据京沪深交易所披露，上周（1月5日-1月9日）2家企业上会，暂无新受理企业；4家IPO提交注册，3家 IPO注册获通过，1只新股上市。 一、IPO审核与注册进展 审2过2，北交所IPO审核节奏稳中有升 上周，2家IPO首发上会，分别为晨光电机、邦泽创科，两家公司均拟登陆北交所。2025年北交所上市 审核保持较高频率，去年11月至12月北交所审议25家企业，23家企业过会。 华源证券北交所首席分析师赵昊表示，2025年北交所IPO节奏环比显著加快，下半年有38家公司过会。 在北交所市场制度改革深化背景下，预计后续IPO或将在稳中有升中实现结构性修复，后续IPO有望维 持高速发行。 从上周过会情况来看，审议会议现场，北交所上市委关心的核心问题主要涉及业绩稳定性、业绩增长的 真实性及可持续性以及公司内部治理等问题。 与此同时，本周（1月12日-1月16日）6家公司上会迎考，2只新股安排申购。 晨光电机主要从事微特电机的研发、生产和销售，产品主要应用于以吸尘器为主的清洁电器领域。2025 年前三季度，公司实现营收6.87亿元、归母净利润0.68亿元。 审议意见显示，上市委要求晨光机电结合报告期内主要客户合作情况、公司 ...

IPO及再融资上会预告 据交易所官网审核动态信息，下周（1月12日-1月16日）IPO上会审核6家企业，合计拟募资66.32亿元。 | | | | | | | 下周(1.12-1.16) IPO上会企业 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 上会日期 | 数量 | 申报板块 | 公司简称 | 注册地 | 受理到审核 间隔天数 | 所属行业 | 最近一年净利润 (万元) | 拟募资规模 (万元) | 保荐机构 | 会计师事务所 | 律师事务所 | | 2026-1-13 | 1 | 创业板 | 高特电子 | 浙江 | 204 | 电气机械和器材制造业 | 9,842.23 | 85,000.00 | 中信证券 | 天健 | 中伦 | | 2026-1-14 | 2 | 科创板 | 联讯仪器 | 江苏 | 152 | 仪器仪表制造业 | 14,088,30 | 171,144,28 | 中信证券 | 器波 | 德恒 | | | | 北交所 | 瑞尔竞达 | 安徽 | 244 | ...

北交所策略专题报告 2026 年 01 月 11 日 北交所新股策略新篇：从"重数量"到"重质量"，预筛选优质资产成为关键 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025 年末北交所受理审核加速，新受理企业驱动资产端提质打开打新空间 2025 年末北交所受理加速，12 月最后一周新受理 40 家企业。从排队企业业绩方 面来看，截至 2026 年 1 月 10 日，北交所排队企业 2024 年营收均值达 7.96 亿元， 高于北交所企业 2024 年营收均值的 6.75 亿元，同时营收在 7 亿以上企业数量达 95 家，占比达 43.38%；2024 年归母净利润均值达 9,608.30 万元，高于北交所企 业 2024 年归母净利润均值的 3920.38 万元，同时归母净利润在 5000 万元以上企 业数量达 196 家，占比达 89.50%。从排队企业行业来看，工业、材料占比较高， 分别有 67 家、50 家，占比分别为 30.59%、22.83%，2024 年营收均值分别为 6.61 亿和 8.87 亿元，归 ...

据了解，中科仪主营业务为干式真空泵和真空科学仪器设备的研发、生产、销售，及相关技术服务。公 司IPO于2025年6月30日获得受理，当年7月24日进入问询阶段。 本次冲击上市，中科仪拟募集资金约8.25亿元，拟投资项目为干式真空泵产业化建设项目、高端半导体 设备扩产及研发中心建设项目、新一代干式真空泵及大抽速干式螺杆泵研发项目。 北京商报讯（记者 马换换 王蔓蕾）根据安排，中国科学院沈阳科学仪器股份有限公司（以下简称"中科 仪"）北交所IPO将于1月16日上会迎考。 ...

