公募机构对参与新股网下配售保持较高热情。 对此，深圳市融智私募证券投资基金管理有限公司FOF基金经理李春瑜对《证券日报》记者表示："这 传递出多方面的积极信号：其一，体现出公募机构对'打新'收益的确定性预期增强，认为其有望为投资 组合贡献相对稳健的收益来源；其二，反映出公募机构对后续市场行情以及经济复苏趋势抱有积极预 期，有助于提振市场整体信心；其三，具备专业投研能力的公募机构参与发行询价，有助于促进企业合 理定价，引导资金更有效配置，也为全年投资布局打下良好基础。" 晨星(中国)基金研究中心高级分析师李一鸣在接受《证券日报》记者采访时分析称："上述现象是市场 向机构化、专业化发展的体现，以公募机构为代表的专业投资者依托其合规风控体系和投研优势，正成 为新股定价与配售的核心参与者，持续提升定价影响力。这一趋势也反映出市场定价机制日趋成熟。" 谈及未来公募机构应当如何提升网下"打新"的定价精准度，李一鸣建议，公募机构需围绕深度投研构建 定价体系，在报价前重点分析行业景气度、上市公司核心竞争力和财务质量。估值时应结合绝对估值与 相对估值等方法进行交叉验证，对标同业公司，并通过路演交流、实地调研获取信息以修正盈利预 ...

Group 1 - The market consensus on Ruibo is that the fundamentals are good, but there are concerns about whether the company will continue to exert effort after entering the market and the excessive issuance of quotas [2] - The performance of Tian Shuo was disappointing, with no gains in the dark market and a significant drop after opening, leading to a cautious outlook despite previous optimism [5] - The stock of Zhaoyi Innovation is currently trading at a 42% discount compared to A-shares, indicating potential for future appreciation [4] Group 2 - The investment strategy for Mini involves a phased approach, selling one-third at the opening, one-third in the middle, and one-third at the close, reflecting a cautious trading style [7] - The narrative of Columbus's exploration serves as a metaphor for investment strategies, emphasizing the importance of taking bold steps and diversifying investments to navigate market uncertainties [8][10] - The recent volatility in stocks like Alibaba, Tencent, and Meituan has been perceived as manageable, suggesting a strategic approach to investment in these companies [8]

Group 1: A-share New IPOs - Two new stocks available for subscription next week: Aisheren on January 12 and Hengyunchang on January 16 [2] - Aisheren is a leading company in the medical dressing field, focusing on the R&D, production, and sales of disposable medical consumables [3][5] - Aisheren's subscription code is 920050, with an issue price of 15.98 yuan per share and a P/E ratio of 14.99, compared to the industry average of 29.79 [4] Group 2: Aisheren Financials - Aisheren plans to issue 16.92 million shares, with 15.23 million available for online subscription, and a maximum subscription limit of 761,300 shares [5] - Revenue projections for Aisheren from 2022 to 2025 are 574 million yuan, 575 million yuan, 692 million yuan, and 438 million yuan for the first half of 2025, respectively [5] - Expected revenue for 2025 is between 890 million yuan and 940 million yuan, representing a year-on-year growth of 28.65% to 35.89% [7][8] Group 3: Hengyunchang Overview - Hengyunchang is a core component supplier for semiconductor equipment, specializing in plasma RF power systems and related technologies [9][10] - The subscription code for Hengyunchang is 787785, with the issue price and P/E ratio yet to be disclosed, but the industry average P/E is 39.32 [9] - Hengyunchang plans to issue 16.93 million shares, with 4.06 million available for online subscription, and a maximum subscription limit of 4,000 shares [9] Group 4: Hengyunchang Financials - Revenue for Hengyunchang from 2022 to 2025 is projected at 158 million yuan, 325 million yuan, 541 million yuan, and 304 million yuan for the first half of 2025, respectively [10] - Expected revenue for 2025 is between 489 million yuan and 515 million yuan, indicating a year-on-year decline of 9.58% to 4.69% [13][16] - Projected net profit for 2025 is between 102 million yuan and 114 million yuan, reflecting a decrease of 28.21% to 19.54% compared to the previous year [13][16]

