2025年新股发行回顾 ： 广发证券资深金工分析师 张超 SAC: S0260514070002 zhangchao@gf.com.cn 广发证券首席金工分析师 安宁宁 SAC: S0260512020003 anningning@gf.com.cn 广发金工安宁宁陈原文团队 摘要 2025沪深北三市共发行新股112只，采用网下发行方式的数量为80只。分板块来看，主板上市股票数量与规模居首，其次是科创板、创业 板。北交所上市新股数量也较多，但整体规模占比很小，并且不参与网下发行。从发行节奏来看，2025年新股发行数量与规模虽偏低位， 但从趋势来看，整体发行有提速迹象。 2025年网下打新回顾： 2025年网下打新收益率有所回暖。网下打新入围率平稳，报价较为集中，发行市盈率与报价参与度均有所提升。 2025年新股首日表现回顾： 2025年未出现新股上市破发情况。对于网下发行的新股，上市首日涨跌幅平均值222.5%，中位数200.6%，处于近几年高位。新股上市首 日之后若干个交易日，从统计上来看是趋势性下跌的。上市首日换手率方面，全年均值约为79%。 2025年网下打新收益率统计： 在1.5亿元最优规模下，202 ...

[Table_Page] 金融工程|专题报告 2026 年 1 月 4 日 证券研究报告 [Table_Title] 金融工程 2026 年 A 股打新展望与策略 [Table_Summary] 报告摘要： 图 1：2025 年新股发行节奏 图 2：2025 年新股上市首日之后 5 个 交易日平均累积涨跌幅 数据来源：Wind, 广发证券发展研究中心 表 1：2026 年 A 类投资者 1.5 亿元规 模账户打新收益率预测 | 悲观假设 | 2.1% | | --- | --- | | 中性假设 | 3.3% | | 乐观假设 | 4.4% | 数据来源：Wind, 广发证券发展研究中心 [分析师： Table_Author]张超 SAC 执证号：S0260514070002 SFC CE No. BOB130 020-66335132 zhangchao@gf.com.cn 分析师： 安宁宁 SAC 执证号：S0260512020003 SFC CE No. BNW179 0755-23948352 anningning@gf.com.cn 识别风险，发现价值 请务必阅读末页的免责声明 1 / 22 972 ...

记者丨 易妍君 见习记者刘夏菲 编辑丨巫燕玲 低至万分之三的中签率，上市首日一签近40万元的最高浮盈......近日，随着沐曦股份的上市， A股"最赚钱新股"的纪录再度被刷新。 "国产GPU双子星"摩尔线程、沐曦股份接连登陆科创板，一场属于投资者的"打新狂欢"也在年 末达到顶点。 不过，在投资者们计算着"中一签能赚多少"的同时，陪伴公司"闯关"上市的承销保荐券商，究 竟能赚多少钱？ 拆解承销保荐券商的收益账单，两条线索清晰浮现。 一是服务性收入 ，主要包括IPO发生时 即确认、在招股书中已披露的保荐承销费； 二是投资性收入 ，包括余额包销股份和战略配售 跟投股份，随股价波动而形成的浮动盈亏，属风险性筹码。 据此计算，沐曦股份的保荐人华泰联合证券，将从这个IPO项目中获得一笔2.68亿元的保荐承 销费，以及超6.52亿元的投资浮盈。而摩尔线程的保荐人中信证券，预计将获得一笔或超1亿 元的保荐承销费，以及超8.28亿元的投资浮盈（以12月18日收盘价计算）。 在这个盛大的财富故事背后，券商作为"隐形赢家"的"生意经"正徐徐摊开。 "最赚钱新股"背后的"隐形赢家" 12月，摩尔线程、沐曦股份无疑是市场讨论热度最高的 ...

