点击注册小程序 其中，参与网下发行的个股共计14只，主板4只、创业板3只、科创板7只，募集金额合计301.47亿元，环 比+227.54%。 2025年，共114只新股上市，主板37只、创业板33只、科创板18只、北交所26只，募集金额共计1304.93亿 元。 参与网下发行的个股共计81只，主板35只、创业板28只、科创板18只，募集金额合计1192.48亿元。 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 新股发行概况： 12月新股发行规模创年内最高，全年IPO规模超1300亿元。2025年12月，共18只新股上市，主板5只、创 业板3只、科创板7只、北交所3只，募集金额共计314.11亿元，环比+208.33%。 新股涨幅与网下打新参与度维持"双高"。2025年12月，主板采用网下 ...

中签号码才两万个左右，相对庞大的打新股民基数，股民想要中签太难了。强一股份的发行价比较高， 为85.09元，每中一签500股需缴纳中签款42545元。 超过4万元的中签金额，这对于不少股民来说，应该会在中签后有所纠结。毕竟，在前几年新股时不时 出现破发的窘况时，中签新股还没来得及庆祝，就让破发给弄得还要"倒贴钱"。并且，新股的发行价 高，"倒贴钱"的程度就越大。 其实，就在两个月前，不少散户心中还燃着一把火。彼时市场略有回暖，一些人幻想着：若大盘能走出 一波像样的牛市，手中持仓或许能回血甚至翻红，再咬咬牙凑点资金，说不定就能跨过那道50万的门 槛，顺利开通科创板权限，搭上打新的快车，分一杯"肉签"红利。梦想很丰满，现实却骨感。 12月23日，新股打新市场公布强一股份的中签结果。此次中签号码共有2.07万个，每个中签号码只能认 购500股强一股份股票。 赶到年底的时候中上一签新股，成功中签的股民仿佛在寒风凛冽的冬日里突然收到一份热腾腾的红包 ——那份喜悦，难以言表，甚至有人笑称："这莫非是转运的开始？" 然而，这份"天降横财"的幸运，并非人人可享。对绝大多数普通散户而言，他们只能站在围栏外，眼巴 巴地看着别人吃 ...

Group 1: New Stock Offerings - Three new stocks available for subscription: Shuangxin Environmental Protection (001369.SZ), Yufan Technology (001396.SZ), and Qiangyi Co., Ltd. (688809.SH) [1] - Yufan Technology focuses on smart diagnosis and health assessment of drainage networks, as well as maintenance services [8][11] Group 2: Shuangxin Environmental Protection - Established in June 2009, Shuangxin Environmental Protection specializes in the R&D, production, and sales of products in the PVA industry chain [2] - The company is the third-largest PVA producer in China, with a projected production of 116,900 tons in 2024, accounting for approximately 13% of the national total [6] - The company plans to raise funds for various projects, including a 16,000-ton PVB resin project and a 60,000-ton water-based adhesive project, with total fundraising of 18.57 billion yuan [5] - In 2023, the company experienced a revenue decline of 25.25% and a net profit decline of 30.89% compared to the previous year [7][8] Group 3: Yufan Technology - Yufan Technology's revenue is projected to grow from 5.13 billion yuan in 2022 to 8.04 billion yuan in 2025, with a net profit increase from 0.81 billion yuan to 1.4 billion yuan over the same period [11] - The company has a high concentration of clients, primarily government agencies and state-owned enterprises, and is recognized as a "little giant" enterprise [11][12] Group 4: Qiangyi Co., Ltd. - Qiangyi Co., Ltd. focuses on the R&D, design, production, and sales of probe cards for semiconductor testing, ranking ninth globally in the probe card industry in 2023 [15] - The company reported revenues of 254 million yuan in 2022, increasing to 641 million yuan in 2024, with a significant net profit increase from 16 million yuan to 233 million yuan [16] - Qiangyi has a high customer concentration, with sales to its top five clients accounting for over 62% of total revenue [16][17] Group 5: Youxun Co., Ltd. - Youxun Co., Ltd. specializes in the R&D and sales of optical communication front-end chips, with a market share ranking second globally in the 10Gbps and below segment [22] - The company plans to invest in various projects, including next-generation access networks and high-speed data center chips, with a total fundraising of 8.09 billion yuan [21] - There is a risk of control changes due to the actual controller's shareholding structure, which may impact business operations and decision-making [23]

