新股专题：策略类●板块整体延续震荡分化，局部活跃寻求性价比和新生外力驱动方向

Group 1 - The overall new stock sector continues to exhibit a fluctuating and differentiated trend, with local activity seeking relative value and new external driving forces [1][12] - The average increase of new stocks listed since 2024 is approximately -0.6%, with about 37.6% of new stocks achieving positive returns [1][6] - The current new stock sector is in a relatively chaotic tug-of-war phase between bulls and bears, with pricing and sentiment indicators showing signs of convergence but not yet reaching a stage low [1][12] Group 2 - Short-term expectations lean towards a structurally fluctuating market for new stocks, with differentiation remaining a key feature [2][12] - Specific sectors to focus on include new energy, new consumption, and non-ferrous chemicals, while also tracking long-term capital focus areas such as robotics, AI, and innovative pharmaceuticals [2][12] - The average issuance price-earnings ratio for new stocks in November is 50.6X, indicating a significant increase compared to previous months [30][31] Group 3 - Last week, there were 4 new stocks available for online subscription, with an average issuance price-earnings ratio of 33.3X and a subscription success rate of 0.0207% [4][21] - The average first-day increase for newly listed stocks was approximately 212%, with significant variations among individual stocks [4][23] - The average increase for newly listed stocks in the secondary market after the first day was about -19.8%, indicating potential pressure on stock prices [4][24] Group 4 - The stocks with the highest increases last week included Xidian New Energy (26.48%) and Weigao Blood Purification (17.74%), while the largest declines were seen in Heyuan Biology (-23.14%) and Daming Electronics (-20.93%) [26][27] - The upcoming new stocks include 4 that have completed subscription and are awaiting listing, with 1 stock set to undergo inquiry and 2 stocks opening for subscription [30][31]