助力恒坤新材成功上市，是中泰证券践行"以客户为中心"、追求"美美与共"核心价值观的又一经典案 例。近年来，中泰证券以服务新质生产力为抓手，聚焦"硬科技"领域持续发力，在战略性新兴产业试点 建立了多个行业组，联合财富、研究、投行等多业务条线开展"金融赋能 上市启航"专项行动，为科技 创新企业提供全生命周期综合金融服务。 恒坤新材是一家致力于光刻材料、前驱体等集成电路关键材料研发、生产和销售的创新企业，是境内少 数具备12英寸集成电路晶圆制造关键材料研发和量产能力的创新企业之一，在先进制程材料领域构建起 了难以复制的技术"护城河"。 2025年以来，中泰证券相继完成海博思创、恒坤新材2单科创板IPO项目，承销规模合计11.51亿元，科 创板IPO承销单数和规模均排名行业第3位，细分领域优势地位日益巩固。未来，中泰证券将一如既往 地坚守金融服务实体经济的初心，不断提升投行专业能力和执业质量，致力于为企业提供全链条、一站 式的综合金融服务。 □记者 都亚男 报道 恒坤新材IPO项目是资本市场的明星项目，从IPO受理到上市，仅用不到11个月的时间。在服务过程 中，中泰证券团队以高效的执行和全方位的综合金融服务，深度参与 ...

Core Viewpoint - Hengkun New Materials (688727.SH) experienced a significant decline in stock price, closing at 51.54 yuan, with a drop of 11.47% on November 21, 2025 [1] Group 1: IPO Details - Hengkun New Materials was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on November 18, 2025, with an initial public offering (IPO) of 67,397,940 shares at a price of 14.99 yuan per share [1] - The total amount raised from the IPO was 1,010,295,120.60 yuan, with a net amount of 891,734,601.30 yuan after expenses [1] - The final net amount raised was 115 million yuan less than the original plan [1] Group 2: Fund Allocation - The company plans to use the raised funds for the second phase of the integrated circuit precursor project and for advanced materials for integrated circuits, with a total planned fundraising of 1,006.695 million yuan [1] Group 3: Underwriting and Fees - The total issuance expenses amounted to 118.5605 million yuan, with underwriting and sponsorship fees accounting for 82.3721 million yuan [1]

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (stock code: 688727) was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, opening at 58.00 yuan and closing at 61.55 yuan, with a significant increase of 310.61% and a total market capitalization of 27.656 billion yuan [1]. Company Overview - 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 developing and mass-producing key materials for 12-inch integrated circuit wafer manufacturing [1]. - The company is controlled by Yi Rongkun, who holds a direct voting power of 19.52% and an indirect control of 5.94%, totaling 40.87% voting rights through various agreements and entities [1]. Financial Highlights - The company raised a total of 1.010 billion yuan, with a net amount of 891.73 million yuan, which is 115 million yuan less than the original plan [5]. - The funds will be allocated to the second phase of the integrated circuit precursor project and advanced materials project [5][6]. - The company reported revenues of 321.77 million yuan, 367.71 million yuan, 547.94 million yuan, and 294.34 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [8]. - Net profits for the same periods were 99.73 million yuan, 89.76 million yuan, 96.91 million yuan, and 41.60 million yuan [8]. Project Investment - The total investment for the second phase of the integrated circuit precursor project is 519.11 million yuan, with 399.80 million yuan from the raised funds, while the advanced materials project has a total investment of 909.17 million yuan, with 606.89 million yuan from the raised funds [6]. Revenue and Profit Forecast - For the first nine months of 2025, the company expects revenues between 44 million yuan and 50 million yuan, representing a growth of 12.48% to 27.82% compared to the same period in 2024 [11]. - The net profit attributable to the parent company is projected to be between 62 million yuan and 68 million yuan, indicating a decrease of 11.48% to 2.92% [11].

