（3）具体方向上，一方面，资金长期聚焦的科技方向或依然是重点，对于算力 AI、 机器人、商业航天等具备事件持续迭代催化且长期发展空间巨大的新质生产力主题 产业链，持续保持关注并积极寻找具备业绩支撑的标的，适度配合高低切；另一方 面，对于人气阶段性关注但近期表现较为平抑的主题行业，或可把握节奏适度轮动 布局，包括创新药、新消费、新型能源等。 （4）本周可能即将上市的新股：世盟股份、北芯生命等。 上周新股表现： （1）新股发行表现：上周，共有 3 只新股网上申购；其中，2 只为科创板、1 只为 主板。从上周网上申购的新股情况来看，平均发行市盈率为 37.7X。 （2）上周上市新股表现：假设将上周上市的沪深新股收益表现拆解为打新收益和 二级市场开板后的上涨收益，1）首先，打新收益来看，上周沪深新股上市首日平 均涨幅约 212.2%，比较本月此前交易周沪深新股首日涨幅，总体基本维持在 200% 左右相对活跃区间，可能新股首日交投情绪较为稳定。具体来看，科创板上市公司 恒运昌首日涨幅超过 300%，首日表现明显更为活跃；预计或与其发行市值相对较 低且所属行业主题为人气热度更高的半导体设备有关。2）其次，从二级市场投资 ...

（1）上周沪深新股次新板块出现休整；假设以 2025 年以来上市的沪深新股次新 板块比较来看，期间板块平均涨幅-4.0%，实现正收益占比约 13.8%。 （2）回顾元旦之后行情，可能上周休整早已埋下伏笔；可以观察到，元旦之后新 股活跃周期正式拉开，本次活跃周期前段拉升较为急剧、短线情绪出现过热迹象； 此后交易周，虽然新股次新板块依然延续震荡活跃走势，但资金对于性价比的重视 逐步提升；而上周前半周，伴随资金更为极致地转向以周期消费为首的偏低估值方 向，科创特征相对较强的新股次新板块波动加剧。但需要注意的，上周休整可能并 未改变新股次新板块活跃周期继续演绎，新股板块资金交投依然保持较高热度，做 多动能也尚未有衰竭迹象；上周新股次新休整或只是风格过于极致转向之后带来的 短暂冲击、而上周后半周也可以观察到活跃资金重新回流部分热点主题标的，短期 以相对性价比和热点主题为两端的轮动博弈向上活跃行情可能并未结束。同时，由 于极短线新股情绪遇冷，短端反弹动能或也将有所蓄势；综合来看，春节前我们依 然建议灵活积极择机，或可跟随热点事件、把握好主题轮动节奏或高低切轮动节奏。 （3）具体方向上，一方面，资金长期聚焦的科技方向或依然 ...

2026 年 01 月 25 日 策略类●证券研究报告 板块震荡活跃走势未改，但性价比的重要性或略有提升 新股专题 投资要点 新股周观点：上周，新股次新板块延续震荡活跃走势，但活跃方向可能略有变化， 市场对于性价比的关注可能有所升温。短期来看，考虑到本轮新股活跃周期开启时 间尚短，且资金交投活跃度依然较高，预计本轮震荡活跃行情有望继续演绎；但考 虑到元旦之后情绪回暖颇为急促，部分方向拉升或也较为迅猛，不排除活跃资金接 下来将在追逐人气主题和追逐相对性价比之间反复横跳，轮动或将是常态。我们维 持之前观点，建议继续积极择机的同时，局部要重视节奏和取舍。 （1）上周沪深新股次新板块延续活跃走势；假设以 2025 年以来上市的沪深新股 次新板块比较来看，期间板块平均涨幅 2.3%，实现正收益占比约 70.7%。 （2）随着元旦之后新股活跃周期正式拉开，新股交投热情相对较高，赚钱效应也 相对凸显；但同时需要注意的，近一周多，在短线情绪过热扰动之下，新股细分板 块间热度切换更为凸显，业绩预期稳健且股价相对平抑的性价比方向、和资金长期 关注的人气主题方向似乎形成轮动迹象。短期来看，考虑到本轮新股活跃周期开启 时间尚不足 1 ...

