2025 年 12 月 07 日 策略类●证券研究报告 新股次新板块重回震荡拉锯，休整尾端耐心观察并适度灵活 新股专题 分析师 李蕙 SAC 执业证书编号：S0910519100001 lihui1@huajinsc.cn （4）本周可能即将上市的新股：百奥赛图等。 上周新股表现： （1）新股发行表现：上周，共有 2 只新股网上申购，2 只均为科创板新股未盈利 上市，分别为昂瑞微和沐曦股份。 （2）上周上市新股表现：假设将上周上市的沪深新股收益表现拆解为打新收益和 二级市场开板后的上涨收益，1）首先，打新收益来看，上周沪深新股上市首日平 均涨幅约 350%，较此前交易周沪深新股首日涨幅明显回升，并显著超越此前多个 交易周 200%区间平均涨幅，可能凸显上周新股首日交投情绪火热。具体到个股， 可能上周首日交投情绪突然火爆与标的稀缺性有较大关系，上周上市的中国铀业为 当前 A 股第一只天然铀标的，而摩尔线程则为本土代表性 GPU 企业之一。2）其 次，从二级市场投资收益来看，上周上市新股首日之后平均涨幅约-3.1%；可能来 说，上周上市新股资金多空博弈拉扯或较为明显，一方面由于当前首日再定价相对 投资要点 新股周 ...

Group 1 - The new stock sector experienced a rebound after a short-term emotional low, but the cycle change point may still need observation [1][14] - The average increase of new stocks listed since 2024 is approximately 3.5%, with about 91.4% of new stocks achieving positive returns [1][7] - The current market consensus may not have formed yet, and the rebound may not be sufficient to drive a change in the ongoing adjustment cycle [2][14] Group 2 - The focus remains on technology sectors, particularly in areas like AI and robotics, which have significant long-term development potential [3][14] - The report suggests monitoring sectors that have undergone sufficient adjustment, including innovative pharmaceuticals, aerospace and military, new energy, new consumption, and non-ferrous chemicals [3][14] Group 3 - Upcoming new stocks include Jingchuang Electric, China Uranium Industry, and Moer Thread, with varying industry focuses [4][33] - The average issuance price-earnings ratio for new stocks expected to be listed this week is 25.4X, indicating a relatively restrained pricing strategy [8][33] Group 4 - The report highlights specific companies such as Moer Thread, which is involved in GPU development, and Baiaosaitou, which focuses on gene editing technology [40][41] - The projected revenue growth for Baiaosaitou in 2025 is 37.75%, with a significant increase in net profit expected [41][42]

Group 1 - The average first-day increase of four new stocks this week was 168.79%, with He Yuan Bio rising by 213.49%, yielding over 30,000 yuan per subscription [1] - In the first ten months of this year, 87 new stocks were listed, with an average first-day increase of 242.57%, showing a slight improvement compared to the same period last year [1] - Huajin Securities suggests that the new stock sector may return to a relatively stable period in the short term, with potential for localized activity [1] Group 2 - Next week, three new stocks are scheduled for subscription, including Nanwang Digital, which focuses on digital grid construction and the digital transformation of power energy enterprises [1][4] - Nanwang Digital plans to issue 47,694,750 shares, with a maximum subscription limit of 47,500 shares, requiring a market value of 475,000 yuan in Shenzhen for full subscription [1] - The expected high subscription rate for Nanwang Digital is notable, as it ranks third in the number of shares issued this year and first among GEM new stocks [1] Group 3 - Nanwang Digital's products and digital solutions have been applied in the power energy sector and are expanding into transportation, water and gas, public administration, and urban construction [2] - The company has established partnerships with numerous state-owned enterprises and industry leaders, including State Grid and China Southern Power Grid [2] - Nanwang Digital anticipates a revenue of 6.4 billion to 6.7 billion yuan for 2025, representing a year-on-year growth of 5.10% to 10.02% [8][9] Group 4 - Hengkun New Materials is a leading player in the photolithography materials and precursors sector, with several products already in mass production [2] - The company is one of the few in the domestic market capable of mass-producing SOC and BARC materials for 12-inch integrated circuits, successfully replacing foreign counterparts [2] - Hengkun New Materials expects a revenue of 440 million to 500 million yuan for the first three quarters of 2025, with a year-on-year increase of 12.48% to 27.82% [11]