Group 1: A-share Market Overview - The A-share market experienced an overall decline on the morning of November 18, with most major indices falling [1][3] - The media sector led the gains, with the sector's intraday increase exceeding 2%, and several stocks hitting the "20cm" limit up [3] - The computer sector also saw significant gains, with an intraday increase of over 1%, and multiple stocks reaching the "20cm" limit up [3] Group 2: New Stock Performance - Three new stocks listed today in the A-share market, all experiencing substantial increases [6] - Beikong Detection saw an intraday increase of over 370%, specializing in non-ferrous metal inspection and testing technology [7] - Hengkun New Materials had an intraday increase of over 330%, focusing on key materials for integrated circuits [8] - Nanwang Digital experienced an intraday increase of over 270%, providing digital solutions for the power energy sector [9] Group 3: Hong Kong Market Overview - The Hong Kong market saw the Hang Seng Index dip below the 26,000-point mark, with an intraday decline exceeding 1% [10][11] - Among the volatile stocks, Shenglong International surged with an intraday increase of over 130% [12][13] - Shenglong International released a positive profit forecast, expecting a net profit of approximately 25.7 million HKD for the current period, a turnaround from a net loss of 3.4 million HKD in the same period last year [15][16]

Group 1: New IPOs - Three new stocks are available for subscription next week, including Beikang Testing, Hengkun New Materials, and Nanfang Digital [1] - Nanfang Digital ranks third in the number of shares issued among new stocks in the Shanghai and Shenzhen markets since 2025, and first among new stocks on the Shenzhen Stock Exchange's Growth Enterprise Market [1] Group 2: Beikang Testing - Beikang Testing is a national-level specialized and innovative "little giant" enterprise, with an issue price of 6.70 yuan per share and an issuance PE ratio of 14.9 times, compared to the industry average of 38.77 times [2] - The total number of shares issued by Beikang Testing is 28.32 million, with 25.49 million available for online subscription [2] - The global inspection and testing market has grown from 107.7 billion euros in 2012 to 278.5 billion euros in 2023, with a compound annual growth rate (CAGR) of 9.02%, while the Chinese market is expected to grow from 206.51 billion yuan in 2016 to 487.60 billion yuan in 2024, with a CAGR of approximately 11.34% [2] Group 3: Financial Performance of Beikang Testing - Beikang Testing's revenue for 2022 to 2025 (first half) 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 [5] - For the first three quarters of 2025, Beikang Testing expects revenue of 134 million to 139 million yuan, a year-on-year increase of 26.87% to 31.61%, and net profit of 57.4 million to 63.4 million yuan, a year-on-year increase of 34.78% to 48.87% [6] Group 4: Hengkun New Materials - Hengkun New Materials is a supplier for 12-inch integrated circuit wafer factories, with an undisclosed issue price and PE ratio, but a reference industry PE ratio of 60.46 times [7] - The total number of shares issued by Hengkun New Materials is 67.4 million, with 10.78 million available for online subscription [7] - The company’s revenue for 2022 to 2025 (first half) is projected 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 [8] Group 5: Financial Performance of Hengkun New Materials - For the first three quarters of 2025, Hengkun New Materials expects revenue of 440 million to 500 million yuan, with a year-on-year change of 12.48% to 27.82%, and net profit of 49 million to 55 million yuan, with a year-on-year change of -26.70% to -17.73% [9] Group 6: Nanfang Digital - Nanfang Digital is a key player in the digital grid construction of the Southern Power Grid, with a total issuance of 477 million shares and an undisclosed issue price and PE ratio, but a reference industry PE ratio of 71.09 times [11] - The company aims to build a world-class digital and intelligent innovation platform for the power grid, with clients including Southern Power Grid and Inner Mongolia Power Group [11] - The digital energy market in China is expected to grow from 315 billion yuan in 2024 to 370 billion yuan in 2025, with a CAGR of 10.86% from 2020 to 2025 [11] Group 7: Financial Performance of Nanfang Digital - Nanfang Digital's revenue for 2022 to 2025 (first half) 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 [12] - For the full year of 2025, Nanfang Digital expects revenue of 6.4 billion to 6.7 billion yuan, a year-on-year increase of 5.10% to 10.02%, and net profit of 562 million to 590 million yuan, a year-on-year increase of 0.07% to 5.06% [13]

