证券研究报告 2025 年 11 月 24 日 星期一 【新股发行跟踪（20251124）】 一、上周新股表现情况 上周（11 月 17 日-11 月 21 日）共有 4 只新股上市，上市首日涨跌幅 均值为 510.51%。其中，有 4 只新股上市首日涨幅超 100%，为大鹏工业、 北矿检测、恒坤新材、南网数字。上周无新股首日破发。 资料来源：东莞证券研究所，iFinD 二、周度新股上市情况走势 从周度新股上市规模来看，上周（11 月 17 日-11 月 21 日，下同）较 上上周（11 月 10 日-11 月 14 日，下同）相比，上市新股数量多 4 只，首 发募资金额多 40.49 亿元。 从周度上市新股表现来看，上周与上上周均无新股首日破发，与上上 周相比，上周首日涨幅超 100%的新股数量有所上升，上市首日涨跌幅均 值亦上升。 表 2：周度新股上市概况 | 期间 | | 新股上市数（主 | | 首发募资 | 首日破 | 首日涨超 | 首日涨跌幅范围 | 首日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 板/双创） ...

1只新股今日发行，摩尔线程发行7000.00万股，发行价114.28元，募资金额80.00亿元。 证券时报·数据宝统计显示，以发行日期为基准，截至11月24日，今年以来共有96家公司首发募资，累 计募资金额达1104.83亿元，单家公司平均募集资金11.51亿元。分区间来看，募资金额超10亿元的有24 家，其中，募资金额超百亿元的有1家，募资金额5亿元至10亿元的有34家，募集资金在5亿元以下的有 38家。 按不同板块统计，今年以来沪市主板发行新股21只，募资414.05亿元；深市主板发行新股12只，募资 145.97亿元；创业板发行新股28只，募资220.30亿元；科创板发行新股12只，募资257.46亿元；北交所 发行新股23只，募资67.05亿元。 华电新能为今年以来募资金额最多的公司，首发募集资金达181.71亿元，募资主要投向风力发电、太阳 能发电项目，补充流动资金项目，就地消纳负荷中心项目等；其次是摩尔线程，募资金额为80.00亿 元，募资主要用于摩尔线程新一代自主可控AI训推一体芯片研发项目，摩尔线程新一代自主可控图形 芯片研发项目，摩尔线程新一代自主可控AISoC芯片研发项目等。募集资金较多的 ...

公告显示，摩尔线程本次募投项目预计使用募集资金为80亿元。按本次发行价格114.28元/股和7000万股 的新股发行数量计算，若本次发行成功，预计公司募集资金总额约为80亿元，扣除发行费用(不含增值 税)4.24亿元后，预计募集资金净额为75.76亿元。 北京商报讯(记者马换换王蔓蕾)11月20日晚间，摩尔线程(688795)发布首次公开发行股票并在科创板上 市发行公告显示，公司本次发行数量7000万股；发行价格为114.28元/股，网下申购日及起止时间为11月 24日(T日)9:30-15:00；网上申购日及起止时间为11月24日(T日)9:30-11:30,13:00-15:00。 ...

Core Viewpoint - Hai'an Group has announced the results of its new share issuance, indicating a strong interest from online investors with a subscription amount of 1.428 billion yuan, while the offline subscription was also notable [1][2][3] Summary by Category Subscription Details - Online investors subscribed for 29.7491 million shares, amounting to 1.428 billion yuan, with an abandonment rate of 0.7138% and an abandonment amount of 10.2658 million yuan [1][2] - Offline investors subscribed for 7.7498 million shares, with an abandonment of 0.0003 million shares and an abandonment amount of 15.6 thousand yuan [2][3] Issuance Overview - The total number of shares issued by the company was 46.4933 million, with an issuance price of 48 yuan per share [3] - The final online issuance volume was 29.9630 million shares, accounting for 64.45% of the total issuance, with a final online winning rate of 0.0211693437% [3] Abandonment Statistics - In the past month, Hai'an Group had the highest online abandonment quantity among new issuances, with 21.39 thousand shares and an abandonment amount of 10.2658 million yuan, resulting in an abandonment rate of 0.71% [3] - Other companies with notable abandonment rates included Deleijia and Fengbeishengwu, with rates of 0.57% and 0.52% respectively [3]

Core Points - The article discusses the issuance of new stocks in China, highlighting the recent IPO of Jingchuang Electric, which issued 14.46 million shares at a price of 12.10 yuan, raising 175 million yuan [1] - As of November 18, 2023, a total of 94 companies have gone public this year, raising a cumulative amount of 98.04 billion yuan, with an average fundraising of 1.04 billion yuan per company [1][2] - The article provides a breakdown of fundraising amounts by different stock exchanges, with the Shanghai main board raising 41.41 billion yuan from 21 IPOs, and the Shenzhen main board raising 10.16 billion yuan from 11 IPOs [1][2] Fundraising Overview - The top fundraising company this year is Huadian New Energy, which raised 18.17 billion yuan primarily for wind and solar power projects [1] - Other notable companies include Xi'an Yicai, which raised 4.64 billion yuan, and Zhongce Rubber, which raised 4.07 billion yuan [1] - The article lists the average IPO price for new stocks this year as 20.69 yuan, with the highest being 93.50 yuan for Tianyouwei [2] Regional Distribution - New stock issuances are concentrated in Jiangsu, Guangdong, and Zhejiang, with 24, 18, and 14 companies respectively [2] - The top three provinces by fundraising amounts are Fujian (21.41 billion yuan), Guangdong (16.98 billion yuan), and Jiangsu (15.83 billion yuan) [2] Detailed IPO Data - A table is provided listing various companies, their issuance dates, total shares issued, issue prices, and the amount raised [2][3][4][5] - For example, Huadian New Energy issued 571,428.57 million shares at 3.18 yuan, raising 18.17 billion yuan, while Tianyouwei issued 4 million shares at 93.50 yuan, raising 3.74 billion yuan [2][3]

