- 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 the market average price on the first listing day, ignoring lock-up restrictions. As of October 10, 2025, the IPO yield for a Class A account with a scale of 2 billion is 2.34%, while for a Class B account of the same scale, it is 2.10%. For accounts with a scale of 10 billion, the yield is 0.74% for Class A and 0.67% for Class B[10][11][12] - The report provides a rolling tracking of the average first-day increase in stock prices for 20 newly listed stocks. The average increase for Sci-Tech Innovation Board stocks is 218.45%, while for ChiNext stocks, it is 244.28%[15][16][22] - The report calculates the theoretical IPO yield for different account scales using the average winning rate of Class A accounts. The formula for calculating the full subscription yield is: $ Full\ subscription\ quantity = Maximum\ subscription\ limit \times Average\ winning\ rate $ $ Full\ subscription\ yield = (First\ board\ price - Initial\ price) \times Full\ subscription\ quantity $ The yield for most stocks ranges between 5 to 20 thousand yuan, with the highest being United Power (50.81 thousand yuan), Guangdong Jianke (17.63 thousand yuan), and Jianda Zhixin (12.58 thousand yuan)[35][36][38] - The report estimates monthly IPO yields for Class A accounts of different scales, assuming all stock quotes are shortlisted, with a 90% fund utilization rate. For a 2 billion Class A account, the cumulative yield since 2024 is 6.07%, and since 2025, it is 2.34%[39][40][41] - Similarly, the report estimates monthly IPO yields for Class B accounts of different scales. For a 2 billion Class B account, the cumulative yield since 2024 is 5.02%, and since 2025, it is 2.10%[44][45][46]

Core Insights - The article discusses the challenges and complexities of helping friends and relatives invest, highlighting the emotional and financial risks involved [1][5][12]. Investment Methods - **Account Buyout System**: The author previously used a method where friends' accounts were used to buy stocks, with profits shared. However, returns have diminished in recent years due to lower new stock profits [2]. - **Proportional Sharing System**: A model where the author invests 300,000 while the counterpart invests 100,000, sharing profits and losses. This method has yielded an annualized return of about 20% over the years [3]. - **Short-term Borrowing**: The author borrows money from trusted friends to invest in new stocks, repaying quickly, which has proven beneficial for both parties involved [4]. Emotional and Relational Dynamics - The author emphasizes the emotional toll of investing with close relatives, noting that expectations can lead to significant strain in relationships, especially during losses [6][11]. - There is a strong sentiment that helping others invest can lead to misunderstandings and conflicts, particularly when financial outcomes do not meet expectations [7][10]. Personal Experiences - The author shares past experiences of helping relatives invest, which often resulted in mixed outcomes, reinforcing the idea that different individuals have varying risk tolerances and investment knowledge [12][13]. - The article concludes that while it may seem beneficial to assist others in investing, the potential for relationship damage and emotional distress often outweighs the financial benefits [8][9].

New Project Launch Platforms Analysis - Buidlpad is highly recommended for its high certainty, suggesting a multi-account strategy [1] - Kaito allows participation using a Palau ID [2] - Legion has launched one project with Kraken, Yield Basis, but has high application difficulty [3] - Binance Booster combines new project launch with wealth management [4] - ECHO includes many secretly funded projects with varying accuracy [5] Investment Strategy - Secondary market performance of altcoins is generally weak, emphasizing the importance of early-stage participation such as new project launch [6] - Thorough research on new project launch is crucial in the current stage [6]

Project Overview - LAB 是 Legion 平台 ($YB) 之前的项目，当时超募，市场热度较高 [1] - LAB 旨在改变交易模式，即将进行 TGE (Token Generation Event)，目标是让社区成员参与交易、建设和拥有 [1] Token Performance & Allocation - 平台第二次分配给用户的 $YB 额度为 2000 美元 [1] Market Sentiment & Potential - 市场关注 LAB 是否能借助 Legion 平台打新的热度获得良好表现 [1]

Group 1: Market Overview - The Hong Kong stock market is experiencing a "new stock financing boom," with over 60 IPOs raising more than 150 billion HKD as of now [1] - On September 30, three new stocks, including Xipuni, were listed, with Xipuni's first-day surge of 258.11% exemplifying the market's enthusiasm [1] Group 2: Xipuni's IPO Details - Xipuni became the largest gold watch brand in China by market share, reaching 27.08% in 2024 [2] - The company offered 10.6 million shares globally, with only 10% allocated for Hong Kong, leading to a total subscription amount of approximately 4.92 billion HKD on the first day [2] - The oversubscription ratio for Xipuni reached 2505.9 times by the end of the offering period [2] Group 3: Stock Performance Analysis - Xipuni's stock price increased by 258.11% on its first day and further rose by 71.13% on the second day, before a decline of 7% on the third day [3] - Despite the price increase, trading volume decreased significantly from 282.28 million shares on the first day to 62 million shares by October 3, indicating a divergence between price and volume [3][5] Group 4: Future Outlook and Market Conditions - The potential for Xipuni to be included in the Hong Kong Stock Connect is a key factor for its future stock performance, with the current average market capitalization exceeding the entry threshold [6] - The stock market showed strong performance on October 2, with the Hang Seng Index surpassing 27,000 points, and gold-related stocks, including Xipuni, benefiting from this trend [8] - Xipuni's revenue has shown consistent growth from 2022 to 2025, with a notable 21.6% increase in the first five months of 2025 [9] - The company's net profit has been volatile but showed recovery in early 2025, with a gross margin increase from 19.8% in 2022 to 31.01% in the first five months of 2025 [9]