从数据来看，共有110家私募旗下的1897只产品获得了沐曦股份的网下配售，合计获配金额为3846.48万元。其中幻方量化获配490.8万元，衍复投资获配 468.14万元，九坤投资获配318.55万元，上述三家量化私募再度成为赢家。葛卫东是私募界的大佬，葛卫东在2022年7月的preB轮首次投资，发行前，葛卫东 与其控制的混沌投资持有7.48%的股份。沐曦股份开盘暴涨，葛卫东爆赚超100亿元。 12月16日，上交所公告，沐曦集成电路（上海）股份有限公司A股股票将在上交所科创板上市交易。该公司A股股本为40010万股，其中1813.8973万股于 2025年12月17日起上市交易。证券简称为"沐曦股份"，证券代码为"688802"。 每经编辑｜张锦河 12月17日，沐曦股份正式登陆科创板，成为继摩尔线程后又一家上市的国产GPU龙头。首日上市，公司股价一路狂奔，收盘时涨幅高达692.95%，按单签 500股计算，打新投资者首日盈利规模近36.26万元。若以盘中755.15%的最大涨幅测算，沐曦股份单签最大盈利达39.52万元。 这两项数据不仅双双超越近期"大肉签"摩尔线程，同时也助力沐曦股份登顶A股史上"最赚钱新 ...

Group 1: New Stock Offerings - Two new stocks are available for subscription next week: Nantong Technology on November 11 and Hai'an Group on November 14 [2][3] - Nantong Technology has a subscription limit of 1.6732 million shares, ranking third for new stock subscription limits since 2025 [3][6] - The subscription code for Nantong Technology is 920124, with an issue price of 8.66 yuan per share and a price-to-earnings ratio of 13.60, compared to the industry average of 44.33 [5][6] Group 2: Nantong Technology Overview - Nantong Technology specializes in the research, production, and sales of precision mechanical components, with applications in air conditioning compressor parts and automotive components [6] - The company has established partnerships with four of the top five air conditioning compressor manufacturers, including Midea and Gree [4][6] - Revenue projections for Nantong Technology indicate an expected annual revenue of 1.08 billion to 1.14 billion yuan for 2025, representing a year-on-year growth of 4.77% to 10.59% [10] Group 3: Financial Performance of Nantong Technology - Nantong Technology's revenue for 2022 to 2025 is projected as follows: 834 million yuan, 938 million yuan, 1.031 billion yuan, and 573 million yuan for the first half of 2025 [8] - The net profit for the same period is expected to be 46.64 million yuan, 84.19 million yuan, 98.22 million yuan, and 66.73 million yuan for the first half of 2025 [8] - The company's total assets as of June 30, 2025, are projected to be approximately 1.795 billion yuan, with a debt-to-asset ratio of 58.93% [9] Group 4: Hai'an Group Overview - Hai'an Group is a leading enterprise in the domestic all-steel giant tire industry, focusing on the research, production, and sales of giant all-steel radial tires [11][12] - The company has a total issuance of 46.49 million shares, with an online issuance of 14.88 million shares and a subscription limit of 14,500 yuan for top-tier subscriptions [12] - Hai'an Group's clients include well-known companies such as Zijin Mining and XCMG Machinery [12] Group 5: Financial Performance of Hai'an Group - Hai'an Group's revenue for 2022 to 2025 is projected as follows: 1.508 billion yuan, 2.251 billion yuan, 2.300 billion yuan, and 1.080 billion yuan for the first half of 2025 [12] - The net profit for the same period is expected to be 354 million yuan, 654 million yuan, 679 million yuan, and 341 million yuan for the first half of 2025 [12] - Revenue projections for Hai'an Group indicate an expected annual revenue of 2.250 billion to 2.350 billion yuan for 2025, with a year-on-year change of -2.17% to 2.18% [16][17]

