Group 1: New IPOs and Market Overview - This week, there are three new stocks available for subscription, including one from the ChiNext, one from the Sci-Tech Innovation Board, and one from the Beijing Stock Exchange [1] - The ChiNext new stock, Youyou Green Energy, has an issue price of 89.6 yuan and a price-to-earnings ratio of 15.37 times, while the Beijing Stock Exchange new stock, Jiaoda Tifa, has an issue price of 8.81 yuan and a price-to-earnings ratio of 13.42 times [2] - The Sci-Tech Innovation Board new stock, Yingshi Innovation, has become a leading global brand in panoramic cameras, holding a market share of 81.7% in 2024, meaning that 8 out of every 10 panoramic cameras sold globally will be from Yingshi [2][3] Group 2: Company Performance and Financials - Yingshi Innovation's revenue has surged from 2.041 billion yuan in 2022 to 5.574 billion yuan in 2024, with a compound annual growth rate of 65.25% [3] - The net profit attributable to the parent company increased from 407 million yuan to 995 million yuan, indicating a continuous improvement in profitability [3] - Youyou Green Energy's revenue is projected to grow from 988 million yuan in 2022 to 1.497 billion yuan in 2024, benefiting from the ongoing development of the domestic new energy vehicle and charging infrastructure industry [4] Group 3: Research and Development Focus - Yingshi Innovation has invested significantly in R&D, with expenditures of 256 million yuan, 448 million yuan, and 776 million yuan from 2022 to 2024, totaling 1.48 billion yuan, which represents 13.16% of its revenue over the last three years [2][3] - Youyou Green Energy aims to use the funds raised from its IPO for the construction of a charging module production base and a headquarters and R&D center [4][7] Group 4: Industry Trends - The charging module market is expected to see an increase of 726.60 billion watts in 2023, with Youyou Green Energy holding a market share of 10.58% [4] - The domestic new energy vehicle and charging infrastructure sectors are experiencing steady growth, which is expected to drive revenue growth for companies like Youyou Green Energy [4]

Core Viewpoint - The article discusses the implications of recent trade agreements between China and the U.S., particularly focusing on rare earth elements and their strategic importance in high-tech and military industries. It highlights the market reactions in A-shares and specific sectors like shipping and solar energy, while also addressing the performance of certain stocks and market trends. Group 1: Rare Earth Elements and Trade Agreements - The recent trade agreement includes the lifting of restrictions on seven heavy rare earth elements post-April 2, but earlier restrictions remain in place [1] - Rare earth elements are a collection of scarce metal elements, and China's control over these resources gives it a strategic advantage in negotiations, particularly with the U.S. [1] Group 2: A-Share Market Performance - A-shares opened high but closed lower, with a trading volume of 1.29 trillion, reflecting market digestion of trade agreement news [1] - The best-performing sector was shipping, driven by rising shipping futures and oil prices following the trade agreement [2] Group 3: Solar Energy Sector - The solar energy sector saw strong performance due to rumors of major companies planning to consolidate production by acquiring struggling smaller firms [3] - Analysts predict that the solar industry may hit a bottom by 2025, but current stock prices have significantly declined from previous highs [3] Group 4: Other Market Insights - Some small banks are experiencing interest rate inversion, indicating potential expectations of future interest rate cuts [4] - Citigroup forecasts gold prices to fluctuate between 3000 and 3300 in the coming months [4] - The U.S. CPI growth in April was 2.3%, slightly below expectations, which may influence Federal Reserve decisions on interest rates [4]

Core Viewpoint - The company, 卡游, is preparing for an IPO despite reporting a net loss of 1.242 billion yuan in 2024, driven by rapid revenue growth and a strong market position in the collectible card industry [1][2]. Company Overview - 卡游's core business is collectible card games, with total revenue of approximately 10.057 billion yuan in 2024, where card business contributed 8.2 billion yuan, accounting for over 80% of total revenue [5]. - The company holds leading positions in various segments, including a 13.3% market share in the general entertainment products industry, 21.5% in the general entertainment toys sector, and a dominant 71.1% in the collectible card market [5]. Reasons for IPO - The company aims to expand its capital strength to support rapid growth, with a revenue increase of 277.8% year-on-year in 2024, necessitating significant funding despite the current losses [6]. - The IPO is intended to seize market opportunities and enhance competitiveness against international rivals, as China has become the largest card market globally, valued at 26.3 billion yuan [6]. - The company seeks to solidify its leading position in the industry and unlock valuation potential, given the low per capita spending on cards in China compared to Japan and the U.S. [6]. Competitive Advantages - 卡游 boasts a rich IP matrix with 70 IPs, including one proprietary IP, which enhances its product offerings and market appeal [8]. - The company has a robust sales network, covering all 31 provinces in China through 217 distributors, 32 flagship stores, and various online platforms [8]. - 卡游 capitalizes on the "Guzi Economy" trend, aligning collectible cards with national cultural IPs to meet the consumption preferences of Generation Z [8]. Industry Outlook - The collectible card industry in China has experienced a compound annual growth rate of 57% from 2019 to 2024, with a market size of 26.3 billion yuan in 2024, surpassing the U.S. and Japan [9]. - There is significant growth potential in the market, as per capita spending on collectible cards in China is only 18.7 yuan, compared to 119.3 yuan in Japan and 64.0 yuan in the U.S., indicating a possible 3-6 times increase in market size [9]. Impact of Losses on IPO - Market sentiment remains optimistic regarding the company's IPO despite the reported losses, as the losses are attributed to high initial investments during the expansion phase rather than poor business performance [10][11]. - The company maintains a high gross margin of around 70%, indicating strong core business profitability [11]. - The backing of prestigious underwriters such as Morgan Stanley, CICC, and JPMorgan reflects confidence in the company's future prospects [11].

