本周（1.26-1.30）A股IPO有3家企业过会，均为北交所企业。A股与港股资本市场迎来四家企业集中首日上市，其中港股1家、沪主板1家、北交所2家，覆盖 量贩零食、农业科技、清洁能源材料、高端医疗器械四大赛道。新股首日均实现大幅上涨，北交所标的延续高弹性表现，港股消费龙头逆势领涨。 一、本周过会 1、浙江恒道科技股份有限公司 恒道科技是一家专注于注塑模具热流道系统及相关部件研发、设计、生产与销售的高新技术企业。该公司主要产品为热流道系统，是热流道注塑模具中核心 加热组件系统，广泛应用于汽车车灯、汽车内外饰、3C消费电子等领域。 恒道科技控股股东、实际控制人为自然人王洪潮，其直接持有恒道科技69.20%股权，其控制的绍兴市厚富企业管理咨询合伙企业（有限合伙）、绍兴市厚 物投资管理合伙企业（有限合伙）分别持有恒道科技5.40%、3.90%的股权，王洪潮通过直接、间接持股合计控制恒道科技78.50%股权对应的表决权。 2022-2024年和2025年1-6月，恒道科技营业收入分别为1.43亿元、1.68亿元、2.34亿元和1.47亿元；净利润分别为0.39亿元、0.49亿元、0.69亿元和0.40元。 2、鹤壁海 ...

Core Insights - The Guizhou Economic Development Zone aims to enhance industrial capabilities during the "14th Five-Year Plan" period by establishing five industrial clusters, each valued at over 10 billion [1] Group 1: Advanced Manufacturing - The zone plans to strengthen the advanced equipment manufacturing sector by creating a 10 billion-level aerospace defense equipment and components industrial cluster [1] - It will leverage the existing aviation and aerospace industry foundation to develop a 10 billion-level industrial cluster for key aviation components and large aircraft production [1] Group 2: Electronics Manufacturing - The electronics manufacturing sector will be optimized, focusing on companies like Hisense, Aerospace Electric, and Dingsheng Copper to establish a 10 billion-level industrial cluster for LCD TVs and servers [1] - Additionally, a 10 billion-level industrial cluster for copper-based new materials will be developed [1] Group 3: New Energy Vehicles - The zone will promote the new energy vehicle industry by encouraging companies such as Chery Wanda and Zhonghui Heavy Industry to actively engage in smart connected vehicles, "three electric" systems, and gearboxes [1] - The goal is to accelerate the establishment of an industrial closed loop from core components to complete vehicle manufacturing [1] Group 4: Consolidation of Advantageous Industries - The development of advantageous industries will be reinforced through projects like the technological transformation of the Guiyang Tobacco Factory and the expansion of Tongjitang's production line and research building [1] - The health and pharmaceutical, as well as tobacco industries, will be prioritized to ensure stable economic fundamentals [1] Group 5: Infrastructure and Development Guidelines - The zone will implement the "Guidelines for High-Quality Development of Industrial Parks" to improve spatial governance and optimize spatial layout [1] - Continuous enhancement of industrial supporting infrastructure will be pursued, guiding the park's development towards specialization, intensification, digitization, greening, and standardization [1]

Core Insights - The People's Bank of China in Yingtan has implemented effective measures to support local copper enterprises, enhancing their financial liquidity and market competitiveness [1][2] Group 1: Policy Collaboration - The People's Bank of China in Yingtan has established a cross-departmental collaboration mechanism involving treasury, finance, taxation, and industrial parks to support the copper industry [1] - A professional service team has been formed to conduct regular policy briefings in copper industry clusters, focusing on electronic tax refund processes and financial loan risk compensation mechanisms [1] Group 2: Financial Support and Data Utilization - The financial services platform has been improved to integrate tax declaration and refund data, providing banks with precise data for credit assessments and tax refund pledge financing [2] - A "征退联动" mechanism has been established with tax authorities to enable electronic review processes, allowing for tax collection and refunds to occur within a day [2] Group 3: Financial Impact - Over 3.63 billion yuan has been allocated for incentives and support for development and technological innovation in copper industry parks this year [2] - Financial institutions have issued 151 tax refund pledge loans totaling 2.119 billion yuan, with the treasury processing related tax refunds amounting to 2.423 billion yuan [2]

Group 1 - Jiangnan New Materials (SH 603124) announced on October 29 that its 15th meeting of the second board of directors was held on October 28, 2025, combining on-site and communication voting methods [1] - The company reported that for the year 2024, its revenue composition is 99.97% from copper-based new materials and 0.03% from other businesses [1] - As of the report date, Jiangnan New Materials has a market capitalization of 13.7 billion yuan [1]

Core Viewpoint - Minmetals Copper's operational stability is highlighted, with expectations for the second phase of the Mirador copper mine to commence production, which will enhance self-sufficiency in copper supply [1] Group 1: Operational Performance - The smelting segment has experienced a significant decline in profits due to a sharp drop in copper processing fees, but the impact is limited as the profit decline is much smaller than the decrease in processing fees, likely due to contributions from by-products [1] - Jinlong Copper achieved a net profit of 323 million yuan in H1 2025, a year-on-year decline of 30%, while Chifeng Jincopper reported a net profit of 190 million yuan, down 36% year-on-year [1] - The resilience in smelting profits is attributed to the gross profit margin of chemical and other products, which reached 55.04%, an increase of 39.05 percentage points year-on-year [1] Group 2: Industry Chain Development - The Mirador copper mine's integration is complete, with expected self-produced copper output reaching 155,000 tons in 2024, and the second phase project set to launch in 2025, further enhancing self-sufficiency [1] - The copper-based new materials project is progressing steadily, with smelting capacity expected to increase, benefiting from transportation and location advantages, placing smelting costs on the lower end of the cost curve [1] - The annual production capacity for copper foil is 80,000 tons, indicating ongoing integrated development within the copper industry chain, with steady capacity construction and promising future increments from the Mirador copper mine's second phase [1]

