在投资研究与决策过程中，公司始终坚持以基本面分析为核心。通过对宏观经济环境、产业发展趋势以及企业自身经营状况的系统研究，筛选具备长期成 长潜力的新股标的。在具体分析中，重点关注企业的财务结构、盈利能力、商业模式的可持续性、行业竞争格局以及管理团队的治理能力。公司认为，新 股投资并不意味着无差别参与所有发行项目，而应在充分研究基础上进行理性选择，以提升整体投资组合的质量。 在投资执行层面，翌星（海南）投资有限公司构建了相对完整且清晰的运作流程。从资金募集到投资配置，从持仓管理到收益分配，各环节均严格遵循既 定规则与合规要求。在投资过程中，公司持续跟踪市场环境变化和组合运行情况，根据风险水平和市场条件进行动态调整，避免因短期情绪或市场波动而 偏离长期目标。在投资后阶段，通过定期评估和复盘机制，不断优化投资策略和管理流程，使整体体系具备持续改进能力。 风险控制始终是公司投资管理体系中的核心支柱。翌星（海南）投资有限公司建立了覆盖投资全生命周期的风险管理机制，通过事前审查、事中监控和事 后评估相结合的方式，对市场风险、流动性风险和运营风险进行系统管理。在投资前阶段，严格执行尽职调查和风险评估流程；在投资过程中，持续监 ...

Core Viewpoint - The stock experienced a continuous decline for seven days after its listing, contradicting the myth of "new stocks never lose" and leading to significant losses for investors who bought in at higher prices [1][3][8]. Company Performance - The stock was issued at a price of 46.68 yuan and opened at 70.5 yuan, reflecting a 51% increase on the first day, which turned out to be its peak [1][3]. - By the end of the seventh trading day, the stock price had dropped to 61 yuan, resulting in a total decline of 35 yuan and a cumulative drop of 45% from the opening price [3][8]. - The company specializes in wind power equipment components, with a price-to-earnings ratio of 28, which is comparable to the industry average, but the stock is considered expensive within the wind power sector [3][7]. Market Conditions - The wind power industry is currently facing challenges, including rising raw material prices and slowing demand growth, leading to a general downward adjustment in valuations for wind power stocks [7][15]. - The stock's performance is closely tied to overall market sentiment, with its declines often exacerbated during market downturns [20]. Investor Behavior - Investors who bought the stock on its first day are facing significant losses, with many expressing frustration over the drastic drop in potential profits [8][14]. - The stock has seen a lack of institutional buying, with retail investors and speculative funds dominating the trading, which is not conducive to price stability [8][12]. - The continuous outflow of funds from the stock indicates a lack of confidence among investors, making it difficult for the stock to stabilize or rebound [15][20]. Trading Dynamics - The stock's trading pattern has been characterized by low opening prices and gradual declines, with minimal recovery attempts, leading to a "death spiral" for investors [5][10]. - The absence of significant trading volume during the declines suggests that selling pressure remains high, and the stock has not yet reached a bottom [14][18]. - The stock's performance has prompted discussions about the need for a more market-oriented pricing mechanism for new stocks to prevent extreme situations like "opening at peak" [21].

Investment Outlook - The new stock market is currently experiencing a tug-of-war between bullish and bearish sentiments, with some localized positive changes worth noting for flexible trading strategies [1][11] - The average increase in new stocks since 2024 is approximately 0.1%, with about 44.3% of new stocks achieving positive returns, indicating a slight improvement from the previous week [1][27] Recent New Stock Performance - Last week, there were two new stocks available for online subscription, with an average issuance price-to-earnings ratio of 13.8X, indicating a stable supply in the market [4][22] - No new stocks were listed last week, but the average increase for new stocks listed in 2024 was 0.1%, with 44.3% showing gains [5][27] - The top-performing new stocks included Hai Bo Si Chuang (40.89%) and Sai Fen Ke Ji (16.73%), while the worst performers were Da Ming Dian Zi (-16.95%) and Yun Han Xin Cheng (-14.44%) [28] Upcoming New Stocks - This week, six new stocks are set to complete subscriptions, including one from the Sci-Tech Innovation Board and one from the Growth Enterprise Market, with an average issuance price-to-earnings ratio of 50.6X for the upcoming stocks [31][34] - Notable upcoming stocks include Bei Kuang Jian Ce and Hai An Group, with the latter being a significant player in the automotive sector [3][34] Sector Focus - The report suggests focusing on sectors with relative value, particularly in new energy, new consumption, and non-ferrous chemicals, while also tracking long-term capital flows in industries like robotics, AI computing, and innovative pharmaceuticals [2][11] - Specific stocks to watch include Han Shuo Ke Ji, Hong Jing Guang Dian, and Yong Jie Xin Cai, which are expected to show potential in the near term [40]

