近一周来，境内外资本市场IPO动态频频，为全年拉开了活跃的序幕。浙江信胜科技股份有限公司IPO当日上会遭到暂缓审议，这也系2026年沪深北三大交 易所首单暂缓审议的IPO项目。 港股IPO市场延续开年活跃态势，20家企业密集向港交所递交上市申请，覆盖消费零售、半导体、生物医药、农牧、物流等多个高景气赛道，硬科技与民生 消费双线发力，既彰显港股对优质企业的吸引力，也折射出资本市场对细分领域龙头的青睐。 一、本周过会 1、苏州联讯仪器股份有限公司 1月14日，联讯仪器通过上海证券交易所科创板上市委员会审议，成为2026年科创板首家过会企业，也是今年我国半导体产业链中首家冲刺A股上市的公 司。 联讯仪器成立于2017年，主营业务为电子测量仪器和半导体测试设备的研发、制造与销售。作为国内领先的高端测试仪器设备企业，公司长期专注于为全球 高速通信和半导体等领域提供高速率、高精度、高效率的核心测试仪器设备。 2022年至2024年，公司营业收入从2.14亿元增长至7.89亿元，年复合增长率超过90%；归母净利润由亏损转为盈利，2024年达到1.40亿元。2025年1–9月延续 高增长态势，实现营业收入8.06亿元，归母净 ...

Core Insights - The focus of capital markets is shifting from GPU chips to the underlying support systems as AI computing power becomes a core asset of global infrastructure [1] - Hangzhou Boke Electronics Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to capitalize on the expanding AI computing infrastructure [1] - Boke Electronics is positioned as the largest high-performance power supply provider for computing servers in China by revenue in 2024 [1] Group 1: Market Dynamics - The global power supply market for computing servers is projected to reach approximately 54.8 billion yuan in 2024, with the high-performance segment experiencing a compound annual growth rate (CAGR) exceeding 180% globally and 160% in mainland China from 2021 to 2024 [2] - Boke Electronics' revenue is expected to grow significantly, reaching 556 million yuan in 2024, representing a year-on-year increase of 112.8%, and further increasing to 751 million yuan in the first nine months of 2025, with a year-on-year growth rate of 126.2% [2] Group 2: Product and Technology - Boke Electronics has developed a product line that includes liquid cooling and high-density CRPS, with over 50% of its power supplies for computing servers being liquid-cooled designs by September 30, 2025 [3] - The company's high-performance products can meet single-machine rated power of over 3000 watts, with some samples achieving a full-load efficiency of 97.5%, leading to significant savings in electricity and cooling costs for clients [3] Group 3: Business Strategy and Client Diversification - Boke Electronics has been reducing its dependency on its major client, Shenzhen Bit Micro Group, with sales to this client accounting for 89.9% of total revenue in 2023, decreasing to 51.1% in 2024, and further to 23.5% in the first nine months of 2025 [6] - The company has successfully entered markets outside mainland China, with revenue from these regions increasing from 1.5% in 2023 to 34.8% in the first nine months of 2025, indicating a growing global delivery capability [6] Group 4: Future Growth and Challenges - Boke Electronics' energy storage solutions (ESS) business is expected to grow from 10.72 million yuan in 2023 to 152 million yuan in 2024, contributing 33.8% to total revenue in the first nine months of 2025 [7] - The company plans to use IPO proceeds to enhance R&D capabilities, upgrade smart manufacturing facilities, and expand its global supply chain, including establishing a new R&D center in Hangzhou and increasing its overseas production capacity in Southeast Asia [7][8]