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 ...

Group 1: Company Highlights - YingShi Innovation, launched for subscription on May 30, has a global market share of 81.7% in the panoramic camera market, maintaining the number one position for six consecutive years [1] - The company has invested a total of 1.48 billion yuan in R&D from 2022 to 2024 [1] - Revenue is projected to increase from 2.041 billion yuan in 2022 to 5.574 billion yuan in 2024, with net profit rising from 407 million yuan to 995 million yuan during the same period [1] Group 2: Industry Insights - Youyou Green Energy, which started subscription on May 26, specializes in R&D, production, and sales of core components for DC charging equipment for new energy vehicles, holding a market share of 10.58% in a market that is expected to grow by 72.66 billion watts in 2023 [1] - Revenue for Youyou Green Energy is expected to grow from 988 million yuan in 2022 to 1.497 billion yuan in 2024 [1] - Hai'an Rubber, which is set for IPO on the Shenzhen Main Board on May 30, focuses on the R&D, production, and sales of giant all-steel engineering machinery radial tires, with projected revenues of 2.251 billion yuan in 2023, 2.3 billion yuan in 2024, and 468 million yuan in Q1 2025 [1] Group 3: IPO Details - Youyou Green Energy's IPO price is set at 89.6 yuan, with a price-to-earnings ratio of 15.37, compared to the industry average dynamic P/E ratio of 19.4 [1] - The IPO price for JiaoDa TieFa on the Beijing Stock Exchange is 8.81 yuan, with a price-to-earnings ratio of 13.42, while the industry average dynamic P/E ratio stands at 33.26 [1]

证 券 研 究 报 告 审核端加速明显，5月新受理10家企业 ——2025年北交所新股申购5月报 研究支持： 吕靖华 A0230124070002 证券分析师：刘靖 A0230512070005 王雨晴 A0230522010003 2025.06.04 主要内容 ◼ 融资&审核 ◼ 申购&发行 ◼ 上市&收益 (1) 5月1只新股上市，首日涨幅+441.68%，新股理论申购收益率为+0.177%，1-5月无新股首日破发。 (2) 2024年北交所新 股申购累计收益率+3.99%（发行新股23只），25年1-5月新股申购累计收益率+0.50%（仅考虑中签率和涨幅，不考虑产品 现金冗余）。 ◼ 2025年新股申购收益及收益率预测 www.swsresearch.com 证券研究报告 2 (1) 2025年5月北交所发行新股1只，募资金额1.68亿；2025年1-5月累计发行新股4只，合计募资金额17.02亿。 (2) 5月3家企业上会通过，环比-1家；3家企业终止，环比持平；新增受理10家企业。 (3）截止至5月末，已过会未注册企业11家，拟募资25.11亿元；已注册未发行企业1家，拟募资2.00亿元。 (1) ...

本报记者 毛艺融 截至2025年6月3日收盘，今年以来港股IPO首发募资总额已达773.61亿港元。其中，宁德时代以410亿港元成为年内新股募 资王，占总额的53%。 从市场表现来看，港股打新赚钱效应显著回升。从新股数量与破发率来看，年内累计上市新股28只。其中，有15只在上市 首日破发，破发率53.57%。首日涨幅中位数13.3%，显著高于港股通公司。 港股打新赚钱效应的回升，是市场环境改善、优质企业供给、政策支持、投资者结构优化等多重因素的加持。香港交易所 在5月份推出"科企专线"，鼓励优质科技企业赴港上市。随着宁德时代、恒瑞医药等A股龙头企业陆续赴港二次上市，"A+H"公 司愈发获得机构投资者青睐，国际长线基金成为基石投资者的热情不断提升，散户对参与打新的兴趣也愈发浓厚。 IPO超额认购不断涌现 今年以来，港股打新高潮迭起。例如，5月15日，宁德时代港股公开发售结束，融资认购倍数超120倍，认购金额突破2800 亿港元，位居近半年港股新股冻资榜第三。5月19日，恒瑞医药提前截止认购，香港公开发售获得454.85倍认购，国际发售获得 17.09倍认购，孖展认购逾2200亿港元，在近半年港股新股冻资榜紧跟在 ...

Group 1 - The stock price of Huabao New Energy (301327.SZ) closed at 47.91 yuan, with a decline of 1.22%, and a total market capitalization of 8.355 billion yuan, indicating that the stock is currently in a state of loss [1] - Huabao New Energy was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on September 19, 2022, with an issuance of 24,541,666 shares, accounting for 25.56% of the total post-issue share capital, at an issue price of 237.50 yuan per share [1] - The total funds raised from the initial public offering (IPO) amounted to 582.86 million yuan, with a net amount of 559.46 million yuan after deducting issuance costs, which was 491.84 million yuan more than the original plan of 67.62 million yuan [1] - The funds raised are intended for expansion of portable energy storage products, construction of a research and development center, establishment of a brand data center, and to supplement working capital [1] Group 2 - On May 20, 2023, Huabao New Energy announced the implementation of its 2022 annual profit distribution plan, which included a cash dividend of 20.83 yuan per 10 shares (totaling 199.97 million yuan) and a capital reserve transfer of 3 shares for every 10 shares held, increasing the total share capital to 124.8 million shares [2] - The company stated that if there are changes in the total share capital between the announcement of the profit distribution plan and the record date, the distribution ratio will be adjusted while maintaining the total cash dividend amount fixed [2] Group 3 - On May 24, 2025, Huabao New Energy disclosed its 2024 annual profit distribution plan, proposing a cash dividend of 11.50 yuan per 10 shares (after tax) and a capital reserve transfer of 4 shares for every 10 shares held [3] - The tax treatment for dividends varies based on the type of shareholder, with different rates applied to Hong Kong investors, QFII, RQFII, and domestic investors, ensuring compliance with tax regulations [3]