Market Overview - The Shanghai Composite Index rose by 0.97% on November 6, with 19 out of 28 sectors experiencing gains, led by the metals and electronics sectors, which increased by 3.05% and 3.00% respectively [2] - The media and social services sectors saw the largest declines, with decreases of 1.35% and 1.11% respectively [2] Capital Flow - The net inflow of capital in the two markets was 6.174 billion yuan, with 12 sectors receiving net inflows [2] - The electronics sector had the highest net inflow of capital at 12.224 billion yuan, while the metals sector followed with a net inflow of 3.647 billion yuan [2] Pharmaceutical and Biological Industry - The pharmaceutical and biological sector experienced a slight decline of 0.03%, with a net outflow of capital amounting to 3.299 billion yuan [3] - Out of 477 stocks in this sector, 181 stocks rose, while 275 stocks fell [3] - The top three stocks with the highest net inflow were Wanzhe Co. (1.08 billion yuan), Hailin Pharmaceutical (682.184 million yuan), and Renfu Pharmaceutical (561.307 million yuan) [3] Capital Inflow and Outflow in Pharmaceutical Sector - The top stocks with capital inflow included: - Wanzhe Co. with a rise of 9.99% and a capital flow of 107.9805 million yuan [4] - Hailin Pharmaceutical with a decline of 0.83% and a capital flow of 68.2184 million yuan [4] - Renfu Pharmaceutical with a rise of 0.25% and a capital flow of 56.1307 million yuan [4] - The stocks with the highest capital outflow included: - Heyuan Biological-U with a decline of 8.74% and a capital outflow of 281.6923 million yuan [5] - Sunflower with a decline of 7.99% and a capital outflow of 167.9643 million yuan [5] - Changshan Pharmaceutical with a decline of 2.09% and a capital outflow of 156.2317 million yuan [5]

Core Points - The Sci-Tech Innovation Board (STAR Market) index rose by 3.34%, closing at 1436.86 points, with a total trading volume of 4.16 billion shares and a turnover of 217.87 billion yuan [1] - Among the tradable stocks on the STAR Market, 405 stocks closed higher, with 10 stocks rising over 10%, including Changguang Huaxin and Huasheng Lithium, which hit the daily limit [1] - The turnover rate for STAR Market stocks showed that 3 stocks had a turnover rate exceeding 20%, while 16 stocks had a turnover rate between 10% and 20% [1] Trading Performance - The stocks with the highest turnover rates included Heyuan Biological, which closed down 8.74% with a turnover rate of 39.70%, and Bibet, which closed down 5.14% with a turnover rate of 22.78% [1][3] - The top gainers included Changguang Huaxin and Huasheng Lithium, both up by 20.00%, while the largest decliners were Aerospace Hongtu and Heyuan Biological, down by 15.92% and 8.74%, respectively [2] Sector Analysis - The electronics sector had the most stocks with a turnover rate exceeding 5%, totaling 21 stocks, followed by the power equipment and defense sectors with 15 and 6 stocks, respectively [2] - In terms of capital flow, 38 stocks experienced net inflows from main funds, with the highest inflows seen in Canxin Technology, Western Superconducting, and Purun Technology, amounting to 267 million yuan, 198 million yuan, and 195 million yuan, respectively [2] Leverage Fund Movements - A total of 33 stocks received net purchases from leveraged funds, with the largest increases in financing balances seen in Artis, GuoDun Quantum, and Trina Solar, which increased by 544 million yuan, 395 million yuan, and 274 million yuan, respectively [2]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688765 | 不元生物 | 102.21 | -8.74% | 16.27万 | 17.29亿 | | 920344 | 三元基因 | 28.00 | -3.85% | 2.60万 | 7364.32万 | | 301207 | 世兰店面 | 22.82 | -3.55% | 19.61万 | 4.55 乙 | | 688670 | 金迪克 | 17.58 | -2.82% | - 3.12万 | 5541.95万 | | 920547 | 元锡晶海 | 27.12 | -2.69% | 1.24万 | 3375.61万 | | 300485 | 赛升药业 | 12.00 | -2.28% | 10.77万 | 1.29亿 | | 920575 | 康乐卫士 | 13.84 | -2.19% | 3.16万 | 4401.44万 | | 688488 | 艾迪药业 | 14.67 | -2.13% | 4.11万 | 6059.41万 | | ...

