登录新浪财经APP 搜索【信披】查看更多考评等级 强一半导体（苏州）股份有限公司董事会秘书张子涵表示，此次登陆资本市场，募集资金将为企业后续 发展提供关键支撑。"（上市募资）将有力地支持我们进一步扩大产能，强化自主研发实力。"在他看 来，资本市场的助力，为企业持续攻坚核心技术提供了更稳固的底座。 然而，对许多"硬科技"企业而言，真正的挑战往往出现在上市之前。高研发投入、长周期验证，使得不 少企业在较长时间内难以实现盈利。为破解这一难题，科创板创新推出并不断完善第五套上市标准，为 尚未盈利、但具备核心技术和成长潜力的企业，打开了通往资本市场的大门。 这一制度红利，正在向更多前沿领域延伸。近期，被市场称为国内"商业火箭第一股"的蓝箭航天，正是 受益于第五套上市标准扩围，其IPO申请已获受理。 上交所科创板公司管理部副总监朱文超指出，我国商业航天正处在由技术突破迈向规模化商业应用的关 键阶段。"我国的商业火箭企业正处于大规模商业化进程的一个关键时期，亟需资本市场的支持和助 力。"他表示，正因如此，监管层加快推进改革举措，近期发布了商业火箭上市审核指引，进一步明确 了规则边界和市场预期。 对于未盈利企业而言，即便不上 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 据京沪深交易所披露，上周（2025年12月29日-12月31日）3家企业上会，新增58家新受理企业；2家IPO 提交注册，2家IPO注册获通过，5只新股上市。 与此同时，本周（1月5日-1月9日）2家公司上会迎考，1只新股将上市，2只新股安排申购。 一、IPO审核与注册进展 审3过2，广泰真空北交所上会被暂缓审议 上周，3家IPO首发上会。其中，沛城科技、维通利顺利过会，两家公司分别拟登陆北交所、深市主 板；广泰真空北交所IPO申请遭"暂缓审议"。 招股书显示，广泰真空主要从事真空装备的研发、制造和销售，主要产品包括真空烧结炉、真空熔炼 炉、真空镀膜机等真空设备。下游应用广泛，包括稀土永磁行业、储氢材料加工行业、光伏等领域。 审议意见显示，上市委要求广泰真空核实发货后超过1年未验收项目的情况，按项目列示发货时间、收 货时间、调试时间、初验时间、现场服务时间等，梳理客户已完成调试或已实际投入使用但未及时确认 收入的情形，说明按照时点法确认收入的依据是否充分。在上市委审议会议现场，关于公司收入确认的 准确性及依据充分性也被上市委问询。 沛城科技是定位于锂电新能源行 ...

Group 1: Leasing Industry Overview - The leasing industry in China is categorized into financial leasing and commercial financing leasing, with financial leasing companies being regulated by the National Financial Regulatory Administration [6] - The main business models are direct leasing and sale-leaseback, which cater to different financing needs of enterprises [6] - The industry has entered a phase of high-quality development since 2018, with stable growth in financial leasing and domestic commercial leasing, while foreign leasing companies have seen a decline [7] Group 2: Key Players and Market Dynamics - The leasing business is capital-intensive, with net interest income being the primary revenue source, and asset scale reflecting differentiated strategic layouts among companies [8] - Leading companies like Guoyin Financial Leasing and Far East Horizon maintain their positions through diversified industry layouts and national service networks, while others focus on niche markets such as aviation and microfinance [8] Group 3: Weigao Blood Purification Company Analysis - Weigao Blood Purification is a leading player in the domestic blood purification industry, with a comprehensive product matrix including dialysis machines and accessories [11] - The company has shown steady growth, with projected EPS of 1.08, 1.20, and 1.32 yuan for 2025, 2026, and 2027 respectively [11] - The blood purification market in China is expected to grow significantly, with a CAGR of 21.52% from 2023 to 2027, driven by increasing ESRD patient numbers and improving healthcare coverage [12] Group 4: Market Trends and Growth Potential - The demand for blood purification products is rising due to a rapid increase in ESRD patients and enhanced medical payment capabilities [12] - Weigao's market share in key products like blood dialysis machines and accessories is strong, with 32.5%, 24.6%, and 31.8% market shares respectively [13] - The company is expanding its business through acquisitions, such as Weigao Purui, to enhance its position in the biopharmaceutical upstream sector [13] Group 5: Manufacturing PMI Insights - The manufacturing PMI for December showed a seasonal rebound, indicating synchronized expansion in production and demand, with a PMI of 50.1%, up 0.9 percentage points from the previous month [15] - The non-manufacturing business activity index also rose to 50.2%, reflecting a slight recovery in the service sector [21] - The construction industry saw a significant rebound, returning to expansion territory due to favorable weather and increased construction activity [21] Group 6: Hong Kong Stock Market Outlook - The Hong Kong stock market is expected to benefit from a declining US dollar index and a recovering Chinese economy, positioning it as a favorable offshore market for capital [24] - The market is anticipated to experience valuation expansion driven by global liquidity and improved fundamentals in China, potentially leading to a "Davis Triple Play" scenario [29] - The outlook for the Hang Seng Technology Index remains positive, with expectations of significant growth in consumer-sensitive sectors like internet and new energy vehicles [29]