【深度】2026年港股IPO冲刺3000亿，行情分化下投资者如何掘金？ 智通财经记者 | 邹文榕 智通财经编辑 | 宋烨珺 2025年港股IPO的火热，无缝衔接进入2026年。开年不到10天，就有包括壁仞科技、智谱华章和minimax等多家热门公司登陆港股。 Wind数据显示，2025年港股IPO募资规模高达2858.12亿港元，同比激增224.24%，重登全球IPO市场榜首；港交所更是创下一年两度"六锣齐鸣"的罕见纪 录，为市场回暖写下生动注脚。 多家机构预测，2026年，港股IPO也将继续延续强劲增长态势，新股全年募资额有望站上3000亿港元门槛，仅一季度便有数宗百亿港元级项目登陆市场，港 交所也有望继续蝉联全球IPO集资榜首。 一边是一级市场的热火朝天，另一边港股二级市场却暗流涌动，高点之后新股破发频现。资本盛宴之下，谁最获利，投资者又该如何踩准节奏、掘金避险， 成了当下最受关注的话题。 港股IPO冲刺3000个"小目标" 刘丽（化名）有近30年投资履历，早早就一头扎进港股市场淘金。作为圈里资深的风险投资人，聊起去年港股IPO市场的火爆行情，她笑着对智通财经记者 表示："时隔这么多年，香港重新抢回亚洲第 ...

智通财经记者 | 邹文榕 Wind数据显示，2025年港股IPO募资规模高达2858.12亿港元，同比激增224.24%，重登全球IPO市场榜首；港交所更是创下一年两度"六锣齐鸣"的罕见纪 录，为市场回暖写下生动注脚。 多家机构预测，2026年，港股IPO也将继续延续强劲增长态势，新股全年募资额有望站上3000亿港元门槛，仅一季度便有数宗百亿港元级项目登陆市场，港 交所也有望继续蝉联全球IPO集资榜首。 一边是一级市场的热火朝天，另一边港股二级市场却暗流涌动，高点之后新股破发频现。资本盛宴之下，谁最获利，投资者又该如何踩准节奏、掘金避险， 成了当下最受关注的话题。 港股IPO冲刺3000个"小目标" | | | | 3 II | | --- | --- | --- | --- | | . | 0 | | | | e | | | | | つ | | 300 11 | 1 | | 7 | | | | LED l 刘丽（化名）有近30年投资履历，早早就一头扎进港股市场淘金。作为圈里资深的风险投资人，聊起去年港股IPO市场的火爆行情，她笑着对智通财经记者 表示："时隔这么多年，香港重新抢回亚洲第一的门面，其实也是情势 ...

