来源：上海证券报·中国证券网 上证报中国证券网讯 8月27日盘后，江南新材发布的2025年半年报显示，公司持续提高产品品质，积极 开拓市场，持续为下游客户提供多元化、高品质的产品及服务；受益于PCB市场需求增加，上半年，公 司实现营业收入48.21亿元，同比增长17.40%；净利润1.06亿元，同比增长7.38%。 公司主要从事铜基新材料的研发、生产与销售，核心产品包括铜球系列、氧化铜粉系列及高精密铜基散 热片系列三大产品类别。公司自主研发的铜球系列产品已应用于各种类型与工艺的PCB以及光伏电池板 的镀铜制程等领域；氧化铜粉系列产品主要应用于高阶PCB（包括IC载板、HDI、柔性电路板等）镀铜 制程、复合铜箔制造、有机硅单体合成催化剂等领域；高精密铜基散热片系列产品已应用于PCB埋嵌散 热工艺、功率半导体散热、服务器液冷散热等领域。上半年，公司研发投入同比增长56.87%，达 2402.14万元。 公司不断开拓铜基新材料产品的新市场与应用场景，集中资源巩固铜球产品的市场地位，大力发展电子 级氧化铜粉等新兴产品，各主要产品业务持续增长。三大产品线中，上半年，铜球系列产品实现营业收 入37.75亿元，同比增长8. ...

Market Overview - The market experienced fluctuations with the ChiNext index leading the decline, closing down 1% while the Shanghai Composite Index fell by 0.51% and the Shenzhen Component Index decreased by 0.91% [2] - The total trading volume in the Shanghai and Shenzhen markets was 1.44 trillion yuan, a decrease of 24.9 billion yuan compared to the previous trading day, with over 3,200 stocks declining [3] Sector Performance - Sectors such as deep-sea technology, military industry, coal, and wind power saw significant gains, while data center power supply, gaming, liquor, and consumer electronics faced notable declines [4] New Stock Performance - The newly listed stock Jiangnan New Materials surged over 700% during intraday trading, achieving the largest first-day gain for a new stock this year [5][6] - Jiangnan New Materials opened at a 526.19% increase and closed with a 606% rise, reaching a market capitalization of 10.8 billion yuan and a turnover rate of 85% [7][10] Company Insights - Jiangnan New Materials is a key supplier of materials in the PCB industry chain, focusing on the research, production, and sales of electronic circuit copper-based new materials, with a market share of 24% globally and 41% domestically in the copper ball product segment [10] - The company reported a 34.83% year-on-year increase in net profit for 2023 and anticipates a further 24.37% growth in 2024, with projected revenues for Q1 2025 expected to grow by 19.02% to 29.53% year-on-year [10] Robotics Sector - The humanoid robot concept stocks have become active, with Xiangyang Bearing hitting the limit up, and other companies like Shuanglin Shares and Baisheng Intelligent rising over 10% [12] - The rapid development of humanoid robots in China has been highlighted by recent technological breakthroughs, including a robot capable of performing a side flip [15] Marine Economy - The marine economy sector saw significant growth, with companies like Tianhai Defense and Yaxing Anchor Chain experiencing over 10% increases [18] - The Shanghai Municipal Oceanic Administration announced plans for marine industry development, which is expected to drive GDP growth and enhance the scale of the marine economy [20]

Core Viewpoint - The article discusses the upcoming IPOs of five companies in the A-share market, highlighting their business focus, financial performance, and fundraising plans. Group 1: Company Summaries - Jiangnan New Materials focuses on the research, production, and sales of copper-based new materials, with core products including copper ball series, copper oxide powder series, and high-precision copper-based heat sinks. The company aims to enhance its product competitiveness and has established a customer base among leading PCB manufacturers [2][3]. - Xidian Co., Ltd. specializes in semiconductor testing equipment, particularly in probe testing technology. The company has become the largest probe station equipment manufacturer in mainland China, with a growing market share from 13% in 2019 to 25.70% in 2023 [4][5][6]. - New Asia Cable is engaged in the research, production, and sales of electric wires and cables, with a strong brand presence in the industry. The company has seen steady revenue growth and plans to invest in smart manufacturing and marketing network projects [7]. - Victory Nano is a well-known third-party testing laboratory in the semiconductor industry, providing various analysis services. The company has experienced revenue growth and plans to enhance its testing capabilities through new projects [8][9]. - Zhejiang Huayuan focuses on customized automotive system connectors, supplying major automotive manufacturers. The company is expanding its product applications in the electric vehicle sector and has shown consistent revenue growth [10][11][12]. Group 2: Financial Performance - Jiangnan New Materials expects revenues of 62.3 billion, 68.18 billion, and 86.99 billion from 2022 to 2024, with net profits of 1.05 billion, 1.42 billion, and 1.76 billion respectively [3]. - Xidian Co., Ltd. projects revenues of 4.42 billion, 5.46 billion, and 5.08 billion from 2022 to 2024, with net profits of 1.16 billion, 0.89 billion, and 0.93 billion respectively [6]. - New Asia Cable anticipates revenues of 27.63 billion, 30.13 billion, and 28.34 billion from 2022 to 2024, with net profits of 1.1 billion, 1.64 billion, and 1.35 billion respectively [7]. - Victory Nano forecasts revenues of 2.87 billion, 3.94 billion, and 4.15 billion from 2022 to 2024, with net profits of 0.66 billion, 0.99 billion, and 0.82 billion respectively [8]. - Zhejiang Huayuan expects revenues of 4.91 billion, 5.53 billion, and 6.82 billion from 2022 to 2024, with net profits of 0.77 billion, 0.83 billion, and 1.08 billion respectively [11].

2025 年 03 月 02 日 策略类●证券研究报告 活跃周期后段震荡分化加剧，两会时间局部热度预计依然可期 新股专题 投资要点 新股周观点：上周新股次新板块震荡分化有所加剧，但从资金面和局部板块热度， 可能当前依然处于活跃周期进程中。但随着人气产业链获利累积，外部不利冲击扰 动加剧、而外部利好催化又逐渐钝化，活跃周期预计步入后段，震荡反复和轮动或 更为频繁和短促。本周进入两会时间，建议灵活博弈局部政策催化预期同时，适度 谨慎。 （1）新股板块上周出现震荡分化；假设以 2024 年以来上市的新股次新板块比较 来看，上周板块平均涨幅约-2.0%，实现正收益占比约 36.4%。 （2）虽然以 AI+为代表的部分前期表现极为活跃的新股次新标的出现震荡回撤， 但资金博弈热度上周并未退潮、局部板块活跃热度则依然维持在颇高位置。我们倾 向于认为，可能本轮新股活跃周期还是在进行中，只是随着板块获利、尤其是人气 板块获利已经颇高，本轮活跃周期或不可避免步入后段，板块对于外部不利冲击的 扰动表现地或更为剧烈。 （3）短期来看，本周进入两会时间，政策催化预期可能将逐渐升温，此前围绕着 重大科技产业事件持续活跃的主题产业链或将出 ...