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 - Xi'an Yichai (688783.SH) has made significant advancements in technology reserves and production capacity in the semiconductor industry, particularly in 12-inch silicon wafers, NAND Flash, and DRAM storage chips [1] Technology Reserves - The company has achieved mass production of 2YY-layer NAND Flash storage chips, advanced generation DRAM storage chips, and advanced process logic chips [1] - More advanced process NAND Flash storage chips, advanced generation DRAM storage chips, and advanced process logic chips on 12-inch silicon wafers have been validated by mainstream customers [1] - As of June 2025, the company has applied for a total of 1,843 domestic and international patents, with over 80% being invention patents; it has obtained 799 authorized patents, with over 70% being invention patents [1] - The company holds the most authorized domestic and international invention patents in the field of 12-inch silicon wafers in mainland China [1] Wafer Production Capacity - The company's first factory, with a capacity of 500,000 wafers per month, reached full production in 2023, while the second factory from the fundraising project officially commenced production in 2024, with plans to reach full capacity by 2026 [1] - By the end of 2024, through technological innovation and efficiency improvements, the first factory's capacity has been increased to over 600,000 wafers per month, with a combined capacity reaching 710,000 wafers per month, accounting for approximately 7% of global 12-inch silicon wafer capacity [1] - It is expected that by 2026, the combined capacity of the first and second factories will reach 1.2 million wafers per month, with future expansion decisions based on market conditions [1]

Core Insights - The company has announced that its products have entered mass production for 2YY layer WAND Flash storage chips and advanced generation DRAM storage chips [1] - More advanced process WAND Flash storage chips and advanced generation DRAM storage chips on 12-inch silicon wafers have been validated by mainstream customers [1] Group 1 - The company is actively involved in the production of advanced storage technologies [1] - Validation by mainstream customers indicates a strong market acceptance of the company's products [1]

Group 1 - The company is focused on the production, research, and sales of 12-inch large silicon wafers, indicating a commitment to this specific segment of the semiconductor industry [2] - The company is currently expanding its production capacity as planned, which suggests a strategic move to enhance its market position in the silicon wafer sector [2]

Core Viewpoint - The company, Xian Yicai (688783.SH), focuses on the research, production, and sales of 12-inch silicon wafers, which are essential for various types of chips used in modern technology applications [1] Group 1: Company Overview - The company has developed products that are utilized in NAND Flash, DRAM, and Nor Flash storage chips, as well as in CPU, GPU, mobile SoC, and embedded MCU logic chips [1] - The company's silicon wafers support a wide range of applications, including power management, display drivers, and CIS, enabling core functions such as data computation, storage, transmission, and human-computer interaction [1] Group 2: Industry Applications - The products manufactured by the company are crucial for the mass production of chips that are applied in smart devices, personal computers, data centers, the Internet of Things (IoT), smart vehicles, and robotics [1] - These applications are particularly relevant in the context of the artificial intelligence era, highlighting the importance of the company's offerings in the evolving technology landscape [1]

Core Viewpoint - The company, Xian Yicai (688783.SH), focuses on the production of 12-inch electronic-grade silicon wafers, which are essential for high-end chip manufacturing, particularly in artificial intelligence applications [1] Group 1 - The company is currently validating the adaptation of high-performance dedicated logic chips for advanced processes [1] - The company is collaborating with clients to develop silicon wafers required for the next generation of high-end storage chips [1]

Core Viewpoint - The company, Xian Yicai (688783.SH), specializes in 12-inch electronic-grade silicon wafers, which are essential for manufacturing high-end chips used in artificial intelligence applications [1] Group 1 - The company is currently validating the adaptation of high-performance dedicated logic chips for advanced processes [1] - The company is collaborating with clients to develop silicon wafers required for the next generation of high-end storage chips [1]

