8]. Group 2: Company Details - 易思维 specializes in the research, production, and sales of automotive machine vision equipment [4]. - 美德乐 focuses on the research, design, manufacturing, and sales of intelligent manufacturing equipment [8]. - 永大股份 is engaged in the research, design, manufacturing, sales, and related technical services of pressure vessels [7]. - 通领科技 (Tongling Technology) develops and produces automotive interior components [5]. - 兢强科技 (Jingqiang Technology) is a major supplier of aluminum-based electromagnetic wire products, primarily producing enameled aluminum wire [5]. - 爱得科技 (Aide Technology) specializes in the research, production, and sales of orthopedic medical devices [6].

竞争优势显著 宏远股份位于沈阳经济技术开发区，成立几十年来一直深耕特高压输变电领域，在电磁线细分市场成果 丰硕，行业地位突出。 "我们始终专注于高电压、大容量变压器用电磁线产品的研发制造，对标国际标准和国内外前沿技术， 研发了包括阶梯状组合换位导线、内屏蔽组合换位导线、多根数换位导线、光纤系列绕组线、耐高温自 粘漆包换位导线等在内的诸多电磁线产品。"杨绪清说，"这些代表性产品有效满足了我国高电压、大容 量变压器升级改造的技术要求和市场需求。" 在他看来，宏远股份能取得今天的成绩，关键在于紧跟产业升级和行业进步的方向与趋势，心无旁骛地 钻研电磁线细分领域并持续推动创新研发。 宏远股份电磁线产品行销全球的背后，是中国构建的全球领先、高效智能的特高压输电网络。从人烟稀 少的西部荒漠到人口稠密的东部用电大省，一根根特高压输电线路架起了一条条绿色能源"高速公路"， 打造出一条从技术到施工全面领跑世界的特高压产业链，成为绿色电力输送的全球标杆。 "这恰恰是宏远股份一路壮大的产业背景，也是公司发展的重要优势。"杨绪清说，"中国特高压电网一 步步的发展，给关键设备变压器提质升级实时提供新课题，自然对变压器线圈提出了更高要求， ...

● 本报记者 宋维东 日前，中国证券报联合北交所开展的2025北交所万里行调研活动走进宏远股份。宏远股份董事长杨绪清 在接受中国证券报记者专访时表示，公司深耕电磁线领域多年，产业基础牢固，创新能力突出，发展前 景广阔，市场地位不断提升。面对行业发展新趋势，公司将不忘初心，紧紧围绕电力行业深耕细作，不 偏离发展轨道，稳扎稳打，做精做透电磁线主业，在不断增强特高压输变电领域竞争优势的同时，全面 布局新能源汽车领域，培育新的效益增长点，打造更具竞争力的产业结构，树立电力设备行业发展新标 杆。 竞争优势显著 宏远股份位于沈阳经济技术开发区，成立几十年来一直深耕特高压输变电领域，在电磁线细分市场成果 丰硕，行业地位突出。 "我们始终专注于高电压、大容量变压器用电磁线产品的研发制造，对标国际标准和国内外前沿技术， 研发了包括阶梯状组合换位导线、内屏蔽组合换位导线、多根数换位导线、光纤系列绕组线、耐高温自 粘漆包换位导线等在内的诸多电磁线产品。"杨绪清说，"这些代表性产品有效满足了我国高电压、大容 量变压器升级改造的技术要求和市场需求。" 在他看来，宏远股份能取得今天的成绩，关键在于紧跟产业升级和行业进步的方向与趋势，心无 ...

宏远股份位于沈阳经济技术开发区，成立几十年来一直深耕特高压输变电领域，在电磁线细分市场成果 丰硕，行业地位突出。 "我们始终专注于高电压、大容量变压器用电磁线产品的研发制造，对标国际标准和国内外前沿技术， 研发了包括阶梯状组合换位导线、内屏蔽组合换位导线、多根数换位导线、光纤系列绕组线、耐高温自 粘漆包换位导线等在内的诸多电磁线产品。"杨绪清说，"这些代表性产品有效满足了我国高电压、大容 量变压器升级改造的技术要求和市场需求。" 在他看来，宏远股份能取得今天的成绩，关键在于紧跟产业升级和行业进步的方向与趋势，心无旁骛地 钻研电磁线细分领域并持续推动创新研发。 ● 本报记者 宋维东 日前，中国证券报联合北交所开展的2025北交所万里行调研活动走进宏远股份。宏远股份董事长杨绪清 在接受中国证券报记者专访时表示，公司深耕电磁线领域多年，产业基础牢固，创新能力突出，发展前 景广阔，市场地位不断提升。面对行业发展新趋势，公司将不忘初心，紧紧围绕电力行业深耕细作，不 偏离发展轨道，稳扎稳打，做精做透电磁线主业，在不断增强特高压输变电领域竞争优势的同时，全面 布局新能源汽车领域，培育新的效益增长点，打造更具竞争力的产业结构 ...

格隆汇11月17日丨冠城新材(600067.SH)在互动平台表示，电磁线在机器人电机方面存在较多应用场 景。公司高度关注行业动态和技术需求，目前已向下游个别电机企业送样测试但未实现销售，未来能否 供货、供货量多少将取决于下游客户开发、合作情况，存在不确定性。公司不涉及固态电池领域。 ...

