策略类●节后情绪过热或已埋下休整伏笔，但预计不改新股活跃周期继续演绎

Group 1 - The report indicates that the recent overheat in market sentiment may have set the stage for a correction, but it does not alter the ongoing active cycle of new stocks [1][12] - The new stock market has shown signs of volatility, particularly in the technology sector, with a notable shift towards lower valuation cyclical consumption stocks [2][12] - The average increase of new stocks listed since 2025 has been approximately -4.0%, with only about 13.8% of new stocks achieving positive returns [5][29] Group 2 - The report highlights that the focus remains on technology sectors such as AI, robotics, and commercial aerospace, which have significant long-term growth potential [3][12] - Upcoming new stocks include companies like Shimon Co. and North Chip Life, which are expected to attract investor interest [4][34] - The average issuance price-earnings ratio for new stocks this week is reported at 37.7X, indicating a slight increase in pricing [22][34] Group 3 - The report notes that the first-day average increase for newly listed stocks was around 212.2%, suggesting stable trading sentiment [26][27] - The report emphasizes the importance of relative value and thematic rotation in the short term, as active funds are expected to flow back into certain hot sectors [2][12] - The report suggests that investors should remain flexible and opportunistic, particularly in sectors that are experiencing a resurgence in popularity [12][44]