Group 1 - In December 2025, 18 new stocks were listed, raising over 30 billion yuan, with a total of 114 new stocks for the year, raising 130.5 billion yuan [5] - The average first-day increase for new stocks in the main board and dual innovation board was 214% and 296% respectively, with initial inquiry allocation targets being 9,094 for the main board and 8,158 for the dual innovation board [5] - The new stock subscription yield for accounts with a scale of 5 billion yuan in December 2025 was approximately 0.91% for Class A and 0.37% for Class B, with annual yields of 2.63% and 1.77% respectively [5] Group 2 - The People's Bank of China announced a net liquidity injection of 50 billion yuan through government bond purchases in December 2025, which is significantly lower compared to the monthly net purchases of 100 to 300 billion yuan from August to December 2024 [6] - The cautious approach to controlling the scale of bond purchases is deemed appropriate in the initial months following the resumption of bond buying [6] Group 3 - The new regulations for commercial real estate REITs have been implemented, marking the beginning of a new chapter for the REITs market [8] - The commercial real estate REITs pilot program is expected to accelerate, and investors are encouraged to pay attention to the first batch of products [8] - The quality of projects remains a fundamental investment basis, with a focus on products that have strong demand for underlying assets [8] Group 4 - Huayou Cobalt Co., Ltd. is expected to achieve a net profit of 5.85 to 6.45 billion yuan for 2025, representing a year-on-year growth of 40.8% to 55.2% [8] - The net profit for Q4 2025 is projected to be between 1.63 to 2.23 billion yuan, with a median of 1.93 billion yuan, indicating a quarter-on-quarter increase of 28% and a year-on-year increase of 70% [8] Group 5 - Hengyi Petrochemical has fully launched the second phase of its Brunei refining project, aiming for completion by the end of 2028 [9] - Salt Lake Industry is expected to achieve a net profit of 8.29 to 8.89 billion yuan for 2025, reflecting a year-on-year growth of 77.78% to 90.65% [9] - The net profit after deducting non-recurring gains and losses is projected to be between 8.23 to 8.83 billion yuan, with a year-on-year growth of 87.02% to 100.66% [9]

Summary of Key Points Core Viewpoint - The new stock issuance scale has weakened month-on-month, but the monthly fundraising remains at the level of 10 billion yuan, with a total of 101.88 billion yuan raised in November 2025, reflecting a decrease of 20.84% compared to the previous month [4]. Group 1: New Stock Issuance Overview - In November 2025, a total of 11 new stocks were listed, including 4 on the main board, 1 on the ChiNext, 1 on the Sci-Tech Innovation Board, and 5 on the Beijing Stock Exchange, raising a total of 101.88 billion yuan, down 20.84% month-on-month [4]. - Year-to-date, 96 new stocks have been listed, comprising 32 on the main board, 30 on the ChiNext, 11 on the Sci-Tech Innovation Board, and 23 on the Beijing Stock Exchange, with total fundraising reaching 990.82 billion yuan [4]. - The number of offline inquiry accounts continues to grow, indicating sustained high demand for new stock subscriptions [4]. Group 2: Performance of New Stocks - For the main board, the average first-day increase of new stocks in November 2025 was 177.80%, a decrease of 129.77 percentage points compared to the previous month [4]. - In the dual innovation sector (ChiNext and Sci-Tech Innovation Board), two new stocks had an average first-day increase of 267.69%, an increase of 105.49 percentage points month-on-month [5]. Group 3: New Stock Subscription Returns - In November 2025, the new stock subscription returns for a 500 million yuan account on the main board were 0.037% for A-class and 0.035% for B-class accounts [6]. - The cumulative returns for A-class accounts in 2025 were 1.716%, while B-class accounts had cumulative returns of 1.399% [7].