业绩波动被资本市场牵着鼻子走 财务数据显示，公司报告期内扣非前后的净利润规模差异较大，且扣非前净利润波动较大。 报告期内，中科仪扣非后净利润分别为6186.11万元、7298.08万元、8787.75万元和6321.92万元。与此同时，报告期内各期公司扣非前净利润分别为4.98亿 元、6亿元、1.93亿元和1.38亿元。 | 项目 | 2025年6月30日 | 2024年12月31日 | 2023年12月31日 | 2022年12 | | --- | --- | --- | --- | --- | | | /2025年1月―6月 | /2024年度 | /2023年度 | /2022 | | 资产总计(元) | 2,869,692,640.50 | 2,917,621,652.08 | 2,573,425,999.56 | 1,906,30 | | 股东权益合计(元) | 1.767.930.194.96 | 1,663,139,166.28 | 1,536,945,086.61 | 1,070,82 | | 归属于母公司所有者的 股东权益(元) | 1,767,930,194.96 | 1.663.139. ...

截至招股说明书签署日，国科科仪持有公司60,505,208股股份，占公司股份总数35.21%，系公司控 股股东。国科控股持有国科科仪100%股权，其通过国科科仪控制公司35.21%股份，系公司的实际控制 人。 (责任编辑：田云绯) 中科仪本次发行的保荐人、主承销商为招商证券股份有限公司，签字保荐代表人为孙越、王越。 中国经济网北京1月9日讯 据北交所网站消息，北京证券交易所上市委员会定于2025年1月16日上午 9时召开2026年第4次审议会议，审议的发行人为中国科学院沈阳科学仪器股份有限公司（以下简称"中 科仪"）。 中科仪本次拟在北交所上市，拟募集资金82,548.33万元，分别用于干式真空泵产业化建设项目、高 端半导体设备扩产及研发中心建设项目、新一代干式真空泵及大抽速干式螺杆泵研发项目。 ...

过去一周，科技与制造领域大额融资集中，半导体、机器人与生物医药赛道获资本重点布局，融资规模显著。 科技与制造行业仍是资本关注的核心，融资规模居于前列。半导体、人工智能与高端制造赛道热度突出，其中北京通嘉宏瑞完成超10亿元B+轮融资，杭州 云深处获超5亿元C轮投资，深圳新声半导体完成近3亿元C轮融资，凸显资本对半导体材料、机器人及核心零部件国产替代的持续看好。此外，北斗智联、 极佳视界等企业在智能网联与具身智能领域也获得数亿元级投资，进一步印证硬科技赛道的高景气度。 医疗健康领域同样涌现多笔大额融资，苏州圣因生物完成超1.1亿美元B轮融资，德昇济医药获1.08亿美元B轮投资，杭州圣域生物完成超亿元A轮融资，显 示资本市场对RNAi疗法、肿瘤精准治疗等前沿生物技术的高度关注。消费服务领域亦出现亮点，跨境支付平台空中云汇完成3.3亿美元G轮融资。整体来 看，硬科技与生物医药继续引领本周融资主线。 21创投不完全统计12月8日—12月14日，报告日期内国内一级市场发生融资事件41起。其中，有34笔融资披露了融资金额和币种信息，总规模约合人民币 103.58亿元人民币。 | 刨投 24重起的通信通 | | 2025年1 ...

