- The report tracks the recent IPO market performance, focusing on 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 listing day, ignoring lock-up restrictions. As of October 10, 2025, the IPO yield for a Class A account with a scale of 2 billion is 2.34%, while for a Class B account of the same scale, it is 2.10%. For accounts with a scale of 10 billion, the yield is 0.74% for Class A and 0.67% for Class B[10][11][12] - The report provides a rolling tracking of the average first-day increase in stock prices for 20 newly listed stocks. The average increase for Sci-Tech Innovation Board stocks is 218.45%, while for ChiNext stocks, it is 244.28%[15][16][22] - The report calculates the theoretical IPO yield for different account scales using the average winning rate of Class A accounts. The formula for calculating the full subscription yield is: $ Full\ subscription\ quantity = Maximum\ subscription\ limit \times Average\ winning\ rate $ $ Full\ subscription\ yield = (First\ board\ price - Initial\ price) \times Full\ subscription\ quantity $ The yield for most stocks ranges between 5 to 20 thousand yuan, with the highest being United Power (50.81 thousand yuan), Guangdong Jianke (17.63 thousand yuan), and Jianda Zhixin (12.58 thousand yuan)[35][36][38] - The report estimates monthly IPO yields for Class A accounts of different scales, assuming all stock quotes are shortlisted, with a 90% fund utilization rate. For a 2 billion Class A account, the cumulative yield since 2024 is 6.07%, and since 2025, it is 2.34%[39][40][41] - Similarly, the report estimates monthly IPO yields for Class B accounts of different scales. For a 2 billion Class B account, the cumulative yield since 2024 is 5.02%, and since 2025, it is 2.10%[44][45][46]

证券日报网讯云汉芯城10月13日在互动平台回答投资者提问时表示，公司目前不是超威半导体(AMD)授 权的代理商，但公司通过上游供应商渠道采购AMD的产品后供应给下游客户。 ...

证券日报网讯云汉芯城10月13日在互动平台回答投资者提问时表示，公司目前与超威半导体(AMD)没有 直接合作关系。 ...

（文章来源：证券日报） 证券日报网讯云汉芯城10月13日在互动平台回答投资者提问时表示，公司子公司目前是芯天下、晶存等 企业的授权经销商，公司目前没有代理HBM类产品。 ...

证券日报网讯云汉芯城10月13日在互动平台回答投资者提问时表示，公司目前与摩尔线程没有直接合作 关系，也未持有摩尔线程股份。 （文章来源：证券日报） ...

Core Viewpoint - The ChiNext Index experienced a decline of 1.11%, closing at 3078.76 points, with a total trading volume of 578 billion yuan, a decrease of 42.9 billion yuan compared to the previous trading day [1] Trading Performance - Among the tradable ChiNext stocks, 446 stocks closed higher, with 23 stocks rising over 10%. Notably, Yingjianke, Hongyuan Pharmaceutical, and Lihengxing hit the daily limit, while 926 stocks closed lower, with 4 stocks declining over 10% [1] - The average turnover rate for the ChiNext today was 4.08%, with 25 stocks exceeding a turnover rate of 20% [1] High Turnover Stocks - The highest turnover stock was Beifang Changlong, which closed up 19.58% with a turnover rate of 55.10% and a trading volume of 1.925 billion yuan. C Yunhan, a new stock listed for 5 days, closed up 4.38% with a turnover rate of 53.91% [1][2] - Other notable high turnover stocks included Lihengxing, Boliang Guangdian, and Haocreative, with turnover rates of 44.81%, 41.04%, and 39.94% respectively [1] Institutional Activity - Seven high turnover stocks appeared on the Dragon and Tiger List, with institutional participation noted in several stocks. Beifang Changlong saw a net institutional buy of 113 million yuan, while Lihengxing had a net buy of 38.76 million yuan [3] - The stocks with the highest net inflows included Hongyuan Pharmaceutical, Zhongzhou Special Materials, and Qiangli New Materials, with net inflows of 251 million yuan, 114 million yuan, and 98.17 million yuan respectively [3] Earnings Forecasts - Among the high turnover stocks, three companies released earnings forecasts for the first three quarters, all indicating profit growth. C Yunhan is expected to have a net profit of 78.5 million yuan, representing a year-on-year increase of 41.41% [4]

