每经记者｜曾子建 每经编辑｜段炼 袁东 港股IPO新的"超购王"正式诞生。即将于下周二（9月9日）挂牌上市的大行科工，以6688倍超额认购，成为新的"超购王"，中信建投国际担任独家保荐 人。 大行科工（02543.HK）招股已于9月4日中午正式截止，综合辉立证券、耀才证券、富途证券等多家券商披露的孖展数据显示，其孖展认购总额约 2621.94 亿港元，超额认购倍数高达6688倍。这一数据不仅大幅超越今年 1 月上市的布鲁可（6000倍），更打破了2018年4月毛记葵涌（01716.HK）创下的6289倍 超额认购纪录，成为港股 IPO 史上新的"超购王"。 "超购王" 背后的逻辑 券商定价：估值合理+基石加持 大行科工是中国内地最大的折叠自行车企业，由美籍华人韩德玮博士于1982年创立。公司总部位于深圳，产品线覆盖折叠车、公路车、山地车、电助力车 等，截至2025年4月共推出70余款车型，覆盖多元使用场景，其中折叠车是绝对主力。 短期热度难掩长期分化 近年来港股IPO市场中，超额认购倍数突破5000倍的新股共有7只，除此次的大行科工外，还包括毛记葵涌（6289倍）、草姬集团（6084倍）、布鲁可 （6000倍 ...

Investment Rating - The report maintains a "Buy" rating for several companies, including Century Internet, Huayi Group, and 361 Degrees, indicating a positive outlook for their future performance [19][25][31]. Core Insights - The report highlights significant growth in capital expenditure for Century Internet, projecting a 101-141% increase in 2025, driven by strong demand in the AIDC sector [15]. - The AI and cloud computing sectors are experiencing increased investment from both domestic and international giants, which is expected to accelerate AI application deployment [16]. - The report emphasizes the robust growth potential in the AIDC cloud computing market, with recommendations for various companies across different segments [17]. - Huayi Group is expected to see a revenue increase of 19.4% in 2024, with a focus on expanding production capacity and optimizing customer structure [19]. - 361 Degrees anticipates breaking the 10 billion yuan revenue mark in 2024, with a strong emphasis on exploring new retail formats [25]. - The report notes that the toy market, particularly in the building block segment, is rapidly growing, with a projected increase in market size from 773.1 billion yuan in 2023 to 993.7 billion yuan by 2028 [32]. - Shandong Pharmaceutical Glass is positioned to benefit from the increasing demand for borosilicate glass, with projected net profits growing significantly over the next few years [36][37]. Summary by Sections Technology Sector - The report discusses the trading congestion indicators for the technology sector, suggesting that high trading volumes may indicate a risk of price corrections [3]. - Relative valuation metrics show that technology growth stocks are not at historical extremes but are also not particularly cheap, with TMT and robotics sectors at high percentiles [4][5]. Communication Sector - Century Internet's capital expenditure is expected to reach 100-120 billion yuan in 2025, reflecting a strong growth trajectory in the AIDC market [15]. - The demand for AIDC services is anticipated to accelerate, supported by significant contracts from major clients [15]. Consumer Goods Sector - Huayi Group's new factory efficiency is expected to impact Q4 earnings positively, with optimistic projections for Adidas orders [19]. - 361 Degrees is actively exploring new retail formats and anticipates a revenue increase of 19.6% in 2024 [25]. Toy Industry - The report highlights the rapid growth of the building block toy market, with a significant market share held by companies like Bluko, which is leveraging a strong IP portfolio [31][32]. Pharmaceutical Glass Industry - Shandong Pharmaceutical Glass is expected to see substantial growth in net profits due to the increasing adoption of borosilicate glass in the pharmaceutical sector [36][37].