Core Viewpoint - The article highlights the upcoming subscription opportunities for three new stocks in the A-share market, emphasizing the high subscription probability for investors in South Network Digital due to its significant issuance volume [2][3]. Group 1: North Mine Testing - North Mine Testing is a national-level specialized "little giant" enterprise in the field of non-ferrous metal inspection and testing [4]. - The company plans to issue 28.32 million shares at an issuance price of 6.70 yuan per share, with a price-to-earnings ratio of 14.9 times, compared to the industry average of 38.77 times [5][6]. - The global inspection and testing market has grown from €107.7 billion in 2012 to €278.5 billion in 2023, with a compound annual growth rate (CAGR) of 9.02%. The Chinese market is expected to grow from 206.51 billion yuan in 2016 to 487.6 billion yuan in 2024, with a CAGR of approximately 11.34% [6]. - North Mine Testing's revenue for 2022 to 2025 is projected to be 91.74 million yuan, 110 million yuan, 148 million yuan, and 85.94 million yuan, respectively, with net profits of 33.15 million yuan, 41.66 million yuan, 50.63 million yuan, and 36.43 million yuan [7][9]. Group 2: Hengkun New Materials - Hengkun New Materials is a supplier for 12-inch integrated circuit wafer fabrication, focusing on the development and production of photoresist materials and precursors [11]. - The company plans to issue 67.4 million shares, with the issuance price and price-to-earnings ratio yet to be disclosed, but the industry average is 60.46 times [11]. - Revenue for Hengkun New Materials from 2022 to 2025 is expected to be 322 million yuan, 368 million yuan, 548 million yuan, and 294 million yuan, with net profits of 91.04 million yuan, 81.53 million yuan, 94.30 million yuan, and 30.74 million yuan [12]. - The company anticipates its revenue for the first three quarters of 2025 to be between 440 million and 500 million yuan, with a year-on-year growth rate of 12.48% to 27.82% [14]. Group 3: South Network Digital - South Network Digital is a key player in the digital grid construction for the Southern Power Grid, focusing on digitalization in the power energy sector [17]. - The company plans to issue 477 million shares, with the issuance price and price-to-earnings ratio not yet disclosed, but the industry average is 71.09 times [18]. - The digital energy market in China is projected to reach 315 billion yuan in 2024, growing by 14.55%, and is expected to increase to 370 billion yuan in 2025, with a CAGR of 10.86% from 2020 to 2025 [19]. - South Network Digital's revenue for 2022 to 2025 is projected to be 5.686 billion yuan, 4.234 billion yuan, 6.090 billion yuan, and 1.558 billion yuan, with net profits of 509 million yuan, 368 million yuan, 562 million yuan, and 6.97 million yuan [19][20].

