策略定期研究 2026 年 1 月 5 日 12 月新股上市及基金收益月度跟踪 投资要点： 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 相关报告 《美股圣诞行情引领市场创新高》 2025/12/29 《住建会议定调 2026 房地产》 2025/12/29 《关键数据落地发布强化降息逻 辑》 2025/12/21 策 略 研 究 e p y T t r 策 略 定 期 研 究 证 券 研 究 报 告 1 Table_First o p b a T | e R _ e l F _ e l b a t s r i T ➢ IPO 发行规模与节奏：2025 年 12 月 A 股市场 IPO 融资总规模为 111.56 亿元，环比下降 54%。其中，主板融资规模为 56.12 亿元，北交所融资 规模为 6.04 亿元。 A 股市场共发行新股 11 只，与上月持平。其中，主 板发行 5 只，北交所 2 只，创业板 2 只。 ➢ 项目储备与审 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及全体董事、高级管理人员保证信息披露的内容真实、准确、完整、及时，没有虚假记载、误导 性陈述或重大遗漏。 经上海证券交易所审核同意，陕西旅游文化产业股份有限公司（以下简称"本公司"、"陕西旅游"或"发 行人"）发行的人民币普通股股票将于２０２６年１月６日在上海证券交易所主板上市，上市公告书全 文和首次公开发行股票的招股说明书全文披露于上海证券交易所网站（ｈｔｔｐ：／／ｗｗｗ．ｓｓ ｅ．ｃｏｍ．ｃｎ／）和符合中国证监会规定条件网站（中证网：ｈｔｔｐ：／／ｗｗｗ．ｃｓ．ｃｏ ｍ．ｃｎ；中国证券网：ｈｔｔｐ：／／ｗｗｗ．ｃｎｓｔｏｃｋ．ｃｏｍ；证券时报网：ｈｔｔｐ： ／／ｗｗｗ．ｓｔｃｎ．ｃｏｍ；证券日报网：ｈｔｔｐ：／／ｗｗｗ．ｚｑｒｂ．ｃｎ；经济参考 网：ｈｔｔｐｓ：／／ｗｗｗ．ｊｊｃｋｂ．ｃｎ；中国金融新闻网：ｈｔｔｐ：／／ｗｗｗ．ｆｉｎ ａｎｃｉａｌｎｅｗｓ．ｃｏｍ．ｃｎ；中国日报网：ｈｔｔｐ：／／ｗｗｗ．ｃｈｉｎａｄａｉｌ ｙ．ｃｏｍ．ｃｎ），供投资者查阅。 一、上市概况 本公司提醒广大投资者注意首次公开发行股票（以下简称"新股"）上市初期的投资风险 ...

Core Viewpoint - The stock of Hengtong Optics (920045) surged over 1000% on its debut at the Beijing Stock Exchange, indicating strong market interest and potential for high returns in the IPO sector [1][2]. Company Overview - Hengtong Optics specializes in passive optical devices for optical communication, with products utilized by major global cloud service providers like Google and Amazon [2]. - The company went public on December 31, becoming the last listed company on the Beijing Stock Exchange for 2025, contributing to a total of 26 new listings for the year [2]. Financial Performance - The IPO raised approximately 32.38 million yuan, with a total of 8,461.46 billion yuan frozen for subscription, resulting in a low winning rate of 0.03% [2]. - Projected net profits for Hengtong Optics from 2022 to 2024 are 55.33 million yuan, 64.53 million yuan, and 148 million yuan, reflecting year-on-year growth rates of 347.21%, 16.62%, and 128.71% respectively [3]. - Key financial metrics for 2024 include total assets of 1.39 billion yuan, net assets of 507.71 million yuan, and operating income of 1.32 billion yuan [4]. Market Context - In 2023, 116 new stocks were listed, with 64 of them experiencing first-day gains exceeding 200%. Notably, five companies had first-day increases over 500%, with Dapeng Industrial leading at 1211.11% [5]. - Hengtong Optics is positioned to rank high among new stocks based on its debut performance, potentially securing a place among the top gainers [5].

Core Viewpoint - The A-share market experienced a relatively flat performance, but new stocks became a highlight, with 蘅东光 achieving a maximum intraday increase of 1128%, marking it as the second stock this year to rise over 10 times on its first trading day [1][2][3]. Summary by Sections New Stock Performance - 蘅东光 opened with a surge exceeding 1000%, reaching a maximum intraday increase of 1128%, making it the second stock in 2025 to achieve such a rise on its debut, following 大鹏工业, which had a maximum increase of 1666.67% [3]. - 新广益 also listed today, experiencing a maximum increase of 337.21% before triggering a trading halt [6]. Company Profiles - 蘅东光 focuses on the research, development, manufacturing, and sales of passive optical devices in the optical communication field, with major products including optical fiber connectors and passive optical components. The company has established long-term stable partnerships with notable clients such as AT&T, Verizon, Google, and Amazon, among others [5]. - 新广益 specializes in the research, production, and sales of high-performance specialty functional materials, including anti-overflow adhesive films and high-resistance specialty films. Since its establishment in 2004, the company has aimed for technological innovation and has become a leading player in its market segment [8].

