人民财讯11月20日电，广电计量（002967）11月20日在互动平台表示，卫星互联网质量保障平台项目正 处于持续增长阶段，公司正在逐步导入相关领域客户。 ...

Group 1 - The company is actively monitoring industry development opportunities that can create synergies with its existing business [1] - The company maintains an open and proactive attitude towards high-quality targets that can help extend its industrial chain [1]

Core Viewpoint - The company emphasizes the importance of technological innovation and advanced measurement and testing in alignment with national strategies for manufacturing, quality, aerospace, transportation, and digital infrastructure [1] Group 1: Company Strategy - The company plans to closely follow customer demands and enhance its strategic layout in technological innovation industries [1] - There will be an increase in investment in technological transformation and research and development in strategic national industries [1] - The goal is to accelerate the establishment of a leading enterprise in advanced productivity testing [1] Group 2: Industry Context - The national "14th Five-Year Plan" promotes strategies for becoming a manufacturing powerhouse, a quality powerhouse, and advancing in areas such as quantum measurement, advanced nuclear energy, deep space exploration, and commercial aerospace [1] - There is a clear demand for high-precision and advanced measurement and testing technologies in these strategic sectors [1]

Core Viewpoint - The Nanjing Metrology Institute's case has been selected as an exemplary application of metrology data, focusing on quality control and digital transformation in the pharmaceutical industry, addressing significant pain points in data management and integration [1][3]. Group 1: Case Selection - The State Administration for Market Regulation has identified the first batch of excellent and typical cases of metrology data applications, with the Nanjing Metrology Institute's case being successfully included [1]. - Other notable cases include high-frequency dynamic carbon coupling models by Weisheng Group and intelligent analysis of water and electricity data by State Grid Hebei Electric Power [2]. Group 2: Technological Integration - The Nanjing Metrology Institute has integrated cutting-edge technologies such as IoT, artificial intelligence, and digital twins to create a digital metrology system that covers data collection, intelligent analysis, precise warning, and collaborative application [3]. - This system addresses issues like manual data entry errors, data incompatibility among different brands, and the lag in equipment maintenance, thus providing innovative solutions for metrology management in the pharmaceutical sector [3]. Group 3: Cost Savings and Future Plans - The digital metrology system enables real-time data collection and connectivity among various instruments, utilizing AI for precise fault warnings, which helps companies save millions in downtime costs annually [5]. - The Nanjing Metrology Institute plans to deepen the research and application of "AI + Metrology" technologies, expanding digital metrology services to meet national strategic and industrial development needs [5].

Group 1: IPO Market Developments - The week of October 27 to November 2 saw significant IPO activity, including the listing of the first batch of newly registered companies in the Sci-Tech Innovation Board's growth tier, with three unprofitable companies making their debut [1] - The companies He Yuan Bio-U, Xi'an Yicai-U, and Bi Bei Te-U collectively listed on the Sci-Tech Innovation Board, with closing prices on October 31 showing substantial increases compared to their issue prices, with gains of 3.25 times, 2.33 times, and 92% respectively [1] - Mo Er Thread received its IPO registration approval on October 30, taking four months from application acceptance to registration effectiveness [1][2] Group 2: Mo Er Thread Company Overview - Mo Er Thread, established in June 2020, focuses on the research, design, and sales of GPUs and related products, aiming to raise 8 billion yuan through its IPO for various AI and graphics chip development projects [2] - The company plans to allocate funds for the development of a new generation of AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [2] Group 3: Tian Su Measurement Company Insights - Tian Su Measurement, which provides calibration, testing, and certification services, received its IPO registration approval during the same week, but highlighted risks related to declining certificate prices that could impact performance [2][3] - The company's calibration business revenue accounted for over 91% of its main business income during the reporting period, with a noted decrease in certificate prices from 142.01 yuan to 119.43 yuan [2] Group 4: Sheng He Jing Wei Semiconductor Company Profile - Sheng He Jing Wei Semiconductor's IPO application was accepted on October 30, with plans to raise 4.8 billion yuan, focusing on advanced packaging and testing for integrated circuits [3] - The company reported revenues of 16.33 billion yuan in 2022, with projections of 30.38 billion yuan and 47.05 billion yuan for the following years, but also noted a significant customer concentration risk [3][4] Group 5: Zhu Zhou Ke Neng New Materials Company Status - Zhu Zhou Ke Neng New Materials' IPO application was terminated after being in a stagnant state since July 2023, despite meeting the R&D investment criteria for the Sci-Tech Innovation Board [4][5] - The company specializes in the research, production, and sales of rare metal elements and reported fluctuating revenues and net profits, alongside deteriorating cash flow from operating activities [5]