Group 1: New IPOs - This week (November 3 to 7), there are three new stocks available for subscription: one on the Sci-Tech Innovation Board, one on the ChiNext, and one on the Beijing Stock Exchange [1][2] - The Beijing Stock Exchange new stock, Beikong Detection, 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, aiming to raise 1.007 billion yuan for projects related to integrated circuit precursors and advanced materials [2] Group 2: Company Profiles - Hengkang New Materials is one of the few domestic companies capable of R&D and mass production of key materials for 12-inch integrated circuit wafers, enhancing its product structure and promoting domestic innovation [2] - Nanjing Digital, launching its IPO on November 7, provides comprehensive digital construction solutions for the power energy sector and is expanding its services to other industries such as transportation and urban construction, with a fundraising target of 2.554 billion yuan [2] - Zhi Xin Co., which is set to go public on the Shanghai Main Board, specializes in automotive welding parts and has established itself as a primary supplier for major automotive manufacturers, aiming to raise 1.329 billion yuan [5][6] - Shaanxi Tourism, also seeking to go public on the Shanghai Main Board, integrates tourism performances, cable cars, and dining services, leveraging local attractions to enhance visitor experiences, with a fundraising goal of 1.555 billion yuan [6]

New IPOs - Two new stocks are available for subscription: Hengkun New Materials (688727.SH) on the Sci-Tech Innovation Board and Nanfang Digital (301638.SZ) on the ChiNext Board [1] - Hengkun 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 developing and mass-producing 12-inch integrated circuit wafer manufacturing materials [2][4] - Nanfang Digital provides comprehensive digital construction solutions for clients in the power and energy sectors, aiming to drive digital transformation in the electricity industry [7][8] Hengkun New Materials - The offering price is 14.99 CNY per share, with a market capitalization of 57.25 billion CNY and an issuance P/E ratio of 71.42, compared to the industry average of 60.47 [4] - The company’s main products include SOC, BARC, KrF photoresist, i-Line photoresist, and TEOS precursor materials, with sales revenue projected to grow from 123.58 million CNY in 2022 to 344.19 million CNY in 2024 [5][6] - Hengkun New Materials has a high customer concentration, primarily serving top domestic wafer manufacturers, and has achieved a market share exceeding 10% in the domestic market for photoresist materials [5][6] Nanfang Digital - The offering price is 5.69 CNY per share, with a market capitalization of 153.80 billion CNY and an issuance P/E ratio of 32.22, significantly lower than the industry average of 71.22 [8][10] - The company’s revenue from digital grid construction reached 75.51 million CNY in the first half of 2025, accounting for 48.64% of total revenue, with significant contributions from enterprise digitalization and digital infrastructure [11][12] - Nanfang Digital has developed key technologies for the power industry, including an IoT operating system and a dedicated AI model, and has participated in multiple national key R&D projects [11] DeLijia - DeLijia, listed on the main board, specializes in the research, production, and sales of high-speed heavy-load precision gear transmission products, primarily for wind power generation [13][16] - The offering price is 46.68 CNY per share, with a market capitalization of 186.70 billion CNY and an issuance P/E ratio of 34.98 [16] - The company has established strong partnerships with leading wind turbine manufacturers and is projected to hold a 16.22% market share in China’s wind power transmission equipment sector by 2024 [19] Zhongcheng Consulting - Zhongcheng Consulting, listed on the Beijing Stock Exchange, focuses on engineering consulting services and has ranked among the top in Jiangsu province for several years [20][23] - The offering price is 14.27 CNY per share, with a market capitalization of 1300.18 billion CNY and an issuance P/E ratio of 9.69, significantly lower than the industry average of 40.16 [23] - The company’s revenue from engineering cost consulting accounted for 53.39% of total revenue in the first half of the year, with a notable increase in accounts receivable posing a potential risk [25]