Core Viewpoint - He Yuan Bio (688765) experienced a significant decline in stock price, closing at 112.00 yuan, down 12.55% on November 5, with a trading volume of 2.206 billion yuan and a turnover rate of 45.34% [1] Trading Activity - The stock was listed on the daily trading list due to a turnover rate exceeding 30% [1] - The top five trading departments accounted for a total transaction of 666 million yuan, with a net selling amount of 8.2976 million yuan [1] - The largest buying department was Goldman Sachs (China) Securities, with a purchase amount of 94.6042 million yuan, followed by CITIC Securities Shanghai Branch at 65.3993 million yuan [1] - The leading selling department was CITIC Jiantou Securities Anhui Branch, with a selling amount of 86.9655 million yuan [1] Fund Flow - The stock saw a net outflow of 277 million yuan in main funds throughout the day [1]

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 0.23%, closing at 1390.39 points, with a total trading volume of 3.856 billion shares and a turnover of 177.074 billion yuan, resulting in an average turnover rate of 2.02% [1] - Among the tradable stocks on the STAR Market, 256 stocks closed higher, with 4 stocks rising over 10%, including Arctech and Jinkuang Electric, while 327 stocks closed lower, with 1 stock declining over 10% [1] Stock Turnover Rates - The distribution of turnover rates shows that 2 stocks had turnover rates exceeding 20%, 11 stocks had rates between 10% and 20%, and 41 stocks had rates between 5% and 10% [1] - The stock with the highest turnover rate was He Yuan Biological, which closed down by 12.55% with a turnover rate of 45.34% and a transaction amount of 2.206 billion yuan [1] Sector Analysis - In terms of sector performance, the electronics sector had the most stocks with a turnover rate exceeding 5%, totaling 18 stocks, followed by the power equipment and pharmaceutical sectors with 17 and 6 stocks, respectively [2] - The stocks with the highest net inflow of funds included Arctech, Trina Solar, and Jinkuang Technology, with net inflows of 406 million yuan, 331 million yuan, and 175 million yuan, respectively [2] Leverage Fund Movements - A total of 36 stocks with high turnover rates recently received net purchases from leveraged funds, with the largest increases in financing balances seen in Guo Dun Quantum, Arctech, and Jinkuang Technology, which increased by 350 million yuan, 293 million yuan, and 185 million yuan, respectively [2] Notable Stocks - The top stocks by turnover rate on November 5 included He Yuan Biological, which fell by 12.55% with a turnover rate of 45.34%, and Arctech, which rose by 20.02% with a turnover rate of 15.46% [3][4] - Other notable stocks included Jinkuang Electric, which increased by 19.99%, and Jinkuang Technology, which rose by 18.12% [2][3]

Group 1: Market Trends - In October 2025, 11 new stocks were issued in the A-share market, raising a total of 15.3 billion yuan, a 29% increase month-on-month[10] - The average first-day closing price increase for new stocks in the Shanghai and Shenzhen markets was 235%, up 28.2 percentage points from the previous month[28] - The average first-day increase for three unprofitable new stocks was 162%[28] Group 2: Pricing and Allocation Mechanism - The average first-day price-earnings (PE) ratio for new stocks was 25 times, reaching a monthly peak for the year, but still at a 34% discount compared to comparable companies[13] - The A1 allocation tier saw an average winning rate of 0.073%, a 76% increase compared to previous periods, while the A2 tier's winning rate dropped to 0.026%, a 38% decrease[19] - The new stock pricing and allocation mechanism is being optimized to encourage long-term holding, with higher allocation ratios for investors committing to longer lock-up periods[6] Group 3: Growth in Specific Sectors - The first batch of new stocks in the Sci-Tech Innovation Board's growth tier raised a total of 8.8 billion yuan in October 2025[10] - The inquiry results showed that the first three growth tier new stocks attracted an average of 6,691 product participants, an increase of 8.6% compared to June[19] - The total number of IPO projects in the A-share market reached 114, with a total proposed fundraising amount of 207.8 billion yuan as of the end of October 2025[54] Group 4: Risks and Challenges - Risks include potential changes in the pace of new stock issuance reviews, fluctuations in investor participation, and the quality and quantity of submitted projects[57] - There is a need to monitor the structural adjustments in industries and the risk of unprofitable companies facing share price declines[57]