Core Viewpoint - The company aims to achieve high-quality development by optimizing its business structure and enhancing its competitive edge through technological barriers, with a focus on increasing the proportion of high-end business and reducing losses in weaker areas. [1] Group 1: Business Strategy - The company plans to continue optimizing its business structure to drive down losses in underperforming sectors while increasing the share of high-end business. [1] - The company expects profit growth to outpace revenue growth in 2026, maintaining a double-digit net profit margin. [1] Group 2: Growth Initiatives - The company will initiate an internationalization process and pursue a moderate acquisition strategy to actively expand growth opportunities and create new growth points. [1]

Core Viewpoint - Shenzhen Tian Su Measurement and Testing Co., Ltd. has submitted its prospectus for an IPO on the Growth Enterprise Market, aiming to raise approximately 424 million yuan for various projects and working capital [1][3]. Fundraising and Project Allocation - The company plans to raise 424 million yuan, with allocations as follows: 128 million yuan for enhancing measurement and testing capabilities at its Shenzhen headquarters, 175 million yuan for regional testing laboratory construction, 31.67 million yuan for a digital center, and 90 million yuan for working capital [3][4]. - Tian Su Measurement will initially use self-raised funds for projects before the IPO proceeds are available, with plans to replace these funds once the IPO capital is secured [3][4]. Business Overview - Tian Su Measurement is an independent third-party measurement and testing service provider, focusing on calibration, testing, and certification services across various sectors, including biomedicine, automotive, new energy, rail transportation, and power [5]. - The company's revenue for 2022, 2023, 2024, and the first half of 2025 is projected to be approximately 597 million yuan, 726 million yuan, 800 million yuan, and 409 million yuan, respectively, with net profits of about 84.39 million yuan, 101 million yuan, 111 million yuan, and 55.58 million yuan [5][6]. Financial Performance - The revenue from calibration services is a significant contributor to the company's performance, accounting for approximately 91.11%, 87.23%, 85.73%, and 84.05% of total revenue during the reporting periods [6]. - For the fiscal year 2025, the company anticipates revenue between 865 million yuan and 900 million yuan, representing a year-on-year growth of 8.11% to 12.48%, and a net profit of approximately 120 million yuan to 125 million yuan, reflecting a growth of 8.05% to 12.56% [7]. Company Structure and Shareholding - Tian Su Measurement was established in June 2009, with a registered capital of approximately 48.91 million yuan. The main shareholders include Gong Tianbao and Shenzhen Tian Su Measurement Management Center [7][8]. - Gong Tianbao holds a 69.31% stake, making him the controlling shareholder, while he and his spouse, Wu Baixiang, collectively control 85.86% of the voting rights [9][11].

