7月1日，山东信通电子股份有限公司（证券简称：信通电子，证券代码：001388）在深圳证券交易所成 功上市。 淄博市政府党组成员、副市长胡晓鸿在上市仪式致辞中指出，衷心希望信通电子以此次上市为契机，乘 势而上、勇攀高峰，不断增强核心竞争力，以优异业绩回报投资者和社会各界的支持。淄博市也将持续 完善全周期服务体系，强化全链条产业协同，构建全天候沟通机制，助力更多淄博企业在资本市场乘风 破浪、行稳致远。 16001905.jpg 淄博市政府党组成员、副市长 胡晓鸿致辞 招商证券股份有限公司副总裁刘波在致辞中表示，在创始人李全用先生的带领下，信通电子敏锐把握人 工智能、大数据等新一代信息技术与传统行业融合的战略机遇，凭借扎实的研发实力、优良的产品品质 和综合的服务能力，获得广大用户的充分认可，奠定了公司上市的坚实基础。相信信通电子一定能把握 此次上市的良好契机，依托资本市场，显著增强公司资本实力，持续提升技术水平和扩大市场份额，不 断提升公司的综合竞争力。 17061458.jpg 招商证券股份有限公司副总裁 刘波致辞 信通电子董事长李全用在致辞中指出，目前"行业+人工智能"发展空间巨大，公司抓住时代赋予的机 遇， ...

Summary of C Xintong's IPO Performance - C Xintong (001388) experienced a significant increase of 286.36% on its first trading day, with a turnover rate of 82.61% and a total transaction amount of 1.611 billion yuan [2] - The stock's first-day margin trading saw a buy-in amount of 48.6363 million yuan, accounting for 3.02% of the total trading volume, with a latest margin balance of 44.8969 million yuan, representing 2.31% of the circulating market value [2] - The company specializes in providing comprehensive intelligent operation and maintenance solutions through industrial IoT smart terminals and system solutions [2] - On its debut, the stock attracted a net inflow of 399 million yuan from major funds, with large orders contributing 248 million yuan and special large orders adding 151 million yuan [2] - The top five trading departments on the stock's first day had a combined transaction amount of 197 million yuan, with a net buying amount of 90.3499 million yuan [2] Recent IPO Margin Trading Details - The table provides a summary of recent IPOs, highlighting their first-day performance, including price changes, margin balances, and their respective proportions of circulating market value [3][4] - C Xintong's first-day margin balance of 44.8969 million yuan is compared with other recent IPOs, showing varying levels of performance and investor interest [3][4]

Core Insights - The newly listed stock N Xintong has surged nearly 300% in its initial trading [1] - Xintong Electronics focuses on providing industrial IoT smart terminals and system solutions primarily for the power and communication sectors [1] Financial Performance - For the fiscal year 2024, the company reported a revenue of 1.005 billion yuan and a net profit of 142.78 million yuan [1]

IPO Review and Registration Progress - A total of 75 IPO applications were accepted last week, with 48 companies aiming for the North Exchange, 12 for the Growth Enterprise Market, 7 for the Sci-Tech Innovation Board, and 4 for the Shanghai and Shenzhen main boards [2][3] - The highest fundraising target among the new applicants is from Zhenstone Co., which plans to raise 3.981 billion yuan for various projects including production bases and R&D [2][4] - Most of the newly accepted companies are expected to be profitable in 2024, with only two companies, Shiya Technology and Dapu Micro, projected to incur losses [4][5] Company Highlights - Zhenstone Co. is a national high-tech enterprise focused on clean energy fiber-reinforced materials, with projected revenues of 5.267 billion yuan in 2022, 5.124 billion yuan in 2023, and 4.439 billion yuan in 2024 [4] - Dapu Micro, the first unprofitable company accepted for the Growth Enterprise Market, specializes in enterprise-level SSD products and aims to achieve profitability by 2026 [5] - Aomeisen, which passed the IPO review, is a smart equipment manufacturer with expected revenues of 358 million yuan in 2024 [6] New Stock Listings and Subscriptions - Guangxin Technology debuted on the North Exchange with a first-day increase of 500%, closing at 60 yuan per share [12] - Xintong Electronics is set to list on the Shenzhen main board on July 1, 2025, with projected revenues of 1.005 billion yuan in 2024 [12] - Tongyu New Materials will have its subscription on July 1, with an issue price of 84 yuan per share and expected total fundraising of 840 million yuan [13]

