新股周报：12月份创业板新股首日涨幅和开板估值均下降，发行PE有所上升

Investment Rating - The report indicates a positive outlook on newly listed stocks, particularly highlighting key companies such as Jiachitech, Pioneering Precision, and Lianyun Technology as potential investment opportunities [2][70]. Core Insights - The report notes an increase in market activity for new stocks in December, with a decrease in the first-day price increase and opening valuation for newly listed stocks on the ChiNext board [20][25]. - The report highlights that the first-day TTM-PE (Trailing Twelve Months Price to Earnings) median for the ChiNext board in December was 21.95 times, up from 19.06 times in November, indicating a rising valuation trend despite the decrease in first-day price increases [31][19]. - The report emphasizes the performance of specific stocks, such as the significant first-day gains of 154.81% and 192.28% for Boke Testing and Lanyu Co., respectively, on the ChiNext board [15][20]. Summary by Sections New Stock Market Activity - The report states that 311 new stocks have been listed since the beginning of 2023, raising a total of 389.83 billion yuan, with the ChiNext board contributing 137.64 billion yuan [9][20]. - It mentions that 17 stocks listed in the past six months recorded positive weekly gains, representing 38.64% of the total, an increase from the previous 28.57% [20][9]. Key New Stocks - The report lists key new stocks that have been recently approved or are pending listing, including Haibo Sichuang (energy storage system integrator), Xingfu Electronics (general wet electronic chemicals), and Sikan Technology (industrial-grade 3D visual digital products) [37][40]. - It also highlights the performance of stocks such as Jiachitech and Pioneering Precision, which are noted for their innovative products in stealth coating materials and semiconductor equipment, respectively [70][44]. Valuation Trends - The report indicates that the opening valuation for newly listed stocks on the ChiNext board has decreased, with the TTM-PE for December being 76.15 times, down from 171.87 times in November [28][19]. - It also notes that the opening valuation for newly listed stocks on the main board has seen a decline, with a TTM-PE of 20.13 times in December compared to 10.62 times in November [19][20].