Core Viewpoint - Five new stocks are available for subscription next week, with United Power being referred to as "Little Huawei" in the electric vehicle power system sector [2][3]. Group 1: United Power - United Power's subscription code is 301656, with an issue price of 12.48 yuan per share and an issue price-to-earnings ratio of 32.87 times, compared to the industry average of 29.08 times [4]. - The total number of shares issued by United Power is 289 million, including 40.4 million for online subscription. The maximum subscription limit for investors is 40,000 shares, requiring a market value of 400,000 yuan in Shenzhen [4]. - United Power aims to become a global leader in intelligent electric vehicle components and solutions, focusing on core components such as electric drive systems and power systems [4]. - In 2024, United Power holds a market share of 10.7% in electric control and 10.5% in motors for new energy passenger vehicles, ranking second overall and first among third-party suppliers [4]. - Major clients of United Power include Li Auto, GAC Group, Chery Automobile, Xiaomi Automobile, and Geely Group, with Xiaomi being the fourth-largest client in 2024, contributing 1.285 billion yuan, accounting for 7.94% of total sales [5]. Group 2: Financial Performance of United Power - United Power's revenue from 2022 to 2024 is projected to be 5.027 billion yuan, 9.365 billion yuan, and 16.178 billion yuan, with net profits of -179 million yuan, 186 million yuan, and 936 million yuan respectively [8]. - For the first three quarters of 2025, United Power expects revenue between 14 billion to 15.5 billion yuan, representing a year-on-year growth of 30.62% to 44.61%, and net profit between 750 million to 900 million yuan, with a growth of 31.05% to 57.26% [9]. Group 3: Jin Hua New Material - Jin Hua New Material's subscription code is 920015, with an issue price of 18.15 yuan per share and an issue price-to-earnings ratio of 11.52 times, compared to the industry average of 27.57 times [13]. - The total number of shares issued is 32.67 million, with 26.13 million available for online subscription. The maximum subscription limit is 1.5516 million shares [14]. - Jin Hua New Material is a leading company in the field of silane crosslinking agents and has been recognized as a national-level specialized and innovative "little giant" enterprise [14]. - Revenue for Jin Hua New Material from 2022 to 2024 is projected to be 994 million yuan, 1.115 billion yuan, and 1.239 billion yuan, with net profits of 79.59 million yuan, 173 million yuan, and 211 million yuan respectively [14]. Group 4: Financial Performance of Jin Hua New Material - Jin Hua New Material expects a revenue of 1.063 billion yuan for the entire year of 2025, a year-on-year decrease of 14.25%, and a net profit of 199 million yuan, a decrease of 5.47% [16]. Group 5: Jianfa Zhixin - Jianfa Zhixin's subscription code is 301584, focusing on high-value medical device distribution and direct sales [19]. - The total number of shares issued is 63.19 million, with 10.11 million available for online subscription [19]. - Revenue for Jianfa Zhixin from 2022 to 2024 is projected to be 11.882 billion yuan, 15.443 billion yuan, and 17.923 billion yuan, with net profits of 174 million yuan, 196 million yuan, and 228 million yuan respectively [19]. Group 6: Financial Performance of Jianfa Zhixin - Jianfa Zhixin expects revenue of approximately 14.8 billion to 15.5 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10% to 15%, and net profit of 200 million to 222 million yuan, with a growth of 30% to 40% [20]. Group 7: Yunhan Xincheng - Yunhan Xincheng's subscription code is 301563, recognized as a national-level specialized and innovative "little giant" enterprise [21]. - The total number of shares issued is 16.28 million, with 4.15 million available for online subscription [22]. - Revenue for Yunhan Xincheng from 2022 to 2024 is projected to be 4.333 billion yuan, 2.637 billion yuan, and 2.577 billion yuan, with net profits of 136 million yuan, 78.61 million yuan, and 88.27 million yuan respectively [23]. Group 8: Financial Performance of Yunhan Xincheng - Yunhan Xincheng expects revenue of 2.2 billion to 2.3 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 19.11% to 24.52%, and net profit of 77 million to 80 million yuan, with a growth of 38.71% to 44.11% [25]. Group 9: Rui Li Ke Mi - Rui Li Ke Mi's subscription code is 001285, specializing in active safety systems for commercial vehicles [27]. - The total number of shares issued is 45.04 million, with 16.22 million available for online subscription [28]. - Revenue for Rui Li Ke Mi from 2022 to 2024 is projected to be 1.326 billion yuan, 1.760 billion yuan, and 1.977 billion yuan, with net profits of 96.96 million yuan, 236 million yuan, and 269 million yuan respectively [28]. Group 10: Financial Performance of Rui Li Ke Mi - Rui Li Ke Mi expects revenue of 1.55 billion to 1.73 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 13.82% to 27.04%, and net profit of 196 million to 220 million yuan, with a growth of 11.96% to 25.67% [31].

Core Viewpoint - The article highlights the strong performance of newly listed stocks in the A-share market, particularly focusing on the upcoming IPO of Haocreator Technology, which is expected to attract investor interest due to its competitive pricing and favorable market conditions [1]. Company Overview - Haocreator Technology, officially known as Beijing Haocreator Electric Equipment Co., Ltd., was established in 2007 and transitioned to a joint-stock company in 2020 [1]. - The company specializes in the research, production, and sales of smart distribution equipment, with key products including smart ring network cabinets, smart pole switches, and box-type substations [1][3]. Financial Performance - The company reported revenues of approximately 560 million yuan, 672 million yuan, and 867 million yuan for the years 2022, 2023, and 2024, respectively, with corresponding net profits of about 69 million yuan, 87 million yuan, and 111 million yuan [3]. - For the first half of 2025, the company expects revenues of around 451 million yuan, a year-on-year increase of 2.97%, and a net profit of approximately 61.61 million yuan, reflecting a growth of 15.80% [4]. - The total assets of the company were reported at 711.96 million yuan, with a net profit of 111.29 million yuan for the year ending December 31, 2024 [5]. Product Revenue Breakdown - In 2024, the revenue breakdown for the main products was as follows: smart ring network cabinets accounted for 40.12% (346.07 million yuan), smart pole switches for 32.04% (276.39 million yuan), and box-type substations for 23.45% (202.30 million yuan) [2][3]. Market Position and Risks - The smart distribution equipment sector is characterized as a technology-intensive industry with significant barriers to entry, yet it remains competitive with low market concentration [10]. - The company has a high customer concentration, with sales to State Grid subsidiaries representing 88.92%, 91.99%, and 77.38% of total revenue during the reporting periods [10]. - Inventory risks are present, with inventory values at approximately 146 million yuan, 229 million yuan, and 167 million yuan at the end of each reporting period, constituting significant portions of total assets [10]. IPO Details - Haocreator Technology plans to raise approximately 477 million yuan through its IPO, with an issue price of 21 yuan per share, aimed at funding production projects and enhancing working capital [11].

