2026年3月2日星期一 ➢ 美以空袭伊朗；中国两会前瞻。A股午后 上涨。上证指数收涨0.39%报4162.88点， 深证成指跌0.06%，创业板指跌1.04%。算 力硬件股集体调整，资源股走强。港股单 边 走 强 。 香 港 恒 生 指 数 收 涨 0.95% 报 26630.54点；恒生科技指数涨0.56%；恒生 中国企业指数涨0.51%。科技金融股多数回 暖，生物医药股活跃。大市成交额2884.21 亿港元。外盘方面，欧洲三大股指收盘涨 跌不一，美国三大股指全线收跌，道指跌 1.05%报48977.92点，标普500指数跌0.43% 报6878.88点，纳指跌0.92%。美国和以色 列联手打击伊朗，伊朗最高领袖哈梅内伊 身亡，国际油价应声飙涨。中国两会本周 拉开帷幕，政策重心料聚焦科技本土化、 扩大内需和建设金融强国。 资料来源：彭博 | 26630.54 | 0.95 | 3.90 | 8859.49 | 0.51 | -0.61 | | --- | --- | --- | --- | --- | --- | | 5137.84 | 0.56 | -6.86 | 118.17 | -0.54 | -4 ...

来源：活报告 美格智能(3268.HK)招股日期为2026年2月27日至2026年3月5日，并预计于2026年3月10日在港交所挂牌上市。公司于2017年6月在深交所主板上市，股份代 码002881.SZ。截至2月27日收盘，公司A股收盘价为49.18元人民币，总市值约为129亿人民币。 公司拟全球发售3,500万股（有发售量调整权，无绿鞋），发行比例11.79%，招股价不高于28.86港元，募资总额最高可达10.10亿港元，发行后总市值约 85.64亿港元，H股市值10.10亿港元。就最高发售价和最新A股收盘价计算，公司折价约48%。 本次发行以机制B分配，公开发售占10%，无强制回拨。国配引入8家基石投资者（宝月共赢、名幸电子香港、锐明电子、Harvest、JinYi Capital、开盘财 富、中兴、周增昌先生），认购约4.59亿港元，占全球发售股份的45.39%。 | | | | | 假設發售量調整權未獲行使 | | | 假設發售量調整權獲悉數行使 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 佔國際發售 | | ...

我们已基石投资者宝月共赢、名幸电子香港、锐明电子、Harvest、JinYi Capital、开盘财富、中兴及周 增昌先生订立基石投资协议，基石投资者将按发售价认购总金额约4.585亿港元的发售股份。我们相 信，基石配售表明了基石投资者对我们及业务前景充满信心，且基石配售将有助于提升我们的形象。 基于最高发售价每股H股28.86港元并假设发售量调整权未获行使，我们将收到的全球发售所得款项净额 约为9.445亿港元。其中，约55%预期将用于提升我们的研发及创新能力；约10%预期将用于拓展我们的 海外销售网络及在海外市场推广我们的产品；约10%预期将用于战略投资及/或收购，以实现我们的长 期增长战略；约15%预期将用于偿还2025年6月后到期的若干计息银行借款，以优化我们的财务结构并 降低借款成本；约10%预期将用于营运资金及一般公司用途。 来源：新浪港股 美格智能（03268）于2026年2月27日至2026年3月5日招股，公司拟全球发售3500万股H股，其中，香港 发售占10%，国际发售占90%，另有发售量调整权15%。发售价将不高于每股发售股份28.86港元，每手 100股，预期H股将于2026年3月10日 ...

美格智能（002881）(03268)于2026年2月27日至2026年3月5日招股，公司拟全球发售3500万股H股，其 中，香港发售占10%，国际发售占90%，另有发售量调整权15%。发售价将不高于每股发售股份28.86港 元，每手100股，预期H股将于2026年3月10日上午9时正开始在联交所买卖。 我们是领先的无线通信模组及解决方案提供商，以智能模组(尤其是高算力智能模组)为核心。我们的模 组及解决方案广泛应用于泛物联网(IoT)、智能网联车(ICV)及无线宽带领域。根据弗若斯特沙利文的资 料，于2024年，按无线通信模组业务收入计，我们在全球无线通信模组行业中排名第四，占全球市场份 额的6.4%。根据同一资料来源，全球无线通信模组市场高度集中，三大参与者于2024年占全球市场收 入的65.7%(其中最大参与者独占42.7%的市场份额)，而我们虽排名第四，市场份额仅为6.4%。 于2022年、2023年、2024年以及截至2024年及2025年9月30日止9个月，我们的总收入分别为人民币 23.06亿元、人民币21.47亿元、人民币29.41亿元、人民币21.82亿元及人民币28.21亿元，及我们的净利 ...

