Group 1: Research Basic Information - The research object is Keyuan Wisdom, belonging to the Internet services industry, and the reception time was on June 4, 2025. The listed company's reception staff included the board secretary, Zhao Wenqing, and the securities affairs representative, Wu Yating [16] Group 2: Detailed Research Institutions - The research institutions include Huachuang Securities, Western Securities, Guangzheng Asset Management, Changjiang Securities, Zhongguangyun Investment, and Yuanwangjiao Investment, along with their corresponding personnel [17] Group 3: Company Overview - The company is a leading domestic provider of industrial automation, informatization, and intelligent technology, products, and solutions, with two major business segments: Automation & Intelligence BG and Industrial Digitalization BG, serving downstream industries such as energy and power, petroleum and chemical, steel and metallurgy, municipal building materials, and some discrete manufacturing industries [21] - The company is actively deploying an embodied intelligence product line, developing an embodied intelligence drive and control integrated platform, and aiming to become a "shovel-type" company in the AI robot era [21][22] Group 4: Company Strategy and Business Layout - The company focuses on industrial automation, industrial Internet, and industrial software businesses, seizing opportunities in industrial digitalization, digital industrialization, and domestic substitution, and strengthening the development of independent and controllable industrial control systems and PLC products [22] - The company's business layout covers industrial automation, intelligence, and digitalization, serving multiple industries. The growth logic lies in the policy-driven domestic substitution wave and the potential of the industrial AI business [23] Group 5: Company Business Strategies - The company's industrial AI business commercialization strategy focuses on solving industrial pain points, using a combination of software and hardware to achieve closed-loop monetization, starting with pilot projects in state-owned enterprises and gradually expanding to other industries [23] - The company's robot business focuses on industrial scenarios, positioning as a core component supplier for industrial robots, and using a "selling shovels" model to enter the industrial robot field [24]

文/梧桐晓编 2025年1-3月，沪、深、北三个交易所共受理IPO申报企业只有8家，其中上交所2家，都是科创板，深交所受理1家，申报主板，北交所受理5家。其中申报科创板 IPO的昂瑞微电子报告期累计亏损8.8亿元。申报深交所主板上市的华润新能源为一家设立于中国香港红筹企业，2023年扣非净利润高达82亿元。北交所受理的5 家公司选择的具体上市标准均为《上市规则》第 2.1.3 条第一项：预计市值不低于 2 亿元，最近两年净利润均不低于 1500 万元且加权平均净资产收益率平均不低 于 8%，或者最近一年净利润不低于 2500 万元且加权平均净资产收益率不低于 8%。 8家今年一季度受理的IPO申报企业基本信息 单位：亿元 | 公司简称 | 甲报板块 | 王营业务 | 最近一年 | 最近一年 | 保荐机构 | | --- | --- | --- | --- | --- | --- | | | | | 营收 | 净利润 | | | 昂瑞微电子 | 科创板 | 射频前端芯片、射频SoC芯片及其他模拟芯片的研发设计 | 21.01 | -1.1003 | 中信建投 | | | | 与销售 | | | | | 傲拓科技 ...

Investment Rating - The report indicates a positive outlook for the securities sector, with a current PB valuation of 1.47x, suggesting a high safety margin compared to historical averages [39]. Core Insights - The securities sector has shown a recovery, with a weekly increase of 2.86%, outperforming the broader market by 1.28% [5]. - The average stock price increase for listed brokerages was 3.2% during the week, with notable performers including China Galaxy and Xinda Securities, which saw gains exceeding 10% [11]. - The report emphasizes the ongoing support from national policies aimed at stabilizing growth and boosting the capital market, which is expected to enhance the sector's performance in the medium to long term [42]. Summary by Sections Market Review - The securities sector's performance has improved, with a year-to-date decline of only 2.02% as of March 14, 2025, compared to the gains of the CSI 300 and other indices [5]. - The sector has outperformed 25 other primary industries during the recent week [5]. Important Policies and Industry Dynamics - The China Securities Regulatory Commission (CSRC) has emphasized the importance of implementing policies that support market stability and growth, particularly in light of recent national meetings [14][15]. - A notification from the Ministry of Natural Resources and the Ministry of Finance outlines the use of local government special bonds to support land reserves, which may indirectly benefit the securities market [16][17]. Key Market Data - The A-share market remains active, with an average daily trading volume of 1.75 trillion yuan, reflecting an 82.44% year-on-year increase [25]. - A total of 35.1 billion yuan was raised through equity financing in the A-share market during the week, with significant contributions from IPOs [31]. Valuation and Investment Recommendations - The current PB valuation of the securities sector is 1.47x, which is below the historical average of 1.85x, indicating potential for growth [39]. - Investment recommendations focus on leading brokerages with strong fundamentals, those likely to benefit from mergers and acquisitions, and firms excelling in wealth management [42].

Market Overview - The U.S. stock indices closed lower, with the Dow Jones down 1.14% at 41433.48 points, S&P 500 down 0.76% at 5572.07 points, and Nasdaq down 0.18% at 17436.1 points [5] - European stock indices also closed lower, with Germany's DAX down 1.29% at 22328.77 points, France's CAC40 down 1.31% at 7941.91 points, and the UK's FTSE 100 down 1.21% at 8495.99 points [5] - Major Asia-Pacific indices closed lower, with Japan's Nikkei 225 down 0.64% at 36793.11 points and India's SENSEX30 down 0.02% at 74102.32 points [5] Domestic Stock Market - A-shares showed a low-open high-close trend, with the Shanghai Composite Index closing up 0.41% at 3379.83 points and the Shenzhen Component Index up 0.33% [13] - Hong Kong's Hang Seng Index experienced a significant drop before rebounding, closing down 0.01% at 23782.14 points, with strong performances in the new energy vehicle and pharmaceutical sectors [13] - Despite a quiet IPO market, the number of companies in the IPO counseling stage increased by over 70, indicating potential growth in IPO activities [13] Company News - Jinglin Asset has fully shifted its investment focus to Chinese assets, completing a significant strategic adjustment since last year [14] - Aoto Technology's IPO application has been accepted, aiming to raise 779 million yuan for programmable logic controllers [14] - Muyuan Foods is considering a secondary listing in Hong Kong, potentially raising at least $1 billion [14] Financial Sector - Shenzhen has launched a new venture capital action plan, aiming to form a trillion-level "20+8" industry fund group by the end of 2026 [19] - The primary market is showing signs of recovery, with CITIC Securities planning to reallocate personnel to its ECM team due to staffing shortages [19] Industry Developments - The National Bureau of Statistics reported that China's automobile production and sales in January-February reached 4.553 million and 4.552 million units, respectively, with significant growth in new energy vehicles [22] - The construction of new information infrastructure in China is accelerating, with the number of standard racks in use exceeding 9 million [23] - The Chinese battery industry saw a significant increase in sales, with a year-on-year growth of 98.8% in February [23]