Core Viewpoint - Haocreat Ruitong Electric Equipment Co., Ltd. has officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market, focusing on smart distribution equipment and digital solutions for distribution networks [1] Group 1: Company Overview - Haocreat Ruitong 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] - The company has achieved significant revenue growth, with projected revenues of 560 million yuan, 672 million yuan, and 867 million yuan from 2022 to 2024, reflecting compound growth rates of 24.47% and 27.22% for net profits [2] Group 2: Industry Context - The power industry is a crucial foundation for China's economic and social development, with a steady increase in electricity demand driving the growth of the smart distribution equipment sector [2] - By the end of 2023, China's installed power generation capacity reached 2.922 billion kilowatts, a year-on-year increase of 14.0%, while total electricity consumption grew by 6.7% [2] Group 3: Financial Performance - In the first half of 2025, the company reported revenues of 451 million yuan, a year-on-year increase of 2.97%, and a net profit of 61.61 million yuan, up 15.80% [3] - As of June 16, 2025, the company had an order backlog of 750.53 million yuan, reflecting a year-on-year growth of 16.67% [3] Group 4: R&D and Competitive Advantage - The company has a strong R&D team, with 43 personnel, accounting for 11.35% of total employees, and 65.12% of employees holding at least a bachelor's degree [4] - R&D expenditures have shown significant growth, with amounts of 17.30 million yuan, 23.36 million yuan, and 32.32 million yuan over the report period, resulting in a compound growth rate of 36.69% [4] Group 5: Technological Achievements - Haocreat Ruitong has developed core technologies in areas such as fault location and self-healing technology for distribution networks, achieving international advanced levels in several products [5] - The company holds 132 patents, including 15 invention patents, and has participated in the formulation of two national standards [6]

IPO Pipeline Overview - As of September 28, there are 279 companies in the IPO pipeline, with 20 on the Shanghai Main Board, 37 on the Sci-Tech Innovation Board, 23 on the Shenzhen Main Board, 28 on the Growth Enterprise Market, and 168 on the Beijing Stock Exchange [2] - The total number of companies in various stages includes 11 accepted, 238 under inquiry, 9 approved, 4 suspended, and 14 submitted for registration [3] Newly Listed Companies - From September 22 to September 28, five companies were newly listed: - Shanghai YouSheng Aluminum Co., Ltd. on September 23, stock code 603418 [4] - Shanghai Jianfa Zhixin Medical Technology Group Co., Ltd. on September 25, stock code 301584 [6] - Suzhou Huichuan United Power System Co., Ltd. on September 25, stock code 301656 [7] - Zhejiang Jinhua New Materials Co., Ltd. on September 25, stock code 920015 [8] - Beijing HaoChuang RuiTong Electric Equipment Co., Ltd. on September 26, stock code 301668 [9] Company Performance on Listing Day - Shanghai YouSheng Aluminum closed at 79.50 CNY per share, with a 71.48% increase and a trading volume of 2.412 billion CNY [5] - Shanghai Jianfa Zhixin closed at 36.56 CNY per share, with a 418.58% increase and a trading volume of 1.477 billion CNY [6] - Suzhou Huichuan United Power closed at 30.90 CNY per share, with a 147.60% increase and a trading volume of 4.118 billion CNY [7] - Zhejiang Jinhua New Materials closed at 42.29 CNY per share, with a 133.00% increase and a trading volume of 1.132 billion CNY [8] - Beijing HaoChuang RuiTong closed at 60.06 CNY per share, with a 190.76% increase and a trading volume of 1.188 billion CNY [9] New Counseling Record Companies - Ten companies were newly recorded for counseling from September 22 to September 28, including: - Chongqing Radio and Television Digital Media Co., Ltd. [10] - Chengxing Aviation Co., Ltd. [11] - Shanghai Qixiang New Materials Technology Co., Ltd. [12] - Anhui Dachang Technology Co., Ltd. [13] - Shandong Ocean Shipping Group Co., Ltd. [14] - Sichuan Daohong New Materials Co., Ltd. [15] - Jiangxi Changxing Aviation Equipment Co., Ltd. [16] - Shanghai Chaoqun Testing Technology Co., Ltd. [17] - Shanghai Wenyin Electric Co., Ltd. [18] - Aike Medical Devices (Beijing) Co., Ltd. [19] Companies Approved for Registration - Four companies received registration approval from September 22 to September 28: - Hai'an Rubber Group Co., Ltd. on September 25 [20] - China Uranium Corporation on September 26 [21] - Jiangsu Jingchuang Electric Co., Ltd. on September 26 [22] - Harbin Itama Dapeng Industrial Co., Ltd. on September 26 [23]