Summary of New Stock Offerings Core Viewpoint This week, three new stocks are available for subscription in the A-share market, including Beikong Detection, Hengkong New Materials, and Nanguang Digital, each with distinct industry focuses and growth potential. Group 1: Beikong Detection - Beikong Detection is a leading domestic service provider in non-ferrous metal inspection and testing, with an issuance price of 6.7 yuan per share and a single account subscription limit of 1.2744 million shares [2][3]. - The company has achieved revenues of 0.92 billion yuan, 1.1 billion yuan, and 1.48 billion yuan for the years 2022 to 2024, with net profits of 0.32 billion yuan, 0.46 billion yuan, and 0.55 billion yuan respectively [3]. - The funds raised will be invested in advanced testing instrument R&D and capacity building projects, as well as to supplement working capital [4]. Group 2: Hengkong New Materials - Hengkong New Materials focuses on the R&D and industrial application of key materials for integrated circuits, with a single account subscription limit of 10,500 shares and a required market value of 105,000 yuan [5]. - The company projects revenues of 3.22 billion yuan, 3.68 billion yuan, and 5.48 billion yuan from 2022 to 2024, with net profits of 1.01 billion yuan, 0.9 billion yuan, and 0.97 billion yuan respectively [7]. - The raised funds will be allocated to the second phase of the precursor project and advanced materials for integrated circuits [8]. Group 3: Nanguang Digital - Nanguang Digital provides comprehensive digital construction solutions for the power energy sector, with a single account subscription limit of 47,500 shares and a required market value of 475,000 yuan [9]. - The company has reported revenues of 56.86 billion yuan, 42.34 billion yuan, and 60.9 billion yuan for 2022 to 2024, with net profits of 6.53 billion yuan, 3.77 billion yuan, and 5.7 billion yuan respectively [10]. - The funds raised will be used for various projects, including the construction of a digital twin platform and an advanced AI platform for the energy sector [10].

Summary of Key Points Core Viewpoint - This week, three new stocks are available for subscription in the A-share market, including Beikang Testing, Hengkang New Materials, and Nanguang Digital, each representing different sectors of the economy [1]. Group 1: Beikang Testing - Beikang Testing's issue price is 6.7 yuan per share, with a single account subscription limit of 1.2744 million shares [2]. - The company is a leading domestic service provider in the field of non-ferrous metal inspection and testing, involved in various areas such as mineral resource testing, technical services, and high-end analytical instrument development [2]. - Projected revenues for Beikang Testing from 2022 to 2024 are 92 million yuan, 110 million yuan, and 148 million yuan, with net profits of 32 million yuan, 46 million yuan, and 55 million yuan respectively [3]. Group 2: Hengkang New Materials - Hengkang New Materials has a single account subscription limit of 10,500 shares, requiring a minimum market value of 105,000 yuan in the Shanghai market for maximum subscription [5]. - The company focuses on the research and industrial application of key materials for integrated circuits, being one of the few domestic firms capable of developing and mass-producing critical materials for 12-inch integrated circuit wafers [5]. - Revenue projections for Hengkang New Materials from 2022 to 2024 are 322 million yuan, 368 million yuan, and 548 million yuan, with net profits of 101 million yuan, 90 million yuan, and 97 million yuan respectively [7]. Group 3: Nanguang Digital - Nanguang Digital has a single account subscription limit of 47,500 shares, with a top subscription requiring a market value of 475,000 yuan in the Shenzhen market [9]. - The company provides comprehensive digital construction solutions for the power energy sector, aiming to build a world-class digital and intelligent innovation platform for power grids [9]. - Revenue forecasts for Nanguang Digital from 2022 to 2024 are 5.686 billion yuan, 4.234 billion yuan, and 6.09 billion yuan, with net profits of 653 million yuan, 377 million yuan, and 570 million yuan respectively [10].

Core Insights - The article highlights the critical role of key materials in the semiconductor industry, emphasizing the need for high-end and autonomous development in China’s chip sector [1] - Zhangjiagang Rural Commercial Bank is actively supporting the Zhangjiagang Integrated Circuit Advanced Materials Innovation Center project, which aims to enhance the regional semiconductor materials industry through targeted financial services [1] Group 1: Project Overview - The total investment for the innovation center project is 880 million yuan, focusing on key materials such as photoresists and electronic specialty gases [1] - The project aims to establish a comprehensive system for "pilot incubation - scale production," with an expectation to incubate over 60 strategic new material projects within five years [1] Group 2: Financial Support - Zhangjiagang Rural Commercial Bank has developed a specialized financial service plan called "Port Development Pass," providing a credit limit of 100 million yuan and assisting companies in applying for government subsidies to reduce financing costs [1] - The bank offers a loan term of up to 10 years, aligning with the project's construction and return cycle, addressing the financing challenges faced by major technology projects [1] Group 3: Strategic Importance - The project is positioned as a significant initiative for enhancing industrial security and is part of a broader strategy to create an integrated circuit materials innovation ecosystem in the Yangtze River Delta region [2] - The completion of the project by 2025 is expected to contribute to the high-quality development of the real economy through financial support for technological innovation [2]