从收入结构来看，芯片测试接口是韬盛科技的核心业务，报告期内占比持续超过60%；探针卡业务则呈现快速增长态 势，收入占比从2022年的18%提升至2025年上半年的25%。公司通过差异化产品策略，有效覆盖了从低端到高端的全场 景测试需求。 | 产品类型 | 2025年1-6月 | | 2024 年 | | 2023 年 | | 2022 年 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 毛利率 | 收入 | 毛利率 | 收入 | 毛利率 | 收入 | 毛利率 | 收入 | | | | 早 | | 早 | | ਦੇਸ਼ | | 白比 | | 芯片测试 接口业务 | 40.53% | 86.12% | 40.35% | 86.44% | 38.89% | 83.38% | 45.66% | 83.69% | | 探针卡 业务 | 0.66% | 8.21% | 1.23% | 10.38% | 7.55% | 8.16% | 21.20% | 6.63% | | 测试设备 业务 | 32.34% | 5.67% | 30.90% | ...

元禾璞华管理合伙人陈大同（右二）现身强一半导体上市仪式 强一半导体（2015 年成立） 是国内稀缺的、掌握自主 MEMS 探针技术并实现规模化生产的企业，主营晶圆测试核心耗材探针卡。 公司已与境内超 370 家半导体全产业链企业合作，产品覆盖 CPU、GPU、存储芯片等多品类测试环节。 元禾璞华 2021 年投资强一，助力其拓展 DRAM、HBM 等高端测试市场，剑指全球探针卡行业领军地位。 一、敲钟时刻：305 亿市值定格国产突破荣光 2025 年 12 月 30 日，上海证券交易所掌声雷动，强一股份正式登陆科创板，成为万众瞩目的 "半导体探针卡第一股"，更以科创板第 600 家上市企业的重 磅身份，为资本市场年终收官画上浓墨重彩的一笔。 开盘股价飙至 276.82 元 / 股，最终收于 235.51 元，176.78% 的惊人涨幅，撑起 305.13 亿元的市值高峰。 这串闪耀的数字背后，是国产探针卡打破海外垄断的扬眉吐气，是硬科技从追赶到领跑的热血跨越，更是一位创业者十年磨一剑的坚守勋章。 二、十年铸剑：周明的破壁之路 时间回溯到 2015 年，半导体产业国产化浪潮初起，周明带着 20 余年行业积淀，在 ...

聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 以下文章来源于东四十条资本 ，作者陶辉东 东四十条资本 . 将投中网设为"星标⭐"，第一时间收获最新推送 一批机构赚得盆满钵满。 作者丨陶辉东 来源丨东四十条资本 2025年末最大的一波财富盛宴，无疑是国产GPU。最近，摩尔线程、沐曦股份、壁仞科技火爆的IPO狠狠地吸引了一波眼球。 在一批投资机构一把拿回了数百上千倍回报的同时，还有不知道多少投资人后悔的肝疼，在"深刻复盘"为什么当年会否掉它 们。 不过，篇章初启，长乐未央。在GPU独角兽们的聚光灯之外，刚上市的一只GPU"铲子股"同样涨疯了。 12 月 30 日，强一股份在科创板挂牌上市，开盘后大涨 213% ，市值已达到 346 亿。强一股份是国产探针卡的龙头企业，探针 卡则是一种国产 GPU 在量产阶段离不开的基础支撑元件。 招股书显示，强一股份在 2025 年上半年营业收入 3.7 亿元，净利润 1.4 亿元。大涨过后，其市盈率已经突破 100 倍。更有意 思的是， 2024 年中国探针卡市场的总规模也不过 3.57 亿美元（约 25 亿人民币），也就是说强 ...

