Core Insights - The article analyzes the phenomenon of initial public offering (IPO) speculation in the A-share market, likening it to selling spoiled fruit at a high price, where new stocks are often "dressed up" to hide flaws and exaggerate strengths [1] - Original shareholders push for high valuations during IPOs for financing, while retail investors are drawn to the "profit-making effect" of new stocks despite knowing the high pricing logic [1] - The structure of share distribution, such as in the case of Haocreator Ruitong with 79.04% of shares being restricted, allows institutions to easily manipulate stock prices through a "pump and dump" strategy [1] Summary by Sections IPO Speculation Dynamics - New stocks are often subject to initial speculation, with significant profit potential in the early stages due to the absence of price limits and the T+1 trading system, which stimulates investor interest [1] - The current rules tacitly allow for initial speculation, which can attract funds to support real economy financing [1] Historical Context and Future Implications - Historical data indicates that most heavily speculated new stocks tend to revert to their true value within a year [1] - Changes in the Shanghai Composite Index's compilation rules in 2020 adjusted the inclusion timing of new stocks from 11 months post-listing to one year, reflecting a shift in how new stock performance is evaluated [1] Investment Strategies - Retail investors are advised to sell on the first day of trading for new stocks as a profit strategy and to avoid participating in the speculation of newly listed stocks, suggesting a wait-and-see approach for one to two years before considering investment [1]

Core Viewpoint - The sentiment surrounding new stock offerings, particularly for the company昊创瑞通, has shifted from fear of losses to a focus on maximizing gains, with investors now viewing initial public offerings (IPOs) as a lucrative opportunity rather than a risk [1][2]. Group 1: Market Sentiment and Investor Behavior - Investors are no longer worried about the possibility of a stock price drop on the first day of trading; instead, they are contemplating how to secure the highest returns from their investments [1][2]. - The initial trading of昊创瑞通 saw a significant price increase, opening at 58 yuan, which is a 176.2% rise from the issue price of 21 yuan, leading to potential profits of 18,500 yuan for early sellers [2][3]. - The stock price peaked at 75 yuan, representing a 257.14% increase, allowing for maximum profits of 27,000 yuan for those who sold at that point [3]. Group 2: Market Dynamics and Risks - Despite the initial surge, the stock price of昊创瑞通 experienced a decline, closing at 61.06 yuan, indicating volatility and the potential for losses for those who bought at higher prices [3][5]. - The phenomenon of "buying the hype" has led to a situation where some investors, driven by excitement, may find themselves facing significant losses as the market corrects itself after the initial euphoria [5][6]. - Historical patterns suggest that chasing high initial prices can lead to unfavorable outcomes, as the market often returns to a more rational valuation after the initial excitement fades [6].

Group 1 - C Haocreat (301668) debuted on the ChiNext board, closing on its first day at 61.06 yuan, an increase of 190.76% [1] - The total trading volume for the day was 18.81 million shares, with a total transaction value of 1.188 billion yuan and a turnover rate of 81.60% [1] - The top five trading departments on the leaderboard had a combined transaction amount of 94.38 million yuan, with a net buying amount of 49.53 million yuan [1] Group 2 - The stock experienced a net inflow of 355 million yuan from main funds throughout the day [2] - The top buying departments included Dongfang Caifu Securities and Guojin Securities, with significant buying amounts of 1635.93 million yuan and 1575.84 million yuan respectively [2] - One institutional seat appeared as the fifth largest selling department, with a net selling amount of 357.37 million yuan [1][2]