Core Viewpoint - Xinhua Insurance is expected to report a significant increase in net profit for the first three quarters of 2025, with estimates ranging from 29.99 billion to 34.12 billion yuan, representing a year-on-year growth of 45% to 65% [1] Financial Performance - The net profit for Q3 2025 is projected to be between 15.19 billion and 19.32 billion yuan, showing a year-on-year increase of 58.2% to 101.3% [1] - The cumulative profit for the first three quarters of 2025 has already surpassed the total profit for the entire year of 2024, which was 26.23 billion yuan [1] - Return on equity (ROE) is expected to reach historical highs, with a static ROE for the first three quarters estimated at 36% to 41%, and an annualized ROE for 2025 projected at 47.9% to 54.5% [1] Investment Gains - The increase in profit is attributed to a substantial rise in investment income, driven by three main factors: 1. Continuous growth in equity investment scale, reaching 361.1 billion yuan by the end of the first half of 2025, a 7.04% increase from the beginning of the year and a 30.4% year-on-year increase [2] 2. Strong performance in the equity market, with the CSI 300 index rising by 17.9% in Q3 2025, outperforming the 16.1% increase in the same period last year [2] 3. Changes in investment measurement rules for Hangzhou Bank, which is expected to contribute positively to profits [2] New Business Value (NBV) and Asset Pressure - The NBV growth rate is anticipated to remain stable in Q3 2025, supported by lower preset interest rates and adjustments in settlement rates [3] - There is an expectation of improved net asset pressure due to a rise in the 10-year government bond yield by 21.4 basis points, which may help mitigate the impact of bond depreciation and declines in OCI stocks [3] Investment Recommendation - The company maintains a strong buy rating, with expectations of rapid growth in NBV and premiums, alongside record highs in profit and ROE [4] - Projected net profits for 2025 to 2027 are estimated at 38.1 billion, 41.7 billion, and 44.6 billion yuan, with growth rates of 45.1%, 9.6%, and 7.0% respectively [4] - The projected NBV for the same period is expected to be 9.83 billion, 10.9 billion, and 11.9 billion yuan, with growth rates of 57.2%, 10.8%, and 9.2% respectively [4] - The current stock price corresponds to P/EV multiples of 0.65, 0.58, and 0.53 for 2025 to 2027 [4]

Core Insights - Anuoqi Group is transforming from a traditional fine chemical manufacturer to a comprehensive technology ecosystem builder through the launch of its AI computing power application platform [1][4] - The strategic acquisition of Gencon Technology, a distributed GPU computing and AIGC platform service provider, has been pivotal in this transition, enhancing Anuoqi's capabilities in smart algorithms and cloud services [1][3] - The company has achieved significant revenue growth and established dual smart computing centers in Jiangsu and Shanghai, providing efficient computing support to domestic and international clients [1][2] Company Developments - Anuoqi Group's subsidiary, Shanghu Color Chain Data Company, is set to expand into AI customization and new consumer sectors starting in the second half of 2024, launching a one-stop AI customization and flexible production platform [2] - The company has introduced an AI customization ecosystem platform for the pet consumption sector, named "Maoqiu Dimension," and is enhancing its AI research capabilities with the launch of the AIMaas platform, CatiMind [2] - Anuoqi's stock price rose by 9.7% on the day of the unveiling of its innovation base, indicating positive market reception to its transformation efforts [3] Industry Context - The transformation of Anuoqi Group exemplifies the broader trend of traditional manufacturing industries in China adopting AI technologies to enhance their operational capabilities and drive economic evolution [4] - The integration of digital economy with the real economy is emphasized, with Anuoqi viewing technology as a means of industrial empowerment and innovation as a collaborative ecosystem [4]