而明日又将迎来一只相对稀缺的新股，那就是将在科创板上市的影石创新，其被业界称为"全球智能影 像第一股"，公司专业级产品更是参与好莱坞、央视直播等影视内容制作。那么影石创新明日上市会带 给投资者怎样的体验呢？ 全景相机、运动相机全球龙头，业绩持续高增 公开资料显示，影石创新主营业务为自有品牌的消费级智能影像设备、专业级智能影像设备、配件及其 他产品等。公司消费级产品从极限运动出圈，渗透进Vlog、直播、日常影像创作。 公司长期深耕全景技术领域，逐步形成了全景图像采集和拼接技术、全景防抖技术、全景数据处理技术 等核心技术，并持续强化核心技术在公司产品的应用及迭代；发展期间陆续推出了Nano系列、ONE系 列、ONEX系列、ONER系列、GO系列和Ace系列等消费级智能影像设备产品，以及Pro系列、TITAN系 列、Connect系列等专业级智能影像设备产品。 据Frost&Sullivan数据，公司品牌"Insta360影石"全景相机全球市占率连续6年第一、2023年高达67.2%； 而运动相机领域，公司在2023年Frost&Sullivan全球排行榜中位列第二。 行业方面，公司属于智能影像设备行业，根据Fro ...

Group 1: Companies Filing for IPO - Four companies submitted IPO applications: Hansai Aitai, Xipuni, Weilizhibo, and Woan Robotics [2][4][6] - Hansai Aitai focuses on innovative biopharmaceuticals with no commercialized products yet, reporting losses of approximately RMB 85 million and RMB 117 million for 2023 and 2024 respectively [2] - Xipuni specializes in precious metal watch design and manufacturing, with projected revenues of approximately RMB 324 million, RMB 445 million, and RMB 457 million from 2022 to 2024 [3] - Weilizhibo is a clinical-stage biotech company with a diverse product pipeline, reporting net losses of RMB 362 million, RMB 301 million, and RMB 75 million for 2023, 2024, and the first three months of 2025 respectively [5] - Woan Robotics is a leading AI home robotics provider, with revenues of RMB 275 million, RMB 457 million, and RMB 610 million from 2022 to 2024 [6] Group 2: Companies Passing Hearing - Three companies passed the IPO hearing: Zhouliufu, Sanhua Intelligent Control, and Baize Medical [7][10] - Zhouliufu, a jewelry company, reported revenues of approximately RMB 3.102 billion, RMB 5.150 billion, and RMB 5.718 billion from 2022 to 2024, with a market share of 6.2% in gold jewelry [8] - Sanhua Intelligent Control is a leading manufacturer in refrigeration and automotive thermal management, with revenues of approximately RMB 21.348 billion, RMB 24.558 billion, and RMB 27.947 billion from 2022 to 2024 [9] - Baize Medical operates hospitals focused on oncology services, reporting revenues of RMB 803 million, RMB 1.072 billion, and RMB 1.189 billion from 2022 to 2024 [10] Group 3: Companies Initiating Subscription - Three companies initiated their subscription: Xinqian, Rongda Technology, and METALIGHT [11][13] - Xinqian plans to issue 10.5854 million H-shares with a price range of HKD 18.9-20.9, expecting to list on June 10, 2025 [11] - Rongda Technology aims to issue 18.4 million H-shares with a price range of HKD 10.00-12.00, also expecting to list on June 10, 2025 [12] - METALIGHT plans to issue 24.856 million H-shares at HKD 9.75, with the same listing date [13] Group 4: Market Trends and Insights - There is a significant increase in foreign cornerstone investors in Hong Kong IPOs, with 15 out of 27 companies this year attracting foreign investment [15] - The market for newly listed stocks is active, with 43 out of 74 new stocks trading above their issue price, indicating strong potential [17] - New consumer companies are seeing stock prices reach new highs, with notable increases in share prices for companies like Mixue and Gu Ming [18]

证券研究报告 2025 年 6 月 9 日 星期一 【新股发行跟踪（20250609）】 一、上周新股表现情况 上周（6 月 2 日-6 月 6 日）共有 2 只新股上市，上市首日涨跌幅均值 为 37.74%。其中，无新股上市首日涨幅超 100%。上周无新股首日破发。 资料来源：东莞证券研究所，iFinD 二、周度新股上市情况走势 从周度新股上市规模来看，上周（6 月 2 日-6 月 6 日，下同）较上上 周（5 月 26 日-5 月 30 日，下同）相比，上市新股数量多 1 只，首发募资 金额多 44.03 亿元。 从周度上市新股表现来看，上周与上上周均无新股首日破发，与上上 周相比，上周首日涨幅超 100%的新股数量有所减少，上市首日涨跌幅均 值大幅下降。 资料来源：东莞证券研究所，iFinD 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。请务必阅读 末页声明。 1 表 1：上周新股表现 股票代码 股票简称 上市日期 上市 板块 发行价 格（元） 发行市 盈率 证监会行业 首日收盘 涨跌幅(%) 603049.SH 中策橡胶 ...