Core Viewpoint - Xi'an Yichai experienced a decline of 3.97% on November 3, with a trading volume of 923 million yuan, indicating market volatility and investor sentiment towards the company [1]. Group 1: Financing and Trading Data - On November 3, Xi'an Yichai had a financing buy-in amount of 76.46 million yuan and a financing repayment of 73.43 million yuan, resulting in a net financing buy of 3.03 million yuan [1]. - As of November 3, the total balance of margin trading for Xi'an Yichai was 297 million yuan, which represents 6.53% of its circulating market value [1]. - There were no shares repaid or sold in the securities lending market on November 3, with a total lending balance of 0 [1]. Group 2: Company Overview and Financial Performance - Xi'an Yichai, established on March 16, 2016, focuses on the research, production, and sales of 12-inch silicon wafers, with its main revenue sources being semiconductor silicon test wafers (40.77%), polishing wafers (34.39%), and epitaxial wafers (24.48%) [1]. - As of October 28, the number of shareholders for Xi'an Yichai reached 165,500, an increase of 266,891.94% compared to the previous period, with an average of 994 circulating shares per person [2]. - For the period from January to September 2025, Xi'an Yichai reported a revenue of 1.933 billion yuan, reflecting a year-on-year growth of 34.80%, while the net profit attributable to the parent company was -558 million yuan, showing a year-on-year increase of 5.30% [2].

- The report tracks the recent IPO performance in the A-share market, including the Sci-Tech Innovation Board, ChiNext, and Main Board, assuming all stocks are successfully subscribed and sold at the market average price on the first trading day, ignoring lock-up restrictions[2][10][39] - For A-class accounts with a scale of 2 billion, the IPO yield since the beginning of 2025 until October 31, 2025, is 2.65%, while for B-class accounts of the same scale, the yield is 2.23%[2][10][39] - For larger accounts with a scale of 10 billion, the IPO yield for A-class accounts is 0.96%, and for B-class accounts, it is 0.73%[2][10][39] - The average first-day increase for Sci-Tech Innovation Board stocks is 219.94%, while for ChiNext stocks, it is 244.28%[2][18][39] - The report calculates the theoretical IPO yield using the formula: $ Class Full Subscription Quantity = Maximum Subscription Limit × Average Class Offline Winning Rate $ $ Full Subscription Yield = (First Opening Price - Initial Offering Price) × Full Subscription Quantity $[38][39][41] - The full subscription yield for individual stocks mostly ranges between 5 to 100 thousand yuan, with the highest yields being C奕材-U (98.18 thousand yuan), C禾元-U (78.03 thousand yuan), and 联合动力 (50.81 thousand yuan)[38][39][41] - The report provides detailed monthly IPO yield calculations for different account scales (1.5 billion, 2 billion, 3 billion, 5 billion, and 10 billion) across Sci-Tech Innovation Board, ChiNext, and Main Board, assuming 90% capital utilization efficiency and all quotes successfully included[39][42][46]

Summary of Key Points Core Viewpoint - The article discusses the recent issuance of new stocks in China, highlighting the total amount raised and the distribution of funds across various sectors and regions. It emphasizes the significant fundraising activities of specific companies and the overall trends in the stock market for the year. Group 1: New Stock Issuance - A new stock, Beikang Testing, issued 28.32 million shares at a price of 6.70 yuan, raising 190 million yuan [1] - As of November 3, 88 companies have gone public this year, raising a total of 91.407 billion yuan, with an average fundraising of 1.039 billion yuan per company [1] - 19 companies raised over 1 billion yuan, with one company exceeding 10 billion yuan [1] Group 2: Fundraising by Sector - The Shanghai main board saw 21 new stocks issued, raising 41.405 billion yuan; the Shenzhen main board had 10 new stocks raising 7.925 billion yuan; the ChiNext board had 27 new stocks raising 19.316 billion yuan; the Sci-Tech Innovation board had 10 new stocks raising 16.736 billion yuan; and the Beijing Stock Exchange had 20 new stocks raising 6.024 billion yuan [1] - Huadian New Energy raised the most funds this year at 18.171 billion yuan, primarily for wind and solar power projects [1] - Other notable fundraisers include C Yicai with 4.636 billion yuan and Zhongce Rubber with 4.066 billion yuan [1] Group 3: Pricing and Regional Distribution - The average initial public offering (IPO) price this year is 20.99 yuan, with four companies priced above 50 yuan, the highest being Tianyouwei at 93.50 yuan [2] - The majority of new stock issuances are concentrated in Jiangsu, Guangdong, and Zhejiang, with 23, 16, and 14 companies respectively [2] - The top three provinces by fundraising amount are Fujian (18.171 billion yuan), Jiangsu (15.634 billion yuan), and Guangdong (13.916 billion yuan) [2]