新股专题：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

Investment Rating - The report maintains a positive outlook on the new stock market, suggesting continued active cycles despite recent corrections [1][13]. Core Insights - The new stock market has shown signs of correction after a period of rapid growth, with the average increase of new stocks since 2025 dropping to -4.0%, and only 13.8% of stocks achieving positive returns [1][30]. - The report emphasizes the importance of focusing on value and thematic investments, indicating that the market remains active with high trading volumes and potential for upward movement [2][13]. - Specific sectors such as technology, AI, robotics, and commercial aerospace are highlighted as areas of continued interest, with a recommendation to seek stocks with strong performance support [3][13]. Summary by Sections New Stock Performance - Last week, three new stocks were available for online subscription, with an average issuance price-earnings ratio of 37.7X [5][23]. - The average first-day increase for newly listed stocks was approximately 212.2%, indicating stable trading sentiment, while the average increase in the secondary market was -0.1% [5][28]. - Since 2025, the average increase for new stocks listed on the Shanghai and Shenzhen exchanges has been -4.0%, with only 13.8% showing gains [30][31]. Upcoming New Stocks - Four new stocks are set to complete subscriptions this week, with two from the Sci-Tech Innovation Board and two from the main board, and their expected issuance price-earnings ratios are 48.8X and 16.9X respectively [7][35]. - The report suggests that the current subscription environment remains profitable, encouraging active participation [36]. Recommended Stocks - The report identifies several stocks for potential investment, including emerging industry leaders and those with favorable valuations, such as Tongyu New Materials and Fengbei Biological [9][45]. - For mid-term investments, stocks like Jun Ding Da and Si Kan Technology are recommended for their potential opportunities [9][45].