- Theoretical new stock yield for Class A accounts with a scale of 2 billion is 3.80%[2][10] - Theoretical new stock yield for Class B accounts with a scale of 2 billion is 2.88%[2][10] - Theoretical new stock yield for Class A accounts with a scale of 10 billion is 1.74%[2][10] - Theoretical new stock yield for Class B accounts with a scale of 10 billion is 1.03%[2][10] - The average first-day increase for STAR Market stocks is 258.09%[2][20] - The average first-day increase for ChiNext stocks is 231.27%[2][20] - The number of valid quotation accounts for the latest STAR Market new stock is 4687 for Class A and 2065 for Class B[2][26] - The number of valid quotation accounts for the latest ChiNext new stock is approximately 3879 for Class A and 2610 for Class B[2][26] - The number of valid quotation accounts for the latest Shanghai Main Board new stock is 5200 for Class A and 2944 for Class B[2][26] - The number of valid quotation accounts for the latest Shenzhen Main Board new stock is 4683 for Class A and 2918 for Class B[2][26] - The highest first-day increase among newly listed stocks in the past month is 600.07% for Muxi Shares-U[37] - The highest fundraising amount among newly listed stocks in the past month is 80 billion for Moore Threads-U[37] - The highest full subscription yield among newly listed stocks in the past month is 671.65 thousand yuan for Moore Threads-U[41][43] - The full subscription yield for Muxi Shares-U is 343.75 thousand yuan[41][43] - The full subscription yield for Angrui Micro-UW is 42.24 thousand yuan[41][43] - The full subscription yield for China Uranium Industry is 36.49 thousand yuan[41][43] - The full subscription yield for Baiao Saitu is 14.67 thousand yuan[41][43] - The full subscription yield for Youxun Shares is 24.68 thousand yuan[41][43] - The full subscription yield for Tiansu Measurement is 5.54 thousand yuan[41][43] - The full subscription yield for Nabai Chuan is 7.86 thousand yuan[41][43] - The full subscription yield for Xihua Technology is 4.51 thousand yuan[41][43] - The full subscription yield for Jianxin Superconducting is 12.53 thousand yuan[41][43] - The full subscription yield for C Shuangxin is 12.56 thousand yuan[41][43] - The full subscription yield for C Yufan is 2.35 thousand yuan[41][43] - The full subscription yield for C Qiangyi is 40.15 thousand yuan[41][43] - The full subscription yield for C Xinguangyi is 9.93 thousand yuan[41][43] - The monthly offline new stock yield for Class A accounts with a scale of 2 billion in December 2025 is 195.55 thousand yuan[48][49] - The monthly offline new stock yield for Class B accounts with a scale of 2 billion in December 2025 is 94.99 thousand yuan[53][54] - The cumulative offline new stock yield for Class A accounts with a scale of 2 billion in 2025 is 3.80%[48][49] - The cumulative offline new stock yield for Class B accounts with a scale of 2 billion in 2025 is 2.88%[53][54]

Market Overview - The market showed slight gains with indices closing up 0.07% for the Shanghai Composite, 0.27% for the Shenzhen Component, and 0.41% for the ChiNext, despite over 3,800 stocks declining and around 1,500 stocks rising [1][2]. Cybersecurity Sector - A significant cybersecurity incident occurred on Kuaishou, where a large number of inappropriate live streams flooded the platform, leading to user complaints about the reporting system failing [6][7]. - Kuaishou's stock opened down 5.6% in Hong Kong and eventually closed down 3%, while cybersecurity stocks in A-shares opened higher due to the incident [8][9]. - The cybersecurity sector initially opened up nearly 0.5% but ended the day down 1.34% [11]. Aerospace Sector - The aerospace sector experienced a sharp decline, with stocks like Jiuziyang and Shaanxi Huada dropping over 10%, and the sector overall closing down 2.19% [16][17]. - The decline was triggered by news of a failed recovery of a rocket stage during a launch, which spread quickly on social media [18][19]. Fujian Sector - The Fujian sector showed volatility, with stocks like Luyuan Pharmaceutical hitting five consecutive daily limits, while others like Chuangshi Technology faced significant declines [26][27]. - Notably, stocks such as Pingtan Development reacted to news about new operational strategies, showing a complex trading pattern throughout the day [30][31]. New IPOs - Four new IPOs in Hong Kong experienced significant declines on their first day, marking a rare occurrence this year, with drops ranging from 24.17% to 49.46% [33][34]. - Conversely, new listings like Nobikang and Qingsong Health saw substantial gains, with Nobikang achieving a record increase of 363.75% on its debut [35][36].