（1）上周沪深新股次新板块延续活跃走势；假设以 2025 年以来上市的沪深新股 次新板块比较来看，期间板块平均涨幅 2.3%，实现正收益占比约 70.7%。 （2）随着元旦之后新股活跃周期正式拉开，新股交投热情相对较高，赚钱效应也 相对凸显；但同时需要注意的，近一周多，在短线情绪过热扰动之下，新股细分板 块间热度切换更为凸显，业绩预期稳健且股价相对平抑的性价比方向、和资金长期 关注的人气主题方向似乎形成轮动迹象。短期来看，考虑到本轮新股活跃周期开启 时间尚不足 1 个月，资金交投活跃预期也暂未改变，叠加监管呵护慢牛及优质新股 陆续上市，我们倾向于认为当前新股次新板块总体或将继续维持震荡向上活跃走 势；只是结构性上，由于经历了元旦之后情绪过热带来的急剧拉升、新股板块整体 难言估值洼地，活跃资金或将在追逐人气主题和追逐相对性价比之间反复横跳，跟 随热点事件预期变化、轮动反复或将是常态；依然建议积极灵活择机，同时继续强 调把握好主题轮动节奏或高低切轮动节奏。。 板块震荡活跃走势未改，但性价比的重要性或略有提升 新股专题 投资要点 新股周观点：上周，新股次新板块延续震荡活跃走势，但活跃方向可能略有变化， 市场对于性价 ...

Group 1 - The new stock market is currently active, but short-term sentiment may be overheated, indicating potential local volatility risks [1][12] - Since the beginning of the year, the new stock sector has shown strong performance for two consecutive trading weeks, with a favorable atmosphere for buying [2][12] - The average increase of new stocks listed since 2025 is approximately 3.1%, with about 70.7% of new stocks showing positive returns [6][26] Group 2 - The average issuance price-to-earnings ratio for new stocks in January is 19.6X, slightly down from the previous month [13][15] - The average first-day closing price-to-earnings ratio for new stocks in January is 52.2X, down from 69.9X in the previous month [15][16] - The first-day average increase for new stocks in January is 138.8%, compared to 205.6% in the previous month, indicating a temporary decline in trading enthusiasm [16][24] Group 3 - Upcoming new stocks include Aisheren, Hengyun Chang, and Guoliang New Materials, with expected issuance price-to-earnings ratios of 44.1X for the new stocks [4][30] - The new stock issuance remains constrained, but the active funding environment suggests continued profit opportunities in new stock subscriptions [30][31] - Specific stocks recommended for attention include Tongyu New Materials, Fengbei Biological, and Hengkang New Materials, which are expected to show significant activity [39][40]

Group 1 - The new active cycle for new stocks is expected to have commenced after the holiday, although there are signs of overheating in short-term sentiment [1][2][12] - The average increase for new stocks listed since 2025 is approximately 6.8%, with about 89.0% of these stocks achieving positive returns [1][6][12] - The technology sector remains a focal point for long-term investment, particularly in areas such as AI, robotics, and commercial aerospace, which have significant growth potential [3][12] Group 2 - Upcoming new stocks include ZhiXin Co., Ltd. and KeMa Materials, with the former having a projected P/E ratio of 24.3X based on 2024 net profit [4][30][33] - Recent new stock performance indicates a first-day average increase of 64.1%, with a notable decrease in trading enthusiasm compared to previous weeks [5][24][26] - The report suggests monitoring specific new stocks such as Tongyu New Materials and Fengbei Biological for potential investment opportunities due to their valuation and thematic catalysts [8][35]

Group 1 - The new stock and newly listed sector continues to exhibit a speculative trend, with localized highlights becoming more pronounced. The current adjustment cycle has lasted nearly four months, and the negative impact from the failure to reach a bottom in early December is expected to have been digested over the past few weeks. A turning point for this adjustment cycle may be approaching [1][2][13] - The average increase in the new stock sector since the beginning of 2024 is approximately 1.2%, with about 60.1% of stocks achieving positive returns, indicating a recovery from the previous week’s average decline of -2.0% [1][13][28] - External catalysts are increasing, including the central bank's encouragement to raise long-term capital investment in A-shares, which may boost overall market risk appetite. Additionally, the Shanghai Stock Exchange's new listing standards for commercial aerospace companies may enhance trading enthusiasm in current popular themes [2][13] Group 2 - The focus remains on technology sectors, particularly in areas such as AI computing power, robotics, and commercial aerospace, which have significant long-term growth potential. Continuous attention and active search for emerging hotspots within these sectors are recommended [3][13] - For sectors that are currently popular, it is advised to manage the rhythm of adjustments and consider rotational investments, including innovative pharmaceuticals, new energy, new consumption, and non-ferrous chemicals [3][13] Group 3 - Upcoming new stocks include Qiangyi Co., Yufan Technology, Shuangxin Environmental Protection, and Hengdong Light [4][33] - Last week, three new stocks were available for online subscription, with an average issuance price-earnings ratio of 18.7X and an average subscription success rate of 0.0210% [5][21] - The average first-day increase for newly listed stocks last week was approximately 265%, indicating sustained high trading enthusiasm, although this was a slight decrease from the previous week’s average of 343% [5][25][26]