Group 1 - The new stock fundraising scale has decreased month-on-month, with a total of 11 new stocks listed in November 2025, raising 10.188 billion yuan, but still maintaining a fundraising level above 10 billion yuan [4] - The average first-day increase for new stocks on the main board and the dual innovation board was 177.8% and 267.7%, respectively, indicating strong initial market performance [4] - The number of offline inquiry accounts continues to grow, reflecting sustained high demand for new stock subscriptions [4] Group 2 - The market sentiment has cooled slightly, with the proportion of rising stocks in the CSI 300 index decreasing month-on-month, although it remains above 50% [5] - Momentum indicators show a downward trend, suggesting a cautious outlook for the near future [5] - The CSI 300 index is currently in a non-prosperous emotional zone, indicating potential challenges ahead [5] Group 3 - The inbound tourism market in China is entering a high-quality development phase, driven by visa-free policies and cultural outreach, with significant growth potential [6] - Leading OTA companies like Ctrip and Trip.com are expected to benefit from the inbound tourism boom, while Tongcheng Travel is expanding into international markets [6] - Zhongxin Tourism is gradually starting its inbound tourism business, leveraging its rich domestic and international supply chain resources [6] Group 4 - The price of electrolytic cobalt reached 400,000 yuan per ton, with a month-on-month increase of 1.8%, indicating rising costs in the materials sector [7] - The price of carbon fiber remained stable at 83.8 yuan per kilogram, with a gross profit margin of -9.53 yuan per kilogram [7] Group 5 - The commercial aerospace sector is entering a new phase of rapid development, with the introduction of a three-year action plan and the establishment of a commercial aerospace department by the National Space Administration [7] - Investment opportunities in the commercial aerospace industry are being highlighted as a result of these developments [7] Group 6 - Xiaopeng Motors reported a year-on-year increase of 18.9% in deliveries, totaling 36,728 vehicles, while NIO saw a significant year-on-year increase of 147.9% [8] - Li Auto's deliveries decreased by 31.9% year-on-year, totaling 33,181 vehicles, indicating varying performance among new energy vehicle manufacturers [8] Group 7 - Shuiyang Co., Ltd. announced an employee stock ownership plan, reflecting long-term development confidence, with a funding source of up to 51.04 million yuan [8] - The plan involves a maximum of 938 participants and includes stock repurchased at a price of 20.46 yuan per share, accounting for 0.64% of the total share capital [8]

Summary of Key Points Core Viewpoint - The report highlights a significant reduction in the number and scale of new stock issuances in May 2025, indicating a challenging environment for new listings in the market [3]. New Stock Issuance Overview - In May 2025, a total of 6 new stocks were listed, comprising 2 from the main board, 2 from the ChiNext, 1 from the Sci-Tech Innovation Board, and 1 from the Beijing Stock Exchange, raising a total of 3.456 billion yuan, a decrease of 58.20% month-on-month [3]. - Among these, 5 stocks participated in offline issuance, raising a total of 3.185 billion yuan, which is a 58.69% decrease from the previous month [3]. - The average first-day price increase for new stocks on the main board was 110.58%, down 130.11 percentage points month-on-month, with a total of 7,110 participating institutions and a bid-winning rate of 94.92%, up 1.54 percentage points [3]. - For the dual innovation board (ChiNext and Sci-Tech Innovation Board), the average first-day price increase was 140.15%, down 79.58 percentage points, with no stocks experiencing a price drop [3]. New Stock Investment Returns Calculation - In May 2025, the new stock investment return rates for a 500 million yuan account were as follows: Main Board A class: 0.014%, C class: 0.013%; ChiNext A class: 0.021%, C class: 0.020%; Sci-Tech Innovation Board A class: 0.010%, C class: 0.010% [4]. - The monthly new stock return for A class accounts in May 2025 was approximately 0.045%, with a cumulative return of 0.575% for the year; for C class accounts, the monthly return was approximately 0.043%, with a cumulative return of 0.504% [4].