Core Viewpoint - Xintong Electronics has initiated its subscription process, offering a total of 39 million shares at a price of 16.42 yuan per share, with an issuance price-to-earnings ratio of 20.39 times, indicating a strategic move to raise capital for various projects [1][2]. Group 1: Issuance Information - The total number of shares issued is 39 million, with 12.48 million shares available for online subscription [1][2]. - The subscription code is 001388, and the maximum subscription limit for a single account is 12,000 shares, with subscriptions required to be in multiples of 500 shares [1][2]. - The issuance price is set at 16.42 yuan, and the issuance price-to-earnings ratio is 20.39 times, compared to the reference industry P/E ratio of 38.10 [2]. Group 2: Fundraising Purpose - The funds raised will be allocated to several projects, including: - Development and industrialization of a three-dimensional inspection and big data analysis platform for transmission lines, with an investment of 209.45 million yuan [2]. - Supplementing working capital with 160 million yuan [2]. - Establishing a research and development center with an investment of 52.83 million yuan [2]. - Construction of maintenance bases and service network points with 52.68 million yuan [2]. Group 3: Financial Indicators - Key financial metrics for Xintong Electronics include: - Total assets projected to be 1.533 billion yuan in 2024, up from 1.353 billion yuan in 2023 and 1.046 billion yuan in 2022 [2]. - Net assets expected to reach 853 million yuan in 2024, compared to 711 million yuan in 2023 and 587 million yuan in 2022 [2]. - Operating revenue forecasted at 1.005 billion yuan in 2024, an increase from 931 million yuan in 2023 and 782 million yuan in 2022 [2]. - Net profit anticipated to be 143 million yuan in 2024, up from 124 million yuan in 2023 and 117 million yuan in 2022 [2]. - Basic earnings per share projected at 1.22 yuan in 2024, compared to 1.06 yuan in 2023 and 1.00 yuan in 2022 [2].

Market News - Chinese President will attend the second China-Central Asia Summit from June 16 to 18 in Kazakhstan, discussing bilateral cooperation and regional issues with Central Asian leaders [2] - The National Bureau of Statistics released the monthly report on residential sales prices in 70 large and medium-sized cities on June 16 [2] - The People's Bank of China announced a 400 billion yuan reverse repurchase operation on June 16, marking the second operation of the month [2] - The U.S. Department of Commerce announced tariffs on various steel household appliances starting June 23, impacting related upstream commodity prices [6] Sector Events - The 2025 Shanghai World Mobile Communication Conference (MWC) will be held from June 18 to 20 [8] - The 2025 Data Intelligence Conference will take place in Beijing on June 18-19 [9] - The 9th International Hydrogen and Fuel Cell Vehicle Conference and Exhibition will be held in Shanghai from June 18 to 20 [11] Individual Stock Events - Huawei will hold its Developer Conference on June 20, showcasing the latest developments of the Harmony OS [13] - CATL will be included in the Hong Kong Stock Connect list starting from the next trading day after June 14 [13] - Several companies, including *ST Jingfeng and *ST Jinyi, will change their names after the removal of ST status on June 16 [13] - Nezha Automobile's affiliated company, Hezhong New Energy, is undergoing bankruptcy proceedings [13] Lock-up Expiration - A total of 45 companies will have their lock-up shares released this week, amounting to 2.908 billion shares with a total market value of 45.288 billion yuan [16] - The peak of lock-up expirations will occur on June 17, with 13 companies releasing shares worth a total of 23.657 billion yuan, accounting for 52.24% of the week's total [16] New Stock Calendar - Two new stocks and two new bonds will be available for subscription this week, with Guangxin Technology and Xintong Electronics being the highlighted companies [20][24] Market Outlook - CITIC Securities suggests increasing bond holdings and reducing stock positions, focusing on credit bonds as the main asset [26] - CICC forecasts that Hong Kong stocks will outperform A-shares, emphasizing structural opportunities in the market [27] - Galaxy Securities highlights the importance of low-valuation, high-dividend stocks amid external uncertainties [28]