4 月仅主板和创业板有新股上市，首日平均涨幅仍较高 ——打新市场跟踪月报 20250508 要点 新股发行概况： 4 月仅主板和创业板有新股上市。2025 年 4 月，共 10 只新股上市，主板 6 只、创业板 4 只，募集金额共计 82.69 亿元，环比-10.29%。 2025 年 5 月 8 日 金融工程 其中，参与网下发行的个股共计 9 只，主板 5 只、创业板 4 只，募集金额合计 77.09 亿元，环比+13.94%。 新股上市首日平均涨幅水平仍在 200%以上。2025 年 4 月，主板采用网下打新 的新股 5 只，上市首日平均涨幅为 240.69%，环比-45.70pct，初步询价配售 对象为 7649 家，报价入围率为 93.38%，环比-3.53pct；网下中签率分别为 A 类：0.11‰、C 类：0.09‰。 双创板块（本文统计范围为创业板和科创板）采用网下打新的新股 4 只，上市 首日平均涨幅为 219.73%，环比+12.22pct，无个股破发；初步询价配售对象 为 6560 家，报价入围率为 97.63%，环比+4.43pct；网下中签率分别为 A 类： 0.27‰、C 类：0.2 ...

从IPO企业融资额看，今年前4个月，21家企业IPO融资额超5亿元，11家企业IPO融资额超7亿元，6家企 业IPO融资额超10亿元;IPO融资额前三名分别为天有为、开发科技、兴福电子，IPO募资额分别为37.40 亿元、11.69亿元、11.68亿元。此外，汉朔科技、恒鑫生活、永杰新材等公司IPO募资额均超10亿元。 从IPO企业上市表现看，今年前4个月，37只新股上市首日平均涨幅为235.98%，而去年同期35只新股上 市首日平均涨幅为108.00%。今年前4个月上市的37只新股中，34只新股上市首日涨幅超100%，22只新 股上市首日涨幅超200%，10只新股上市首日涨幅超300%，没有一只新股上市首日破发。其中，江南新 材、星图测控、浙江华远位居涨幅榜前三名，涨幅分别达606.83%、407.23%、389.02%。 从IPO行业分布来看，今年前4个月，A股IPO公司主要来自汽车、电子、电力设备、机械设备、有色金 属等行业，新兴产业类IPO公司占比九成。其中汽车、电子、电力设备行业募资位居前三名，募资额分 别达72.21亿元、42.34亿元、38.28亿元。 从各板块IPO融资额看，今年前4个月，深市 ...

虽然很多朋友不买股票，或者股票只是配置之一， 但我的全部资金，将将七位数，都放在了 股票。 目前持仓5支如下：平安银行，中国平安，上海机场，伊利股份，金龙鱼，大约各1/5，总体 处于盈亏边缘。 配置思路：打新、分红，偏点进攻。 准备至少拿个三五年，希望翻倍。以上配置，问题大不大，如何优化？ 再次是现金比例：没有现金的仓位，没有容错的能力； 最后是目标选择：你的目标是至少拿个三五年，希望翻倍，那么预期收益率是20%-33%； 这样的结果是你必须进行高风险的操作，以高于市场20%-33%的风险实现自己的收益。大 概率的结果是毁于某次风险事件。 qgj8848 我觉得没啥问题，楼主就是打新、收息，顺便赚点差价。不过根据我自身配置给点建议： 1、持仓最好收息+成长并重。 jakkeew 斗胆建议：楼主策略似是蓝筹、长期和分散。在这个原则下，（1）两个平安配置显重叠，择 一即可，（2）上海机场PB不低，公用事业不如长电国投或类似；（3）伊利的护城河一般， 私有化存疑，不如配个酒水股；（4） 金龙鱼行业太差了，简单加工，品牌价值低，没有长 持意义，不如增加两个制造业。综上，平安银行、国投电力、贵州茅台、美的集团和宁德时 ...