Group 1 - The number of valid subscription accounts for the online issuance was 6,191,785, with a total of 56,326,001,000 shares subscribed, resulting in an initial online winning rate of 0.01914480% [1] - The initial effective subscription multiple for the online issuance was 5,223.35 times, leading to the activation of the allocation mechanism, which adjusted the distribution of shares between offline and online issuances [2] - After the allocation mechanism was implemented, the final online issuance quantity was 1,618.6500 million shares, accounting for 29.96% of the total issuance, with a final online winning rate of 0.02873717% [2] Group 2 - The total number of allocation numbers was 112,652,002, with the range of numbers from 100,000,000,000 to 100,112,652,001 [1] - The offline final issuance quantity was 3,784.1745 million shares, representing 70.04% of the total issuance after deducting the final strategic placement [2]

Core Points - A new stock, Hai'an Group, issued 46.49 million shares at a price of 48.00 yuan, raising 2.232 billion yuan [1] - As of November 14, 93 companies have gone public this year, raising a total of 97.844 billion yuan, with an average fundraising of 1.052 billion yuan per company [1] - The most funds raised by a single company this year is 18.171 billion yuan by Huadian New Energy, primarily for wind and solar power projects [1] Fundraising Overview - The total number of new stocks issued this year includes 21 from the Shanghai main board raising 41.405 billion yuan, 11 from the Shenzhen main board raising 10.157 billion yuan, 28 from the ChiNext board raising 22.030 billion yuan, 11 from the Sci-Tech Innovation board raising 17.746 billion yuan, and 22 from the Beijing Stock Exchange raising 6.506 billion yuan [1] - 22 companies raised over 1 billion yuan, with 1 company exceeding 10 billion yuan [1] Price and Regional Distribution - The average initial public offering (IPO) price this year is 20.79 yuan, with 4 companies priced above 50 yuan, the highest being Tianyouwei at 93.50 yuan [2] - The majority of new stocks are concentrated in Jiangsu, Guangdong, and Zhejiang, with fundraising amounts led by Fujian, Guangdong, and Jiangsu [2]

Core Viewpoint - Hengkun New Materials announced the results of its new share issuance, with online investors subscribing for 16.1285 million shares, amounting to 242 million yuan, while offline investors fully subscribed [1][2]. Summary by Category Subscription Details - Online subscription quantity was 16.1285 million shares, with a subscription amount of 241.76 million yuan, and an abandonment quantity of 58,000 shares, resulting in an abandonment rate of 0.358564% [1][2]. - The total issuance volume was 67.3979 million shares, with an issuance price of 14.99 yuan per share. The final online issuance volume was 16.1865 million shares, accounting for 24.02% of the total issuance [2]. Investor Participation - Offline investors subscribed for 37.8417 million shares, with a subscription amount of 567.25 million yuan, and there were no abandoned shares from offline investors [2]. - The strategic placement quantity was 13.3697 million shares [2]. Industry Context - Hengkun New Materials' products are primarily used in advanced NAND, DRAM storage chips, and the production processes of logic chips at 90nm technology nodes and below, making them essential materials in integrated circuit wafer manufacturing [2].

Core Points - The article discusses the results of the new share issuance by Nanguang Digital, highlighting the subscription details and investor participation [1][4]. Subscription Details - Online investors subscribed to 97.3715 million shares, with a total subscription amount of 554 million yuan, while offline investors fully subscribed [1][3]. - The total number of shares issued was 477 million, with an issuance price of 5.69 yuan per share [4]. - The final online issuance volume was 97.7415 million shares, accounting for 20.49% of the total issuance, with an online winning rate of approximately 0.0362% [4]. Abandonment Rates - The online abandonment quantity was 370,000 shares, resulting in an abandonment rate of 0.3785% and an abandonment amount of 2.105 million yuan [1][3]. - In the past month, Nanguang Digital had one of the highest online abandonment quantities among new issuances, alongside companies like Marco Polo and Xi'an Yicai [4]. Comparison with Other Companies - The abandonment rates for other companies in the past month included C Delijia at 0.57%, Marco Polo at 0.46%, and Fengbei Biological at 0.52% [4]. - The abandonment amounts for these companies were significantly higher, with C Delijia at 6.2014 million yuan, Marco Polo at 4.8073 million yuan, and Fengbei Biological at 3.0839 million yuan [4].

New Stock Issuance - Nant Technology (920124) issued shares at a price of 8.66 on November 11, 2025[1] - The acquisition request period for Hailianxun (300277) is from November 12 to November 18, 2025[1] Market Alerts - ST Yuancheng (603388) reported severe abnormal fluctuations on November 11, 2025[1] - ST Erlang (600107) and ST Lvkang (002868) also reported abnormal fluctuations on November 11, 2025[1] Recent Announcements - Multiple companies including Hefu China (603122) and Huasheng Lithium Battery (688353) made announcements on November 11, 2025[1] - Significant announcements were made by Jiangbolong (301308) and Furi Shares (002083) on November 10, 2025[1] Additional Information - The report includes links to detailed announcements for various companies, indicating ongoing market activities and potential investment opportunities[1]