Group 1 - The new stock and newly listed sector is currently experiencing a weak and volatile trading environment, with a potential new active cycle still in the making [1][14] - The average increase of new stocks listed since 2024 is approximately -2.0%, with about 30.2% of new stocks achieving positive returns [1][30] - The trading enthusiasm for new stocks has encountered obstacles, but the overall trend of capital inflow remains intact, indicating that the sector's funds are gradually becoming more active [2][14] Group 2 - The average issuance price-to-earnings (P/E) ratio for new stocks last week was 32.2X, with a relatively high P/E ratio of 62.0X for a specific stock [5][24] - Last week, the average first-day increase for newly listed stocks was over 340%, indicating a return to a relatively excited trading sentiment [5][28] - The average first-day closing P/E ratio for newly listed stocks in December has risen, reflecting a heightened revaluation of new stocks [19][20] Group 3 - The focus remains on technology sectors, particularly those related to AI computing and robotics, which are expected to continue evolving and have significant long-term growth potential [3][14] - The upcoming new stocks include companies from various sectors, with specific attention to their performance metrics and market positioning [4][39] - The average issuance P/E ratio for upcoming new stocks is projected to be 37.8X, indicating a slight increase in pricing expectations [35][36]

Group 1 - The new stock and newly listed sector has returned to a volatile tug-of-war, suggesting a need for patience and flexibility during the adjustment phase [1][11] - The average increase of newly listed stocks in the Shanghai and Shenzhen markets since 2024 is approximately -0.6%, with about 44.2% of new stocks showing positive returns [1][25] - The recent surge in the market capitalization of newly listed stocks, reaching over 100 billion, has attracted new funds but may also divert attention from other new stocks [2][11] Group 2 - The current secondary cycle indicators for the new stock sector are still slowly converging, with local active directions frequently switching and lacking a consensus on main lines [2][11] - The technology sector, particularly in areas like AI and robotics, remains a focal point for long-term capital, with an emphasis on identifying new hotspots within these themes [3][11] - The upcoming new stocks include Baiao Saitu and others, with a focus on companies that are either unprofitable or just becoming profitable [4][31] Group 3 - Last week, two new stocks were listed, both from the Sci-Tech Innovation Board, which are unprofitable at the time of listing [4][20] - The average first-day increase for newly listed stocks last week was approximately 350%, indicating a significant recovery in trading sentiment compared to previous weeks [4][23] - The average first-day closing price-to-earnings ratio for newly listed stocks in December has risen to 102.8, up from 63.1 in the previous month [14][15] Group 4 - The report suggests monitoring specific stocks that have shown resilience and potential for growth, including Han Shuo Technology and Hongjing Optoelectronics, among others [39] - For mid-term investments, stocks like Na Rui Radar and Jun Ding Da are recommended for potential investment opportunities [39]

Group 1 - The new stock sector experienced a rebound after a short-term emotional low, but the cycle change point may still need observation [1][14] - The average increase of new stocks listed since 2024 is approximately 3.5%, with about 91.4% of new stocks achieving positive returns [1][7] - The current market consensus may not have formed yet, and the rebound may not be sufficient to drive a change in the ongoing adjustment cycle [2][14] Group 2 - The focus remains on technology sectors, particularly in areas like AI and robotics, which have significant long-term development potential [3][14] - The report suggests monitoring sectors that have undergone sufficient adjustment, including innovative pharmaceuticals, aerospace and military, new energy, new consumption, and non-ferrous chemicals [3][14] Group 3 - Upcoming new stocks include Jingchuang Electric, China Uranium Industry, and Moer Thread, with varying industry focuses [4][33] - The average issuance price-earnings ratio for new stocks expected to be listed this week is 25.4X, indicating a relatively restrained pricing strategy [8][33] Group 4 - The report highlights specific companies such as Moer Thread, which is involved in GPU development, and Baiaosaitou, which focuses on gene editing technology [40][41] - The projected revenue growth for Baiaosaitou in 2025 is 37.75%, with a significant increase in net profit expected [41][42]