Market Trends & Opportunities - Solana上的中大市值应用币在大盘阴跌情况下表现出良好弹性，部分应用币底部涨幅显著，行业建议持续关注Solana上的应用币打新机会 [1] - JupiterExchange的DTF平台定位为社区驱动型应用币项目发射平台，采用社区优先的公开ICO模式 [1] Project Analysis - HumidiFi已成为Sol/稳定币市场的领先者，近7日交易量位居Solana Program第四名，仅次于Jup聚合器、Pumpfun AMM和Raydium CLMM [1] Platform Philosophy - DTF平台的核心理念是透明(Transparency)、确定(Certainty)和公平(Fairness) [1]

Core Viewpoint - The IPO of Moore Threads (688795) faced a situation where online investors abandoned subscriptions, indicating potential operational issues among investors despite high demand for the stock [1] Summary by Category IPO Results - Moore Threads announced its IPO results on November 27, revealing that online investors abandoned 29,302 shares, amounting to approximately 3.35 million yuan [1] - Online investors subscribed to 16.77 million shares, contributing a total of 1.917 billion yuan [1] - Offline investors subscribed to 39.2 million shares, with an effective subscription amount of 4.48 billion yuan, showing no abandonment [1] Underwriting and Subscription Details - The entire number of shares abandoned by online investors was underwritten by the lead underwriter, amounting to 29,302 shares and approximately 3.35 million yuan [1] - The underwritten shares represented about 0.05% of the total issuance after deducting the final strategic placement and about 0.04% of the total issuance scale [1] Company Background - Moore Threads is recognized as the "first domestic GPU stock" and launched its subscription on November 24, with an issue price of 114.28 yuan per share, marking it as the most expensive new stock of the year [1]

（原标题：打新，爆了！） 【导读】"国产GPU第一股"摩尔线程新股，网上发行初步申购超4000倍 中国基金报记者 江右 备受关注的摩尔线程发行中签率结果出炉。网上发行初步的申购倍数达4126.49倍。启动回拨机制后， 网上发行最终中签率为0.03635054%。 摩尔线程之所以受关注，不仅因为它是热门股，还因为其上市后投资者可能获得的盈利空间较大。按 500股一签，中一签的金额为5.71万元。如果上市后涨幅100%，中一签可赚超5万元；涨幅200%的话， 则一签可赚超10万元。 今年以来的科创板新股，上市首日不论是开盘涨幅、收盘涨幅还是平均价涨幅，都超过200%。 编辑：格林 校对：王玥 制作：小茉 "国产GPU第一股"网上初步申购超4000倍 11月24日晚间，摩尔线程新股发行申购情况和中签率披露。根据上交所提供的数据，本次网上发行有效 申购户数为4826579户，有效申购股数为46216647000股，网上发行初步中签率为0.02423369%。 根据摩尔线程公布的回拨机制，由于本次网上发行初步有效申购倍数约为4126.49倍，超过100倍，发行 人和保荐人（主承销商）决定启动回拨机制，对网下、网上发行的 ...

【导读】"国产GPU第一股"摩尔线程新股，网上发行初步申购超4000倍 中国基金报记者 江右 备受关注的摩尔线程发行中签率结果出炉。网上发行初步的申购倍数达4126.49倍。启动回 拨机制后，网上发行最终中签率为0.03635054%。 摩尔线程是热门新股。此次科创板上市后，将成为"国产GPU第一股"。该股发行价高达 114.28元/股，中一签500股金额达5.71万元。如果新股上市涨1倍可赚超5万元，涨2倍则可 赚超10万元。 "国产GPU第一股"网上初步申购超4000倍 11月24日晚间，摩尔线程新股发行申购情况和中签率披露。根据上交所提供的数据，本次网 上发行有效申购户数为4826579户，有效申购股数为46216647000股，网上发行初步中签 率为0.02423369%。 根据摩尔线程公布的回拨机制，由于本次网上发行初步有效申购倍数约为4126.49倍，超过 100倍，发行人和保荐人（主承销商）决定启动回拨机制，对网下、网上发行的规模进行调 节，将扣除最终战略配售部分后本次公开发行股票数量的10%（向上取整至500股的整数 倍，即560.00万股）从网下回拨到网上。 回拨机制启动后：网下最终发行数量 ...

