摘要 发行上市节奏：2026年2月，A股上市新股8只、首发募资总额60.76亿元。受春节假期前后IPO审核发行速度放缓 影响，2月上市数量环比减少11%、募资额环比降低33%。历年一季度均为发行上市淡季，2025年2月A股仅有1家 北交所新股上市，2026年2月虽IPO环比放缓，但同比大幅提升。 首日涨幅表现：2026年2月，沪深市场上市的5只新股均采取网下询价方式发行。当月新股上市首日仍旧无一破发， 平均涨幅206%，但个股涨幅分化。其中，低价热门赛道新股电科蓝天首日平均涨超500%，但林平发展、易思维 等高价股首日涨幅不足100%。 打新收益测算：2026年2月，5只新股网下询价发行上市，单月新股申购收益环比提升、突破百万元。按照单项目 打满、100%入围的理想情况计算，A/B类账户当月新股申购收益分别为112.64/110.58万元（未盈利项目按照A2 计算A类收益）。 阶段打新策略：当前"入围"仍为最优策略，建议积极参与首日涨幅有望超预期的低股价、小流通盘新股以及网下 获配量较多的大市值新股。已注册未上市企业中，建议关注泰金新能、联讯仪器等拟上市公司。 风险提示：新股上市破发率及破发深度提升风险；新股 ...

Market Performance - The new stock index and the near-term new stock index fell by 2.01% and 2.23% respectively during the first week of February 2026[7] - The market experienced significant adjustments, with the technology sector leading the decline, particularly in the non-ferrous metals and electronic sectors[7] New Stock Listings - The first unprofitable new stock of the year, Beixin Life, was listed, achieving an average first-day increase of 185.65%[1] - Two new stocks contributed to A1/A2/B class investors' single-account full returns of 17.80/9.44/7.90 thousand yuan, enhancing the yield rates for a 500 million yuan scale account by 0.36‰/0.19‰/0.16‰[41] Trading Activity - Trading activity in the new stock sector continued to decline, with turnover rates for the new stock index and near-term new stock index dropping by 2.10 percentage points and 2.25 percentage points respectively[21] - The net active selling in the new stock sector amounted to 2.936 billion yuan, a decrease of 3.540 billion yuan from the previous week[23] Valuation Changes - The new stock index PE (TTM) increased by 1.76, while the near-term new stock index PE (TTM) decreased by 23.73[14] - The latest PE (TTM) values for the new stock index and near-term new stock index were 80.0X and 159.7X, corresponding to historical percentile levels of 83.8% and 99.2% respectively[14]