2025年的A股新股市场，早就不是"闭眼打新稳赚不赔"的黄金时代了。随着注册制全面深化，深交所等监管机构反复强调"新股定价市场化"，明确提示上市 初期价格波动风险，但仍有不少投资者抱着"中签即暴富"的旧思维冲进市场。 这不，11月25日刚在深交所主板上市的C海安集团（证券代码：001233），就用实打实的行情给追高散户上了一堂残酷的风险课——发行价48元，上市后连 续五个交易日下跌，从首日盘中高光到第五日股价腰斩式回落，市值蒸发超1/3，让不少高位接盘的投资者欲哭无泪。更让人疑惑的是，散户亏得惨，难道 主力真能靠做空赚得盆满钵满？ 先说说C海安的"出身"，这些信息都来自海安集团官网和深交所上市公告书。海安橡胶集团成立于2005年，是国内巨胎制造的龙头企业，自主研发的"中国第 一胎"打破国际垄断，全球销量排第四，还手握80多项专利，是国家级专精特新"小巨人"企业，背景确实够硬 。2025年11月25日，这家实力派企业正式登陆 深交所主板，官方披露的发行价为48元/股，公开发行新股4649.33万股，发行后总股本1.86亿股，原本计划募集29.52亿元，最终实际募集净额只有21.08亿 元，比预期少了8.45亿元 ...

Group 1 - The core viewpoint highlights the significant decline in the stock price of Hong Sifang, which dropped from 100 yuan to 36.95 yuan, representing a decrease of over 63% within a few months [7][9] - The initial excitement surrounding the stock's listing led to impulsive investment decisions, with investors like Mr. Wang investing 500,000 yuan without thorough research on the company's fundamentals and market risks [4][9] - The experience of Mr. Wang reflects a broader trend among investors in the A-share market, where many have faced similar challenges due to high volatility in newly listed stocks [9] Group 2 - The substantial loss experienced by Mr. Wang, with his investment shrinking to less than 185,000 yuan, illustrates the financial impact of not implementing timely stop-loss strategies during market downturns [7] - The situation serves as a reminder for investors to conduct comprehensive evaluations of a company's value, industry prospects, and market conditions before making investment decisions, particularly in the context of new stock listings [9]

Core Viewpoint - The article discusses the recent performance of newly listed stocks, particularly focusing on Zairun New Energy, which experienced a significant initial surge followed by a rapid decline, highlighting the volatility and risks associated with new stock listings [3][10]. Company Overview - Zairun New Energy was initially priced at 33.06 yuan per share and raised a total of 5.28 billion yuan, falling short of its target by 2 billion yuan [6]. - The company planned to use the raised funds for various projects, including the expansion of photovoltaic components and the construction of battery boxes for electric vehicles [6]. Initial Performance - On its first trading day, Zairun New Energy opened at 65.5 yuan, nearly doubling its issue price, and reached a peak of 74.18 yuan, resulting in a 99.52% increase by the end of the day [8][12]. - Despite the initial excitement, the stock closed at 65.96 yuan, indicating a potential risk for investors who bought at the peak [8]. Subsequent Decline - The day after its debut, Zairun New Energy experienced a sharp drop, opening significantly lower and hitting a low of 57.61 yuan, marking a decline of over 12% [10]. - By May 20, the stock price further decreased to 57.7 yuan, reflecting a total drop from its peak of 74.18 yuan within just three trading days [12]. Market Sentiment - The article emphasizes the importance of caution for investors in newly listed stocks, as many tend to reach their highest prices on the first day, making it challenging for investors to recover losses if they buy at inflated prices [12].