证券研究报告 行业研究 / 行业点评 2026 年 01 月 26 日 电子 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《电子行业跟踪报告：全球大模型第一股，智 谱 IPO 成功》2026-01-20 《电子行业周报：台积电 25Q4 单季度业绩创 历史新高》2026-01-19 《电子行业周报：NVIDIA 宣布 Rubin 平台全 面量产》2026-01-12 《电子行业跟踪报告：2026 年 Neuralink 将对 脑机接口设备进行大规模生产》2026-01-12 《人工智能月度跟踪：CES 2026 AI 前沿信息 汇总》2026-01-09 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com 朱俊宇 S0820125040021 021-32229888-25520 zhujunyu@ajzq.com 行业及产业 Intel 25Q4 服务器与人工智能业务增长亮眼 ——电子行业周报（2026/1/19-1/25） 本周（2026/1/19-1/25）SW 电子行业指数（+1.39% ...

Core Viewpoint - The article discusses the first batch of IPO companies for the Science and Technology Innovation Board (STAR Market) in 2026, highlighting their business focus and the implications of the recent onsite inspection process for these companies [2][6]. Group 1: IPO Companies Overview - Six companies have been selected for onsite inspections as part of their IPO application process: 1. **FrequenLaser**: Focuses on high-end fiber laser technology for quantum information, LiDAR, advanced industrial applications, and medical aesthetics [2]. 2. **Hanno Medical**: A high-end innovative medical device company specializing in extracorporeal life support (ECLS) technology, with its core product, Lifemotion® ECMO system, launched in 2023 [3]. 3. **Gaoke Technology**: Engaged in the development and production of precision fluid control components, including intelligent dispensing robots and laser soldering systems [3]. 4. **Taosheng Technology**: A leading provider of professional testing interface products in the semiconductor field, serving over 600 global clients [4]. 5. **Ruisichuangxin**: Specializes in the R&D and manufacturing of RF front-end devices for 4G/5G, recognized as a national-level specialized and innovative small giant enterprise [5]. 6. **Blue Arrow Aerospace**: Focuses on the development and production of liquid oxygen-methane engines and launch services, aiming to build a comprehensive aerospace technology ecosystem [6]. Group 2: Onsite Inspection Implications - The onsite inspection process may delay the IPO application review for these companies, as it requires time for rectification of any identified issues [6][7]. - Industry experts suggest that while the inspection may raise questions, it does not necessarily indicate problems with the companies, as many firms are well-prepared for such evaluations [7]. - The recent policy changes encouraging hard technology innovation have shifted the focus of IPO reviews from profitability to technological capability and growth potential [7].

Group 1 - The China Securities Association announced the first batch of companies for on-site inspection of IPO applications in 2026, consisting of 11 companies [1] - These companies submitted their applications at the end of 2025, with most being accepted in December [2] Group 2 - The companies and their key information are as follows: - Luoyang Bearing Group Co., Ltd.: Plans to list on the Growth Enterprise Market, focusing on bearings and related components, with projected 2024 revenue of 467.49 million and net profit of 17.95 million [3] - Precision Laser Technology Co., Ltd.: Plans to list on the Sci-Tech Innovation Board, specializing in laser products, with projected 2024 revenue of 29.19 million and net profit of 11.14 million [3] - Guangdong Yuxin Semiconductor Technology Co., Ltd.: Plans to list on the Growth Enterprise Market, focusing on specialty process wafer foundry, with projected 2024 revenue of 168.13 million and a net loss of 250.34 million [3] - Shenzhen Hanno Medical Technology Co., Ltd.: Plans to list on the Sci-Tech Innovation Board, specializing in ECMO systems, with projected 2024 revenue of 4.93 million and a net loss of 18.28 million [3] - Guangdong Jiuan Intelligent Technology Co., Ltd.: Plans to list on the Growth Enterprise Market, focusing on smart visual product manufacturing, with projected 2024 revenue of 779.69 million and net profit of 10.15 million [3] - Suzhou LQ Intelligent Equipment Co., Ltd.: Plans to list on the Growth Enterprise Market, focusing on high-end intelligent equipment manufacturing, with projected 2024 revenue of 542.93 million and net profit of 17.43 million [3] - Jiangsu Gaokai Precision Fluid Technology Co., Ltd.: Plans to list on the Sci-Tech Innovation Board, focusing on key control components in precision fluid control, with projected 2024 revenue of 423.17 million and net profit of 9.52 million [3] - Shanghai Taosheng Electronic Technology Co., Ltd.: Plans to list on the Sci-Tech Innovation Board, specializing in semiconductor testing interfaces, with projected 2024 revenue of 331.07 million and net profit of 1.14 million [3] - China Salt Industry Corporation: Plans to list on the Shanghai Main Board, focusing on edible salt and industrial salt, with projected 2024 revenue of 704.40 million and net profit of 28.80 million [3] - Ruishi Chuangxin (Chongqing) Technology Co., Ltd.: Plans to list on the Sci-Tech Innovation Board, focusing on RF front-end chips and modules, with projected 2024 revenue of 66.86 million and a net loss of 36.58 million [3] - Blue Arrow Aerospace Technology Co., Ltd.: Plans to list on the Sci-Tech Innovation Board, focusing on liquid oxygen-methane engines and launch vehicles, with projected 2024 revenue of 427.83 million and a net loss of 113.80 million [3]