Core Viewpoint - C Qiangyi (688809) experienced a significant increase of 165.61% on its first trading day, with a turnover rate of 74.20% and a transaction volume of 4.345 billion yuan [2]. Group 1: Stock Performance - On its debut, C Qiangyi's financing buy-in amounted to 608 million yuan, representing 13.98% of the total trading volume for the day [2]. - The latest financing balance for C Qiangyi stands at 549 million yuan, accounting for 9.98% of its circulating market value [2]. Group 2: Capital Flow - The stock saw a net inflow of 1.861 billion yuan from major funds on its first trading day, with large orders contributing a net inflow of 1.374 billion yuan and big orders adding 487 million yuan [3].

Group 1 - Strong One Co., Ltd. experienced a significant stock price increase of 165.61% on December 30, with a trading volume of 4.345 billion yuan [1] - The company had a financing buy-in amount of 608 million yuan on the same day, with a net financing purchase of 549 million yuan, resulting in a total financing balance of 549 million yuan, which represents 9.98% of its market capitalization [1] - The company specializes in semiconductor design and manufacturing, focusing on the research, design, production, and sales of probe cards for wafer testing, with 95.87% of its revenue coming from probe card sales [1] Group 2 - As of December 30, the number of shareholders for Strong One Co., Ltd. reached 26,600, marking an increase of 60,268.18% compared to the previous period [2] - For the period from January to September 2025, the company reported a revenue of 647 million yuan, reflecting a year-on-year growth of 65.88%, and a net profit attributable to shareholders of 250 million yuan, which is a 90.55% increase year-on-year [2]

Core Viewpoint - The successful debut of Qiangyi Co., known as the "first stock of semiconductor probe cards," on the STAR Market has generated significant market interest, with a closing price increase of 165.61% on its first trading day, reaching a market capitalization of 29.28 billion yuan [1][3]. Group 1: Company Performance - Qiangyi Co. opened at 265.60 yuan, a 212.1% increase from its issue price of 85.09 yuan, allowing investors to realize substantial profits, with potential gains exceeding 90,000 yuan for those who sold at the opening [1][3]. - The stock price peaked at 276.82 yuan during the day, providing maximum profits of approximately 95,865 yuan for early sellers [1]. Group 2: Industry Position - Qiangyi Co. is the only Chinese company ranked among the top ten globally in the semiconductor probe card industry, establishing significant technical barriers and brand influence [3]. - The probe card is a critical component in semiconductor testing, essential for precise electrical testing of wafers, which directly impacts yield control and product reliability [3]. Group 3: Investment Backing - The company has attracted investment from top-tier institutions, including Fengnian Capital, Yuanhe Puhua, and Fosun Chuangfu, indicating strong growth potential [5]. - Huawei's Hubble Technology, which invested in Qiangyi Co. in 2021, holds a 4.8% stake, valued at approximately 1.406 billion yuan at the closing price, highlighting strategic alignment in the domestic semiconductor ecosystem [5]. Group 4: Market Sentiment - The initial surge in stock price reflects not only market sentiment and scarcity premium but also high expectations for Qiangyi Co.'s future growth potential within the context of China's semiconductor industry development [7]. - The company's listing is seen as a significant step in China's transition from a "manufacturing giant" to a "smart manufacturing powerhouse," with capital markets showing confidence in such hard-tech enterprises [7].

2015年，带着"让中国半导体核心硬件拥有自主选择权"的初心，周明带领强一股份组建核心研发团队， 开启了一场与"技术卡脖子"的持久战。历经数千次实验迭代，团队逐一攻克探针精度控制、高频信号传 输、极端环境稳定性等技术瓶颈，截至2025年9月30日累计拿下182项境内发明专利，实现从探针到探针 卡的全链条自主研发制造。如今，公司不仅打破境外专利封锁，更成功跻身全球行业前六，成为境内唯 一进入全球前十的探针卡企业，用十年时间完成了从跟跑到并跑的跨越。 "半导体产业的自主可控没有捷径，唯有长期主义深耕核心技术。"周明强调，正是这份坚守，让强一股 份在2D/2.5D MEMS探针卡领域实现突破，产品耐电流高、测试寿命长，适配境内先进制程芯片，在并 测数、植针面积等关键指标上形成优势，为国产芯片产业发展筑牢硬件根基。 双轮驱动 筑牢全球竞争优势 登陆科创板后，强一股份将募集资金重点投向南通探针卡研发及生产项目、苏州总部及研发中心建设， 形成"研发—生产—验证"的闭环布局。"这两大项目紧扣半导体国产替代趋势，是公司'技术引领、规模 落地'战略的核心载体。"周明解释道，南通项目聚焦高端探针卡产能扩张，将有效缓解交付瓶颈，精 ...