资金保持活跃但波动分歧加剧，活跃周期尾端适度警惕

Investment Rating - The report indicates a cautious stance towards the new stock market, suggesting a need for vigilance as the current active cycle approaches its end [1][13]. Core Insights - The overall trading activity remains high, but there is an increasing divergence in the performance of new stocks, particularly in popular industry chains [1][13]. - The average increase in new stocks listed since 2024 is approximately 0.4%, with about 50.5% of these stocks showing positive returns [5][26]. - Upcoming major industry events, such as the NVIDIA GTC conference and Huawei's product launch, may temporarily boost certain new stocks related to computing power and consumer electronics [1][13]. Summary by Sections New Stock Performance - Last week, five new stocks were available for online subscription, with an average issuance price-earnings ratio of 25.2X and a subscription success rate of 0.0219% [4][20]. - The average first-day increase for new stocks was about 134%, indicating a decrease in enthusiasm compared to previous weeks [4][25]. - Since the beginning of 2024, the average increase for new stocks listed is 0.4%, with 50.5% showing gains, while the North Exchange stocks averaged a 10.4% increase with 84.0% showing gains [5][26]. Upcoming New Stocks - This week, seven new stocks are set to be listed, with four from the Growth Enterprise Market, one from the Sci-Tech Innovation Board, and two from the Main Board [3][33]. - Two new stocks will open for subscription, and two will begin the inquiry process, with a focus on reasonable pricing [8][34]. Suggested Stocks to Watch - The report suggests monitoring stocks such as Suzhou Tianmai, Top Cloud Agriculture, and Laplace for potential investment opportunities [9]. - For medium-term investments, stocks like Ding Tai High-Tech and Na Rui Radar are recommended for consideration [9].