于2022年、2023年、2024年以及截至2024年及2025年9月30日止9个月，我们的总收入分别为人民币 23.06亿元、人民币21.47亿元、人民币29.41亿元、人民币 21.82亿元及人民币28.21亿元，及我们的净利 润分别为人民币1.266亿元、人民币6260万元、人民币1.34亿元、人民币9050万元及人民币1.13亿元。 智通财经APP讯，美格智能(03268)于2026年2月27日至2026年3月5日招股，公司拟全球发售3500万股H 股，其中，香港发售占10%，国际发售占90%，另有发售量调整权15%。发售价将不高于每股发售股份 28.86港元，每手100股，预期H股将于2026年3月10日上午9时正开始在联交所买卖。 我们已基石投资者宝月共赢、名幸电子香港、锐明电子、Harvest、JinYi Capital、开盘财富、中兴及周 增昌先生订立基石投资协议，基石投资者将按发售价认购总金额约4.585亿港元的发售股份。我们相 信，基石配售表明了基石投资者对我们及业务前景充满信心，且基石配售将有助于提升我们的形象。 我们是领先的无线通信模组及解决方案提供商，以智能模组(尤其是高算力智能模组 ...

Group 1 - The core viewpoint of the article is that Guanghe Tong (300638.SZ) has announced that its wireless communication modules and solutions can be applied in the automotive smart cockpit sector [1] Group 2 - The company is actively engaging with the market through its interactive platform to communicate its technological capabilities [1] - The application of wireless communication technology in automotive smart cockpits indicates a potential growth area for the company [1]

Core Viewpoint - Guanghe Tong (00638) experienced a significant drop of 11.72% on its first trading day, breaking the record of 16 consecutive new stocks in Hong Kong that had risen on their debut, indicating a volatile market response despite increasing southbound capital holdings [1] Group 1: Initial Trading Performance - The stock price of Guanghe Tong fell below its issue price during the dark trading phase prior to its official listing, signaling potential investor concerns [2] - On its first trading day, Guanghe Tong had a turnover rate of 41.29%, with over 40% of investors choosing to sell, resulting in a total sell-off amounting to 307 million HKD [3] - The stock continued to decline by 6.95% on the second trading day, but the turnover rate decreased to 9.99%, indicating a reduction in panic selling [3] Group 2: Market Dynamics and Support - After two days of rapid decline, Guanghe Tong entered a "support" phase, aided by the main underwriter, CITIC Securities, which began repurchasing shares [4] - During this support phase, the stock price rose by 10.25% on the third trading day, reflecting some investor confidence returning [4][6] - The stock price reached a high of 20.66 HKD during this phase, nearing its issue price of 21.5 HKD, but subsequently entered a "correction" phase after the stabilization period ended [6] Group 3: Southbound Capital Involvement - Southbound capital, referred to as "mysterious funds," has been steadily increasing its holdings in Guanghe Tong, reaching 8.3% by December 8 [1][11] - By December 4, southbound capital held 1244.72 million shares, indicating a strong accumulation strategy during the stock's downturn [11] - The rapid increase in southbound capital holdings suggests a strategic positioning for potential future price recovery, as the stock remains undervalued compared to its A-share counterpart [13][14]