Group 1: Company Overview - New Guangyi (301687.SZ) is a high-tech enterprise focused on the research, production, and sales of high-performance special functional materials, including anti-overflow special films and strong resistance special films [1][5] - The company has broken the technological monopoly of foreign enterprises in its product categories and has become the market leader in China [5] Group 2: Financial Performance - From 2022 to June 2025, the company's main business revenue is projected to be 4.55 billion, 5.16 billion, 6.57 billion, and 3.13 billion yuan, with revenue growth rates of 13.37% and 27.32% for 2023 and 2024 respectively [5] - Net profit for the same periods is expected to be 815.13 million, 832.83 million, 1.157 billion, and 592.06 million yuan, with growth rates of 2.17% and 38.93% for 2023 and 2024 respectively [5] Group 3: Revenue Composition - The majority of the company's revenue comes from anti-overflow special films, strong resistance special films, and new energy materials, contributing over 80% of total revenue in the first half of 2025 [5] Group 4: Market Position and Clients - Major clients include well-known companies such as Pengding Holdings, Weixin Electronics, Jingwang Electronics, and GoerTek, indicating a strong market presence [5] Group 5: Industry Overview - Shaanxi Tourism (603402.SH) is a leading tourism enterprise in China, focusing on high-quality tourism products and services, leveraging unique local resources [6][11] - The company is the first local tourism enterprise to be listed on the A-share market in nearly eight years, highlighting its significance in the industry [11] Group 6: Financial Data of Shaanxi Tourism - Shaanxi Tourism's revenue is primarily derived from tourism performances and cableway services, with projected revenues of 1.088 billion, 1.263 billion, and 516 million yuan for 2023, 2024, and the first half of 2025 respectively [11] - The company expects to achieve net profits of 427 million, 512 million, and 204 million yuan for the same periods [11] Group 7: Risks and Competition - Shaanxi Tourism faces competition risks from its controlling shareholder, Shaanxi Tourism Group, which operates similar businesses, potentially impacting the company's operations [12]

Summary of Key Points Core Viewpoint - The upcoming week will see three new stocks available for subscription in the A-share market, following a successful debut of Muxi Co., where investors made significant profits, with the highest single subscription yielding nearly 400,000 yuan. Group 1: Shaanxi Tourism - Shaanxi Tourism's subscription code is 732402, with an issue price of 80.44 yuan per share and a price-to-earnings ratio of 12.37, compared to the industry average of 26.90 [2] - The total number of shares issued is 19.33 million, all through online issuance, with a maximum subscription limit of 19,000 shares, requiring a market value of 190,000 yuan in the Shanghai market for full subscription [2] - The company operates in the tourism industry, focusing on performance, cable cars, and dining, with its main attractions being the nationally recognized 5A scenic spots, Huaqing Palace and Mount Huashan [2] - Mount Huashan has seen a steady increase in visitor numbers, exceeding 3 million annually since 2018, barring specific adverse external factors [2] Group 2: Financial Performance of Shaanxi Tourism - In 2022, 2023, 2024, and the first half of 2025, Shaanxi Tourism's revenues were 232 million yuan, 1.088 billion yuan, 1.263 billion yuan, and 516 million yuan, respectively, with net profits of -72.07 million yuan, 427 million yuan, 512 million yuan, and 204 million yuan [8] - The company expects 2025 revenues to range from 951 million to 1.117 billion yuan, representing a year-on-year decline of 24.69% to 11.54%, with net profits projected between 371 million and 436 million yuan, down 27.50% to 14.80% [10] Group 3: New Guoyi - New Guoyi's subscription code is 301687, with an issue price of 21.93 yuan per share and a price-to-earnings ratio of 28.59, compared to the industry average of 57.92 [12] - The total number of shares issued is 36.72 million, with 8.81 million available for online subscription, and a maximum subscription limit of 8,500 shares, requiring a market value of 85,000 yuan in the Shenzhen market for full subscription [12] - New Guoyi specializes in high-performance functional materials, having broken the technological monopoly of foreign companies in certain products, with major clients including leading electronics firms [12] Group 4: Financial Performance of New Guoyi - In 2022, 2023, 2024, and the first half of 2025, New Guoyi's revenues were 455 million yuan, 516 million yuan, 657 million yuan, and 313 million yuan, with net profits of 81.51 million yuan, 83.28 million yuan, 116 million yuan, and 59.21 million yuan [12] - The company anticipates 2025 revenues of 704 million yuan, reflecting a year-on-year growth of 7.10%, with net profits expected to reach 127 million yuan, up 10.00% [14] Group 5: Hengdongguang - Hengdongguang's subscription code is 920045, with an issue price of 31.59 yuan per share and a price-to-earnings ratio of 14.99, compared to the industry average of 58.05 [16] - The total number of shares issued is 10.25 million, with 9.23 million available for online subscription, and a maximum subscription limit of 461,200 shares [17] - The company focuses on the research, manufacturing, and sales of passive optical devices, recognized as a national-level "specialized and innovative" small giant enterprise [15] Group 6: Financial Performance of Hengdongguang - In 2022, 2023, 2024, and the first half of 2025, Hengdongguang's revenues were 475 million yuan, 613 million yuan, 1.315 billion yuan, and 1.021 billion yuan, with net profits of 55.33 million yuan, 65.08 million yuan, 148.24 million yuan, and 142.79 million yuan [17] - The company expects 2025 revenues to range from 2.11 billion to 2.20 billion yuan, indicating a year-on-year growth of 60.45% to 67.30%, with net profits projected between 270 million and 300 million yuan, up 82.13% to 102.36% [20][21]

