A股CPO板塊高開低走，源傑科技跌超10%，傑普特、天孚通信、炬光科技跌超9%，羅博特科、聯特科技、蘅東光、中際旭創、新易盛等跟跌。

Dai Zhifeng, general manager of research and consulting at Zhongtai Securities, said the recent A-share correction reflects post-rally valuation digestion, earnings dispersion and external volatility. Ongoing market-stabilizing policies have supported expectations and liquidity. China Listed Companies Association data show combined revenue and net profit for the ChiNext, STAR Market and Beijing Stock Exchange rose 27.0% and 79.8% in the first three quarters. Pricing on technology-focused boards is shifting from valuation expansion to earnings delivery; broad sector rallies will be harder and investors will place greater weight on real orders, profit quality, cash flow and valuation alignment. The market has shown signs of stabilization. The medium- to long-term positive trend for A-shares remains, but further upside depends on sustained corporate profit improvement, fresh inflows and supportive macro data.

應用材料(AMAT.O)2026財年Q4淨利潤27.18億美元，去年同期18.97億美元，市場預期31.81億美元。