次新市场周报（2024年10月第4周）：新股首日涨幅环比收窄，打新增厚收益仍旧不菲

Investment Rating - The report indicates a positive outlook for the new stock market, with a new stock index increase of 1.51% in the fourth week of October, suggesting a favorable investment environment [2][3][5]. Core Insights - The new stock market showed a mixed performance, with the new stock index rising while the near-term new stock index fell by 1.44%. This divergence is attributed to the limited number of stocks in the near-term index, which experienced significant declines after initial surges [3][5][7]. - The average first-day gain for newly listed stocks was 422.64%, indicating substantial returns for investors participating in initial public offerings (IPOs) [2][3]. - The report highlights that the trading activity in the new stock market is expected to increase in the fifth week of October, with a total of 7 new stocks set to be unlocked, amounting to a market value of 64.49 billion [3][12]. Summary by Sections New Stock Market Performance - In the fourth week of October, the new stock index rose by 1.51%, while the near-term new stock index fell by 1.44%. The overall market showed stability, with over 70% of the 84 constituent stocks in the new stock index rising [3][5][7]. - The average first-day gains for newly listed stocks were 505.54% and 339.74% for Suzhou Tianmai and New Aluminum Era, respectively, contributing significantly to investor returns [3][5][12]. Trading Activity - The trading activity in the new stock market displayed a divergence, with the new stock index's turnover rate increasing by 1.3184 percentage points, while the near-term new stock index's turnover rate decreased by 1.8882 percentage points [12][14]. - The total net selling in the new stock market reached 34.57 billion, indicating a significant increase in net selling compared to the previous week [14][17]. Valuation Metrics - The report notes a decline in the price-to-earnings (PE) ratio for both the new stock index and the near-term new stock index, with the latest PE ratios being 56.3X and 45.4X, respectively [10][11]. - The price-to-book (PB) ratios for the new stock index and near-term new stock index were reported at 3.1X and 5.1X, reflecting their historical valuation levels [10][11].