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 ...

现在打新也特别多，前几天不是有个kito的跑路了吗。我的建议是，大热盘stable，mega，mmt啥的打打得了，跑路至少有其他老师帮你维权。别自作聪明搞点歪门邪道，最主要是现在不是无脑接盘，没其他老师帮你喊韭菜接盘。你打新出来的也是垃圾，没收益的。反正我是只搞了stble，稳健点啊。还有就是，套保小心点吧，散户盘可以随便套，庄盘真悠着点（很重要的） ...

- The report tracks the recent IPO performance in the A-share market, including 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 trading day, ignoring lock-up restrictions[2][10][39] - For A-class accounts with a scale of 2 billion, the IPO yield since the beginning of 2025 until October 31, 2025, is 2.65%, while for B-class accounts of the same scale, the yield is 2.23%[2][10][39] - For larger accounts with a scale of 10 billion, the IPO yield for A-class accounts is 0.96%, and for B-class accounts, it is 0.73%[2][10][39] - The average first-day increase for Sci-Tech Innovation Board stocks is 219.94%, while for ChiNext stocks, it is 244.28%[2][18][39] - The report calculates the theoretical IPO yield using the formula: $ Class Full Subscription Quantity = Maximum Subscription Limit × Average Class Offline Winning Rate $ $ Full Subscription Yield = (First Opening Price - Initial Offering Price) × Full Subscription Quantity $[38][39][41] - The full subscription yield for individual stocks mostly ranges between 5 to 100 thousand yuan, with the highest yields being C奕材-U (98.18 thousand yuan), C禾元-U (78.03 thousand yuan), and 联合动力 (50.81 thousand yuan)[38][39][41] - The report provides detailed monthly IPO yield calculations for different account scales (1.5 billion, 2 billion, 3 billion, 5 billion, and 10 billion) across Sci-Tech Innovation Board, ChiNext, and Main Board, assuming 90% capital utilization efficiency and all quotes successfully included[39][42][46]

4公司IPO上会 据目前安排，若无变化本周（11月3日到7日）有3只新股申购。其中科创板1只，创业板1只，北交所1 只。 本周3股打新 截至发稿，本周网上发行1只新股披露发行价。北交所新股北矿检测发行价为6.7元，发行市盈率14.99 倍，行业最近一个月平均动态市盈率38.04倍。 11月7日启动申购的科创板新股恒坤新材致力于集成电路领域关键材料的研发与产业化应用，是境内少 数具备12英寸集成电路晶圆制造关键材料研发和量产能力的创新企业之一，主要从事光刻材料和前驱体 材料等产品的研发、生产和销售。 本次IPO，恒坤新材拟募资10.07亿元，分别用于集成电路前驱体二期项目和集成电路用先进材料项目。 公司募集资金围绕公司的主营业务展开，通过本次募投项目的实施，将带动公司创新产品的研发与应 用，进一步完善公司产品结构，推动公司技术创新，促进相关产品国产化水平的提升。 11月7日启动申购的南网数字基于新一代信息技术，为电力能源等行业客户提供数字化建设综合解决方 案，致力于构建世界一流的电网数字化、智能化创新平台；同时，公司凭借在电力能源行业数字化转型 业务实践中积累的技术和经验，正逐步将产品及服务拓展到交通、水务燃气 ...

策略定期研究 2025 年 11 月 2 日 10 月新股上市及基金收益月度跟踪 投资要点： 相关报告 团队成员 分析师 周浦寒 执业证书编号：S0210524040007 邮箱：zph30515@hfzq.com.cn 分析师 章孟菲 执业证书编号：S0210525020004 邮箱：zmf30020@hfzq.com.cn 《8 月新股上市及基金收益月度跟踪》 2025/9/2 《7 月新股上市及基金收益月度跟踪》 2025/8/4 策 略 研 究 策 略 定 期 研 究 证 券 研 究 报 告 1 华福证券 IPO 发行规模与节奏：2025 年 10 月 A 股市场 IPO 融资总规模为 57.07 亿元，环比下降 72%。其中，主板融资规模为 32.48 亿元，北交所融资 规模为 8.58 亿元。A 股市场共发行新股 10 只，低于上月。其中，主板发 行 3 只，北交所 4 只，科创板 2 只，创业板 1 只。 项目储备与审核进展：截至 10 月末，A 股各板块审核通过尚未发行的 IPO 项目共计 32 个，拟募资规模合计 399.6 亿元。其中：创业板占比 5%（3 家），主板/科创板占比 33%/ ...