Core Viewpoint - The article highlights the significant debut performance of the chip company Angruiwei on the STAR Market, with a first-day increase of 160.11%, marking it as one of the top-performing new stocks of the year [3][5]. Group 1: Company Performance - Angruiwei specializes in RF front-end chips, RF SoC chips, and other analog chip businesses, with an issuance price of 83.06 yuan, ranking fifth among new stocks this year [5]. - The first-day profit potential for a single subscription of Angruiwei shares is approximately 66,500 yuan, making it the second-highest in terms of single subscription profit for new stocks this year, following Moer Thread [8]. - Angruiwei's stock price surged above 200 yuan on its debut, placing it among the "hundred yuan club" in the A-share market, ranking 30th overall and 12th in the electronics sector [8]. Group 2: Market Trends - The new stock market remains active, with an average first-day increase of nearly 268.6% for five new stocks listed in December, ranking third among all months this year [9]. - The average first-day profit for new stocks in December is approximately 88,600 yuan, the highest among all months, influenced by the high profitability of Moer Thread [11]. - Upcoming listings, such as Muxi Co., are gaining investor attention, with an issuance price of 104.66 yuan, making it the second-highest among new stocks this year [14].

【#年内上市新股打新盈利均值1.91万元#】#摩尔线程年内打新盈利最高股票#证券时报·数据宝统计，截 至12月5日收盘，2025年上市新股共101只。按照上交所、深交所中签500股，北交所中1签100股计算， 若以上市首日开盘价卖出，2025年上市新股中，投资者中1签的打新盈利均值达到1.91万元。打新盈利 最高的股票是摩尔线程，该股上市首日开盘价为650元/股，打新盈利达到26.79万元，且远远超过第二 名的水平。（证券时报） ...

人民财讯12月5日电，证券时报·数据宝统计，截至12月5日收盘，2025年上市新股共101只。按照上交 所、深交所中签500股，北交所中1签100股计算，若以上市首日开盘价卖出，2025年上市新股中，投资 者中1签的打新盈利均值达到1.91万元。打新盈利最高的股票是摩尔线程，该股上市首日开盘价为650 元/股，打新盈利达到26.79万元，且远远超过第二名的水平。 ...

Core Points - Hai'an Group (001233) has successfully listed on the A-share market on November 25, 2025, bringing the total number of new stocks listed this year to 97, nearing the 100 mark [1][3][4] - The stock price performance on the first day of listing has been remarkable, with 85 out of 97 new stocks seeing their prices double, representing approximately 87.63% [5][6] - The most profitable new stock so far is Ying Shi Innovation, with a floating profit of approximately 64,900 yuan for investors holding one share [7][8] Group 1: New Stock Listings - Hai'an Group's main business includes the research, production, and sales of giant all-steel engineering machinery radial tires and management of mining tire operations [3] - The company issued shares at a price of 48 yuan per share, opening at a 81.38% increase and closing at 83.52 yuan, giving it a total market capitalization of 15.53 billion yuan [3] - The total number of new stocks listed in 2025 includes 33 on the main board, 30 on the Growth Enterprise Market, 22 on the Beijing Stock Exchange, and 12 on the Sci-Tech Innovation Board [4] Group 2: Stock Performance - The highest first-day price increase was recorded by Dapeng Industrial, which saw a price surge of 1211.11%, making it the first stock to achieve a tenfold increase on its debut [5][6] - Other notable first-day performances include Jiangnan New Materials and Guangxin Technology, with increases of 606.83% and 500%, respectively [6] - The lowest first-day increase was recorded by Zhongce Rubber, which had a modest increase of 6.84% [6] Group 3: Investment Opportunities - The upcoming stock, Moer Thread, is attracting significant attention with an issue price of 114.28 yuan per share, and if it performs above the average first-day increase of 207.74% for Sci-Tech Innovation Board stocks, it could yield a profit of approximately 118,700 yuan for investors [8] - The overall trend indicates a strong interest in new stocks, particularly in specific sectors, which may continue in the medium to long term [6][8]

