伐谋-中小盘周报 2025 年 12 月 14 日 2025 年询价转让热度显著提升，与定增深度互补 中小盘研究团队 ——中小盘周报 | 周佳（分析师） | 张越（分析师） | 赵晨旭（联系人） | | --- | --- | --- | | zhoujia@kysec.cn | zhangyue1@kysec.cn | zhaochenxu@kysec.cn | | 证书编号：S0790523070004 | 证书编号：S0790524090003 | 证书编号：S0790124120019 | |  本周专题：2025 | 年询价转让热度全面抬升，与定增深度互补 | | 锁定更短折扣更深，询价转让与定增深度互补。一方面，询价转让与定增在资产 供给端形成互补。询价转让主要功能是将已上市的、由创始股东或早期投资人持 有的股份，以较低门槛高效地转让给新的机构投资者；定增则是上市公司的股权 再融资，实质上是为市场"创造"未来的增长资产。因此，询价转让解决了"哪 里有现成好资产"的问题，而定增则回答了"未来增长从哪里来"的问题。另一 方面，二者在风险收益与投资逻辑上可形成互补。询价转让股份登记时间约一周 左右，普 ...

Group 1: Stock Market Performance - 12 stocks had closing orders exceeding 100 million yuan, with Anzheng Fashion and Tianji Co. each surpassing 200 million yuan in closing orders [2] - The top three stocks by closing order volume were Longxin Co. (458,500 hands), Pacific Securities (344,600 hands), and Victory Precision (318,500 hands) [2] - Hongyu Packaging achieved a revenue of 321 million yuan in the first half of the year, a year-on-year increase of 5.54%, with a net profit of 12.21 million yuan, up 147.37% [2] Group 2: Company Financials - Tianji Co. reported a revenue of 1.068 billion yuan in the first half of the year, a year-on-year increase of 19.16%, but incurred a net loss of 52.36 million yuan [3] - Hongyu Packaging's net profit growth was attributed to increased sales of color-printed composite packaging products and improved gross margins due to changes in product and customer structure [2] - Anzheng Fashion's subsidiary provides e-commerce platform operations for international brands, contributing to its performance growth [5] Group 3: Industry Insights - Solid-state batteries are identified as a promising next-generation lithium battery technology, with investment opportunities arising from material innovation and accelerated industrialization [3] - The cross-border e-commerce sector is experiencing growth, with companies like Zhongyuan Home and Anzheng Fashion expanding their market presence [5] - The sports industry is leveraging events to boost cultural and tourism consumption, with companies like Lingnan Holdings and Yuanlong Yatu focusing on major sports events [6]

Core Insights - A small micro-enterprise, Pinglu County Zhanliang Carton Factory, has been operating for over 20 years in Shanxi Province and is becoming a significant player in the local paper and paper products industry [1] - The company faced challenges in financing due to high loan interest rates and additional costs, which strained its cash flow [1] Financing Support - In July, Pinglu Rural Commercial Bank provided a loan of 3 million yuan to Zhanliang Carton Factory, along with a customized "burden reduction package" that lowered guarantee fees by 2,000 yuan and offered interest rate discounts saving 12,000 yuan, totaling a financing cost reduction of 14,000 yuan [3] - The financial support allowed the company to invest in new equipment, specifically two automated gluing machines, enhancing production efficiency [3] Operational Improvements - The factory has seen a significant increase in operational efficiency, with a 30% reduction in order delivery time and a steady increase in market share [3] - The transformation of Zhanliang Carton Factory exemplifies the effective service model of Pinglu Rural Commercial Bank in supporting small micro-enterprises through a tripartite interaction model involving local government, businesses, and banks [3]