Macro Strategy - The "15th Five-Year Plan" may not set a quantitative growth target for the five years, but annual targets will still be established, with a nominal GDP growth rate of no less than 5.5% expected during this period [1][9][10] - The plan emphasizes significant improvements in technological self-reliance and strength, with six key areas of focus: economic development, reform and opening up, cultural construction, ecological civilization, social welfare, and national governance [1][9][10] - The order of the 12 key tasks has slightly changed, with modern industrial systems, opening up, and social welfare prioritized, while green development is slightly lower in priority compared to the "14th Five-Year Plan" [1][9][10] Fixed Income - The report highlights the potential for arbitrage opportunities in the Sci-Tech Bond ETF, particularly for bonds with an implied rating of AA+ or higher, and emphasizes the importance of bond size and issuer type in selection [2][12][13] - The ETF is likely to favor bonds from central state-owned enterprises and traditional pillar industries, while also considering emerging sectors like materials and energy [2][12][13] - The report suggests that bonds with shorter maturities and recent trading activity are more likely to be included in the ETF, indicating a preference for liquidity and market performance [2][12][13] Company Analysis Nanhua Futures (603093) - The company reported a slight decline in net profit for Q3 2025, with a total revenue of 9.41 billion yuan, down 8.27% year-on-year, but a significant improvement in net income from fees [4][14] - The forecast for net profit from 2025 to 2027 is 4.71 billion, 5.37 billion, and 5.87 billion yuan, with corresponding PE ratios of 28.12, 24.67, and 22.59 [4][14] Jin Zai Foods (003000) - The company achieved a revenue of 18.1 billion yuan in the first three quarters of 2025, with a year-on-year increase of 2.1%, while net profit decreased by 19.5% [5][15][16] - The forecast for net profit from 2025 to 2027 is 2.4 billion, 3.5 billion, and 3.9 billion yuan, with PE ratios of 23, 16, and 14 [5][15][16] Hangcha Group (603298) - The company reported a 13% year-on-year increase in net profit for Q3 2025, with total revenue of 140 billion yuan for the first three quarters, reflecting a 9% growth [6][17] - The forecast for net profit from 2025 to 2027 is 22 billion, 24 billion, and 27 billion yuan, with PE ratios of 16, 15, and 13 [6][17] Gu Ming (01364.HK) - The company focuses on high-quality, fresh products and has established a robust supply chain to support its expansion in the mid-priced tea beverage market [7] - The forecast for adjusted net profit from 2025 to 2027 is 21.9 billion, 25.0 billion, and 28.8 billion yuan, with corresponding PE ratios of 24, 21, and 18 [7] Rejing Bio (688068) - The company is developing SGC001, a treatment for myocardial infarction, which has shown promising preclinical results and has received fast-track designation from the FDA [8]

Core Viewpoint - Shenzhen Tiansu Measurement and Testing Co., Ltd. has submitted its IPO application to the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise 423.9 million yuan for various projects [1] Company Overview - Tiansu Measurement is a national, comprehensive independent third-party measurement and testing service provider, specializing in calibration, testing, and certification services across multiple sectors including biomedicine, automotive, new energy, rail transportation, energy and power, light industry, and equipment manufacturing [1] - The company has developed calibration services in ten fields, including geometric, thermal, mechanical, electromagnetic, radio, time and frequency, acoustics, optics, chemistry, and ionizing radiation, with a total of 1,417 calibration services [1] Market Position - As of 2024, the total revenue of measurement and calibration institutions in China is estimated at 11.604 billion yuan, with Tiansu Measurement holding a market share of 5.91% in a highly fragmented market [1] Fundraising and Investment Plans - The IPO proceeds will be allocated to several projects, including: - Shenzhen Headquarters Measurement and Testing Capability Enhancement Project: 127.66 million yuan - Regional Measurement and Testing Laboratory Construction Project: 174.57 million yuan - Digital Center Construction Project: 31.67 million yuan - Supplementing Working Capital: 90 million yuan - Total Investment: 423.9 million yuan [2][3] Financial Performance - The company reported the following revenues and net profits for the years 2022 to 2025: - 2022: Revenue of approximately 597 million yuan, Net Profit of approximately 84.39 million yuan - 2023: Revenue of approximately 726 million yuan, Net Profit of approximately 101 million yuan - 2024: Revenue of approximately 800 million yuan, Net Profit of approximately 111 million yuan - 2025 (Jan-Jun): Revenue of approximately 409 million yuan, Net Profit of approximately 55.58 million yuan [3][4] Key Financial Metrics - As of June 30, 2025, the company reported: - Total Assets: 729.19 million yuan - Equity Attributable to Shareholders: 576.12 million yuan - Asset-Liability Ratio (Parent Company): 18.45% - Operating Income: 409.14 million yuan - Net Profit: 55.58 million yuan - Basic Earnings Per Share: 1.14 yuan [4]

Group 1 - The core point of the article highlights that the number of testing institutions in the industry has decreased for the first time in nearly 20 years, indicating an increase in industry concentration while still remaining relatively fragmented [1] - The company has been actively promoting business structure adjustments since 2024, focusing on serving national strategic industries and technological innovation [1] - The company aims to build its core competitiveness through technological innovation and leadership, positioning itself as a credible first-class metrology and testing service provider [1] Group 2 - The company adheres to a strategic positioning that emphasizes serving technological innovation, aiming to create a vertically integrated service model [1] - The company's development is expected to align with the domestic technological innovation and self-reliance trends [1] - The company strives to become the most credible professional institution in metrology and testing technology services [1]