Core Insights - Haocreat Technology (昊创瑞通) closed at 61.06 yuan, with a significant increase of 190.76% [1] - The top five selling entities included one institutional special seat, which sold a net amount of 3.5737 million yuan [1] Trading Activity - The top five buying entities included: - Dongfang Caifu Securities Lhasa East Ring Road Second Securities Business Department with a buying amount of 16.3593 million yuan, accounting for 1.38% of total transactions [2] - Guowei Zhengcai Shenzhen Branch with a buying amount of 15.7584 million yuan, accounting for 1.33% [2] - Dongfang Caifu Securities Lhasa Tuanjie Road First Securities Business Department with a buying amount of 13.4571 million yuan, accounting for 1.13% [2] - Dongfang Caifu Securities Lhasa Tuanjie Road Second Securities Business Department with a buying amount of 13.3339 million yuan, accounting for 1.12% [2] - Dongfang Caifu Securities Lhasa East Ring Road First Securities Business Department with a buying amount of 13.0483 million yuan, accounting for 1.10% [2] - The top five selling entities included: - Dongfang Caifu Securities Lhasa East Ring Road Second Securities Business Department with a selling amount of 4.6733 million yuan, accounting for 0.39% of total transactions [2] - Dongfang Caifu Securities Lhasa Tuanjie Road Second Securities Business Department with a selling amount of 4.5832 million yuan, accounting for 0.39% [2] - Dongfang Caifu Securities Lhasa Tuanjie Road First Securities Business Department with a selling amount of 4.3690 million yuan, accounting for 0.37% [2] - Dongfang Caifu Securities Lhasa East Ring Road First Securities Business Department with a selling amount of 4.1348 million yuan, accounting for 0.35% [2] - Institutional special seat with a selling amount of 3.5737 million yuan, accounting for 0.30% [2] Summary of Transactions - Total buying amount from the top five buying entities was 71.9571 million yuan, representing 6.06% of total transactions [2] - Total selling amount from the top five selling entities was 22.4252 million yuan, representing 1.89% of total transactions [2]

Core Viewpoint - Haocreat Ruitong officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market, marking a significant milestone for the company focused on smart distribution equipment and digital solutions for distribution networks [1] Group 1: Company Overview - Haocreat Ruitong specializes in smart distribution equipment and digital solutions for distribution networks, leveraging national strategic initiatives such as "carbon peak and carbon neutrality" to drive innovation and development [2] - The company has developed key technologies including fault location and self-healing technology for distribution networks, IoT-enabled sensing components, high-precision power sensor technology, and low-pressure sealed air-insulated technology [2] Group 2: Stock Market Performance - The initial public offering price was set at 21.00 yuan per share, with the stock opening at 58.00 yuan and peaking at 75.00 yuan before closing at 61.06 yuan, representing a 190.76% increase on the first day [1] - The total market capitalization reached 6.717 billion yuan, with a trading volume of 18.81 million shares and a turnover of 1.188 billion yuan, indicating a high turnover rate of 81.60% [1] Group 3: Future Plans and Investments - The company plans to use the raised funds of approximately 58.59 million yuan for projects including the production of smart ring network cabinets, smart pole-mounted switches, and the establishment of a smart distribution research center [3][4] - The projects aim to enhance production scale, automation, and information technology levels, thereby improving the company's competitive edge and ensuring sustainable operations [4]

Market Overview - As of September 26, the Shanghai Composite Index closed at 3828.11 points, down 25.20 points, a decline of 0.65% [1] - The Shenzhen Component Index closed at 13209.00 points, down 236.90 points, a decline of 1.76% [1] - The ChiNext Index closed at 3151.53 points, down 84.23 points, a decline of 2.60% [1] Stock Performance - A total of 51 A-shares had a turnover rate exceeding 20% on this day, indicating significant trading activity [1] - Notable stocks with high turnover rates included: - C Haocreat (301668) with a turnover rate of 81.60% and a price increase of 190.76% [1] - Jin Hua New Materials (920015) with a turnover rate of 74.80% and a price increase of 29.98% [1] - C Jianfa Zhi (301584) with a turnover rate of 62.67% and a price decrease of 17.94% [1] - Zhongdian Xinlong (002298) with a turnover rate of 52.78% and a price decrease of 6.74% [1] Additional Notable Stocks - Other stocks with significant turnover rates included: - C United Motion (301656) at 44.55% with a price increase of 2.10% [1] - B wavelength Optoelectronics (301421) at 35.92% with a price decrease of 7.32% [1] - Tianfu Long (603406) at 34.73% with a price increase of 3.24% [1] - Northern Long Dragon (301357) at 34.01% with a price increase of 3.11% [1] - Silicon Power (301629) at 32.73% with a price decrease of 6.22% [1]