Summary of Key Points Core Viewpoint - The article highlights the upcoming IPOs of three new stocks in the A-share market, emphasizing the potential for significant profits for investors, as demonstrated by the recent success of the IPO of Muxi Co., which yielded profits of nearly 400,000 yuan per share for investors [2]. Group 1: Upcoming IPOs - Three new stocks are available for subscription next week: Shaanxi Tourism on December 22, New Guangyi on December 22, and Hengdongguang on December 23 [3][4]. - Shaanxi Tourism's subscription code is 732402, with an issue price of 80.44 yuan per share and a P/E ratio of 12.37, compared to the industry average of 26.90 [5][6]. - New Guangyi's subscription code is 301687, with an issue price of 21.93 yuan per share and a P/E ratio of 28.59, against an industry average of 57.92 [14]. - Hengdongguang's subscription code is 920045, with an issue price of 31.59 yuan per share and a P/E ratio of 14.99, compared to the industry average of 58.05 [20]. Group 2: Shaanxi Tourism Financials - Shaanxi Tourism's total issuance is 19.33 million shares, with a maximum subscription limit of 19,000 shares, requiring a minimum market value of 190,000 yuan in the Shanghai market [5]. - The company reported revenues of 2.32 billion yuan in 2022, 10.88 billion yuan in 2023, and projected revenues of 12.63 billion yuan in 2024, with a net profit of -720.73 million yuan in 2022, 427 million yuan in 2023, and 512 million yuan in 2024 [10][11]. - The company expects a revenue decline of 24.69% to 11.54% in 2025, with a projected net profit decrease of 27.50% to 14.80% [12]. Group 3: New Guangyi Financials - New Guangyi's revenues were 4.55 billion yuan in 2022, 5.16 billion yuan in 2023, and are projected to reach 6.57 billion yuan in 2024, with net profits of 81.51 million yuan in 2022, 83.28 million yuan in 2023, and 116 million yuan in 2024 [15]. - The company anticipates a revenue increase of 7.10% in 2025, with a projected net profit growth of 10.00% [17]. Group 4: Hengdongguang Financials - Hengdongguang's revenues were 4.75 billion yuan in 2022, 6.13 billion yuan in 2023, and are expected to reach 13.15 billion yuan in 2024, with net profits of 55.33 million yuan in 2022, 64.52 million yuan in 2023, and 148 million yuan in 2024 [21]. - The company projects a revenue increase of 60.45% to 67.30% in 2025, with net profits expected to rise by 82.13% to 102.36% [24][25].