为更好地对母基金在中国资本市场里所发挥的重要作用进行系统研究，发挥政府出资产业投资 基金等的资源和战略优势，加强政府对社会资本的管理和引导，促进社会资本流向创新创业型 企业和实体经济，推动中国投资行业特别是母基金行业的健康发展， "中国国际科技促进会母 基金分会"（简称"科促会母基金分会"）成立。科促会母基金分会领导班子所在机构及参会机 构共8 2家，科促会母基金分会于每周二更新相关机构的一周资讯。 【内容提要】 1 . 这支省级引导基金招 GP 4 . 长江系 AIC基金又落一子 长江建源金岸（湖北）股权投资基金注册落地 5 . 深创投集团已投企业首航新能源登陆深交所创业板 01 这支省级引导基金招GP 根据省委十二届三次全会关于 "重构政府产业基金引导体系，打造千亿级母子基金集群"的部 署，根据《四川省政府产业投资引导基金管理委员会办公室关于同意首批子基金组建方案的批 复 》 （ 川 引 导 基 金 办 函 〔 2 0 2 4 〕 3 号 ） ， 四 川 省 先 进 制 造 投 资 引 导 基 金 （ 简 称 " 先 进 制 造 基 金"）拟联合社会资本组建设立四川省电子信息产业投资基金（简称"电子信息子 ...

Group 1 - The core viewpoint of the article is that Shouhang New Energy Technology Co., Ltd. has successfully completed its IPO journey after nearly three years, marking its official listing on the A-share market [1][3] - Shouhang New Energy, established in June 2013, is a leading global provider of photovoltaic and energy storage solutions, with main businesses including grid-connected inverters, energy storage inverters, energy storage batteries, and photovoltaic system accessories [1] - The company issued 41.2371 million shares in its initial public offering, resulting in a total share capital of 412 million shares, with 38.728 million shares being tradable, accounting for 9.39% of the total share capital post-issuance [1] Group 2 - The IPO process for Shouhang New Energy has been described as "tortuous," with multiple interruptions due to expired financial documents, including a fourth suspension on September 30, 2024, and a successful registration on February 11, 2025, taking only 19 days [1][2] - The fundraising amount has significantly decreased over time, from an initial estimate of approximately 1.511 billion yuan in 2022 to 1.211 billion yuan by January 2025, representing a reduction of over 2 billion yuan from its peak [2] - Notably, since 2021, CATL has become one of Shouhang New Energy's top five suppliers, providing battery cells for energy storage production, and CATL's subsidiary holds a 3% stake in the company, enhancing their strategic collaboration [2]

Core Viewpoint - Shenhui New Energy (首航新能) has successfully listed on the Shenzhen Stock Exchange's ChiNext board, with a significant opening price and trading performance, indicating strong market interest in the company and its focus on renewable energy solutions [1]. Company Overview - Shenhui New Energy specializes in the research, production, sales, and service of renewable energy power equipment, particularly solar energy conversion, storage, and management systems [1]. - The company's core products include string photovoltaic grid-connected inverters, photovoltaic storage inverters, storage batteries, and photovoltaic system accessories [1]. Shareholding Structure - The controlling shareholder of Shenhui New Energy is Xu Tao, who directly holds 46.62% of the company's shares and has significant indirect holdings through investment partnerships, totaling 52.75% of the shares [2][3]. - Xu Tao also controls 67.26% of the voting rights, establishing him as the actual controller of the company [3]. Financial Performance - For the years 2021 to 2023, Shenhui New Energy reported revenues of 1,825.64 million yuan, 4,456.71 million yuan, and 3,743.25 million yuan, respectively, with net profits of 186.85 million yuan, 848.87 million yuan, and 341.01 million yuan [8]. - The company’s gross profit margins for its storage inverters and batteries have been higher than industry peers, with storage inverter margins at 49.40% to 56.11% and battery margins increasing from 14.26% to 25.72% over the same period [4][5]. Fundraising and Investment Plans - Shenhui New Energy raised a total of 486.60 million yuan from its IPO, with net proceeds of 412.52 million yuan after expenses [6]. - The company plans to use the funds for various projects, including energy storage system construction, new energy product R&D, and marketing network development [7]. Future Projections - For 2024, Shenhui New Energy forecasts a revenue of 2,712.73 million yuan, representing a year-on-year decrease of 27.53%, and a net profit of 254.91 million yuan, down 25.25% [11]. - The company anticipates a revenue range of 680 million to 720 million yuan for Q1 2025, with a slight decline in year-on-year performance [12].

