2025年A股IPO市场两极开花，硬科技成主力军

Group 1 - The A-share IPO market has shown remarkable performance in 2025, with 106 new stocks raising a total of 122 billion yuan, achieving an average first-day increase of 257.17%, marking the best results in three years [1] - Among the new stocks, 29 had first-day increases between 300%-500%, with four stocks exceeding 500%, highlighting the strong demand for new listings [1] - The "meat sign" phenomenon, where investors see significant profits from new stocks, is attributed to the strong tech innovation attributes and reasonable pricing of new shares [2] Group 2 - The Hong Kong IPO market has also performed strongly, securing the top position globally in terms of financing, with eight new stocks raising over 10 billion Hong Kong dollars each [3] - Deloitte predicts that the IPO activities in both A-share and Hong Kong markets will continue in a normalized manner, with Hong Kong's financing scale expected to exceed 300 billion Hong Kong dollars in 2026 [3] - The concentrated listing of hard tech companies is a notable feature of this year's IPO market, with companies like Yunshen Technology initiating their IPO process, reflecting the growing trend in the hard tech sector [3][4] Group 3 - Yunshen Technology, a member of the "Hangzhou Six Little Dragons," has successfully completed a C-round financing of over 500 million yuan, with strategic investments from major players like China Telecom and China Unicom [4] - The company has launched two innovative products, the Mountain Cat M20 and the all-weather humanoid robot DR02, both achieving IP66 protection level, indicating their capability to operate in extreme environments [3][4] - The current policy environment is favorable for the embodied intelligence industry, as it has been included in future industry priorities, which is expected to accelerate the commercialization of technology and support the domestic tech industry's structural transformation [4]