Content: --------- <doc id='1'>[Table_StockNameRptType] 金融工程一 周报 新股摩尔线程询价，56%投资者选择最高档位 ——"打新定期跟踪"系列之二百三十九 [Table_RptDate] 报告日期：2025-11-24 主要观点 ⚫ 跟踪近期打新收益率 跟踪近期科创板+创业板+主板的网下打新市场表现，假设所有主 板、科创板、创业板的股票都打中，且上市首日以市场均价卖出，忽 略锁定期的卖出限制，自 2025 年初起截至 2025/11/21，A 类 2 亿规 模账户打新收益率 2.81%，B 类 2 亿规模账户打新收益率 2.39%；A 类 10 亿规模账户打新收益率 1.03%，B 类 10 亿规模账户打新收益率 0.80%。 滚动跟踪近期 20 只新股上市后的涨幅表现，其中科创板个股上 市首日平均涨幅为 223.48%，创业板个股上市首日平均涨幅为 244.20%。</doc> <doc id='2'>跟踪近期新股的有效报价账户数，最近一只科创板新股 A 类有效 报价账户数量为 4440，B 类有效报价账户数量为 1759。最近一只创 业板新股 A 类有效报价账户数量为 4585 左右，B 类有效报价账户数 量为 2497。最近一只沪市主板新股 A 类有效报价账户数量为 5534， B 类有效报价账户数量为 2976，最近一只深市主板新股 A 类有效报 价账户数量为 4127，B 类有效报价账户数量为 2804。</doc> <doc id='3'>⚫ 风险提示 新股上市可能破发，打新策略可能取得负向收益。新股上市前面 临诸多不确定因素，可能会暂停发行，影响打新收益。新股上市数 量、申购新股人数、二级市场情绪波动等因素可能影响打新收益。基 金公司历史入围率不代表未来，本文意见仅供参考。</doc> <doc id='4'>执业证书号：S0010520070001 邮箱：yanjw@hazq.com 分析师：钱静闲 执业证书号：S0010522090002 邮箱：qianjx@hazq.com 分析师：吴正宇 执业证书号：S0010522090001 邮箱：wuzy@hazq.com 分析师：骆昱杉 执业证书号：S0010522110001 邮箱：luoyushan@hazq.com [Table_CompanyReport] 相关报告</doc> <doc id='5'>[Table_Author] 分析师：严佳炜 [Table_Summary] [Table_Summary] 1.《禾元生物分三档询价，首家科创 成长层新股启动发行——"打新定 期跟踪"系列之二百三十二》 2.《9 月上市 8 只新股，2 亿规模 A 类户打新收益约 53 万元——"打新 定期跟踪"系列之二百三十三》 3.《科创成长层新股询价状况如何？ ——"打新定期跟踪"系列之二百 三十四》 4.《新股超颖电子上市首日均价涨幅 达 339%——"打新定期跟踪"系 列之二百三十五》 5.《科创未盈利新股上市，西安奕材 上市均价涨幅高达 211%——"打 新定期跟踪"系列之二百三十六》 6.《近两个月打新收益环比上升—— "打新定期跟踪"系列之二百三十 七》 7.《科创板打新 A 类账户数超 4000 户——"打新定期跟踪"系列之二 百三十八》</doc> <doc id='7'>| 1 跟踪近期打新收益率 4 | | --- | | 2 近期新股打新结果 6 | | 3 近期新股日历 7 | | 4 近期打新市场表现 8 | | 4.1 近一个月内新上市股票 8 | | 4.2 近一个月打新收益测算 9 | | 5 理论打新收益测算 10 | | 5.1 不同规模账户逐股票打新 10 | | 5.2 不同规模 A 类户逐月打新收益 10 | | 5.3 不同规模 B 类户逐月打新收益 12 | | 风险提示： 13 |</doc> <doc id='9'>| 图表 | 1 2025 至今打新收益率（A 类账户） 4 | | | --- | --- | --- | | 图表 | 2 2025 至今打新收益率曲线（A 类账户） 4 | | | 图表 | 3 2025 至今打新收益率（B 类账户） 4 | | | 图表 | 4 2025 至今打新收益率曲线（B 类账户） 4 | | | 图表 | 5 2023 年至今逐月上市规模（亿元） 5 | | | 图表 | 6 科创板个股近期涨幅 5 | | | 图表 | 7 创业板个股近期涨幅 5 | | | 图表 | 8 科创板个股报价账户数量 5 | | | 图表 | 9 创业板个股报价账户数量 5 | | | 图表 | 10 主板有效报价账户数量 6 | | | 图表 | 11 近期新股发行数量 7 | | | 图表 | 12 打新流程图 7 | | | 图表 | 13 待上市股票状态汇总 7 | | | 图表 | 14 待上市股票状态明细 7 | | | 图表 | 15 过去一周 IPO 日历 8 | | | 图表 | 16 摩尔线程各档位询价情况 8 | | | 图表 | 17 本周 IPO 日历（持续更新） 8 | | | 图表 | 18 近期新上市股票首次开板涨跌幅与募资金额（亿元） 9 | | | 图表 | 19 近期新上市股票满中收益（万元） 9 | | | 图表 | 20 近期各股票 A 类实际打新表现 10 | | | 图表 | 21 近期不同规模账户逐股票网下打新收益（万元） 10 | | | 图表 | 22 A 类户逐月网下打新收益（单位：万元）和打新收益率（所有板块） 11 | | | 图表 | 23 A 类户逐月网下打新收益（单位：万元）和打新收益率（科创板） 11 | | | 图表 | 24 A 类户逐月网下打新收益（单位：万元）和打新收益率（创业板） 11 | | | 图表 | 25 A 类户逐月网下打新收益（单位：万元）和打新收益率（主板） 12 | | | 图表 | 26 B 类户逐月网下打新收益（单位：万元）和打新收益率（所有板块） 12 | | | 图表 | 27 B 类户逐月网下打新收益（单位：万元）和打新收益率（科创板） 12 | | | 图表 | 28 B 类户逐月网下打新收益（单位：万元）和打新收益率（创业板） 13 | | | 图表 | 29 B 类户逐月网下打新收益（单位：万元）和打新收益率（主板） | 13 |</doc> <doc id='10'>[Table_CommonRptType] 金融工程</doc> <doc id='11'>1 跟踪近期打新收益率 我们跟踪近期科创板+创业板+主板的网下打新市场表现，假设所有主板、科创 板、创业板的股票都打中，且上市首日以市场均价卖出，忽略锁定期的卖出限制， 自 2025 年初起截至 2025/11/21，A 类 2 亿规模账户打新收益率 2.81%，B 类 2 亿 规模账户打新收益率 2.39%；A 类 10 亿规模账户打新收益率 1.03%，B 类 10

