新股周报：11月份三大板块新股首日涨幅均有所回落，科创板联芸科技上市

Investment Rating - The report does not explicitly state an investment rating for the companies discussed, but it provides insights into the performance and potential of newly listed stocks in various sectors [2][4]. Core Insights - The new stock market activity has increased, with a total of 303 new stocks listed in 2023, raising a total of 385.77 billion yuan. The first-day price increases for new stocks in November showed a decline compared to October [14][20]. - The report highlights specific companies such as Lianyun Technology, which had a first-day increase of 492.53% and a valuation of 242.62 times earnings, and Hong Sifang, which saw a first-day increase of 714.54% with a valuation of 94.73 times earnings [16][28]. - The report notes that the first-day opening valuations for new stocks in the Sci-Tech Innovation Board have increased, while those in the Growth Enterprise Market and Main Board have decreased [20][24]. Summary by Sections New Stock Market Activity - In November, the new stock market saw an increase in activity, with 23 stocks recording positive price changes, representing 56.10% of the total, a significant rise from 17.95% previously [14][16]. - The report details the performance of newly listed stocks across different boards, including significant gains and losses for specific companies [1][4]. Key Newly Listed Stocks - The report lists key newly listed stocks, including Lianyun Technology (solid-state drive controller chip), Longtu Light Mask (semiconductor mask), and Kema Technology (ceramic heater) [2][44]. - It also mentions upcoming stocks awaiting approval, such as Jiachih Technology and Xianfeng Precision [39][44]. Valuation Trends - The report indicates that the first-day price-to-earnings (P/E) ratios for new stocks in the Sci-Tech Innovation Board increased to 26.68 times in November, while the Growth Enterprise Market saw a rise to 19.06 times [20][24]. - The Main Board's first-day P/E ratio decreased to 10.62 times, reflecting a downward trend in valuations compared to October [28][30]. Market Dynamics - The report discusses the competitive landscape for semiconductor equipment and materials, highlighting the importance of domestic suppliers in the context of international competition [51][55]. - It emphasizes the growth potential in the electromagnetic compatibility materials market, driven by increasing applications in consumer electronics and automotive sectors [50][56].