Report Industry Investment Rating No relevant content provided. Core Views of the Report - In October 2025, the restart of unprofitable new shares issuance led to an increase in the monthly fundraising amount, and the new shares on the first - day of listing had no break - even, with an average increase of 219%. The new share subscription income remained high, and the "entry" strategy was the optimal one [2]. - The performance of new shares in different sectors and industries varies. The first - day performance of unprofitable new shares on the Science and Technology Innovation Board was excellent, and the choice of restricted - sale plans for unprofitable new shares had a significant impact on income enhancement [11][17]. Summary by Related Catalogs 1. Issuance and Listing Rhythm - In October 2025, there were 9 new listings on the Shanghai, Shenzhen, and Beijing stock exchanges, with a total initial public offering (IPO) fundraising of 1.2869 billion yuan. From January to October 2025, there were 87 new listings, and the total fundraising was 9.0172 billion yuan, a 9% increase in the number of new listings and a 71% increase in fundraising compared to the same period in 2024 [2][8]. - The 3 unprofitable new shares listed in October 2025 had a relatively large fundraising volume, driving the monthly fundraising amount to increase year - on - year and month - on - month [2][8]. 2. First - day Gain Performance - In October 2025, the 6 new shares listed in the Shanghai and Shenzhen markets were all issued offline. The new shares on the first - day of listing had no break - even, with an average increase of 219%, the same as in September. The average first - day increase of the first 3 unprofitable new shares on the Science and Technology Innovation Board with agreed restricted sales was 158% [2][11]. - Among the new shares on the Main Board in October, Daosheng Tianhe had a first - day increase of 351%, Chaoying Electronics had a first - day increase of 339%, and Marco Polo had a first - day increase of 148% [11]. 3. New Share Subscription Income Calculation - In October 2025, with the support of unprofitable new share income, the monthly new share subscription income remained high. Without considering unprofitable new shares, the new share subscription income of Class A/B accounts in October was 287,700/277,200 yuan respectively. Conservatively, if all 3 unprofitable new shares selected Plan A3, the total monthly full - subscription income of Class A/B was 623,400/608,800 yuan; optimistically, if all 3 unprofitable new shares selected Plan A1, the total monthly full - subscription income of Class A/B was 3,971,500/608,800 yuan [2][17]. 4. New Share Subscription Strategy at the Current Stage - The "entry" strategy is still the optimal one. It is recommended to actively participate in low - price, small - floating - stock new shares with expected first - day gains and large - market - value new shares with a large offline allocation volume. Among the registered but unlisted enterprises, companies such as Moore Threads are worth paying attention to [2][20]. - The performance of new shares in different sectors is affected by various factors. The Main Board new shares have had good performance and high first - day gains since 2023; the Science and Technology Innovation Board new shares are affected by market heat and policy support; the ChiNext Board is recommended to participate in low - price, small - market - value new shares [20].

（责任编辑：康博） 中国经济网北京11月4日讯 超颖电子(SH:603175)今日股价涨停，截至收盘报75.20元，涨幅 10.01%，总市值328.65亿元。 ...

Core Viewpoint - The stock of Chaoying Electronics (sh603175) reached its daily limit with a price of 75.2 yuan, reflecting a 10.01% increase, driven by low issuance P/E ratio, revenue growth, and opportunities in the AI industry [1][2]. Group 1: Financial Performance - Chaoying Electronics reported an issuance P/E ratio of 28.64, significantly lower than the industry average of 60.52, indicating strong valuation appeal [2]. - The company's revenue grew by 10.71% year-on-year, primarily due to increased demand in the communication and storage sectors, leading to an expansion in business scale [2]. - Total assets increased by 10.74%, with current assets rising by 20.31%, showcasing a trend of business expansion [2]. Group 2: Market Dynamics - The recent surge in AI technology is driving demand for high-end PCBs, with Chaoying Electronics being a leading player in automotive electronic PCBs, which are widely used across various sectors [2]. - The company's main board listing provides liquidity premium, aiding in long-term value discovery, while the commitment to stabilize stock prices through a repurchase clause enhances market confidence [2]. - On November 3, 2025, the company was included in the "Dragon and Tiger List," with a trading volume of 9.56 billion yuan, indicating significant participation from speculative funds, which may have contributed to the stock price increase [2]. Group 3: Technical Analysis - The influx of speculative funds may have led to a breakout above key resistance levels, attracting further attention from investors [2]. - Although technical indicators were not mentioned in the announcement, the capital inflow likely contributed to the stock's strong short-term performance, resulting in the limit-up movement [2].