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。 四季度以来新股表现良好：首日平均最大涨幅达334.08% 11月6日，新股大明电子收盘上涨413.55%，盘中一度上涨超过500%。资料显示，大明电子发行价为12.55元，若按照11月6日盘中大明电子的最高价（75.80元）计 算，中一签大明电子新股盘中最大浮盈将达到3.16万元。 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。 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涨幅超过400%。 若从上市首日盘中最大涨幅来看，相关新股首日表现显得更 ...

Core Viewpoint - The article highlights the strong performance of newly listed stocks, particularly N Chao Ying, which saw a significant price increase on its debut, indicating a positive trend in the new stock market and investor sentiment [1][2][5]. Company Overview - N Chao Ying specializes in the research, production, and sales of printed circuit boards (PCBs) and has issued a total of 52.5 million shares at a price of 17.08 yuan per share, with an issuance price-to-earnings ratio of 28.64 times, compared to the industry average of 60.52 times [3]. - The company raised approximately 897 million yuan, which will be used to enhance liquidity, repay bank loans, and fund the second phase of its high-layer and HDI projects, adding 360,000 square meters of production capacity to meet growing market demands [3]. Market Position - According to the China Electronic Circuit Industry Association, N Chao Ying ranks 23rd among PCB companies in China and is among the top ten global suppliers of automotive electronic PCBs, as well as one of the top five in China [3]. Client Relationships - N Chao Ying has established stable partnerships with renowned clients in various sectors, including automotive electronics (e.g., Continental, Valeo, Bosch, and Tesla), display technology (e.g., BOE, LG Group), and storage (e.g., Seagate, Western Digital, SK Hynix) [4]. - The company collaborates with clients for new technology development and has gained recognition for its diverse production processes and one-stop procurement services [4]. New Stock Market Trends - The recent performance of new stocks has been robust, with several companies, including Yunhan Xincheng and Aomeisen, experiencing significant first-day gains, reflecting a recovery in the new stock issuance pace and investor enthusiasm [5][6]. - Statistics show that the average profit from new stock subscriptions for A-class accounts has increased significantly, indicating a favorable environment for new stock investments [6].

Core Viewpoint - The IPO of Super Electronics (603175) on the Shanghai Stock Exchange is characterized by a low issuance price and low valuation, making it an attractive opportunity for investors in the current market environment [1][2]. Group 1: IPO Details - Super Electronics plans to issue 12.6 million shares at an issuance price of 17.08 yuan, significantly below the perceived safe line of 30 yuan [1][2]. - The required market value for the maximum subscription is 125,000 yuan in Shanghai stocks [1][2]. - The company has a dynamic price-to-earnings (P/E) ratio of 23.47, which is lower than the industry average of 60.52 [1][7]. Group 2: Financial Performance - In the first half of the year, Super Electronics achieved a revenue of 2.185 billion yuan, representing a year-on-year growth of 12.61%, while the net profit attributable to shareholders was 159 million yuan, down 11.85% year-on-year [3][4]. - The company's revenue for the past three years was 3.514 billion yuan, 3.656 billion yuan, and 4.124 billion yuan, with a revenue growth rate of 12.78% last year [4]. - The company expects a revenue growth of 4.89% to 11.45% in Q3 2025, but a decline in net profit by 9.49% to 1.19% [4]. Group 3: Fundraising and Use of Proceeds - The total funds raised from the IPO amount to 896 million yuan, exceeding the initial target by 236 million yuan [6]. - The raised funds will be used for the second phase of the high-layer and HDI project, to supplement working capital, and to repay bank loans [5]. Group 4: Market Sentiment - The low subscription price and the ease of participation in the IPO are expected to attract a large number of retail investors, creating a "supply-demand" imbalance [9]. - The favorable market conditions have led to a sentiment where new shares are generally expected to rise on the first trading day, enhancing the attractiveness of this IPO [2][9].