Group 1 - The overall new stock sector continues to exhibit a fluctuating and differentiated trend, with local activity seeking relative value and new external driving forces [1][12] - The average increase of new stocks listed since 2024 is approximately -0.6%, with about 37.6% of new stocks achieving positive returns [1][6] - The current new stock sector is in a relatively chaotic tug-of-war phase between bulls and bears, with pricing and sentiment indicators showing signs of convergence but not yet reaching a stage low [1][12] Group 2 - Short-term expectations lean towards a structurally fluctuating market for new stocks, with differentiation remaining a key feature [2][12] - Specific sectors to focus on include new energy, new consumption, and non-ferrous chemicals, while also tracking long-term capital focus areas such as robotics, AI, and innovative pharmaceuticals [2][12] - The average issuance price-earnings ratio for new stocks in November is 50.6X, indicating a significant increase compared to previous months [30][31] Group 3 - Last week, there were 4 new stocks available for online subscription, with an average issuance price-earnings ratio of 33.3X and a subscription success rate of 0.0207% [4][21] - The average first-day increase for newly listed stocks was approximately 212%, with significant variations among individual stocks [4][23] - The average increase for newly listed stocks in the secondary market after the first day was about -19.8%, indicating potential pressure on stock prices [4][24] Group 4 - The stocks with the highest increases last week included Xidian New Energy (26.48%) and Weigao Blood Purification (17.74%), while the largest declines were seen in Heyuan Biology (-23.14%) and Daming Electronics (-20.93%) [26][27] - The upcoming new stocks include 4 that have completed subscription and are awaiting listing, with 1 stock set to undergo inquiry and 2 stocks opening for subscription [30][31]

Group 1 - The average first-day increase of two new stocks this week was 325%, with Daoshengtianhe rising by 396.32%, yielding approximately 12,000 yuan per subscription [1] - The report from Kaiyuan Securities suggests that the dual drivers of policy and market make 2025 a favorable time for new stock investments, with a shift to targeted easing policies supporting high-quality hard tech companies [1][4] - Next week, a new stock from the Shanghai main board, Daming Electronics, will be available for subscription, recognized as a leading supplier in the automotive body electronic control systems sector [1][3] Group 2 - Daming Electronics has actively entered the new energy vehicle sector, with products already applied in various models from brands like BYD, SAIC, and FAW [2] - The company focuses on automotive electronic components, offering solutions in areas such as driver assistance systems and intelligent lighting systems, characterized by high customization and complexity [3] - The company anticipates a revenue of 2.147 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 19.73%, and a net profit of 203 million yuan, up 5.68% [4][5]

Group 1 - The new stock market is experiencing a slight increase in volatility before the holiday, with short-term new stock sectors likely to continue a trend of oscillation and differentiation [1][11] - The average increase of new stocks listed since 2024 is approximately -0.8%, with about 28.5% of new stocks showing positive returns [1][27] - The upcoming National Day holiday is expected to heighten external uncertainty, impacting market sentiment and pricing indicators, which are currently at relatively high historical levels [2][11] Group 2 - Recent new stock issuance has seen an average price-to-earnings ratio of 14.2X, with a low average subscription success rate of 0.0216% [4][21] - The first-day average increase for newly listed stocks was about 207%, indicating stable trading sentiment, while the average increase for the first week was 178.3% [24][25] - The sectors showing the most significant gains include semiconductor equipment and AI application themes, while those with the largest declines are primarily stocks that had previously shown high activity but have recently lost momentum [27][29] Group 3 - Upcoming new stocks include companies like Ruili Kemi and Yunhan Xincheng, with average issuance price-to-earnings ratios for new stocks expected to be around 19.9X [3][31] - The report suggests focusing on sectors with relative value, particularly in new energy, consumption, and non-ferrous metals, as well as long-term themes like robotics and innovative pharmaceuticals [2][11] - The report emphasizes the importance of flexibility in investment strategies due to the anticipated market volatility surrounding the holiday [38]

