新股专题：新股可能正在逐渐回归理性常态，结构性活跃分化行情预期或将延续

Investment Rating - The report suggests maintaining a moderately positive and flexible cautious stance on new stocks, emphasizing the importance of scarcity and capital preferences in selecting new stocks [1][6]. Core Viewpoints - The new stock market is gradually returning to a rational norm, with expectations of a structurally active and differentiated market continuing in the short term. The average weekly increase of newly listed stocks since 2023 is approximately 3.8%, with about 80.5% of new stocks achieving positive returns [1][6]. - The report indicates that the investment focus remains high on new stocks, with significant pricing adjustments expected post the National Day holiday. However, the first-day price increases of new stocks have been declining for two consecutive weeks, suggesting a return to rational trading sentiment [1][6][8]. - Specific investment directions should follow policy, industry, performance, and regulatory trends, with a focus on scarcity and capital preferences as key selection criteria for new stocks [1][6]. Summary by Sections New Stock Performance - Last week, there were 4 new stocks available for online subscription, with an average issuance price-earnings ratio of 20.2X and a subscription success rate of 0.0326% [8][11]. - The average first-day increase for newly listed stocks was around 4 times, down from 9 times in the previous trading week, indicating a cooling of trading enthusiasm [11][12]. - Since the beginning of 2023, the average increase for newly listed stocks in the Shanghai and Shenzhen markets is 3.8%, with approximately 80.5% of new stocks showing an increase [12][13]. Upcoming New Stocks - This week, 6 new stocks have completed subscriptions and are awaiting listing, including 2 from the ChiNext, 1 from the Sci-Tech Innovation Board, 1 from the main board, and 2 from the North Exchange [19][20]. - The average absolute issuance price-earnings ratio for the newly subscribed stocks is approximately 21.7X, indicating a continued high level of interest in new stock subscriptions despite recent price adjustments [19][20]. Company Performance Indicators - Specific companies such as 科力股份 (Keli Technology) and 健尔康 (Jianer Kang) have shown varied performance metrics, with projected revenue growth rates for 2024 indicating a mixed outlook [23][24]. - Keli Technology is expected to see a revenue increase of 0.51% in 2024, while Jianer Kang anticipates a decline in net profit by 8.62% [23][24].