Group 1 - The core viewpoint of the news is that Chao Ying Electronics has experienced a stock price increase of 2.02% on November 4, reaching 69.74 CNY per share, with a total market capitalization of 30.478 billion CNY [1] - The company has seen a net inflow of main funds amounting to 7.9499 million CNY, with significant buying and selling activities recorded [1] - Year-to-date, Chao Ying Electronics' stock price has decreased by 17.94%, and it has appeared on the trading leaderboard three times this year, with the latest appearance on November 3 [1] Group 2 - Chao Ying Electronics operates in the electronic components sector, specifically in printed circuit boards (PCBs), with 95.68% of its revenue coming from PCB-related activities [2] - For the period from January to September 2025, the company reported a revenue of 3.378 billion CNY, reflecting a year-on-year growth of 10.71%, while the net profit attributable to the parent company was 212 million CNY, showing a decrease of 12.14% compared to the previous year [2] - As of October 24, 2025, the number of shareholders for Chao Ying Electronics reached 69,000, marking a significant increase [2]

（原标题：超颖电子龙虎榜：营业部净买入2866.23万元） 超颖电子(603175)今日下跌7.09%，全天换手率31.76%，成交额9.56亿元，振幅5.19%。龙虎榜数据显示，营业部席位合计净买入2866.23万元。 上交所公开信息显示，当日该股因日换手率达31.76%上榜，营业部席位合计净买入2866.23万元。 证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交1.65亿元，其中，买入成交额为9674.75万元，卖出成交额为6808.52万元，合计净 买入2866.23万元。 资金流向方面，今日该股主力资金净流出776.25万元，其中，特大单净流出1011.53万元，大单资金净流入235.28万元。近5日主力资金净流出2.02 亿元。 10月23日公司发布的三季报数据显示，前三季度公司共实现营业收入33.78亿元，同比增长10.71%，实现净利润2.12亿元，同比下降12.14%。（数 据宝） 超颖电子11月3日交易公开信息 | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 光大证券股份有限公司宁波镇 ...

10月31日，超颖电子跌停，收报73.58元，跌幅9.99%。 中国经济网北京11月3日讯 超颖电子(603175.SH)今日收报68.36元，跌幅7.09%。 华西证券股份有限公司研究员戚舒扬、金兵10月31日发表研报《超颖电子(603175)新股介绍：全球 汽车电子PCB领先企业》。研报称，2022-2024年分别实现营业收入35.14亿元/36.56 亿元/41.24亿元，同 比增长依次为-7.12%/ 4.04%/12.78%；实现归母净利润1.41亿元/2.66亿元/2.76亿元，同比增长依次 为-3.69%/88.99%/3.78%。2025年上半年，公司实现营业收入21.85 亿元，同比增长12.61%；同时实现归 母净利润1.59亿元，同比增长-11.85%。 （责任编辑：魏京婷） ...

Core Viewpoint - ChaoYing Electronics Circuit Co., Ltd. successfully listed on the Shanghai Stock Exchange, focusing on the research, production, and sales of printed circuit boards (PCBs) with a strong emphasis on automotive electronics [2][4]. Group 1: Company Overview - ChaoYing Electronics specializes in the R&D, production, and sales of printed circuit boards, with a stable business model since its inception [4][6]. - The company's products are widely used in automotive electronics, displays, storage, consumer electronics, and communications, primarily focusing on automotive electronic PCBs [4][6]. - ChaoYing is one of the few companies in China capable of mass production of multi-layer HDI and any-layer interconnected HDI automotive electronic boards, collaborating with global Tier 1 automotive suppliers and well-known electric vehicle manufacturers like Tesla [4][6]. Group 2: Intellectual Property and Recognition - The company holds core independent intellectual property rights and is recognized as a national high-tech enterprise, accumulating extensive experience in PCB R&D and production [4][6]. - As of the end of the reporting period, ChaoYing has obtained 14 invention patents and 85 utility model patents, showcasing its strong R&D capabilities [4][6]. - The company has received numerous honors, including "Invisible Champion Cultivation Enterprise in Hubei Province," "Hubei Province Intelligent Manufacturing Demonstration Unit," and "Green Supply Chain Management Enterprise" from the Ministry of Industry and Information Technology [4][6]. Group 3: Financial Performance - In the reporting period, the company's operating revenue was 3.514 billion yuan, 3.656 billion yuan, and 4.124 billion yuan, exceeding 1 billion yuan cumulatively [10][11]. - The net profit attributable to the parent company was 140.83 million yuan, 266.16 million yuan, and 276.22 million yuan, indicating stable profitability [10][11]. - The net profit after deducting non-recurring gains and losses was 75.12 million yuan, 256.13 million yuan, and 260.60 million yuan, reflecting consistent financial performance [10][11]. Group 4: Listing Standards and Compliance - ChaoYing meets the listing standards of the Shanghai Stock Exchange, with positive net profits over the last three years and a cumulative net profit exceeding 200 million yuan [12]. - The company reported a cumulative operating cash flow of 1.930 billion yuan over the last three years, surpassing the required threshold [12]. Group 5: Fundraising and Future Development - The funds raised from the IPO will be used for projects including high-layer and HDI PCB production and to supplement working capital and repay bank loans, totaling 660 million yuan [15]. - The company aims to become a benchmark enterprise in the global electronic circuit industry by focusing on product innovation, customer-centric approaches, and sustainable development [15].

