新股周报：新股市场活跃度下降，5月份三大板块首日涨幅和开板估值下降

Investment Rating - The report indicates a decline in the investment rating for new stocks, with the first-day gains and opening valuations for new stocks in May across the three major boards showing a downward trend [2][3][13]. Core Insights - The new stock market activity has decreased, with only 10 stocks (20.83%) recording positive gains in the past week, down from 26.53% previously [2][13]. - The report highlights that the first-day gains and opening valuations for new stocks in May have decreased across all three boards: the STAR Market, the ChiNext, and the Main Board [3][30][32]. - Specific stocks such as Guqi Textile and Zhongli Co. have shown significant fluctuations, with Guqi Textile experiencing a first-day gain of 148.34% but later a drop exceeding 10% [2][30]. Summary by Sections New Stock Market Activity - In May, the STAR Market had no new listings, while the ChiNext and Main Board saw new stocks with varying performance, including a notable drop for Tai Li Technology and Hong Gong Technology [2][23][30]. - The STAR Market's first-day opening valuation decreased to 50.90 times, down from 154.01 times in March [19][32]. Key New Stocks - The report lists key new stocks that have recently been issued or are pending approval, including Yitang Co. and Kaipulin, which are expected to perform well [42][44]. - The report emphasizes the performance of stocks like Shengke Nano and Xidian Co., which have shown promising revenue and profit growth projections for 2024 [50][51]. Valuation Trends - The report notes a decrease in the TTM-PE (Trailing Twelve Months Price to Earnings) ratios for new stocks across all boards, indicating a general decline in market sentiment [19][32][39]. - The ChiNext's first-day opening valuation for new stocks fell to 43.44 times in May, down from 58.65 times in April [23][32]. Market Comparisons - The report compares the valuation of the Wind Near-term New Stock Index to the ChiNext, indicating a discount status with a ratio of 0.69, down from 0.73 [39][41]. - The report also highlights the competitive landscape in the global panoramic camera market, where companies like Yingshi Innovation are gaining market share [47][48].