回首IPO路程，首航新能源也经历过一些风风雨雨。 这场IPO从2022年6月16日获受理，到现在申购阶段已经历时接近3年，募资金额也随着行业的 调整开始回落，从35.12亿元降至约12.11亿元。 业绩一直是投资者参考的重要标准，招股书显示该公司2021年-2024上半年营收分别约为18.2 亿元、44.5亿元、37.4亿元、14.69亿元，扣非净利润分别约为2.6亿元、8.4亿元、3亿元、1.2 亿元，跟随者行业一起经历了大起大落。 该公司主要收入来自境外，2021年-2024上半年境外收入占比分别约为88%、89.6%、75.5%、 83%，2023年以来海外对于储能和光伏的需求区域饱和，影响了公司效益。此外该公司对于大 客户的依赖性也较高，报告期内五大客户的销售额占比均超过50%以上，且以上两种现象并不 会在短时间内解决。 也就是说，如果行业趋于稳定，那么首航新能源的基本盘就会固定，上市后也让很难会有大规 模的变动。 光伏储能双驱动的首航新能需要资本力量扩大舞台。 起点锂电获悉， 3月24日首航新能源开启申购，公开发行4123.71万股人民币普通股（A股）， 发行价格为11.80元/股，共计募资12.1 ...

Group 1 - The new stock market shows a significant recovery in "profit-making effect," with an average first-day increase of 318% for four new stocks this week [1] - Hongjing Optoelectronics saw a first-day increase of 282.03%, with a single subscription profit close to 60,000 yuan, while Jiangnan New Materials surged 606.83%, marking the highest first-day increase for new stocks this year, with a single subscription profit of approximately 32,000 yuan [1] - Next week, three new stocks are scheduled for subscription, including Shihang New Energy, which is a leading global supplier of photovoltaic inverters [1][4] Group 2 - Shihang New Energy focuses on the research, production, sales, and service of new energy power equipment, specializing in solar energy conversion, storage, and management [5] - The company’s core products include string photovoltaic grid-connected inverters, photovoltaic energy storage inverters, storage batteries, and photovoltaic system accessories [5] - Shihang New Energy expects a net profit of 49 million to 55 million yuan for Q1 2025, with a year-on-year change of -0.10% to 12.14% [6] Group 3 - China Ruilin, established in 1957, is a key design unit in the non-ferrous metal industry, providing engineering design consulting and total contracting services [9] - The company serves major state-owned enterprises and large corporate groups in China, including China Nonferrous Mining, State Power Investment, and China Copper [1] - China Ruilin anticipates a net profit of 8.5 million to 11 million yuan for Q1 2025, with a year-on-year change of -0.16% to 29.21% [10] Group 4 - Taihong Wanli has over 20 years of experience in the automotive parts sector and has become a first-tier supplier for several well-known domestic and international automotive manufacturers [2] - The company actively collaborates with leading companies in the new energy vehicle sector, including NIO, Li Auto, and Xpeng Motors, and is a partner of major component suppliers like CATL [2] - Taihong Wanli projects a net profit of 38.8 million to 43.5 million yuan for Q1 2025, reflecting a year-on-year growth of 2.89% to 15.35% [11]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is positioned for growth in the renewable energy sector [28]. Core Viewpoints - The company is actively investing in product research and development, iterating existing products while launching new series such as centralized energy storage systems and micro-inverter systems [19]. - The company has achieved significant revenue growth in previous years, with a reported revenue of 44.57 billion in 2022, but is facing a decline in revenue and net profit projections for 2023 and 2024 [7][24]. - The company is recognized as a leading supplier of photovoltaic inverters globally, focusing on residential and small commercial applications, and has established a strong market presence through international subsidiaries [18][19]. Summary by Sections Company Overview - The company specializes in the research, production, sales, and service of renewable energy power equipment, including string photovoltaic grid-connected inverters, photovoltaic energy storage inverters, energy storage batteries, and photovoltaic system accessories [6][10]. Financial Performance - The company reported revenues of 44.57 billion, 37.43 billion, and 27.11 billion for the years 2022, 2023, and 2024 respectively, with year-over-year growth rates of 144.12%, -16.01%, and -27.58% [7][24]. - The net profit attributable to the parent company was 8.49 billion, 3.41 billion, and 2.59 billion for the same years, with corresponding year-over-year growth rates of 354.30%, -59.83%, and -24.09% [7][24]. Industry Situation - The photovoltaic inverter industry has experienced rapid growth, with global shipments increasing from 81.3 GW in 2016 to 536.0 GW in 2023, reflecting a compound annual growth rate of 30.92% [11]. - The company competes with major players in the industry, including Huawei and Sungrow, which dominate the market with a combined share of approximately 52% [11]. Company Highlights - The company has a strong technological capability, with inverter products achieving a peak efficiency of 98.4%, ranking among the top in the industry [18]. - The company has received investments from key suppliers, which enhances supply chain stability and reflects industry recognition [18]. - The company has established a global market presence with subsidiaries in various countries, enhancing its international customer base [18]. Investment Projects - The company plans to invest in four projects through its IPO, including the construction of energy storage systems, new energy product manufacturing, upgrading research centers, and expanding its marketing network [20][21][22]. Peer Comparison - Compared to its peers, the company’s revenue and profit margins are below the industry average, with a 2023 revenue of 37.43 billion and a net profit of 3.41 billion, while the average revenue for comparable companies is 170.98 billion [24].