Market Overview - As of September 29, the Shanghai Composite Index closed at 3862.53 points, up 34.43 points, with a gain of 0.90% [1] - The Shenzhen Component Index closed at 13479.43 points, up 270.43 points, with a gain of 2.05% [1] - The ChiNext Index closed at 3238.01 points, up 86.48 points, with a gain of 2.74% [1] Stock Performance - A total of 39 A-shares had a turnover rate exceeding 20% on this day, indicating significant trading activity [1] - Notable stocks with high turnover rates include: - C Haocreat (301668) with a turnover rate of 62.30% and a closing price of 58.78 yuan, down 3.73% [1] - C Jianfa Zhi (301584) with a turnover rate of 61.32% and a closing price of 34.12 yuan, up 13.73% [1] - Jin Hua New Materials (920015) with a turnover rate of 53.44% and a closing price of 53.00 yuan, down 3.58% [1] - Other stocks with notable turnover rates include: - C United Motion (301656) at 41.80% and a closing price of 32.77 yuan, up 3.87% [1] - Zhongdian Xinlong (002298) at 39.78% and a closing price of 11.99 yuan, down 6.77% [1] - Chuling Information (300250) at 35.58% and a closing price of 26.40 yuan, up 20.00% [1] Additional Notable Stocks - Huijin Co., Ltd. (300368) had a turnover rate of 33.76% and closed at 19.08 yuan, up 20.00% [1] - Li Hexing (301013) closed at 30.75 yuan with a turnover rate of 33.58%, up 5.56% [1] - Other stocks with significant trading activity include: - Weili Transmission (300904) at 31.67% and a closing price of 85.80 yuan, up 8.24% [1] - Huarun Technology (002453) at 31.36% and a closing price of 7.90 yuan, down 10.02% [1]

Group 1 - On September 26, Haocreat Ruitong's stock surged by 190.76%, with a trading volume of 1.188 billion yuan [1] - The financing buy-in amount for Haocreat Ruitong on the same day was 45.4771 million yuan, with a net financing buy-in of 41.9169 million yuan [1] - As of September 26, the total balance of margin trading for Haocreat Ruitong was 41.9169 million yuan, accounting for 2.98% of its market capitalization [1] Group 2 - As of September 26, the number of shareholders for Haocreat Ruitong reached 29,500, an increase of 246,050% compared to the previous period [2] - For the first half of 2025, Haocreat Ruitong reported operating revenue of 451 million yuan, a year-on-year increase of 2.97%, and a net profit attributable to shareholders of 61.6098 million yuan, reflecting a year-on-year growth of 15.80% [2]

Core Points - C Haocreat (301668) experienced a significant increase of 190.76% on its first trading day, with a turnover rate of 81.60% and a transaction volume of 1.188 billion yuan [2] - The stock's first-day margin trading saw a buy amount of 45.4771 million yuan, accounting for 3.83% of the total trading volume, with a latest margin balance of 41.9169 million yuan, representing 2.98% of the circulating market value [2] - The company specializes in the research, production, and sales of smart distribution equipment, including smart ring network cabinets, smart pole-mounted switches, and box-type substations [2] - On its debut, the stock attracted a net inflow of 355 million yuan from major funds, with large orders contributing 172 million yuan and 183 million yuan respectively [2] - The top five trading departments on the stock's first day had a total transaction of 94.3824 million yuan, with a net purchase of 49.5319 million yuan [2] Financial Data Summary - C Haocreat's first-day financing balance was 41.9169 million yuan, which is 2.98% of its circulating market value [2] - The stock's first-day performance was significantly higher compared to other recent IPOs, such as Jin Hua New Materials (133.00% increase) and C United Dynamics (147.60% increase) [2] - The stock's first-day margin trading details indicate no short selling balance, highlighting strong investor confidence [2]

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]