Group 1 - The core viewpoint of the article is that Meige Intelligent (002881.SZ) has submitted a prospectus to the Hong Kong Stock Exchange for a main board listing, aiming for a dual listing in both A-share and H-share markets [1] - Meige Intelligent is a leading global provider of wireless communication modules and solutions, focusing on high-performance intelligent modules to promote the application of AI and 5G communication [1] - According to Frost & Sullivan, Meige Intelligent ranks fourth in the global wireless communication module industry by revenue in 2024 [1] Group 2 - For the fiscal year ending December 31, 2024, Meige Intelligent reported revenue of approximately 2.941 billion RMB, a year-on-year increase of about 37.0%, and a net profit of approximately 134 million RMB, a year-on-year increase of about 114.6% [1] - In the first quarter of 2025, Meige Intelligent's revenue was 999.7 million RMB, a year-on-year increase of 73.6%, and the net profit attributable to shareholders was 46.3 million RMB, a year-on-year increase of 616% [1] - However, the company is experiencing negative cash flow from operating activities, with a net outflow of 66.89 million RMB in the first quarter of 2025 [1] Group 3 - The negative cash flow situation is influenced by a significant increase in accounts receivable, which reached 1.016 billion RMB for the full year of 2024 and 1.296 billion RMB for the first quarter of 2025, representing year-on-year growth of approximately 54.08% and 102.64%, respectively [2] - The prospectus indicates that fluctuations and extensions in the turnover of trade, notes, and other receivables may adversely affect the company's cash flow and liquidity [2] Group 4 - As of the end of the first quarter of 2025, Meige Intelligent's cash and cash equivalents decreased by 7% year-on-year to 452 million RMB [3]

Investment Rating - The report maintains a rating of "Buy" for the company [8] Core Views - The company achieved a record high revenue of 2.941 billion RMB in 2024, representing a year-on-year growth of 37%, with a net profit attributable to shareholders of 136 million RMB, up 110% year-on-year [1][2] - In Q1 2025, the company reported revenue of 999.7 million RMB, marking a historical high for a single quarter, with a year-on-year increase of 74% and a net profit of 46 million RMB, reflecting a significant growth of 616% year-on-year [1][2] - The report expresses optimism about the company's growth opportunities in FWA, automotive, and edge AI sectors, leading to the maintained "Buy" rating [1][5] Revenue and Profitability - In 2024, the company's revenue from wireless communication modules and solutions was 2.808 billion RMB, a 37% increase year-on-year, with domestic revenue reaching 2.138 billion RMB, up 43% year-on-year [2] - The overall gross margin for 2024 was 17%, down 2 percentage points year-on-year, while Q1 2025 gross margin was 15%, down 1 percentage point year-on-year, attributed to changes in revenue structure [3] Market Demand and Future Outlook - The report anticipates a continued recovery in market demand, particularly in FWA and automotive sectors, which is expected to drive rapid growth in the company's performance [4] - The company is actively expanding its presence in smart modules and computing modules, with significant investments in 5G smart cockpit modules and high-performance AI modules [4] Financial Forecasts - The report revises upward the net profit forecasts for 2025 and 2026 to 181 million RMB and 229 million RMB respectively, with a target price set at 51.93 RMB, reflecting a price-to-earnings ratio of 75x for 2025 [5][7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 51.93 RMB [8][5]. Core Insights - The company achieved record high revenue in Q1 2025, with revenue of 9.97 billion RMB, a year-on-year increase of 74%, and a net profit of 0.46 billion RMB, reflecting a significant growth of 616% year-on-year [1]. - The company is well-positioned to capitalize on growth opportunities in FWA, automotive, and edge AI sectors, leading to an optimistic outlook for future performance [1][4]. - The company has effectively controlled costs, with a decrease in expense ratios across sales, management, and R&D, indicating a focus on cost efficiency and scale effects [3]. Revenue and Profitability - In 2024, the company's total revenue reached 29.41 billion RMB, a 37% increase year-on-year, with a net profit of 1.36 billion RMB, up 110% year-on-year [1][2]. - The revenue from wireless communication modules and solutions was 28.08 billion RMB in 2024, also reflecting a 37% year-on-year growth, driven by demand in the smart connected vehicle sector [2]. - The overall gross margin for 2024 was 17%, down 2 percentage points year-on-year, while Q1 2025 saw a gross margin of 15%, down 1 percentage point year-on-year [3]. Market Demand and Future Outlook - The report anticipates a continued recovery in market demand, particularly in FWA and automotive sectors, which is expected to drive rapid growth in the company's performance [4]. - The company is actively expanding its presence in high-performance AI modules and smart modules, with significant investments in 5G smart cockpit modules and V2X modules [4]. - The edge computing applications are expected to open new growth avenues for the company's computing module business [4]. Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 1.81 billion RMB, 2.29 billion RMB, and 2.83 billion RMB respectively, reflecting an upward revision of 22% and 25% for 2025 and 2026 [5]. - The expected revenue growth rates for the upcoming years are 31.70% for 2025 and 20.82% for 2026 [7]. - The company’s PE ratio is projected to be 75x for 2025, with a target price adjustment from 31.27 RMB to 51.93 RMB [5].