Market Overview - The Shanghai Composite Index rose by 1.13% to close at 3385.36 points, with a weekly high of 3391.45 points [1] - The Shenzhen Component Index increased by 1.42% to 10183.7 points, reaching a peak of 10223.56 points [1] - The ChiNext Index saw a 2.32% rise, closing at 2039.44 points, with a maximum of 2053.56 points [1] - Global markets showed positive trends, with the Nasdaq Composite up by 2.18%, the Dow Jones Industrial Average up by 1.17%, and the S&P 500 up by 1.5% [1] - In the Asia-Pacific region, the Hang Seng Index increased by 2.16%, while the Nikkei 225 Index fell by 0.59% [1] New Stock Issuance - One new stock was issued last week: Haiyang Technology (603382.SH) on June 3, 2025 [2] Margin Trading - The total margin trading balance in the Shanghai and Shenzhen markets reached 18031.89 billion yuan, with a financing balance of 17910.03 billion yuan and a securities lending balance of 121.86 billion yuan [3] - The margin trading balance increased by 76.38 billion yuan compared to the previous week [3] - The Shanghai market's margin trading balance was 9158.66 billion yuan, up by 26.18 billion yuan, while the Shenzhen market's balance was 8873.23 billion yuan, increasing by 50.21 billion yuan [3] - A total of 3408 stocks had margin buying, with 23 stocks exceeding 1 billion yuan in buying amount, led by Dongfang Caifu, Zhongji Xuchuang, and Sifang Precision, with amounts of 28.21 billion yuan, 26.46 billion yuan, and 24.72 billion yuan respectively [3][4] Fund Issuance - A total of 15 new funds were issued last week, including various bond and ETF funds [5] - Notable new funds include Jiahe Panheng Bond D, Ping An ChiNext ETF Link E, and others [5][6] Company Buybacks - Eleven companies announced share buybacks last week, with the highest amounts from Shudao Equipment, Tonghe Pharmaceutical, and others [7] - The top three industries by buyback amount were machinery equipment, pharmaceuticals, and basic chemicals [7]

Group 1: New Stock Performance - The Hong Kong stock market's newly listed stocks have shown significant price increases, with 43 out of 74 new stocks trading above their issue prices, representing approximately 58% of the total [2] - Notable performers include the tea beverage giant Mixue Group, which has seen its stock price rise by approximately 164.94% since its listing, and the high-end cosmetics brand Mao Geping, which has increased by about 276.85% [1][2] - The gold jewelry concept stock, Laopu Gold, has experienced a dramatic surge, with its stock price reaching over 1000 HKD, marking a cumulative increase of approximately 2148.95% since its IPO [1][3] Group 2: Market Trends and Investor Sentiment - The new consumption sector is attracting significant investor interest, leading to a surge in stock prices and prompting other companies to accelerate their listing plans [3] - The market is characterized by volatility, with some stocks experiencing short-term corrections, indicating the need for investors to be cautious about market sentiment and fundamental support [3] - The upcoming expiration of lock-up periods for certain shareholders may put pressure on stock prices, as seen with Mao Geping and Laopu Gold [3] Group 3: Future Market Outlook - The Hong Kong IPO market is expected to remain active, with over 160 companies currently in the application process, including industry leaders and unicorns from various sectors [4] - Analysts predict that the Hang Seng Index has upward potential, with a year-end target of 25,830 points, driven by opportunities arising from China's technological innovations [4][5] - Factors influencing the market include the potential for U.S. Federal Reserve interest rate cuts, the downward trend of the U.S. dollar, and a reassessment of China's economic resilience and corporate earnings outlook [5]

Core Insights - The average first-day gain of new stocks exceeds 200% this year, with no stocks experiencing a decline in value [1] - The strong performance of new stocks is attributed to their quality and reasonable issuance prices, which help reduce the risk of price drops [1] - Short-term trading in new stocks is often driven by speculative sentiment, while long-term performance is more indicative of a company's true value [2] Group 1: New Stock Performance - New stocks have shown significant first-day gains, reflecting the quality of the companies and the reasonable pricing of their shares [1] - The successful listing of companies is linked to their industry position, technological strength, and profitability, indicating substantial growth potential [1] - The reasonable issuance price not only facilitates financing but also creates upward potential in the secondary market, enhancing investor interest [1] Group 2: Investment Considerations - The speculative nature of new stock trading can lead to inflated valuations, making it challenging for value investors to find suitable opportunities [2] - Long-term performance is a better indicator of a company's real value, as fundamental aspects become clearer over time [2] - Investors are encouraged to focus on the long-term performance of new stocks and conduct thorough research to identify those with sustainable growth potential [2] Group 3: Investor Behavior and Regulation - Investors should maintain rationality and not be swayed by short-term speculative trends, emphasizing the importance of intrinsic value and long-term growth [3] - There is a need for increased regulatory oversight to ensure market order and mitigate excessive speculation in the new stock market [3]

