晨会纪要 2025-04-30 2025 年 04 月 30 日 星期三 【摘要】 【今日上市】 | 603014 威高血净 2025-04-30(初步询价起始日期) | | --- | | 603014 威高血净 2025-04-30(初步询价终止日期) | | 920066 科拜尔 2025-04-30(上市日(公众部分)) | 【公告停牌】 002124 ST天邦 2025-04-30(刊登公司股票交易撤销其他风险警示暨停复牌的公告,停牌一天) 002289 ST宇顺 2025-04-30(刊登公司股票申请公司股票交易撤销其他风险警示及被实施退市风险警示暨停牌的公 告,停牌一天) 161129 易方达原油(QDII-LOF-FOF)A(人民币份额) 2025-04-30(为了保护投资者的利益,易方达原油(QDII-LOF- FOF)A(人民币份额)将于2025年4月30日开市起至当日10:30停牌) 180602 中金印力消费REIT 2025-04-30(刊登分红公告,2025年4月30日上午开市起停牌一小时,上午十点三十分复牌 。) 300013 *ST新宁 2025-04-30(刊登公司股票交易撤 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [1]. Core Insights - The report tracks the recent performance of the offline IPO market across the Sci-Tech Innovation Board, Growth Enterprise Market, and Main Board, indicating that the average first-day price increase for Sci-Tech Innovation Board stocks is 196.22% and for Growth Enterprise Market stocks is 242.95% [2][15]. - The report highlights the average IPO returns for different account sizes, with A-class accounts of 200 million yielding a return of 1.27% and B-class accounts yielding 1.10% since the beginning of 2025 [10][40]. - The report notes that the recent IPOs have seen significant oversubscription, with C Tian You Wei's online subscription rate at 0.03% and an oversubscription multiple of 3314.88 [20][22]. Summary by Sections 1. Tracking Recent IPO Returns - The report provides a detailed analysis of the recent IPO returns, showing that A-class accounts with a scale of 200 million achieved a return of 1.27% while B-class accounts achieved 1.10% [10][40]. - The average first-day price increase for the last 20 IPOs is significantly high, with the Sci-Tech Innovation Board averaging 196.22% and the Growth Enterprise Market averaging 242.95% [15][2]. 2. Recent IPO Results - C Tian You Wei (603202.SH) listed on the Main Board with an issue price of 93.5 yuan and a market capitalization of approximately 3217.42 million yuan, achieving a subscription oversubscription multiple of 3314.88 [20][22]. - C Jiang Shun Ke (001400.SZ) listed with an issue price of 37.36 yuan and a market capitalization of 560.40 million yuan, with an oversubscription multiple of 8526.25 [21]. - C Zhong Jie (301560.SZ) listed on the Growth Enterprise Market with an issue price of 16.5 yuan and a market capitalization of 500.44 million yuan, with an oversubscription multiple of 5594.96 [22]. 3. Recent IPO Calendar - The report outlines the IPO calendar, indicating that as of April 25, 2025, there are several stocks pending inquiry and one stock awaiting subscription, with a total expected fundraising of 3.557 billion yuan [26][27]. - The report also lists the recent IPOs that occurred from April 21 to April 25, 2025, including C Tian You Wei, C Jiang Shun Ke, and C Zhong Jie [29]. 4. Recent IPO Market Performance - The report notes that most newly listed stocks in the past month have seen first-day price fluctuations between 100% and 450%, with the highest increases recorded by Zhejiang Huayuan at 451.36% [30][31]. - The report indicates that the majority of new stocks have fundraising amounts between 0-1 billion yuan, with C Tian You Wei leading at 3.74 billion yuan [31]. 5. Theoretical IPO Return Estimation - The report provides a theoretical estimation of IPO returns based on different account sizes, showing that A-class accounts with 200 million have a return rate of 5.00% since 2024 and 1.27% since 2025 [40][44]. - The report also details the monthly returns for different account sizes, indicating a trend of decreasing returns for larger accounts [41][43].