Core Insights - This week (November 17-21), five companies are scheduled for IPO meetings, with a focus on various stock exchanges including the Sci-Tech Innovation Board and the Beijing Stock Exchange [1] Group 1: Upcoming IPOs - Five companies are set to present their IPO plans, including Yisiwei on the Sci-Tech Innovation Board, Zhenshi Co. on the Shanghai Main Board, and three companies (Tongling Technology, Jingqiang Technology, and Aide Technology) on the Beijing Stock Exchange [1] - Zhenshi Co. plans to raise the highest amount of 3.981 billion yuan, targeting projects related to fiberglass products, composite materials, and a production facility in Spain [1] - Yisiwei and Tongling Technology aim to raise 1.214 billion yuan and 411 million yuan, respectively [1] Group 2: Company Profiles - Zhenshi Co. specializes in the research, production, and sales of fiber-reinforced materials in the clean energy sector and is recognized as a national high-tech enterprise [2] - Yisiwei focuses on the research, production, and sales of automotive manufacturing machine vision equipment [3] - Tongling Technology is involved in the research, production, and sales of automotive interior components [4] - Jingqiang Technology is a major supplier of aluminum-based electromagnetic wire products, primarily producing enameled aluminum wire [4] - Aide Technology specializes in the research, production, and sales of orthopedic medical devices [5]

Core Viewpoint - The company, Jinbei Electric, is a leading player in the flat electromagnetic wire sector, focusing on transformers, inverters, and reactors, and is recognized for its product quality and customer relationships [2] Group 1: Company Strengths - The company has established strong competitive advantages in the flat electromagnetic wire market through product quality, customer accumulation, and economies of scale [2] - Jinbei Electric has gained widespread recognition from notable domestic and international clients, including China Electric Equipment Group, TBEA, Siemens Energy, Hitachi Energy, and Igor [2] Group 2: Market Opportunities - The company is capitalizing on strategic opportunities arising from global energy transformation and increasing electricity demand [2] - Jinbei Electric is actively expanding its overseas market presence, having directly exported to regions such as Europe, Japan, Southeast Asia, Central Asia, India, the Middle East, and South America [2] - Europe has been selected as the first destination for the company's capacity expansion, with plans to establish an intelligent production base with an annual capacity of 20,000 tons of electromagnetic wire [2]

Core Viewpoint - The company has reported its third-quarter financial results and announced the termination of its subsidiary, Citychamp Allied International Limited, which has not conducted any business since its establishment [15][17][36]. Financial Performance - For the first three quarters of 2025, the company's electromagnetic wire business achieved a production volume of 69,900 tons, a year-on-year increase of 11.66%, and a sales volume of 68,600 tons, up 9.94%. The main business revenue reached 5.265 billion yuan, growing by 14.76% [7][8]. - The real estate-related business saw a contract sales area of 17,600 square meters, a decline of 54.05%, with a contract sales amount of 23.7 million yuan, down 46.86%. However, the settlement area increased by 26.69% to 41,300 square meters, with main business revenue of 2.821 billion yuan, up 107.58% [8]. - The electrolyte additive business reported a production volume of 255.44 tons, a year-on-year increase of 42.03%, and a sales volume of 274.38 tons, up 36.01%. However, the main business revenue decreased by 10.80% to 22.3761 million yuan [9]. Corporate Actions - The company plans to transfer its real estate development-related assets and liabilities to its controlling shareholder or an associated company, with the board approving the termination of a major asset restructuring process [10]. - The company signed a framework agreement to acquire 55% of Xian Deng Gao Ke Electric Co., Ltd., but has not yet signed a formal share transfer agreement [10]. - The first employee stock ownership plan has been fully sold, and the plan will terminate on July 27, 2025 [11]. - The company received a compensation fee of 1.4 billion yuan for the handover of a land parcel in Haidian District, Beijing [12]. Related Party Transactions - The company agreed to terminate the existence of its subsidiary, Citychamp Allied International, due to its lack of business activity since establishment. This decision is aimed at reducing management costs and associated transactions [17][18]. - The termination does not constitute a major asset restructuring as defined by regulations, and the related transactions have not exceeded 5% of the company's latest audited net assets [19][28].

Core Insights - Longcheng Technology (603897) disclosed significant changes in its top ten shareholders as of September 30, 2025, with new entrants including Hong Kong Central Clearing Limited, Shengwei Asset, and Hangzhou GeDiao NvWang Technology Co., Ltd. (referred to as "GeDiao NvWang") [1][2] - GeDiao NvWang holds 380,400 shares, accounting for 0.18% of Longcheng Technology's total equity, with a market value of approximately 9.85 million yuan based on the closing price on October 20 [1] - GeDiao NvWang, established in November 2019 with a registered capital of 10 million yuan, operates in the apparel e-commerce sector and aims to become the largest revenue-generating company in China's women's clothing market [1][2] Market Performance - The A-share market showed strong performance in the third quarter, with major indices rising significantly: the Shanghai Composite Index increased by 15.84%, the Shenzhen Component Index by 29.88%, and the ChiNext Index by 51.20% [3] - As of September 30, 2025, the total market capitalization of A-shares reached 115.86 trillion yuan, an increase of 22.23 trillion yuan since the beginning of the year [3] Investor Activity - The number of new A-share accounts opened surged in September, with a total of 2.94 million new accounts, marking a year-on-year increase of 60.73% and a month-on-month increase of 10.83% [4] - Individual investors accounted for the majority of new accounts, with 2.93 million new individual accounts, while institutional investors added 10,900 new accounts, bringing the total institutional accounts to 76,000 [4] Company Performance - Longcheng Technology's stock price exhibited a volatile upward trend in the third quarter, with a cumulative increase of 7.80% and a maximum increase of 24.90% during the period [5] - For the first half of the year, the company reported revenue of 6.282 billion yuan, a slight decline of 0.56% year-on-year, while net profit increased by 18.86% to 137 million yuan [5] - In the third quarter, the company's net profit reached 77.64 million yuan, reflecting a year-on-year growth of 5.82% [5]