新股次新板块分化加剧，警惕外力催化减弱

Investment Rating - The report indicates a cautious approach towards the new stock market, emphasizing the need for flexibility and patience in investment strategies [16][36]. Core Insights - The new stock market has shown increased differentiation, with trading activity cooling down significantly. The average weekly increase for new stocks was approximately 0.5%, down from 2.4% in the previous week, with only 44.6% of new stocks achieving positive returns [16][31]. - Despite external factors such as major meetings and industry events providing some support, the divergence in stock performance is expected to continue. The report highlights that the proportion of stocks with first-day gains below 200% has increased, indicating a potential shift in market sentiment [16][31]. - The report suggests that the current pricing and sentiment indicators for new stocks are at relatively high levels compared to historical norms, and if external catalysts weaken, market participants may become more cautious [16][31]. Summary by Sections New Stock Insights - The new stock market is experiencing heightened differentiation, with trading activity declining. The average weekly increase for new stocks was about 0.5%, with only 44.6% of stocks showing positive returns, a significant drop from 73.3% in the previous week [16][31]. - The report notes that while certain sectors like new consumption and AI continue to show momentum, the overall sentiment is becoming more divided, with a notable decrease in the number of stocks achieving significant gains [16][31]. Recent New Stock Performance - Last week, three new stocks were available for online subscription, with an average issuance price-earnings ratio of 17.5X and a subscription success rate of 0.0213% [21][22]. - The average first-day increase for new stocks was 361.1%, with a turnover rate of 79.9%. The first-week average increase was 347.8%, indicating stable sentiment despite some differentiation in performance [26][27]. Upcoming New Stock Subscriptions - This week, four new stocks are set to be listed, with an average issuance price-earnings ratio of approximately 22.1X. The report advises caution regarding potential volatility in the short-term trading days following their listing [36][37]. - The report highlights that the average first-day increase for new stocks remains in the 2-3 times range, suggesting continued interest in new stock subscriptions [36][37].