Core Viewpoint - The IPO of Moer Thread is notable for its high issuance price of 114.28 yuan, the highest for new stocks this year, despite the company not being profitable yet [1][2][3] Group 1: IPO Details - Moer Thread plans to issue 11.2 million shares, requiring a minimum investment of 110,000 yuan in Shanghai stocks for full subscription [1][2] - The company aims to raise approximately 8 billion yuan, with funds allocated for the development of AI training chips and graphics chips [5][6] - The total market capitalization post-IPO is estimated at 53.719 billion yuan, positioning it among the larger recent IPOs [7] Group 2: Financial Performance - For the first three quarters of the year, Moer Thread reported revenues of 785 million yuan, a year-on-year increase of 181.99%, while the net profit attributable to shareholders was -724 million yuan, reflecting an 18.71% increase in losses [3][4] - The company has shown significant revenue growth over the past three years, with revenues increasing from 46.08 million yuan to 785 million yuan [4] - Future projections indicate a revenue growth of 177.79% to 241.65% and a net profit growth of 27.82% to 54.89% for 2025 [4] Group 3: Market Sentiment - The high issuance price and lack of profitability may create hesitation among cautious investors, but the company's strong reputation in its field could attract more aggressive investors [2][3] - The recent trend of unprofitable new stocks not experiencing a drop in price on their first trading day has bolstered investor confidence [2] - The entry barrier for retail investors on the Sci-Tech Innovation Board, requiring a minimum asset of 500,000 yuan, limits participation, leading to mixed feelings among potential investors [9]