近期，港股市场的次新股成了最耀眼的"造富引擎"。 其中，老铺黄金股价日前强势突破1000港元大关，自上市后股价狂飙超21倍；蜜雪集团、毛戈平、映恩生物等次新股，也纷纷开启暴涨 "剧本"，让投资者真切见 证财富神话的诞生，也点燃了市场对港股次新股的热情。 | | | 2024年6月以来上市的港股次新股表现 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 上市日期 | 上市首日 涨幅(%) | 目前股价相对 友行价涨幅(%) | | 06181.HK | 老铺黄金 | 2024-06-28 | 72.84 | 2148.95 | | 02587.HK | 健康之路 | 2024-12-30 | 36.67 | 566.03 | | 01354.HK | 经发物业 | 2024-07-03 | -11.47 | 292.00 | | 01318.HK | 毛戈平 | 2024-12-10 | 76.51 | 279.80 | | 02432.HK | 越 | 2024-12-23 | 0.74 | 214.89 | | 01364.HK | 古著 | 20 ...

今年以来，打新人数持续回暖。 3月上市的新亚电缆，打新人数超过1400万，是2023年以来的最高值。今年新股（不含科创板、北交所）的平 均打新人数接近1200万，远超2024年以及2023年的水平。 打新人数的回暖或与打新收益有关，今年新股上市首日平均涨幅超200%，无一破发。 打新人数持续回暖 Wind数据显示，2023年至今，一共有459只新股上市。其中，打新人数最多的新股是新亚电缆，打新人数为 1435.37万，该股的上市日期是2025年3月21日。打新人数超过1300万的新股一共有10只，其中有6只是在2025 年上市。打新人数超过1200万的有18只新股，其中有10只新股是在2025年上市。 考虑到科创板以及北交所的打新门槛较高，将这一部分剔除以后，还有266只新股，主要是沪深主板以及创业 板。分阶段来看，2025年上市的新股有35只，平均打新人数1187.69万。2024年是62只新股，平均每只新股的 打新人数是886万。2023年是169只新股，平均打新人数922万。 也就是说，今年不仅最高的打新人数创了阶段性新高，平均的打新人数也是阶段性新高。回顾此前的历史， 2021年时，不少股票的打新人数 ...

2025年以来，A股市场新股上市后总体表现较好，逾六成新股上市以来的最低价亦较发行价翻倍，而若按照上市 以来最高价计算，则有超过九成新股股价曾较发行价翻倍。 不过，随着新股已有较长时间未曾出现破发，参与打新的投资者申购踊跃，新股整体网上中签率进一步走低，网 上打新中签难度随之进一步增大。 年内上市新股"0"破发 逾九成新股股价一度较发行价翻倍 今年以来，A股市场新股上市后表现较好，普遍较发行价大幅上涨。 数据显示，截至目前，年内A股市场已有45只新股上市，相关股票在上市首日悉数上涨，其中38股上市首日收盘 涨幅超过100%，占比超过80%。 值得注意的是，即便是以上市后最低价计算，上述股票亦均较发行价上涨，这意味着年内上市新股中，无一只出 现破发。这里面，仅恒鑫生活、天有为、中策橡胶上市以来最低价较发行价的涨幅不足10%。同时，包括星图测 控、天工股份、江南新材、浙江华远在内的28只股票即便是按照上市以来的最低价计算，股价较发行价的涨幅也 超过100%，此类股票占到年内上市新股总数的逾六成。 而若按照上市后最高价计算，相关新股普遍较发行价涨幅巨大，平均最大涨幅达352.06%。其中，41只股票较发 行价的最大 ...

在新股中策橡胶新股即将上市的前夕，那些幸运中签的股民们显然心情轻松，并没有因为担心上市首日就"破发"而辗转反侧。毕竟，在过去一年多的时间 里，A股市场仿佛给新股披上了一层"金钟罩"——无论行情如何起伏，鲜有新股在第一天就跌破发行价。这种"铁律"在投资者心中早已根深蒂固，甚至成了 某种心照不宣的"信仰"。 于是乎，中签的股民们更关心的，不是股价会不会跌，而是这一份"中签大礼包"到底有多厚。是小赚一笔还是意外惊喜？他们就像开奖前的彩民，心跳加速 地等待着开盘铃声的响起，期待账户余额那一串数字带来一抹红艳艳的喜悦。对他们来说，中签就像抽中了"稳赚不赔"的好戏，剩下的只是收获多少的问 题。 果不其然，中策橡胶上市首日不负众望，开盘价定格在57元，较发行价46.50元高出22.58%。虽然这一涨幅在近期新股中并不算抢眼，但对于中签的股民来 说，依旧是稳稳的"红包到手"。不少人心里盘算着：这只是一个开始，或许稍等片刻，股价还会再上一个台阶，卖出时机当然要挑个"高点"。 然而，现实却给这些等待更高价位的股民泼了一盆冷水——谁也没料到，这个57元的开盘价，竟然就是中策橡胶当天的"巅峰时刻"。随后股价一路震荡下 行，到收盘时只 ...