资金交易型投资情绪退潮，但新股次新关注度已然升温

Market Overview - Investment sentiment for trading-type funds has declined, leading to a significant adjustment in the new stock and newly listed sectors, with an average weekly decline of approximately -5.5% for new stocks since 2023, compared to a previous increase of 16.6%[1] - The proportion of new stocks achieving positive returns last week was only about 12.3%, a sharp drop from 100% in the prior week[1] Market Phases - The recent active market for new stocks can be divided into three phases: the first phase began on September 24, driven by policy changes; the second phase saw a surge in enthusiasm from September 27 to September 30; the third phase, currently ongoing, reflects a comprehensive adjustment as enthusiasm wanes[1] - The current phase indicates a return to a more cautious market, suggesting that the previous broad rally driven by market enthusiasm may be concluding[1] Future Outlook - Despite the recent downturn, there is an expectation for a structural active market driven by the inherent cycle logic of new stocks, especially as fiscal policies and quarterly performance reports are anticipated to be released soon[1] - New stocks with strong performance expectations and those benefiting from policy catalysts should be closely monitored for potential investment opportunities[1] Upcoming New Stocks - Three new stocks are set to be listed this week, all from the ChiNext board, with an average issuance price-earnings ratio of approximately 16.8X based on 2023 net profit calculations[2] - Specific stocks to watch include 上大股份, 托普云农, and 六九一二, which are expected to perform well based on their financial metrics and market positioning[2][21][24]