Core Viewpoint - N Yufan (001396) debuted today with a significant opening increase of 169.18%, closing with a rise of 124.36%, indicating strong market interest and investor confidence in the company's offerings [2] Company Performance - N Yufan's total shares issued were 26.73 million, with an online issuance of 17.64 million shares at a price of 22.29 yuan per share, resulting in a price-to-earnings ratio of 19.77, which is below the industry average of 35.36 [2] - The final online issuance success rate was 0.0164442901%, reflecting a competitive demand for the shares [2] - The company raised a total of 596 million yuan, which will be allocated to enhancing urban pipeline operation and maintenance services, supplementing working capital, and constructing a research and development center [2] Industry Context - N Yufan operates in the field of smart diagnostics and health assessments for drainage pipeline systems, as well as damage remediation and operational maintenance, showcasing a comprehensive business system with independent operational capabilities [2] - Other newly listed stocks today included N Shuangxin (001369) with a closing increase of 187.30% and N Qiangyi (688809) with a rise of 165.61%, indicating a robust performance across the new listings [2]

强一股份于科创板上市，发行价格85.09元/股。截至发稿股价报233.01元/股，涨幅为173.84%，总市值 为301.9亿元。若投资者中一签并以早间曾达到的最高价276.82元/股卖出，将获利9.59万元。 12月30日，在2025年的倒数第二个交易日，A、H两地共迎来9只新股首发上市，热闹非凡。 A股方面，双欣环保、誉帆科技、强一股份三只新股今日上市。其中，双欣环保于深交所主板上市，发 行价6.85元/股。截至发稿股价报20.71元/股，涨幅为202%，总市值为237.5亿元。若投资者中一签并以 早间曾达到的最高价25元/股卖出，将获利9075元。 誉帆科技于深交所主板上市，发行价22.29元/股。截至发稿股价报55.81元/股，涨幅为150%，总市值为 59.66亿元。若投资者中一签并以早间曾达到的最高价64.50元/股卖出，将获利2.11万元。 截至发稿，英矽智能股价报34.28港元/股，涨幅为42.54%，总市值为191.1亿港元；五一视界报35.8港元/ 股，涨幅为17.38%，总市值为145.5亿港元；卧安机器人报73.8港元/股，总市值为164亿港元；林清轩报 88.25港元/股，总市值为1 ...

Group 1 - The core viewpoint of the article is that Lexin Outdoor International Limited has submitted its listing application to the Hong Kong Stock Exchange for the third time, with CICC as its sole sponsor [1] - Lexin Outdoor focuses on fishing equipment and has established a comprehensive and diversified product portfolio, including beds, chairs, accessories, bags, and tents [1] - According to Frost & Sullivan, Lexin Outdoor is the largest fishing equipment manufacturer globally, with a market share of 23.1% based on 2024 revenue [1] Group 2 - The company holds a 1.3% market share in the global fishing tackle manufacturing market, based on 2024 revenue [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及全体董事、高级管理人员保证信息披露的内容真实、准确、完整、及时，没有虚假记载、误导 性陈述或重大遗漏。 经上海证券交易所（以下简称"上交所"）审核同意，强一半导体（苏州）股份有限公司（以下简称"强 一股份"、"发行人"或"公司"）发行的人民币普通股股票将于2025年12月30日在上海证券交易所科创板 上市，上市公告书全文和首次公开发行股票的招股说明书全文在上交所网站（http://www.sse.com.cn/） 和符合中国证监会规定条件网站（中国证券网：https://www.cnstock.com；中证网： https://www.cs.com.cn；证券时报网：https://www.stcn.com；证券日报网：http://www.zqrb.cn；经济参考 网：http://www.jjckb.cn；金融时报网：https://www.financialnews.com.cn；中国日报网： https://www.chinadaily.com.cn）披露，并置备于发行人、上交所、本次发行保荐人（主承销商）中信建 投证券股份有限公司的住所，供公 ...

追涨杀跌是所有散户的一个通病，看看今天上市的新股，发行价刚出来那会儿没人搭理，一拉升全冲进去了，结果收盘一看，心直接凉了半截。更别提明 天了，照这个架势，低开几个点都算客气的，要知道新股上市前五天是没有涨跌幅限制的！ 看看纳百川这只股票，发行价22.63元，开盘的时候涨165%，股价在60多块，对于一只新股来说，这都还算正常，毕竟大部分新股上市第一天都会大涨， 对于中签的散户来说，看到涨这么多，有的早盘直接就卖了，先落袋为安，就不管那么多了！ 下午开盘，还算正常，可到了下午两点，画风突变，直线拉到第一次临停，十分钟后复牌，继续猛冲，直接飙到324%。你以为这就完了？没门。二次临 停结束，股价像是打了鸡血，一口气蹿到642%！这个时候冲进去的，收盘直接倒亏36.5%。算笔账你就明白了——10万块冲进去，收盘只剩6万出头，一 天蒸发快四万，短短几分钟时间，就亏4万，这谁能受得了！ 纳百川主要专注于动力电池热管理相关产品的研发、生产和销售，产品包括电池液冷板、电池集成箱体等。锡华科技则专注于大型高端装备专用部件的研 发、制造与销售，其产品结构以风电齿轮箱专用部件为主，占比较高！ 通过纳百川的财务数据可以看到，公司2 ...

（原标题：江天科技上市首日获融资买入770.21万元，占成交额的1.05%） | 代码 | 简 称 | 上市日期 | 上市首日 涨跌（%） | 上市首日 | 占流通 | 上市首日 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 融资余额 | 市值比例 | 融券余额 | | | | | | （万元） | （%） | （万元） | | 920121 | 江天科技 | 2025.12.25 | 180.58 | 689.72 | 0.97 | 0.00 | | 688805 | C健信 | 2025.12.24 | 212.81 | 8214.40 | 4.48 | 0.00 | | 603248 | C锡华 | 2025.12.23 | 264.46 | 4956.16 | 1.94 | 0.00 | | 301449 | C天溯 | 2025.12.23 | 174.48 | 3614.30 | 2.57 | 0.00 | | 301667 | C纳百川 | 2025.12.23 | 408.17 | 4620.54 | 1.79 | 0.00 | ...