新股周报：新股首日涨幅及开板估值高企，二级市场空间受到压缩

Investment Rating - The report indicates a positive outlook on the new stock market, with a focus on recent IPOs and their performance [1][10]. Core Insights - The new stock market has seen increased activity, with a significant rise in the first-day gains and opening valuations of new stocks in October compared to September [1][10]. - The report highlights that 26 new stocks listed in the past six months recorded positive gains, representing 81.25% of the total, a notable increase from 31.25% previously [10]. - The report emphasizes the performance of specific sectors, including the STAR Market and the ChiNext, where new listings have shown substantial first-day gains [1][17]. Summary by Sections 1. New Stock Market Activity - In October, the first-day gains and opening valuations of new stocks on the ChiNext increased compared to September [1][10]. - The STAR Market had no new listings last week, but stocks like Longtu Guangzhao and Dameng Data saw weekly gains exceeding 10% [11][12]. - The ChiNext saw the listing of Shangda Shares and Top Cloud Agriculture, both achieving first-day gains of 800% and high opening valuations of 146.63 and 90.90 times, respectively [17][18]. - The main board had no new listings last week, but stocks like Zhongxin Shares and Ananda recorded weekly gains over 3% [21][23]. 2. Key New Stocks - The report lists key new stocks that have been recently issued or are awaiting listing, highlighting their core products and market potential [26][30]. - Notable companies include Kema Technology (ceramic heaters), Longtu Guangzhao (semiconductor masks), and Dameng Data (database software) [30][32]. 3. Valuation Trends - The report notes that the first-day TTM-PE (Trailing Twelve Months Price to Earnings) for the STAR Market in October was 19.87 times, up from 18.55 times in September [13][23]. - The ChiNext's first-day TTM-PE in October was 15.44 times, an increase from 13.95 times in September, indicating a rising trend in valuations [19][23]. - The main board's first-day TTM-PE was 14.70 times in September, up from 10.02 times in August, reflecting a similar upward trend [23][24]. 4. Market Comparisons - The Wind Near-term New Stock Index showed a slight increase in valuation compared to the ChiNext, indicating a competitive market environment [25].