打新平台与项目分析 - Buidlpad 上的 @MMTFinance 项目问题本质是参与者过多导致资源分配不足[1] - Buidlpad 推出创业板 Vibe，可能存在一定的 alpha 机会[1] - 中文区域买盘和资金量过大，对打新阶段的资源分配造成压力[1] 市场趋势与周期 - 公平发射到 VC 币再到公平发射的周期切换速度加快，以往三个月以上的周期现在缩短到一个甚至几周[1] - 以 Bsc meme 为代表的新一轮，一个月内市值从 4 美元增长到 500 million 美元，达到天花板位置[1]

Kaito 这个模式感觉就是可能有惊喜也可能有惊吓……发现 Hana、Boundless 和 Limitless 从结果上来看算一个惊喜，今天这个就惊吓了……从模式上来说 Buidlpad 和 HoloLaunch 的模式可能确定性会更强一点，上项目的周期更短，但是确定性更强以及 Binance wallet 的 Pre-TGE Prime 销售是一个确定性更强的选项，但单号的资金容量就更小了Yuyue 🥊 (@yuyue_chris):这里展开说下 @KaitoAI 的打新模式，很多小伙伴还不清楚这个平台的机制。整体来说是有时间权重 + 生态优先级的，我自己是 Top Yapper + 低位买的质押了一些 Kaito通常来说大热门的项目都是需要第一时间冲的，群友 @ZKSgu 分析了一下，玩几个小时，会少几个点时间权重，所以像是 zkPass https://t.co/Pe9JZ7GSS4 ...

Initial Public Offering (IPO) Participation Strategies - KaitoAI's IPO model incorporates time-weighted factors and ecosystem priorities, rewarding early participation and engagement within the platform [1] - Popular projects often require immediate participation due to the time-weighted system, where delaying participation by even a few hours can reduce potential gains [1] - Projects with lower oversubscription rates may offer potential profits but involve longer holding periods and a risk of price decline after listing [1] Specific IPO Examples - The user participated in the PlayAI and Novastro IPOs, both characterized by lower oversubscription rates [1] - Novastro is expected to yield profits, with listings announced on Gate and Kucoin exchanges [1] Upcoming IPO Opportunities - Buidlpad @MMTFinance is accepting funds for only one day [1] - Holoworld AI's @JoinFightID IPO, officially supported by UFC, is available on SOL [1]

- The report tracks the recent IPO market performance, focusing on the net gains from new stock listings across 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 trading day, excluding lock-up restrictions[1][11][39] - The cumulative IPO net gains for A-class accounts with a scale of 2 billion reached 2.44%, while B-class accounts of the same scale achieved 2.19% as of October 24, 2025[11][39] - For larger accounts with a scale of 10 billion, the IPO net gains were significantly lower, with A-class accounts at 0.77% and B-class accounts at 0.70%[11][39] - The average first-day price increase for Sci-Tech Innovation Board stocks was 218.45%, while ChiNext stocks saw an average increase of 244.28%[1][16] - The report provides detailed calculations for theoretical IPO gains, using formulas such as: $ Full subscription quantity = Maximum subscription limit × Average offline subscription rate $ $ Full subscription gains = (First-day average price - IPO price) × Full subscription quantity $[35][39] - The highest full subscription gains among recent IPOs were achieved by United Power, Jindal Zhixin, and C Marco, with gains of 50.81, 12.58, and 11.03 million yuan respectively[35][38] - The report also includes monthly tracking of IPO gains for A-class accounts across different scales, showing a cumulative gain rate of 6.17% for 2 billion accounts since 2024, and 2.44% for 2025 alone[39][41] - Similar tracking for B-class accounts reveals a cumulative gain rate of 5.11% for 2 billion accounts since 2024, and 2.19% for 2025 alone[47][45] - The report highlights the IPO subscription process, including strategic placement, offline inquiry, and online pricing methods, with detailed statistics on subscription rates, oversubscription multiples, and effective subscription ratios for recent IPOs like Xi'an Yicai and Bibet[24][25]

Company Overview - Daming Electronics focuses on automotive electronic components and is a comprehensive solution provider for automotive body electronic control systems design, development, production, and sales [1] - The company has achieved full series product design autonomy and diversification in automotive body electronic control systems, with 166 patents, including 16 invention patents [1] Financial Performance - Daming Electronics' revenue for 2022, 2023, and 2024 is projected to be 1.713 billion, 2.147 billion, and 2.727 billion respectively [2] - The net profit attributable to the parent company for the same years is expected to be 143 million, 196 million, and 279 million respectively [2] - In 2024, Changan Automobile is expected to contribute over 650 million to Daming Electronics' revenue, accounting for over 24% of total revenue [2] Market Position - Daming Electronics has established a strong customer base, including major domestic brands such as Changan, SAIC, FAW, BYD, and Geely, as well as foreign brands like Ford, Toyota, and Scania [1] - The company has a significant presence in both the domestic and international automotive supply chains [1] Investment Opportunity - The upcoming IPO of Daming Electronics is set for October 24, with all raised funds allocated to a new factory project and working capital [1] - The recent performance of new stocks in the A-share market has shown significant returns, with an average first-day increase of over 200% for 78 new stocks listed this year [2]