Data Golden November 3rd, Huajin Securities stated that the new stock and new zone continued to show structural active differentiation last week, but the volatility intensified; assuming the comparison of new stock and new zone listed since 2023, the average weekly increase in new stock and new zone last week was approximately -4.9%, with about 16.4% achieving positive returns within the week. Although the previously excessive investment enthusiasm and excessively extreme immediate new stock pricing have shown consecutive declines, the activity of new stock and new capital has actually significantly increased since the end of September. And as some new stocks return to the reasonable pricing area, there have been slight Long signs in the second half of last week, which may be worth carefully observing. Specifically, continuing along the policy, industry, performance, and regulatory guidance, scarcity and fund preference are still the most important new stock and new zone preferred directions for us, considering valuation cost-effectiveness appropriately on this basis; the overall recommendation is moderately positive and cautiously flexible.