Core Viewpoint - The stock of a newly listed company, which is labeled as a "technology concept" stock, experienced a significant drop from 99 to 73 within six days of its listing, leading to a loss of 32% for investors who bought in at higher prices. The company's price-to-earnings (P/E) ratio reached 130, far exceeding the industry average of 70, indicating a potential bubble in its valuation [1][3][4]. Group 1 - The stock price surged by 462% on its first day, closing with a 397.6% increase, but investors who chased the high were already down 15% by the end of the day due to high trading volume and turnover rate [2][3]. - The stock's price fluctuated significantly in the following days, with a notable drop of 6.76% on the third day and a brief 12% rebound on the fourth day, before closing at 81 on the fifth day, indicating manipulation by major shareholders [3][4]. - The current stock price of 73 is higher than that of industry leaders, with a P/E ratio of 130, which raises concerns about the sustainability of its valuation given the lack of proven earnings [3][6]. Group 2 - The phenomenon of "炒新" (speculation on new stocks) in the A-share market often leads to high volatility, with a 70% probability of decline in stocks that have a turnover rate exceeding 80% on their first day [4][6]. - Retail investors tend to fall for the allure of "concept stocks," driven by greed and a lack of understanding of fundamental analysis, which can lead to significant losses [6]. - The company operates in the circuit board sector, which has low technical barriers and intense competition, questioning the justification for its inflated P/E ratio compared to more stable companies [6].

Core Viewpoint - The stock of Chaoying Electronics, a so-called "technology concept stock," experienced a significant drop shortly after its IPO, falling from 99 yuan to 73 yuan, representing a loss of 32% in just a few days [1]. Group 1: Stock Performance - The stock surged 397% on its first day of trading, reaching an intraday high of 462%, but closed with many investors trapped at high prices due to a turnover rate of 84% [1]. - After a brief 12% rebound the following day, the stock quickly declined again, indicating volatility and manipulation by major shareholders [1]. - The stock's price-to-earnings (P/E) ratio stands at 130, significantly higher than the industry average of 70, suggesting overvaluation [1]. Group 2: Market Sentiment and Risks - The overall market is trending downward, making it difficult for this stock to perform well independently; the current price of 73 yuan is still considered high, with a high probability of further declines [2]. - The article emphasizes that investing based solely on concepts without considering valuation is risky, equating high P/E ratios and turnover rates with increased risk [3].

Core Viewpoint - The recent surge and subsequent crash of a circuit board company highlights the risks associated with speculative trading in the tech sector, where inflated valuations and market manipulation are prevalent [1][4]. Group 1: Market Behavior - The first day of trading for new stocks has no price limit, which has been exploited by major players to manipulate prices, leading to significant losses for retail investors [3][4]. - The case of Taihong Wanli illustrates a pattern where the stock surged 359% on the first day, only to drop significantly in the following days, indicating a strategy of "pump and dump" by major players [3][4]. Group 2: Valuation Concerns - The circuit board company in question has a price-to-earnings (P/E) ratio of 130, which is nearly double the industry average of 70, raising concerns about overvaluation [4]. - Historical comparisons show that similar companies, like Haiyang Technology, experienced drastic valuation changes, with P/E ratios soaring from 12.69 to 54, despite declining profit margins [4]. Group 3: Investor Behavior - Retail investors often fall into the trap of believing in a rebound to their cost price, leading to further losses as major players continue to suppress stock prices [6][8]. - The phenomenon of "psychological anchors" is evident, where retail investors are misled by false signals of support created by major players, resulting in a cycle of buying into falling stocks [5][6]. Group 4: Trading Dynamics - High turnover rates in newly listed stocks indicate a loose holding structure, which can lead to significant selling pressure once lock-up periods expire [8]. - The manipulation of trading data, such as showing net inflows while actually selling off shares, is a tactic used by major players to mislead retail investors [6][8].