次新市场周报（2026年1月第5周）：次新板块回调明显，恒运昌申购收益亮眼-20260202

Market Performance - The new stock index and the near-term new stock index fell by 4.51% and 4.61% respectively in the fifth week of January, leading the market decline[7] - Approximately 90% of constituent stocks in the new stock index experienced a decline, with the stock "Bibeite" dropping over 20%[7] Trading Activity - The trading activity in the new stock sector continued to decline, with a predicted decrease in the scale of unlocks in the first week of February[16] - The net active selling in the new stock sector reached 6.366 billion yuan, an increase of 2.690 billion yuan from the previous week[21] New Stock Performance - Two new stocks listed in the market with an average first-day increase of over 200%, specifically 276.44% for Hengyun Chang and 139.59% for Zhenshi Co.[36] - The two new stocks contributed to A/B class investors' single account returns of 419,300 yuan and 404,400 yuan, corresponding to a yield increase of 0.71‰ and 0.70‰ for a 500 million yuan scale account[1] Valuation Metrics - The price-to-earnings (PE) ratio for the new stock index increased by 0.95 to 78.21, while the near-term new stock index saw a significant rise of 24.94 to 183.43[13] - The price-to-book (PB) ratio for the new stock index was recorded at 5.47, corresponding to a historical percentile of 91.3%[15] Risk Factors - There is a risk of reduced winning rates in new stock subscriptions and compliance risks due to internal system imperfections in offline investor participation[41]