极近端新股资金博弈热情升温，但休整周期叠加整体扰动预期或仍需警惕

Group 1 - The report indicates that the enthusiasm for funding in the ultra-near-term IPO sector has increased, but caution is advised due to the ongoing adjustment cycle and overall disturbance expectations [1][2][11] - The average increase in the new stock sector was approximately 1.5% last week, with about 50.0% of new stocks achieving positive returns, showing improvement compared to previous weeks [11][24] - The report highlights that the upcoming IPOs include companies such as China Ruilin, Taihong Wanli, and Taihe Co., indicating a stable pipeline of new listings [3][30] Group 2 - The average issuance price-to-earnings ratio for new stocks last week was 13.9X, with a low average online subscription success rate of 0.0207% [19][24] - The first-day average increase for newly listed stocks was about 244.5%, with a first-week average increase of 264.8%, suggesting a recovery in trading sentiment [24][25] - The report notes that the average increase for new stocks listed in 2024 was 1.6%, with 50.0% of these stocks showing gains, while the North Stock Exchange saw an average increase of 3.1% [26][27] Group 3 - The report suggests that the pricing of new stocks remains stable, with the average issuance price-to-earnings ratio for upcoming IPOs at 17.7X, indicating a continued trend of moderate pricing [30][32] - Companies such as Kent Catalysts and Honggong Technology are highlighted for their upcoming inquiries, with a focus on reasonable pricing [30][33] - The report emphasizes the importance of performance expectations and cost-effectiveness in the current market environment, particularly for newly listed stocks [11][8]