Group 1 - The restructuring protein concept declined by 1.06%, ranking among the top declines in concept sectors, with *ST WanFang hitting the limit down [1] - Within the restructuring protein sector, major declines were seen in He Yuan Bio, San Sheng Guo Jian, and Hua Xi Bio, while 15 stocks experienced price increases, with InnoTech, Dezheng Health, and Ao Pu Mai leading the gains at 1.72%, 1.36%, and 1.33% respectively [1][2] Group 2 - The restructuring protein sector saw a net outflow of 542 million yuan from main funds, with 33 stocks experiencing outflows, and 13 stocks seeing outflows exceeding 10 million yuan [2] - He Yuan Bio had the highest net outflow of 277 million yuan, followed by Rejing Bio, Hua Xi Bio, and Hua Lan Bio with net outflows of 38.27 million yuan, 34.39 million yuan, and 32.92 million yuan respectively [2][3] Group 3 - The top stocks with net inflows in the restructuring protein sector included Jianyou Co., Xilong Science, and Borui Pharmaceutical, with net inflows of 17.18 million yuan, 13.67 million yuan, and 8.93 million yuan respectively [4]

Market Overview - The biopharmaceutical sector experienced a decline of 0.96% on November 5, with He Yuan Bio leading the drop [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Notable gainers in the biopharmaceutical sector included: - Jinke (688670) with a closing price of 18.09, up 3.37% [1] - Kanghua Bio (300841) at 79.20, up 1.93% [1] - Wuxi Jinghai (920547) at 27.87, up 1.46% [1] - Significant decliners included: - Buyuan Bio (688765) at 112.00, down 12.55% [2] - SanSheng Guojian (688336) at 70.10, down 8.47% [2] - Rongchang Bio (688331) at 92.00, down 4.90% [2] Trading Volume and Capital Flow - The biopharmaceutical sector saw a net outflow of 668 million yuan from institutional investors, while retail investors contributed a net inflow of 380 million yuan [2] - The trading volume for key stocks included: - Kanghua Bio with a trading volume of 43,600 shares and a transaction value of 345 million yuan [1] - Buyuan Bio with a trading volume of 185,800 shares and a transaction value of 2.206 billion yuan [2] Capital Inflow Analysis - Major stocks with net inflows from institutional investors included: - Kanghua Bio with a net inflow of 40.48 million yuan, accounting for 11.72% of its trading volume [3] - Hualan Bio with a net inflow of 31.05 million yuan, accounting for 4.66% [3] - Conversely, stocks like Jinke experienced a net outflow of 13.56 million yuan from retail investors, representing 17.39% of its trading volume [3]

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].

Core Viewpoint - He Yuan Bio experienced a stock price increase of 3.61% on November 3, with a trading volume of 1.603 billion yuan, indicating positive market sentiment towards the company [1]. Financing Summary - On November 3, He Yuan Bio had a financing buy-in amount of 154 million yuan, with a net financing purchase of 63.89 million yuan after repaying 90.45 million yuan [1]. - The total financing and securities balance for He Yuan Bio reached 256 million yuan, accounting for 4.87% of its circulating market value [1]. - There were no short-selling activities reported on November 3, with zero shares sold or repaid [1]. Company Overview - He Yuan Bio, established on November 16, 2006, is located in Wuhan, Hubei Province, and specializes in the research, production, and sales of products using rice endosperm cell recombinant protein expression technology [1]. - The company's main revenue source is recombinant human albumin, which constitutes 75.44% of its total revenue, while other products account for 24.56% [1]. Shareholder Information - As of October 28, He Yuan Bio had 47,100 shareholders, a significant increase of 84,075% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased to 869 shares, down by 99.85% from the previous period [2]. Financial Performance - For the period from January to September 2025, He Yuan Bio reported a revenue of 19.66 million yuan, reflecting a year-on-year decrease of 8.51% [2]. - The company recorded a net profit attributable to shareholders of -121 million yuan, which is an 8.44% decrease compared to the same period last year [2].