新股专题：多空博弈拉扯或仍将较为剧烈，适度布局事件或成长催化的局部方向

Investment Rating - The report suggests a cautious approach towards the new stock market, indicating a potential for structural volatility and recommending selective investment in event-driven or growth-catalyzed sectors [1][12]. Core Insights - The new stock market showed signs of slight recovery last week, with an average increase of 1.2% for new stocks listed since 2025, compared to a previous decline of -3.3%, and approximately 46.0% of new stocks achieved positive returns [1][12]. - The report emphasizes the ongoing complexity of the overseas situation, which continues to suppress overall market risk appetite, thereby limiting the active spread of new stocks [1][2]. - Key upcoming events, such as the NVIDIA GTC conference and expectations surrounding the ChiNext reform, are anticipated to boost local trading activity and investor sentiment in specific sectors [2][12]. Summary by Sections New Stock Performance - Last week, two new stocks were available for online subscription, both from the North Exchange, with an average issuance P/E ratio of 15.0X and an average subscription success rate of 0.0292% [4][23]. - The average first-day increase for newly listed stocks on the North Exchange was approximately 92%, with a secondary market increase of 34.6% following the first day [4][25][26]. - Since 2025, the average increase for new stocks on the Shanghai and Shenzhen exchanges was 1.2%, with about 46.0% of new stocks showing gains, while North Exchange stocks averaged a 1.6% increase with 51.4% showing gains [6][28]. Upcoming New Stocks - This week, two new stocks are set to be listed, both from the North Exchange, with an expected issuance P/E ratio of 12.1X [7][34]. - Six new stocks will open for subscription this week, including two from the Sci-Tech Innovation Board and two from the ChiNext [7][34]. - Three new stocks will begin the inquiry process, with notable companies such as Taijin New Energy and Huigu Materials being highlighted for their market potential [7][35]. Suggested Stocks to Watch - The report recommends monitoring emerging stocks in sectors with growth potential, such as AI, commercial aerospace, and energy exports, while also considering stocks in innovative pharmaceuticals and new consumption that may see cyclical interest [2][12][41]. - Specific stocks suggested for short-term attention include Fengbei Biological, Heyuan Biological-U, and Hengkun New Materials, among others [8][41].