Core Viewpoint - The article discusses the initial public offering (IPO) details of Moole Technology, including the determined issue price, the number of shares to be issued, and the expected fundraising amount [3][4]. Summary by Sections IPO Details - Moole Technology's issue price is set at 114.28 yuan per share, with a total of 70 million shares to be issued. The online and offline subscription date is November 24, and the stock code is "688795" [3]. - The IPO received inquiries from 286 offline investors managing 7,787 allocation objects, with a price range of 88.79 to 159.57 yuan per share. The final issue price was determined at 114.28 yuan per share [3]. Fundraising and Valuation - If the IPO is successful, Moole Technology is expected to raise approximately 7.9996 billion yuan, with a net amount of about 7.576 billion yuan after deducting issuance costs [3]. - Post-IPO, the total share capital of Moole Technology will be approximately 470.028 million shares, leading to an estimated market capitalization of around 53.715 billion yuan at the issue price [4]. Shareholder Value - Major shareholders include Nanjing Shen'ao Management Consulting, holding 58.186 million shares valued at 6.6495 billion yuan, and Hangzhou Hua'ao Management Consulting, holding 26.9276 million shares valued at 3.077 billion yuan [5]. - The actual controller, Zhang Jianzhong, directly holds 44.242 million shares (11.0598% pre-issue), valued at approximately 5.056 billion yuan, controlling a total of 36.36% of the shares [6]. Other Shareholders - Other notable shareholders include Heertai (002402.SZ) with 4.105 million shares valued at 469 million yuan, and Yingqu Technology (002925.SZ) with 1.340 million shares valued at 153 million yuan [6]. - Investment firms such as Guosheng Capital, Sequoia Capital, and Tencent Venture Capital also hold significant shares, with respective values of 2.239 billion yuan, 2.189 billion yuan, and 331 million yuan [6]. Profitability and Market Position - Moole Technology has not yet achieved profitability. If it remains unprofitable at the time of listing, it will be classified under the Sci-Tech Growth tier [7]. - The issue price corresponds to a projected static price-to-sales ratio of 122.51 times for 2024, which is higher than the average for comparable companies, indicating potential risks for investors [6].