Group 1 - The report indicates that the secondary trading performance of new stocks has been flat, but there are signs that the first-day trading sentiment may be accelerating towards a bottom [1][12][22] - The average increase of new stocks listed in 2024 is approximately 0.6%, with about 62.2% of new stocks showing positive returns [12][28] - The report suggests that the cautious trading atmosphere in the secondary market is likely to continue for a short period, while the first-day trading sentiment has significantly cooled down, reaching a low point not seen since September 2024 [2][12][19] Group 2 - The report highlights that there were no new stocks available for online subscription last week, and the average first-day increase of newly listed stocks was below 100%, indicating a decline in enthusiasm for new stock trading [4][25][26] - The average issuance price-earnings ratio for new stocks in April has decreased, with the average for the ChiNext board at 14.4X, down from 21.1X in March [13][15] - The report emphasizes the importance of monitoring specific sectors that may benefit from policy expectations or changes in the external environment, particularly in industries like robotics and AI [2][12][41] Group 3 - The report notes that there are no new stocks scheduled for listing this week, but two new stocks will open for subscription, and three will begin the inquiry process [3][36][37] - The report recommends focusing on near-term new stocks that are scarce and have stable performance expectations, especially those that may benefit from policy catalysts [2][41][42] - The report identifies specific stocks to watch, including Suzhou Tianmai, Top Cloud Agriculture, and others, suggesting that investors remain flexible and observant for potential opportunities [8][41][42]

策 略 研 究 新股申购 2025 年 04 月 25 日 威高血净：深耕血液透析领域，拓展 腹膜透析业务 ——注册制新股纵览 20250425 本期投资提示： 研究支持 朱敏 A0230524050004 zhumin@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 申 相关研究 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 胡巧云 A0230520080005 huqy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 购 策 略 证 券 研 究 报 告 - ⚫ AHP 得分——剔除流动性溢价因素后，威高血净 1.96 分，位于总分的 26.5%分位。威高 血净于 2025 年 4 月 25 日招股，将在主板上市。剔除、考虑流动性溢价因素后，我们测算 威高血净 AHP 得分为 1.96 分、1.86 分，分别位于非科创体系 AH ...

Core Viewpoint - The article discusses the significant reduction in the number of IPOs in the A-share market, transitioning from a backlog to a situation of insufficient inventory, indicating a shift in the IPO landscape in China [2][4]. Group 1: IPO Inventory and Trends - As of March 2, 2024, there are only 203 companies waiting for IPO approval in the A-share market, with nearly half of them (94 companies) in the Beijing Stock Exchange [2]. - The number of companies undergoing IPO review has sharply decreased, attributed to both a reduction in new applications and stricter regulatory scrutiny [4]. - In 2023, the number of companies that withdrew or had their IPO applications terminated reached a historical high, with 430 companies ceasing their review processes [4]. Group 2: Acceleration of IPO Processes - The IPO review and registration processes have accelerated significantly, with some projects moving through the system in as little as eight working days [5]. - Notable examples include Zhongce Rubber, which registered just eight working days after submitting its application, and Hanbang Technology, which also experienced rapid processing times [5]. - Companies that had been stuck in the registration phase for years, such as Yingshi Innovation, are now seeing progress, with 17 companies receiving approval from the CSRC this year, 12 of which had been waiting for over a year [6]. Group 3: Current IPO Landscape - The majority of companies currently under review are from previous years, with only 11 out of 72 being new applications from 2024 [7]. - Some companies, like Wuhan Heyuan Biotechnology and Shanghai Hengrun Biological Technology, have been in the review process since 2022 without achieving profitability, indicating challenges for newer applicants [7]. Group 4: Encouragement for IPO Applications - There are rumors of relaxed IPO restrictions, with suggestions that the exchanges may have reopened the application channels for unprofitable companies [9]. - However, these rumors have not been officially confirmed, and there has been no recent communication from regulatory bodies encouraging new applications [10][12]. - The regulatory environment remains stringent, with increased scrutiny and a higher percentage of on-site inspections for IPO applications, making it challenging for companies to apply unless they are exceptionally well-prepared [12][14].