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        《电鳗财经》电鳗号/文

        大众口腔上市首日上演戏剧性一幕：早盘股价一度飙升30%，市场热情如潮水般涌来;然而午后涨幅持续收窄，最终仅以3.5%的涨幅收盘。“高开低走”的行情或折射出投资者对口腔医疗赛道长期价值的认可，也暴露出市场对短期估值谨慎态度。

        作为独家保荐人，海通国际的承销能力助力大众口腔顺利登陆资本市场。大众口腔的主营业务涵盖种植牙、正畸等消费型医疗服务，契合中国老龄化与消费升级趋势。然而，行业高增长背后暗藏隐忧，集采政策对种植牙价格的压制、区域性竞争加剧。首日冲高回落的K线，恰似资本对行业前景的辩证审视——短期情绪高涨，长期或需用盈利能力自证。

        业内人士表示，目前香港市场IPO进入高峰期，企业挂牌上市数量明显增加，但对于普通投资者而言，追逐热点前的三问至关重要——企业护城河是否够深?发行估值是否透支成长?市场环境是否支持流动性溢价?

        因此，普通投资现阶段对香港市场新股的投资应站在更加理性的角度，对公司的基本面要有充分的了解，资本的掌声终会散去，唯有基本面能守住价值的底线。

《电鳗快报》

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