New Stock Listings - The new stock "昊创瑞通" (code: 301668) is listed at an issuance price of 21.00 on September 26, 2025[1] - "上纬新材" (code: 688585) is undergoing a tender offer from September 29 to October 28, 2025[1] Market Alerts - "紫天退" (code: 300280) is in the delisting preparation period with 5 trading days remaining[1] - "开普云" (code: 688228) has reported severe abnormal fluctuations[1] Recent Announcements - "博瑞医药" (code: 688166) and "科思科技" (code: 688788) have recent announcements linked for further details[1] - "园林股份" (code: 605303) and "中环海陆" (code: 301040) also have recent disclosures available[1] Trading Insights - The report includes various stocks with their respective codes and recent trading activities, indicating a dynamic market environment[1] - The document highlights the importance of monitoring stock performance and regulatory announcements for investment decisions[1]

Group 1 - HCRT officially entered the capital market on September 26, marking a new chapter in its development [1] - Beijing HCRT Electrical Equipments Co., Ltd. was established in February 2007 and focuses on smart distribution equipment and digital solutions for distribution networks [1] - The company specializes in the research, production, and sales of smart distribution equipment, including smart ring main units, smart pole-mounted switches, and box-type substations [1] Group 2 - The successful listing of HCRT is a significant milestone in the company's development and reflects its strengths in technology innovation, market layout, management team, and brand building [5] - The company aims to leverage this listing as an opportunity to continue its innovation-driven and quality-focused development philosophy, enhancing its core competitiveness in the smart distribution equipment sector [5]

Core Viewpoint - Haocreat Ruitong Electric Equipment Co., Ltd. has successfully listed on the Shenzhen Stock Exchange's ChiNext board, with a closing price of 61.06 yuan, reflecting a significant increase of 190.76% on its first day of trading [1]. Company Overview - Haocreat Ruitong specializes in smart distribution equipment and digital solutions for distribution networks, focusing on the research, production, and sales of products such as smart ring main units, smart pole-mounted switches, and box-type substations [1]. Shareholding Structure - The major shareholders are Duan Youtao and Zhang Lingli, who together control 75.03% of the company. Duan Youtao holds 38.00% directly and 4.87% indirectly through a partnership, while Zhang Lingli holds 32.16% directly. They are a married couple, with Duan serving as Chairman and General Manager, and Zhang as a Director and Deputy General Manager [1]. Fundraising and Financials - The company raised a total of 585.90 million yuan, with a net amount of 516.15 million yuan after deducting issuance costs. This net amount exceeded the original plan by 39.62 million yuan [3]. - The funds will be allocated to projects including the production of smart ring main units, smart pole-mounted switches, and the establishment of a smart distribution research center, as well as to supplement working capital [3]. Financial Performance - From 2022 to 2024, the company reported revenues of 559.80 million yuan, 672.37 million yuan, and 867.25 million yuan, respectively, with net profits of 68.76 million yuan, 87.41 million yuan, and 111.29 million yuan [4]. - For the first half of 2025, the company achieved a revenue of 450.80 million yuan, a year-on-year increase of 2.97%, and a net profit of 61.61 million yuan, reflecting a growth of 15.80% [6]. Customer Concentration - The State Grid Corporation is the largest customer, accounting for a significant portion of sales, with revenues from this customer being 350 million yuan, 498 million yuan, and 619 million yuan over the past three years, representing 91.87%, 88.92%, and 91.99% of total sales, respectively [11]. - The gross profit from sales to the State Grid has consistently exceeded 93% over the last three years, indicating a heavy reliance on this customer [11]. Market Position and Challenges - The company faced challenges due to quality issues, resulting in a six-month suspension of bidding qualifications for certain products from the State Grid's subsidiaries, which negatively impacted its operational performance and brand reputation [11].

Group 1 - The company N Haocreat (301668) was listed today, opening with a rise of 176.19%, and closing with an increase of 190.76%, with a total trading volume of 18.81 million shares and a turnover of 1.188 billion yuan, resulting in a turnover rate of 81.60% [2] - The company primarily engages in the research, production, and sales of smart distribution equipment, with key products including smart ring network cabinets, smart pole-mounted switches, and box-type substations [2] - The total number of shares issued in this offering was 27.90 million, with an online issuance of 11.56 million shares at a price of 21.00 yuan per share, resulting in a price-to-earnings ratio of 21.02, compared to the industry average of 22.81 [2] Group 2 - The company raised a total of 586 million yuan from the initial public offering, with the funds primarily allocated to the production construction project of smart ring network cabinets, the establishment of a smart distribution research and development center, the production construction project of smart pole-mounted switches, and to supplement working capital [2]