Group 1 - A total of 75 new stocks were issued in the A-share market in the first three quarters, an increase from 69 in the same period last year, indicating a steady growth trend [1] - The total funds raised through IPOs reached 74.372 billion yuan, a year-on-year increase of 26.5 billion yuan, primarily driven by Huadian New Energy's fundraising of 18.171 billion yuan [1] - The average first-day increase for these new stocks was 244%, nearly 100 percentage points higher than the same period last year, with no new stock experiencing a decline in price [1] Group 2 - Notable new stocks include Haibo Sichuang, which has seen its price rise over 15 times since its listing, and Ying Shi Innovation, which has increased by 5.6 times [2] - The surge in stock prices is attributed to the popularity of sectors such as energy storage, with Haibo Sichuang focusing on energy storage system products and benefiting from a significant increase in domestic energy storage installations [2] - The stock price of Haibo Sichuang rose by 119.14% in September alone, reflecting strong market interest in the energy storage sector [2]

Group 1 - The average first-day increase of two new stocks this week was 324.82%, with Guangdong Jianke rising by 418.45%, yielding approximately 14,000 yuan per subscription [1] - As of August 17, there have been 9 new stocks listed on the Beijing Stock Exchange this year, with an average first-day increase of 326.11% [1] - The upcoming new stock for subscription is Balanshi, a major manufacturer in the automotive maintenance and repair equipment industry, scheduled for August 19 [1][2] Group 2 - Balanshi focuses on the research, development, production, and sales of automotive maintenance and repair equipment, including tire changers and lifting machines [2][3] - The company has a well-established R&D system and has been in the automotive maintenance equipment industry for 20 years, indicating a technological advantage [3] - The automotive maintenance market in China is projected to reach approximately 1.1 trillion yuan in 2023, with a compound annual growth rate of 6.50% expected from 2020 to 2025 [3] Group 3 - For the first half of 2025, Balanshi reported revenue of 540 million yuan, a year-on-year increase of 5.64%, and a net profit of 77.53 million yuan, up 11.80% [3][4][5] - The company's operating profit for the first half of 2025 was 96.23 million yuan, reflecting a 14.87% increase compared to the same period in 2024 [4][5]

Core Viewpoint - The A-share new stock market experienced a robust performance in the first half of 2025, with all newly listed stocks rising on their debut, and no stocks facing a "break-even" situation on the first day [1][3]. Group 1: Market Performance - A total of 51 new stocks were listed in the first half of 2025, with 44 stocks (over 80%) seeing a first-day closing increase of more than 100% [3]. - Among these, 29 stocks had a first-day closing increase exceeding 200%, accounting for more than half of the new listings [3]. - The highest first-day closing increase was over 600% for one stock [1]. Group 2: Profitability for Investors - The average profit for investors who received new stock allocations was over 27,000 yuan, with some stocks yielding profits exceeding 70,000 yuan [1][7]. - For non-North Exchange new stocks, 44 out of 45 had a single allocation profit exceeding 10,000 yuan, with several stocks exceeding 50,000 yuan [7]. Group 3: Risks of Buying at Peak Prices - Despite the high initial returns, there are significant risks associated with buying new stocks at peak prices, as many stocks tend to decline after initial trading [10]. - Of the 51 new stocks, 34 experienced losses if purchased at the first-day closing price, indicating a two-thirds loss rate [10]. - The average increase from the issue price for new stocks was 363.90%, with 92.16% of stocks seeing a maximum increase of over 100% [7].

Core Viewpoint - The A-share new stock market experienced a robust performance in the first half of 2025, with all newly listed stocks rising on their debut, and the highest stock closing over 600% above its issue price [1][4]. Group 1: Market Performance - In the first half of 2025, a total of 51 new stocks were listed, with 44 of them (over 80%) closing more than 100% higher on their first day [4]. - Among these, 29 stocks had a first-day closing increase exceeding 200%, accounting for more than half of the new listings [4]. - The average increase of newly listed stocks since their issue price reached 363.90%, with 47 stocks (92.16%) having a maximum increase over 100% [8]. Group 2: Profitability for Investors - The average profit for investors holding a single share of the newly listed stocks was approximately 27,000 yuan, with several stocks yielding profits exceeding 50,000 yuan [8]. - Notably, two stocks had a maximum profit of over 70,000 yuan per share on the first day [1]. Group 3: Risks of Buying at Peak Prices - Despite the high initial returns, buying new stocks at peak prices poses significant risks, as many stocks tend to decline after initial trading [10][11]. - Among the 51 new stocks, 34 stocks (approximately two-thirds) showed losses if purchased at the first-day closing price and held until now [11]. - The losses were even greater for those who bought at the highest price on the first day, indicating a substantial risk for investors who chase high returns [11].