Group 1: New Stock Market Performance - In April 2025, a total of 10 new stocks were listed, with 6 on the main board and 4 on the ChiNext, raising a total of 8.269 billion yuan [4] - The average first-day increase for main board new stocks was 240.69%, while ChiNext new stocks saw an average increase of 219.73%, with no stocks experiencing a decline [4] - The average quotation inclusion rate for main board new stocks was 93.38%, and for ChiNext, it was 97.63% [4] Group 2: REITs Market Overview - As of April 30, 2025, the number of public REITs in China reached 65, with a total issuance scale of 173.026 billion yuan [5] - The weighted REITs index closed at 134.98, with a monthly return rate of 0.65% [5] - Compared to other major asset classes, the return rates ranked from high to low were: gold, pure bonds, US stocks, REITs, convertible bonds, A-shares, and crude oil [5] Group 3: Communication Industry Performance - In Q1 2025, the communication industry saw significant growth, with 170 A-share companies achieving a total net profit attributable to shareholders of 52.513 billion yuan, a year-on-year increase of 5.4% and a quarter-on-quarter increase of 88.3% [6] - Excluding the three major operators, the net profit attributable to shareholders was 10.412 billion yuan, up 13.7% year-on-year [6] - The communication sector presents structural opportunities, with the long-term logic of operators remaining valuable and certain sub-sectors showing positive growth potential [6] Group 4: Ming Tai Aluminum Industry Analysis - Ming Tai Aluminum achieved operating revenue of 32.321 billion yuan in 2024, a year-on-year increase of 22.23%, and a net profit attributable to shareholders of 1.748 billion yuan, up 29.76% [6] - In Q1 2025, the company reported operating revenue of 8.124 billion yuan, a year-on-year increase of 13.07%, and a net profit of 440 million yuan, up 21.46% [6] - The company has seen a significant increase in net profit per ton, and its product structure is continuously improving despite the cancellation of export tax rebates [6] Group 5: Hua Mao Technology Growth - Hua Mao Technology reported operating revenue of 2.213 billion yuan in 2024, a year-on-year increase of 7.67%, and a net profit of 277 million yuan, up 14.64% [8] - In Q1 2025, the company achieved operating revenue of 537 million yuan, a year-on-year increase of 14.37%, and a net profit of 86 million yuan, up 60.34% [8] Group 6: Jian Kai Technology Transition - Jian Kai Technology's 2024 annual report showed operating revenue of 227 million yuan, a year-on-year decrease of 22.26%, and a net profit of 30 million yuan, down 74.22% [9] - In Q1 2025, the company reported operating revenue of 69 million yuan, a year-on-year increase of 6.66%, and a net profit of 12 million yuan, down 17.79% [9] Group 7: Kai Yin Technology Revenue Decline - Kai Yin Technology's 2024 annual report indicated operating revenue of 1.230 billion yuan, a year-on-year decrease of 12.87%, while net profit increased by 22.18% to 142 million yuan [9] - In Q1 2025, the company achieved operating revenue of 232 million yuan, a year-on-year increase of 8.90%, and a net profit of 26 million yuan, up 15.92% [9]

New Stock Issuance Overview - In April 2025, there were 10 new stocks listed, with 6 on the main board and 4 on the ChiNext, raising a total of 8.269 billion yuan, a decrease of 10.29% month-on-month [2] Offline Issuance Participation - A total of 9 stocks participated in offline issuance, with 5 on the main board and 4 on the ChiNext, raising a combined amount of 7.709 billion yuan, an increase of 13.94% month-on-month [3] - The average first-day increase for new stocks on the main board was 240.69%, a decrease of 45.70 percentage points month-on-month, with 7,649 entities participating in the initial inquiry and a successful bid rate of 93.38%, down by 3.53 percentage points [3] - For the dual innovation sector (ChiNext and Sci-Tech Innovation Board), the average first-day increase was 219.73%, an increase of 12.22 percentage points month-on-month, with no stocks experiencing a decline [3] New Stock Investment Returns - In April 2025, the estimated new stock investment returns for a 500 million yuan account were 0.039% for A-class and 0.033% for C-class on the main board, while for the ChiNext, the returns were 0.073% for A-class and 0.064% for C-class [4] - Cumulative returns for A-class accounts in 2025 were approximately 0.529%, while C-class accounts had cumulative returns of about 0.461% [4]