Market Overview - As of October 13, the Shanghai Composite Index closed at 3889.50 points, down 7.53 points, a decrease of 0.19% [1] - The Shenzhen Component Index closed at 13231.47 points, down 123.95 points, a decrease of 0.93% [1] - The ChiNext Index closed at 3078.76 points, down 34.50 points, a decrease of 1.11% [1] Stock Performance - A total of 53 A-shares had a turnover rate exceeding 20% on this day [1] - Notable stocks with high turnover rates included: - Beifang Changlong (301357) with a turnover rate of 55.10% and a price increase of 19.58% [1] - C Yunhan (301563) with a turnover rate of 53.91% and a price increase of 4.38% [1] - Lihexing (301013) with a turnover rate of 44.81% and a price increase of 20.01% [1] - Lanfeng Biochemical (002513) with a turnover rate of 43.06% and a price increase of 9.98% [1] Additional Notable Stocks - Other stocks with significant turnover rates included: - Aomeisen (920080) with a turnover rate of 42.02% and a price decrease of 8.11% [1] - Boliang Optoelectronics (301421) with a turnover rate of 41.04% and a price increase of 12.12% [1] - Haokang Xinyuan (301292) with a turnover rate of 37.35% and a price increase of 12.46% [1] - Stocks with notable price changes included: - Jinhua New Materials (920015) with a turnover rate of 33.07% and a price increase of 10.21% [1] - Guolin Technology (300786) with a turnover rate of 33.07% and a price increase of 13.39% [1] - Crown Zhong Ecological (300948) with a turnover rate of 31.12% and a price decrease of 15.85% [1]

Core Viewpoint - 15 companies listed on the ChiNext board have announced their performance forecasts for the first three quarters, with all companies expecting profit increases [1] Group 1: Company Performance Forecasts - Company 川金 (Code: 300505) expects a net profit increase of 171.61% with a latest closing price of 21.50 and a year-to-date increase of 51.89% [1] - Company 金力 (Code: 300748) anticipates a net profit increase of 168.00%, with a closing price of 39.88 and a year-to-date increase of 124.29% [1] - Company 长川科技 (Code: 300604) forecasts a net profit increase of 138.39%, with a closing price of 94.75 and a year-to-date increase of 115.19% [1] - Company 震裕科技 (Code: 300953) predicts a net profit increase of 137.80%, with a closing price of 174.00 and a year-to-date increase of 248.20% [1] - Company 涛涛车业 (Code: 301345) expects a net profit increase of 99.10%, with a closing price of 230.18 and a year-to-date increase of 261.41% [1] - Company 全志科技 (Code: 300458) anticipates a net profit increase of 82.13%, with a closing price of 48.20 and a year-to-date increase of 62.47% [1] - Company 中泰股份 (Code: 300435) forecasts a net profit increase of 79.28%, with a closing price of 21.76 and a year-to-date increase of 82.77% [1] - Company 扬杰科技 (Code: 300373) predicts a net profit increase of 45.00%, with a closing price of 74.05 and a year-to-date increase of 72.66% [1] - Company 联合动力 (Code: 301656) expects a net profit increase of 44.16%, with a closing price of 29.91 and a year-to-date decrease of 3.20% [1] - Company C云汉 (Code: 301563) anticipates a net profit increase of 41.41%, with a closing price of 142.27 and a year-to-date increase of 21.81% [1] - Company 鼎龙股份 (Code: 300054) forecasts a net profit increase of 37.12%, with a closing price of 36.52 and a year-to-date increase of 40.85% [1] - Company 建发致新 (Code: 301584) predicts a net profit increase of 35.00%, with a closing price of 27.02 and a year-to-date decrease of 26.09% [1] - Company 华测导航 (Code: 300627) expects a net profit increase of 25.10%, with a closing price of 35.43 and a year-to-date increase of 19.98% [1] - Company 艾芬达 (Code: 301575) anticipates a net profit increase of 14.72%, with a closing price of 56.68 and a year-to-date decrease of 24.19% [1] - Company 昊创瑞通 (Code: 301668) forecasts a net profit increase of 2.48%, with a closing price of 57.80 and a year-to-date decrease of 5.34% [1]

Core Viewpoint - Yunhan Chip City stated that the sales revenue from storage chip products accounts for less than 5% of the company's total revenue for the fiscal year 2024 [2] Group 1 - The company is currently engaged in the sale of storage chip products [2] - The contribution of storage chip sales to the company's overall revenue is minimal, indicating a diversified revenue stream [2]

Group 1: IPO Market Trends - In September 2025, the A-share market saw 12 new IPOs, raising a total of 11.9 billion yuan, a 308% increase month-on-month[9] - The Shanghai and Shenzhen markets issued 8 new stocks in September, with a total fundraising of 10.6 billion yuan, marking a 607% increase month-on-month[9] - The average first-day closing price increase for new stocks in the Shanghai and Shenzhen markets was 207%, maintaining a "zero break" status for the year[33] Group 2: Valuation and Investor Participation - The average first-day PE ratio for new stocks was 24 times, with a 31% discount compared to comparable companies, indicating a narrowing valuation gap[20] - The average subscription rate for A/B class investors in the Shenzhen market was 0.0216%/0.0182%, reflecting a decrease of 1% and 15% respectively month-on-month[27] - The average number of offline inquiry products in the Shenzhen market reached a new high, with 8,275 products participating in September[24] Group 3: Regulatory Environment and Future Outlook - As of September 2025, there were 118 IPO projects pending approval in the Shanghai and Shenzhen markets, with a total proposed fundraising of 208.8 billion yuan[59] - The approval and registration process for IPOs has accelerated, with 12 projects reviewed and 13 registered in September, both hitting yearly highs[54] - Risks include potential changes in the IPO review pace, adjustments in issuance systems, and fluctuations in investor participation[48]