Platform Selection & Evaluation - The analysis focuses on selecting the optimal Initial DEX Offering (IDO) platform based on opportunity cost assessment [1] - KYC requirements vary across platforms, with Legion's process being notably cumbersome [1] - Surf Copilot is recommended as a tool for information gathering and decision-making [1] Platform Specific Analysis - **Buidlpad:** Projects are considered top-tier, with high potential returns, especially with multi-account strategies; $FF @FalconStable yielded returns of thousands of USD per account; $MMT @MMTFinance is a blue-chip DeFi on the Sui chain [1] - **Kaito Capital Launchpad:** Project quality is rated as medium-high, with potential for significant gains (e.g., HANA); multi-account participation may not be as beneficial due to priority weighting and Kaito staking requirements; individual accounts can allocate up to 1 million USD [1] - **Binance Booster:** The theoretical annual percentage yield (APY) is 11% in USDT and 10% in tokens; the token portion is based on a fully diluted valuation (FDV) of 80 million USD, presenting a potential arbitrage opportunity; multi-account participation is hindered by Binance's stringent KYC requirements [1] - **Legion:** The platform's rules are complex and participation-focused; large accounts are preferred, but scaling up is difficult and security risks are a concern [1] Risk Assessment - Legion platform carries a higher risk of account theft, potentially leading to loss of principal [1] - Binance's KYC requirements, including facial recognition, make multi-account strategies difficult [1]

Core Viewpoint - The sentiment surrounding new stock offerings, particularly for the company昊创瑞通, has shifted from fear of losses to a focus on maximizing gains, with investors now viewing initial public offerings (IPOs) as a lucrative opportunity rather than a risk [1][2]. Group 1: Market Sentiment and Investor Behavior - Investors are no longer worried about the possibility of a stock price drop on the first day of trading; instead, they are contemplating how to secure the highest returns from their investments [1][2]. - The initial trading of昊创瑞通 saw a significant price increase, opening at 58 yuan, which is a 176.2% rise from the issue price of 21 yuan, leading to potential profits of 18,500 yuan for early sellers [2][3]. - The stock price peaked at 75 yuan, representing a 257.14% increase, allowing for maximum profits of 27,000 yuan for those who sold at that point [3]. Group 2: Market Dynamics and Risks - Despite the initial surge, the stock price of昊创瑞通 experienced a decline, closing at 61.06 yuan, indicating volatility and the potential for losses for those who bought at higher prices [3][5]. - The phenomenon of "buying the hype" has led to a situation where some investors, driven by excitement, may find themselves facing significant losses as the market corrects itself after the initial euphoria [5][6]. - Historical patterns suggest that chasing high initial prices can lead to unfavorable outcomes, as the market often returns to a more rational valuation after the initial excitement fades [6].

Initial Public Offering (IPO) Opportunities - Legion 和海妖联合打新 YB 公售，募资规模为 5 million USDC，网络为 ETH 主网 [1] - YB 的 FDV 估值为 200 million 美元，TGE 时 100% 解锁 [1] - 海妖的第一个项目，建议进行 KYC 参与 [1] - Kaito 项目强烈建议参与，Base 官方和 Coinbase 提供支持 [2] - Kaito 项目有可能复制 AVNT 的路线 [2]

Core Viewpoint - The excitement and anxiety of investors who successfully subscribed to the new stock YouSheng Co. (友升股份) before its listing, focusing on the critical moment of selling on the first trading day [1][2]. Group 1: Stock Performance - YouSheng Co. opened at 90.02 yuan, a significant increase of 94.18% from the issue price of 46.36 yuan, leading to a potential profit of 21,830 yuan for investors who sold at the opening [2][4]. - The stock price peaked at 92 yuan shortly after opening but then experienced a decline, closing at 79.50 yuan, with a total market capitalization of 15.35 billion yuan and a dynamic price-to-earnings ratio of 34.65 times [4]. Group 2: Subscription and Abandonment - A total of 31,799,400 shares were subscribed by online investors, while 191,500 shares were abandoned, amounting to 8.8822 million yuan in unclaimed funds [4]. - The high abandonment rate surprised many investors, especially given the current trend of new stocks not typically experiencing a drop below the issue price on the first day [5]. Group 3: Investor Sentiment - Investors who received a subscription were filled with anticipation and anxiety regarding the optimal selling price, reflecting a psychological and timing challenge in the trading process [2][3]. - The high issue price of 23,180 yuan for 500 shares may have deterred some cautious investors from participating, leading to missed opportunities for those who did not subscribe [5].

Company Overview - The company operates as a national high-value medical device distributor, primarily engaged in direct sales and distribution of medical devices, and provides centralized operation services for medical consumables to end hospitals [5]. Financial Performance - The company's revenue for 2022 was 118.82 billion, projected to increase to 154.43 billion in 2023 and 179.23 billion in 2024 [6]. - Net profit for 2022 was 1.89 billion, expected to rise to 2.27 billion in 2023 and 2.74 billion in 2024 [6]. - Cash flow from operating activities was -1.75 billion in 2022, improving to -1.05 billion in 2023, and projected to be 0.46 billion in 2024 [6]. Industry Context - The company plays a crucial role in the medical device supply chain, linking manufacturers, distributors, and healthcare institutions [5]. - The high-value medical device market is expanding, driven by improvements in national healthcare insurance coverage and increasing public demand for higher quality medical services [11]. SWOT Analysis - Strengths include a vertically integrated management system and a unified business system for medical device distribution, enhancing operational efficiency [11]. - Opportunities arise from the growing market for high-value medical devices and supportive government policies promoting industry development [11][12]. - Weaknesses include a gap in management and operational standards compared to international peers, as well as high operational costs and significant capital requirements [12].