Core Viewpoint - Jiangxi Jiangnan New Materials Technology Co., Ltd. experienced a significant stock price fluctuation, with a cumulative closing price deviation exceeding 20% over three consecutive trading days in August 2025 [2][4]. Group 1: Stock Trading Anomaly - The company's stock price increased significantly on August 15, 18, and 19, 2025, leading to a cumulative price deviation of over 20%, which is classified as an abnormal trading situation according to the Shanghai Stock Exchange rules [2][4]. - The company has conducted a self-examination and confirmed that there are no undisclosed significant information related to the stock price fluctuation [5][6]. Group 2: Company Operations - The company is primarily engaged in the research, production, and sales of copper-based new materials, and its production and operational conditions are reported to be normal without any significant changes [5]. - There are no major events such as asset restructuring, share issuance, or significant business cooperation that could impact the stock price [6][8]. Group 3: Market Sentiment and Information Disclosure - The company has not identified any media reports or market rumors that require clarification or response [7]. - There are no other significant events that could impact the stock price, and the company's major stakeholders have not engaged in buying or selling shares during the period of stock price fluctuation [8].

Core Viewpoint - Jiangxi Jiangnan New Materials Technology Co., Ltd. experienced a significant stock price fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days, indicating abnormal trading activity [1][2]. Group 1: Stock Trading Abnormalities - The company's stock price increased by more than 20% cumulatively on July 31, August 1, and August 4, 2025, which is classified as an abnormal trading situation according to the Shanghai Stock Exchange regulations [1]. - The company conducted a self-examination and confirmed that there were no undisclosed significant information related to the stock price fluctuations [2]. Group 2: Business Operations - The company is primarily engaged in the research, production, and sales of copper-based new materials, and its production and operational conditions are reported to be normal without any significant changes in its main business or external operating environment [1][2]. Group 3: Major Events and Information - There are no undisclosed major events that could significantly impact the company's stock price, including major asset restructuring, share issuance, or significant business cooperation [2]. - The company did not identify any media reports or market rumors that required clarification or response [2]. Group 4: Board of Directors Statement - The board of directors confirmed that there are no undisclosed matters that should be disclosed according to the Shanghai Stock Exchange regulations, and previous disclosures do not require correction or supplementation [3].

Core Viewpoint - Jiangnan New Materials (603124.SH) announced that its stock trading has experienced unusual fluctuations, but the company confirmed that its production and operational status remain normal, with no significant changes in its main business, products, or internal and external operating environment [1] Company Summary - Jiangnan New Materials primarily engages in the research, development, production, and sales of copper-based new materials [1] - The company conducted a self-examination and found no undisclosed significant information that should be reported [1]

Group 1 - The number of IPOs in Hong Kong has significantly increased in the first half of 2025, with A-share companies also increasingly announcing plans to list in Hong Kong [1] - In Q2 2025, the Hong Kong Stock Exchange (HKEX) surpassed NASDAQ in terms of fundraising scale, achieving a net fundraising amount of HKD 1,067.13 billion, a year-on-year increase of 688.56% [2][3] - Despite having fewer IPOs than NASDAQ in Q2 (27 vs. 83), the fundraising amount from Hong Kong IPOs reached HKD 880.44 billion, exceeding NASDAQ's USD 9.5 billion (approximately HKD 744.94 billion) [3] Group 2 - The number of Chinese companies listing in the US has increased, with 40 companies going public in the first half of 2025, up from 25 in the same period last year. However, the total fundraising amount decreased by 59.73% to USD 7.45 billion [4] - The largest fundraising in A-shares during the first half of 2025 was from Zhongce Rubber, which raised RMB 39.33 billion, followed by Tianyouwei and Yingshi Innovation [5] - The largest IPO in the US was from Venture Global, raising USD 1.67 billion, while the largest in Hong Kong was CATL, raising HKD 353.31 billion (approximately USD 45.01 billion) [7] Group 3 - The best-performing new stocks in A-shares this year include Jiangnan New Materials with a cumulative increase of 419.29%, followed by Haibosichuang and Tianhe Magnetic Materials [8] - In the US market, the top-performing new stocks include Diginex with a cumulative increase of 584.00%, followed by Anbio and CoreWeave [8] - In Hong Kong, the best-performing new stock is Gu Ming, with a cumulative increase of 158.06% [8] Group 4 - The number of companies queued for IPOs in Hong Kong for the second half of 2025 has significantly increased, with at least 8 companies confirmed to list in July and August [9] - From June 27 to June 30, 23 companies submitted applications for the first time on the HKEX, including several A-share companies [9] - The influx of new listings may lead to differentiated performance based on the flow of funds and the quality of the companies, emphasizing the importance of fundamental analysis over speculative trading [9]

Group 1 - The core viewpoint of the article indicates that Jiangnan New Materials (603124) primarily supplies copper-based new materials to PCB manufacturers, with some customers being suppliers to Nvidia, but the company does not supply Nvidia directly [1]