新股专题：上周新股二级交投未能扭转颓势，做多动能衰减或需警惕可能变盘

Investment Rating - The report suggests maintaining a cautious and patient approach towards new stocks as the current active cycle may be nearing its end [1][12][34] Core Insights - The new stock market has shown a weak performance for the second consecutive week, with an average weekly decline of approximately 1.5% and only 25.7% of new stocks achieving positive returns [1][12][28] - The report highlights the need to monitor subtle emotional indicators as the market may be entering a correction phase, suggesting a potential shift in the active cycle of new stocks [1][12][34] - The average issuance price-to-earnings ratio for new stocks has increased significantly, with the average for November being 58.9X, influenced by high-growth stocks like Lianyun Technology [1][12][34] Summary by Sections New Stock Insights - The new stock market has experienced a significant emotional shift, with the structural buying momentum still present despite recent cooling [1][12] - The report indicates that the current emotional and pricing indicators are at relatively high levels, which may face downward adjustments soon [1][12][34] Recent New Stock Performance - Last week, three new stocks were available for online subscription, with an average issuance P/E ratio of 68.3X and a subscription success rate of 0.0444% [1][19][20] - The average first-day gain for newly listed stocks was 252%, while the average return for the first week was 226.3% [1][23][26] Upcoming New Stock Subscriptions - Four new stocks are set to be listed this week, with one each from the Sci-Tech Innovation Board, the Growth Enterprise Market, the Main Board, and the North Exchange [1][34][35] - The report recommends continued attention to new stock subscriptions due to the unchanged profit-making effect [1][34]