Core Viewpoint - The article discusses the second round of inquiry from the Beijing Stock Exchange regarding the IPO application of China Academy of Sciences Shenyang Instrument Co., Ltd. (referred to as "the company"), focusing on market competition, sustainability of performance growth, and inventory risks associated with its unique "backup pump" business model [2][3][4][6]. Group 1: Market Competition - The inquiry emphasizes the challenges the company faces in a competitive market, particularly against competitors like Ebara and Kashi yama, who provide vacuum equipment for the integrated circuit sector [3]. - The company’s products still show slight gaps in reliability and stability compared to international leaders, particularly in advanced process technology accumulation [3]. - The exchange requires the company to explain the technology iteration cycles of its main competitors and analyze its competitive strategies in the integrated circuit field [3]. Group 2: Sustainability of Performance Growth - The company's revenue from the photovoltaic sector has seen a dramatic decline, raising doubts about the sustainability of its performance growth [4]. - Revenue from dry vacuum pumps in the photovoltaic sector dropped from a peak of 176 million yuan in 2023 to just 302,700 yuan in the first half of 2025, indicating a cliff-like drop [4]. - The company’s gross margin in the photovoltaic sector is lower than that of similar products, and the performance of major clients in this sector is continuously declining [5]. Group 3: Inventory Risks and Backup Pump Business Model - The inquiry highlights the inventory risks associated with the company's backup pump business model, where backup pumps are provided to clients without separate charges, leading to a significant increase in inventory from 139 million yuan to 410 million yuan [6]. - The rising inventory levels are accompanied by a declining inventory turnover rate, raising concerns about the commercial substance of this model and its implications for future orders [6]. - Financial data shows that while revenue increased from 698 million yuan to 1.082 billion yuan from 2022 to 2024, net profit saw a stark decline of 67.8% in 2024, indicating volatility in profitability [6]. Group 4: Fundraising and Financial Health - The company plans to raise 825.48 million yuan, with cash reserves of 594.84 million yuan as of June 2025, prompting the exchange to request details on the planned use of funds and expected cash inflows post-IPO [7]. - The company has highlighted risks associated with fluctuations in the stock prices of its holdings in listed companies, which could significantly impact its financial performance [8].

Core Insights - The establishment of Tongjia Hongrui's semiconductor vacuum pump headquarters and production base in Wuhan's Tian Kong Port Economic Development Zone marks a significant achievement in the city's innovative investment attraction model and industrial development [1][2]. Group 1: Project Overview - Tongjia Hongrui will develop a production base focused on dry vacuum pumps, a regional headquarters, a vacuum pump service center, and a mass production line for intelligent semiconductor vacuum process integration equipment [2]. - The project received crucial support from the Wuchuang Xingjia Fund, which was established through collaboration between Wuhan's investment promotion bureau and Wuhan Industrial Investment Holding Group [2]. Group 2: Company Background - Tongjia Hongrui is a leading domestic vacuum pump manufacturer and a national-level "specialized, refined, and innovative" small giant enterprise, providing vacuum pumps for demanding processes in integrated circuits and flat panel displays [3]. - The company has accumulated over 180 authorized patents since 2019, with approximately one-third being invention patents [3]. Group 3: Investment and Economic Impact - The investment and support from funds have become a key strategy for Wuhan to promote industrial transformation and upgrading, with a total fund investment scale reaching 40.833 billion yuan and attracting 186.821 billion yuan in social capital [4][5]. - The city has successfully facilitated the listing of 85 enterprises and the inclusion of 133 enterprises in the national-level "specialized, refined, and innovative" category, nurturing 24 unicorn companies [5].

Core Viewpoint - Dongya Machinery (301028) is focusing on expanding its product line and enhancing R&D investment to strengthen its market position in the air power system solutions sector, particularly in high-end industries such as semiconductors and new energy [1][2]. Group 1: Company Performance - In the first half of the year, Dongya Machinery achieved operating revenue of 626 million yuan, representing a year-on-year growth of 3.44% [2]. - The net profit attributable to shareholders was 125 million yuan, with a year-on-year increase of 4.36% [2]. - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 38.405 million yuan [2]. Group 2: Product Development and Market Strategy - The company has increased the variety of its centrifugal compressor products and continues to receive orders, expecting to fulfill shipments this year [1]. - Dongya Machinery is enhancing its R&D investment in 2024, focusing on upgrading oil-free screw air compressors and screw vacuum pumps [1]. - The company has successfully delivered its first dry vacuum pump products to high-end industries, further broadening its product line [1]. Group 3: Competitive Positioning - Dongya Machinery's products have gained recognition in the PCB sector of the electronics industry, with notable companies like Ultrasonic Electronics (000823) and Shenzhen Jialichuang continuing to repurchase [1]. - The company aims to optimize sales channels and build a more comprehensive sales team for high-end products and major clients [2]. - There is a commitment to enhancing product competitiveness and market share through ongoing innovation and expansion of product offerings [2].