Core Viewpoint - The A-share market continues to show strong profitability from new stock listings, with all new IPOs in August experiencing gains on their first trading day, averaging over 266% increase. Summary by Sections New Stock Performance - In August, 8 new stocks were listed on the A-share market, all of which rose on their debut, with an average first-day increase exceeding 266% [2][3]. - Notable performers included Guangdong Jianke, which surged over 418% on its first day, and Hansa Technology, which yielded over 30,000 yuan per share for investors [3]. Historical Context and Trends - In 2024, out of 100 new stocks listed, only 1 experienced a drop on the first day, with an average increase of approximately 253% [5]. - For the first eight months of 2025, all 67 newly listed companies saw gains on their debut, with an average increase of over 239% [5]. - The average initial price-to-earnings (P/E) ratio for new stocks in 2025 was about 18.8 times, down from 21.7 times in 2024, indicating a trend towards lower valuations for new listings [5][6]. Market Dynamics - The enthusiasm for new stock subscriptions has led to a low success rate for retail investors, with an average subscription success rate of only 0.037% in the first eight months of 2025 [7]. - The requirement for holding a certain market value of stocks to qualify for new stock subscriptions has created a competitive environment, with higher thresholds for successful applications [9]. IPO Market Conditions - The number of new stock listings has decreased significantly since regulatory changes in August 2023 aimed at balancing investment and financing, resulting in only 100 new listings in 2024 [13]. - In the first eight months of 2025, the total fundraising from new stocks exceeded 65.4 billion yuan, with the highest being Huadian New Energy at approximately 18.2 billion yuan [15][16]. - The trend of declining new stock listings has been accompanied by a significant number of companies withdrawing from the IPO process, with over 400 companies terminating their IPOs in 2024 alone [18]. Regional Insights - Among the 67 companies listed in the first eight months of 2025, 6 were from Suzhou, indicating strong economic vitality in second-tier cities [17].

Core Insights - The A-share new stock market has seen 105 new listings as of May 6, 2023, with 84 stocks rising on their first day, 5 with no change, and 16 experiencing a decline [1][3]. Performance by Market Segment - The main board and the Sci-Tech Innovation Board have shown relatively stable performance, with only 1 stock breaking below its issue price in each segment [4]. - Among the 29 new stocks listed on the Beijing Stock Exchange, 6 have broken below their issue price, and 5 have shown no change; 8 out of 24 new stocks on the ChiNext have also broken below their issue price [5]. Sector Performance - The beauty and personal care sector had the highest average first-day increase, exceeding 100%, although only 1 stock was listed in this category [6]. - The computer sector has performed notably well, with no stocks breaking below their issue price and an average first-day increase of over 77% [6]. Notable Stock Performances - The highest first-day increase was recorded by Zhongdian Port, which rose by 221.55% on its debut [8]. - Sichuan Gold has achieved the highest overall increase this year, with a rise of 498.45% after 13 consecutive days of trading at the opening price [10][11]. - Yutai Microelectronics is identified as the most profitable new stock, with a first-day closing increase of 152.7%, allowing investors to earn up to 70,200 yuan per share [12][13][14]. Upcoming New Listings - A total of 10 new stocks are set to begin subscription from May 8 to May 12, 2023, including companies in various sectors such as financial services, medical devices, and environmental engineering [19][20][21][22][23][24][25][26][27].