- The report tracks the recent IPO market performance, focusing on the Sci-Tech Innovation Board, ChiNext, and Main Board, assuming all stocks are successfully subscribed and sold at market average prices on the first listing day, ignoring lock-up restrictions. For 2025, as of November 14, the IPO yield for Class A accounts with a 2 billion scale is 2.70%, while Class B accounts with the same scale yield 2.28%. For accounts with a 10 billion scale, Class A yields 0.98%, and Class B yields 0.75%[2][10][39] - The report calculates theoretical IPO yields using Class A average winning rates. The formula for calculating full subscription yield is: $ Full subscription quantity = Maximum subscription limit × Class A average winning rate $ $ Full subscription yield = (First board price - IPO price) × Full subscription quantity $ The highest full subscription yields are 98.18 million yuan for Xi'an Yicai-U, 78.03 million yuan for Heyuan Bio-U, and 16.37 million yuan for Bibet-U[37][39][40] - The report measures IPO yields for different account scales, assuming Class A accounts participate in all IPOs, with Sci-Tech Innovation Board and ChiNext quotes fully included. For accounts with scales of 1.5 billion, 2 billion, 3 billion, 5 billion, and 10 billion, the yields for recent IPOs are calculated based on Class A average winning rates. For example, Xi'an Yicai-U yields 14.24 million yuan for 2 billion accounts and 94.91 million yuan for 10 billion accounts[39][41][42] - Monthly IPO yields for Class A accounts are tracked, assuming all quotes are included and funds are utilized at 90% efficiency. For 2025, the cumulative yield for 2 billion accounts is 2.70%, with monthly yields varying across different scales. For instance, in October 2025, the yield for 2 billion accounts is 61.05 million yuan, while for 10 billion accounts, it is 219.56 million yuan[42][43][44] - Class B accounts are also analyzed for IPO yields under similar assumptions. For 2025, the cumulative yield for 2 billion accounts is 2.28%. Monthly yields are calculated, such as 25.80 million yuan for 2 billion accounts in October 2025 and 60.53 million yuan for 10 billion accounts[46][47][48]

Core Insights - The performance of newly listed companies in the A-share market has shown a stark contrast, with some experiencing significant gains while others have plummeted to new lows shortly after their IPOs [1][5][9] Group 1: Market Performance of New Listings - Deli Jia, a leading wind power gearbox manufacturer, saw its stock price drop significantly after an initial surge, reaching a new low of 62.48 yuan after its IPO [1] - In 2025, among 92 newly listed companies, only one has increased by over 18 times, while 5 companies, including Deli Jia, have dropped to new lows shortly after listing [1] - Haibo Shichuang, a battery storage system company, has become a standout performer with a stock price increase of 1855.6% since its IPO in January [3] Group 2: Factors Influencing Stock Performance - The disparity in stock performance is attributed to industry trends and company fundamentals, with successful companies often aligned with current market hotspots, such as energy storage [7] - Companies facing challenges, such as those in the wind power sector, have seen their stock prices decline due to insufficient performance support [7] - The pricing and valuation of new stocks have raised concerns, with some companies having significantly higher price-to-earnings ratios compared to industry leaders, leading to market skepticism [7] Group 3: Investor Behavior and Market Dynamics - The new stock market environment has shifted, with 73% of new stocks in 2025 dropping below their first-day closing price, indicating a departure from the previous "guaranteed profit" mentality [9] - Retail investors have contributed significantly to trading volumes but lack pricing power, often buying at high prices after institutional investors sell [7][11] - The introduction of a five-day period without price limits for new stocks has created opportunities for extreme volatility, allowing for both rapid gains and losses [9][11]

四季度以来新股表现良好：首日平均最大涨幅达334.08% 今年四季度以来，在A股市场整体涨势趋缓，波动加大的情况下，A股市场上市新股依旧保持了较好的 表现，且新股首日平均涨幅较今年前三季度进一步提升。 值得注意的是，在新股表现较好，且新股中签依旧能维持不错收益的同时，也出现僧多粥少的局面，打 新也越来越难中签，四季度以来新股网上中签率整体进一步走低。 上述案例是今年四季度以来A股市场新股良好表现的一个缩影，这期间恰逢A股市场整体涨势趋缓，波 动加大。 在新股中签收益依旧可观的情况下，今年四季度以来新股中签率进一步走低。数据显示，今年四季度以 来主板新股平均网上中签率约为0.0307%，四季度以来上市科创板新股平均网上中签率约为0.0346%， 均较相应上市板年内平均网上中签率水平要低。这意味相较今年前三季度，今年四季度新股打新更难中 签。 数据显示，若按照上市日期统计，今年第四季度以来合计已有12只A股新股上市，上述新股在上市首日 均录得不错表现，首日收盘平均涨幅达273.75%，其中丹娜生物、大明电子、超颖电子、道生天合、奥 美森上市首日收盘涨幅均超过300%。这里面，丹娜生物、大明电子两只新股上市首日收盘 ...