艾芬达上市首日高开低走，9月11日在三大指数集体大涨的背景下，依然下跌4.36%，收于71.51元，首 日参与炒新的投资者损失惨重。新股发行速度变慢，新股上市首日多数出现爆炒，动辄几倍的涨幅放大 了投资风险。投资者如果看好新股，等其股价回归稳定以后再考虑入手更安全。 实际上，投资者参与新股炒作存在极大的"心理成本"。参与炒新的投资者基本都是赚快钱的心态，明知 新股波动剧烈仍要入局。但当新股价格出现较大波动，投资者往往缺乏长期持股的勇气，很可能会出现 高价买入、低价卖出的操作。由于刚上市新股的波动性很高，相比普通的股票，投资者一旦操作失误， 投资损失会明显增大。 此外，遭遇过度炒作的新股，主要靠市场情绪和资金面支撑股价，一旦情绪和参与的资金退潮，股价会 开启漫长的价值回归之路。 新股发行速度的变化，在一定程度上影响了市场的供求关系。当新股发行速度变慢，新股上市首日往往 会出现爆炒现象，巨大的涨幅看似诱人，实则已经透支了新股的未来业绩增长预期。非理性的价格飙 升，并非基于公司真实的价值和长远的发展前景，而是市场短期情绪和资金的盲目追逐所致。投资者在 此时追高买入，无异于刀口舔血，承担着巨大的投资风险。 投资者参与 ...

Core Viewpoint - Several listed companies are increasingly engaging in financial investments using their own funds, aiming to enhance capital efficiency and maximize returns for the company and its shareholders [1][2]. Group 1: Investment Strategies - Companies are utilizing idle funds for various investments, including stock subscriptions, equity investments, and bond investments, as permitted by regulations [1]. - Some companies have successfully improved capital efficiency and generated additional income through prudent investments in relatively safe financial products [2]. - Conversely, there are companies that have suffered significant losses by prioritizing speculative trading over their core business, leading to a loss of competitive advantage [2]. Group 2: Considerations for Investment - Companies should assess whether their investment scale is manageable to avoid excessive risk, particularly if leveraging is involved [3]. - The quality of investment products should be prioritized, ensuring that the underlying assets are robust and align with the company's strategic goals [3]. - A transparent decision-making process, including timely information disclosure and a professional investment team, is essential to mitigate market concerns and prevent irrational investments [3]. Group 3: Regulatory Recommendations - Regulatory bodies should tighten controls on non-core investments by setting strict limits to prevent speculative financial activities from undermining core business operations [3]. - Increased scrutiny and accountability should be applied to companies that frequently engage in high-risk investments or exhibit significant losses [3]. - The fundamental strength of listed companies lies in their core business operations rather than speculative trading in the securities market [3].

宏昌转债：强赎 福立旺：控股股东拟询价转让5%公司股份 本文不构成任何投资建议，仅为信息分享。任何因本文导致的投资行为发生的亏损，本公众号 及作者概不承担任何责任。 集思录(www.jisilu.cn)是一个以数据为本的投资理财社区，专注于新股、可转债、债券、封闭 基金等数据服务。我们的理念是在保证本金安全的前提下，使资产获得稳健增长。 快捷查询： 搜索公众号"jisilu8"添加我们 优优绿能：沪深新股申购 美股休市 关注集思录微信 特别提示 恒锋信息：控股股东终止协议转让公司部分股份 帝欧家居：股东水华智云及一致行动人增持公司可转债，合计拥有公司权益 6.45% 健友转债，节能转债：不下修 ...

Group 1 - The article discusses the concept of "negative-sum game" in the A-share market, suggesting that avoiding clearly negative-sum categories can lead to positive returns [1][18] - Examples of negative-sum categories include newly listed stocks with high opening prices, convertible bonds with high premiums, and stocks facing delisting risks [1] - The article highlights the presence of a significant number of low-risk investors in the market, indicating a diverse investor base [2] Group 2 - The article mentions that the A-share market has seen substantial participation in new stock subscriptions, with over 500 billion in funds involved [4] - It emphasizes that the perception of the market as a negative-sum game may be flawed, as companies can generate profits and distribute dividends, leading to potential gains for investors [9][15] - The discussion includes the impact of monetary policy, noting that central banks are creating money, which redistributes wealth in the market, benefiting some while causing losses for others [14][19]