4月24日，新股江顺科技（N江顺科）上市交易，尽管它的发行价比较高，但是鉴于近期的新股在上市首 日都录得大涨的情形，所以那些中签并选择缴款的股民恐怕依然很激动。 毕竟，新股中签就像是在茫茫人海中找到了那把独一无二的金钥匙一样难得。好不容易成为了那个被命 运垂青的人，谁不梦想着自己手中的新股能像火箭般一飞冲天，从而将那份沉甸甸的"打新大礼包"稳稳 收入囊中呢？这种期待不仅仅是对个人财运的一次美好憧憬，更是对金融市场活力的一种直观感受。因 此，当江顺科技敲响上市钟声的那一刻，无数双眼睛紧紧盯着屏幕上的数字跳动，心中充满了无限遐想 和期待。 让中签并选择缴款的股民宽慰的是，江顺科技在开盘时就给予他们一份稳稳的收益。江顺科技的开盘价 为84.50元，较发行价37.36元大幅高开126.6%，若有人在开盘时就卖出的话，他的打新收益为23570元， 超过2万元的新股利润，怎么说都是不错的收益了。 只不过，开盘后不久江顺科技的股价就震荡走低，中签股民的打新收益就跟着走低了。但中签股民还是 有利可图的，毕竟只要不破发就有得赚。只是，对于那些看好新股的表现从而冲进去的炒新股民，恐怕 截至到现在是有些难受的。 在网上，有股民写道 ...

- The report tracks the recent performance of the offline IPO market for the STAR Market, ChiNext, and the Main Board, assuming all stocks are hit and sold at the market average price on the first day of listing, ignoring the lock-up period restrictions [2][9] - The IPO yield for Class A accounts with a scale of 200 million is 0.66%, and for Class C accounts with a scale of 200 million is 0.56%; for Class A accounts with a scale of 1 billion, the IPO yield is 0.15%, and for Class C accounts with a scale of 1 billion, the IPO yield is 0.13% [2][9] - The average first-day increase for STAR Market stocks is 192.07%, and for ChiNext stocks, it is 385.25% [2][17] - The median number of valid quotation accounts for recent 20 new stocks is tracked, with approximately 2975 valid quotation accounts for Class A and 1876 for Class C in STAR Market; approximately 3087 valid quotation accounts for Class A and 2007 for Class C in ChiNext; approximately 3357 valid quotation accounts for Class A and 2473 for Class C in the Main Board [2][20] Model Construction Process - The report estimates the full hit yield for each stock using the average hit rate of Class A institutions. The calculation method for the full hit yield of each stock is: $$ \text{Full hit quantity} = \text{Maximum subscription limit} \times \text{Average hit rate of Class A institutions} $$ $$ \text{Full hit yield} = (\text{First board price} - \text{Initial price}) \times \text{Full hit quantity} $$ [36][38] Model Backtest Results - The full hit yield for most stocks is between 0 to 25 million yuan, with the highest being Haibosi Chuang, Junwei Electronics, and Chaoyan Shares, reaching 23.93, 20.09, and 16.86 million yuan respectively [36][38] - The report lists the offline IPO yields for different account scales, assuming all stocks are hit and sold at the market average price on the first day of listing, with a 90% capital utilization rate. For example, for a 2 billion Class A account, the IPO yield is 0.66% in 2025 [39][41][42] - The report also lists the monthly offline IPO yields for different account scales, assuming all stocks are hit and sold at the market average price on the first day of listing, with a 90% capital utilization rate. For example, for a 2 billion Class A account, the IPO yield is 4.39% in 2024 [39][41][42] Factor Construction Process - The report tracks the recent performance of the offline IPO market for the STAR Market, ChiNext, and the Main Board, assuming all stocks are hit and sold at the market average price on the first day of listing, ignoring the lock-up period restrictions [2][9] - The IPO yield for Class A accounts with a scale of 200 million is 0.66%, and for Class C accounts with a scale of 200 million is 0.56%; for Class A accounts with a scale of 1 billion, the IPO yield is 0.15%, and for Class C accounts with a scale of 1 billion, the IPO yield is 0.13% [2][9] - The average first-day increase for STAR Market stocks is 192.07%, and for ChiNext stocks, it is 385.25% [2][17] - The median number of valid quotation accounts for recent 20 new stocks is tracked, with approximately 2975 valid quotation accounts for Class A and 1876 for Class C in STAR Market; approximately 3087 valid quotation accounts for Class A and 2007 for Class C in ChiNext; approximately 3357 valid quotation accounts for Class A and 2473 for Class C in the Main Board [2][20] Factor Backtest Results - The full hit yield for most stocks is between 0 to 25 million yuan, with the highest being Haibosi Chuang, Junwei Electronics, and Chaoyan Shares, reaching 23.93, 20.09, and 16.86 million yuan respectively [36][38] - The report lists the offline IPO yields for different account scales, assuming all stocks are hit and sold at the market average price on the first day of listing, with a 90% capital utilization rate. For example, for a 2 billion Class A account, the IPO yield is 0.66% in 2025 [39][41][42] - The report also lists the monthly offline IPO yields for different account scales, assuming all stocks are hit and sold at the market average price on the first day of listing, with a 90% capital utilization rate. For example, for a 2 billion Class A account, the IPO yield is 4.39% in 2024 [39][41][42]