Economic Data Release - The National Bureau of Statistics will release May economic data on June 16, including industrial added value, fixed asset investment, and retail sales [2] - The manufacturing PMI rose to 49.5%, indicating a recovery in the production sector, while traditional industries face cost pressures and insufficient demand [2] - Industrial added value is expected to grow by approximately 5.6% year-on-year, retail sales growth is projected at around 4.7%, and fixed asset investment growth is estimated at about 4% [2] Market Index Adjustments - The Shenzhen Stock Exchange will implement regular sample adjustments for indices such as the Shenzhen Component Index and the ChiNext Index on June 16 [3] - New stocks added to the Shenzhen Component Index include Zhongtung High-tech and Gansu Energy, while stocks like Nanbo A and Tianmao Group will be removed [3] - The ChiNext Index will see additions like BlueFocus Communication and Changying Precision, with removals including Anke Bio and Steel Research High-tech [3] Oil Price Adjustment - The next round of fuel price adjustments will occur on June 17, with a projected increase of 155 CNY per ton based on current oil prices [4] - International oil prices have surged due to geopolitical tensions, with U.S. crude futures rising over 10% and Brent crude futures increasing over 9% [4] - Short-term oil prices may be supported by geopolitical risks, while OPEC+ production plans and global supply-demand dynamics could exert downward pressure in the medium to long term [4] Upcoming Financial Forum - The 2025 Lujiazui Forum will be held in Shanghai from June 18 to 19, focusing on financial openness and high-quality development amid global economic changes [5] - Key leaders from various financial regulatory bodies will deliver speeches, and significant financial policies will be announced during the forum [5] - The 2025 China International Financial Expo will also take place concurrently, emphasizing innovation and technology in finance [5] Federal Reserve Interest Rate Decision - The Federal Reserve will announce its interest rate decision on June 19, with recent inflation data showing a 2.4% year-on-year increase in the Consumer Price Index for May [6] - Core CPI rose by 2.8% year-on-year, indicating stable labor market conditions, which may lead the Fed to adopt a cautious approach rather than rushing to cut rates [6] - The Fed's outlook on growth may be more optimistic compared to previous assessments, potentially leading to a hawkish stance from Chairman Powell [6] New Stock Issuance - A new stock, Xintong Electronics, will be issued on June 20, focusing on industrial IoT solutions for power and communication sectors [7] - The funds raised will be allocated to projects including the development of a transmission line inspection platform and the establishment of maintenance bases [7]

过会逾一年后，4月22日，山东信通电子股份有限公司（以下简称"信通电子"）深市主板IPO提交注册，公司闯进"注册关"。本次闯关IPO背后，信通电子报 告期内的研发费用率逐年走低，且显著低于同行业可比公司均值。另外，公司本次募投项目的合理性方面也存在疑点待解。 | 公司全称 | 山东信通电子股份有限公司 | 公司简称 | | --- | --- | --- | | 受理日期 | 2023-03-02 | 更新日期 | | 审核状态 | 提交注册 | 预计融资金额(亿元 | 研发费用率显著低于同行 4月22日，信通电子深市主板IPO提交注册，这也意味着公司IPO进入最后一关。 深交所官网显示，信通电子IPO于2023年3月2日获得受理，当年5月18日进入问询阶段。2024年2月2日，公司IPO上会获得通过。不难看出，在本次提交注册 前，信通电子IPO已排队逾两年时间。 据了解，信通电子系一家以电力、通信等特定行业为核心服务目标的工业物联网智能终端及系统解决方案提供商。报告期内，公司业绩接连增长。财务数据 显示，2022—2024年，信通电子实现营业收入分别约为7.82亿元、9.31亿元、10.05亿元；对应实现归 ...

2025年4月22日，山东信通电子股份有限公司（下称"信通电子"）主板IPO提交注册。 招股书显示，信通电子系一家以电力、通信等特定行业为核心服务目标的工业物联网智能终端及系统解 决方案提供商。 不过值得关注的是，信通电子近年来产能利用率逐年下滑却还要扩产。2022-2024年，公司产能利用率 分别为100.02%、93.06%、85.37%。 信通电子IPO期间两度卷入专利与商业秘密诉讼。一个是智洋创新诉商业秘密侵权。2022年7月，智洋 创新指控信通电子通过前员工窃取其输电通道导线舞动检测等核心技术，索赔2000万元。智洋创新发布 公告称，指控齐向辉、郭国信、吕昌峰及信通电子侵犯商业秘密，四被告通过串通、勾结的方式窃取其 技术秘密，侵权主观恶意极大，并对其造成了重大财产损失。尽管案件最终撤诉，但暴露技术来源合规 性风险。 此外，公司历史出资问题引发监管关注：1996年成立时，三位创始人通过借款50万元完成验资，验资后 抽回资金并通过垫付运营成本逐步归还。尽管淄博市行政审批服务局出具合规证明，但该操作仍存在抽 逃出资嫌疑。 此次IPO，信通电子拟募集资金约4.75亿元，拟投资于输电线路立体化巡检与大数据分析 ...