新股周报：11月份创业板新股首日涨幅和开板估值回落，但仍居于高位

Investment Rating - The report indicates a positive outlook on the new stock market activity, with a focus on the performance of newly listed stocks in November, particularly in the ChiNext and Main Board segments [1][2]. Core Insights - The new stock market has seen increased activity, with 34 stocks (87.18% of those listed in the last six months) recording positive gains in the past week, a significant increase from 16.22% previously [1][15]. - The ChiNext saw the listing of Gangdi Technology, which had a first-day increase of 392.88% and a valuation of 91.43 times earnings. Other stocks like Liujia and Ruidi Zhichu also performed well, with gains exceeding 30% [1][21]. - The Main Board's Jianer Kang had a first-day increase of 452.90% with a valuation of 72.75 times earnings, while stocks like Ananda and Weihua New Materials recorded gains over 10% [1][31]. - The report notes a decline in the first-day gains and opening valuations for new stocks in November compared to October, although they remain at high levels [1][25]. Summary by Sections New Stock Market Activity - The report highlights an increase in new stock market activity, with a total of 301 new stocks listed since the beginning of 2023, raising a total of 382.39 billion yuan [1][15]. - The report details the performance of newly listed stocks across different boards, noting significant gains in the ChiNext and Main Board [1][19]. Key New Stocks - The report lists key new stocks that have been recently listed or are pending listing, including notable companies like Longtu Guangxing and Kema Technology, which are involved in semiconductor and heating equipment sectors respectively [2][39]. - It also mentions the upcoming IPO of Lianyun Technology, which is expected to raise 1.633 billion yuan, with a strong revenue growth forecast [2][45]. Valuation Trends - The report provides insights into the valuation trends of newly listed stocks, indicating that the ChiNext's first-day price-to-earnings ratio (P/E) has increased to 24.72 times in November, while the Main Board's P/E has decreased to 14.59 times [1][34]. - The report emphasizes the high valuations of new stocks despite a general decline in first-day gains compared to previous months [1][34].